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Reporting Entity Photon Energy N.V. (\u201cPhoton Energy\u201d or the \u201cCompany\u201d), ID 51447126, is a joint-stock company incorporated under the laws of Netherlands on 9 December 2010. The statutory seat of the Company is Barbara Strozzilaan 201, 1083HN Amsterdam. The consolidated financial statements of the Company as at and for the year ended 31 December 2024 comprise the Com- pany and its subsidiaries (together referred to as the \u201cGroup\u201d and individually as \u201cGroup entities\u201d) and the Group\u2019s interest in jointly controlled entities. Photon Energy N.V. is the Group\u2019s ultimate parent company. It is a a joint-stock company incorporated and domiciled in the Netherlands. Principal place of business on the Company is the Netherlands. Photon Energy NV\u2019s shares are listed on the regulated markets of the Warsaw and Prague Stock Exchanges, as well as on the Quotation Board of the Frankfurt Stock Exchange. Trading of the shares on regulated markets on the Warsaw Stock Ex- change and Prague Stock Exchange commenced on 5 January 2021. Trading of the Company\u2019s shares on the Quotation Board of the Open Market of the Frankfurt Stock Exchange (FSX) com- menced on 11 January 2021. The bonds are traded on the Open Market of the Frankfurt Stock exchange, and on the stock exchanges in Berlin, Ham- burg, Hannover, Munich and Stuttgart. \n \n The Group is mainly engaged in the development and construc- tion of photovoltaic power plants. This activity involves securing suitable sites by purchase or long-term lease, obtaining all li- censes and permits, the design, procurement and installation of photovoltaic equipment, financing, operations and mainte- nance. Photon Energy pursues a comprehensive strategy of fo- cusing both on green-field and rooftop installations while trying to cover the largest possible part of the value chain and lifecycle of the power plant. Another significant part of the business ac- tivities includes capacity market and electricity trading as rep- resented by the New Energy segment. \n \n These financial statements are presented in EUR. \n All financial information presented in EUR has\n been rounded to the nearest thousand. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250423110920945": { "value": "Photon Energy N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250423110938130": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250423111015371": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250423111004329": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250423110950230": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250423111040643": { "value": "Barbara Strozzilaan 201, 1083HN Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416150231557": { "value": "\n The Group is mainly engaged in the development and construc- tion of photovoltaic power plants. This activity involves securing suitable sites by purchase or long-term lease, obtaining all li- censes and permits, the design, procurement and installation of photovoltaic equipment, financing, operations and mainte- nance. Photon Energy pursues a comprehensive strategy of fo- cusing both on green-field and rooftop installations while trying to cover the largest possible part of the value chain and lifecycle of the power plant. Another significant part of the business ac- tivities includes capacity market and electricity trading as rep- resented by the New Energy segment. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416151506059": { "value": "\n 2. Basis of Preparation \n \n 2.1 Statement of Compliance The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (IFRSs) as adopted by the European Union (\u201cIFRS Accounting Standards \u201d) and title 9 Book 2 of the Netherlands Civil code. It represents the inter- national accounting standards adopted in the form of European Commission Regulations in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council. \n \n \n The consolidated financial statements were authorised for is- sue by the Board of Directors on 24 April 2025. \n \n \n Going Concern The annual financial statements of the Group show positive eq- uity, positive EBITDA and positive operating CF as well. Negative net profit is not triggering going concern issue, as the EBITDA as such has significantly improved comparing to the prior year and despite the overall negative EBIT and net result, there is a posi- tive trend in the development. Bottom lines, such as EBIT and net result are mostly influenced by high depreciation and inter- est expenses positions. While assessing the going concern for the Company, the Man- agement considered several critical scenarios including the fol- lowing potential going concern risk triggers, such as: 1) Results presented in the most recent financial sta- tements 2) Belated payments of non-core business-related liabi- lities 3) Inability to comply with the terms of loan agreement with EBRD (refer to detail description further in this chapter) In general, the Group has complied with all bank loan cove- nants, except for the interest coverage ratio and equity ratio as included in the loan agreement with EBRD. The group is required to fulfil the interest coverage and the eq- uity ratio. As of the 31.12.2024, these covenants have not been met. In February 2025, the waiver for the breached covenant of Interest coverage ratio has been obtained and another one for the second covenant has been obtained in March 2025. The re- classification of the loan from the long-term to the short-term has been done on the face of financial statements as of 31.12.2024. Based on the budget for 2025 the covenants are expected to be met in full. In order to recover the losses incurred in 2024, the Group builds its budget for the next 12 months from the issuance of the audit opinion on the following revenue streams and cash inflows: 1) Significantly increased turnover of technology sales (already traceable in last quarter of 2024 and first quarter 2025) 2) EPC revenues resulting from newly signed/concluded EPC contracts 3) Stable and increasing revenues from new revenue streams in New Energy segment 4) Income from sale of assets (projects under develop- ment) 5) New bank financing 6) Increased budgeted margins Considering the above, we do not expect liquidity issues for the upcoming 12 months after from the issuance of the audit opin- ion at the minimum. The consolidated financial statements have been prepared on a going concern basis, resulting from the Management\u2019s assess- ment of the Company\u2019s ability to continue its operations for the foreseeable future.\n \n \n 2.2 Basis of Measurement The consolidated financial statements have been prepared on historical cost basis except for the following material items in the statement of financial position: \u25ba Property, plant and equipment \u2013 photovoltaic power plants are measured at revalued amounts (for revalu- ation details refer to the note 19) \u25ba Financial instruments, except for derivatives, FVPL and FVOCI financial investments, are measured at amortised costs \u25ba Derivatives, FVPL and FVOCI financial investments are measured at fair value. \u25ba Financial assets not classified as measured at amor- tized cost or FVOCI as described above are measured at FVTPL. \n \n 2.3 Functional Currency These financial statements are presented in EUR. The functional currencies used in the Group are CZK for Czech subsidiaries, EUR for Dutch, German and Slovak companies, CHF for Swiss subsidiaries, HUF for Hungarian entities, AUD for Australian subsidiaries RON for Romanian entities, PLN for Polish entities, NZD for New Zealand entity and ZAR for South African entity. \n \n All financial information presented in EUR has\n been rounded to the nearest thousand. \n \n \n 2.4 Use of Estimates and Judgments The preparation of the consolidated financial statements in conformity with IFRS Accounting Standards requires manage- ment to make judgements, estimates and assumptions that af- fect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual re- sults may differ from these estimates. Estimates and underlying assumptions are reviewed on an on- going basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any fu- ture periods affected. \n \n Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included in the following notes or below: \u25ba Note 5.1 \u2013 Key assumptions used in discounted cash flow projections related to the valuation of the photo- voltaic power plants \u25ba Note 2.1 Statement of compliance- key assumptions used for the going concern \u25ba Note 2.4.1. \u2013 Recognition of deferred tax asset \u25ba Note 2.4.2. \u2013 Recognition of revenues from construc- tions contracts \u25ba Note 2.4.3. \u2013 ECL measurement \u25ba Note 2.4.4 \u2013 Key assumptions used in measurement of fair value of other financial investments \u25ba Note 2.4.5 \u2013 Impairment of goodwill \u25ba Note 2.4.6 \u2013 Initial recognition of intangible assets \u25ba Note 2.4.7 \u2013 Useful economic life of tangible and in- tangible assets and right of use \u25ba Note 2.4.8 \u2013 Business combination Other factors, such as climate-related risks, do not have signifi- cant impact on Group\u2019s operations and do not lead to a signifi- cant risk of material adjustments and therefor are not considered to be significant judgements. The power plants are not affected by global warming itself. Potential increase of dam- ages by thundersorms are covered by the insurance, which cost is minor. Due to the geographical diversification of the power plants there is no risk that a material part of the portfolio could be damaged at the same time. The businesses reported in the New Energy segment, such as electricity trading and capacity market trading, including the as- sets held by these companies are not significantly affected by the climate related risks. Most of the non-current assets consist of intangible assets (e.g. software or goodwill) are not affected by climate change impact, disparities in resources or other eco- logical and sociological consequences. The market develop- ment and increasing volume of the power resources with the volatile level of production on the other hand leads to an in- creasing number of market participants and importance of ca- pacity markets. Both factors positively influence market size and the performance of the segment. 2.4.1 Recognition of Deferred Tax Asset The recognised deferred tax assets represent income taxes re- coverable through future deductions from taxable profits and are recorded in the consolidated statement of financial posi- tion. Deferred income tax assets are recorded to the extent that realisation of the related tax benefit is probable. This includes temporary difference expected to reverse in the future and the availability of sufficient future taxable profit against which the deductions can be utilised. The future taxable profits and the amount of tax benefits that are probable in the future are based on the medium-term business plan prepared by the Manage- ment and extrapolated results thereafter. The business plan is based on management expectations that are believed to be reasonable under the circumstances. More information relating to not-recognised deferred tax assets are presented in note 24. 2.4.2 Recognition of Revenues from Contracts with Customers Revenues from contracts are recognised for engineering, pro- curement, and construction (EPC) contracts to external custom- ers. The management estimates progress towards complete satisfaction of that performance obligation. The stage of com- pletion is measured by reference to the contract costs incurred up to the reporting date as a percentage of total estimated costs for each contract. When the outcome of a construction contract cannot be estimated reliably, contract revenue is rec- ognized only to the extent of contract costs incurred that are likely to be recoverable. The Group regularly reviews and vali- dates the methods that are used for the progress estimation. 2.4.3 ECL Measurement Measurement of ECLs is a significant estimate that involves de- termination methodology, models and data inputs. Details of ECL measurement methodology are disclosed in note 26. The Group regularly reviews and validates the models and inputs to the models to reduce any differences between expected credit loss estimates and actual credit loss experience. \n \n \n \n \n \n\n 2.4.4 Key Assumptions used in Measurement of Fair Value of Other Financial Investments Other financial investments are stated at its fair value based on valuation models prepared by the Management. These models and the assumptions underlying them are regularly reviewed by the Management. The Management considers that the valu- ation of its other financial investment is currently subject to an increased degree of judgement and an increased likelihood that actual proceeds on a sale may differ from the carrying value. For the investment in Valuetech the profit share of the equity value of the participations in ValueTech is considered as of the reporting date with deduction of a 30% transaction discount (covering cost and price discounts) from this value. Other financial investments include primarily ordinary and pref- erence shares and related share options held (see also note 22). The principal assumptions underlying the estimation of the fair value are following: \u25ba Probability of the realisation of the share options granted and expected market price of the shares to be purchased at the realisation of the share options \u25ba Discount rate reflecting required return on invest- ment on this type of the Group\u2019s investments For investment in Valuetech \u25ba Market price of the shares \u25ba Transaction discount (covering cost and price dis- counts) \u25ba Share on equity These valuations are regularly compared to actual market data and most recent actual similar transactions made on the rele- vant market. 2.4.5 Impairment of Goodwill Goodwill is reviewed at least annually for impairment. Any im- pairment loss is recognised as an expense immediately and is not subsequently reversed. For the purpose of impairment test- ing, goodwill is allocated to groups of individual Cash-Generat- ing Units (CGUs) expected to benefit from the combination. If the recoverable amount of the CGU is less than the carrying amount of goodwill allocated to it, the resulting impairment loss is applied first to the allocated goodwill and then to the other assets on a pro-rata basis of the carrying amount of each asset. Reversals of impairment losses on goodwill are not permitted. 2.4.6 Initial Recognition of Intangible Assets Intangible assets measured in fair value are recognized in the value calculated based on the discounted cash-flow model and will be regularly amortized in line with the utilization of the un- derlying contracts during the period of 2023-2027. Those assets (capacity market contracts) have been recognized during busi- ness combination performed at the end of year 2022 and they are disclosed in note 21. 2.4.7 Useful Economic Life of Tangible and Intagi- ble Assets and Right of Use Useful economic life of the intangible assets is determined in line with the underlying contracts, in case of the demand re- sponse contracts, it is a 5 years period for 2023-2027. Those as- sets (capacity market contracts) have been recognized during business combination (note 20) and they are disclosed in note 22. Right of use economic life is determined to be in line with the period of the contract signed for the lease of an underlying asset. Useful economic life of the tangible asset is usually de- fined for the period of the future estimated cash-flows, usually up to 25-30 years in case of the photovoltaic powerplants.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416153313419": { "value": "\n 2.1 Statement of Compliance The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (IFRSs) as adopted by the European Union (\u201cIFRS Accounting Standards \u201d) and title 9 Book 2 of the Netherlands Civil code. It represents the inter- national accounting standards adopted in the form of European Commission Regulations in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council. \n ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416235322253": { "value": "\n The consolidated financial statements were authorised for is- sue by the Board of Directors on 24 April 2025. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416154456108": { "value": "\n Going Concern The annual financial statements of the Group show positive eq- uity, positive EBITDA and positive operating CF as well. Negative net profit is not triggering going concern issue, as the EBITDA as such has significantly improved comparing to the prior year and despite the overall negative EBIT and net result, there is a posi- tive trend in the development. Bottom lines, such as EBIT and net result are mostly influenced by high depreciation and inter- est expenses positions. While assessing the going concern for the Company, the Man- agement considered several critical scenarios including the fol- lowing potential going concern risk triggers, such as: 1) Results presented in the most recent financial sta- tements 2) Belated payments of non-core business-related liabi- lities 3) Inability to comply with the terms of loan agreement with EBRD (refer to detail description further in this chapter) In general, the Group has complied with all bank loan cove- nants, except for the interest coverage ratio and equity ratio as included in the loan agreement with EBRD. The group is required to fulfil the interest coverage and the eq- uity ratio. As of the 31.12.2024, these covenants have not been met. In February 2025, the waiver for the breached covenant of Interest coverage ratio has been obtained and another one for the second covenant has been obtained in March 2025. The re- classification of the loan from the long-term to the short-term has been done on the face of financial statements as of 31.12.2024. Based on the budget for 2025 the covenants are expected to be met in full. In order to recover the losses incurred in 2024, the Group builds its budget for the next 12 months from the issuance of the audit opinion on the following revenue streams and cash inflows: 1) Significantly increased turnover of technology sales (already traceable in last quarter of 2024 and first quarter 2025) 2) EPC revenues resulting from newly signed/concluded EPC contracts 3) Stable and increasing revenues from new revenue streams in New Energy segment 4) Income from sale of assets (projects under develop- ment) 5) New bank financing 6) Increased budgeted margins Considering the above, we do not expect liquidity issues for the upcoming 12 months after from the issuance of the audit opin- ion at the minimum. The consolidated financial statements have been prepared on a going concern basis, resulting from the Management\u2019s assess- ment of the Company\u2019s ability to continue its operations for the foreseeable future.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416155521470": { "value": "\n 2.3 Functional Currency These financial statements are presented in EUR. The functional currencies used in the Group are CZK for Czech subsidiaries, EUR for Dutch, German and Slovak companies, CHF for Swiss subsidiaries, HUF for Hungarian entities, AUD for Australian subsidiaries RON for Romanian entities, PLN for Polish entities, NZD for New Zealand entity and ZAR for South African entity. \n \n All financial information presented in EUR has\n been rounded to the nearest thousand. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416154709410": { "value": "\n 2.4 Use of Estimates and Judgments The preparation of the consolidated financial statements in conformity with IFRS Accounting Standards requires manage- ment to make judgements, estimates and assumptions that af- fect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual re- sults may differ from these estimates. Estimates and underlying assumptions are reviewed on an on- going basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any fu- ture periods affected. \n \n Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included in the following notes or below: \u25ba Note 5.1 \u2013 Key assumptions used in discounted cash flow projections related to the valuation of the photo- voltaic power plants \u25ba Note 2.1 Statement of compliance- key assumptions used for the going concern \u25ba Note 2.4.1. \u2013 Recognition of deferred tax asset \u25ba Note 2.4.2. \u2013 Recognition of revenues from construc- tions contracts \u25ba Note 2.4.3. \u2013 ECL measurement \u25ba Note 2.4.4 \u2013 Key assumptions used in measurement of fair value of other financial investments \u25ba Note 2.4.5 \u2013 Impairment of goodwill \u25ba Note 2.4.6 \u2013 Initial recognition of intangible assets \u25ba Note 2.4.7 \u2013 Useful economic life of tangible and in- tangible assets and right of use \u25ba Note 2.4.8 \u2013 Business combination Other factors, such as climate-related risks, do not have signifi- cant impact on Group\u2019s operations and do not lead to a signifi- cant risk of material adjustments and therefor are not considered to be significant judgements. The power plants are not affected by global warming itself. Potential increase of dam- ages by thundersorms are covered by the insurance, which cost is minor. Due to the geographical diversification of the power plants there is no risk that a material part of the portfolio could be damaged at the same time. The businesses reported in the New Energy segment, such as electricity trading and capacity market trading, including the as- sets held by these companies are not significantly affected by the climate related risks. Most of the non-current assets consist of intangible assets (e.g. software or goodwill) are not affected by climate change impact, disparities in resources or other eco- logical and sociological consequences. The market develop- ment and increasing volume of the power resources with the volatile level of production on the other hand leads to an in- creasing number of market participants and importance of ca- pacity markets. Both factors positively influence market size and the performance of the segment. 2.4.1 Recognition of Deferred Tax Asset The recognised deferred tax assets represent income taxes re- coverable through future deductions from taxable profits and are recorded in the consolidated statement of financial posi- tion. Deferred income tax assets are recorded to the extent that realisation of the related tax benefit is probable. This includes temporary difference expected to reverse in the future and the availability of sufficient future taxable profit against which the deductions can be utilised. The future taxable profits and the amount of tax benefits that are probable in the future are based on the medium-term business plan prepared by the Manage- ment and extrapolated results thereafter. The business plan is based on management expectations that are believed to be reasonable under the circumstances. More information relating to not-recognised deferred tax assets are presented in note 24. 2.4.2 Recognition of Revenues from Contracts with Customers Revenues from contracts are recognised for engineering, pro- curement, and construction (EPC) contracts to external custom- ers. The management estimates progress towards complete satisfaction of that performance obligation. The stage of com- pletion is measured by reference to the contract costs incurred up to the reporting date as a percentage of total estimated costs for each contract. When the outcome of a construction contract cannot be estimated reliably, contract revenue is rec- ognized only to the extent of contract costs incurred that are likely to be recoverable. The Group regularly reviews and vali- dates the methods that are used for the progress estimation. 2.4.3 ECL Measurement Measurement of ECLs is a significant estimate that involves de- termination methodology, models and data inputs. Details of ECL measurement methodology are disclosed in note 26. The Group regularly reviews and validates the models and inputs to the models to reduce any differences between expected credit loss estimates and actual credit loss experience. \n \n \n \n\n 2.4.4 Key Assumptions used in Measurement of Fair Value of Other Financial Investments Other financial investments are stated at its fair value based on valuation models prepared by the Management. These models and the assumptions underlying them are regularly reviewed by the Management. The Management considers that the valu- ation of its other financial investment is currently subject to an increased degree of judgement and an increased likelihood that actual proceeds on a sale may differ from the carrying value. For the investment in Valuetech the profit share of the equity value of the participations in ValueTech is considered as of the reporting date with deduction of a 30% transaction discount (covering cost and price discounts) from this value. Other financial investments include primarily ordinary and pref- erence shares and related share options held (see also note 22). The principal assumptions underlying the estimation of the fair value are following: \u25ba Probability of the realisation of the share options granted and expected market price of the shares to be purchased at the realisation of the share options \u25ba Discount rate reflecting required return on invest- ment on this type of the Group\u2019s investments For investment in Valuetech \u25ba Market price of the shares \u25ba Transaction discount (covering cost and price dis- counts) \u25ba Share on equity These valuations are regularly compared to actual market data and most recent actual similar transactions made on the rele- vant market. 2.4.5 Impairment of Goodwill Goodwill is reviewed at least annually for impairment. Any im- pairment loss is recognised as an expense immediately and is not subsequently reversed. For the purpose of impairment test- ing, goodwill is allocated to groups of individual Cash-Generat- ing Units (CGUs) expected to benefit from the combination. If the recoverable amount of the CGU is less than the carrying amount of goodwill allocated to it, the resulting impairment loss is applied first to the allocated goodwill and then to the other assets on a pro-rata basis of the carrying amount of each asset. Reversals of impairment losses on goodwill are not permitted. 2.4.6 Initial Recognition of Intangible Assets Intangible assets measured in fair value are recognized in the value calculated based on the discounted cash-flow model and will be regularly amortized in line with the utilization of the un- derlying contracts during the period of 2023-2027. Those assets (capacity market contracts) have been recognized during busi- ness combination performed at the end of year 2022 and they are disclosed in note 21. 2.4.7 Useful Economic Life of Tangible and Intagi- ble Assets and Right of Use Useful economic life of the intangible assets is determined in line with the underlying contracts, in case of the demand re- sponse contracts, it is a 5 years period for 2023-2027. Those as- sets (capacity market contracts) have been recognized during business combination (note 20) and they are disclosed in note 22. Right of use economic life is determined to be in line with the period of the contract signed for the lease of an underlying asset. Useful economic life of the tangible asset is usually de- fined for the period of the future estimated cash-flows, usually up to 25-30 years in case of the photovoltaic powerplants.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416154933769": { "value": "\n Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included in the following notes or below: \u25ba Note 5.1 \u2013 Key assumptions used in discounted cash flow projections related to the valuation of the photo- voltaic power plants \u25ba Note 2.1 Statement of compliance- key assumptions used for the going concern \u25ba Note 2.4.1. \u2013 Recognition of deferred tax asset \u25ba Note 2.4.2. \u2013 Recognition of revenues from construc- tions contracts \u25ba Note 2.4.3. \u2013 ECL measurement \u25ba Note 2.4.4 \u2013 Key assumptions used in measurement of fair value of other financial investments \u25ba Note 2.4.5 \u2013 Impairment of goodwill \u25ba Note 2.4.6 \u2013 Initial recognition of intangible assets \u25ba Note 2.4.7 \u2013 Useful economic life of tangible and in- tangible assets and right of use \u25ba Note 2.4.8 \u2013 Business combination Other factors, such as climate-related risks, do not have signifi- cant impact on Group\u2019s operations and do not lead to a signifi- cant risk of material adjustments and therefor are not considered to be significant judgements. The power plants are not affected by global warming itself. Potential increase of dam- ages by thundersorms are covered by the insurance, which cost is minor. Due to the geographical diversification of the power plants there is no risk that a material part of the portfolio could be damaged at the same time. The businesses reported in the New Energy segment, such as electricity trading and capacity market trading, including the as- sets held by these companies are not significantly affected by the climate related risks. Most of the non-current assets consist of intangible assets (e.g. software or goodwill) are not affected by climate change impact, disparities in resources or other eco- logical and sociological consequences. The market develop- ment and increasing volume of the power resources with the volatile level of production on the other hand leads to an in- creasing number of market participants and importance of ca- pacity markets. Both factors positively influence market size and the performance of the segment. 2.4.1 Recognition of Deferred Tax Asset The recognised deferred tax assets represent income taxes re- coverable through future deductions from taxable profits and are recorded in the consolidated statement of financial posi- tion. Deferred income tax assets are recorded to the extent that realisation of the related tax benefit is probable. This includes temporary difference expected to reverse in the future and the availability of sufficient future taxable profit against which the deductions can be utilised. The future taxable profits and the amount of tax benefits that are probable in the future are based on the medium-term business plan prepared by the Manage- ment and extrapolated results thereafter. The business plan is based on management expectations that are believed to be reasonable under the circumstances. More information relating to not-recognised deferred tax assets are presented in note 24. 2.4.2 Recognition of Revenues from Contracts with Customers Revenues from contracts are recognised for engineering, pro- curement, and construction (EPC) contracts to external custom- ers. The management estimates progress towards complete satisfaction of that performance obligation. The stage of com- pletion is measured by reference to the contract costs incurred up to the reporting date as a percentage of total estimated costs for each contract. When the outcome of a construction contract cannot be estimated reliably, contract revenue is rec- ognized only to the extent of contract costs incurred that are likely to be recoverable. The Group regularly reviews and vali- dates the methods that are used for the progress estimation. 2.4.3 ECL Measurement Measurement of ECLs is a significant estimate that involves de- termination methodology, models and data inputs. Details of ECL measurement methodology are disclosed in note 26. The Group regularly reviews and validates the models and inputs to the models to reduce any differences between expected credit loss estimates and actual credit loss experience. \n \n\n 2.4.4 Key Assumptions used in Measurement of Fair Value of Other Financial Investments Other financial investments are stated at its fair value based on valuation models prepared by the Management. These models and the assumptions underlying them are regularly reviewed by the Management. The Management considers that the valu- ation of its other financial investment is currently subject to an increased degree of judgement and an increased likelihood that actual proceeds on a sale may differ from the carrying value. For the investment in Valuetech the profit share of the equity value of the participations in ValueTech is considered as of the reporting date with deduction of a 30% transaction discount (covering cost and price discounts) from this value. Other financial investments include primarily ordinary and pref- erence shares and related share options held (see also note 22). The principal assumptions underlying the estimation of the fair value are following: \u25ba Probability of the realisation of the share options granted and expected market price of the shares to be purchased at the realisation of the share options \u25ba Discount rate reflecting required return on invest- ment on this type of the Group\u2019s investments For investment in Valuetech \u25ba Market price of the shares \u25ba Transaction discount (covering cost and price dis- counts) \u25ba Share on equity These valuations are regularly compared to actual market data and most recent actual similar transactions made on the rele- vant market. 2.4.5 Impairment of Goodwill Goodwill is reviewed at least annually for impairment. Any im- pairment loss is recognised as an expense immediately and is not subsequently reversed. For the purpose of impairment test- ing, goodwill is allocated to groups of individual Cash-Generat- ing Units (CGUs) expected to benefit from the combination. If the recoverable amount of the CGU is less than the carrying amount of goodwill allocated to it, the resulting impairment loss is applied first to the allocated goodwill and then to the other assets on a pro-rata basis of the carrying amount of each asset. Reversals of impairment losses on goodwill are not permitted. 2.4.6 Initial Recognition of Intangible Assets Intangible assets measured in fair value are recognized in the value calculated based on the discounted cash-flow model and will be regularly amortized in line with the utilization of the un- derlying contracts during the period of 2023-2027. Those assets (capacity market contracts) have been recognized during busi- ness combination performed at the end of year 2022 and they are disclosed in note 21. 2.4.7 Useful Economic Life of Tangible and Intagi- ble Assets and Right of Use Useful economic life of the intangible assets is determined in line with the underlying contracts, in case of the demand re- sponse contracts, it is a 5 years period for 2023-2027. Those as- sets (capacity market contracts) have been recognized during business combination (note 20) and they are disclosed in note 22. Right of use economic life is determined to be in line with the period of the contract signed for the lease of an underlying asset. Useful economic life of the tangible asset is usually de- fined for the period of the future estimated cash-flows, usually up to 25-30 years in case of the photovoltaic powerplants.\n ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416153409922": { "value": "\n \n 3. Application of New and Revised IFRS Accounting Standards 3.1 New and Revised IFRS Accounting Standards Affecting Amounts Reported in the Current Year (and/or Prior Years) Certain new standards and interpretations have been issued that are mandatory for the annual periods beginning on or after 1 January 2024 or later, and which the Group has not early adopted. The management assessed the impact of New and Revised IFRS Accounting Standards Affecting Amounts Reported in the Cur- rent Year and concluded that these has not had material impact on Consolidated financial statements as of 31.12.2024. Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting policies (issued on 12 February 2021 and effective for annual periods beginning on or after 1 January 2024) have been reflected in Consolidated financial statements. In conse- quence the Group reported those accentuating policies, which have been considered as material in terms of the amendment. 3.2 New Accounting Pronouncements Certain new standards and interpretations have been issued that are mandatory for the annual periods beginning on or after 1 January 2025 or later, and which the Group has not early adopted. Amendments to IAS 21 Lack of Exchangeability (Issued on 15 August 2023 and effective for annual periods beginning on or after 1 January 2025). In August 2023, the IASB issued amendments to IAS 21 to help entities assess exchangeability between two currencies and de- termine the spot exchange rate, when exchangeability is lack- ing. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not ex- changeable into another currency at a measurement date for a specified purpose. The amendments to IAS 21 do not provide detailed requirements on how to estimate the spot exchange rate. Instead, they set out a framework under which an entity can determine the spot exchange rate at the measurement date. When applying the new requirements, it is not permitted to restate comparative information. It is required to translate the affected amounts at estimated spot exchange rates at the date of initial application, with an adjustment to retained earn- ings or to the reserve for cumulative translation differences. New or amended IFRS Accounting Standards and interpreta- tions issued by the IASB that have not yet become effective are generally not adopted until they become effective and en- dorsed by the EU. Management does not anticipate any\n \n \n \n significant impact on the Consolidated financial statements in the period of initial application from the adoption of these new standards and amendments, apart from IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 which replaces IAS 1 ef- fective from 1 January 2027. The new IFRS 18 is expected to change the presentation of the Income statement and to differentiate between earnings from operating activities, invest- ment activities and financing activities. IFRS 18 will also add ad- ditional disclosures but will not change any accounting policies on recognition and measurement, hence it will not change re- ported net results.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416153517267": { "value": "\n 3. Application of New and Revised IFRS Accounting Standards 3.1 New and Revised IFRS Accounting Standards Affecting Amounts Reported in the Current Year (and/or Prior Years) Certain new standards and interpretations have been issued that are mandatory for the annual periods beginning on or after 1 January 2024 or later, and which the Group has not early adopted. The management assessed the impact of New and Revised IFRS Accounting Standards Affecting Amounts Reported in the Cur- rent Year and concluded that these has not had material impact on Consolidated financial statements as of 31.12.2024. Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting policies (issued on 12 February 2021 and effective for annual periods beginning on or after 1 January 2024) have been reflected in Consolidated financial statements. In conse- quence the Group reported those accentuating policies, which have been considered as material in terms of the amendment. 3.2 New Accounting Pronouncements Certain new standards and interpretations have been issued that are mandatory for the annual periods beginning on or after 1 January 2025 or later, and which the Group has not early adopted. Amendments to IAS 21 Lack of Exchangeability (Issued on 15 August 2023 and effective for annual periods beginning on or after 1 January 2025). In August 2023, the IASB issued amendments to IAS 21 to help entities assess exchangeability between two currencies and de- termine the spot exchange rate, when exchangeability is lack- ing. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not ex- changeable into another currency at a measurement date for a specified purpose. The amendments to IAS 21 do not provide detailed requirements on how to estimate the spot exchange rate. Instead, they set out a framework under which an entity can determine the spot exchange rate at the measurement date. When applying the new requirements, it is not permitted to restate comparative information. It is required to translate the affected amounts at estimated spot exchange rates at the date of initial application, with an adjustment to retained earn- ings or to the reserve for cumulative translation differences. New or amended IFRS Accounting Standards and interpreta- tions issued by the IASB that have not yet become effective are generally not adopted until they become effective and en- dorsed by the EU. Management does not anticipate any\n \n significant impact on the Consolidated financial statements in the period of initial application from the adoption of these new standards and amendments, apart from IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 which replaces IAS 1 ef- fective from 1 January 2027. The new IFRS 18 is expected to change the presentation of the Income statement and to differentiate between earnings from operating activities, invest- ment activities and financing activities. IFRS 18 will also add ad- ditional disclosures but will not change any accounting policies on recognition and measurement, hence it will not change re- ported net results.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416152723276": { "value": "\n 4. Material Accounting Policies The accounting policies set out below have been applied con- sistently to all periods presented in these consolidated financial statements and have been applied consistently by Group enti- ties. \n \n 4.1 Basis of Consolidation The consolidated financial statements incorporate the financial statements of the Company and entities (including special pur- pose entities) controlled by the Company (its subsidiaries). Con- trol is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. \n \n \n 4.1.1 Business Combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instru- ments or other assets are acquired. The consideration trans- ferred for the acquisition of a subsidiary comprises the: \u25ba fair values of the assets transferred \u25ba liabilities incurred to the former owners of the ac- quired business \u25ba equity interests issued by the group \u25ba fair value of any asset or liability resulting from a con- tingent consideration arrangement, and \u25ba fair value of any pre-existing equity interest in the sub- sidiary. Identifiable assets acquired and liabilities and contingent liabil- ities assumed in a business combination are, with limited ex- ceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u25ba consideration transferred, \u25ba amount of any non-controlling interest in the ac- quired entity, and \u25ba acquisition-date fair value of any previous equity in- terest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as good- will. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified ei- ther as equity or a financial liability. Amounts classi- fied as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combina- tion is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the ac- quisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.\n \n \n \n 4.1.2 Subsidiaries Subsidiaries are entities controlled by the Company. The finan- cial statements of subsidiaries are included in the consolidated financial statements from the date that control commences un- til the date that control ceases. Income and expenses and other comprehensive income of sub- sidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of sub- sidiaries is attributed to the owners of the Company and to the non-controlling interests even if doing so causes the non-con- trolling interests to have a deficit balance. When necessary, adjustments are made to the financial state- ments of subsidiaries to bring their accounting policies into line with Group accounting policies.\n \n \n 4.1.3 Loss of Control Upon the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising from the loss of control is recognized in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as other financial asset depend- ing on the level of influence retained.\n \n \n \n \n 4.1.4 Investments in Associates and Jointly Con- trolled Entities (Equity-accounted Investees) Associates are those entities in which the Group has significant influence, but not control, over the financial and operating pol- icies. Significant influence is presumed to exist when the Group holds 20 percent or more of the voting power of another entity. Joint ventures are arrangements that the Company controls jointly with one or more other investors, and over which the Company has rights to a share of the arrangements net assets\n \n \n \n \n \n \n \n \n \n rather than direct rights to underlying assets and obligations for underlying liabilities. Investments in associates and jointly controlled entities are ac- counted for using the equity method (equity-accounted inves- tees) and are recognized initially at cost. The cost of the investment includes transaction costs. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income, af- ter adjustments to align the accounting policies with those of the Group, from the date that significant influence or joint con- trol commences until the date that significant influence or joint control ceases. Share of profit equity-accounted investments (net of tax) is pre- sented in Result from operating activities. When the Group\u2019s share of losses exceeds its interest in an eq- uity-accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee.\n \n \n 4.1.5 Transactions Eliminated on Consolidation Regarding subsidiaries all intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Regarding equity-accounted investees (see note 4.1.4) part of a margin on sales to these entities is eliminated. This part is cal- culated as a percentage of margins equal to the percentage of the entity's shares owned by the Group.\n \n \n 4.2 Foreign Currency 4.2.1 Foreign Currency Transactions Transactions in foreign currencies are translated to the respec- tive functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities de- nominated in foreign currencies at the reporting date are trans- lated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign cur- rencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign cur- rency that are measured in terms of historical cost are trans- lated using the exchange rate at the date of the transaction. Foreign currency differences arising on retranslation are recog- nized in profit or loss.\n 4.2.2 Foreign Operations The assets and liabilities of foreign operations (those in the Czech Republic, Switzerland, Hungary, Romania, Poland, Aus- tralia, New Zealand and South Africa as of 31 December 2024 and 2023) are translated into Euro at exchange rates at the re- porting date. The income and expenses of foreign operations are translated into Euro at exchange rates at the dates of the transactions. \n \n Loans between the Group entities and related foreign exchange gains or losses are eliminated upon consolidation. However, where the loan is between the Group entities that have differ- ent functional currencies, the foreign exchange gain or loss can- not be eliminated in full and is recognised in the consolidated profit or loss, unless the loan is not expected to be settled in the foreseeable future and thus forms part of the net investment in foreign operation. In such a case, the foreign exchange gain or loss is recognised in other comprehensive income. \n \n \n 4.2.3 Cash and Cash Equivalents/Liquid Assets Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term highly liquid invest- ments with original maturities of three months or less. Cash and cash equivalents are carried at amortised cost (AC) be- cause: (i) they are held for collection of contractual cash flows and those cash flows represent SPPI, and (ii) they are not desig- nated at fair value through profit or loss (FVTPL). \n \n \n \n Restricted balances are disclosed in the notes to cash and cash equivalents (note 28) for the purposes of the consolidated statement of cash flows. The debt service and project reserve accounts are excluded from cash and cash equivalents as they serve as collateral for the lending banks and can only be used with the approval of the lending banks.\n \n \n \n 4.2.4 Borrowing Costs Borrowing costs directly attributable to the acquisition, con- struction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying as- sets is deducted from the borrowing costs eligible for capitali- sation. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. \n \n \n 4.3 Financial Instruments Financial instruments are only used to mitigate risks and are not used for trading purposes. \n \n 4.3.1 Non-derivative Financial Assets Recognition and Derecognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the fi- nancial instrument. Regular way purchases and sales of finan- cial assets are accounted for at trade date. \n \n Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extin- guished, discharged, cancelled or expires.\n Classification and Initial Measurement of Financial Assets \n \n Except for those trade receivables that do not contain a signifi- cant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially\n \n \n \n \n \n \n \n measured at fair value adjusted for transaction costs (where ap- plicable).\n Financial assets, other than those designated and effective as hedging instruments, are classified into the following catego- ries: \u25ba amortised cost \u25ba fair value through profit or loss (FVTPL) \u25ba fair value through other comprehensive income (FVOCI). All income and expenses relating to financial assets that are rec- ognised in profit or loss are presented within finance costs, fi- nance income or other financial items, except for impairment of trade receivables which is presented within Impairment charges. Financial Assets at Amortised Cost Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL nor FVOCI): \u25ba they are held within a business model whose objec- tive is to hold the financial assets and collect its con- tractual cash flows \u25ba the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding After initial recognition, these are measured at amortised cost using the effective interest method. \n \n Financial Assets at Fair Value Through Profit or Loss (FVTPL) or/and at Fair Value Through Other Comprehen- sive Income (\u201cFVOCI\u201d) Financial assets that are held within a different business model other than \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 are cate- gorised as FVOCI. Further, irrespective of business model finan- cial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements apply.\n \n \n \n Financial Assets Impairment \u2013 Credit Loss Allowance for Expected Credit Loss (ECL) Trade and other receivables, loans issued and contract assets are presented in the consolidated statement of financial posi- tion net of the allowance for ECL. The Group applies simplified approach for impairment of trade receivables and contract assets.\n \n Financial Assets \u2013 Write-off Financial assets are written-off, in whole or in part, when the Group exhausted all practical recovery efforts and has con- cluded that there is no reasonable expectation of recovery. The write-off represents a derecognition event.\n \n \n 4.3.2 Non-derivative Financial Liabilities Classification and Initial Measurement of Financial Liabili- ties \n \n \n The Group\u2019s financial liabilities include borrowings, trade and other payables and derivative financial instruments. Financial liabilities are initially measured at fair value, and, where appli- cable, adjusted for transaction costs unless the Group desig- nated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments). \n All interest-related charges and, if applicable, changes in an in- strument\u2019s fair value that are reported in profit or loss are in- cluded within finance costs or finance income.\n \n \n Financial Liabilities \u2013 Derecognition Financial liabilities are derecognised when they are extin- guished (i.e. when the obligation specified in the contract is dis- charged, cancelled or expires). An exchange between the Group and its original lenders of debt instruments with substantially different terms, as well as sub- stantial modifications of the terms and conditions of existing fi- nancial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability. Modifications of liabilities that do not result in extinguishment are accounted for as a change in estimate using a cumulative catch up method, with any gain or loss recognised in profit or loss, unless the economic substance of the difference in carry- ing values is attributed to a capital transaction with owners. \n \n \n \n \n \n 4.3.3 Derivative Financial Instruments Derivative financial instruments, including interest rates swaps, are carried at their fair value. All derivative instruments are car- ried as assets when fair value is positive and as liabilities when fair value is negative. Changes in the fair value of derivatives that do not meet the requirements for application of hedge ac- counting are included in profit or loss for the year.\n \n \n 4.3.4 Cash Flow Hedges that Qualify for Hedge Accounting The Group decided to apply hedge accounting in accordance with IFRS 9. The Group designates certain derivatives prospec- tively as either a hedge of the fair value of a recognised asset or liability (fair value hedge), or a hedge of future cash flows at- tributable to a recognised asset or liability or a forecasted trans- action (cash-flow hedge). Hedge accounting is used for derivatives designated in this way, provided that certain criteria, including defining the hedging strategy and hedging relation- ship before hedge accounting is applied and ongoing\n \n \n \n \n \n \n \n \n \n documentation of the actual and expected effectiveness of the hedge, are met. Changes in the fair value of derivatives that qualify as effective fair-value hedges are recorded in the income statement, along with the corresponding change in fair value of the hedged asset or liability that is attributable to that specific hedged risk. Changes in the fair value of derivatives that qualify as effective cash-flow hedges are recorded as revaluation reserve from as- sets and liabilities in equity and are transferred to the income statement and classified as an income or expense in the period during which the hedged item affects the income statement.\n \n \n \n \n \n 4.3.5 Share Capital Ordinary Shares Ordinary shares are classified as equity. Consideration received above the nominal value of the ordinary shares is classified in equity as Share premium. Incremental costs directly attributa- ble to the issue of ordinary shares are recognized as a deduc- tion from equity, net of any tax effects. \n \n Treasury Shares Where the Company or its subsidiaries purchase the Company\u2019s equity instruments, the consideration paid, including any di- rectly attributable incremental costs, net of income taxes, is de- ducted from the equity attributable to the Company\u2019s owners until the equity instruments are reissued, disposed of or can- celled. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable in- cremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s owners.\n \n \n \n 4.4 Property, Plant and Equipment 4.4.1 Recognition and Measurement Photovoltaic power plants are stated in the consolidated state- ment of financial position at their revalued amounts, being the fair value at the date of revaluation, less any subsequent accu- mulated depreciation and subsequent accumulated impair- ment losses. Revaluations are performed at sufficient regularity so that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. The need for revaluations is assessed every quarter. For fair value determination see note 5.1. Any revaluation surplus arising on the revaluation of such pho- tovoltaic power plant is recognized in other comprehensive in- come and accumulated in equity, except to the extent that the surplus reverses a revaluation deficit on the same asset previ- ously recognized in profit or loss. Any deficit on the revaluation of such photovoltaic power plants is recognized in profit or loss except to the extent that it reserves a previous revaluation sur- plus on the same asset, in which case the debit to that extent is recognized in other comprehensive income. \n \n Photovoltaic power plants, which the Company consolidates, in the course of construction are carried at cost, less any recog- nized impairment loss. The cost of self-constructed assets in- cludes the cost of materials and direct labor plus any other costs directly attributable to bringing the assets to a working condition for their intended use and capitalized borrowing costs. Such properties are reported as Property, plant, equipment - Assets in progress and are classified to Property, plant and equipment - Photovoltaic power plants when com- pleted and ready for use. These assets are completed and ready for use when the power plant is connected to the electricity net- work and all technical parameters necessary for electricity pro- duction are completed. Depreciation of these assets, on the same basis as other property assets, commences when the as- sets are ready for their intended use.\n Additional costs capitalized in the value of the asset are in- cluded in the regular review of power plants value as done on quarterly basis. \n \n The costs of maintenance, repairs, renewals or replacements which do not extend productive life are charged to operations as incurred. The costs of replacements and improvements which extend productive life are capitalized. The cost of replac- ing part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably.\n Included in the property plant and equipment are non separa- ble intangible assets mainly relating to the rights to build and operate photovoltaic power plants in a specific country. Be- cause the items are non separable, the rights are included in property, plant and equipment. Fixtures and equipment are stated at cost less accumulated de- preciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The gain or loss on disposal of an item of fixtures and equipment is determined by comparing the proceeds from dis- posal with the carrying amount of the property, plant and equipment, and is recognized net within other income/other ex- penses in profit or loss. \n \n 4.4.2 Depreciation Depreciation is recognized so as to write off the costs or reval- ued amount of property, plant and equipment (other than land and properties under construction) less their residual values over their useful lives, using the straight-line method. The esti- mated useful lives, residual values and depreciation methods are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective ba- sis. Depreciation of revalued photovoltaic power plants is recog- nized in profit or loss. Every quarter the amount equal to the difference between depreciation based on the revalued carry- ing amount of photovoltaic power plants and depreciation based on asset\u2019s original cost is transferred directly to retained earnings. On the subsequent sale or retirement of a revalued property, the attributable revaluation surplus remaining in the properties revaluation reserve is transferred directly to re- tained earnings. Land is not depreciated. The estimated useful lives for the current and comparative years are as follows (based on the professional judgement com- bining the Feed in Tariff period and useful estimated live of the components and technology used in the power plants): \u25ba Photovoltaic power plants 20-30 years \u25ba Fixtures and equipment 3\u201310 years\n \n \n \n \n 4.5 Right-of-use Assets The group leases land, various offices and vehicles. Contracts may contain both lease and non-lease components. The group allocates the consideration in the contract to the lease and non- lease component based on their relative stand-alone prices. Assets arising from a lease are initially measured on a present value basis. Right of use assets are measured at cost comprising the following: \u25ba the amount of the initial measurement of lease liabil- ity, \u25ba any lease payments made at or before the com- mencement date less any lease incentives received, \u25ba any initial direct costs, and \u25ba cost to restore the asset to the conditions required by lease agreements. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying assets\u2019 useful lives. Depreciation on the items of the right-of-use assets is calculated using the straight-line method over their es- timated useful lives as follows: \u25ba Lands and easements lease term, 15-35 years \u25ba Cars lease term, 5 years\n \n \n \n 4.6 Intangible Assets The Group\u2019s intangible assets have definite useful lives and pri- marily include capitalised computer software and patents. \n \n Development costs that are directly associated with identifiable and unique software or patents controlled by the Group are recorded as intangible assets if an inflow of incremental eco- nomic benefits exceeding costs is probable. All other costs as- sociated with computer software, e.g. its maintenance, are expensed when incurred. Intangible assets are amortised using the straight-line method over their useful lives: \u25ba Capitalised software development costs 3 years \n If impaired, the carrying amount of intangible assets is written down to the higher of value in use and fair value less costs of disposal. Separately acquired trademarks and licences are shown at his- torical cost. Trademarks, licences and customer contracts ac- quired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life of 5 years and are subsequently carried at cost less accumulated amortisation and impairment losses.\n \n \n \n 4.6.1 Goodwill Goodwill is measured initially as described under \u201cConsolidated financial statements \u201c in note 4.1.1. Goodwill is not amortised but it is tested for impairment annually (note 2.4.5.). Goodwill is allocated to the cash-generating units, or groups of cash-gener- ating units, that are expected to benefit from the synergies of the business combination. Such units or groups of units repre- sent the lowest level at which the Group monitors goodwill and are not larger than an operating segment. The Group tests goodwill for impairment at least annually and whenever there are indications that goodwill may be impaired. The carrying value of the cash-generating unit containing good- will is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any im- pairment is recognised immediately as an expense and is not subsequently reversed. Gains or losses on disposal of an operation within a cash gen- erating unit to which goodwill has been allocated include the carrying amount of goodwill associated with the disposed oper- ation, generally measured on the basis of the relative values of the disposed operation and the portion of the cash-generating unit which is retained.\n \n \n \n \n \n 4.7 Impairment Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non- financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.\n \n \n \n 4.8 Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the weighted average principle, and includes expenditure incurred in acquiring the in- ventories, production or conversion costs and other costs in- curred in bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.\n \n \n \n 4.9 Provisions A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of eco- nomic benefits will be required to settle the obligation. Provi- sions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. \n 4.9.1 Warranties A provision for warranties is recognized when the underlying services are sold, i.e. when the construction contracts are fin- ished. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities.\n \n \n 4.10 Lease Liabilities Liabilities arising from a lease are initially measured on a pre- sent value basis. Lease liabilities include the net present value of fixed payments (including in-substance fixed payments), less any lease incentives receivable. There are no variable payments\n \n \n \n that are based on an index or a rate, no amounts expected to be payable by the Group under residual value guarantees nor purchase option for which the Group is reasonably certain to exercise that option. Extension and termination options are included in some prop- erty leases across the Group. These terms are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termina- tion options held are exercisable only by the Group and not by the respective lessor. Extension options (or period after termi- nation options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Lease payments to be made under reasonably certain extension op- tions are also included in the measurement of the liability. The lease payments are discounted using the interest rate im- plicit in the lease. If that rate cannot be readily determined, which is generally the case for leases of the Group, the Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to ob- tain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, collateral and condi- tions. To determine the incremental borrowing rate, the Group: \u25ba where possible, uses recent third-party financing re- ceived by the individual lessee as a starting point, ad- justed to reflect changes in financing conditions since third party financing was received, \u25ba uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk, and \u25ba makes adjustments specific to the lease, e.g. term, country, currency and collateral. Lease payments are allocated between principal and finance costs. The finance costs are charged to profit or loss over the lease period so as to produce a constant periodic rate of inter- est on the remaining balance of the liability for each period. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low- value assets comprise IT equipment and small items of office furniture with value of EUR 4 thousand or less.\n \n \n 4.11 Revenue Recognition Revenue is income arising in the course of the Group\u2019s ordinary activities. The Group recognises revenues from the following ac- tivities: \u25ba Revenue from electricity generation \u25ba Revenue from electricity trading \u25ba Revenue from capacity market contracts \u25ba Revenue from engineering, procurement and con- struction (EPC) \u25ba Revenue from sale of goods (solar panels, inverters and related technologies) \u25ba Revenue from sale of services (e.g. maintenance, tech- nical-administrative; installation) Revenue is recognised in the amount of transaction price. Transaction price is the amount of consideration to which the Group expects to be entitled in exchange for transferring con- trol over promised goods or services to a customer, excluding the amounts collected on behalf of third parties. Revenue is recognised net of discounts, value added taxes, ex- port duties and similar mandatory payment. 4.11.1 Revenue from Electricity Generation Revenues from sale of electricity are coming from the sale of electricity produced and sold to merchant or to the local elec- tricity distributor directly. Invoices are issued/ revenues are rec- ognised only when the electricity is delivered to the distribution net in the volume reviewed and accepted by the distributors. No element of financing is deemed present as the sales are made with credit terms of 30 days, which is consistent with mar- ket practice. \n \n Government grants for power generation intended as a com- pensation for the price of power, are recognised under revenue from electricity generation. The subsidies are based on the vol- ume of electricity generate and sold to local electricity distribu- tor and announced subsided unit price. The compensation is billed to the operator in the same moment as the revenues from the electricity sold. \n Solar levy of 20% applied to electricity produced in the Czech Republic is presented separately in costs. \n 4.11.2 Revenue from Electricity Trading Revenues from trading of electricity are primarily coming from the sale of electricity purchased on the market or from the gen- erators. Revenues are recognised based on the daily reconcilia- tions with clearing houses in the monthly billing period. The group is trading only on the intraday and day-ahead market only. The Group purchased the whole outcome of the generator, therefore the Groupp controls it before physical delivery to cus- tomer and faces related risk including balancing of the balanc- ing group. The selling price of the electricity is not fixed (do not represent fix fee). In consequence of those fact, the Group op- erates as at principal and recognize the revenues from electric- ity trading in the gross amount. In case of imbalances minor revenues are also generated from the balancing market where balancing market operator is the customer. Billing arises monthly or in 10 days period. No element of financing is deemed present as payments arise daily based on the daily reconciliation. 4.11.3 Revenue from the Capacity market con- tracts Revenues from the capacity market contracts are recognized based on the fulfillment of the obligation of readiness to deliver capacity per capacity market units. Billing arises on the monthly basis. The readiness might be tested by the market operator once a quarter per capacity market unit. Test result impacts the read- iness recognition for the whole quarter. No element of financing is deemed present as the sales are made with credit terms of 30 days.\n \n \n \n 4.11.4 Revenue from Sale of Goods Sales are recognised when the control over the goods has trans- ferred to the customer. This transfer of control is clearly defined in the contractual conditions. Group as a supplier does not pro- vide in major of the cases any other separate performance as part of the delivery. In minor cases, the storage services, trans- portation, or arrangement of customs duty is provided and in- voiced individually, however this is provided only on the individual basis and represents an immaterial part of the overall revenues within the sale of technology division. No element of financing is deemed present as the sales are made with credit terms of 30-60 days, which is consistent with market practice. In most cases, the Company requires advance payments (partial or 100%) for the sales of goods. Advances re- ceived are recognised as contract liability. If the Group provides any additional services to the customer after contract over goods has passed, revenues from such ser- vices is considered to be separate performance obligation and is recognised over the time the service is rendered. 4.11.5 Revenues from Sale of Services Revenues from sale of services (e.g. maintenance, technical-ad- ministrative; installation) are recognised on regular and recur- ring basis for a fixed fee agreed in the contract, additionally to this ad-hoc interventions are invoiced based on the actual us- age of the on call service intervention. In this case, the invoice is issued only on the basis of the accepted protocol confirming the services were really provided to the customer and were ac- cepted. Part of this intervention and service provided can be also provision/usage of miscellaneous material that is at the end part of the total invoice. However, this is not provided inde- pendently without the related service so it cannot be consid- ered as a separate performance obligation. No element of financing is deemed present as the sales are made with credit terms of 30 days, which is consistent with market practice. 4.11.6 Revenue from Engineering, Procurement and Construction (EPC) Construction services are provided based on engineering, pro- curement and construction (EPC) contracts either to internal or external customers. In the contract, milestones for invoicing are clearly defined. The EPC provider commits himself to the con- struction and delivery of the power plant with the regular war- ranty for quality of the work delivered. No long-term extraordinary guarantees that could be considered as a sepa- rate obligation under IFRS 15 are provided. EPC services repre- sent one single performance obligation as EPC services are not distinct to a customer and cannot be separated from each other. Revenues from EPC are recognised over the time and include the initial amount agreed in the contract plus any variations in contract work, claims and incentive payments. In accordance with contract terms, the Group has an enforceable right to pay- ment for performance completed to date. For each performance obligation satisfied over time, the Group recognised revenue by measuring the progress towards com- plete satisfaction of that performance obligation using the input method. The Group is entitled to invoice the customers when defined milestones are achieved. The Group recognises con- tract assets for construction work delivered. Invoiced amount of contract assets is reclassified to trade receivable upon its in- voicing. In case the payment for the milestones exceed the amount of revenues recognised based on the input method, the Group recognises a contract liability. No significant financ- ing component is deemed in EPC contracts, as the time period between revenue recognition based on input method and the milestone payment is always shorter that one year, in most cases with credit terms from 30 to 90 days.\n \n \n \n \n 4.12 Finance Income and Financial Expenses Financial income comprises interest income on loans. Interest income is recognized in profit or loss using the effective interest rate method. \n \n Financial expenses comprise interest expense on borrowings, bank account fees and net foreign currency losses. Interest ex- pense is recognized using the effective interest rate method. \n \n Borrowing costs that are not directly attributable to the acqui- sition, construction or production of a qualifying asset are rec- ognized in profit or loss. Borrowing costs incurred by the Group directly attributable to the construction of power plants is capi- talized in the cost of the related asset until the date of its com- pletion.\n \n \n Foreign currency gains and losses are reported on a net basis and recognised in profit and loss.\n \n \n \n \n 4.13 Employee Benefits Wages, salaries, contributions to the state pension and social insurance funds in the Czech Republic, Slovakia, Hungary, Po- land, Romania, Netherlands, Switzerland and Australia, paid an- nual leave and sick leave, bonuses, and non-monetary benefits (such as health services and kindergarten services) are accrued in the year in which the associated services are rendered by the employees of the Group. Beside the contributions to the statu- tory defined contribution schemes, there are no other obliga- tions of the Group beyond these contributions. The Group also provides an Employee Share Purchase program to some of its employees. Under this program, the employees receive an automatic monthly bonus of 10% to their gross sal- ary and the difference between after-tax amounts of 100% and 110% of the base salary is used for the purchase of shares. The 10% bonus to the gross salary as well as related social and health contribution are recorded and expense in each respec- tive period.\n \n \n \n 4.14 Government Grants Grants from the government are recognised at their fair value where there is reasonable assurance that the grant will be re- ceived and the Group will comply with all attached conditions. Government grants relating to costs are deferred and recog- nised in profit or loss for the year as other income over the pe- riod necessary to match them with the costs that they are intended to compensate. Compensations from government agencies related to revenue from fixed feed-in-tariffs, where applicable, are included in Rev- enue from electricity generation, as they represent part of the Group\u2019s core activity clearly linked to the model of PVP revenue from sales of electricity. \n \n \n \n \n 4.15 Income Tax Income tax expense comprises current and deferred tax. Cur- rent tax and deferred tax is recognized in profit or loss except\n \n \n \n \n \n \n \n to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. \n Current tax is the expected tax payable or receivable on the tax- able income or loss for the year, using tax rates enacted or sub- stantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. \n \n Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for finan- cial reporting purposes and the amounts used for taxation pur- poses. Deferred tax is not recognized for: \u25ba Temporary differences on the initial recognition of as- sets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u25ba Temporary differences related to investments in sub- sidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the fore- seeable future; and \u25ba Taxable temporary differences arising on the initial recognition of goodwill. A deferred tax liability is recognized for assets revaluation re- ported in other comprehensive income and other temporary differences. Assets revaluation represents the revaluation of photovoltaic power plants described in note 4.4.1. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.\n \n \n \n \n 4.16 Earnings Per Share The Group uses ordinary shares only. The Group presents basic earnings per share and total comprehensive income per share data. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by adjusting the weighted average number of common shares outstanding dur- ing the year for the diluting effect of the assumption that con- vertible instruments are converted, that options or warrants are exercised, or that ordinary shares are issued upon the sat- isfaction of specified condition. Total comprehensive income per share is calculated by dividing the total comprehensive income attributable to ordinary share- holders of the Company by the weighted average number of or- dinary shares outstanding during the year. Total diluted comprehensive income per share is calculated by dividing the total comprehensive income by the weighted aver- age number of common shares outstanding during the year ad- justed for the diluting effect of the assumption that convertible instruments are converted, that options or warrants are exer- cised, or that ordinary shares are issued upon the satisfaction of specified condition.\n \n \n 4.17 Segment Reporting An operating segment is a component of the Group that en- gages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that re- late to transactions with any of the Group\u2019s other components. All operating segments\u2019 operating results are reviewed regularly by the Group\u2019s management and directors to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available. Reportable segments whose revenue, result or assets are ten percent or more of all the segments are reported sepa- rately. Reportable segments including information on how op- erating segments are aggregated are included in note 7. Segment results that are reported include items directly at- tributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly cor- porate assets (primarily the Company\u2019s office premises), head office expenses, and other minor expenses non-allocable to any of the segments. Segment capital expenditure is the total cost incurred during the year to acquire property, plant and equipment, and intangi- ble assets other than goodwill. \n 4.18 Alternative Performance Measures The Board of Directors evaluates the Company\u2019s and the Group\u2019s performance using selected financial statements sub- totals and ratios presented in this section as Alternative Perfor- mance Measures (APM) within the meaning of the ESMA Guide- lines on Alternative Performance Measures. The disclosed Alternative Performance Measures comply with ESMA Guide- lines on Alternative Performance Measures. The Board of Direc- tors believes that the Alternative Performance Measures are among the measures used by the Board of Directors to evaluate the financial performance of the Company and the Group, and they are frequently used by securities analysts, investors and other interested parties to perform their own evaluation. They do not have uniform definitions and are not calculated by enti- ties in the same manner; therefore, no assurance may be given that the Alternative Performance Measures of the Group will be comparable with similar ratios presented by other entities, in- cluding entities operating in the same sector as the Group. The following tables show the basic Alternative Performance Measures of the Group used by the Board of Directors as of the dates and for the periods indicated along with a justification for their use, as well as the method of calculation of the individual Alternative Performance Measures with reference to the spe- cific financial statement items.\n \n EBITDA \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
A. Revenue 89,917 70,649
B. Other income 1,561 932
C. Raw materials and consumables used -37,989 -36,877
D. Solar levy -1,999 -1,621
E. Personnel expenses -17,954 -18,479
F. Other expenses -25,715 -10,898
EBITDA = (A+B+C+D+E+F) Earnings before interest taxes depreciation & amortisation (EBITDA) 7,821 3,706
\n Liquid assets \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
A. Cash and cash equivalents 8,437 5,838
B. Liquid assets with restriction on disposition 5,914 7,140
Liquid assets = (A+B) Liquid assets 14,352 12,978
\n Total comprehensive loss per share \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In EUR 2024 2023
A. Total comprehensive loss (in thousands EUR) -9,433 -459
B. Average number of shares (in thousands) 59,825 59,608
TCL per share = A/B Total comprehensive loss (TCL) per share -0.158 -0.008
\n The table below presents the definitions of the Alternative Performance Measures and the rationale for their use. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Name of Alternative Performance Measure Definitions Rationale for using the Alternative Performance Measure
EBITDA The Group defines EBITDA for a respective period as earnings on continuing operations for such period before interest, taxes, depreciation and amortisation. EBITDA measures the Group\u2019s operating performance net of financial burdens and amortisation, depreciation and impairment, which makes it possible to analyse performance regardless of any changes in interest bearing liabilities or the balance of noncurrent assets held by the Group, which, through depreciation and amortisation, may affect other performance measures.
Liquid assets The Group defines Liquid assets for a respective period as sum all cash and cash equivalents, cash depostis with restrictions and liquide precious metals (not used as an invetory for an operation activities). Liquid assets measure the Group\u2019s value of bank account balances and liquid precious metals regardless of the restrictions imposed on the account by the bank.
Total comprehensive income/loss per share The Group defines total comprehensive income/loss per share as a ration of TCI (TCL) and average number of ordinary shares issued. Total comprehensive income/loss per share measure the leverage of TCI (TCL) per average number of ordinary share issued. The measure provides a comprehensive and holistic view of the Group\u2019s financial performance taking into account not only the net income but also OCI.
\n \n \n 4.19 Assets held for sale Non-current assets (or disposal groups) are classified as held for sale when their carrying amount is expected to be recovered primarily through a sale transaction rather than through con- tinued use. This classification is applied only when the asset is available for immediate sale in its present condition and the sale is highly probable within one year from the date of classifi- cation. Management must be committed to the plan to sell the asset, and the asset must be actively marketed at a reasonable price in relation to its fair value. Upon classification as held for sale, the asset is measured at the lower of its carrying amount and fair value less costs to sell. If the fair value less costs to sell is lower than the carrying amount, an impairment loss is recognized in the income state- ment. Any subsequent increase in fair value less costs to sell is recognized as a gain, but not in excess of the cumulative impair- ment loss previously recognized. Assets classified as held for sale are not depreciated or amor- tized from the date of classification. Any income or expenses related to these assets continue to be recognized in profit or loss, except for depreciation and amortization charges, which are no longer applied. If a disposal group includes liabilities di- rectly associated with the assets held for sale, these liabilities are also presented separately in the statement of financial po- sition.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416153140597": { "value": "\n 4.1 Basis of Consolidation The consolidated financial statements incorporate the financial statements of the Company and entities (including special pur- pose entities) controlled by the Company (its subsidiaries). Con- trol is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. \n \n \n 4.1.1 Business Combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instru- ments or other assets are acquired. The consideration trans- ferred for the acquisition of a subsidiary comprises the: \u25ba fair values of the assets transferred \u25ba liabilities incurred to the former owners of the ac- quired business \u25ba equity interests issued by the group \u25ba fair value of any asset or liability resulting from a con- tingent consideration arrangement, and \u25ba fair value of any pre-existing equity interest in the sub- sidiary. Identifiable assets acquired and liabilities and contingent liabil- ities assumed in a business combination are, with limited ex- ceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u25ba consideration transferred, \u25ba amount of any non-controlling interest in the ac- quired entity, and \u25ba acquisition-date fair value of any previous equity in- terest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as good- will. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified ei- ther as equity or a financial liability. Amounts classi- fied as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combina- tion is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the ac- quisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.\n \n \n \n 4.1.2 Subsidiaries Subsidiaries are entities controlled by the Company. The finan- cial statements of subsidiaries are included in the consolidated financial statements from the date that control commences un- til the date that control ceases. Income and expenses and other comprehensive income of sub- sidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of sub- sidiaries is attributed to the owners of the Company and to the non-controlling interests even if doing so causes the non-con- trolling interests to have a deficit balance. When necessary, adjustments are made to the financial state- ments of subsidiaries to bring their accounting policies into line with Group accounting policies.\n \n \n 4.1.3 Loss of Control Upon the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising from the loss of control is recognized in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as other financial asset depend- ing on the level of influence retained.\n \n \n \n \n 4.1.4 Investments in Associates and Jointly Con- trolled Entities (Equity-accounted Investees) Associates are those entities in which the Group has significant influence, but not control, over the financial and operating pol- icies. Significant influence is presumed to exist when the Group holds 20 percent or more of the voting power of another entity. Joint ventures are arrangements that the Company controls jointly with one or more other investors, and over which the Company has rights to a share of the arrangements net assets\n \n \n \n \n \n \n \n rather than direct rights to underlying assets and obligations for underlying liabilities. Investments in associates and jointly controlled entities are ac- counted for using the equity method (equity-accounted inves- tees) and are recognized initially at cost. The cost of the investment includes transaction costs. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income, af- ter adjustments to align the accounting policies with those of the Group, from the date that significant influence or joint con- trol commences until the date that significant influence or joint control ceases. Share of profit equity-accounted investments (net of tax) is pre- sented in Result from operating activities. When the Group\u2019s share of losses exceeds its interest in an eq- uity-accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee.\n \n \n 4.1.5 Transactions Eliminated on Consolidation Regarding subsidiaries all intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Regarding equity-accounted investees (see note 4.1.4) part of a margin on sales to these entities is eliminated. This part is cal- culated as a percentage of margins equal to the percentage of the entity's shares owned by the Group.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416231857744": { "value": "\n \n 4.1.1 Business Combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instru- ments or other assets are acquired. The consideration trans- ferred for the acquisition of a subsidiary comprises the: \u25ba fair values of the assets transferred \u25ba liabilities incurred to the former owners of the ac- quired business \u25ba equity interests issued by the group \u25ba fair value of any asset or liability resulting from a con- tingent consideration arrangement, and \u25ba fair value of any pre-existing equity interest in the sub- sidiary. Identifiable assets acquired and liabilities and contingent liabil- ities assumed in a business combination are, with limited ex- ceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u25ba consideration transferred, \u25ba amount of any non-controlling interest in the ac- quired entity, and \u25ba acquisition-date fair value of any previous equity in- terest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as good- will. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified ei- ther as equity or a financial liability. Amounts classi- fied as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combina- tion is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the ac- quisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.\n \n \n \n 4.6.1 Goodwill Goodwill is measured initially as described under \u201cConsolidated financial statements \u201c in note 4.1.1. Goodwill is not amortised but it is tested for impairment annually (note 2.4.5.). Goodwill is allocated to the cash-generating units, or groups of cash-gener- ating units, that are expected to benefit from the synergies of the business combination. Such units or groups of units repre- sent the lowest level at which the Group monitors goodwill and are not larger than an operating segment. The Group tests goodwill for impairment at least annually and whenever there are indications that goodwill may be impaired. The carrying value of the cash-generating unit containing good- will is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any im- pairment is recognised immediately as an expense and is not subsequently reversed. Gains or losses on disposal of an operation within a cash gen- erating unit to which goodwill has been allocated include the carrying amount of goodwill associated with the disposed oper- ation, generally measured on the basis of the relative values of the disposed operation and the portion of the cash-generating unit which is retained.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416232139468": { "value": "\n 4.1.1 Business Combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instru- ments or other assets are acquired. The consideration trans- ferred for the acquisition of a subsidiary comprises the: \u25ba fair values of the assets transferred \u25ba liabilities incurred to the former owners of the ac- quired business \u25ba equity interests issued by the group \u25ba fair value of any asset or liability resulting from a con- tingent consideration arrangement, and \u25ba fair value of any pre-existing equity interest in the sub- sidiary. Identifiable assets acquired and liabilities and contingent liabil- ities assumed in a business combination are, with limited ex- ceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u25ba consideration transferred, \u25ba amount of any non-controlling interest in the ac- quired entity, and \u25ba acquisition-date fair value of any previous equity in- terest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as good- will. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified ei- ther as equity or a financial liability. Amounts classi- fied as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combina- tion is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the ac- quisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416232933364": { "value": "\n 4.1.2 Subsidiaries Subsidiaries are entities controlled by the Company. The finan- cial statements of subsidiaries are included in the consolidated financial statements from the date that control commences un- til the date that control ceases. Income and expenses and other comprehensive income of sub- sidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of sub- sidiaries is attributed to the owners of the Company and to the non-controlling interests even if doing so causes the non-con- trolling interests to have a deficit balance. When necessary, adjustments are made to the financial state- ments of subsidiaries to bring their accounting policies into line with Group accounting policies.\n \n 4.1.3 Loss of Control Upon the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising from the loss of control is recognized in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as other financial asset depend- ing on the level of influence retained.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416232446896": { "value": "\n \n \n 4.1.4 Investments in Associates and Jointly Con- trolled Entities (Equity-accounted Investees) Associates are those entities in which the Group has significant influence, but not control, over the financial and operating pol- icies. Significant influence is presumed to exist when the Group holds 20 percent or more of the voting power of another entity. Joint ventures are arrangements that the Company controls jointly with one or more other investors, and over which the Company has rights to a share of the arrangements net assets\n \n \n \n \n \n rather than direct rights to underlying assets and obligations for underlying liabilities. Investments in associates and jointly controlled entities are ac- counted for using the equity method (equity-accounted inves- tees) and are recognized initially at cost. The cost of the investment includes transaction costs. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income, af- ter adjustments to align the accounting policies with those of the Group, from the date that significant influence or joint con- trol commences until the date that significant influence or joint control ceases. Share of profit equity-accounted investments (net of tax) is pre- sented in Result from operating activities. When the Group\u2019s share of losses exceeds its interest in an eq- uity-accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416232632629": { "value": "\n \n 4.1.4 Investments in Associates and Jointly Con- trolled Entities (Equity-accounted Investees) Associates are those entities in which the Group has significant influence, but not control, over the financial and operating pol- icies. Significant influence is presumed to exist when the Group holds 20 percent or more of the voting power of another entity. Joint ventures are arrangements that the Company controls jointly with one or more other investors, and over which the Company has rights to a share of the arrangements net assets\n \n \n \n rather than direct rights to underlying assets and obligations for underlying liabilities. Investments in associates and jointly controlled entities are ac- counted for using the equity method (equity-accounted inves- tees) and are recognized initially at cost. The cost of the investment includes transaction costs. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income, af- ter adjustments to align the accounting policies with those of the Group, from the date that significant influence or joint con- trol commences until the date that significant influence or joint control ceases. Share of profit equity-accounted investments (net of tax) is pre- sented in Result from operating activities. When the Group\u2019s share of losses exceeds its interest in an eq- uity-accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416232821218": { "value": "\n 4.1.4 Investments in Associates and Jointly Con- trolled Entities (Equity-accounted Investees) Associates are those entities in which the Group has significant influence, but not control, over the financial and operating pol- icies. Significant influence is presumed to exist when the Group holds 20 percent or more of the voting power of another entity. Joint ventures are arrangements that the Company controls jointly with one or more other investors, and over which the Company has rights to a share of the arrangements net assets\n \n rather than direct rights to underlying assets and obligations for underlying liabilities. Investments in associates and jointly controlled entities are ac- counted for using the equity method (equity-accounted inves- tees) and are recognized initially at cost. The cost of the investment includes transaction costs. The consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income, af- ter adjustments to align the accounting policies with those of the Group, from the date that significant influence or joint con- trol commences until the date that significant influence or joint control ceases. Share of profit equity-accounted investments (net of tax) is pre- sented in Result from operating activities. When the Group\u2019s share of losses exceeds its interest in an eq- uity-accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416155627109": { "value": "\n 4.2 Foreign Currency 4.2.1 Foreign Currency Transactions Transactions in foreign currencies are translated to the respec- tive functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities de- nominated in foreign currencies at the reporting date are trans- lated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign cur- rencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign cur- rency that are measured in terms of historical cost are trans- lated using the exchange rate at the date of the transaction. Foreign currency differences arising on retranslation are recog- nized in profit or loss.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416225524351": { "value": "\n Loans between the Group entities and related foreign exchange gains or losses are eliminated upon consolidation. However, where the loan is between the Group entities that have differ- ent functional currencies, the foreign exchange gain or loss can- not be eliminated in full and is recognised in the consolidated profit or loss, unless the loan is not expected to be settled in the foreseeable future and thus forms part of the net investment in foreign operation. In such a case, the foreign exchange gain or loss is recognised in other comprehensive income. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416162054549": { "value": "\n 4.2.3 Cash and Cash Equivalents/Liquid Assets Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term highly liquid invest- ments with original maturities of three months or less. Cash and cash equivalents are carried at amortised cost (AC) be- cause: (i) they are held for collection of contractual cash flows and those cash flows represent SPPI, and (ii) they are not desig- nated at fair value through profit or loss (FVTPL). \n \n Restricted balances are disclosed in the notes to cash and cash equivalents (note 28) for the purposes of the consolidated statement of cash flows. The debt service and project reserve accounts are excluded from cash and cash equivalents as they serve as collateral for the lending banks and can only be used with the approval of the lending banks.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416162000193": { "value": "\n \n Restricted balances are disclosed in the notes to cash and cash equivalents (note 28) for the purposes of the consolidated statement of cash flows. The debt service and project reserve accounts are excluded from cash and cash equivalents as they serve as collateral for the lending banks and can only be used with the approval of the lending banks.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416160732126": { "value": "\n 4.2.4 Borrowing Costs Borrowing costs directly attributable to the acquisition, con- struction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying as- sets is deducted from the borrowing costs eligible for capitali- sation. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. \n \n Borrowing costs that are not directly attributable to the acqui- sition, construction or production of a qualifying asset are rec- ognized in profit or loss. Borrowing costs incurred by the Group directly attributable to the construction of power plants is capi- talized in the cost of the related asset until the date of its com- pletion.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416161630034": { "value": "\n 4.3 Financial Instruments Financial instruments are only used to mitigate risks and are not used for trading purposes. \n \n 4.3.1 Non-derivative Financial Assets Recognition and Derecognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the fi- nancial instrument. Regular way purchases and sales of finan- cial assets are accounted for at trade date. \n \n Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extin- guished, discharged, cancelled or expires.\n Classification and Initial Measurement of Financial Assets \n \n Except for those trade receivables that do not contain a signifi- cant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially\n \n \n \n \n \n measured at fair value adjusted for transaction costs (where ap- plicable).\n Financial assets, other than those designated and effective as hedging instruments, are classified into the following catego- ries: \u25ba amortised cost \u25ba fair value through profit or loss (FVTPL) \u25ba fair value through other comprehensive income (FVOCI). All income and expenses relating to financial assets that are rec- ognised in profit or loss are presented within finance costs, fi- nance income or other financial items, except for impairment of trade receivables which is presented within Impairment charges. Financial Assets at Amortised Cost Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL nor FVOCI): \u25ba they are held within a business model whose objec- tive is to hold the financial assets and collect its con- tractual cash flows \u25ba the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding After initial recognition, these are measured at amortised cost using the effective interest method. \n \n Financial Assets at Fair Value Through Profit or Loss (FVTPL) or/and at Fair Value Through Other Comprehen- sive Income (\u201cFVOCI\u201d) Financial assets that are held within a different business model other than \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 are cate- gorised as FVOCI. Further, irrespective of business model finan- cial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements apply.\n \n \n \n Financial Assets Impairment \u2013 Credit Loss Allowance for Expected Credit Loss (ECL) Trade and other receivables, loans issued and contract assets are presented in the consolidated statement of financial posi- tion net of the allowance for ECL. The Group applies simplified approach for impairment of trade receivables and contract assets.\n \n Financial Assets \u2013 Write-off Financial assets are written-off, in whole or in part, when the Group exhausted all practical recovery efforts and has con- cluded that there is no reasonable expectation of recovery. The write-off represents a derecognition event.\n \n \n 4.3.2 Non-derivative Financial Liabilities Classification and Initial Measurement of Financial Liabili- ties \n \n \n The Group\u2019s financial liabilities include borrowings, trade and other payables and derivative financial instruments. Financial liabilities are initially measured at fair value, and, where appli- cable, adjusted for transaction costs unless the Group desig- nated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments). \n All interest-related charges and, if applicable, changes in an in- strument\u2019s fair value that are reported in profit or loss are in- cluded within finance costs or finance income.\n \n \n Financial Liabilities \u2013 Derecognition Financial liabilities are derecognised when they are extin- guished (i.e. when the obligation specified in the contract is dis- charged, cancelled or expires). An exchange between the Group and its original lenders of debt instruments with substantially different terms, as well as sub- stantial modifications of the terms and conditions of existing fi- nancial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability. Modifications of liabilities that do not result in extinguishment are accounted for as a change in estimate using a cumulative catch up method, with any gain or loss recognised in profit or loss, unless the economic substance of the difference in carry- ing values is attributed to a capital transaction with owners. \n \n \n \n \n \n 4.3.3 Derivative Financial Instruments Derivative financial instruments, including interest rates swaps, are carried at their fair value. All derivative instruments are car- ried as assets when fair value is positive and as liabilities when fair value is negative. Changes in the fair value of derivatives that do not meet the requirements for application of hedge ac- counting are included in profit or loss for the year.\n \n \n 4.3.4 Cash Flow Hedges that Qualify for Hedge Accounting The Group decided to apply hedge accounting in accordance with IFRS 9. The Group designates certain derivatives prospec- tively as either a hedge of the fair value of a recognised asset or liability (fair value hedge), or a hedge of future cash flows at- tributable to a recognised asset or liability or a forecasted trans- action (cash-flow hedge). Hedge accounting is used for derivatives designated in this way, provided that certain criteria, including defining the hedging strategy and hedging relation- ship before hedge accounting is applied and ongoing\n \n \n \n \n \n \n \n documentation of the actual and expected effectiveness of the hedge, are met. Changes in the fair value of derivatives that qualify as effective fair-value hedges are recorded in the income statement, along with the corresponding change in fair value of the hedged asset or liability that is attributable to that specific hedged risk. Changes in the fair value of derivatives that qualify as effective cash-flow hedges are recorded as revaluation reserve from as- sets and liabilities in equity and are transferred to the income statement and classified as an income or expense in the period during which the hedged item affects the income statement.\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416161816194": { "value": "\n 4.3.1 Non-derivative Financial Assets Recognition and Derecognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the fi- nancial instrument. Regular way purchases and sales of finan- cial assets are accounted for at trade date. \n \n Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extin- guished, discharged, cancelled or expires.\n Classification and Initial Measurement of Financial Assets \n \n Except for those trade receivables that do not contain a signifi- cant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially\n \n \n \n measured at fair value adjusted for transaction costs (where ap- plicable).\n Financial assets, other than those designated and effective as hedging instruments, are classified into the following catego- ries: \u25ba amortised cost \u25ba fair value through profit or loss (FVTPL) \u25ba fair value through other comprehensive income (FVOCI). All income and expenses relating to financial assets that are rec- ognised in profit or loss are presented within finance costs, fi- nance income or other financial items, except for impairment of trade receivables which is presented within Impairment charges. Financial Assets at Amortised Cost Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL nor FVOCI): \u25ba they are held within a business model whose objec- tive is to hold the financial assets and collect its con- tractual cash flows \u25ba the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding After initial recognition, these are measured at amortised cost using the effective interest method. \n \n Financial Assets at Fair Value Through Profit or Loss (FVTPL) or/and at Fair Value Through Other Comprehen- sive Income (\u201cFVOCI\u201d) Financial assets that are held within a different business model other than \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 are cate- gorised as FVOCI. Further, irrespective of business model finan- cial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements apply.\n \n \n \n Financial Assets Impairment \u2013 Credit Loss Allowance for Expected Credit Loss (ECL) Trade and other receivables, loans issued and contract assets are presented in the consolidated statement of financial posi- tion net of the allowance for ECL. The Group applies simplified approach for impairment of trade receivables and contract assets.\n \n Financial Assets \u2013 Write-off Financial assets are written-off, in whole or in part, when the Group exhausted all practical recovery efforts and has con- cluded that there is no reasonable expectation of recovery. The write-off represents a derecognition event.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416163047765": { "value": "\n Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extin- guished, discharged, cancelled or expires.\n \n Financial Liabilities \u2013 Derecognition Financial liabilities are derecognised when they are extin- guished (i.e. when the obligation specified in the contract is dis- charged, cancelled or expires). An exchange between the Group and its original lenders of debt instruments with substantially different terms, as well as sub- stantial modifications of the terms and conditions of existing fi- nancial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability. Modifications of liabilities that do not result in extinguishment are accounted for as a change in estimate using a cumulative catch up method, with any gain or loss recognised in profit or loss, unless the economic substance of the difference in carry- ing values is attributed to a capital transaction with owners. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416160006271": { "value": "\n Except for those trade receivables that do not contain a signifi- cant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially\n \n measured at fair value adjusted for transaction costs (where ap- plicable).\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416225035160": { "value": "\n Financial Assets at Fair Value Through Profit or Loss (FVTPL) or/and at Fair Value Through Other Comprehen- sive Income (\u201cFVOCI\u201d) Financial assets that are held within a different business model other than \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 are cate- gorised as FVOCI. Further, irrespective of business model finan- cial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements apply.\n \n \n The Group\u2019s financial liabilities include borrowings, trade and other payables and derivative financial instruments. Financial liabilities are initially measured at fair value, and, where appli- cable, adjusted for transaction costs unless the Group desig- nated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments). \n All interest-related charges and, if applicable, changes in an in- strument\u2019s fair value that are reported in profit or loss are in- cluded within finance costs or finance income.\n \n 4.3.3 Derivative Financial Instruments Derivative financial instruments, including interest rates swaps, are carried at their fair value. All derivative instruments are car- ried as assets when fair value is positive and as liabilities when fair value is negative. Changes in the fair value of derivatives that do not meet the requirements for application of hedge ac- counting are included in profit or loss for the year.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416230836339": { "value": "\n \n Financial Assets Impairment \u2013 Credit Loss Allowance for Expected Credit Loss (ECL) Trade and other receivables, loans issued and contract assets are presented in the consolidated statement of financial posi- tion net of the allowance for ECL. The Group applies simplified approach for impairment of trade receivables and contract assets.\n \n \n \n 4.7 Impairment Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non- financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416231140581": { "value": "\n Financial Assets Impairment \u2013 Credit Loss Allowance for Expected Credit Loss (ECL) Trade and other receivables, loans issued and contract assets are presented in the consolidated statement of financial posi- tion net of the allowance for ECL. The Group applies simplified approach for impairment of trade receivables and contract assets.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416162348142": { "value": "\n 4.3.2 Non-derivative Financial Liabilities Classification and Initial Measurement of Financial Liabili- ties \n \n \n The Group\u2019s financial liabilities include borrowings, trade and other payables and derivative financial instruments. Financial liabilities are initially measured at fair value, and, where appli- cable, adjusted for transaction costs unless the Group desig- nated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments). \n All interest-related charges and, if applicable, changes in an in- strument\u2019s fair value that are reported in profit or loss are in- cluded within finance costs or finance income.\n \n \n Financial Liabilities \u2013 Derecognition Financial liabilities are derecognised when they are extin- guished (i.e. when the obligation specified in the contract is dis- charged, cancelled or expires). An exchange between the Group and its original lenders of debt instruments with substantially different terms, as well as sub- stantial modifications of the terms and conditions of existing fi- nancial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability. Modifications of liabilities that do not result in extinguishment are accounted for as a change in estimate using a cumulative catch up method, with any gain or loss recognised in profit or loss, unless the economic substance of the difference in carry- ing values is attributed to a capital transaction with owners. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416162509016": { "value": "\n The Group\u2019s financial liabilities include borrowings, trade and other payables and derivative financial instruments. Financial liabilities are initially measured at fair value, and, where appli- cable, adjusted for transaction costs unless the Group desig- nated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments). \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416163213000": { "value": "\n \n \n 4.3.3 Derivative Financial Instruments Derivative financial instruments, including interest rates swaps, are carried at their fair value. All derivative instruments are car- ried as assets when fair value is positive and as liabilities when fair value is negative. Changes in the fair value of derivatives that do not meet the requirements for application of hedge ac- counting are included in profit or loss for the year.\n \n \n 4.3.4 Cash Flow Hedges that Qualify for Hedge Accounting The Group decided to apply hedge accounting in accordance with IFRS 9. The Group designates certain derivatives prospec- tively as either a hedge of the fair value of a recognised asset or liability (fair value hedge), or a hedge of future cash flows at- tributable to a recognised asset or liability or a forecasted trans- action (cash-flow hedge). Hedge accounting is used for derivatives designated in this way, provided that certain criteria, including defining the hedging strategy and hedging relation- ship before hedge accounting is applied and ongoing\n \n \n \n \n \n documentation of the actual and expected effectiveness of the hedge, are met. Changes in the fair value of derivatives that qualify as effective fair-value hedges are recorded in the income statement, along with the corresponding change in fair value of the hedged asset or liability that is attributable to that specific hedged risk. Changes in the fair value of derivatives that qualify as effective cash-flow hedges are recorded as revaluation reserve from as- sets and liabilities in equity and are transferred to the income statement and classified as an income or expense in the period during which the hedged item affects the income statement.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416163340237": { "value": "\n \n 4.3.3 Derivative Financial Instruments Derivative financial instruments, including interest rates swaps, are carried at their fair value. All derivative instruments are car- ried as assets when fair value is positive and as liabilities when fair value is negative. Changes in the fair value of derivatives that do not meet the requirements for application of hedge ac- counting are included in profit or loss for the year.\n \n \n 4.3.4 Cash Flow Hedges that Qualify for Hedge Accounting The Group decided to apply hedge accounting in accordance with IFRS 9. The Group designates certain derivatives prospec- tively as either a hedge of the fair value of a recognised asset or liability (fair value hedge), or a hedge of future cash flows at- tributable to a recognised asset or liability or a forecasted trans- action (cash-flow hedge). Hedge accounting is used for derivatives designated in this way, provided that certain criteria, including defining the hedging strategy and hedging relation- ship before hedge accounting is applied and ongoing\n \n \n \n documentation of the actual and expected effectiveness of the hedge, are met. Changes in the fair value of derivatives that qualify as effective fair-value hedges are recorded in the income statement, along with the corresponding change in fair value of the hedged asset or liability that is attributable to that specific hedged risk. Changes in the fair value of derivatives that qualify as effective cash-flow hedges are recorded as revaluation reserve from as- sets and liabilities in equity and are transferred to the income statement and classified as an income or expense in the period during which the hedged item affects the income statement.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416225237857": { "value": "\n 4.3.4 Cash Flow Hedges that Qualify for Hedge Accounting The Group decided to apply hedge accounting in accordance with IFRS 9. The Group designates certain derivatives prospec- tively as either a hedge of the fair value of a recognised asset or liability (fair value hedge), or a hedge of future cash flows at- tributable to a recognised asset or liability or a forecasted trans- action (cash-flow hedge). Hedge accounting is used for derivatives designated in this way, provided that certain criteria, including defining the hedging strategy and hedging relation- ship before hedge accounting is applied and ongoing\n \n documentation of the actual and expected effectiveness of the hedge, are met. Changes in the fair value of derivatives that qualify as effective fair-value hedges are recorded in the income statement, along with the corresponding change in fair value of the hedged asset or liability that is attributable to that specific hedged risk. Changes in the fair value of derivatives that qualify as effective cash-flow hedges are recorded as revaluation reserve from as- sets and liabilities in equity and are transferred to the income statement and classified as an income or expense in the period during which the hedged item affects the income statement.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416231522578": { "value": "\n 4.3.5 Share Capital Ordinary Shares Ordinary shares are classified as equity. Consideration received above the nominal value of the ordinary shares is classified in equity as Share premium. Incremental costs directly attributa- ble to the issue of ordinary shares are recognized as a deduc- tion from equity, net of any tax effects. \n \n Treasury Shares Where the Company or its subsidiaries purchase the Company\u2019s equity instruments, the consideration paid, including any di- rectly attributable incremental costs, net of income taxes, is de- ducted from the equity attributable to the Company\u2019s owners until the equity instruments are reissued, disposed of or can- celled. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable in- cremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s owners.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416231550806": { "value": "\n Treasury Shares Where the Company or its subsidiaries purchase the Company\u2019s equity instruments, the consideration paid, including any di- rectly attributable incremental costs, net of income taxes, is de- ducted from the equity attributable to the Company\u2019s owners until the equity instruments are reissued, disposed of or can- celled. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable in- cremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s owners.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416160220018": { "value": "\n 4.4 Property, Plant and Equipment 4.4.1 Recognition and Measurement Photovoltaic power plants are stated in the consolidated state- ment of financial position at their revalued amounts, being the fair value at the date of revaluation, less any subsequent accu- mulated depreciation and subsequent accumulated impair- ment losses. Revaluations are performed at sufficient regularity so that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. The need for revaluations is assessed every quarter. For fair value determination see note 5.1. Any revaluation surplus arising on the revaluation of such pho- tovoltaic power plant is recognized in other comprehensive in- come and accumulated in equity, except to the extent that the surplus reverses a revaluation deficit on the same asset previ- ously recognized in profit or loss. Any deficit on the revaluation of such photovoltaic power plants is recognized in profit or loss except to the extent that it reserves a previous revaluation sur- plus on the same asset, in which case the debit to that extent is recognized in other comprehensive income. \n \n Photovoltaic power plants, which the Company consolidates, in the course of construction are carried at cost, less any recog- nized impairment loss. The cost of self-constructed assets in- cludes the cost of materials and direct labor plus any other costs directly attributable to bringing the assets to a working condition for their intended use and capitalized borrowing costs. Such properties are reported as Property, plant, equipment - Assets in progress and are classified to Property, plant and equipment - Photovoltaic power plants when com- pleted and ready for use. These assets are completed and ready for use when the power plant is connected to the electricity net- work and all technical parameters necessary for electricity pro- duction are completed. Depreciation of these assets, on the same basis as other property assets, commences when the as- sets are ready for their intended use.\n Additional costs capitalized in the value of the asset are in- cluded in the regular review of power plants value as done on quarterly basis. \n \n The costs of maintenance, repairs, renewals or replacements which do not extend productive life are charged to operations as incurred. The costs of replacements and improvements which extend productive life are capitalized. The cost of replac- ing part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably.\n Included in the property plant and equipment are non separa- ble intangible assets mainly relating to the rights to build and operate photovoltaic power plants in a specific country. Be- cause the items are non separable, the rights are included in property, plant and equipment. Fixtures and equipment are stated at cost less accumulated de- preciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The gain or loss on disposal of an item of fixtures and equipment is determined by comparing the proceeds from dis- posal with the carrying amount of the property, plant and equipment, and is recognized net within other income/other ex- penses in profit or loss. \n \n 4.4.2 Depreciation Depreciation is recognized so as to write off the costs or reval- ued amount of property, plant and equipment (other than land and properties under construction) less their residual values over their useful lives, using the straight-line method. The esti- mated useful lives, residual values and depreciation methods are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective ba- sis. Depreciation of revalued photovoltaic power plants is recog- nized in profit or loss. Every quarter the amount equal to the difference between depreciation based on the revalued carry- ing amount of photovoltaic power plants and depreciation based on asset\u2019s original cost is transferred directly to retained earnings. On the subsequent sale or retirement of a revalued property, the attributable revaluation surplus remaining in the properties revaluation reserve is transferred directly to re- tained earnings. Land is not depreciated. The estimated useful lives for the current and comparative years are as follows (based on the professional judgement com- bining the Feed in Tariff period and useful estimated live of the components and technology used in the power plants): \u25ba Photovoltaic power plants 20-30 years \u25ba Fixtures and equipment 3\u201310 years\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416160632758": { "value": "\n Photovoltaic power plants, which the Company consolidates, in the course of construction are carried at cost, less any recog- nized impairment loss. The cost of self-constructed assets in- cludes the cost of materials and direct labor plus any other costs directly attributable to bringing the assets to a working condition for their intended use and capitalized borrowing costs. Such properties are reported as Property, plant, equipment - Assets in progress and are classified to Property, plant and equipment - Photovoltaic power plants when com- pleted and ready for use. These assets are completed and ready for use when the power plant is connected to the electricity net- work and all technical parameters necessary for electricity pro- duction are completed. Depreciation of these assets, on the same basis as other property assets, commences when the as- sets are ready for their intended use.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416230522113": { "value": "\n The costs of maintenance, repairs, renewals or replacements which do not extend productive life are charged to operations as incurred. The costs of replacements and improvements which extend productive life are capitalized. The cost of replac- ing part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416160920626": { "value": "\n 4.4.2 Depreciation Depreciation is recognized so as to write off the costs or reval- ued amount of property, plant and equipment (other than land and properties under construction) less their residual values over their useful lives, using the straight-line method. The esti- mated useful lives, residual values and depreciation methods are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective ba- sis. Depreciation of revalued photovoltaic power plants is recog- nized in profit or loss. Every quarter the amount equal to the difference between depreciation based on the revalued carry- ing amount of photovoltaic power plants and depreciation based on asset\u2019s original cost is transferred directly to retained earnings. On the subsequent sale or retirement of a revalued property, the attributable revaluation surplus remaining in the properties revaluation reserve is transferred directly to re- tained earnings. Land is not depreciated. The estimated useful lives for the current and comparative years are as follows (based on the professional judgement com- bining the Feed in Tariff period and useful estimated live of the components and technology used in the power plants): \u25ba Photovoltaic power plants 20-30 years \u25ba Fixtures and equipment 3\u201310 years\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416160448341": { "value": "\n 4.5 Right-of-use Assets The group leases land, various offices and vehicles. Contracts may contain both lease and non-lease components. The group allocates the consideration in the contract to the lease and non- lease component based on their relative stand-alone prices. Assets arising from a lease are initially measured on a present value basis. Right of use assets are measured at cost comprising the following: \u25ba the amount of the initial measurement of lease liabil- ity, \u25ba any lease payments made at or before the com- mencement date less any lease incentives received, \u25ba any initial direct costs, and \u25ba cost to restore the asset to the conditions required by lease agreements. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying assets\u2019 useful lives. Depreciation on the items of the right-of-use assets is calculated using the straight-line method over their es- timated useful lives as follows: \u25ba Lands and easements lease term, 15-35 years \u25ba Cars lease term, 5 years\n \n 4.10 Lease Liabilities Liabilities arising from a lease are initially measured on a pre- sent value basis. Lease liabilities include the net present value of fixed payments (including in-substance fixed payments), less any lease incentives receivable. There are no variable payments\n \n that are based on an index or a rate, no amounts expected to be payable by the Group under residual value guarantees nor purchase option for which the Group is reasonably certain to exercise that option. Extension and termination options are included in some prop- erty leases across the Group. These terms are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termina- tion options held are exercisable only by the Group and not by the respective lessor. Extension options (or period after termi- nation options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Lease payments to be made under reasonably certain extension op- tions are also included in the measurement of the liability. The lease payments are discounted using the interest rate im- plicit in the lease. If that rate cannot be readily determined, which is generally the case for leases of the Group, the Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to ob- tain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, collateral and condi- tions. To determine the incremental borrowing rate, the Group: \u25ba where possible, uses recent third-party financing re- ceived by the individual lessee as a starting point, ad- justed to reflect changes in financing conditions since third party financing was received, \u25ba uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk, and \u25ba makes adjustments specific to the lease, e.g. term, country, currency and collateral. Lease payments are allocated between principal and finance costs. The finance costs are charged to profit or loss over the lease period so as to produce a constant periodic rate of inter- est on the remaining balance of the liability for each period. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low- value assets comprise IT equipment and small items of office furniture with value of EUR 4 thousand or less.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416160318859": { "value": "\n \n 4.6 Intangible Assets The Group\u2019s intangible assets have definite useful lives and pri- marily include capitalised computer software and patents. \n \n Development costs that are directly associated with identifiable and unique software or patents controlled by the Group are recorded as intangible assets if an inflow of incremental eco- nomic benefits exceeding costs is probable. All other costs as- sociated with computer software, e.g. its maintenance, are expensed when incurred. Intangible assets are amortised using the straight-line method over their useful lives: \u25ba Capitalised software development costs 3 years \n If impaired, the carrying amount of intangible assets is written down to the higher of value in use and fair value less costs of disposal. Separately acquired trademarks and licences are shown at his- torical cost. Trademarks, licences and customer contracts ac- quired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life of 5 years and are subsequently carried at cost less accumulated amortisation and impairment losses.\n \n \n \n 4.6.1 Goodwill Goodwill is measured initially as described under \u201cConsolidated financial statements \u201c in note 4.1.1. Goodwill is not amortised but it is tested for impairment annually (note 2.4.5.). Goodwill is allocated to the cash-generating units, or groups of cash-gener- ating units, that are expected to benefit from the synergies of the business combination. Such units or groups of units repre- sent the lowest level at which the Group monitors goodwill and are not larger than an operating segment. The Group tests goodwill for impairment at least annually and whenever there are indications that goodwill may be impaired. The carrying value of the cash-generating unit containing good- will is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any im- pairment is recognised immediately as an expense and is not subsequently reversed. Gains or losses on disposal of an operation within a cash gen- erating unit to which goodwill has been allocated include the carrying amount of goodwill associated with the disposed oper- ation, generally measured on the basis of the relative values of the disposed operation and the portion of the cash-generating unit which is retained.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416160359598": { "value": "\n 4.6 Intangible Assets The Group\u2019s intangible assets have definite useful lives and pri- marily include capitalised computer software and patents. \n \n Development costs that are directly associated with identifiable and unique software or patents controlled by the Group are recorded as intangible assets if an inflow of incremental eco- nomic benefits exceeding costs is probable. All other costs as- sociated with computer software, e.g. its maintenance, are expensed when incurred. Intangible assets are amortised using the straight-line method over their useful lives: \u25ba Capitalised software development costs 3 years \n If impaired, the carrying amount of intangible assets is written down to the higher of value in use and fair value less costs of disposal. Separately acquired trademarks and licences are shown at his- torical cost. Trademarks, licences and customer contracts ac- quired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life of 5 years and are subsequently carried at cost less accumulated amortisation and impairment losses.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416230658771": { "value": "\n Development costs that are directly associated with identifiable and unique software or patents controlled by the Group are recorded as intangible assets if an inflow of incremental eco- nomic benefits exceeding costs is probable. All other costs as- sociated with computer software, e.g. its maintenance, are expensed when incurred. Intangible assets are amortised using the straight-line method over their useful lives: \u25ba Capitalised software development costs 3 years \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416232342746": { "value": "\n 4.6.1 Goodwill Goodwill is measured initially as described under \u201cConsolidated financial statements \u201c in note 4.1.1. Goodwill is not amortised but it is tested for impairment annually (note 2.4.5.). Goodwill is allocated to the cash-generating units, or groups of cash-gener- ating units, that are expected to benefit from the synergies of the business combination. Such units or groups of units repre- sent the lowest level at which the Group monitors goodwill and are not larger than an operating segment. The Group tests goodwill for impairment at least annually and whenever there are indications that goodwill may be impaired. The carrying value of the cash-generating unit containing good- will is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any im- pairment is recognised immediately as an expense and is not subsequently reversed. Gains or losses on disposal of an operation within a cash gen- erating unit to which goodwill has been allocated include the carrying amount of goodwill associated with the disposed oper- ation, generally measured on the basis of the relative values of the disposed operation and the portion of the cash-generating unit which is retained.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416230939050": { "value": "\n 4.7 Impairment Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non- financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416161000970": { "value": "\n 4.8 Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the weighted average principle, and includes expenditure incurred in acquiring the in- ventories, production or conversion costs and other costs in- curred in bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416161500515": { "value": "\n \n 4.9 Provisions A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of eco- nomic benefits will be required to settle the obligation. Provi- sions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. \n 4.9.1 Warranties A provision for warranties is recognized when the underlying services are sold, i.e. when the construction contracts are fin- ished. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416161125057": { "value": "\n 4.9 Provisions A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of eco- nomic benefits will be required to settle the obligation. Provi- sions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416230025377": { "value": "\n 4.11 Revenue Recognition Revenue is income arising in the course of the Group\u2019s ordinary activities. The Group recognises revenues from the following ac- tivities: \u25ba Revenue from electricity generation \u25ba Revenue from electricity trading \u25ba Revenue from capacity market contracts \u25ba Revenue from engineering, procurement and con- struction (EPC) \u25ba Revenue from sale of goods (solar panels, inverters and related technologies) \u25ba Revenue from sale of services (e.g. maintenance, tech- nical-administrative; installation) Revenue is recognised in the amount of transaction price. Transaction price is the amount of consideration to which the Group expects to be entitled in exchange for transferring con- trol over promised goods or services to a customer, excluding the amounts collected on behalf of third parties. Revenue is recognised net of discounts, value added taxes, ex- port duties and similar mandatory payment. 4.11.1 Revenue from Electricity Generation Revenues from sale of electricity are coming from the sale of electricity produced and sold to merchant or to the local elec- tricity distributor directly. Invoices are issued/ revenues are rec- ognised only when the electricity is delivered to the distribution net in the volume reviewed and accepted by the distributors. No element of financing is deemed present as the sales are made with credit terms of 30 days, which is consistent with mar- ket practice. \n \n Government grants for power generation intended as a com- pensation for the price of power, are recognised under revenue from electricity generation. The subsidies are based on the vol- ume of electricity generate and sold to local electricity distribu- tor and announced subsided unit price. The compensation is billed to the operator in the same moment as the revenues from the electricity sold. \n Solar levy of 20% applied to electricity produced in the Czech Republic is presented separately in costs. \n 4.11.2 Revenue from Electricity Trading Revenues from trading of electricity are primarily coming from the sale of electricity purchased on the market or from the gen- erators. Revenues are recognised based on the daily reconcilia- tions with clearing houses in the monthly billing period. The group is trading only on the intraday and day-ahead market only. The Group purchased the whole outcome of the generator, therefore the Groupp controls it before physical delivery to cus- tomer and faces related risk including balancing of the balanc- ing group. The selling price of the electricity is not fixed (do not represent fix fee). In consequence of those fact, the Group op- erates as at principal and recognize the revenues from electric- ity trading in the gross amount. In case of imbalances minor revenues are also generated from the balancing market where balancing market operator is the customer. Billing arises monthly or in 10 days period. No element of financing is deemed present as payments arise daily based on the daily reconciliation. 4.11.3 Revenue from the Capacity market con- tracts Revenues from the capacity market contracts are recognized based on the fulfillment of the obligation of readiness to deliver capacity per capacity market units. Billing arises on the monthly basis. The readiness might be tested by the market operator once a quarter per capacity market unit. Test result impacts the read- iness recognition for the whole quarter. No element of financing is deemed present as the sales are made with credit terms of 30 days.\n \n 4.11.4 Revenue from Sale of Goods Sales are recognised when the control over the goods has trans- ferred to the customer. This transfer of control is clearly defined in the contractual conditions. Group as a supplier does not pro- vide in major of the cases any other separate performance as part of the delivery. In minor cases, the storage services, trans- portation, or arrangement of customs duty is provided and in- voiced individually, however this is provided only on the individual basis and represents an immaterial part of the overall revenues within the sale of technology division. No element of financing is deemed present as the sales are made with credit terms of 30-60 days, which is consistent with market practice. In most cases, the Company requires advance payments (partial or 100%) for the sales of goods. Advances re- ceived are recognised as contract liability. If the Group provides any additional services to the customer after contract over goods has passed, revenues from such ser- vices is considered to be separate performance obligation and is recognised over the time the service is rendered. 4.11.5 Revenues from Sale of Services Revenues from sale of services (e.g. maintenance, technical-ad- ministrative; installation) are recognised on regular and recur- ring basis for a fixed fee agreed in the contract, additionally to this ad-hoc interventions are invoiced based on the actual us- age of the on call service intervention. In this case, the invoice is issued only on the basis of the accepted protocol confirming the services were really provided to the customer and were ac- cepted. Part of this intervention and service provided can be also provision/usage of miscellaneous material that is at the end part of the total invoice. However, this is not provided inde- pendently without the related service so it cannot be consid- ered as a separate performance obligation. No element of financing is deemed present as the sales are made with credit terms of 30 days, which is consistent with market practice. 4.11.6 Revenue from Engineering, Procurement and Construction (EPC) Construction services are provided based on engineering, pro- curement and construction (EPC) contracts either to internal or external customers. In the contract, milestones for invoicing are clearly defined. The EPC provider commits himself to the con- struction and delivery of the power plant with the regular war- ranty for quality of the work delivered. No long-term extraordinary guarantees that could be considered as a sepa- rate obligation under IFRS 15 are provided. EPC services repre- sent one single performance obligation as EPC services are not distinct to a customer and cannot be separated from each other. Revenues from EPC are recognised over the time and include the initial amount agreed in the contract plus any variations in contract work, claims and incentive payments. In accordance with contract terms, the Group has an enforceable right to pay- ment for performance completed to date. For each performance obligation satisfied over time, the Group recognised revenue by measuring the progress towards com- plete satisfaction of that performance obligation using the input method. The Group is entitled to invoice the customers when defined milestones are achieved. The Group recognises con- tract assets for construction work delivered. Invoiced amount of contract assets is reclassified to trade receivable upon its in- voicing. In case the payment for the milestones exceed the amount of revenues recognised based on the input method, the Group recognises a contract liability. No significant financ- ing component is deemed in EPC contracts, as the time period between revenue recognition based on input method and the milestone payment is always shorter that one year, in most cases with credit terms from 30 to 90 days.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416235121192": { "value": "\n Government grants for power generation intended as a com- pensation for the price of power, are recognised under revenue from electricity generation. The subsidies are based on the vol- ume of electricity generate and sold to local electricity distribu- tor and announced subsided unit price. The compensation is billed to the operator in the same moment as the revenues from the electricity sold. \n Solar levy of 20% applied to electricity produced in the Czech Republic is presented separately in costs. \n \n 4.14 Government Grants Grants from the government are recognised at their fair value where there is reasonable assurance that the grant will be re- ceived and the Group will comply with all attached conditions. Government grants relating to costs are deferred and recog- nised in profit or loss for the year as other income over the pe- riod necessary to match them with the costs that they are intended to compensate. Compensations from government agencies related to revenue from fixed feed-in-tariffs, where applicable, are included in Rev- enue from electricity generation, as they represent part of the Group\u2019s core activity clearly linked to the model of PVP revenue from sales of electricity. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417110629916": { "value": "Solar levy of 20% applied to electricity produced in the Czech Republic is presented separately in costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416230144103": { "value": "\n \n \n 4.12 Finance Income and Financial Expenses Financial income comprises interest income on loans. Interest income is recognized in profit or loss using the effective interest rate method. \n \n Financial expenses comprise interest expense on borrowings, bank account fees and net foreign currency losses. Interest ex- pense is recognized using the effective interest rate method. \n \n Borrowing costs that are not directly attributable to the acqui- sition, construction or production of a qualifying asset are rec- ognized in profit or loss. Borrowing costs incurred by the Group directly attributable to the construction of power plants is capi- talized in the cost of the related asset until the date of its com- pletion.\n \n \n Foreign currency gains and losses are reported on a net basis and recognised in profit and loss.\n \n \n \n 4.13 Employee Benefits Wages, salaries, contributions to the state pension and social insurance funds in the Czech Republic, Slovakia, Hungary, Po- land, Romania, Netherlands, Switzerland and Australia, paid an- nual leave and sick leave, bonuses, and non-monetary benefits (such as health services and kindergarten services) are accrued in the year in which the associated services are rendered by the employees of the Group. Beside the contributions to the statu- tory defined contribution schemes, there are no other obliga- tions of the Group beyond these contributions. The Group also provides an Employee Share Purchase program to some of its employees. Under this program, the employees receive an automatic monthly bonus of 10% to their gross sal- ary and the difference between after-tax amounts of 100% and 110% of the base salary is used for the purchase of shares. The 10% bonus to the gross salary as well as related social and health contribution are recorded and expense in each respec- tive period.\n \n \n 4.15 Income Tax Income tax expense comprises current and deferred tax. Cur- rent tax and deferred tax is recognized in profit or loss except\n \n \n to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. \n Current tax is the expected tax payable or receivable on the tax- able income or loss for the year, using tax rates enacted or sub- stantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. \n \n Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for finan- cial reporting purposes and the amounts used for taxation pur- poses. Deferred tax is not recognized for: \u25ba Temporary differences on the initial recognition of as- sets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u25ba Temporary differences related to investments in sub- sidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the fore- seeable future; and \u25ba Taxable temporary differences arising on the initial recognition of goodwill. A deferred tax liability is recognized for assets revaluation re- ported in other comprehensive income and other temporary differences. Assets revaluation represents the revaluation of photovoltaic power plants described in note 4.4.1. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416231238324": { "value": "\n \n 4.12 Finance Income and Financial Expenses Financial income comprises interest income on loans. Interest income is recognized in profit or loss using the effective interest rate method. \n \n Financial expenses comprise interest expense on borrowings, bank account fees and net foreign currency losses. Interest ex- pense is recognized using the effective interest rate method. \n \n Borrowing costs that are not directly attributable to the acqui- sition, construction or production of a qualifying asset are rec- ognized in profit or loss. Borrowing costs incurred by the Group directly attributable to the construction of power plants is capi- talized in the cost of the related asset until the date of its com- pletion.\n \n \n Foreign currency gains and losses are reported on a net basis and recognised in profit and loss.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416231351807": { "value": "\n 4.12 Finance Income and Financial Expenses Financial income comprises interest income on loans. Interest income is recognized in profit or loss using the effective interest rate method. \n \n Financial expenses comprise interest expense on borrowings, bank account fees and net foreign currency losses. Interest ex- pense is recognized using the effective interest rate method. \n \n Borrowing costs that are not directly attributable to the acqui- sition, construction or production of a qualifying asset are rec- ognized in profit or loss. Borrowing costs incurred by the Group directly attributable to the construction of power plants is capi- talized in the cost of the related asset until the date of its com- pletion.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416231313138": { "value": "\n Financial expenses comprise interest expense on borrowings, bank account fees and net foreign currency losses. Interest ex- pense is recognized using the effective interest rate method. \n \n Borrowing costs that are not directly attributable to the acqui- sition, construction or production of a qualifying asset are rec- ognized in profit or loss. Borrowing costs incurred by the Group directly attributable to the construction of power plants is capi- talized in the cost of the related asset until the date of its com- pletion.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416230412369": { "value": "\n 4.13 Employee Benefits Wages, salaries, contributions to the state pension and social insurance funds in the Czech Republic, Slovakia, Hungary, Po- land, Romania, Netherlands, Switzerland and Australia, paid an- nual leave and sick leave, bonuses, and non-monetary benefits (such as health services and kindergarten services) are accrued in the year in which the associated services are rendered by the employees of the Group. Beside the contributions to the statu- tory defined contribution schemes, there are no other obliga- tions of the Group beyond these contributions. The Group also provides an Employee Share Purchase program to some of its employees. Under this program, the employees receive an automatic monthly bonus of 10% to their gross sal- ary and the difference between after-tax amounts of 100% and 110% of the base salary is used for the purchase of shares. The 10% bonus to the gross salary as well as related social and health contribution are recorded and expense in each respec- tive period.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416225638922": { "value": "\n \n \n 4.15 Income Tax Income tax expense comprises current and deferred tax. Cur- rent tax and deferred tax is recognized in profit or loss except\n \n \n \n to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. \n \n Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for finan- cial reporting purposes and the amounts used for taxation pur- poses. Deferred tax is not recognized for: \u25ba Temporary differences on the initial recognition of as- sets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u25ba Temporary differences related to investments in sub- sidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the fore- seeable future; and \u25ba Taxable temporary differences arising on the initial recognition of goodwill. A deferred tax liability is recognized for assets revaluation re- ported in other comprehensive income and other temporary differences. Assets revaluation represents the revaluation of photovoltaic power plants described in note 4.4.1. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416225759781": { "value": "\n \n 4.15 Income Tax Income tax expense comprises current and deferred tax. Cur- rent tax and deferred tax is recognized in profit or loss except\n \n \n \n \n to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. \n Current tax is the expected tax payable or receivable on the tax- able income or loss for the year, using tax rates enacted or sub- stantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. \n \n Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for finan- cial reporting purposes and the amounts used for taxation pur- poses. Deferred tax is not recognized for: \u25ba Temporary differences on the initial recognition of as- sets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u25ba Temporary differences related to investments in sub- sidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the fore- seeable future; and \u25ba Taxable temporary differences arising on the initial recognition of goodwill. A deferred tax liability is recognized for assets revaluation re- ported in other comprehensive income and other temporary differences. Assets revaluation represents the revaluation of photovoltaic power plants described in note 4.4.1. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416231749694": { "value": "\n 4.16 Earnings Per Share The Group uses ordinary shares only. The Group presents basic earnings per share and total comprehensive income per share data. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by adjusting the weighted average number of common shares outstanding dur- ing the year for the diluting effect of the assumption that con- vertible instruments are converted, that options or warrants are exercised, or that ordinary shares are issued upon the sat- isfaction of specified condition. Total comprehensive income per share is calculated by dividing the total comprehensive income attributable to ordinary share- holders of the Company by the weighted average number of or- dinary shares outstanding during the year. Total diluted comprehensive income per share is calculated by dividing the total comprehensive income by the weighted aver- age number of common shares outstanding during the year ad- justed for the diluting effect of the assumption that convertible instruments are converted, that options or warrants are exer- cised, or that ordinary shares are issued upon the satisfaction of specified condition.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416160109183": { "value": "\n 4.17 Segment Reporting An operating segment is a component of the Group that en- gages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that re- late to transactions with any of the Group\u2019s other components. All operating segments\u2019 operating results are reviewed regularly by the Group\u2019s management and directors to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available. Reportable segments whose revenue, result or assets are ten percent or more of all the segments are reported sepa- rately. Reportable segments including information on how op- erating segments are aggregated are included in note 7. Segment results that are reported include items directly at- tributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly cor- porate assets (primarily the Company\u2019s office premises), head office expenses, and other minor expenses non-allocable to any of the segments. Segment capital expenditure is the total cost incurred during the year to acquire property, plant and equipment, and intangi- ble assets other than goodwill. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416235003215": { "value": "\n 4.19 Assets held for sale Non-current assets (or disposal groups) are classified as held for sale when their carrying amount is expected to be recovered primarily through a sale transaction rather than through con- tinued use. This classification is applied only when the asset is available for immediate sale in its present condition and the sale is highly probable within one year from the date of classifi- cation. Management must be committed to the plan to sell the asset, and the asset must be actively marketed at a reasonable price in relation to its fair value. Upon classification as held for sale, the asset is measured at the lower of its carrying amount and fair value less costs to sell. If the fair value less costs to sell is lower than the carrying amount, an impairment loss is recognized in the income state- ment. Any subsequent increase in fair value less costs to sell is recognized as a gain, but not in excess of the cumulative impair- ment loss previously recognized. Assets classified as held for sale are not depreciated or amor- tized from the date of classification. Any income or expenses related to these assets continue to be recognized in profit or loss, except for depreciation and amortization charges, which are no longer applied. If a disposal group includes liabilities di- rectly associated with the assets held for sale, these liabilities are also presented separately in the statement of financial po- sition.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416155804509": { "value": "\n 5. Determination of Fair Values A number of the Group\u2019s accounting policies and disclosures re- quire the determination of fair value, for both financial and non- financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the fol- lowing methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. 5.1 Property, Plant and Equipment The fair value of items of plant, equipment, fixtures and fittings is based on the market approach, using quoted market prices for similar items when available, or the income approach (an internally generated discounted cash-flow model) if there is no market-based evidence of the fair value. For photovoltaic power plants comparable market prices are not sufficiently available due to a lack of transactions in some markets and a lack of public available specific data of such transactions. The market values of power plants significantly vary dependent on a large number of parameters, which are usually not sufficiently disclosed. Those parameters are among others the actual feed-in-tariff and its duration, actual and ex- pected production output, used technology components, con- tracted operating cost of the power plant, financing structure, conditions and financing cost, etc. Most investors use the in- come approach also as a basis to determine a purchase price for a transaction. Based on the aforementioned lack of reliable and comparable market data, the income approach is used by the Company as a more relevant method. Under this approach the fair value of photovoltaic power plants is based on an inter- nally generated discounted cash flow models, discounted at weighted average cost of capital. For PVPs the future cash flows are calculated for the period equaling the estimated useful life (30 years in the Czech Republic, Slovakia, Romania and Hun- gary) and are based on Feed-in-Tariffs, Green bonus scheme (applicable for the Czech Republic) or expected electricity and certificate prices on the relevant markets and on the WACC (Weighted Average Cost of Capital). On a quarterly basis, management reviews the expected costs of debt of individual projects vis-\u00e0-vis actual interest cost, finan- cial market conditions, and interest rate for a 10-year state bond. On a quarterly basis, management also reviews expected cost of equity for the period of the cash flow model. Based on the those cost the WACC is revised as well. The initial valuations are done as of the date of put in use of an individual power plant, and each model is periodically reviewed and any poten- tial change in inputs is considered. As of 31 December 2024 the cash flow projections are prepared for 30 years in Czech Repub- lic, Slovak Republic, Romania and Hungary, equal to the ex- pected technical and commercial life time of the projects. Main other inputs used in the models are the following: overall pro- ject budget, taxes, interest rates, reserve funds, feed in tariff or electricity market price assumptions, OPEX, CAPEX and degra- dation factor assumption. The revaluation reserve created, based on the DCF models, is annually released to the retained earnings in the amount equal to the depreciation calculated from the amount of revaluation (see also Note 4.4.2 Depreciation). The DCF to Entity Valuation method assesses the value of pho- tovoltaic projects by discounting future cash flows available to equity holders and debt providers using the Weighted Average Cost of Capital (WACC), which reflects the project's risk profile. A quarterly discounting approach is applied to align with quar- terly debt repayments that impact the financing structure. WACC rates used for discounting vary by country, ranging from 6% to 10% in 2024 (compared to 5% to 13% in 2023), reflecting differences in market conditions, risk factors, and financing costs. Changes in the Valuation Parameters in 2024 Several adjustments have been made to valuation parameters to better reflect market conditions and financing structures. Ad- justments in WACC input parameters include using an optimal market-based Debt-to-Equity (D/E) ratio instead of the specific capital structure of each SPV at a given time. The cost of debt is calculated using the risk-free rate plus a margin and a small company premium has been introduced where the feed-in tariff does not apply. The assumed project lifetime has been ex- tended from 25 to 30 years. Country-specific changes include the transition from the Feed-in Tariff to the Green Bonus scheme in the Czech Republic, which has led to an increase in the portfolio\u2019s value. In Hungary, the freeze of KAT indexation for the next five years has been reflected in the valuation. These modifications ensure alignment with market conditions and regulatory updates. Changes in valuation parametrs resulting in the 6.5 mil EUR increase in portfolio value. \n \n Changes in the Valuation Parameters in 2023 The most significant change in the valuations is related to Pho- ton\u2019s biggest portfolio in Hungary. A major part of Hungarian PVPs is set to return under feed-in tariff scheme from 1.4.2024. The current tariff price (47.04 KUF/kWh) is substantially above the expected market price resulting in the 6.5 mil EUR increase in portfolio value. Also Czech PVPs is set to return under feed- in tariff scheme, the effect on the valuation has not been signif- icant therefore the value of the portfolio has not been revalu- ated. Major technical modifications in general set-up of models is in the calculation of the Discount Rate which was switched from Levered Cost of Equity to WACC which is more suitable consid- ering the debt/equity structure of SPVs. 5.2 Financial Instruments \u2013 Other Financial Assets and Derivatives Fair value of financial instruments traded in an active market is measured as the product of the quoted price for the individual asset or liability and the number of instruments held by the en- tity. This is the case even if a market\u2019s normal daily trading vol- ume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price. Valuation techniques such as discounted cash flow models or models based on recent arm\u2019s length transactions or consider- ation of financial data of the investees are used to measure fair value of certain financial instruments for which external market pricing information is not available. Fair value measurements are analysed by level in the fair value hierarchy as follows: (i) level one are measurements at quoted prices (unadjusted) in active markets for identical assets or liabilities, (ii) level two measurements are valuations techniques with all material in- puts observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices), and (iii) level three measurements are valuations not based on solely observ- able market data (that is, the measurement requires significant unobservable inputs).\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417002503542": { "value": "\n 6. Financial Risk Management 6.1 Risk Management Framework The Group\u2019s risk management policies are established to iden- tify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed reg- ularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees under- stand their roles and obligations. 6.2 Regulatory Risk Risk of adverse evolution of legislative or regulatory landscape, and/or ineffective identification, assessment, management and monitoring of legislative/regulatory changes. Lack of a system- atic assessment process of regulatory risks coming from new strategic and business initiatives. Company uses the following measures in order to diminish the impacts of the regulatory risk: \u25ba Geographical and business diversification \u25ba Balancing of the PV portfolio between merchant and FiT \u25ba Ongoing monitoring of regulatory environment and all relevant legal regulations performed both in-house and through external advisors \u25ba Multinational Group structure to optimize the invest- ment protection against retroactive (negatively im- pacting) changes in regulatory environment potentially introduced by countries in which the Group operates \u25ba Liaising with policy makers and industry associations and other trade organizations to have an early bird notification on any upcoming regulatory changes Employing local experts to understand the markets and political landscape we are operating in both prior to entering a project and throughout its lifecycle. On 11 December 2024 the Chamber of Deputies of the Parlia- ment of Czech Republic during its 119th meeting approved the final version of so-called Lex OZE III, which is amending inter alia Act No. 165/2012 of the Coll. Act on Supported Sources of Energy. The version submitted for further legislative proceeding and discussion in Senate Parliament of the Czech Republic pro- vides for: (i) individual controls on the Internal Rate of Return (IRR) of PV Projects, which were connected to the grid in years 2009 and 2010 and have a capacity of more than 30kW; such projects will be due to submit information related to IRR to the market operator on an annual basis. The changes assumed in Lex OZE III and described in point (i) above are currently not expected to have a material impact on Photon Energy Group and its overall financial results going forward, if approved in the current form. As of 1 October 2024, a new regulation (ORDINUL ANRE nr 60/2024), with specific articles nr 136 and nr 140, took effect and has impacted the PV industry in Romania. According to this new regulation, the \u201ctesting period\u201d, which was a maximum of a 2-year window for the solar assets before the final electricity licence is granted was reduced. Previously during this 2-year window, new solar assets benefited from a preferential treat- ment which assumed that the electricity sales prices were cal- culated on the basis of a 90-day rolling average. The changes introduced by a new regulation include a reduction of this 2- year window to 6 months for PV assets below 1 MW and 12 months for assets between 1-20 MWp, which includes all assets in the Group\u2019s portfolio. Only solar assets above 20 MWp capac- ity will have this condition unchanged. Additionally, the pricing terms have changed and instead of a 90-day rolling average, the respective Transmission System Op- erator (TSO) will pay for the energy generated according to the hourly production of the day and using hourly day-ahead mar- ket prices, capped at 400 LEI per MWh (approx. 80EUR/MWh).\n \n In case of negative day-ahead prices, the negative difference (hourly production times negative price) will be deducted from the final invoice. This means that the protection mechanism against negative prices which existed in the past has ceased. Also, electricity produced on weekends and public holidays is not paid for. Following the above changes, the expected revenues from the sale of electricity in Romania will not benefit from the recent and potential electricity price increases due to the cap level of EUR 80/MWh. This new regulation has impacted all assets in the Group\u2019s Ro- manian portfolio (42.7 MWp) except for Siria (5.7 MWp) which had a different trading agreement in place effective as of 1 No- vember 2024. Following these changes, electricity producers must obtain a licence from the authority in order to enter the sales system through the energy market or bilateral contracts, which could potentially offer higher sales revenues. The Group has already submitted the documents for obtaining licences for four power plants with a total installed capacity of 16.9 MWp. The three power plants in Calafat with total capacity of 6.0 MWp obtained licences in December 2024 and moved to the mer- chant model, benefiting from higher prices in December. After the reporting period, i.e. in February 2025, additional 3.8 MWp in Bocsa has secured a generation licence. The rest of the port- folio is expected to finalise this process during 2025. This will help to offset the negative impact of the regulatory changes. 6.3 Geopolitical Risk Risk associated with international conflicts, wars, terrorist acts, and tensions between states that affect the normal and peace- ful course of international relations and can result in various re- strictions, sanctions, taxes etc. The most apparent materialization of this risk for the Group is Ukrainian war and related to this. Currently the Group has very limited exposure to Ukrainian market and no exposure to Russia so this risk is not material for the Group. However, this risk needs to be mon- itored in line with the development of international relations on this front. Regarding the US tariffs recently announced by the Trump administration, the impact is currently difficult to esti- mate. It will largely depend on the reciprocal actions taken by other countries, primarily China, which is the world\u2019s largest producer of PV technology. US tariffs on Chinese and European imports may result in an increased supply of PV technology in European markets, potentially exerting downward pressure on module and battery prices. On the other hand, the cost of some high-tech components imported from the US\u2014such as chips used in inverters\u2014could rise, creating upward pricing pressure. Given the unpredictability of international affairs, the precise impact of this risk remains difficult to forecast. The situation needs to be closely monitored in line with developments in in- ternational relations and additional adjustments may need to be required to mitigate this risk. Diminishing measures: \u25ba Limited exposure to Ukrainian market through the sale of PV modules but without meaningful impact on the Group\u2019s business. \u25ba No exposure to Russian markets \u25ba Monitoring the international situation and adjusting the business operations accordingly. \u25ba Diversified supply channels \u25ba Price adjustments in EPC contracts might be imple- mented if needed \n \n 6.4 Currency Risk The Group\u2019s business transactions are carried our in various currencies and hence the changes in exchange rates between various currencies may result in net gains or losses, which are difficult to predict. The transactions of the Group entities are mainly denominated in CZK, EUR, AUD, CHF, RON, PLN, HUF, NZD and ZAR. The Group does not manage the foreign currency risk by the use of FX derivatives, it rather uses natural hedging by actively managing FX positions. It is not done in a formalised way. \n \n \n 6.5 Credit Risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its con- tractual obligations, and arises principally from the Group\u2019s re- ceivables from customers, including the electricity distributors. 6.5.1 Trade and Other Receivables The Group\u2019s exposure to credit risk is influenced mainly by indi- vidual characteristics of each customer. However, management also considers the demographics of the Group\u2019s customer base, including the default risk of the industry and country in which customers operate, as these factors may have an influence on credit risk. In most cases, the Company requires advance pay- ments (partial or 100%) for the delivery of technology in order to minimise the credit risk. Additionally, in case of new custom- ers, the company looks for market references of the potential customers that are available in public resources. The collections are regularly (weekly basis) monitored by the responsible em- ployees (Finance and business holders) and any significant overdue receivables are discussed with the management of the company. Management of the company is responsible for the decision whether allowance is to be created or any other steps need to be performed. The Group establishes an allowance for impairment that repre- sents its estimate of expected losses in respect of trade and other receivables. 6.5.2 Liquid assets with restriction on disposition The Group held liquid assets of EUR 14,352 thousand at 31 De- cember 2024 (2023: EUR 12,978 thousand), which represents its maximum credit exposure on these assets. Liquid Assets consist of following items: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Cash and cash equivalents 8,437 5,838
Cash with restriction on disposition 5,914 7,140
Liquid assets 14,352 12,978
\n The cash and cash equivalents and liquid assets with restriction on disposition are held with banks and financial institution counterparties. Only those banks and financial institutions, which were approved by the members of the board of directors, can be used by the Group.\n \n \n \n Some of the cash held by the Czech, Slovak, Hungarian and Aus- tralian SPVs having received external financing is restricted only for certain transactions, e.g. debt service, or maintenance ser- vice for inverters. Further, several bank guarantees have been issued by banks for Photon Energy Engineering Australia Pty Ltd., for which the banks requested security deposits. Total amount of this restricted cash by these companies is EUR 5,914 thousand as at 31 December 2024 (2023: EUR 7,140 thousand), see also note 28.\n \n \n 6.6 Liquidity Risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed condi- tions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation.\n \n \n 6.7 Interest Risk Interest rate risk is the risk that the value of a financial instru- ment will fluctuate due to changes in market interest rates. It is measured by the extent to which changes in market interest rates impact on net interest expense. The Company uses inter- est rate derivatives for managing the interest rate risk. All the connected SPVs refinanced by bank, consolidated in full or by using the equity method by the Group, own interest rate derivatives used for hedging. The purpose of the derivatives is to hedge against movement of interest rates. Concluding the derivative contract was one of conditions required by financing bank as defined in the Loan contract. The change in fair value of these derivatives is recognized via equity of the Company and the result is shown in Derivatives reserve of the Company\u2019s equity. 6.8 Inflation Risk State support, especially feed-in tariffs, is indexed in the cases of Czech, Slovakian and Hungarian projects; i.e. they are subject to inflationary adjustment that is defined by a specific band. In case of high inflation, there is consequently a risk that the run- ning operative costs increase while the yields will not be adjusted accordingly. In projects that are not supported by the state there is a different risk - namely that by lower inflation the calculated market prices for electricity will not develop as it was planned.\n \n \n Capital Management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while max- imising the return to stakeholders through the optimisation of the debt and equity balance. The Group\u2019s overall strategy will unwind accordingly to the further negotiations with the Group's creditors. The Group\u2019s net debt to equity ratio at the reporting date was as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Total liabilities 212,771 207,920
Less: Liquid assets 14,352 12,978
Net debt 198,420 194,942
Total equity 60,408 69,767
Net debt to equity ratio at 31 December 3.285 2.794
\n Equity ratios: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2024 2023
Full Equity ratio 22.0% 25.1%
Adjusted Equity ratio (for bond governance) 25.6% 28.0%
\n Adjusted Equity ratio is calculated as Total Equity/(Loans and borrowings (Non-current liabilities)+ Issued bonds and Other long term liabilities+ Loans and borrowings (Current liabilities)+ Issued bonds and Other loans (Current liabilities)). There were no changes in the Group\u2019s approach to capital management during the year.\n \n \n 36. Financial Risk Management The major financial risks faced by the Company are those re- lated to credit exposures, exchange rate and interest rate. The primary function of financial risk management is to establish risk limits and to ensure that any exposure to risk stays within these limits. These risks are managed in the following manner. 36.1 Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Group\u2019s ap- proach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incur- ring unacceptable losses or risking damage to the Company\u2019s reputation. The table below shows liabilities at 31 December 2024 and 31 December 2023 by their remaining contractual maturity. The amounts disclosed in the maturity table are the contractual un- discounted cash flows. Such undiscounted cash flows differ from the amount included in the statement of financial position because the statement of financial position amount is based on discounted cash flows. Financial derivatives are settled on net basis. Foreign currency payments are translated using the spot exchange rate at the end of the reporting period. Group does not disclose concentration risk as a specific risk, as there is a high number of bank accounts used within various banks in several European countries, therefore this kind of risk is considered as not relevant for the Group. Derivatives pre- sented in the table below are settled net (assets and liabilities). 31 December 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Carrying amount 1 \u2013 12 months 1 \u2013 2 years 2 \u2013 5 years More than 5 years Contractual cash flows
Financial liabilities
Secured bank loans 90,125 18,018 14,067 51,439 21,640 105,163
Derivatives -89 -354 -340 -714 -117 - 1,525
Bonds 78,858 5,160 5,160 84,019 0 94,339
Lease liability 5,433 1,147 1,260 6,089 10,336 18,832
Other loans and liabilities 670 272 398 0 0 670
Trade and other payables 22,264 22,264 0 0 0 22,264
Total future payments, including future principal and interest payments 197,260 46,506 20,545 140,833 31,859 239,742
\n 31 December 2023 \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Carrying amount 1 \u2013 12 months 1 \u2013 2 years 2 \u2013 5 years More than 5 years Contractual cash flows
Financial liabilities
Secured bank loans 94,952 15,357 17,685 53,742 34,610 121,395
Derivatives -290 -1,294 -1,076 -2,204 -384 -4,958
Bonds 79,068 5,160 5,160 89,724 0 100,044
Lease liability 5,124 1,142 1,024 2,058 1,887 6,111
Other loans and liabilities 208 0 208 0 0 208
Trade and other payables 12,454 12,454 0 0 0 12,454
Total future payments, including future principal and interest payments 191,515 32,819 23,001 143,320 36,113 235,253
\n It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.\n \n 36.2 Credit Risk Exposure to Credit Risk Credit risk is the risk that counterparty fails to discharge an ob- ligation to the Group. The Group\u2019s maximum exposure to credit risk is reflected in the carrying amounts of financial assets in the consolidated state- ment of financial position. Credit risk in respect of cash balances held with banks and de- posits with banks are managed via diversifications of bank de- posits and only with the major reputable financial institutions with rating by S&P between A- and BBB+. IFRS 9 allows entities to apply a \u2018simplified approach\u2019 for trade receivables and contract assets. The simplified approach allows entities to recognise lifetime expected losses on all these assets without the need to identify significant increases in credit risk. For trade and other receivables, receivables from related and contract assets that do not contain a significant financing com- ponent, the Group recognises a lifetime expected loss allow- ance. The Group applies a provision matrix that applies the relevant loss rates to the trade receivable balances. See also note 26 for more. 36.3 Interest Rate Risk The Group takes on exposure to the effects of fluctuations in the prevailing levels of market interest rates on its financial po- sition and cash flows. Interest margins may increase as a result of such changes, but may reduce or create losses in the event that unexpected movements arise. Management monitors on a daily basis and sets limits on the level of mismatch of interest rate repricing that may be undertaken. The table below summarises the Group\u2019s exposure to Interest rate risks. The table presents the aggregated amounts of the Group\u2019s monetary financial assets and liabilities (out of the eq- uity investments) at carrying amounts, categorised by the ear- lier of contractual interest repricing or maturity dates. In respect of interest-bearing financial liabilities, the following ta- ble indicates their effective interest rates at the balance sheet date and also due date of loans based on the valid repayment schedules. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Demand and less than 1 month From 1 to 6 months From 6 to 12 months More than 1 year Not specified Total
31 December 2024
Total financial assets 41,248 2,826 - 3,039 - 47,113
Total financial liabilities 22,264 90,125 272 89,398 5,433 207,492
Net interest sensitivity gap at 31 December 2024 18,984 -87,299 -272 -86,359 -5,433 -160,379
31 December 2023
Total financial assets 21,069 2,815 0 2,012 0 25,897
Total financial liabilities 10,500 94,952 0 80,998 5,124 191,575
Net interest sensitivity gap at 31 December 2023 10,569 -92,136 0 -78,986 5,124 -165,677
\n Actual interest expense related to bank loans and borrowings incurred by the Company in 2024 was EUR 5,899 thousand (2023: EUR 5,649 thousand) related to the loans drawn in the amount of EUR 90,125 thousand (31 December 2023: EUR 94,952 thousand). Information on variable interest rates for all bank loans received is included in note 32. At 31 December 2024, if interest rates at that date had been basis points 100 lower (2023: 100 basis points lower) with all other variables held constant, profit for the year would have been EUR 896 thousand (2023: EUR 950 thousand) lower, mainly as a result of lower interest expense on variable interest liabilities. The impact into actual result (and subsequently into retained earnings) in equity would be EUR 896 thousand (2023: EUR 950 thousand) higher. Bonds issued bear fixed interest rate risk and therefore are not subject to interest rate risk. \n \n 36.4 Currency Risk The Company\u2019s functional currency of its major subsidiaries is EUR, CZK, AUD, RON and HUF. Foreign exchange risk is associ- ated with sales and purchases of goods and services and loans received denominated in local currencies. The table below summarises the Group\u2019s exposure to foreign currency exchange rate risk at the end of the reporting period:\n \n \n \n \n \n \n \n \n \n \n
At 31 December 2024 At 31 December 2023
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
At 31 December 2024 At 31 December 2023
In thousands of EUR Monetary financial assets Monetary financial liabilities Derivatives Net position Monetary financial assets Monetary financial liabilities Derivatives Net position
EUR 3,973 -143,042 -187 -139,256 7,882 -141,495 -159 -133,772
CZK 5,217 -26,554 -943 -22,280 5,596 -20,627 -1,201 -16,231
HUF 6,658 -15,625 1,653 -7,315 5,785 -18,397 2,009 -10,603
AUD 1,828 -2,274 0 -446 1,699 -5,057 0 -3,358
CHF 27 -126 0 -99 261 -170 0 91
PLN 5,505 -4,508 0 997 1,189 -944 0 245
RON 1,622 -3,303 -434 -2,115 1,461 -3,160 -359 -2,058
NZD 1,100 -1,918 0 -818 0 0 0 0
Other 120 0 0 120 12 -2 0 10
Total 26,049 -197,350 89 -171,212 23,885 -189,852 290 -165,677
\n Derivatives presented above are monetary financial assets or monetary financial liabilities, but are presented separately in order to show the Group\u2019s gross exposure. The Group has only interest rate derivatives, there are no FX derivatives. The above analysis includes only monetary assets and liabilities. Investments in equities and non-monetary assets are not con- sidered to give rise to any material currency risk. The following table presents sensitivities of profit or loss and equity to reasonably possible changes in exchange rates ap- plied at the end of the reporting period relative to the functional currency of the respective Group entities, with all other varia- bles held constant: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
At 31 December 2024 At 31 December 2023
In thousands of EUR Impact on profit or loss Impact on equity Impact on profit or loss Impact on equity
CZK strengthening by 10% (2024: strengthening by 10%) -2,371 -105 11,107 -120
HUF strengthening by 10% (2024: strengthening by 10%). -996 184 -2,428 201
AUD strengthening by 10% (2024: strengthening by 10%) -50 0 3,985 0
PLN strengthening by 10% (2024: strengthening by 10%) 111 0 165 0
RON strengthening by 10% (2024: strengthening by 10%) -187 -48 1,528 -36
NZD strengthening by 10% -91 0 0
Total -3,584 31 14,358 45
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417003544191": { "value": "\n 6.4 Currency Risk The Group\u2019s business transactions are carried our in various currencies and hence the changes in exchange rates between various currencies may result in net gains or losses, which are difficult to predict. The transactions of the Group entities are mainly denominated in CZK, EUR, AUD, CHF, RON, PLN, HUF, NZD and ZAR. The Group does not manage the foreign currency risk by the use of FX derivatives, it rather uses natural hedging by actively managing FX positions. It is not done in a formalised way. \n \n 6.7 Interest Risk Interest rate risk is the risk that the value of a financial instru- ment will fluctuate due to changes in market interest rates. It is measured by the extent to which changes in market interest rates impact on net interest expense. The Company uses inter- est rate derivatives for managing the interest rate risk. All the connected SPVs refinanced by bank, consolidated in full or by using the equity method by the Group, own interest rate derivatives used for hedging. The purpose of the derivatives is to hedge against movement of interest rates. Concluding the derivative contract was one of conditions required by financing bank as defined in the Loan contract. The change in fair value of these derivatives is recognized via equity of the Company and the result is shown in Derivatives reserve of the Company\u2019s equity. 6.8 Inflation Risk State support, especially feed-in tariffs, is indexed in the cases of Czech, Slovakian and Hungarian projects; i.e. they are subject to inflationary adjustment that is defined by a specific band. In case of high inflation, there is consequently a risk that the run- ning operative costs increase while the yields will not be adjusted accordingly. In projects that are not supported by the state there is a different risk - namely that by lower inflation the calculated market prices for electricity will not develop as it was planned.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417003137112": { "value": "\n 6.5 Credit Risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its con- tractual obligations, and arises principally from the Group\u2019s re- ceivables from customers, including the electricity distributors. 6.5.1 Trade and Other Receivables The Group\u2019s exposure to credit risk is influenced mainly by indi- vidual characteristics of each customer. However, management also considers the demographics of the Group\u2019s customer base, including the default risk of the industry and country in which customers operate, as these factors may have an influence on credit risk. In most cases, the Company requires advance pay- ments (partial or 100%) for the delivery of technology in order to minimise the credit risk. Additionally, in case of new custom- ers, the company looks for market references of the potential customers that are available in public resources. The collections are regularly (weekly basis) monitored by the responsible em- ployees (Finance and business holders) and any significant overdue receivables are discussed with the management of the company. Management of the company is responsible for the decision whether allowance is to be created or any other steps need to be performed. The Group establishes an allowance for impairment that repre- sents its estimate of expected losses in respect of trade and other receivables. 6.5.2 Liquid assets with restriction on disposition The Group held liquid assets of EUR 14,352 thousand at 31 De- cember 2024 (2023: EUR 12,978 thousand), which represents its maximum credit exposure on these assets. Liquid Assets consist of following items: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Cash and cash equivalents 8,437 5,838
Cash with restriction on disposition 5,914 7,140
Liquid assets 14,352 12,978
\n The cash and cash equivalents and liquid assets with restriction on disposition are held with banks and financial institution counterparties. Only those banks and financial institutions, which were approved by the members of the board of directors, can be used by the Group.\n \n Some of the cash held by the Czech, Slovak, Hungarian and Aus- tralian SPVs having received external financing is restricted only for certain transactions, e.g. debt service, or maintenance ser- vice for inverters. Further, several bank guarantees have been issued by banks for Photon Energy Engineering Australia Pty Ltd., for which the banks requested security deposits. Total amount of this restricted cash by these companies is EUR 5,914 thousand as at 31 December 2024 (2023: EUR 7,140 thousand), see also note 28.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417003256324": { "value": "\n 6.6 Liquidity Risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed condi- tions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417000357441": { "value": "\n Capital Management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while max- imising the return to stakeholders through the optimisation of the debt and equity balance. The Group\u2019s overall strategy will unwind accordingly to the further negotiations with the Group's creditors. The Group\u2019s net debt to equity ratio at the reporting date was as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Total liabilities 212,771 207,920
Less: Liquid assets 14,352 12,978
Net debt 198,420 194,942
Total equity 60,408 69,767
Net debt to equity ratio at 31 December 3.285 2.794
\n Equity ratios: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2024 2023
Full Equity ratio 22.0% 25.1%
Adjusted Equity ratio (for bond governance) 25.6% 28.0%
\n Adjusted Equity ratio is calculated as Total Equity/(Loans and borrowings (Non-current liabilities)+ Issued bonds and Other long term liabilities+ Loans and borrowings (Current liabilities)+ Issued bonds and Other loans (Current liabilities)). There were no changes in the Group\u2019s approach to capital management during the year.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417005754098": { "value": "\n 7. Operating Segments An operating segment is a component of the Group that en- gages in business activities from which it may earn revenues or incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components. All op- erating segments\u2019 operating results are reviewed regularly by the Group\u2019s management and Board of directors to make deci- sions about resources to be allocated to the segment and to assess its performance, and for which discrete financial infor- mation is available. The chief operating decision maker (CODM) has been identified as the Board of Directors and the CFO of the Group. The Board of Directors identified the following segments to be reported: \u25ba Engineering: Development, engineering and con- struction services of-turn-key photovoltaic systems\u2019 installations for external clients and Photon Energy). This segment was formerly named Energy Solutions and included as well wholesale of technology, which became due to its size an own reportable segment. Further activities of project development were taken out of this segment and are reported now under \u201cOth- ers\u201d, since the nature of the activity changed from purely internal development for our own projects to project development for external partners, \u25ba Technology: Wholesale, import and export of FVE components, \u25ba Investments (Electricity Generation): Investment into photovoltaic power plants and generation of rev- enues from production of electricity (this segment in- cludes SPV that finished building of photovoltaic power plants and those that are connected to the dis- tribution network and produce electricity). Previously this segment was split into \u201cProduction of Electricity\u201d and \u201cPV Investments\u201d as those income is generated by the same assets, \u25ba Operations & Maintenance: Operations, mainte- nance and PVPP supervision. This segment includes also the services of Inverter Cardio and Monitoring and Control, \u25ba Other segments: Other, not related to any of the above mentioned segments. Others include project development, water technology and remediation ser- vices and other activities, such as corporate services. None of these activities meets any of the quantitative thresholds for determining reportable segments in neither 2023 nor 2024. \u25ba New Energy: Capacity markets, energy trading, de- mand side response. Starting from 2023, the New En- ergy division was added to the Company\u2019s business lines. It consists of Lerta in its current form (capacity market, energy trading, real-time asset aggregator, DSR) and absorbed division of Photon Energy Solu- tions (Solutions entities) to develop and provide next generation energy services to energy consumers with energy storage playing growing role. Segment results that are reported include items directly at- tributable to a segment as well as those that can be allocated on a reasonable basis. Interest income, interest expense and income tax charges are allocated directly to the segments. Seg- ment capital expenditure is the total cost incurred during the reporting period to acquire property, plant and equipment, and intangible assets other than goodwill. Factors that Management Used to Identify the Reportable Segments The Group\u2019s segments are strategic business units that focus on different business activities. They are managed separately be- cause each business unit requires different processes. Measurement of Operating Segment Profit or Loss, Assets and Liabilities The Group\u2019s management and directors review financial infor- mation prepared based on IFRS as adopted by EU adjusted to meet the requirements of internal reporting. The financial in- formation does not differ from IFRS as adopted by EU. The Group\u2019s management and directors evaluate the segments based on total comprehensive income which is considered to be the key measure.\n \n Information About Reportable Segment Profit or Loss, Assets and Liabilities Information About Reportable Segments Operating segments for the period from 1 January 2024 to 31 December 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Engineering New Energy Technology Investments Operations and Maintenance Other Total for segments before elimination Elimination Consolidated financial information
External revenues from the sale of products, goods & services 17,974 32,531 11,283 22,585 4,111 1,432 89,917 0 89,917
Internal revenues from the sale of products, goods & services 15,027 3,177 2,016 2,119 5,494 22,836 50,669 -50,669 0
Total revenues 33,001 35,708 13,299 24,704 9,605 24,268 140,585 -50,669 89,917
Other external income 48 186 671 252 83 321 1,561 0 1,561
Raw materials and consumables used -4,677 -20,203 -11,944 -176 -592 -397 -37,989 0 -37,989
Raw materials and consumables used within segments -154 -1,940 -1,970 -559 -174 -6 -4,803 4,803 0
Solar levy 0 0 0 -1,999 0 0 -1,999 0 -1,999
Personnel expenses and other expenses -14,558 -7,829 -1,422 -1,978 -5,410 -12,471 -43,669 0 -43,669
Personnel and other expenses within segments -13,344 -2,952 -369 -2,680 -5,078 -11,051 -35,475 35,475 0
EBITDA 316 2,970 -1,734 17,564 -1,566 663 18,213 -10,391 7,821
External EBITDA -1,213 4,684 -1,411 18,684 -1,808 -11,115 7,821 0 7,821
Depreciation -60 -984 -64 -8,346 -148 -1,303 -10,904 0 -10,904
Impairment charges -41 26 124 0 0 0 110 0 110
Other gain (loss) 0 0 0 0 0 417 417 0 417
Gain (loss) on disposal of investments 0 0 0 0 0 -450 -450 0 -450
Profit/loss share in equity-accounted investees 0 0 0 254 0 0 254 0 254
Results from operating activities (EBIT) 215 2,012 -1,674 9,472 -1,714 -673 7,638 -10,391 -2,753
Financial income 706 1,553 30 1,249 1,053 11,135 15,726 -15,114 612
Financial expenses -1,714 -1,661 -612 -10,306 -1,787 -10,764 -26,844 15,227 -11,617
Revaluation of derivatives 0 0 0 -66 0 0 -66 0 -66
Profit/loss before taxation (EBT) -793 1,904 -2,256 349 -2,449 -302 -3,546 -10,279 -13,824
Income Tax (income and deferred) 1,295 -807 0 56 -67 151 628 0 628
Profit/loss after taxation 502 1,097 -2,256 405 -2,515 -150 -2,917 -10,279 -13,196
Other comprehensive income 129 342 91 5,669 -98 -2,370 3,763 0 3,763
Total comprehensive Income 631 1,439 -2,165 6,074 -2,613 -2,520 846 -10,279 -9,433
Assets 46,505 31,541 14,867 199,114 25,870 266,595 584,493 -311,656 272,836
Liabilities -47,608 -26,317 -15,131 -156,510 -39,399 -234,657 -519,622 306,851 -212,771
Investments in JV accounted for by equity method 0 0 0 1,845 0 0 1,845 0 1,845
Additions to non-current assets 0 4,179 0 14,600 0 0 18,779 0 18,779
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Engineering New Energy Technology Investments Operations and Maintenance Other Total for segments before elimination Elimination Consolidated financial information
External revenues from the sale of products, goods & services 9,070 24,507 18,831 12,820 3,597 1,824 70,649 0 70,649
Internal revenues from the sale of products, goods & services 18,139 5,120 5,034 8,587 2,436 23,176 62,492 -62,492 0
Total revenues 27,209 29,627 23,865 21,407 6,033 25,000 133,141 -62,492 70,649
Other external income 36 82 19 8 30 757 932 0 932
Raw materials and consumables used -3,842 -11,684 -20,327 -28 -294 -702 -36,877 0 -36,877
Raw materials and consumables used within segments -3,037 -8,846 -1,125 0 -70 0 -13,078 13,078 0
Solar levy 0 0 0 -1,621 0 0 -1,621 0 -1,621
Personnel expenses and other expenses -8,158 -6,116 -1,398 -2,979 -4,350 -6,376 -29,377 0 -29,377
Personnel and other expenses within segments -10,235 -4,283 -27 -1,230 -1,536 -22,958 -40,269 40,269 0
EBITDA 1,973 -1,220 1,007 15,557 -187 -4,279 12,851 -9,145 3,706
External EBITDA -2,894 6,789 -2,875 8,200 -1,017 -4,497 3,706 0 3,706
Depreciation -99 -1,828 -61 -7,288 -498 -1,270 -11,044 0 -11,044
Impairment charges 0 -121 -856 0 0 0 -977 0 -977
Other gain (loss) 0 0 0 0 0 2,902 2,902 0 2,902
Gain (loss) on disposal of investments 0 0 0 0 0 0 0 0 0
Profit/loss share in equity-accounted investees 0 0 0 217 0 0 217 0 217
Results from operating activities (EBIT) 1,874 -3,168 90 8,486 -685 -2,647 3,949 -9,145 -5,196
Financial income 132 531 25 1,632 1,111 13,562 16,993 -16,250 743
Interest expense -1,566 -1,065 -765 -8,441 -1,580 -14,020 -27,437 16,003 -11,434
Financial espenses -338 15 -342 -779 -5 1,228 -221 0 -221
Revaluation of derivatives 0 0 0 -115 0 -79 -194 0 -194
Profit/loss before taxation (EBT) 102 -3,687 -992 783 -1,159 -1,957 -6,910 -9,392 -16,302
Income Tax (income and deferred) 1,172 -133 0 -744 -9 266 552 0 552
Profit/loss after taxation 1,274 -3,821 -992 39 -1,168 -1,690 -6,358 -9,392 -15,750
Other comprehensive income -158 -198 -198 12,773 223 2,849 15,291 0 15,291
Total comprehensive Income 1,116 -4,019 -1,190 12,812 -945 1,159 8,933 -9,392 -459
Assets 43,504 46,422 22,172 190,985 19,095 224,056 546,234 -268,810 277,424
Liabilities -45,252 -36,309 -18,973 -152,202 -29,929 -190,552 -473,217 265,297 -207,920
Investments in JV accounted for by equity method 0 0 0 1,823 0 0 1,823 0 1,823
Additions to non-current assets 0 0 0 38,859 0 0 38,859 0 38,859
\n \n 7. Operating Segments (Continued) All the operational segments are managed on an international basis (not on a country level). In 2024, the Group operated in the Czech Republic, Slovak Republic, Germany, Hungary, Aus- tralia, Switzerland, Romania, Poland, Mongolia, South Africa and the Netherlands with headquarters in the Netherlands. In 2024, revenues were generated in all above mentioned mar- kets, except of the Netherlands, Mongolia and South Africa. Non-current assets (power plants) are located in the Czech Re- public, Slovak Republic, Hungary, Romania and Australia. For the booking of transactions between the segments, the same rules for the recognition are applied as for the third par- ties. Geographical information below, including revenues based on the geographical location of entities generating the revenues and segment assets based on the geographical location of the assets is presented in notes 10 and 19. Major Customer The Group has many customers. For the companies selling elec- tricity, there is usually only one distribution company, which buys produced electricity in a region. These local electricity dis- tributors further deliver and resell electricity to final customers. Distributors are obliged to purchase all of the electricity produc- tion for the price based on Feed in Tariff prices. The Group as such is not dependent on any individual customer. During 2024 Czech SPVs applied for green bonus program. In 2024 and 2023 the Group commissioned a powerplants in Romania where electricity is sold directly into the wholesale electricity market and the revenues from sale of this electricity are based on actual market prices. Revenues from customers over 10% of total revenues \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
European Commodity Clearing Luxembourg 4,727 11,664
Polskie Sieci Elektroenergetyczne S.A. 20,747 8,328
OTE, a.s. 1,429 9,748
Total revenue from customers over 10% of total revenues 26,904 29,739
Total revenue 89,917 70,649
\n Revenues from European Commodity Clearing Luxembourg is presented in segment New Energy and represent sales of elec- tricity. Revenues from Polskie Sieci Elektroenergetyczne S.A. is representing mostly gains from capacity market and they are also presented in New Energy Segment. A smaller part of reve- nues from OTE, a.s. are presented in segment New Energy, but a major part of revenues from sale of internally generated elec- tricity are still presented in segment Investments. Non-current assets by geographical location \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
The Czech Republic 40,233 45,017
Hungary 58,753 56,736
Romania 62,394 53,653
Poland 28,119 25,765
Australia 18,025 34,126
The Slovak Republic 9,272 9,618
Netherlands 93 87
Total 216,890 225,003
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417105448450": { "value": "\n 8. Acquisitions of Subsidiary and Non-controlling Interests; Financial Information for the Joint Ventures; Sale of subsidiaries 8.1 Establishment of New Subsidiaries During 2024, Photon Energy N.V. (directly or via its subsidiaries) incorporated the following subsidiaries: \u25ba On 25 March 2024, Photon Energy Projects s.r.o. be- came a 95% shareholder of ELBA SOLAR SRL and Pho- ton Energy Engineering s.r.o. became the shareholder of the remaining 5%. \u25ba On 8 May 2024, Photon Energy N.V. became 100% shareholder of Domanowo Solar Sp. z o.o., (PL-DOM; Poland); During 2023, Photon Energy N.V. (directly or via its subsidiaries) incorporated the following subsidiaries: \u25ba On 5 May 2023, Photon Energy Investments AG (ex- ALFEMO AG) became 100% shareholder of Dartford Solar Kft. \u25ba On 5 May 2023, Photon Energy Investments AG (ex- ALFEMO AG) became 100% shareholder of Photon New Energy Beta Kft. Followingly, on 24 August 2023, Photon Energy Solutions AG became 100% share- holder of Photon New Energy Beta Kft. \u25ba On 9 May 2023, Photon Energy Investments AG (ex- ALFEMO AG) became 100% shareholder of Rochester- Solar Kft. \u25ba On 10 May 2023, Photon Energy Investments AG (ex- ALFEMO AG) became 100% shareholder of Newhamp- Solar Kft. \u25ba On 10 May 2023, Photon Energy Investments AG (ex- ALFEMO AG) became 100% shareholder of Photon New Energy Alfa Kft. Followingly, on 22 August 2023, Photon Energy Solutions AG became 100% share- holder of Photon New Energy Alfa Kft. \u25ba On 11 May 2023, Photon Energy Investments AG (ex- ALFEMO AG) became 100% shareholder of Brixton So- lar Kft. \u25ba On 21 August 2023, Photon Energy Solutions AG be- came 100% shareholder of Photon New Energy Gamma Kft. \u25ba On 28 September 2023, Photon Energy N.V. became 100% shareholder of Photon Energy AUS SPV 14 Pty. Ltd. \u25ba On 9 November 2023, Photon Energy Engineering B.V. became 100% shareholder of Photon Energy Engi- neering NZ Pty. Limited. During 2023, Photon Energy N.V. (directly or via its subsidiaries) acquired the controlling share in the following entities: \u25ba On 11 April 2023, Photon Energy Projects s.r.o. be- came 95% shareholder and Photon Energy Engineer- ing s.r.o. became 5% shareholder of Faget Solar Three Srl. \u25ba On 21 August 2023, Photon Energy Projects s.r.o. be- came 95% shareholder of Giulvaz Solar S.R.L., and Photon Energy Engineering s.r.o. became shareholder of remaining 5% \u25ba On 5 September 2023, Photon Energy Projects s.r.o. became 95% shareholder of Faget Solar Five S.R.L., and Photon Energy Engineering s.r.o. became share- holder of remaining 5% 8.2 Acquisitions of Subsidiaries During 2024, Photon Energy N.V. (directly or via its subsidiaries) acquired the controlling share in the following entities: \u25ba On 9 January 2024, Photon Energy Projects s.r.o. be- came a 95% shareholder of Faget Solar Four S.R.L. During 2023, Photon Energy N.V. (directly or via its subsidiaries) acquired the controlling share in the following entities: \u25ba On 5 May 2023, Photon Energy Investments AG (ex- ALFEMO AG) became 100% shareholder of Photon New Energy Beta Kft. Followingly, on 24 August 2023, Photon Energy Solutions AG became 100% share- holder of Photon New Energy Beta Kft. \u25ba On 10 May 2023, Photon Energy Investments AG (ex- ALFEMO AG) became 100% shareholder of Photon New Energy Alfa Kft. Followingly, on 22 August 2023, Photon Energy Solutions AG became 100% share- holder of Photon New Energy Alfa Kft. \u25ba On 21 August 2023, Photon Energy Solutions AG be- came 100% shareholder of Photon New Energy Gamma Kft. \u25ba On 11 April 2023, Photon Energy Projects s.r.o. be- came 95% shareholder and Photon Energy Engineer- ing s.r.o. became 5% shareholder of Faget Solar Three Srl. \u25ba On 21 August 2023, Photon Energy Projects s.r.o. be- came 95% shareholder of Giulvaz Solar S.R.L., and Photon Energy Engineering s.r.o. became shareholder of remaining 5% \u25ba On 5 September 2023, Photon Energy Projects s.r.o. became 95% shareholder of Faget Solar Five S.R.L., and Photon Energy Engineering s.r.o. became share- holder of remaining 5% Other Developments in 2024 \u25ba As of 25 September 2024, the company Lerta Lithua- nia UAB (LT-LER; Lithuania) has entered into liquida- tion proceedings. \u25ba As of 31 October 2024, Photon Energy N.V. has sold its 100% share in Leeton Solar Farm Pty. Ltd., Fivebough Solar Farm Pty. Ltd. And Photon Energy AUS SPV 6 Pty Ltd. \u25ba As of 1 December 2024, the companies Lerta Poland Sp. z o.o. (PL-LP; Poland) and Photon Energy Trading PL Sp. z o.o. (PL-TRA; Poland) have ceased to exist due to a merger with the company Lerta JRM Sp. z o.o. (PL- LJRM; Poland). As the last step of the merger, the suc- cessor company Lerta JRM Sp. z o.o. (PL-LJRM;\n \n Poland) has been renamed to Photon Energy Trading PL Sp. z o.o. (PL-TRD; Poland). Other Developments in 2023 \u25ba On 17 February 2023, the merger of Barbican Solar Kft., Caledonian Solar Kft., Hampstead Solar Kft. and Lad\u00e1ny Solar Delta Kft. into Lad\u00e1ny Solar Delta Kft. was registered. The three SPV\u2019s Barbican Solar Kft., Caledonian Solar Kft., Hampstead Solar Kft. ceased to exist as of 16 February. \u25ba On 10 July 2023, Photon Energy Solutions CZ a.s. be- came 100% shareholder of Lerta Czech Republic s.r.o. \u25ba On 24 July 2023, Photon Energy Investments AG be- came 95% shareholder of Aldgate Solar S.R.L., and KO- RADOL AG became shareholder of remaining 5% \u25ba On 24 July 2023, Photon Energy Investments AG be- came 95% shareholder of Holloway Solar S.R.L., and KORADOL AG became shareholder of remaining 5% \u25ba On 24 July 2023, Photon Energy Investments AG be- came 95% shareholder of Chesham Solar S.R.L., and KORADOL AG became shareholder of remaining 5% \u25ba On 24 July 2023, Photon Energy Investments AG be- came 95% shareholder of Watford Solar S.R.L., and KORADOL AG became shareholder of remaining 5% \u25ba On 21 August 2023, Photon Energy Solutions AG be- came 100% shareholder of Photon New Energy Gamma Kft., \u25ba On 23 August 2023, Photon Energy Investments AG became 95% shareholder of Brentford Solar S.R.L., and KORADOL AG became shareholder of remaining 5% \u25ba On 23 August 2023, Photon Energy Investments AG became 95% shareholder of Greenford Solar S.R.L., and KORADOL AG became shareholder of remaining 5% \u25ba On 23 August 2023, Photon Energy Investments AG became 95% shareholder of Halton Solar S.R.L., and KORADOL AG became shareholder of remaining 5% \u25ba On 23 August 2023, Photon Energy Investments AG became 95% shareholder of Kenton Solar S.R.L., and KORADOL AG became shareholder of remaining 5% \u25ba On 23 August 2023, Photon Energy Investments AG became 95% shareholder of Faget Solar Three S.R.L., and KORADOL AG became shareholder of remaining 5% \u25ba On 27 September 2023, Lerta Power Poland Sp. z o.o has changed its name to Photon Energy Trading PL Sp. z o.o., \u25ba On 6 November 2023, Lerta Energy Srl. has changed its name to Photon Energy Solutions Romania Srl., \u25ba On 9 November 2023, Lerta Technology Sp. z o.o. has changed its name to Photon Energy Systems Sp. z o.o. \n \n \n 8.3 Financial Information for the Joint Ventures The table below summarises the movements in the carrying amount of the Group\u2019s investments in joint ventures. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Joint ventures Joint ventures
Carrying amount at 1 January 1,823 1,635
Share of profit of joint ventures 254 217
Share of other comprehensive income of joint ventures -231 29
Dividends received from joint ventures 0 -59
Carrying amount at 31 December 1,845 1,823
\n Joint ventures Investments in equity-accounted investees amounting to EUR 1,845 thousand (2023: EUR 1,823 thousand) represent the nominal share in the joint ventures owned by the Group.\n \n \n \n \n \n 2024: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Photon SK SPV 1 Solarpark Myjava Solarpark Polianka Total
Definition joint venture joint venture joint venture
Share 50% 50% 50%
Equity of the entity 1,324 1,049 1,319 3,691
Share on equity 662 524 659 1,845
Net profit 175 174 159 508
Share of profit 87 87 79 254
Cash and cash equivalents 119 117 114 350
Current assets 210 215 202 627
Long-term assets 1,684 1,198 1,767 4,649
Current liabilities (financial) -231 -118 -205 -554
Long-term liabilities (financial) -24 0 -131 -155
Depreciation -92 -101 -90 -283
Interest expense -7 -4 -10 -22
Revenues 263 288 260 811
Other comprehensive income -75 -83 -74 -231
Dividends paid 0 0 0 0
Total comprehensive income (loss) 13 4 5 22
\n 2023: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Photon SK SPV 1 Solarpark Myjava Solarpark Polianka Total
Definition joint venture joint venture joint venture
Share 50% 50% 50%
Equity of the entity 1,298 1,040 1,308 3,646
Share on equity 649 520 654 1,823
Net profit -143 -163 -128 -434
Share of profit -72 -81 -64 -217
Cash and cash equivalents 90 96 77 263
Current assets 178 188 163 529
Long-term assets 1,831 1,363 1,909 5,102
Current liabilities (financial) -217 -217 -188 -622
Long-term liabilities (financial) -159 -34 -253 -446
Depreciation 97 108 108 313
Interest expense 11 8 13 33
Revenues -251 -277 -249 -777
Other comprehensive income -4 -2 -7 -13
Dividends paid -33 -12 -14 -59
Total comprehensive income (loss) 96 117 102 314
\n All of the entities included in the above table are accounted for using the equity method of consolidation as at 31 December 2024 and 31 December 2023. The above included joint ventures can distribute profit only after agreement of the financing bank and the approval of the co-owner of the entity (via the general meeting)\n \n \n \n 8.4 Sale of Subsidiaries As of 31 October 2024, Photon Energy N.V. has sold its 100% share in Leeton Solar Farm Pty. Ltd., Fivebough Solar Farm Pty. Ltd. And Photon Energy AUS SPV 6 Pty Ltd. Futher details and calculation of the gain (loss) of the sale are presented in the chapter 29.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417111008889": { "value": "\n \n 8.3 Financial Information for the Joint Ventures The table below summarises the movements in the carrying amount of the Group\u2019s investments in joint ventures. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Joint ventures Joint ventures
Carrying amount at 1 January 1,823 1,635
Share of profit of joint ventures 254 217
Share of other comprehensive income of joint ventures -231 29
Dividends received from joint ventures 0 -59
Carrying amount at 31 December 1,845 1,823
\n Joint ventures Investments in equity-accounted investees amounting to EUR 1,845 thousand (2023: EUR 1,823 thousand) represent the nominal share in the joint ventures owned by the Group.\n \n \n \n 2024: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Photon SK SPV 1 Solarpark Myjava Solarpark Polianka Total
Definition joint venture joint venture joint venture
Share 50% 50% 50%
Equity of the entity 1,324 1,049 1,319 3,691
Share on equity 662 524 659 1,845
Net profit 175 174 159 508
Share of profit 87 87 79 254
Cash and cash equivalents 119 117 114 350
Current assets 210 215 202 627
Long-term assets 1,684 1,198 1,767 4,649
Current liabilities (financial) -231 -118 -205 -554
Long-term liabilities (financial) -24 0 -131 -155
Depreciation -92 -101 -90 -283
Interest expense -7 -4 -10 -22
Revenues 263 288 260 811
Other comprehensive income -75 -83 -74 -231
Dividends paid 0 0 0 0
Total comprehensive income (loss) 13 4 5 22
\n 2023: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Photon SK SPV 1 Solarpark Myjava Solarpark Polianka Total
Definition joint venture joint venture joint venture
Share 50% 50% 50%
Equity of the entity 1,298 1,040 1,308 3,646
Share on equity 649 520 654 1,823
Net profit -143 -163 -128 -434
Share of profit -72 -81 -64 -217
Cash and cash equivalents 90 96 77 263
Current assets 178 188 163 529
Long-term assets 1,831 1,363 1,909 5,102
Current liabilities (financial) -217 -217 -188 -622
Long-term liabilities (financial) -159 -34 -253 -446
Depreciation 97 108 108 313
Interest expense 11 8 13 33
Revenues -251 -277 -249 -777
Other comprehensive income -4 -2 -7 -13
Dividends paid -33 -12 -14 -59
Total comprehensive income (loss) 96 117 102 314
\n All of the entities included in the above table are accounted for using the equity method of consolidation as at 31 December 2024 and 31 December 2023. The above included joint ventures can distribute profit only after agreement of the financing bank and the approval of the co-owner of the entity (via the general meeting)\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417111119130": { "value": "\n 8.3 Financial Information for the Joint Ventures The table below summarises the movements in the carrying amount of the Group\u2019s investments in joint ventures. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Joint ventures Joint ventures
Carrying amount at 1 January 1,823 1,635
Share of profit of joint ventures 254 217
Share of other comprehensive income of joint ventures -231 29
Dividends received from joint ventures 0 -59
Carrying amount at 31 December 1,845 1,823
\n Joint ventures Investments in equity-accounted investees amounting to EUR 1,845 thousand (2023: EUR 1,823 thousand) represent the nominal share in the joint ventures owned by the Group.\n \n 2024: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Photon SK SPV 1 Solarpark Myjava Solarpark Polianka Total
Definition joint venture joint venture joint venture
Share 50% 50% 50%
Equity of the entity 1,324 1,049 1,319 3,691
Share on equity 662 524 659 1,845
Net profit 175 174 159 508
Share of profit 87 87 79 254
Cash and cash equivalents 119 117 114 350
Current assets 210 215 202 627
Long-term assets 1,684 1,198 1,767 4,649
Current liabilities (financial) -231 -118 -205 -554
Long-term liabilities (financial) -24 0 -131 -155
Depreciation -92 -101 -90 -283
Interest expense -7 -4 -10 -22
Revenues 263 288 260 811
Other comprehensive income -75 -83 -74 -231
Dividends paid 0 0 0 0
Total comprehensive income (loss) 13 4 5 22
\n 2023: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Photon SK SPV 1 Solarpark Myjava Solarpark Polianka Total
Definition joint venture joint venture joint venture
Share 50% 50% 50%
Equity of the entity 1,298 1,040 1,308 3,646
Share on equity 649 520 654 1,823
Net profit -143 -163 -128 -434
Share of profit -72 -81 -64 -217
Cash and cash equivalents 90 96 77 263
Current assets 178 188 163 529
Long-term assets 1,831 1,363 1,909 5,102
Current liabilities (financial) -217 -217 -188 -622
Long-term liabilities (financial) -159 -34 -253 -446
Depreciation 97 108 108 313
Interest expense 11 8 13 33
Revenues -251 -277 -249 -777
Other comprehensive income -4 -2 -7 -13
Dividends paid -33 -12 -14 -59
Total comprehensive income (loss) 96 117 102 314
\n All of the entities included in the above table are accounted for using the equity method of consolidation as at 31 December 2024 and 31 December 2023. The above included joint ventures can distribute profit only after agreement of the financing bank and the approval of the co-owner of the entity (via the general meeting)\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417095325391": { "value": "\n 9. Revenue The Group derives revenue from the transfer of goods and services at a point in time and over time in the following major product lines and geographical regions: Timing of revenues: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
At a point of time 11,283 18,831
Over time 77,043 50,458
Total revenue from contracts with customers 88,327 69,289
Compensations for sales from electricity generation 1,590 1,360
Total revenue 89,917 70,649
\n Revenues by major revenue types: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Sale of goods and technologies 11,283 18,831
Sale of electricity and certificates 23,115 20,047
Revenues from capacity market contracts 20,062 7,642
Revenues from EPC contracts 16,426 9,070
Revenues from electricity trading and balancing 11,357 7,955
Rendering of services 6,084 5,744
Total revenue from contracts with customers 88,327 69,289
Compensations for sales from electricity generation 1,590 1,360
Total revenue 89,917 70,649
\n The Group uses various revenue models for PVP generating rev- enues from sale of electricity \u2013 fixed feed in tariffs, contracts for difference, and going forward the merchant model (sale of elec- tricity into the wholesale market at actual market prices). Revenues from sales of electricity from fixed feed-in-tariffs in 2024 amounted to EUR 19,628 thousand (2023: EUR: 11,605 thousand), and revenues from sales of electricity for market price amounted to EUR 5,077 thousand (2023: EUR 9,802 thou- sand). Total amount of subsidies returned under the contract for dif- ference scheme (MAVIR) in 2024 was EUR 302 thousand (2023: EUR 195 thousand) as the average market price of electricity sold to the market exceeded the agreed price. As the Group operates in regulated business under various models for PVP revenues from sales of electricity, the Group in- voices the revenues from sale of electricity to different partners, including government agencies which in fact do not receive any generated electricity, such as the short-term electricity market operator OKTE, a.s. (\u201cOKTE\u201d) in Slovakia. Total amount of compensations for sales from electricity gener- ation invoiced to OKTE in 2024 amounted to EUR 1,590 thou- sand (2023: EUR 1,360 thousand) and from MAVIR in Hungary negative EUR 302 thousand (2023: -EUR 195 thousand). Even though the revenues were invoiced in 2024 and 2023 to government agency, the Group does not consider them to be government grants and recognised them as revenues from sale of electricity as these revenues are representing core activity of the Group and are clearly linked to revenue model that is deter- mined for each PVP. An energy certificate is a transferable record or guarantee re- lated to the amount of energy or material goods consumed by an energy conversion device in industrial production. A certifi- cate may be in any form, including electronic, and lists attrib- utes such as method, quality, compliance, and tracking. One of the examples of energy certificates are e.g. guarantees of origin.\n \n Trading revenues (including direct sales and balancing) from electricity purchased from the 3rd. parties are presented on line Revenues from electricity trading and balancing in the above table. On the face of financial statements, they are included in revenues. Sales of electricity and certificates mentioned in the table above represent just the internally generated electricity. Revenues from capacity market contracts are representing revenues from providing capacities (reduction of power consumption) to the grid. Revenues by geographical split: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Czech Republic 26,300 30,256
Hungary 15,646 17,483
Poland 23,261 8,590
Australia 9,461 8,373
Romania 5,181 3,033
Slovak Republic 577 820
Germany 174 734
New Zealand 7,390 0
Other 337 0
Total revenue from contracts with customers 88,327 69,289
Compensations for sales from electricity generation \u2013 Slovak Republic 1,590 1,360
Total revenue 89,917 70,649
\n Geographical split is based on the location of the entity gener- ating the revenue, allocating revenues to the countries where entities are legally registered and operate. Increase in total revenues in 2024 is mainly a result of higher 3 rd party EPC/engineering, New Energy and Investments reve- nues. As of the reporting period, the Group has started generating revenues from New Zealand, driven by the launch of new pro- jects in the region, marking a new revenue stream compared to 2023.\n \n 26. Assets and Liabilities Arising from Contracts with Customers The Group has recognised following assets and liabilities arising from contracts with customers: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Current contract assets from contracts with customers 1,804 855
Loss allowance 0 0
Total current contract assets 1,804 855
Contract liabilities \u2013 advances from customers 2,595 662
Total current contract liabilities 2,595 662
\n Contract assets represents un-invoiced part of recognised rev- enue based on progress towards complete satisfaction. In- voiced amount of contract assets is reclassified to trade receivable upon its invoicing. At 31 December 2024 the most significant part of the contract asset was represented by projects in Australia and New Zealand in the amount of EUR 940 thousand and project Domanowo in Poland in the amount of EUR 750 thousand that was reclassified from Assets held for sale after certail conditions were met (2023: by Several Polish project of EUR 360 thousand). In con- nection with Domanowo project a contract liability was recog- nised in the amount of EUR 1,632 thousand. Contract liabilities represent mostly advances received from customers which are due within one year and relate to the short-term projects. Based on this condition, the Group utilized practical expedience in accordance with IFRS 15:121 (a) in prep- aration of the financial statements. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss al- lowance for contract assets. To measure the expected credit losses, contract assets have been grouped based on shared credit risk characteristics and the days outstanding as unbilled. The contract assets relate to unbilled work in progress and have substantially similar risk characteristics as the trade receivables for the same types of contracts. The expected loss rates are based on the past data collected over a period of 36 month (2023: 36 months) prior to the end of the reporting period and the corresponding historical losses ex- perienced within this period. The historical loss rates are ad- justed to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group has identified the gross do- mestic product and the unemployment rate of the countries in which it sells its goods and services to be the most relevant in- dicators, and accordingly adjusts the historical loss rates based on expected changes in these variables. The credit loss allowance for contract assets as at 31 December 2024 is determined according to provision matrix presented in the table below.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 31 December 2023
In thousands of EUR Loss rate Gross carrying amount Lifetime ECL Net carrying value Loss rate Gross Lifetime carrying amount carrying ECL Net value
Contract assets
Outstanding as unbilled for less than 90 days 0.03% 1,804 0 1,804 0.03% 855 0 855
Total 0.03% 1,804 0 1,804 0.03% 855 0 855
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417100539148": { "value": "\n \n 10. Other Income In thousands of EUR 2024 2023 Miscellaneous 340 536 Grants received 401 344 Settlement agreement/insurance compensation 124 52 Credit note for the purchased goods 696 0 Total Other income 1,561 932 In 2024, the amount of EUR 340 thousand in Miscellaneous represent one-off incomes, related tosuch as balance sheet ac- count clearances and non-recurring write-offs. The credit note for the purchased goods represents an addi- tional volume discount from the supplier, received after the re- lated goods had already been sold from stock. In 2023, the amount of EUR 536 thousand in Miscelanneous represent income from sale of project rights for project Zlocew in Poland.\n \n \n \n 14. Other Expenses \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
3rd party services (other than below) received -5,196 -1,129
Construction subcontractors -services -6,877 -2,982
Warehousing and Freight -755 -959
Legal costs -761 -962
Balancing/scheduling/service costs -623 -839
Accounting services -1,362 -441
Office costs and IT services -637 -266
Consulting services -4,823 -417
Insurance -708 -533
Travel & Accommodation costs -645 -624
Cars \u2013 fuel and maintenance -636 -475
Audit costs -584 -634
Projects write off -78 -99
Low value / short term leases -145 -24
Administrative bank charges -471 -241
Unclaimed and non-deductible VAT -263 -57
Contactual penalties and other fines -705 -113
Miscellaneous -445 -104
Total Other expenses -25,715 -10,898
\n Miscellaneous expenses comprise of other taxes, different gov- ernment administrative fees, reimbursements and other minor non-recurring expenses. Overall increase in the other expenses is caused mainly by the 3 rd party services purchase related to the EPC construction (Australia, New Zealand) and other directs costs related to the operations of powerplants and New Energy segment and increase in accounting and consulting services\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417100641330": { "value": "\n 10. Other Income In thousands of EUR 2024 2023 Miscellaneous 340 536 Grants received 401 344 Settlement agreement/insurance compensation 124 52 Credit note for the purchased goods 696 0 Total Other income 1,561 932 In 2024, the amount of EUR 340 thousand in Miscellaneous represent one-off incomes, related tosuch as balance sheet ac- count clearances and non-recurring write-offs. The credit note for the purchased goods represents an addi- tional volume discount from the supplier, received after the re- lated goods had already been sold from stock. In 2023, the amount of EUR 536 thousand in Miscelanneous represent income from sale of project rights for project Zlocew in Poland.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417095813214": { "value": "\n \n 11. Raw Materials and Consumables Used Main expense\u2019 classes represent material consumed and cost of goods sold. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Goods (modules, inverters, etc.) -20,169 -23,068
Electricity purchased -4,297 -8,649
Demand side response -12,470 -3,876
Material consumed -1,053 -1,284
Raw materials and consumables used -37,989 -36,877
\n \n \n Raw materials and consumables consist mainly of material and goods used for technology sales and necessary for construction of photovoltaic power plants. Electricity purchased in the amount of EUR 4,297 thousand (2023: EUR 8,649 thousand) represent electricity purchased from 3 rd. parties and sold as trading revenue described in the note 10. Demand side response in the amount of EUR 12,470 thousand (2023: EUR 3,876 thousand) represents fee paid to 3rd parties providing their power demand capacities.\n 12. Solar Levy \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
20%/21% solar levy -1,999 -1,621
Solar levy -1,999 -1,621
\n For detailed information about the solar levy refer to note 6.3. Solar levy represent 20% (2023: 21%) levy imposed on the solar electricity produced in the Czech Republic. Solar levy is calculated and settled on a monthly basis. \n \n 13. Personnel Expenses \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Wages and salaries -14,617 -15,377
Social and health insurance -2,984 -2,825
Pension costs -353 -277
Personnel expenses -17,954 -18,479
\n Pension costs represent contributions to state defined pen- sion contributions schemes. \n \n On 31 December 2024 the Group employed 335 employees. 4 were employed in Slovakia by Slovak entities; 30 were em- ployed in Hungary, 35 in Australia; 71 in Poland, 35 in Romania, 2 in Switzerland and 1 in the Netherlands and 5 New Zealand. The remaining 152 employees were employed in the Czech Re- public. Out of 335 employees, 2 of them were the Board mem- bers, 54 senior and mid level management and 281 professional and administration employees. Overall decrease in personnel expenses is related to general decrease in number of employees. Part of the personnel ex- penses represent also severance payments for the terminated employees paid during 2024. On 31 December 2023 the Group employed 348 employees. 4 were employed in Slovakia by Slovak entities; 34 were em- ployed in Hungary, 37 in Australia; 76 in Poland, 32 in Romania, 2 in Switzerland and 1 in the Netherlands and New Zealand. The remaining 161 employ-ees were employed in the Czech Republic. Out of 348 employees, 2 of them were the Board members, 66 senior and mid level management and 280 pro- fessional and admin-istration employees. In addition, 63 em- ployees on employment contract and 29 employees on different types of contract joined the group with the acquisi- tion of Lerta Group as of the end of the year. Those employees are mainly employed in Poland. \n \n Key management compensation including salaries, bonuses and social and health insurance is disclosed in note 40 Related parties.\n \n \n \n \n \n \n \n 14. Other Expenses \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
3rd party services (other than below) received -5,196 -1,129
Construction subcontractors -services -6,877 -2,982
Warehousing and Freight -755 -959
Legal costs -761 -962
Balancing/scheduling/service costs -623 -839
Accounting services -1,362 -441
Office costs and IT services -637 -266
Consulting services -4,823 -417
Insurance -708 -533
Travel & Accommodation costs -645 -624
Cars \u2013 fuel and maintenance -636 -475
Audit costs -584 -634
Projects write off -78 -99
Low value / short term leases -145 -24
Administrative bank charges -471 -241
Unclaimed and non-deductible VAT -263 -57
Contactual penalties and other fines -705 -113
Miscellaneous -445 -104
Total Other expenses -25,715 -10,898
\n Miscellaneous expenses comprise of other taxes, different gov- ernment administrative fees, reimbursements and other minor non-recurring expenses. Overall increase in the other expenses is caused mainly by the 3 rd party services purchase related to the EPC construction (Australia, New Zealand) and other directs costs related to the operations of powerplants and New Energy segment and increase in accounting and consulting services\n \n \n . \n 15. Impairment Charges \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Net impairment losses on financial and contract assets 155 -927
Write off receivables -45 -50
Total Impairment charges 110 -977
\n In 2024, few minor allowances were released due to the write- off of the receivables, resulting into EUR 45 thousand. In 2023 the Group created 100% allowance for the customers Nubland Nexus and Alpha Solar systems s.r.o. in the total amount EUR 539 thousand. The allowance created for the cus- tomer EkoFachowcy Sp. z. o. o. in the comparative period has remained unchanged. Another EUR 215 thousand out of the total balance of impairment charges relates to the allowance for inventories. The remaining part of the bad debt provisions represents vari- ous small irrecoverable receivable from several entities.\n \n \n 17. Income Tax Expense 17.1 Income Tax Recognized in Profit or Loss \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Current tax expense
Current year -2,494 -2,269
Deferred tax expense
Deferred tax on temporary differences 3,122 2,821
Total tax expense 628 552
\n For movement in deferred tax arising on temporary difference see note 24. Pillar 2 is not applicable for the Group , as it is relevant only for multinational groups with turnover higher than EUR 750 million per annum. 17.2 Reconciliation of Effective Tax Rate \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Profit (+)/ Loss (-) before income tax -13,824 -16,303
Theoretical tax return / charge (25.8%/25%) 3,567 4,076
Effects of different tax rates in other countries -1,300 -1,375
Unrecognised tax losses of the period -2,880 -4,482
Use of prior year losses (previously not recognised) 819 511
Recognition of deferred tax assets previously not recognised 424 1,826
Permanent differences -1 -4
Total tax expense 628 552
\n \n \n Theoretical tax rate of 25.8% (2023: 25%) represent tax rate applicable to the Netherlands, which is the country of incorporation of Photon Energy NV. The Group has accumulated tax losses for which no deferred tax asset has been recognised, see also note 24\n .\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417100208634": { "value": "\n 11. Raw Materials and Consumables Used Main expense\u2019 classes represent material consumed and cost of goods sold. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Goods (modules, inverters, etc.) -20,169 -23,068
Electricity purchased -4,297 -8,649
Demand side response -12,470 -3,876
Material consumed -1,053 -1,284
Raw materials and consumables used -37,989 -36,877
\n \n Raw materials and consumables consist mainly of material and goods used for technology sales and necessary for construction of photovoltaic power plants. Electricity purchased in the amount of EUR 4,297 thousand (2023: EUR 8,649 thousand) represent electricity purchased from 3 rd. parties and sold as trading revenue described in the note 10. Demand side response in the amount of EUR 12,470 thousand (2023: EUR 3,876 thousand) represents fee paid to 3rd parties providing their power demand capacities.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417100333395": { "value": "\n 13. Personnel Expenses \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Wages and salaries -14,617 -15,377
Social and health insurance -2,984 -2,825
Pension costs -353 -277
Personnel expenses -17,954 -18,479
\n Pension costs represent contributions to state defined pen- sion contributions schemes. \n \n On 31 December 2024 the Group employed 335 employees. 4 were employed in Slovakia by Slovak entities; 30 were em- ployed in Hungary, 35 in Australia; 71 in Poland, 35 in Romania, 2 in Switzerland and 1 in the Netherlands and 5 New Zealand. The remaining 152 employees were employed in the Czech Re- public. Out of 335 employees, 2 of them were the Board mem- bers, 54 senior and mid level management and 281 professional and administration employees. Overall decrease in personnel expenses is related to general decrease in number of employees. Part of the personnel ex- penses represent also severance payments for the terminated employees paid during 2024. On 31 December 2023 the Group employed 348 employees. 4 were employed in Slovakia by Slovak entities; 34 were em- ployed in Hungary, 37 in Australia; 76 in Poland, 32 in Romania, 2 in Switzerland and 1 in the Netherlands and New Zealand. The remaining 161 employ-ees were employed in the Czech Republic. Out of 348 employees, 2 of them were the Board members, 66 senior and mid level management and 280 pro- fessional and admin-istration employees. In addition, 63 em- ployees on employment contract and 29 employees on different types of contract joined the group with the acquisi- tion of Lerta Group as of the end of the year. Those employees are mainly employed in Poland. \n \n Key management compensation including salaries, bonuses and social and health insurance is disclosed in note 40 Related parties.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417000126353": { "value": "\n On 31 December 2024 the Group employed 335 employees. 4 were employed in Slovakia by Slovak entities; 30 were em- ployed in Hungary, 35 in Australia; 71 in Poland, 35 in Romania, 2 in Switzerland and 1 in the Netherlands and 5 New Zealand. The remaining 152 employees were employed in the Czech Re- public. Out of 335 employees, 2 of them were the Board mem- bers, 54 senior and mid level management and 281 professional and administration employees. Overall decrease in personnel expenses is related to general decrease in number of employees. Part of the personnel ex- penses represent also severance payments for the terminated employees paid during 2024. On 31 December 2023 the Group employed 348 employees. 4 were employed in Slovakia by Slovak entities; 34 were em- ployed in Hungary, 37 in Australia; 76 in Poland, 32 in Romania, 2 in Switzerland and 1 in the Netherlands and New Zealand. The remaining 161 employ-ees were employed in the Czech Republic. Out of 348 employees, 2 of them were the Board members, 66 senior and mid level management and 280 pro- fessional and admin-istration employees. In addition, 63 em- ployees on employment contract and 29 employees on different types of contract joined the group with the acquisi- tion of Lerta Group as of the end of the year. Those employees are mainly employed in Poland. \n \n Key management compensation including salaries, bonuses and social and health insurance is disclosed in note 40 Related parties.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416235542347": { "value": "\n Key management compensation including salaries, bonuses and social and health insurance is disclosed in note 40 Related parties.\n \n Key Management Compensation Key management includes Directors and Senior management. Members of the board of directors did not receive any compen- sation during 2024 nor 2023 for their duties serving on the board of directors for the Group of entities. Furthermore, no emoluments of managing directors, including pension obliga- tions were charged to the Company. No service contracts with the Company nor any of its Subsidiaries have been provided to a member of the Board of Directors for benefits upon termina- tion of employment. Mr Georg Hotar receives a regular salary as an employee in his function as managing director of Global Investment Protection AG in Switzerland and Mr Gartner re- ceives a regular salary as an employee in his function as managing director of Photon Energy Australia Pty Ltd. in Aus- tralia. These compensations are in no direct relation to their Board of Director functions. The overall cost of compensations for the key management from their employment relations with the Company or its subsidiaries amounted to EUR 618 thousand in 2024 (2023: EUR 493 thousand). The agreements between the key management with the Company or its Subsidiaries do not foresee any stock option plans, severance payments, company pension plans or other deferred compensation. Termination period of the agreements is up to six months. There are no com- mitments and contingent obligations towards key management personnel at 31 December 2024 nor 31 December 2023.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417100431624": { "value": "\n \n \n 14. Other Expenses \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
3rd party services (other than below) received -5,196 -1,129
Construction subcontractors -services -6,877 -2,982
Warehousing and Freight -755 -959
Legal costs -761 -962
Balancing/scheduling/service costs -623 -839
Accounting services -1,362 -441
Office costs and IT services -637 -266
Consulting services -4,823 -417
Insurance -708 -533
Travel & Accommodation costs -645 -624
Cars \u2013 fuel and maintenance -636 -475
Audit costs -584 -634
Projects write off -78 -99
Low value / short term leases -145 -24
Administrative bank charges -471 -241
Unclaimed and non-deductible VAT -263 -57
Contactual penalties and other fines -705 -113
Miscellaneous -445 -104
Total Other expenses -25,715 -10,898
\n Miscellaneous expenses comprise of other taxes, different gov- ernment administrative fees, reimbursements and other minor non-recurring expenses. Overall increase in the other expenses is caused mainly by the 3 rd party services purchase related to the EPC construction (Australia, New Zealand) and other directs costs related to the operations of powerplants and New Energy segment and increase in accounting and consulting services\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417100731588": { "value": "\n 14. Other Expenses \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
3rd party services (other than below) received -5,196 -1,129
Construction subcontractors -services -6,877 -2,982
Warehousing and Freight -755 -959
Legal costs -761 -962
Balancing/scheduling/service costs -623 -839
Accounting services -1,362 -441
Office costs and IT services -637 -266
Consulting services -4,823 -417
Insurance -708 -533
Travel & Accommodation costs -645 -624
Cars \u2013 fuel and maintenance -636 -475
Audit costs -584 -634
Projects write off -78 -99
Low value / short term leases -145 -24
Administrative bank charges -471 -241
Unclaimed and non-deductible VAT -263 -57
Contactual penalties and other fines -705 -113
Miscellaneous -445 -104
Total Other expenses -25,715 -10,898
\n Miscellaneous expenses comprise of other taxes, different gov- ernment administrative fees, reimbursements and other minor non-recurring expenses. Overall increase in the other expenses is caused mainly by the 3 rd party services purchase related to the EPC construction (Australia, New Zealand) and other directs costs related to the operations of powerplants and New Energy segment and increase in accounting and consulting services\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417111123030": { "value": "15. Impairment Charges \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Net impairment losses on financial and contract assets 155 -927
Write off receivables -45 -50
Total Impairment charges 110 -977
\n In 2024, few minor allowances were released due to the write- off of the receivables, resulting into EUR 45 thousand. In 2023 the Group created 100% allowance for the customers Nubland Nexus and Alpha Solar systems s.r.o. in the total amount EUR 539 thousand. The allowance created for the cus- tomer EkoFachowcy Sp. z. o. o. in the comparative period has remained unchanged. Another EUR 215 thousand out of the total balance of impairment charges relates to the allowance for inventories. The remaining part of the bad debt provisions represents vari- ous small irrecoverable receivable from several entities.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417101157352": { "value": "\n \n \n \n \n \n 16. Financial Income and Financial Expense \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Interest revenue calculated using the effective interest method* 354 465
Gains from financial assets sold/liabilities purchased 258 278
Financial income 612 743
Interest expense on loans & borrowings calc. using effective interest method -11,543 -11,434
Foreign exchange gains and losses (net) -75 -221
Financial expense -11,617 -11,655
Gains less losses on derecognition of financial liabilities recognised at amortised costs 0 0
Net result from revaluation of trading derivatives/revaluation of other investments -66 -194
Revaluation of derivatives -66 -194
\n * Interest revenue calculated using the effective interest method includes interest revenue from financial assets carried at amortised costs only. Incremental bank costs, such as arrangement and refinancing fees, are reflected in the amortised amount of financial liabili- ties using effective interest rate method. \n \n The Group did not capitalise any borrowing costs for SPVs built and connected in 2024 and in 2023.\n Net result from revaluation of derivatives represent change in fair value of derivatives for which no hedge accounting is ap- plied (see also note 36) out of that EUR 10 thousand in 2024 (2023: EUR 115 thousand) is related to the Czech SPVs.\n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417101230677": { "value": "\n \n \n \n \n 16. Financial Income and Financial Expense \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Interest revenue calculated using the effective interest method* 354 465
Gains from financial assets sold/liabilities purchased 258 278
Financial income 612 743
Interest expense on loans & borrowings calc. using effective interest method -11,543 -11,434
Foreign exchange gains and losses (net) -75 -221
Financial expense -11,617 -11,655
Gains less losses on derecognition of financial liabilities recognised at amortised costs 0 0
Net result from revaluation of trading derivatives/revaluation of other investments -66 -194
Revaluation of derivatives -66 -194
\n * Interest revenue calculated using the effective interest method includes interest revenue from financial assets carried at amortised costs only. Incremental bank costs, such as arrangement and refinancing fees, are reflected in the amortised amount of financial liabili- ties using effective interest rate method. \n \n The Group did not capitalise any borrowing costs for SPVs built and connected in 2024 and in 2023.\n Net result from revaluation of derivatives represent change in fair value of derivatives for which no hedge accounting is ap- plied (see also note 36) out of that EUR 10 thousand in 2024 (2023: EUR 115 thousand) is related to the Czech SPVs.\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417102600332": { "value": "\n \n \n \n 16. Financial Income and Financial Expense \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Interest revenue calculated using the effective interest method* 354 465
Gains from financial assets sold/liabilities purchased 258 278
Financial income 612 743
Interest expense on loans & borrowings calc. using effective interest method -11,543 -11,434
Foreign exchange gains and losses (net) -75 -221
Financial expense -11,617 -11,655
Gains less losses on derecognition of financial liabilities recognised at amortised costs 0 0
Net result from revaluation of trading derivatives/revaluation of other investments -66 -194
Revaluation of derivatives -66 -194
\n * Interest revenue calculated using the effective interest method includes interest revenue from financial assets carried at amortised costs only. Incremental bank costs, such as arrangement and refinancing fees, are reflected in the amortised amount of financial liabili- ties using effective interest rate method. \n \n The Group did not capitalise any borrowing costs for SPVs built and connected in 2024 and in 2023.\n Net result from revaluation of derivatives represent change in fair value of derivatives for which no hedge accounting is ap- plied (see also note 36) out of that EUR 10 thousand in 2024 (2023: EUR 115 thousand) is related to the Czech SPVs.\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417102637661": { "value": "\n \n \n 16. Financial Income and Financial Expense \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Interest revenue calculated using the effective interest method* 354 465
Gains from financial assets sold/liabilities purchased 258 278
Financial income 612 743
Interest expense on loans & borrowings calc. using effective interest method -11,543 -11,434
Foreign exchange gains and losses (net) -75 -221
Financial expense -11,617 -11,655
Gains less losses on derecognition of financial liabilities recognised at amortised costs 0 0
Net result from revaluation of trading derivatives/revaluation of other investments -66 -194
Revaluation of derivatives -66 -194
\n * Interest revenue calculated using the effective interest method includes interest revenue from financial assets carried at amortised costs only. Incremental bank costs, such as arrangement and refinancing fees, are reflected in the amortised amount of financial liabili- ties using effective interest rate method. \n \n The Group did not capitalise any borrowing costs for SPVs built and connected in 2024 and in 2023.\n Net result from revaluation of derivatives represent change in fair value of derivatives for which no hedge accounting is ap- plied (see also note 36) out of that EUR 10 thousand in 2024 (2023: EUR 115 thousand) is related to the Czech SPVs.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417102712967": { "value": "\n \n 16. Financial Income and Financial Expense \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Interest revenue calculated using the effective interest method* 354 465
Gains from financial assets sold/liabilities purchased 258 278
Financial income 612 743
Interest expense on loans & borrowings calc. using effective interest method -11,543 -11,434
Foreign exchange gains and losses (net) -75 -221
Financial expense -11,617 -11,655
Gains less losses on derecognition of financial liabilities recognised at amortised costs 0 0
Net result from revaluation of trading derivatives/revaluation of other investments -66 -194
Revaluation of derivatives -66 -194
\n * Interest revenue calculated using the effective interest method includes interest revenue from financial assets carried at amortised costs only. Incremental bank costs, such as arrangement and refinancing fees, are reflected in the amortised amount of financial liabili- ties using effective interest rate method. \n \n The Group did not capitalise any borrowing costs for SPVs built and connected in 2024 and in 2023.\n Net result from revaluation of derivatives represent change in fair value of derivatives for which no hedge accounting is ap- plied (see also note 36) out of that EUR 10 thousand in 2024 (2023: EUR 115 thousand) is related to the Czech SPVs.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417102758757": { "value": "\n 16. Financial Income and Financial Expense \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Interest revenue calculated using the effective interest method* 354 465
Gains from financial assets sold/liabilities purchased 258 278
Financial income 612 743
Interest expense on loans & borrowings calc. using effective interest method -11,543 -11,434
Foreign exchange gains and losses (net) -75 -221
Financial expense -11,617 -11,655
Gains less losses on derecognition of financial liabilities recognised at amortised costs 0 0
Net result from revaluation of trading derivatives/revaluation of other investments -66 -194
Revaluation of derivatives -66 -194
\n * Interest revenue calculated using the effective interest method includes interest revenue from financial assets carried at amortised costs only. Incremental bank costs, such as arrangement and refinancing fees, are reflected in the amortised amount of financial liabili- ties using effective interest rate method. \n \n The Group did not capitalise any borrowing costs for SPVs built and connected in 2024 and in 2023.\n Net result from revaluation of derivatives represent change in fair value of derivatives for which no hedge accounting is ap- plied (see also note 36) out of that EUR 10 thousand in 2024 (2023: EUR 115 thousand) is related to the Czech SPVs.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417083433088": { "value": "\n The Group did not capitalise any borrowing costs for SPVs built and connected in 2024 and in 2023.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417094554783": { "value": "\n \n 17. Income Tax Expense 17.1 Income Tax Recognized in Profit or Loss \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Current tax expense
Current year -2,494 -2,269
Deferred tax expense
Deferred tax on temporary differences 3,122 2,821
Total tax expense 628 552
\n For movement in deferred tax arising on temporary difference see note 24. Pillar 2 is not applicable for the Group , as it is relevant only for multinational groups with turnover higher than EUR 750 million per annum. 17.2 Reconciliation of Effective Tax Rate \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Profit (+)/ Loss (-) before income tax -13,824 -16,303
Theoretical tax return / charge (25.8%/25%) 3,567 4,076
Effects of different tax rates in other countries -1,300 -1,375
Unrecognised tax losses of the period -2,880 -4,482
Use of prior year losses (previously not recognised) 819 511
Recognition of deferred tax assets previously not recognised 424 1,826
Permanent differences -1 -4
Total tax expense 628 552
\n \n \n Theoretical tax rate of 25.8% (2023: 25%) represent tax rate applicable to the Netherlands, which is the country of incorporation of Photon Energy NV. The Group has accumulated tax losses for which no deferred tax asset has been recognised, see also note 24\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417082050327": { "value": "\n \n 18. Property, Plant and Equipment \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Land Photovoltaic power plant Other equipment In progress Total
Net carrying amounts
Gross revalued amount at 1 January 2023 5,318 182,230 2,550 28,108 218,206
Accumulated depreciation at 1 January 2023 0 -71,627 -1,030 0 -72,657
Net carrying amounts 1 January 2023 5,318 110,603 1,520 28,108 145,549
Other Additions/Transfers 1,015 23,815 1,237 -6,642 19,425
Acquisition of subsidiary 0 0 0 0 0
Revaluation increase (note 29) 0 14,461 0 0 14,461
Disposal of property, plant and equipment 0 0 0 0 0
Depreciation for the year 0 -7,288 -806 0 -8,094
Effect of movements in exchange rates 0 1,170 0 0 1,170
Net carrying amounts
Gross revalued amount at 31 December 2023 6,333 221,676 3,787 21,466 253,262
Accumulated depreciation at 31 December 2023 0 -78,915 -1,836 0 -80,751
Net carrying amounts 31 December 2023 6,333 142,761 1,951 21,466 172,511
Net carrying amounts 1 January 2024 6,333 142,761 1,951 21,466 172,511
Other Additions/Transfers 181 10,493 0 -7,218 3,456
Revaluation increase (note 29) 0 6,983 0 0 6,983
Assets classified held for sale and other disposals 0 -13,764 0 -1,032 -14,796
Depreciation for the year 0 -8,346 -505 0 -8,851
Effect of movements in exchange rates 0 -244 0 0 -244
Net carrying amounts
Gross revalued amount at 31 December 2024 6,514 225,144 3,787 13,216 248,660
Accumulated depreciation at 31 December 2024 0 -87,261 -2,341 0 -89,602
Net carrying amounts 31 December 2024 6,514 137,883 1,446 13,216 159,058
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR kWp Original costs less accumulated depreciation as at Revalued amount less accumulated depreciation as at Original costs less accumulated depreciation as at Revalued amount less accumulated depreciation as at
Country 31 December 2024 31 December 2024 31 December 2023 31 December 2023
CZ Breclav 347 306 849 312 727
CZ Mostkovice 926 671 2,135 678 2,437
CZ Svatoslav 1,231 873 2,487 886 2,960
CZ Slavkov 1,159 1,015 2,692 1,026 3,036
CZ Zvikov 2,031 1,468 5,300 1,482 5,660
CZ Dolni Dvoriste 1,645 1,298 3,855 1,311 4,167
CZ Radvanice 2,305 1,863 5,570 1,894 6,483
CZ Komorovice 2,354 1,784 5,739 1,798 6,024
CZ Zdice 1 1,499 1,131 3,842 1,139 4,078
CZ Zdice 2 1,499 1,164 3,543 1,177 3,948
SK Blatna 700 822 639 829 734
SK Mokra Luka II 963 1,023 1,147 1,031 1,141
SK Mokra Luka III 963 1,006 1,088 1,012 998
SK Jovice V 979 931 835 941 925
SK Jovice VI 979 931 836 940 901
SK Babina II 999 1,125 770 1,137 929
SK Babina III 999 1,131 798 1,143 923
SK Prsa 999 1,157 947 1,165 1,076
HU Fertod I 528 454 524 458 553
HU Tiszakecske 5,512 3,224 5,705 3,253 5,474
HU Almasfuzito 5,494 3,122 5,698 3,146 5,533
HU Nagyecsed 2,067 1,289 2,080 1,299 2,047
HU Fertod II 3,487 2,201 3,421 2,221 3,853
HU Kunszentmarton I 1,394 963 1,433 972 1,986
HU Taszar 2,103 1,416 2,213 1,428 2,809
HU Monor 5,552 3,002 5,929 3,026 7,025
HU Tata 5,375 4,114 6,240 4,146 7,731
HU Malyi 2,085 1,742 2,124 1,755 2,742
HU Kunszentmarton II 1,386 985 1,544 992 1,477
HU Puszpokladany 14,118 9,224 13,403 9,284 12,971
HU Tolna 1 1,358 937 1,125 941 814
HU Facankert 1,358 975 1,087 979 740
HU Nagykata BTM 658 427 893 N/A N/A
RO Siria 5,691 3,684 5,421 3,706 4,965
RO Calafat 6,028 4,344 6,099 4,370 5,786
RO Holloway 9,460 6,240 8,042 6,278 7,932
RO Sahateni 7,112 4,346 6,961 4,372 6,411
RO Faget 3,178 1,912 2,990 1,924 2,966
RO Faget 2 3,931 3,196 3,566 3,215 3,589
RO Faget 3 7,513 3,987 6,526 N/A N/A
RO Bocsa 3,788 2,250 3,556 N/A N/A
RO Magureni 1,698 1,095 1,235 N/A N/A
RO Sarulesti 3,197 2,598 3,382 N/A N/A
AUS Leeton and Fivebough 14,522 0 0 11,194 14,020
141,170 87,424 144,267 88,858 148,571
\n \n Revalued amount of EUR 144,267 thousand as at 31 December 2024 (31 December 2023: EUR 148,571 thousand) includes net carrying amount of photovoltaic power plants and value of land connected to the photovoltaic power plants of EUR 6,384 thou- sand as at 31 December 2024 (31 December 2023: EUR 5,597 thousand) which are included under Land. At the end of 2024, due to the changes in the methodology par- ametres described in the Note 5.1, the portfolio has been reval- ued with the total impact of EUR 6,530 thousand. At the end of 2023 the management made a strategic decision to return to feedin-tariffs in the Czech Republic and Hungary, to mitigate the risk of expected low energy prices and its potential impact on the Group's profitability. The guaranteed price in Hungary has got material impact (EUR 5,983 thousands) on the valuation of Hungarian power plant portfolio, which has been revalued as of 31.12.2023. In 2024 the Group did not capitalize any borrowing cost (2023: EUR 0 thousand) into Property, plant and equipment. \n Assets pledged As at 31 December 2024 the following properties with a carrying amount of EUR 144,267 thousand (2023: EUR 148,571 thou- sand) are subject to a registered pledges to secure bank loans (see note 32). All other restrictions and pledges, including infor- mation on restricted cash accounts are included in notes 28 and 42. \u25ba Property, plant and equipment \u2013 Land in an amount of EUR 598 thousand (2023: EUR 603 thousand)\n pledged to UniCredit Bank Czech Republic and Slo- vakia a.s., EUR 1,008 thousand (2023: EUR 1,260 thou- sand) to K&H Bank and EUR 447 thousand (2023: 352 EUR ) to CIB Bank. \u25ba Property, plant and equipment \u2013 Photovoltaic power plants in an amount of EUR 43,071 thousand (2023: EUR 47,147 thousand) pledged to UniCredit Bank Czech Republic and Slovakia a.s., EUR 36,392 thou- sand (2023: EUR 39,259 thousand) pledged to K&H Bank Hungary and EUR 17,026 thousand (2023: EUR 16,495 thousand) pledged to CIB Bank. Property, plant and equipment \u2013 Photovoltaic power plants in an amount of EUR 0 thousand (2023: EUR 14,020 thousand) were pledged in Australia. Property, plant and equipment \u2013 Photovoltaic power plants in an amount of EUR 47,778 thousand were pledged in Ro- mania (2023: EUR 31,648 thousand).Property, plant and equipment under construction Property, plant and equipment under construction equaled to the amount of EUR 13,216 thousand (2023: 21,466 EUR thou- sand) comprising mainly of power plants under construction in Romania with minor developments in Hungary and Poland (2023: project in Romania). Sale of property, plant and equipment In 2024 two operating photovoltaic powerplants and one pow- erplant under construction were sold in Australia (in 2023 no projects were sold)\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417083132524": { "value": "\n 18. Property, Plant and Equipment \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Land Photovoltaic power plant Other equipment In progress Total
Net carrying amounts
Gross revalued amount at 1 January 2023 5,318 182,230 2,550 28,108 218,206
Accumulated depreciation at 1 January 2023 0 -71,627 -1,030 0 -72,657
Net carrying amounts 1 January 2023 5,318 110,603 1,520 28,108 145,549
Other Additions/Transfers 1,015 23,815 1,237 -6,642 19,425
Acquisition of subsidiary 0 0 0 0 0
Revaluation increase (note 29) 0 14,461 0 0 14,461
Disposal of property, plant and equipment 0 0 0 0 0
Depreciation for the year 0 -7,288 -806 0 -8,094
Effect of movements in exchange rates 0 1,170 0 0 1,170
Net carrying amounts
Gross revalued amount at 31 December 2023 6,333 221,676 3,787 21,466 253,262
Accumulated depreciation at 31 December 2023 0 -78,915 -1,836 0 -80,751
Net carrying amounts 31 December 2023 6,333 142,761 1,951 21,466 172,511
Net carrying amounts 1 January 2024 6,333 142,761 1,951 21,466 172,511
Other Additions/Transfers 181 10,493 0 -7,218 3,456
Revaluation increase (note 29) 0 6,983 0 0 6,983
Assets classified held for sale and other disposals 0 -13,764 0 -1,032 -14,796
Depreciation for the year 0 -8,346 -505 0 -8,851
Effect of movements in exchange rates 0 -244 0 0 -244
Net carrying amounts
Gross revalued amount at 31 December 2024 6,514 225,144 3,787 13,216 248,660
Accumulated depreciation at 31 December 2024 0 -87,261 -2,341 0 -89,602
Net carrying amounts 31 December 2024 6,514 137,883 1,446 13,216 159,058
\n \n 19. Right-of-use Assets and Lease Liabilities The Group leases land, offices and vehicles. Rental contracts are typically made for fixed periods of 36 months to 15 years. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Land Buildings Vehicles Total
Carrying amount as at 1 January 2023 1,780 1,463 205 3,448
Additions 191 2,288 296 2,775
Depreciation charge -131 -840 -146 -1,116
Disposals 0 0 -57 -57
Effect of translation to presentation currency 15 -118 45 -59
Carrying amount as at 31 December 2023 1,855 2,793 342 4,990
Additions 1,215 6 0 1,221
Depreciation charge -192 -870 -8 -1,070
Disposals 0 -4 -299 -4
Change of classification 0 -43 0 -43
Effect of translation to presentation currency 304 158 -3 258
Carrying amount as at 31 December 2024 3,183 2,040 32 5,353
\n \n 21. Intangible Assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Intangible assets in course of development Software Capacity market contracts Total
Carrying amount as at 31 December 2022 512 1,571 5,458 7,541
Additions/transfers 1,135 1,366 0 2,501
Acquisition of subsidiary 0 0 0 0
Amortisation charge 0 -508 -1,325 -1,833
Effect of movements in exchange rates 49 -135 -61 -147
Carrying amount as at 31 December 2023 1,696 2,294 4,072 8,062
Cost 1,696 4,595 5,458 11,749
Accumulated amortisation 0 -2,166 -1,325 -3,491
Effect of movements in exchange rates 0 -135 -61 -196
Carrying amount as at 31 December 2023 1,696 2,294 4,072 8,062
Additions/transfers 3,275 244 0 3,520
Amortisation charge 0 -644 -340 -983
Effect of movements in exchange rates -1 -63 100 36
Carrying amount as at 31 December 2024 4,970 1,831 3,832 10,635
Cost 4,970 4,839 5,458 15,268
Accumulated amortisation 0 -2,810 -1,665 -4,474
Effect of movements in exchange rates 0 -198 39 -159
Carrying amount as at 31 December 2024 4,970 1,831 3,832 10,635
\n Intangible assets in course of development of EUR 4,970 thou- sand at 31 December 2024 (in 2023 EUR 1,696 thousand) repre- sents software internally developed by Lerta for their internal purposes. Also the carrying amount of Software is mainly rep- reset by the internally developed systems developed by Lerta. Capacity market contracts in the amount of EUR 3,832 thou- sand (in 2023 EUR 4,072 thousand) represent activated intangi- bles acquired together with acquisition of Lerta and activated based on the DCF model\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417105449717": { "value": "Assets pledged As at 31 December 2024 the following properties with a carrying amount of EUR 144,267 thousand (2023: EUR 148,571 thou- sand) are subject to a registered pledges to secure bank loans (see note 32). All other restrictions and pledges, including infor- mation on restricted cash accounts are included in notes 28 and 42. \u25ba Property, plant and equipment \u2013 Land in an amount of EUR 598 thousand (2023: EUR 603 thousand)pledged to UniCredit Bank Czech Republic and Slo- vakia a.s., EUR 1,008 thousand (2023: EUR 1,260 thou- sand) to K&H Bank and EUR 447 thousand (2023: 352 EUR ) to CIB Bank. \u25ba Property, plant and equipment \u2013 Photovoltaic power plants in an amount of EUR 43,071 thousand (2023: EUR 47,147 thousand) pledged to UniCredit Bank Czech Republic and Slovakia a.s., EUR 36,392 thou- sand (2023: EUR 39,259 thousand) pledged to K&H Bank Hungary and EUR 17,026 thousand (2023: EUR 16,495 thousand) pledged to CIB Bank. Property, plant and equipment \u2013 Photovoltaic power plants in an amount of EUR 0 thousand (2023: EUR 14,020 thousand) were pledged in Australia. Property, plant and equipment \u2013 Photovoltaic power plants in an amount of EUR 47,778 thousand were pledged in Ro- mania (2023: EUR 31,648 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417083004978": { "value": "\n \n 19. Right-of-use Assets and Lease Liabilities The Group leases land, offices and vehicles. Rental contracts are typically made for fixed periods of 36 months to 15 years. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Land Buildings Vehicles Total
Carrying amount as at 1 January 2023 1,780 1,463 205 3,448
Additions 191 2,288 296 2,775
Depreciation charge -131 -840 -146 -1,116
Disposals 0 0 -57 -57
Effect of translation to presentation currency 15 -118 45 -59
Carrying amount as at 31 December 2023 1,855 2,793 342 4,990
Additions 1,215 6 0 1,221
Depreciation charge -192 -870 -8 -1,070
Disposals 0 -4 -299 -4
Change of classification 0 -43 0 -43
Effect of translation to presentation currency 304 158 -3 258
Carrying amount as at 31 December 2024 3,183 2,040 32 5,353
\n \n \n \n The Group recognised lease liabilities as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 31 December 2024 31 December 2023
Short-term lease liabilities 945 943
Long-term lease liabilities 4,488 4,181
5,433 5,124
\n Interest expense included in financial expenses of 2024 was EUR 268 thousand (2023: EUR 179 thousand). \n \n The value of short-term leases and leases of low-value assets in 2024 equalled to EUR 145 thousand (2023: EUR 24 thousand) and it is included in other expenses. \n Total cash outflow for leases in 2024 was EUR 1,219 thousand (2023: EUR 1,177 thousand)\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417083850156": { "value": "\n The Group recognised lease liabilities as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 31 December 2024 31 December 2023
Short-term lease liabilities 945 943
Long-term lease liabilities 4,488 4,181
5,433 5,124
\n \n The value of short-term leases and leases of low-value assets in 2024 equalled to EUR 145 thousand (2023: EUR 24 thousand) and it is included in other expenses. \n \n 22. Other Financial Investments Other non-current investments include following investments: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Other financial investments
Other financial assets at FVTPL 5,006 5,922
Other financial assets at FVOCI 12,264 11,099
Total non-current financial assets 17,271 17,021
\n\n \n The table below discloses investments in equity securities at 31 December 2024 by measurement categories and classes: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Other financial assets at FVTPL Other financial assets at FVOCI Total
Other financial investments
Corporate shares 0 12,264 12,264
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Convertible note* 0 0 0
Share options 5,066 0 5,066
Total Other financial investments at 31 December 2024 5,006 12,264 17,271
\n \n \n The gain from the financial assets recognized in FVTPL (RayGen Resources Pty Ltd. share option) has been classified on the sep- arate financial statement line Gain on investment revaluation. As of the 31 December 2024 the gain was amounted to EUR 417 thousand (2023: EUR 2,902 thousand). * In november 2024 the Group realised convertible note and received 53,460 corporate shares upon the previous agree- ment. In the past the group provided funding to RayGen Resources Ltd in form of convertible note in notional amount of EUR 1,115 thousand. Number of conversion shares was determined based on defined price per share. Gain from realisation of convertible note was recorded in profit and loss amounted to EUR 4 thousand. Upon conversion, the note was replaced with corporate shares revalued at FVOCI. \n The table below discloses investments in equity securities at 31 December 2023 by measurement categories and classes: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Other financial assets at FVTPL Other financial assets at FVOCI Total
Other financial investments
Corporate shares 0 11,099 11,099
Convertible note 1,332 0 1,332
Share options 4,590 0 4,590
Total Other financial investments at 31 December 2023 5,922 11,099 17,021
\n (a) Other financial assets at FVOCI \u2013 Corporate shares At 31 December 2024, the Group designated investments dis- closed in the following table as equity securities at FVOCI. The FVOCI designation was made because the investments are expected to be held for strategic purposes rather than with a view to profit on a subsequent sale, and there are no plans to dispose of these investments in the short or medium term. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Fair value at 31 December 2024 Dividend income recognised for the year
Other financial assets at FVOCI
Investment in RayGen Resources Pty Ltd ordinary shares 6,724 0
Investment in RayGen Resources Pty Ltd preference shares 4,858 0
Investment in ValueTech Fund shares 682 0
Total Other financial assets at FVOCI 12,264 0
\n At 31 December 2023, the Group designated investments dis- closed in the following table as equity securities at FVOCI. The FVOCI designation was made because the investments are expected to be held for strategic purposes rather than with a view to profit on a subsequent sale, and there are no plans to dispose of these investments in the short or medium term.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Fair value at 31 December 2023 Dividend income recognised for the year
Other financial assets at FVOCI
Investment in RayGen Resources Pty Ltd ordinary shares 6,934 0
Investment in RayGen Resources Pty Ltd preference shares 3,527 0
Investment in ValueTech Fund shares 637 0
Total Other financial assets at FVOCI 11,099 0
\n At 31 December 2024 securities at FVOCI include equity securi- ties which are not publicly traded. Due to the nature of the local financial markets, it is not possible to obtain current market value for these investments. For these investments, fair value is estimated by reference to subscription value of additional shares placed. Refer to note 38. Reconciliation of movements in Other financial assets at FVOCI follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Valuetech Investment in RayGen Resources Pty Ltd Total
Other financial assets at FVOCI as at 1 January 2023 605 5,513 6,118
Revaluation recognised in OCI -16 5,271 5,255
Fx impact 48 -322 -274
Derecognition (change of consolidation method) 0 0 0
Other financial assets at FVOCI as at 31 December 2023 637 10,462 11,099
Revaluation recognised in OCI 45 -316 -271
Fx impact 1 -2 -1
Addition (change of consolidation method) 0 1,438 1,438
Other financial assets at FVOCI as at 31 December 2024 682 11,582 12,264
\n At the year-end 2024, the Group has revalued its share in the Valuetech fund based on the equity value of the participations in the Valuetech books by EUR 45 thousand presented in OCI (In 2023 by EUR 31 thousand). In 2024, the revaluation of investment in RayGen was per- formed and EUR -316 thousand was booked in OCI (In 2023 EUR 4,949 thousand) and EUR 417 thousands was booked in PL (in 2023 EUR 4,224 thousand). \n \n \n 25. Trade and Other Receivables, Loans to Related Parties, Prepaid expenses Trade and other receivables \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Note 2024 2023
Trade receivables (gross) 10,333 6,170
Other than trade receivables 7,120 3,221
Loans provided to related parties 39 2,826 2,815
Other financial asset at FVPL 1,100 0
Fair value of derivatives 35 1,653 2,012
Less credit loss allowance -1,463 -1,300
Advances paid (deposits) \u2013 current and non current 875 0
Total financial assets with trade and other receivables 22,444 12,918
Advances paid \u2013 current and non current 3,688 2,851
VAT receivables 6,629 6,567
Total non-financial assets with trade and other receivables 10,317 9,418
Total trade and other receivables, loans to related parties 32,761 22,336
\n \n \n \n Trade receivables of EUR 10,333 thousand less credit loss allow- ance of EUR 1,463 thousand (2023: EUR 6,170 thousand) include mainly current and overdue receivables from sale of electricity, O&M services and sales of technologies. Other than trade re- ceivables in total amount of EUR 7,120 thousand (2023: EUR 3,221 thousand) include mainly other receivables from reinvoic- ing, loans provide to non-related parties and other receivables. Current and non-current advances paid of EUR 3,688 thousand (2023: EUR 2,851 thousand) include mainly advances paid for purchase of technology. Non-current deposits paid by Lerta Group for auction in the amount of EUR 875 thousand as at 31 December 2024 (2023: EUR 0 thousand) include refundable advance of Photon Energy Trading CEE Kft. (Lerta Energy HU kft.) of EUR 717 thousand. \n \n Remaining portion of advances presented separately in amount of EUR 510 thousand includes paid non-current advances re- lated to Resolar provision of EUR 510 thousand (2023: EUR 534 thousand) which will be settled upon liquidation of panels in ac- cordance with requirement of EU and Czech regulation in 2030, see also note 33.\n Other finacial asset at FVPL in the amount of EUR 1,100 thou- sand presents consideration for the sale of subsidiary that will be received in the next year. Fair value of derivatives of EUR 1,653 thousand (2023: EUR 2,012 thousand) is presented as long-term receivable as the de- rivatives are related to the long-term financing. There were no receivables written off during 2024 (2023: EUR 2 thousand which were not provided for). Other receivables as per financial statements include the ad- vances, VAT receivables and other than trade receivables from the table above (total EUR 19,684 thousand). Increase in VAT re- ceivable is caused by the administrative procedures in Roma- nia, when VAT can be refund after long period of time.Other than trade receivables have increased primarily as a re- sult of accrued revenues in engineering segment and for the in- come the Maryvale project. Loans provided to related parties represent mainly loans pro- vided to Solar Age Investments B.V. and other related parties that are not eliminated in the consolidation of PENV. For more information on related party transactions, see also note 40. \n \n The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss al- lowance for all trade receivables, other receivables, and receiv- ables from related parties. To measure the expected credit losses, receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of customers/counterparty over a period of 36 month before each balance sheet date and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accord- ingly adjusts the historical loss rates based on expected changes in these factors. The credit loss allowance for trade receivables and other receiv- ables is determined according to provision matrix presented in the table below. The provision matrix is based the number of days that an asset is past due, adjusted for forward looking in- formation. The credit loss allowance for Loans provided to related parties is determined according to internal analysis of recoverability of Loans provided to related parties, based on this analysis no ECL provisions were created as at 31 December 2024 and 31 De- cember 2023. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 31 December 2023
In thousands of EUR Loss rate Gross Lifetime ECL Net Loss rate Gross Lifetime ECL Net
Trade receivables
Current 0.10% 6,529 -7 6,522 0.10% 2,982 -3 2,979
Less than 30 days overdue 0.50% 1,557 -8 1,549 0.50% 485 -2 483
30 to 90 days overdue 1.50% 192 -3 189 1.50% 370 -6 364
90 to 360 days overdue 2.00% 406 -8 398 2% 581 -12 569
Over 360 days overdue 100.00% 276 -276 0 100% 272 -272 0
Specific allowance 85.00% 1,373 -1,162 212 85% 1,170 -1,005 165
Total for trade receivables 10,333 -1,463 8,871 5,860 -1,300 4,560
Other receivables 0.10% 310 0 310
Total 10,333 -1,463 8,871 6,170 -1,300 4,870
\n Specific ECL for receivables overdue for more than 360 days as at 31 December 2024 was based on present value of future cash flow of related receivables. Specific allowance was created for the same customers as in 2023 year: Nubland Nexus and Alpha Solar Systems) because of its filing for insolvency (see also Note 16)\n \n \n \n \n \n The following table explains the changes in the credit loss allowance for trade receivables under simplified ECL model between the beginning and the end of the annual period: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Allowance for credit losses on trade and other receivables as at 1 January 1,300 1,047
New originated 203 517
Released due to write off 0 -2
Changes in estimates and assumptions 0 -153
Total credit loss allowance exchange in profit or loss for the period 1,503 1,409
Foreign exchange movements -40 -109
Allowance for credit losses on trade and other receivables as at 31 December -1,463 1,300
\n Prepaid expenses amounted to EUR 1,273 thousand (2023: EUR 1,289 thousand) and includes mainly prepaid expenses related to insurance and ERP implementation.\n \n \n \n \n \n Terms and debt repayment schedule Terms and conditions of outstanding loans were as follows: In thousands of EUR \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 31 December 2023
Portfolio Bank Currency Nominal interest rate Year of maturity Credit limit Utilised Credit limit Utilised
Czech Secured bank loan (Unicredit) CZK 3M PRIBOR + 1.9% 31.12.2029 18,732 18,732 18,241 18,241
Czech Secured bank loan (Unicredit) EUR 3M EURIBOR + 2.35% 31.12.2025 3,129 3,129 6,133 6,133
Slovak Secured bank loan (Unicredit) EUR 3M EURIBOR + 1.55% 30.6.2025 \u2013 30.9.2027 5,509 5,509 6,407 6,407
Hungary Secured bank loan (K&H) HUF 3M BUBOR + 2.2\u20132.5% 28.6.2034 31.3.2035 9,955 9,955 11,852 11,852
Hungary Secured bank loan (K&H) EUR 3M EURIBOR + 2.5-2.8% 28.6.2034 6,836 6,836 7,587 7,587
Hungary Secured bank loan (K&H) EUR 3M EURIBOR + 3.3% 30.09.2044 6,000 3,560 6,000 3,500
Hungary Secured bank loan (CIB) HUF 3M BUBOR + 2.5% 31.12.2035 4,064 4,064 4,645 4,645
Hungary Secured bank loan (CIB) EUR 3M EURIBOR + 2.75% 30.6.2032 3,253 3,253 3,837 3,837
Hungary Societe Generale EUR 6.79% 20.10.2036 630 630
Australia Secured bank loan (Infradebt) AUD 3M BBSW (min 0,5%) +2,35-3,25% 31.12.2026 0 0 3,611 3,611
Romania Secured bank loan EUR 3M EURIBOR+3.95% 31.3.2028 21,900 19,250 21,900 19,545
Romania Revolving credit (RB) EUR 6M EURIBOR + 4.25% 30.06.2029 5,000 5,000 5,000 5,000
Romania EBRD EUR 6M EURIBOR+3.62% 10.7.2031 15,000 4,975 0 0
Romania Unicredit VAT Line RON 3M ROBOR + 3.75% 31.3.2025 1,835 1,835
Poland Bank loan (ING) PLN 3M WIBOR + 4% 30.11.2025 92 41 92 61
Poland Bank loan (ING) PLN 3M WIBOR + 4% 28.02.2030 92 - 92 72
Czech Overdraft account EUR 1W EURIBOR + 1,9%* n/a 5,000 4,202 5,000 4,968
Accrued fees and interest (846) - (508)
Total interest bearing loans 107,027 90,125 100,397 94,951
\n * can be used in CZK and USD as well with relevant rate (1W PRIBOR + 1,90% or SOFR + 1,90%) \n \n The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates at the end of the reporting period are disclosed in note 37. All secured bank loans are pledged by SPVs\u2019 assets of power plants including real estate if any and technology receivables generated by power plants. In case of secured bank loans all power plants are cross-collateralized within the financing banks, see also note 19. \n In March 2023, The Group has closed a non-recourse project refinancing agreement in the amount of EUR 21.9 million with Austrian Raiffeisen Bank International (RBI) for its portfolio of PV power plants in Romania with a total installed capacity of 31.5 MWp. Compliance with Covenants The Group is subject to certain covenants related primarily to its borrowings. Non-compliance with such covenants may result in negative consequences for the Group including growth in the cost of borrowings and declaration of default. The Group was in compliance with all financial covenants ex- cept of interest coverage ratio and equity ratio required by one lender. However, the waivers have been obtained in February and March 2025 and therefore this does not represent an event of default under the borrowings. The relevant loan has been re- classified to the short-term liabilities (EUR 5,000 thousand), as the waiver has not been obtained before the year-end. There is no cross-default clause in the other loan agreements tied to the above breach of covenants.\n \n \n \n \n \n Issued bonds \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Amortised amount Fair value
In thousands of EUR 2024 2023 2024 2023
Current liabilities
CZK bond 2016/23 0 0 0
Green bond 2021/27 537 529 537 528
Non-current liabilities
Green bond 2021/27 78,321 78,539 79,784 79,743
Total 78,858 79,068 80,321 80,271
\n The EUR green bonds 2021/27 are traded on the unregulated market segments of the Stock Exchanges in Frankfurt, Berlin, Hamburg, Hannover, Munich, D\u00fcsseldorf and Stuttgart. The net proceeds of the transaction are allowed to be used only for fi- nancing and expanding eligible assets in accordance with its Green Financing Framework. Company rebought from market bond in nominal value of EUR 465 thousand in 2024. CZK bond 2016/23 issued in October 2016 has an annual cou- pon of 6%, with an outstanding nominal amount of EUR 3,146 thousand as of 31 December 2022 (2021: EUR 3,052 thousand) which was repaid in December 2023. CZK bonds 2016/23 were traded on the unregulated market segment of the Prague Stock Exchange. Accrued interest of EUR 537 thousand at 31 December 2024 for EUR Green bond (2023: EUR 529 thousand) is presented within current liabilities. The fair values are based on cash flows discounted using a rate based on the borrowing rate 9,23% (the applicable credit spread + risk free rate for relevant currency) (2023: 7,69%) and are within level 2 of the fair value hierarchy. \n \n Other long-term financing Other long-term financing of EUR 398 thousand (2023: EUR 208 thousand) that includes mainly consumer loans received for car financing and other long-term liabilities.\n \n \n \n \n \n 33. Trade and Other Payables \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Note 2024 2023
Trade payables 16,780 9,308
Other payables 1,253 1,192
Total financial liabilities with trade and other payables 18,034 10,500
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Note 2024 2023
Payables to employees 2,734 1,886
Other liabilities 1,497 2,174
Total non-financial liabilities with trade and other payables 4,230 4,060
Total trade and other payables 22,264 14,560
\n Trade payables of EUR 16,780 thousand (2023: EUR 9,308 thou- sand) include mainly regular trade payables and payables for supply of goods and services to the Group. Other payables of EUR 1,253 thousand (2023: EUR 1,192 thou- sand) include accrued liabilities mainly related to the delivery of goods in transit. Non-financial other liabilities include mostly advances received and employees related accruals.\n \n \n \n 35. Derivative Financial Instruments \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 31 December 2023
In thousands of EUR Contracts with positive fair value Contracts with negative fair value Contracts with positive fair value Contracts with negative fair value
Interest rate swaps, fair values, at the end of reporting period
Trading derivatives 0 -45 0 -59
Hedging derivatives (note 25) 1,592 -1,516 2,009 -1,663
Value of interest rate swaps 1,592 -1,561 2,009 -1,722
Net value of interest rate swaps 31 287
Other Derivative Financial Instruments
FX options (note 25) 61 -3 3 0
Shares options (note 22) 5,006 0 4,590 0
Net Value of Other Derivative Financial Instruments 5,098 -3 4,880 0
\n Interest rate swaps are derivative financial instruments entered into by the Group are generally concluded with financing banks on standardised contractual terms and conditions. Derivatives have potentially favourable (assets) or unfavourable (liabilities) conditions as a result of fluctuations in market interest rates, foreign exchange rates or other variables relative to their terms. The aggregate fair values of derivative financial assets and lia- bilities can fluctuate significantly from time to time. The Company determines whether an economic relationship exists between the cash flows of the hedged item and hedging instrument based on an evaluation of the qualitative characteristics of these items. The company considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic rela- tionship. The Company evaluates whether both hedging instru- ment and hedged items are concluded in the same currency and, therefore, are subject to the same risk, whether the nomi- nal amount of the hedging instrument and hedged items are identical and whether the maturity dates are identical.\n \n \n 38. Presentation of Financial Instruments by Measurement Category For the purposes of measurement, IFRS 9 Financial Instruments classifies financial assets into the following categories: (a) finan- cial assets at FVTPL; (b) debt instruments at FVOCI, (c) equity in- struments at FVOCI and (d) financial assets at AC. Financial assets at FVTPL have two sub-categories: (i) assets mandatorily measured at FVTPL, and (ii) assets designated as such upon ini- tial recognition. In addition, finance lease receivables form a separate category. The following table provides a reconciliation of financial assets: 31 December 2024: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR FVOCI FVPL AC Total
Assets
Cash and cash equivalents 0 0 8,437 8,437
Liquid assets with restriction on disposition 0 0 5,914 5,914
Other financial assets 12,264 5,006 0 17,271
Trade and other receivables 1,653 1,100 27,182 29,935
Loans provided 0 0 2,826 2,826
Total financial assets 13,917 6,106 44,360 64,384
\n As of 31 December 2024, all of the Group\u2019s financial liabilities were carried at amortised costs. 31 December 2023: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR FVOCI FVPL AC Total
Assets
Cash and cash equivalents 0 0 5,838 5,838
Liquid assets with restriction on disposition 0 0 7,140 7,140
Other financial assets 11,099 5,922 0 17,021
Trade and other receivables 290 0 16,685 16,975
Loans provided 0 0 2,815 2,815
Total financial assets 11,389 5,922 32,479 49,790
\n As of 31 December 2023, all of the Group\u2019s financial liabilities were carried at amortised costs. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417082533310": { "value": "\n \n 20. Goodwill Goodwill in the preliminary purchase price allocation in the amount of EUR 15,446 thousand is result of the business acqui- sition. The integration of Lerta into Photon Energy Group rep- resents the fusion of physical and digital energy to create a customer-centric renewable energy utility that will be uniquely positioned to effectively address the pain points of energy gen- erators, energy users and transmission system operators. En- ergy generators will be able to benefit from an integrated approach to asset operation and management as well as cost- efficient market access, including balancing services. Energy us- ers will be able to manage and optimise their costs from a com- bination of on-site generation and off-site supply. This will include the benefit of energy storage and the monetisation of their demand flexibility. Transmission systems operators will be provided with flexible supply, DSR and ancillary services to the power grid. The impact on Photon Energy Group\u2019s strategic and operational priorities following the Transaction will include: \u25ba Capacity building and product development for the ef- ficient delivery of a \u2018one-stop shop\u2019 offering that com- bines assets, services and IT solutions to establish Photon Energy Group as the preferred partner for commercial and industrial customers in the CEE re- gion on their journey from passive energy users to proactive energy flexumers. \u25ba A significant acceleration in the deployment of utility- scale and on-site energy storage capacities both as an EPC supplier as well as an investor, leveraging the Group\u2019s experience in Australia such as the Lord Howe Island hybrid - energy system and potential sim- ilar future projects. Close monitoring of the emergence of markets for grid flexibility and other ancillary services worldwide and evaluation of oppor- tunities as they emerge, which may lead to relatively low-risk and low-cost market entries into new locations currently not served by the Company. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Goodwill Total
Carrying amount as at 1 January 2022 0 0
Acquisition of subsidiary 15,466 15,466
Carrying amount as at 31 December 2022 15,466 15,466
Effect of the PPA adjustment -194 -194
Carrying amount as at 31 December 2022 restated 15,272 15,272
Carrying amount as at 31 December 2022 restated 15,272 15,272
Cost 15,272 15,272
Carrying amount as at 31 December 2023 15,272 15,272
Cost 15,272 15,272
Carrying amount as at 31 December 2024 15,272 15,272
\n \n \n \n Preliminary valuation For the purpose of the preliminary valuation of the Lerta S.A. Group and subsequent calculation of the goodwill, the Board of Directors used the Discounted Cash Flow Method (the \u201cMethod\u201d) based on a 5-year business plan of Lerta, i.e. for years 2023-2027 and assuming going concern basis after the forecast- ing period. The valuation date was 31 December 2022. In 2022 the acquisition accounting was prepared on a provi- sional basis. During preparation of consolidated financial state- ments as of 31.12.2023 the Group completed the acquisition accounting as allowed by IFRS 3 and therefore revised compar- ative financial information. Throughout the financial year 2023, the Group was able to review all assets considered for revalua- tion as of the deciding date for acquisition. Two groups of intan- gible assets (internally developed softwares and capacity market contracts) had not been valued on its fair value based on the information management had realized through out the year 2023, therefore the revaluation was carried out based facts and circumstances available as of the date of acquisition. Goodwill was calculated in the amount of EUR 15,272 thousand (see below table) as per the final purchase price allocation final- ized in 2023. Details of net assets acquired and goodwill in the final purchase price allocation (finalized in 2023) arising are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 31 De- cember 2022 Chan ge 31 December 2022 restated
Total net assets ac- quired 1,445 -461 984
Capacity market contracts 6,047 -589 5,458
SW revaluation up- lift 0 671 671
Deferred tax liabil- ity -1,149 112 -1,037
Goodwill arising from the acquisi- tion 15,005 267 15,272
Total net assets acquired 21,349 0 21,349
\n Goodwill assignment After acquisition all Lerta entities have become part of the op- erational segment \u201cNew Energy\u201d. The segment has its own op- erational management and with other companies included within this segment, all Lerta entities are managed, financed and operated uniformly and equally. All Lerta entities are inter- linked in its operating activities, especially related to the sharing capacities of individual departments, mainly those related to back office and ITS services and cash management. The whole operating concept of the \u201eNew Energy\u201c segment is to build, operate and maintain \u201evirtual power plant\u201c. Basically, it means combining electricity and capacity trading together with other services to provide customers and providers of capacities entire portfolio of services. Except for the working capital, the assets of \u201eNew Energy\u201c seg- ment consist primarily from software, which is used for trading activities and data collection related to them. The software is developed and owned basically by one single entity (PE Sys- tems). Developed and maintained trading SW platforms are in- terconnected and thus help in generating cash flows from all the businesses mentioned above. This individual specific plat- form would hardly generate independent cash flows without using other software owned and used. Currently the electricity trading and capacity trading is or will be done in the same states and markets to follow the concept of virtual powerplant as was mentioned above. In consequence, all Lerta entities are considered as one cash generating unit to which the goodwill mentioned above is as- signed. Goodwill impairment test The total equity value of Lerta Group as calculated based on the Discounted cash flow (DCF) valuation method is PLN 199,7 mil- lion (EUR 45,5 million). The value of equity, goodwill and intan- gible assets recognized upon acquisition amounted to PLN 91 million (EUR 21 million) representing a 41% discount towards the enterprise value and 48% discount towards equity value in use based on the DCF valuation method. The recoverable amount of goodwill is significantly higher than the carrying amount and there was no indication for impairment identified. For the valuation of the Lerta S.A. Group (in the structure as of 31.12.2022; the date of taking over control of Lerta Group) and subsequent calculation of the goodwill, the Board of Directors used the Discounted Cash Flow Method (the \u201cMethod\u201d) based on a 2025 forecast and business plan of Lerta for years 2025- 2029 and assuming going concern basis after the forecasting period. The valuation date is 31 December 2024. The terminal value is calculated on the assumption that the terminal growth rate will continue to increase at 1% p.a. Such terminal growth rate is determined by the current economic environment while maintaining a conservative approach. The discount rate used to discount free cash flows amounted to 15,6% and was calculated using the weighted average cost of capital, using the government bonds yield in local currency in Poland and the adequate risk factors (5,25% Equity Risk Pre- mium) for equity discount rate and selected 20Y interest rate swap rate raised about the credit margin and adjusted by local income tax. The business of New Energy relies on strong revenue growth across multiple markets while maintaining a linear cost in- crease. To support this, the company aims to stabilize its tech- nology and systems in 2025 and sustain them beyond. Currently, New Energy provides: \u25ba Asset trading services in Poland, the Czech Republic, and Hungary \u25ba Proprietary trading in the Czech Republic and Hun- gary \u25ba Capacity Market services in Poland The Capacity Market is currently focused on Poland, with addi- tional expansion planned for Ancillary Services in Poland, Hun- gary, and the Czech Republic starting in 2025. New Energy is targeting a leading position as the first aggregator to provide Ancillary Services in Poland and is also actively working to be- come the country\u2019s first optimizer of battery storage. This will\n \n \n \n strengthen the role as a high-value route-to-market provider for batteries in the region. The following key assumptions were used for the business plan of Lerta: \u25ba Capacity market: The gross profit margin is planned at 25% in 2025 and is expected to remain at this level in 2026. From 2027 onwards, the margin is projected to increase to 33%, maintaining this level in subse- quent years. \u25ba El. business \u2013 Portfolio management: A margin of 7% is planned for 2025, with a slight increase to 8% from 2026 onwards, remaining stable in the following years. \u25ba El. business \u2013 Proprietary trading: Starting from 2025, a gross profit margin of 15% is expected, which will be sustained through 2029. \u25ba Ancillary services: The margin is currently planned at 21% from 2025 onwards. Overall, the gross profit margin is expected to be 18% in 2025, stabilizing at this level for the long term. The Group forecasted EBITDA margin in 2025 is 8,7% while the margin should range between 9,3% to 12,5% during the planning horizon. Sensitivities in DCF Sensitivity tests were performed to asses the impact of changes in some key assumptions like the discount rate used to discount cash flows and the change of the growth rate of the terminal value (TV). In addition to the annual impairment test, sensitivity tests were performed to assess the impact of changes in the key assumptions such as discount reate (3% higher / lower), termi- nal growth rate (3% higher / lower). Both the regular sensitivity tests and the additional sensitivity tests show that the changes in key assumptions would not cause carrying amounts to exceed recoverable amounts .\n \n \n \n \n 21. Intangible Assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Intangible assets in course of development Software Capacity market contracts Total
Carrying amount as at 31 December 2022 512 1,571 5,458 7,541
Additions/transfers 1,135 1,366 0 2,501
Acquisition of subsidiary 0 0 0 0
Amortisation charge 0 -508 -1,325 -1,833
Effect of movements in exchange rates 49 -135 -61 -147
Carrying amount as at 31 December 2023 1,696 2,294 4,072 8,062
Cost 1,696 4,595 5,458 11,749
Accumulated amortisation 0 -2,166 -1,325 -3,491
Effect of movements in exchange rates 0 -135 -61 -196
Carrying amount as at 31 December 2023 1,696 2,294 4,072 8,062
Additions/transfers 3,275 244 0 3,520
Amortisation charge 0 -644 -340 -983
Effect of movements in exchange rates -1 -63 100 36
Carrying amount as at 31 December 2024 4,970 1,831 3,832 10,635
Cost 4,970 4,839 5,458 15,268
Accumulated amortisation 0 -2,810 -1,665 -4,474
Effect of movements in exchange rates 0 -198 39 -159
Carrying amount as at 31 December 2024 4,970 1,831 3,832 10,635
\n Intangible assets in course of development of EUR 4,970 thou- sand at 31 December 2024 (in 2023 EUR 1,696 thousand) repre- sents software internally developed by Lerta for their internal purposes. Also the carrying amount of Software is mainly rep- reset by the internally developed systems developed by Lerta. Capacity market contracts in the amount of EUR 3,832 thou- sand (in 2023 EUR 4,072 thousand) represent activated intangi- bles acquired together with acquisition of Lerta and activated based on the DCF model\n .\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417082729183": { "value": "\n 20. Goodwill Goodwill in the preliminary purchase price allocation in the amount of EUR 15,446 thousand is result of the business acqui- sition. The integration of Lerta into Photon Energy Group rep- resents the fusion of physical and digital energy to create a customer-centric renewable energy utility that will be uniquely positioned to effectively address the pain points of energy gen- erators, energy users and transmission system operators. En- ergy generators will be able to benefit from an integrated approach to asset operation and management as well as cost- efficient market access, including balancing services. Energy us- ers will be able to manage and optimise their costs from a com- bination of on-site generation and off-site supply. This will include the benefit of energy storage and the monetisation of their demand flexibility. Transmission systems operators will be provided with flexible supply, DSR and ancillary services to the power grid. The impact on Photon Energy Group\u2019s strategic and operational priorities following the Transaction will include: \u25ba Capacity building and product development for the ef- ficient delivery of a \u2018one-stop shop\u2019 offering that com- bines assets, services and IT solutions to establish Photon Energy Group as the preferred partner for commercial and industrial customers in the CEE re- gion on their journey from passive energy users to proactive energy flexumers. \u25ba A significant acceleration in the deployment of utility- scale and on-site energy storage capacities both as an EPC supplier as well as an investor, leveraging the Group\u2019s experience in Australia such as the Lord Howe Island hybrid - energy system and potential sim- ilar future projects. Close monitoring of the emergence of markets for grid flexibility and other ancillary services worldwide and evaluation of oppor- tunities as they emerge, which may lead to relatively low-risk and low-cost market entries into new locations currently not served by the Company. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Goodwill Total
Carrying amount as at 1 January 2022 0 0
Acquisition of subsidiary 15,466 15,466
Carrying amount as at 31 December 2022 15,466 15,466
Effect of the PPA adjustment -194 -194
Carrying amount as at 31 December 2022 restated 15,272 15,272
Carrying amount as at 31 December 2022 restated 15,272 15,272
Cost 15,272 15,272
Carrying amount as at 31 December 2023 15,272 15,272
Cost 15,272 15,272
Carrying amount as at 31 December 2024 15,272 15,272
\n \n Preliminary valuation For the purpose of the preliminary valuation of the Lerta S.A. Group and subsequent calculation of the goodwill, the Board of Directors used the Discounted Cash Flow Method (the \u201cMethod\u201d) based on a 5-year business plan of Lerta, i.e. for years 2023-2027 and assuming going concern basis after the forecast- ing period. The valuation date was 31 December 2022. In 2022 the acquisition accounting was prepared on a provi- sional basis. During preparation of consolidated financial state- ments as of 31.12.2023 the Group completed the acquisition accounting as allowed by IFRS 3 and therefore revised compar- ative financial information. Throughout the financial year 2023, the Group was able to review all assets considered for revalua- tion as of the deciding date for acquisition. Two groups of intan- gible assets (internally developed softwares and capacity market contracts) had not been valued on its fair value based on the information management had realized through out the year 2023, therefore the revaluation was carried out based facts and circumstances available as of the date of acquisition. Goodwill was calculated in the amount of EUR 15,272 thousand (see below table) as per the final purchase price allocation final- ized in 2023. Details of net assets acquired and goodwill in the final purchase price allocation (finalized in 2023) arising are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 31 De- cember 2022 Chan ge 31 December 2022 restated
Total net assets ac- quired 1,445 -461 984
Capacity market contracts 6,047 -589 5,458
SW revaluation up- lift 0 671 671
Deferred tax liabil- ity -1,149 112 -1,037
Goodwill arising from the acquisi- tion 15,005 267 15,272
Total net assets acquired 21,349 0 21,349
\n Goodwill assignment After acquisition all Lerta entities have become part of the op- erational segment \u201cNew Energy\u201d. The segment has its own op- erational management and with other companies included within this segment, all Lerta entities are managed, financed and operated uniformly and equally. All Lerta entities are inter- linked in its operating activities, especially related to the sharing capacities of individual departments, mainly those related to back office and ITS services and cash management. The whole operating concept of the \u201eNew Energy\u201c segment is to build, operate and maintain \u201evirtual power plant\u201c. Basically, it means combining electricity and capacity trading together with other services to provide customers and providers of capacities entire portfolio of services. Except for the working capital, the assets of \u201eNew Energy\u201c seg- ment consist primarily from software, which is used for trading activities and data collection related to them. The software is developed and owned basically by one single entity (PE Sys- tems). Developed and maintained trading SW platforms are in- terconnected and thus help in generating cash flows from all the businesses mentioned above. This individual specific plat- form would hardly generate independent cash flows without using other software owned and used. Currently the electricity trading and capacity trading is or will be done in the same states and markets to follow the concept of virtual powerplant as was mentioned above. In consequence, all Lerta entities are considered as one cash generating unit to which the goodwill mentioned above is as- signed. Goodwill impairment test The total equity value of Lerta Group as calculated based on the Discounted cash flow (DCF) valuation method is PLN 199,7 mil- lion (EUR 45,5 million). The value of equity, goodwill and intan- gible assets recognized upon acquisition amounted to PLN 91 million (EUR 21 million) representing a 41% discount towards the enterprise value and 48% discount towards equity value in use based on the DCF valuation method. The recoverable amount of goodwill is significantly higher than the carrying amount and there was no indication for impairment identified. For the valuation of the Lerta S.A. Group (in the structure as of 31.12.2022; the date of taking over control of Lerta Group) and subsequent calculation of the goodwill, the Board of Directors used the Discounted Cash Flow Method (the \u201cMethod\u201d) based on a 2025 forecast and business plan of Lerta for years 2025- 2029 and assuming going concern basis after the forecasting period. The valuation date is 31 December 2024. The terminal value is calculated on the assumption that the terminal growth rate will continue to increase at 1% p.a. Such terminal growth rate is determined by the current economic environment while maintaining a conservative approach. The discount rate used to discount free cash flows amounted to 15,6% and was calculated using the weighted average cost of capital, using the government bonds yield in local currency in Poland and the adequate risk factors (5,25% Equity Risk Pre- mium) for equity discount rate and selected 20Y interest rate swap rate raised about the credit margin and adjusted by local income tax. The business of New Energy relies on strong revenue growth across multiple markets while maintaining a linear cost in- crease. To support this, the company aims to stabilize its tech- nology and systems in 2025 and sustain them beyond. Currently, New Energy provides: \u25ba Asset trading services in Poland, the Czech Republic, and Hungary \u25ba Proprietary trading in the Czech Republic and Hun- gary \u25ba Capacity Market services in Poland The Capacity Market is currently focused on Poland, with addi- tional expansion planned for Ancillary Services in Poland, Hun- gary, and the Czech Republic starting in 2025. New Energy is targeting a leading position as the first aggregator to provide Ancillary Services in Poland and is also actively working to be- come the country\u2019s first optimizer of battery storage. This will\n \n strengthen the role as a high-value route-to-market provider for batteries in the region. The following key assumptions were used for the business plan of Lerta: \u25ba Capacity market: The gross profit margin is planned at 25% in 2025 and is expected to remain at this level in 2026. From 2027 onwards, the margin is projected to increase to 33%, maintaining this level in subse- quent years. \u25ba El. business \u2013 Portfolio management: A margin of 7% is planned for 2025, with a slight increase to 8% from 2026 onwards, remaining stable in the following years. \u25ba El. business \u2013 Proprietary trading: Starting from 2025, a gross profit margin of 15% is expected, which will be sustained through 2029. \u25ba Ancillary services: The margin is currently planned at 21% from 2025 onwards. Overall, the gross profit margin is expected to be 18% in 2025, stabilizing at this level for the long term. The Group forecasted EBITDA margin in 2025 is 8,7% while the margin should range between 9,3% to 12,5% during the planning horizon. Sensitivities in DCF Sensitivity tests were performed to asses the impact of changes in some key assumptions like the discount rate used to discount cash flows and the change of the growth rate of the terminal value (TV). In addition to the annual impairment test, sensitivity tests were performed to assess the impact of changes in the key assumptions such as discount reate (3% higher / lower), termi- nal growth rate (3% higher / lower). Both the regular sensitivity tests and the additional sensitivity tests show that the changes in key assumptions would not cause carrying amounts to exceed recoverable amounts .\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417082649711": { "value": "\n \n 21. Intangible Assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Intangible assets in course of development Software Capacity market contracts Total
Carrying amount as at 31 December 2022 512 1,571 5,458 7,541
Additions/transfers 1,135 1,366 0 2,501
Acquisition of subsidiary 0 0 0 0
Amortisation charge 0 -508 -1,325 -1,833
Effect of movements in exchange rates 49 -135 -61 -147
Carrying amount as at 31 December 2023 1,696 2,294 4,072 8,062
Cost 1,696 4,595 5,458 11,749
Accumulated amortisation 0 -2,166 -1,325 -3,491
Effect of movements in exchange rates 0 -135 -61 -196
Carrying amount as at 31 December 2023 1,696 2,294 4,072 8,062
Additions/transfers 3,275 244 0 3,520
Amortisation charge 0 -644 -340 -983
Effect of movements in exchange rates -1 -63 100 36
Carrying amount as at 31 December 2024 4,970 1,831 3,832 10,635
Cost 4,970 4,839 5,458 15,268
Accumulated amortisation 0 -2,810 -1,665 -4,474
Effect of movements in exchange rates 0 -198 39 -159
Carrying amount as at 31 December 2024 4,970 1,831 3,832 10,635
\n Intangible assets in course of development of EUR 4,970 thou- sand at 31 December 2024 (in 2023 EUR 1,696 thousand) repre- sents software internally developed by Lerta for their internal purposes. Also the carrying amount of Software is mainly rep- reset by the internally developed systems developed by Lerta. Capacity market contracts in the amount of EUR 3,832 thou- sand (in 2023 EUR 4,072 thousand) represent activated intangi- bles acquired together with acquisition of Lerta and activated based on the DCF model\n .\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417081432562": { "value": "\n \n 22. Other Financial Investments Other non-current investments include following investments: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Other financial investments
Other financial assets at FVTPL 5,006 5,922
Other financial assets at FVOCI 12,264 11,099
Total non-current financial assets 17,271 17,021
\n\n \n The table below discloses investments in equity securities at 31 December 2024 by measurement categories and classes: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Other financial assets at FVTPL Other financial assets at FVOCI Total
Other financial investments
Corporate shares 0 12,264 12,264
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Convertible note* 0 0 0
Share options 5,066 0 5,066
Total Other financial investments at 31 December 2024 5,006 12,264 17,271
\n \n \n The gain from the financial assets recognized in FVTPL (RayGen Resources Pty Ltd. share option) has been classified on the sep- arate financial statement line Gain on investment revaluation. As of the 31 December 2024 the gain was amounted to EUR 417 thousand (2023: EUR 2,902 thousand). * In november 2024 the Group realised convertible note and received 53,460 corporate shares upon the previous agree- ment. In the past the group provided funding to RayGen Resources Ltd in form of convertible note in notional amount of EUR 1,115 thousand. Number of conversion shares was determined based on defined price per share. Gain from realisation of convertible note was recorded in profit and loss amounted to EUR 4 thousand. Upon conversion, the note was replaced with corporate shares revalued at FVOCI. \n The table below discloses investments in equity securities at 31 December 2023 by measurement categories and classes: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Other financial assets at FVTPL Other financial assets at FVOCI Total
Other financial investments
Corporate shares 0 11,099 11,099
Convertible note 1,332 0 1,332
Share options 4,590 0 4,590
Total Other financial investments at 31 December 2023 5,922 11,099 17,021
\n \n \n \n 35. Derivative Financial Instruments \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 31 December 2023
In thousands of EUR Contracts with positive fair value Contracts with negative fair value Contracts with positive fair value Contracts with negative fair value
Interest rate swaps, fair values, at the end of reporting period
Trading derivatives 0 -45 0 -59
Hedging derivatives (note 25) 1,592 -1,516 2,009 -1,663
Value of interest rate swaps 1,592 -1,561 2,009 -1,722
Net value of interest rate swaps 31 287
Other Derivative Financial Instruments
FX options (note 25) 61 -3 3 0
Shares options (note 22) 5,006 0 4,590 0
Net Value of Other Derivative Financial Instruments 5,098 -3 4,880 0
\n Interest rate swaps are derivative financial instruments entered into by the Group are generally concluded with financing banks on standardised contractual terms and conditions. Derivatives have potentially favourable (assets) or unfavourable (liabilities) conditions as a result of fluctuations in market interest rates, foreign exchange rates or other variables relative to their terms. The aggregate fair values of derivative financial assets and lia- bilities can fluctuate significantly from time to time. The Company determines whether an economic relationship exists between the cash flows of the hedged item and hedging instrument based on an evaluation of the qualitative characteristics of these items. The company considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic rela- tionship. The Company evaluates whether both hedging instru- ment and hedged items are concluded in the same currency and, therefore, are subject to the same risk, whether the nomi- nal amount of the hedging instrument and hedged items are identical and whether the maturity dates are identical.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417092212496": { "value": "\n The table below discloses investments in equity securities at 31 December 2024 by measurement categories and classes: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Other financial assets at FVTPL Other financial assets at FVOCI Total
Other financial investments
Corporate shares 0 12,264 12,264
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Convertible note* 0 0 0
Share options 5,066 0 5,066
Total Other financial investments at 31 December 2024 5,006 12,264 17,271
\n \n The gain from the financial assets recognized in FVTPL (RayGen Resources Pty Ltd. share option) has been classified on the sep- arate financial statement line Gain on investment revaluation. As of the 31 December 2024 the gain was amounted to EUR 417 thousand (2023: EUR 2,902 thousand). * In november 2024 the Group realised convertible note and received 53,460 corporate shares upon the previous agree- ment. In the past the group provided funding to RayGen Resources Ltd in form of convertible note in notional amount of EUR 1,115 thousand. Number of conversion shares was determined based on defined price per share. Gain from realisation of convertible note was recorded in profit and loss amounted to EUR 4 thousand. Upon conversion, the note was replaced with corporate shares revalued at FVOCI. \n \n Other non-current investments include following investments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Fair value at 31 December 2024 Fair value at 31 December 2023
Investment in Raygen Resources Pty Ltd ordinary shares 6,725 6,934
Investment in Raygen Resources Pty Ltd preference shares* 4,858 3,527
Investment in Raygen Resources Pty Ltd convertible note* 0 1,333
Investment in Valuetech 682 637
Share options 5,006 4,590
Total Other investments 17,271 17,021
\n * In 2024 convertible note was converted to preference shares. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417012930536": { "value": "\n 23. Deferred Tax Assets and Liabilities Movement in temporary differences during the year: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Balance as at 1 January 2023 Recognized in profit or loss Recognized in OCI of which Fx translation Recognized in OCI of which DT from revaluation Balance as at 31 December 2023 Recognized in profit or loss Recognized in OCI of which Fx translation Recognized in OCI of which DT from revaluation Balance as at 31 December 2024
Accumulated tax losses carried forward 95 0 0 0 95 -95 0 0 0
Internal margins eliminated 1,506 1,256 -79 0 2,683 1,734 0 0 4,417
Total recognised deferred tax asset 1,601 1,256 -79 0 2,778 1,639 0 0 4,417
Internal margins eliminated 69 52 0 0 121 52 0 0 173
Accumulated tax losses carried forward 183 203 0 0 386 225 0 0 611
Revaluation reserve \u2013 Derivatives -462 0 0 -168 -630 0 0 -179 -809
Intangible assets -1,037 263 0 151 -623 0 0 0 -623
Property, plant and equipment -9,766 1,047 -367 -1,238 -10,324 1,153 0 -323 -9,494
Net deferred tax asset/(liability) -9,412 2,821 -446 -1,255 -8,292 3,069 0 -502 -5,724
Recognised deferred tax asset 1,601 1,256 -79 0 2,778 1,639 0 0 4,417
Recognised deferred tax liability -11,013 1,565 -367 -1,255 -11,070 1,430 0 -502 -10,141
\n Recognised deferred tax liability is arising mainly from revalua- tion of property, plant and equipment. Deferred tax liability is initially recognised against equity (revaluation reserve) upon re- valuation of PPE (see also 5.1 and 17). Corresponding release of recognised deferred tax liability is recognised in OCI and subse- quently recycled to retained earnings. Majority of deferred tax balances are expected to be recovered or settled after more than 12 months after the reporting period and therefore the whole deferred tax liability is presented as Non Current Liability. In 2024 the Group reassessed the probability of generation of sufficient taxable profits prior to their expiry and derecognised deferred tax assets of EUR 95 thousand. Recognised deferred tax asset relates mainly to tax losses to be utilised in Czech Re- public, Hungary and Germany. Deferred tax liability relates to temporary differences in PPE mainly in Czech Republic, Slovakia and Hungary. Additionally, the Group recognised also deferred tax asset from internal margins eliminated of EUR 1,734 thou- sand. In 2024, deferred tax asset from internal margins eliminated was created in the amount of EUR 4,417 thousand. This de- ferred tax asset relates to the intercompany eliminations of margin from construction of the powerplants for the group en- tities. On the consolidated level, this margin is eliminated, but it is taxable on the local level and the temporary difference thus creates a deferred tax asset. It will be realized from the profits of the respective entities in the upcoming financial periods. In addition to recognised deferred tax liability, the Group also has unrecognised deferred tax assets mainly attributable to fol- lowing: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Note 2024 2023
Unrecognised deferred tax asset resulting from:
Provisions and other temporary differences 446 373
Accumulated tax losses 27,036 23,835
Unrecognised deferred tax asset 27,482 24,231
\n \n No deferred tax assets arising from these temporary differ- ences has been recognized in the financial statements as it is either not probable that sufficient taxable profits will be gener- ated prior to the expiry of unused tax losses or as the Group is not able to reliably assess the amounts and timing of future tax- able profits. The potential deferred tax assets have been calculated using the tax rates valid in individual countries where accumulated tax losses arise (Czech Republic, Slovakia, Germany, Nether- lands, Switzerland, Australia, Romania and Hungary). As of 31 December 2024 the Group has unused tax losses carry forward of EUR 27,036 thousand for which no deferred tax assets have been recognised. Out of these tax losses, EUR 3,029 thousand expire in 2025, EUR 21,388 thousand expire in the pe- riod 2026-2028, EUR 2,619 thousand expire in the period 2029- 2032 and EUR 0 thousand have an unlimited expiry date. Unrecognised deferred tax asset from provisions equaled to EUR 446 thousand (In 2023 EUR 373 thousand). As of 31 December 2023 the Group had unused tax losses carry forward of EUR 23,838 thousand for which no deferred tax as- sets have been recognised. Out of these tax losses, EUR 3,209 thousand were to expire in 2024, EUR 18,259 thousand in the period 2025-2027, EUR 2,390 thousand in the period 2027-2031 and EUR 0 thousand had an unlimited expiry date. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417083556315": { "value": "\n 24. Inventories \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Goods 3,923 12,966
Spare parts 2,451 1,127
Work in progress projects 371 0
Inventories 6,745 14,093
\n Goods consist mainly of photovoltaic panels, inverters, batter- ies and other system components for photovoltaic power plants. The cost of inventories recognized as an expense in Raw mate- rials and consumables used during the year in respect of con- tinuing operations amounted to EUR 37,989 thousand (31 December 2023: EUR 33,577 thousand). There were no goods which represent goods in transit based on Incoterms. Work in progress projects represent projects without signed external contract but intended to be provided as contract as- sets in the future. In 2024, allowance for inventories amounted to EUR 143 thou- sand (31 December 2023: EUR 340 thousand).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417090548201": { "value": "\n 25. Trade and Other Receivables, Loans to Related Parties, Prepaid expenses Trade and other receivables \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Note 2024 2023
Trade receivables (gross) 10,333 6,170
Other than trade receivables 7,120 3,221
Loans provided to related parties 39 2,826 2,815
Other financial asset at FVPL 1,100 0
Fair value of derivatives 35 1,653 2,012
Less credit loss allowance -1,463 -1,300
Advances paid (deposits) \u2013 current and non current 875 0
Total financial assets with trade and other receivables 22,444 12,918
Advances paid \u2013 current and non current 3,688 2,851
VAT receivables 6,629 6,567
Total non-financial assets with trade and other receivables 10,317 9,418
Total trade and other receivables, loans to related parties 32,761 22,336
\n \n Trade receivables of EUR 10,333 thousand less credit loss allow- ance of EUR 1,463 thousand (2023: EUR 6,170 thousand) include mainly current and overdue receivables from sale of electricity, O&M services and sales of technologies. Other than trade re- ceivables in total amount of EUR 7,120 thousand (2023: EUR 3,221 thousand) include mainly other receivables from reinvoic- ing, loans provide to non-related parties and other receivables. Current and non-current advances paid of EUR 3,688 thousand (2023: EUR 2,851 thousand) include mainly advances paid for purchase of technology. Non-current deposits paid by Lerta Group for auction in the amount of EUR 875 thousand as at 31 December 2024 (2023: EUR 0 thousand) include refundable advance of Photon Energy Trading CEE Kft. (Lerta Energy HU kft.) of EUR 717 thousand. \n \n Remaining portion of advances presented separately in amount of EUR 510 thousand includes paid non-current advances re- lated to Resolar provision of EUR 510 thousand (2023: EUR 534 thousand) which will be settled upon liquidation of panels in ac- cordance with requirement of EU and Czech regulation in 2030, see also note 33.\n Other finacial asset at FVPL in the amount of EUR 1,100 thou- sand presents consideration for the sale of subsidiary that will be received in the next year. Fair value of derivatives of EUR 1,653 thousand (2023: EUR 2,012 thousand) is presented as long-term receivable as the de- rivatives are related to the long-term financing. There were no receivables written off during 2024 (2023: EUR 2 thousand which were not provided for). Other receivables as per financial statements include the ad- vances, VAT receivables and other than trade receivables from the table above (total EUR 19,684 thousand). Increase in VAT re- ceivable is caused by the administrative procedures in Roma- nia, when VAT can be refund after long period of time.Other than trade receivables have increased primarily as a re- sult of accrued revenues in engineering segment and for the in- come the Maryvale project. Loans provided to related parties represent mainly loans pro- vided to Solar Age Investments B.V. and other related parties that are not eliminated in the consolidation of PENV. For more information on related party transactions, see also note 40. \n \n The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss al- lowance for all trade receivables, other receivables, and receiv- ables from related parties. To measure the expected credit losses, receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of customers/counterparty over a period of 36 month before each balance sheet date and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accord- ingly adjusts the historical loss rates based on expected changes in these factors. The credit loss allowance for trade receivables and other receiv- ables is determined according to provision matrix presented in the table below. The provision matrix is based the number of days that an asset is past due, adjusted for forward looking in- formation. The credit loss allowance for Loans provided to related parties is determined according to internal analysis of recoverability of Loans provided to related parties, based on this analysis no ECL provisions were created as at 31 December 2024 and 31 De- cember 2023. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 31 December 2023
In thousands of EUR Loss rate Gross Lifetime ECL Net Loss rate Gross Lifetime ECL Net
Trade receivables
Current 0.10% 6,529 -7 6,522 0.10% 2,982 -3 2,979
Less than 30 days overdue 0.50% 1,557 -8 1,549 0.50% 485 -2 483
30 to 90 days overdue 1.50% 192 -3 189 1.50% 370 -6 364
90 to 360 days overdue 2.00% 406 -8 398 2% 581 -12 569
Over 360 days overdue 100.00% 276 -276 0 100% 272 -272 0
Specific allowance 85.00% 1,373 -1,162 212 85% 1,170 -1,005 165
Total for trade receivables 10,333 -1,463 8,871 5,860 -1,300 4,560
Other receivables 0.10% 310 0 310
Total 10,333 -1,463 8,871 6,170 -1,300 4,870
\n Specific ECL for receivables overdue for more than 360 days as at 31 December 2024 was based on present value of future cash flow of related receivables. Specific allowance was created for the same customers as in 2023 year: Nubland Nexus and Alpha Solar Systems) because of its filing for insolvency (see also Note 16)\n \n \n \n The following table explains the changes in the credit loss allowance for trade receivables under simplified ECL model between the beginning and the end of the annual period: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Allowance for credit losses on trade and other receivables as at 1 January 1,300 1,047
New originated 203 517
Released due to write off 0 -2
Changes in estimates and assumptions 0 -153
Total credit loss allowance exchange in profit or loss for the period 1,503 1,409
Foreign exchange movements -40 -109
Allowance for credit losses on trade and other receivables as at 31 December -1,463 1,300
\n Prepaid expenses amounted to EUR 1,273 thousand (2023: EUR 1,289 thousand) and includes mainly prepaid expenses related to insurance and ERP implementation.\n \n \n \n \n \n Reconciliation of liabilities arising from financing activities The table below sets out an analysis of liabilities from financing activities and the movements in the Group\u2019s liabilities from financing activities for each of the periods presented. The items of these liabilities are those that are reported as financing in the statement of cash flows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Borrowings Issued bonds Lease liabilities Other liabilities from financing activities Total
Liabilities from financing activities at 1 January 2023 65,705 80,181 3,626 230 149,742
Cash flows
Loan drawdowns / New issues of bonds 38,710 2,500 0 0 41,210
Placement costs paid 0 -75 0 0 -75
Repayments of principal -8,550 -3,146 -1,177 -22 -12,895
Repurchase of bond 0 -615 0 0 -615
Interest payments -5,874 -5,352 -208 0 -11,434
Non-cash changes
Interest expense, including capitalized interest 5,739 5,608 208 0 11,556
New leasing contracts 0 0 2,775 0 2,775
Foreign exchange adjustments 605 -33 -100 0 472
Liabilities from financing activities at 31 December 2023 94,951 79,068 5,124 208 179,351
Cash flows
Loan drawdowns / New issues of bond 11,359 0 0 0 11,359
Placement costs paid 0 0 0 0 0
Repayments of principal -7,877 0 -1,219 0 -9,096
Repurchase of bond 0 -465 0 0 -465
Interest payments -6,114 -5,160 -269 0 -11,543
Non-cash changes
Interest expense, including capitalized interest 5,899 5,375 269 0 11,543
Other non-cash movements* -4,680 0 1,528 64 -3,088
Foreign exchange adjustments -3,413 40 0 0 -3,373
Liabilities from financing activities at 31 December 2024 90,125 78,858 5,433 272 174,688
\n *Other non-cash movements in bank loans represent amount of original external loans of Leeton, Fivebough and AUS SPV 6 that were reimbursed as a part of the sale transaction.\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417093859020": { "value": "\n Remaining portion of advances presented separately in amount of EUR 510 thousand includes paid non-current advances re- lated to Resolar provision of EUR 510 thousand (2023: EUR 534 thousand) which will be settled upon liquidation of panels in ac- cordance with requirement of EU and Czech regulation in 2030, see also note 33.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417101024039": { "value": "\n The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss al- lowance for all trade receivables, other receivables, and receiv- ables from related parties. To measure the expected credit losses, receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of customers/counterparty over a period of 36 month before each balance sheet date and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accord- ingly adjusts the historical loss rates based on expected changes in these factors. The credit loss allowance for trade receivables and other receiv- ables is determined according to provision matrix presented in the table below. The provision matrix is based the number of days that an asset is past due, adjusted for forward looking in- formation. The credit loss allowance for Loans provided to related parties is determined according to internal analysis of recoverability of Loans provided to related parties, based on this analysis no ECL provisions were created as at 31 December 2024 and 31 De- cember 2023. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 31 December 2023
In thousands of EUR Loss rate Gross Lifetime ECL Net Loss rate Gross Lifetime ECL Net
Trade receivables
Current 0.10% 6,529 -7 6,522 0.10% 2,982 -3 2,979
Less than 30 days overdue 0.50% 1,557 -8 1,549 0.50% 485 -2 483
30 to 90 days overdue 1.50% 192 -3 189 1.50% 370 -6 364
90 to 360 days overdue 2.00% 406 -8 398 2% 581 -12 569
Over 360 days overdue 100.00% 276 -276 0 100% 272 -272 0
Specific allowance 85.00% 1,373 -1,162 212 85% 1,170 -1,005 165
Total for trade receivables 10,333 -1,463 8,871 5,860 -1,300 4,560
Other receivables 0.10% 310 0 310
Total 10,333 -1,463 8,871 6,170 -1,300 4,870
\n Specific ECL for receivables overdue for more than 360 days as at 31 December 2024 was based on present value of future cash flow of related receivables. Specific allowance was created for the same customers as in 2023 year: Nubland Nexus and Alpha Solar Systems) because of its filing for insolvency (see also Note 16)\n \n The following table explains the changes in the credit loss allowance for trade receivables under simplified ECL model between the beginning and the end of the annual period: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Allowance for credit losses on trade and other receivables as at 1 January 1,300 1,047
New originated 203 517
Released due to write off 0 -2
Changes in estimates and assumptions 0 -153
Total credit loss allowance exchange in profit or loss for the period 1,503 1,409
Foreign exchange movements -40 -109
Allowance for credit losses on trade and other receivables as at 31 December -1,463 1,300
\n Prepaid expenses amounted to EUR 1,273 thousand (2023: EUR 1,289 thousand) and includes mainly prepaid expenses related to insurance and ERP implementation.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417090759649": { "value": "\n \n 27. Liquid Assets For the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash on hand and at banks. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be rec- onciled to the related items in the consolidated statement of financial position as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Cash and cash equivalents 8,437 5,838
Cash with restriction on disposition 5,914 7,140
Liquid assets* 14,352 12,978
\n *Liquid assets represt the alternative performance measure described in note 4.19 Cash with restriction on disposition includes mainly DSRA (debt service reserve accounts) and MRA (maintenance reserve ac- counts) for Czech, Slovak, Hungarian, Romanian and Australian SPVs (2023: without Czech SPVs) and guarantees issued. Part of the movement on Cash with restriction on disposition related to operating activities of the Group in 2024 in amount of EUR 0 thousand (2023: EUR 0 thousand) was presented as Change in trade and other receivables. Movement in Cash with restriction on disposition relating to borrowings of EUR -930 thousand (2023: EUR -767 thousand) was presented in Cash flows from financing activities.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250423084534492": { "value": "\n 27. Liquid Assets For the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash on hand and at banks. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be rec- onciled to the related items in the consolidated statement of financial position as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Cash and cash equivalents 8,437 5,838
Cash with restriction on disposition 5,914 7,140
Liquid assets* 14,352 12,978
\n *Liquid assets represt the alternative performance measure described in note 4.19 Cash with restriction on disposition includes mainly DSRA (debt service reserve accounts) and MRA (maintenance reserve ac- counts) for Czech, Slovak, Hungarian, Romanian and Australian SPVs (2023: without Czech SPVs) and guarantees issued. Part of the movement on Cash with restriction on disposition related to operating activities of the Group in 2024 in amount of EUR 0 thousand (2023: EUR 0 thousand) was presented as Change in trade and other receivables. Movement in Cash with restriction on disposition relating to borrowings of EUR -930 thousand (2023: EUR -767 thousand) was presented in Cash flows from financing activities.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417103521369": { "value": "\n \n 28. Assets Held for Sale As of 31 December 2024 Assets held for sale include one pro- ject Yadnarie in Australia in the amount of EUR 2,050 thousand reported in Other segment. Based on the ongoing development the project Domanowo in Poland reported as held for sale as of 31 December 2023 was reclassified in 2024 to contract assets. Assets held for sale consist of projects rights to the project un- der development and work in progress related to the project. Company has decided to sell it as there is no interest to de- velop and finalize the project internally anymore. There are also another projects open for potential sale, how- ever, with no specific offer as of the year-end 2024 and there- fore not disclosed as assets held for sale. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Asset held for sale 2,050 659
Liquid assets 2,050 659
\n On 31 October 2024 the Company disposed 100% of the share capital of three subsidiaries in Australia - Leeton Solar Farm Pty Ltd., Fivebough Solar Farm Pty. Ltd and Photon Energy AUS SPV 6 Pty. Ltd. The details of the disposed assets and liabilities and disposal consideration are as follows:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 31 October 2024
Cash and cash equivalents 0
Property, plant and equipment 12,674
Trade and other receivables 61
Trade and other payables -50
Loans and borrowings -4,680
Other liabilities -927
Net assets of subsidiary 7,078
Less: non-controlling interest 0
Carrying amount of disposed net assets 7,078
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 31 October 2024
Total disposal consideration 5,955
Less: fair value of receivable arising on disposal 0
Less: cash and cash equivalents in disposed subsidiary 0
Cash inflow on disposal 5,955
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Gain (loss) on disposal of subsidiary
Consideration for disposal of the subsidiary 5,955
Carrying amount of disposed net assets, net of non-controlling interest -7,078
Cumulative currency translation reserve on foreign operation recycled from other comprehensive income to profit or loss 76
Costs related to the sale of subsidiaries -503
Gain (loss) on disposal of subsidiaries -1,551
\n The Group has recorded a loss from disposal of Australian subsidiaries of EUR 1,551 thousand. This result is partially reflected in other non-cash items of the consolidated cash-flow, which includes also exchange rate impact of the individual lines included of the cash- flow. Within Loss from disposal of investments the Company recorded a gain in the amount of EUR 1,100 thousand related to the sale of subsidiary Maryvale Solar Farm in Australia, which was carried out in December 2021. The completion of an additional milestone in December 2024 resulted in a corresponding contractual payment.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417104312566": { "value": "\n 28. Assets Held for Sale As of 31 December 2024 Assets held for sale include one pro- ject Yadnarie in Australia in the amount of EUR 2,050 thousand reported in Other segment. Based on the ongoing development the project Domanowo in Poland reported as held for sale as of 31 December 2023 was reclassified in 2024 to contract assets. Assets held for sale consist of projects rights to the project un- der development and work in progress related to the project. Company has decided to sell it as there is no interest to de- velop and finalize the project internally anymore. There are also another projects open for potential sale, how- ever, with no specific offer as of the year-end 2024 and there- fore not disclosed as assets held for sale. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Asset held for sale 2,050 659
Liquid assets 2,050 659
\n On 31 October 2024 the Company disposed 100% of the share capital of three subsidiaries in Australia - Leeton Solar Farm Pty Ltd., Fivebough Solar Farm Pty. Ltd and Photon Energy AUS SPV 6 Pty. Ltd. The details of the disposed assets and liabilities and disposal consideration are as follows:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 31 October 2024
Cash and cash equivalents 0
Property, plant and equipment 12,674
Trade and other receivables 61
Trade and other payables -50
Loans and borrowings -4,680
Other liabilities -927
Net assets of subsidiary 7,078
Less: non-controlling interest 0
Carrying amount of disposed net assets 7,078
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 31 October 2024
Total disposal consideration 5,955
Less: fair value of receivable arising on disposal 0
Less: cash and cash equivalents in disposed subsidiary 0
Cash inflow on disposal 5,955
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Gain (loss) on disposal of subsidiary
Consideration for disposal of the subsidiary 5,955
Carrying amount of disposed net assets, net of non-controlling interest -7,078
Cumulative currency translation reserve on foreign operation recycled from other comprehensive income to profit or loss 76
Costs related to the sale of subsidiaries -503
Gain (loss) on disposal of subsidiaries -1,551
\n The Group has recorded a loss from disposal of Australian subsidiaries of EUR 1,551 thousand. This result is partially reflected in other non-cash items of the consolidated cash-flow, which includes also exchange rate impact of the individual lines included of the cash- flow. Within Loss from disposal of investments the Company recorded a gain in the amount of EUR 1,100 thousand related to the sale of subsidiary Maryvale Solar Farm in Australia, which was carried out in December 2021. The completion of an additional milestone in December 2024 resulted in a corresponding contractual payment.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417103119750": { "value": "\n \n 29. Capital and Reserves Share capital and share premium Ordinary shares \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In shares 2024 2023
On issue at 1 January 61,238,521 60,000,000
On issue at 31 December \u2013 fully paid 61,238,521 61,238,52
\n The Company\u2019s issued share capital is EUR 612,238 divided into 61,238,521 shares with a nominal value of EUR 0.01 each. The share capital is fully paid-up. Please refer also to Chapter 31, weighted average number of ordinary shares section. Ordinary shares All shares rank equally with regard to the Company\u2019s residual assets. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at the shareholders\u2019 meetings of the Company. \n \n Treasury shares At 31 December 2024 treasury shares included 1,337,717 ordi- nary shares of the Company (2023: 1,481,781 ordinary shares) owned directly by the Company. These ordinary shares carry no voting rights at the Shareholders Meeting. Share premium represents the excess of contributions received over the nominal value of shares issued. Proceeds from alloca- tion of treasury shares to employees in excess to nominal value of shares are also recorded in Share premium. Nominal value of sold treasury shares is recorded against Treasury shares re- serve. Movement in share capital can be analysed as follow: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Ordinary shares Share premium Treasury shares Total
At 1 January 2023 600 40,524 -139 40,985
Treasury shares allocated to employees 0 175 -175 0
Other movement 0 0 -513 -513
Acquisition of subsidiary (note 9) 12 -12 0 0
Treasury shares allocated to qualified investors 0 0 0 0
At 31 December 2023 612 40,687 -827 40,472
Treasury shares allocated to employees 0 0 0 0
Other movement 0 0 0 0
Acquisition of subsidiary (note 9) 0 0 0 0
Treasury shares allocated to qualified investors 0 0 0 0
Other transactions with owners in their capacity as owners 0 42 3 45
At 31 December 2024 612 40,729 -824 40,517
\n \n \n \n \n As of 31 December 2024 the shareholder structure was as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Shareholder No. of shares % of capital No. of votes at Shareholders Meeting % of votes at Shareholders Meeting
Solar Future Cooperatief U.A. 21,748,075 35.51% 21,748,075 36.29%
Solar Power to the People Cooperatief U.A. 19,694,640 32.16% 19,694,640 32.86%
Tomala Investments ASI Sp. z o.o. 2,288,537 3.74% 2,288,537 3.82%
Photon Energy N.V. 1,304,862 2.13% 0 0%
Free float 16,202,407 26.46% 16,202,407 27.03%
Total 61,238,521 100% 59,933,659 100%
\n As of 31 December 2023 the shareholder structure was as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Shareholder No. of shares % of capital No. of votes at Shareholders Meeting % of votes at Shareholders Meeting
Solar Future Cooperatief U.A. 21,769,075 35.55% 21,769,075 36.44%
Solar Power to the People Cooperatief U.A. 20,057,485 32.75% 20,057,485 33.57%
Tomala Investments ASI Sp. z o.o. 2,288,537 3.74% 2,288,537 3.83%
Photon Energy N.V. 1,491,781 2.44% 0 0%
Free float 15,631,643 25.52% 15,631,643 26.16%
Total 61,238,521 100% 59,746,740 100%
\n Mr. David Forth and Mr. Georg Hotar are the only members of the Company\u2019s Board of Directors. Mr. Michael Gartner indirectly owns 36.29 % of the votes, via Solar Future Cooperative U.A. and directly 0.041% of votes at the Shareholders Meeting. Mr. Georg Hotar indirectly owns 32.86 % of votes, via Solar Power to the People Co\u00f6peratief U.A. and directly 0.127 % of votes at the Shareholders Meeting. The Free float includes shares allocated to the employee share purchase programme and also shares allocated as purchase price for acquisition of subsidiary as described in Note 8. The disposition rights to these shares are limited and employees can dispose of these shares only under specific conditions.\n \n \n The other reserves relate to the legal reserve; the revaluation of property, plant and equipment \u2013 photovoltaic power plants the hedging reserve and the currency translation reserve. Refer be- low. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Legal reserve fund 13 13
Revaluation reserve 58,315 55,668
Currency translation reserve -739 1,933
Hedging reserve 83 359
Other capital funds -12 38
Total reserves 57,660 58,011
\n Legal reserve fund The Legal reserve fund is a reserve fund previously required by the Czech commercial law and Slovak commercial law. It has been created from the prior years\u2019 profit of the Czech and Slo- vak entities based on the approval of the general meeting. The statutory reserve fund amounts to EUR 13 thousand at 31 December 2024 (2023: EUR 13 thousand).\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417103937730": { "value": "\n 29. Capital and Reserves Share capital and share premium Ordinary shares \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In shares 2024 2023
On issue at 1 January 61,238,521 60,000,000
On issue at 31 December \u2013 fully paid 61,238,521 61,238,52
\n The Company\u2019s issued share capital is EUR 612,238 divided into 61,238,521 shares with a nominal value of EUR 0.01 each. The share capital is fully paid-up. Please refer also to Chapter 31, weighted average number of ordinary shares section. Ordinary shares All shares rank equally with regard to the Company\u2019s residual assets. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at the shareholders\u2019 meetings of the Company. \n \n Treasury shares At 31 December 2024 treasury shares included 1,337,717 ordi- nary shares of the Company (2023: 1,481,781 ordinary shares) owned directly by the Company. These ordinary shares carry no voting rights at the Shareholders Meeting. Share premium represents the excess of contributions received over the nominal value of shares issued. Proceeds from alloca- tion of treasury shares to employees in excess to nominal value of shares are also recorded in Share premium. Nominal value of sold treasury shares is recorded against Treasury shares re- serve. Movement in share capital can be analysed as follow: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Ordinary shares Share premium Treasury shares Total
At 1 January 2023 600 40,524 -139 40,985
Treasury shares allocated to employees 0 175 -175 0
Other movement 0 0 -513 -513
Acquisition of subsidiary (note 9) 12 -12 0 0
Treasury shares allocated to qualified investors 0 0 0 0
At 31 December 2023 612 40,687 -827 40,472
Treasury shares allocated to employees 0 0 0 0
Other movement 0 0 0 0
Acquisition of subsidiary (note 9) 0 0 0 0
Treasury shares allocated to qualified investors 0 0 0 0
Other transactions with owners in their capacity as owners 0 42 3 45
At 31 December 2024 612 40,729 -824 40,517
\n \n \n As of 31 December 2024 the shareholder structure was as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Shareholder No. of shares % of capital No. of votes at Shareholders Meeting % of votes at Shareholders Meeting
Solar Future Cooperatief U.A. 21,748,075 35.51% 21,748,075 36.29%
Solar Power to the People Cooperatief U.A. 19,694,640 32.16% 19,694,640 32.86%
Tomala Investments ASI Sp. z o.o. 2,288,537 3.74% 2,288,537 3.82%
Photon Energy N.V. 1,304,862 2.13% 0 0%
Free float 16,202,407 26.46% 16,202,407 27.03%
Total 61,238,521 100% 59,933,659 100%
\n As of 31 December 2023 the shareholder structure was as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Shareholder No. of shares % of capital No. of votes at Shareholders Meeting % of votes at Shareholders Meeting
Solar Future Cooperatief U.A. 21,769,075 35.55% 21,769,075 36.44%
Solar Power to the People Cooperatief U.A. 20,057,485 32.75% 20,057,485 33.57%
Tomala Investments ASI Sp. z o.o. 2,288,537 3.74% 2,288,537 3.83%
Photon Energy N.V. 1,491,781 2.44% 0 0%
Free float 15,631,643 25.52% 15,631,643 26.16%
Total 61,238,521 100% 59,746,740 100%
\n Mr. David Forth and Mr. Georg Hotar are the only members of the Company\u2019s Board of Directors. Mr. Michael Gartner indirectly owns 36.29 % of the votes, via Solar Future Cooperative U.A. and directly 0.041% of votes at the Shareholders Meeting. Mr. Georg Hotar indirectly owns 32.86 % of votes, via Solar Power to the People Co\u00f6peratief U.A. and directly 0.127 % of votes at the Shareholders Meeting. The Free float includes shares allocated to the employee share purchase programme and also shares allocated as purchase price for acquisition of subsidiary as described in Note 8. The disposition rights to these shares are limited and employees can dispose of these shares only under specific conditions.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417104521647": { "value": "\n Treasury shares At 31 December 2024 treasury shares included 1,337,717 ordi- nary shares of the Company (2023: 1,481,781 ordinary shares) owned directly by the Company. These ordinary shares carry no voting rights at the Shareholders Meeting. Share premium represents the excess of contributions received over the nominal value of shares issued. Proceeds from alloca- tion of treasury shares to employees in excess to nominal value of shares are also recorded in Share premium. Nominal value of sold treasury shares is recorded against Treasury shares re- serve. Movement in share capital can be analysed as follow: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Ordinary shares Share premium Treasury shares Total
At 1 January 2023 600 40,524 -139 40,985
Treasury shares allocated to employees 0 175 -175 0
Other movement 0 0 -513 -513
Acquisition of subsidiary (note 9) 12 -12 0 0
Treasury shares allocated to qualified investors 0 0 0 0
At 31 December 2023 612 40,687 -827 40,472
Treasury shares allocated to employees 0 0 0 0
Other movement 0 0 0 0
Acquisition of subsidiary (note 9) 0 0 0 0
Treasury shares allocated to qualified investors 0 0 0 0
Other transactions with owners in their capacity as owners 0 42 3 45
At 31 December 2024 612 40,729 -824 40,517
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417104217728": { "value": "\n The other reserves relate to the legal reserve; the revaluation of property, plant and equipment \u2013 photovoltaic power plants the hedging reserve and the currency translation reserve. Refer be- low. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Legal reserve fund 13 13
Revaluation reserve 58,315 55,668
Currency translation reserve -739 1,933
Hedging reserve 83 359
Other capital funds -12 38
Total reserves 57,660 58,011
\n Legal reserve fund The Legal reserve fund is a reserve fund previously required by the Czech commercial law and Slovak commercial law. It has been created from the prior years\u2019 profit of the Czech and Slo- vak entities based on the approval of the general meeting. The statutory reserve fund amounts to EUR 13 thousand at 31 December 2024 (2023: EUR 13 thousand).\n \n Revaluation reserve \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Revaluation reserve \u2013 PPE Revaluation reserve \u2013 Other financial investments Revaluation reserve total
Balance as at 1 January 2023 35,064 3,262 38,327
Increase of revaluation reserve (note 18) 14,461 5,255 19,716
Increase of revaluation reserve \u2013 deferred tax recognised 0 0 0
Share on increase on revaluation of properties \u2013 JV 0 0 0
Move from revaluation reserve to retained earnings -2,375 0 -2,375
Other movements 0 0 0
Balance as at 31 December 2023 47,150 8,517 55,668
Increase of revaluation reserve (note 18) 6,983 -271 6,712
Increase of revaluation reserve \u2013 deferred tax recognised 0 0 0
Share on increase on revaluation of properties \u2013 JV 0 0 0
Move from revaluation reserve to retained earnings -4,065 0 -4,065
Other movements 0 0 0
Balance as at 31 December 2024 50,068 8,246 58,315
\n The revaluation reserve arises on the revaluation of photovol- taic power plants (PVP). In 2024, 6 Romanian projects have been activated with the total other comprehensive income booked EUR 3,450 thousand. Ad- ditionally to this, the Group has revalued the whole portfolio in line with changes described in chapter 5.1 in the total amount of EUR 6,530 thousand. The revaluation reserve is being released to the retained earn- ings during the duration of Feed-in-Tariff-currently 25 years in the Czech Republic, 25 years in Slovakia (increased to 25 years as of 2022, before 15 years) and up to 25 years in Hungary and up to 30 years in Romania. The amount equal to the amount of depreciation coming from revaluation recycled to retained earnings in 2024 equals to EUR 4,065 thousand (2023: EUR 2,319 thousand). The revaluation reserve as such cannot be distributed only the amounts released to retained earnings can be distributed to the shareholder. Foreign currency translation reserve \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Balance at beginning of year 1,933 2,363
Foreign currency differences arising from the translation of financial statements and foreign exchange gains or losses arising from net investments -2,673 -430
Balance at end of year -740 1,933
\n The foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of operations using different currency from Euro. It relates to Czech Republic, Hungary, Switzerland, Romania, Aus- tralia, New Zealand and South Africa. In accordance with accounting policies are foreign exchange gains or losses arising from net investments in foreign opera- tions also recognized in other comprehensive income. This reserve cannot be distributed. Derivatives hedging reserve \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Balance at beginning of year 359 4,355
Change in fair value of hedging derivatives \u2013 fully consolidated entities (note 36) -276 -3,996
Share on change in fair value of hedging derivatives of JV 0 0
Balance at end of year 83 359
\n Derivatives hedging reserve cannot be distributed.\n \n Other capital funds In line with the acquisition of treasury shares free of charge in 2013 the Company recognised Other capital funds of EUR 100 thousand. Nominal value of sold treasury shares is recorded against Other capital funds. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417104616988": { "value": "\n Dividends There were no dividends declared and paid by the Company in 2024 and 2023. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417105007245": { "value": "\n 30. Earnings Per Share \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In EUR 2024 2023
Basic earnings per share -0.221 -0.2642
Diluted earnings per share -0.221 -0.2642
Total comprehensive income per share
Basic TCI per share* -0.158 -0.0077
Diluted TCI per share -0.158 -0.0077
\n * Total comprehensive income per share represents the alternative performance measure described in note 4.19 Basic and diluted earnings per share The calculation of basic earnings per share at 31 December 2024 was based on the profit attributable to ordinary share- holders of EUR -13,196 thousand (2023: EUR -15,750 thou- sand) and a weighted average number of ordinary shares outstanding of 59,825 thousand (2023: 59,608 thousand). Share on profit of equity-accounted investees amounted to EUR 254 thousand (2023: EUR 217 thousand). Basic and diluted total comprehensive income per share The calculation of total comprehensive earnings per share and diluted total comprehensive earnings per share at 31 December 2024 and 2023 was based on the total compre- hensive income of EUR -9,433 thousand (2023: EUR -459 thou- sand) attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding of 59,825 thousand (2023: of 59,608 thousand). Weighted average number of ordinary shares In 2024, 0 new shares were issued (2023: 1,238,521). The num- ber of shares at the year-end 2024 was equaled to 2023, it was 61,238,521. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417091024938": { "value": "\n \n 31. Loans and Borrowings This note provides information about the contractual terms of the Group\u2019s interest-bearing loans and borrowings, which are measured at amortised cost. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Non-current liabilities
Issued bonds 78,321 78,539
Long-term secured bank loans 72,205 82,073
Long term lease liability 4,488 4,181
Long-term portion of other loans 0 208
Total 155,014 165,001
Current liabilities
Issued bonds 537 529
Current portion of long-term secured bank loans, including accrued interest 17,920 12,878
Short-term lease liability 945 943
Loans from related parties 272 0
Total 19,674 14,350
Total loans & borrowings 174,688 179,351
\n \n \n \n \n Reconciliation of liabilities arising from financing activities The table below sets out an analysis of liabilities from financing activities and the movements in the Group\u2019s liabilities from financing activities for each of the periods presented. The items of these liabilities are those that are reported as financing in the statement of cash flows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Borrowings Issued bonds Lease liabilities Other liabilities from financing activities Total
Liabilities from financing activities at 1 January 2023 65,705 80,181 3,626 230 149,742
Cash flows
Loan drawdowns / New issues of bonds 38,710 2,500 0 0 41,210
Placement costs paid 0 -75 0 0 -75
Repayments of principal -8,550 -3,146 -1,177 -22 -12,895
Repurchase of bond 0 -615 0 0 -615
Interest payments -5,874 -5,352 -208 0 -11,434
Non-cash changes
Interest expense, including capitalized interest 5,739 5,608 208 0 11,556
New leasing contracts 0 0 2,775 0 2,775
Foreign exchange adjustments 605 -33 -100 0 472
Liabilities from financing activities at 31 December 2023 94,951 79,068 5,124 208 179,351
Cash flows
Loan drawdowns / New issues of bond 11,359 0 0 0 11,359
Placement costs paid 0 0 0 0 0
Repayments of principal -7,877 0 -1,219 0 -9,096
Repurchase of bond 0 -465 0 0 -465
Interest payments -6,114 -5,160 -269 0 -11,543
Non-cash changes
Interest expense, including capitalized interest 5,899 5,375 269 0 11,543
Other non-cash movements* -4,680 0 1,528 64 -3,088
Foreign exchange adjustments -3,413 40 0 0 -3,373
Liabilities from financing activities at 31 December 2024 90,125 78,858 5,433 272 174,688
\n *Other non-cash movements in bank loans represent amount of original external loans of Leeton, Fivebough and AUS SPV 6 that were reimbursed as a part of the sale transaction.\n \n \n \n \n Terms and debt repayment schedule Terms and conditions of outstanding loans were as follows: In thousands of EUR \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 31 December 2023
Portfolio Bank Currency Nominal interest rate Year of maturity Credit limit Utilised Credit limit Utilised
Czech Secured bank loan (Unicredit) CZK 3M PRIBOR + 1.9% 31.12.2029 18,732 18,732 18,241 18,241
Czech Secured bank loan (Unicredit) EUR 3M EURIBOR + 2.35% 31.12.2025 3,129 3,129 6,133 6,133
Slovak Secured bank loan (Unicredit) EUR 3M EURIBOR + 1.55% 30.6.2025 \u2013 30.9.2027 5,509 5,509 6,407 6,407
Hungary Secured bank loan (K&H) HUF 3M BUBOR + 2.2\u20132.5% 28.6.2034 31.3.2035 9,955 9,955 11,852 11,852
Hungary Secured bank loan (K&H) EUR 3M EURIBOR + 2.5-2.8% 28.6.2034 6,836 6,836 7,587 7,587
Hungary Secured bank loan (K&H) EUR 3M EURIBOR + 3.3% 30.09.2044 6,000 3,560 6,000 3,500
Hungary Secured bank loan (CIB) HUF 3M BUBOR + 2.5% 31.12.2035 4,064 4,064 4,645 4,645
Hungary Secured bank loan (CIB) EUR 3M EURIBOR + 2.75% 30.6.2032 3,253 3,253 3,837 3,837
Hungary Societe Generale EUR 6.79% 20.10.2036 630 630
Australia Secured bank loan (Infradebt) AUD 3M BBSW (min 0,5%) +2,35-3,25% 31.12.2026 0 0 3,611 3,611
Romania Secured bank loan EUR 3M EURIBOR+3.95% 31.3.2028 21,900 19,250 21,900 19,545
Romania Revolving credit (RB) EUR 6M EURIBOR + 4.25% 30.06.2029 5,000 5,000 5,000 5,000
Romania EBRD EUR 6M EURIBOR+3.62% 10.7.2031 15,000 4,975 0 0
Romania Unicredit VAT Line RON 3M ROBOR + 3.75% 31.3.2025 1,835 1,835
Poland Bank loan (ING) PLN 3M WIBOR + 4% 30.11.2025 92 41 92 61
Poland Bank loan (ING) PLN 3M WIBOR + 4% 28.02.2030 92 - 92 72
Czech Overdraft account EUR 1W EURIBOR + 1,9%* n/a 5,000 4,202 5,000 4,968
Accrued fees and interest (846) - (508)
Total interest bearing loans 107,027 90,125 100,397 94,951
\n * can be used in CZK and USD as well with relevant rate (1W PRIBOR + 1,90% or SOFR + 1,90%) \n \n The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates at the end of the reporting period are disclosed in note 37. All secured bank loans are pledged by SPVs\u2019 assets of power plants including real estate if any and technology receivables generated by power plants. In case of secured bank loans all power plants are cross-collateralized within the financing banks, see also note 19. \n In March 2023, The Group has closed a non-recourse project refinancing agreement in the amount of EUR 21.9 million with Austrian Raiffeisen Bank International (RBI) for its portfolio of PV power plants in Romania with a total installed capacity of 31.5 MWp. Compliance with Covenants The Group is subject to certain covenants related primarily to its borrowings. Non-compliance with such covenants may result in negative consequences for the Group including growth in the cost of borrowings and declaration of default. The Group was in compliance with all financial covenants ex- cept of interest coverage ratio and equity ratio required by one lender. However, the waivers have been obtained in February and March 2025 and therefore this does not represent an event of default under the borrowings. The relevant loan has been re- classified to the short-term liabilities (EUR 5,000 thousand), as the waiver has not been obtained before the year-end. There is no cross-default clause in the other loan agreements tied to the above breach of covenants.\n \n \n \n Issued bonds \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Amortised amount Fair value
In thousands of EUR 2024 2023 2024 2023
Current liabilities
CZK bond 2016/23 0 0 0
Green bond 2021/27 537 529 537 528
Non-current liabilities
Green bond 2021/27 78,321 78,539 79,784 79,743
Total 78,858 79,068 80,321 80,271
\n The EUR green bonds 2021/27 are traded on the unregulated market segments of the Stock Exchanges in Frankfurt, Berlin, Hamburg, Hannover, Munich, D\u00fcsseldorf and Stuttgart. The net proceeds of the transaction are allowed to be used only for fi- nancing and expanding eligible assets in accordance with its Green Financing Framework. Company rebought from market bond in nominal value of EUR 465 thousand in 2024. CZK bond 2016/23 issued in October 2016 has an annual cou- pon of 6%, with an outstanding nominal amount of EUR 3,146 thousand as of 31 December 2022 (2021: EUR 3,052 thousand) which was repaid in December 2023. CZK bonds 2016/23 were traded on the unregulated market segment of the Prague Stock Exchange. Accrued interest of EUR 537 thousand at 31 December 2024 for EUR Green bond (2023: EUR 529 thousand) is presented within current liabilities. The fair values are based on cash flows discounted using a rate based on the borrowing rate 9,23% (the applicable credit spread + risk free rate for relevant currency) (2023: 7,69%) and are within level 2 of the fair value hierarchy. \n \n Other long-term financing Other long-term financing of EUR 398 thousand (2023: EUR 208 thousand) that includes mainly consumer loans received for car financing and other long-term liabilities.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417091758238": { "value": "\n 31. Loans and Borrowings This note provides information about the contractual terms of the Group\u2019s interest-bearing loans and borrowings, which are measured at amortised cost. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Non-current liabilities
Issued bonds 78,321 78,539
Long-term secured bank loans 72,205 82,073
Long term lease liability 4,488 4,181
Long-term portion of other loans 0 208
Total 155,014 165,001
Current liabilities
Issued bonds 537 529
Current portion of long-term secured bank loans, including accrued interest 17,920 12,878
Short-term lease liability 945 943
Loans from related parties 272 0
Total 19,674 14,350
Total loans & borrowings 174,688 179,351
\n \n \n Reconciliation of liabilities arising from financing activities The table below sets out an analysis of liabilities from financing activities and the movements in the Group\u2019s liabilities from financing activities for each of the periods presented. The items of these liabilities are those that are reported as financing in the statement of cash flows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Borrowings Issued bonds Lease liabilities Other liabilities from financing activities Total
Liabilities from financing activities at 1 January 2023 65,705 80,181 3,626 230 149,742
Cash flows
Loan drawdowns / New issues of bonds 38,710 2,500 0 0 41,210
Placement costs paid 0 -75 0 0 -75
Repayments of principal -8,550 -3,146 -1,177 -22 -12,895
Repurchase of bond 0 -615 0 0 -615
Interest payments -5,874 -5,352 -208 0 -11,434
Non-cash changes
Interest expense, including capitalized interest 5,739 5,608 208 0 11,556
New leasing contracts 0 0 2,775 0 2,775
Foreign exchange adjustments 605 -33 -100 0 472
Liabilities from financing activities at 31 December 2023 94,951 79,068 5,124 208 179,351
Cash flows
Loan drawdowns / New issues of bond 11,359 0 0 0 11,359
Placement costs paid 0 0 0 0 0
Repayments of principal -7,877 0 -1,219 0 -9,096
Repurchase of bond 0 -465 0 0 -465
Interest payments -6,114 -5,160 -269 0 -11,543
Non-cash changes
Interest expense, including capitalized interest 5,899 5,375 269 0 11,543
Other non-cash movements* -4,680 0 1,528 64 -3,088
Foreign exchange adjustments -3,413 40 0 0 -3,373
Liabilities from financing activities at 31 December 2024 90,125 78,858 5,433 272 174,688
\n *Other non-cash movements in bank loans represent amount of original external loans of Leeton, Fivebough and AUS SPV 6 that were reimbursed as a part of the sale transaction.\n \n \n Terms and debt repayment schedule Terms and conditions of outstanding loans were as follows: In thousands of EUR \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 31 December 2023
Portfolio Bank Currency Nominal interest rate Year of maturity Credit limit Utilised Credit limit Utilised
Czech Secured bank loan (Unicredit) CZK 3M PRIBOR + 1.9% 31.12.2029 18,732 18,732 18,241 18,241
Czech Secured bank loan (Unicredit) EUR 3M EURIBOR + 2.35% 31.12.2025 3,129 3,129 6,133 6,133
Slovak Secured bank loan (Unicredit) EUR 3M EURIBOR + 1.55% 30.6.2025 \u2013 30.9.2027 5,509 5,509 6,407 6,407
Hungary Secured bank loan (K&H) HUF 3M BUBOR + 2.2\u20132.5% 28.6.2034 31.3.2035 9,955 9,955 11,852 11,852
Hungary Secured bank loan (K&H) EUR 3M EURIBOR + 2.5-2.8% 28.6.2034 6,836 6,836 7,587 7,587
Hungary Secured bank loan (K&H) EUR 3M EURIBOR + 3.3% 30.09.2044 6,000 3,560 6,000 3,500
Hungary Secured bank loan (CIB) HUF 3M BUBOR + 2.5% 31.12.2035 4,064 4,064 4,645 4,645
Hungary Secured bank loan (CIB) EUR 3M EURIBOR + 2.75% 30.6.2032 3,253 3,253 3,837 3,837
Hungary Societe Generale EUR 6.79% 20.10.2036 630 630
Australia Secured bank loan (Infradebt) AUD 3M BBSW (min 0,5%) +2,35-3,25% 31.12.2026 0 0 3,611 3,611
Romania Secured bank loan EUR 3M EURIBOR+3.95% 31.3.2028 21,900 19,250 21,900 19,545
Romania Revolving credit (RB) EUR 6M EURIBOR + 4.25% 30.06.2029 5,000 5,000 5,000 5,000
Romania EBRD EUR 6M EURIBOR+3.62% 10.7.2031 15,000 4,975 0 0
Romania Unicredit VAT Line RON 3M ROBOR + 3.75% 31.3.2025 1,835 1,835
Poland Bank loan (ING) PLN 3M WIBOR + 4% 30.11.2025 92 41 92 61
Poland Bank loan (ING) PLN 3M WIBOR + 4% 28.02.2030 92 - 92 72
Czech Overdraft account EUR 1W EURIBOR + 1,9%* n/a 5,000 4,202 5,000 4,968
Accrued fees and interest (846) - (508)
Total interest bearing loans 107,027 90,125 100,397 94,951
\n * can be used in CZK and USD as well with relevant rate (1W PRIBOR + 1,90% or SOFR + 1,90%) \n \n The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates at the end of the reporting period are disclosed in note 37. All secured bank loans are pledged by SPVs\u2019 assets of power plants including real estate if any and technology receivables generated by power plants. In case of secured bank loans all power plants are cross-collateralized within the financing banks, see also note 19. \n In March 2023, The Group has closed a non-recourse project refinancing agreement in the amount of EUR 21.9 million with Austrian Raiffeisen Bank International (RBI) for its portfolio of PV power plants in Romania with a total installed capacity of 31.5 MWp. Compliance with Covenants The Group is subject to certain covenants related primarily to its borrowings. Non-compliance with such covenants may result in negative consequences for the Group including growth in the cost of borrowings and declaration of default. The Group was in compliance with all financial covenants ex- cept of interest coverage ratio and equity ratio required by one lender. However, the waivers have been obtained in February and March 2025 and therefore this does not represent an event of default under the borrowings. The relevant loan has been re- classified to the short-term liabilities (EUR 5,000 thousand), as the waiver has not been obtained before the year-end. There is no cross-default clause in the other loan agreements tied to the above breach of covenants.\n \n Issued bonds \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Amortised amount Fair value
In thousands of EUR 2024 2023 2024 2023
Current liabilities
CZK bond 2016/23 0 0 0
Green bond 2021/27 537 529 537 528
Non-current liabilities
Green bond 2021/27 78,321 78,539 79,784 79,743
Total 78,858 79,068 80,321 80,271
\n The EUR green bonds 2021/27 are traded on the unregulated market segments of the Stock Exchanges in Frankfurt, Berlin, Hamburg, Hannover, Munich, D\u00fcsseldorf and Stuttgart. The net proceeds of the transaction are allowed to be used only for fi- nancing and expanding eligible assets in accordance with its Green Financing Framework. Company rebought from market bond in nominal value of EUR 465 thousand in 2024. CZK bond 2016/23 issued in October 2016 has an annual cou- pon of 6%, with an outstanding nominal amount of EUR 3,146 thousand as of 31 December 2022 (2021: EUR 3,052 thousand) which was repaid in December 2023. CZK bonds 2016/23 were traded on the unregulated market segment of the Prague Stock Exchange. Accrued interest of EUR 537 thousand at 31 December 2024 for EUR Green bond (2023: EUR 529 thousand) is presented within current liabilities. The fair values are based on cash flows discounted using a rate based on the borrowing rate 9,23% (the applicable credit spread + risk free rate for relevant currency) (2023: 7,69%) and are within level 2 of the fair value hierarchy. \n \n Other long-term financing Other long-term financing of EUR 398 thousand (2023: EUR 208 thousand) that includes mainly consumer loans received for car financing and other long-term liabilities.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250423081738539": { "value": "\n Reconciliation of liabilities arising from financing activities The table below sets out an analysis of liabilities from financing activities and the movements in the Group\u2019s liabilities from financing activities for each of the periods presented. The items of these liabilities are those that are reported as financing in the statement of cash flows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Borrowings Issued bonds Lease liabilities Other liabilities from financing activities Total
Liabilities from financing activities at 1 January 2023 65,705 80,181 3,626 230 149,742
Cash flows
Loan drawdowns / New issues of bonds 38,710 2,500 0 0 41,210
Placement costs paid 0 -75 0 0 -75
Repayments of principal -8,550 -3,146 -1,177 -22 -12,895
Repurchase of bond 0 -615 0 0 -615
Interest payments -5,874 -5,352 -208 0 -11,434
Non-cash changes
Interest expense, including capitalized interest 5,739 5,608 208 0 11,556
New leasing contracts 0 0 2,775 0 2,775
Foreign exchange adjustments 605 -33 -100 0 472
Liabilities from financing activities at 31 December 2023 94,951 79,068 5,124 208 179,351
Cash flows
Loan drawdowns / New issues of bond 11,359 0 0 0 11,359
Placement costs paid 0 0 0 0 0
Repayments of principal -7,877 0 -1,219 0 -9,096
Repurchase of bond 0 -465 0 0 -465
Interest payments -6,114 -5,160 -269 0 -11,543
Non-cash changes
Interest expense, including capitalized interest 5,899 5,375 269 0 11,543
Other non-cash movements* -4,680 0 1,528 64 -3,088
Foreign exchange adjustments -3,413 40 0 0 -3,373
Liabilities from financing activities at 31 December 2024 90,125 78,858 5,433 272 174,688
\n *Other non-cash movements in bank loans represent amount of original external loans of Leeton, Fivebough and AUS SPV 6 that were reimbursed as a part of the sale transaction.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250416162823777": { "value": "\n The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates at the end of the reporting period are disclosed in note 37. All secured bank loans are pledged by SPVs\u2019 assets of power plants including real estate if any and technology receivables generated by power plants. In case of secured bank loans all power plants are cross-collateralized within the financing banks, see also note 19. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417094053158": { "value": "\n Other long-term financing Other long-term financing of EUR 398 thousand (2023: EUR 208 thousand) that includes mainly consumer loans received for car financing and other long-term liabilities.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417083716947": { "value": "\n 32. Provisions Movements in provisions for liabilities and charges are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR 2024 2023
Carrying amount as at 1 January 555 566
Foreign exchange impact -11 -11
Carrying amount as at 31 December 544 555
\n Provision for liabilities and charges includes provision for eco- logical liquidation and recycling of solar panels created in ac- cordance with European directive and Czech legislation. For all solar panels purchased before 2013, all responsibilities con- nected to recycling of solar panels are with the PVP operators. In accordance with the legislation, the Group paid contribution to the selected provider responsible for liquidation of solar pan- els of EUR 544 thousand (2023: EUR 555 thousand), paid contri- butions are presented as non-current advances paid in Other receivables \u2013 non-current, see note 26. There are no similar ob- ligations connected to the liquidation of solar panels in Slovakia, Hungary nor Australia.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417091917354": { "value": "\n 33. Trade and Other Payables \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Note 2024 2023
Trade payables 16,780 9,308
Other payables 1,253 1,192
Total financial liabilities with trade and other payables 18,034 10,500
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Note 2024 2023
Payables to employees 2,734 1,886
Other liabilities 1,497 2,174
Total non-financial liabilities with trade and other payables 4,230 4,060
Total trade and other payables 22,264 14,560
\n Trade payables of EUR 16,780 thousand (2023: EUR 9,308 thou- sand) include mainly regular trade payables and payables for supply of goods and services to the Group. Other payables of EUR 1,253 thousand (2023: EUR 1,192 thou- sand) include accrued liabilities mainly related to the delivery of goods in transit. Non-financial other liabilities include mostly advances received and employees related accruals.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417094406425": { "value": "\n 34. Current Income Tax Receivables / Current Tax Liability Current income tax receivable is in the amount of EUR 0 thou- sand (2023: receivable EUR 2,759 thousand). Current tax liability in the amount of EUR 577 thousand represents tax liability for profitable entities (mainly SK, CZ, HU SPVs and few operating Romanian and Hungarian entities decreased by tax advances for income tax paid mainly in Hungary, Czech Republic, Roma- nia and Slovakia. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417075236780": { "value": "\n \n \n \n 35. Derivative Financial Instruments \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 31 December 2023
In thousands of EUR Contracts with positive fair value Contracts with negative fair value Contracts with positive fair value Contracts with negative fair value
Interest rate swaps, fair values, at the end of reporting period
Trading derivatives 0 -45 0 -59
Hedging derivatives (note 25) 1,592 -1,516 2,009 -1,663
Value of interest rate swaps 1,592 -1,561 2,009 -1,722
Net value of interest rate swaps 31 287
Other Derivative Financial Instruments
FX options (note 25) 61 -3 3 0
Shares options (note 22) 5,006 0 4,590 0
Net Value of Other Derivative Financial Instruments 5,098 -3 4,880 0
\n Interest rate swaps are derivative financial instruments entered into by the Group are generally concluded with financing banks on standardised contractual terms and conditions. Derivatives have potentially favourable (assets) or unfavourable (liabilities) conditions as a result of fluctuations in market interest rates, foreign exchange rates or other variables relative to their terms. The aggregate fair values of derivative financial assets and lia- bilities can fluctuate significantly from time to time. The Company determines whether an economic relationship exists between the cash flows of the hedged item and hedging instrument based on an evaluation of the qualitative characteristics of these items. The company considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic rela- tionship. The Company evaluates whether both hedging instru- ment and hedged items are concluded in the same currency and, therefore, are subject to the same risk, whether the nomi- nal amount of the hedging instrument and hedged items are identical and whether the maturity dates are identical.\n \n \n \n \n 37. Fair Value Disclosures Fair value measurements are analysed by level in the fair value hierarchy as follows: \u25ba Level 1 are measurements at quoted prices (unad- justed) in active markets for identical assets or liabili- ties, \u25ba Level 2 measurements are valuations techniques with all material inputs observable for the asset or li- ability, either directly (that is, as prices) or indirectly (that is, derived from prices), and \u25ba Level 3 measurements are valuations not based on observable market data (that is, unobservable inputs). Management applies judgement in categorized finan- cial instruments using the fair value hierarchy. If a fair value measurement uses observable inputs that re- quire significant adjustment, that measurement is a Level 3 measurement. The significance of a valuation input is assessed against the fair value measurement in its entirety. \n \n The fair values of financial assets and liabilities together with the carrying amounts shown in the statement of financial position are as follows. For the other financial assets/financial liabilities, the fair value approximates the carrying amount. 37.1 Recurring Fair Value Measurements Recurring fair value measurements are those that the accounting standards require or permit in the statement of financial position at the end of each reporting period. The level in the fair value hierarchy into which the recurring fair value measurements are categorized are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2024 2023
In thousands of EUR Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial assets
Derivatives 0 1,653 0 1,653 0 2,012 0 2,012
Other financial investments 0 0 17,271 17,271 0 0 17,021 17,021
Other financial assets 0 0 1,100 1,100 0 0 0 0
Non financial assets
Property, plant and equipment 0 0 159,058 159,058 0 0 149,093 149,093
Total assets recurring FV measurement at 31 December 0 1,653 177,429 179,082 0 2,012 166,114 168,126
Financial liabilities
Derivatives 0 1,564 0 1,564 0 1,722 0 1,722
Total assets recurring FV measurement at 31 December 0 1,564 0 1,564 0 1,722 0 1,722
\n The valuation technique, inputs used in the fair value measurement for level 3 measurements and related sensitivity to reasonably possible changes in those inputs are as follows: 31 December 2024: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Fair value Valuation technique Inputs used Range of inputs Reasonable change Sensitivity of FV measurement
Non financial assets
Property, plant and equipment 159,058 DCF note 5.1 See below See below See below
Other financial investments 17,271 MtM note 5.3 See below See below See below
Total assets recurring FV measurement at 31 December 176,329
\n 31 December 2023: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Fair value Valuation technique Inputs used Range of inputs Reasonable change Sensitivity of FV measurement
Non financial assets
Property, plant and equipment 149,093 DCF note 5.1 See below See below See below
Other financial investments 17,021 MtM note 5.3 See below See below See below
Total assets recurring FV measurement at 31 December 166,114
\n The DCF to Entity valuation method assesses the value of pho- tovoltaic projects by discounting future cash flows available to equity holders and debt providers using the Weighted Average Cost of Capital (WACC), which reflects the project's risk profile. A quarterly discounting approach is applied to align with quar- terly debt repayments that impact the financing structure. WACC rates used for discounting vary by country, ranging from 6% to 10% in 2024 (compared to 5% to 13% in 2023), reflecting differences in market conditions, risk factors, and financing costs. Other financial investments are stated at its fair value based on valuation models prepared by management. Other financial in- vestments include primarily ordinary, preference shares and re- lated share options held(see also note 23). The Group has used Mark to Market valuation method (hereinafter referred to as \u201cMtM\u201d). The principal assumptions used for valuation in\n \n addition to the market price of the shares (based on the latest round of the share subscription), are probability of the realisa- tion of the share options granted and discount rate reflecting required return on investment on this type of the Group\u2019s in- vestments. Sensitivity analysis of DCF for power plants \u2013 change in WACC The below analysis shows impact of change in the used WACC rates by +/-3% on the enterprise/entity value in absolute and relative figures as of 31.12.2024: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Discount rate +3% Discount rate +3% in % Discount rate -3% Discount rate -3% in %
HU power plants -10,380 -19.5% 15,261 28.7%
CZ power plants -3,331 -9.3% 3,910 10.9%
SK power plants -674 -9.6% 804 11.4%
RO power plants -9,198 -19.7% 14,101 30.2%
\n The below analysis shows impact of change in the used WACC rates by +/-3% on the enterprise/entity value in absolute and relative figures as of 31.12.2023: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Discount rate 3% Discount rate +3% in % Discount rate -3% Discount rate -3% in %
HU power plants -5,601 -10.2% 8,169 14.8%
CZ power plants -1,956 -4.9% 2,421 6.0%
SK power plants -336 -3.8% 413 4.6%
AU power plants -1,837 -14.6% 2,799 22.3%
RO power plants -3,592 -11.3% 6,169 19.4%
\n Sensitivity analysis of DCF for power plants \u2013 change in production output The below analysis shows impact of change in production output by +/-2% on the enterprise/entity value in absolute and relative figures as of 31.12.2024: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Production +2% Production +2% in % Production -2% Production -2% in %
HU power plants 1,135 2.1% -1,200 -2.3%
CZ power plants 706 2.0% -706 -2.0%
SK power plants 194 2.8% -194 -2.8%
RO power plants 965 2.1% -965 -2.1%
\n The below analysis shows impact of change in production output by +/-2% on the enterprise/entity value in absolute and relative figures as of 31.12.2023: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Production +2% Production +2% in % Production -2% Production -2% in %
HU power plants -112 -0.2% -2,081 -3.8%
CZ power plants 750 1.9% -750 -1.9%
SK power plants 196 2.2% -197 -2.2%
AU power plants 239 1.9% -239 -1.9%
RO power plants 598 1.9% -598 -1.9%
\n \n Sensitivity analysis of DCF for power plants \u2013 change in electricity and LGC prices The below analysis shows impact of change in electricity prices by +/-10% on the enterprise/entity value for selected power plants in absolute and relative figures as of 31.12.2024: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Electricity prices +10% Electricity prices +10% in % Electricity prices -10% Electricity prices -10% in %
HU power plants 1,815 3.4% -1,815 -3.4%
RO power plants 4,754 10.2% -4,754 -10.2%
\n The below analysis shows impact of change in electricity prices by +/-10% on the enterprise/entity value for selected power plants in absolute and relative figures as of 31.12.2023: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Electricity prices +10% Electricity prices +10% in % Electricity prices -10% Electricity prices -10% in %
HU power plants 1,456 2.6% -1,468 -2.7%
AU power plants\u2013- prices 999 7.9% -1,002 -8.0%
AU power plants\u2013- LGCs 261 2.1% -248 -2.0%
RO power plants 3,320 10.4% -3,331 -10.5%
\n Sensitivity analysis of MtM of other financial investments \u2013 changes in significant estimates The below analysis shows impact of change in significant estimates on the MtM value in absolute and relative figures as of 31.12.2024: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Market price of the share +10% Market price of the Market price of the Market price of the share +10% in % share -10% share -10% in %
Investment in RayGen Resources Pty Ltd 1,665 10.1% -1,665 -10.1%
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Probability +10% Probability +10% in % Probability -10% Probability -10% in %
Investment in RayGen Resources Pty ltd 595 -3.6% -595 -3.6%
\n There is not real exposure for the actual price risk in case of RayGen valuation, as the price per share was decided and determined by the current shareholders for the new round of the financing and issuing the new shares and it does not represent the volatile market price. The below analysis shows impact of change in significant estimates on the MtM value in absolute and relative figures as of 31.12.2023: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Market price of the share +10% Market price of the share +10% in % Market price of the share -10% Market price of the share -10% in %
Investment in RayGen Resources Pty Ltd 1,769 10.8% -1,769 -10.8%
In thousands of EUR Discount rate + 3% Discount rate +3% in % Discount rate -3% in % Discount rate -3% in %
Investment in RayGen Resources Pty Ltd -434 -2.7% 459 2.8%
In thousands of EUR Probability +10% Probability +10% in % Probability -10% Probability -10% in %
Investment in RayGen Resources Pty ltd 688 4.2% -688 -4.2%
\n \n 37.2 Assets and Liabilities Not Measured at Fair Value but for Which Fair Value is Disclosed Fair values analysed by level in the fair value hierarchy and the carrying value of assets and liabilities not measured at fair value are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2024 2023
In thousands of EUR Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial assets
Financial assets at amortised costs
Trade and other receivables 0 27,182 0 27,182 0 8,091 0 8,091
Loans provided 0 2,826 0 2,826 0 2,815 0 2,815
Other 0 14,352 0 14,352 0 19,033 0 19,033
Total assets 0 44,360 0 44,360 0 29,939 0 29,939
Financial liabilities
Borrowings
Bank loan 0 90,125 0 90,125 0 94,952 0 94,952
Issued bonds 0 78,859 0 78,859 0 76,995 0 76,995
Lease liabilities 0 5,433 0 5,433 0 5,124 0 5,124
Loans to related parties 0 272 0 272 0 0 0 0
Other non-current liabilities 0 398 0 398 0 208 0 208
Other financial liabilities
Trade and other payables 0 22,264 0 22,264 0 12,454 0 12,454
Total liabilities 0 197,350 0 197,350 0 189,732 0 189,732
\n All financial assets and financial liabilities have been defined to Level 2. The fair values in level 2 and level 3 of the fair value hierarchy were estimated using the discounted cash flows valuation tech- nique. Financial Assets Carried at Amortised Cost The fair value of floating rate instruments is normally their car- rying amount. The estimated fair value of fixed interest rate in- struments is based on estimated future cash flows expected to be received discounted at current interest rates for new instru- ments with similar credit risks and remaining maturities. Dis- count rates used depend on the credit risk of the counterparty. Liabilities Carried at Amortised Cost The fair value of issued bonds is based on quoted market prices. Fair values of other liabilities were determined using val- uation techniques.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417093451325": { "value": "\n 35. Derivative Financial Instruments \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 31 December 2023
In thousands of EUR Contracts with positive fair value Contracts with negative fair value Contracts with positive fair value Contracts with negative fair value
Interest rate swaps, fair values, at the end of reporting period
Trading derivatives 0 -45 0 -59
Hedging derivatives (note 25) 1,592 -1,516 2,009 -1,663
Value of interest rate swaps 1,592 -1,561 2,009 -1,722
Net value of interest rate swaps 31 287
Other Derivative Financial Instruments
FX options (note 25) 61 -3 3 0
Shares options (note 22) 5,006 0 4,590 0
Net Value of Other Derivative Financial Instruments 5,098 -3 4,880 0
\n Interest rate swaps are derivative financial instruments entered into by the Group are generally concluded with financing banks on standardised contractual terms and conditions. Derivatives have potentially favourable (assets) or unfavourable (liabilities) conditions as a result of fluctuations in market interest rates, foreign exchange rates or other variables relative to their terms. The aggregate fair values of derivative financial assets and lia- bilities can fluctuate significantly from time to time. The Company determines whether an economic relationship exists between the cash flows of the hedged item and hedging instrument based on an evaluation of the qualitative characteristics of these items. The company considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic rela- tionship. The Company evaluates whether both hedging instru- ment and hedged items are concluded in the same currency and, therefore, are subject to the same risk, whether the nomi- nal amount of the hedging instrument and hedged items are identical and whether the maturity dates are identical.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417005220213": { "value": "\n 36.4 Currency Risk The Company\u2019s functional currency of its major subsidiaries is EUR, CZK, AUD, RON and HUF. Foreign exchange risk is associ- ated with sales and purchases of goods and services and loans received denominated in local currencies. The table below summarises the Group\u2019s exposure to foreign currency exchange rate risk at the end of the reporting period:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
At 31 December 2024 At 31 December 2023
In thousands of EUR Monetary financial assets Monetary financial liabilities Derivatives Net position Monetary financial assets Monetary financial liabilities Derivatives Net position
EUR 3,973 -143,042 -187 -139,256 7,882 -141,495 -159 -133,772
CZK 5,217 -26,554 -943 -22,280 5,596 -20,627 -1,201 -16,231
HUF 6,658 -15,625 1,653 -7,315 5,785 -18,397 2,009 -10,603
AUD 1,828 -2,274 0 -446 1,699 -5,057 0 -3,358
CHF 27 -126 0 -99 261 -170 0 91
PLN 5,505 -4,508 0 997 1,189 -944 0 245
RON 1,622 -3,303 -434 -2,115 1,461 -3,160 -359 -2,058
NZD 1,100 -1,918 0 -818 0 0 0 0
Other 120 0 0 120 12 -2 0 10
Total 26,049 -197,350 89 -171,212 23,885 -189,852 290 -165,677
\n Derivatives presented above are monetary financial assets or monetary financial liabilities, but are presented separately in order to show the Group\u2019s gross exposure. The Group has only interest rate derivatives, there are no FX derivatives. The above analysis includes only monetary assets and liabilities. Investments in equities and non-monetary assets are not con- sidered to give rise to any material currency risk. The following table presents sensitivities of profit or loss and equity to reasonably possible changes in exchange rates ap- plied at the end of the reporting period relative to the functional currency of the respective Group entities, with all other varia- bles held constant: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
At 31 December 2024 At 31 December 2023
In thousands of EUR Impact on profit or loss Impact on equity Impact on profit or loss Impact on equity
CZK strengthening by 10% (2024: strengthening by 10%) -2,371 -105 11,107 -120
HUF strengthening by 10% (2024: strengthening by 10%). -996 184 -2,428 201
AUD strengthening by 10% (2024: strengthening by 10%) -50 0 3,985 0
PLN strengthening by 10% (2024: strengthening by 10%) 111 0 165 0
RON strengthening by 10% (2024: strengthening by 10%) -187 -48 1,528 -36
NZD strengthening by 10% -91 0 0
Total -3,584 31 14,358 45
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417004348032": { "value": "\n 39. Related Parties Parties are generally considered to be related if the parties are under common control or if one party has the ability to control the other party or can exercise significant influence or joint con- trol over the other party in making financial and operational de- cisions. In considering each possible related party relationship, attention is directed to the substance of the relationship, not merely the legal form. Balances and transactions between the Company and its sub- sidiaries which are related parties of The Company is jointly controlled by Mr. Michael Gartner (via Solar Future Co\u00f6peratief U.A.) and Mr. Georg Hotar (via Solar Power to the People Co\u00f6peratief U.A.), who are the Company\u2019s directors.\n \n At 31 December 2024, the outstanding balances with related parties were as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Note Parent companies Joint ventures Key management personnel
Gross amount of trade receivables 25 - 96 -
Loans issued 25 2,031 - 795
Loans received - - 272
Investments in JV 8 - 1,845
\n Loans issued to related parties include loans to Solar Age Investments B.V., Solar Future U.A. and Solar Power to the People U.A. which are short term for a period of up to 12 month and bear interest rate of 3M EURIBOR+3%. The same interest rate is applied to the loans received during the financial year 2024 from Photon Energie s.r.o., an entity controlled by Michael Gartner. There are no pledges and no guarantees issued in relation to the related loans. At 31 December 2023, the outstanding balances with related parties were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Note Parent companies Joint ventures Key management personnel
Gross amount of trade receivables 25 - 64 -
Loans issued 25 1,993 - 822
Investments in JV 8 - 1,823 -
\n Loans issued to related parties include loans to Solar Age Investments B.V. and Solar Power to the People U.A. which are short term for a period of up to 12 month and bear interest rate of 3%. The income and expense items with related parties for the year ended 31 December 2024 were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Note Parent companies Joint ventures Key management personnel
Revenue from services rendered - 64 -
\u2013 Interest income 16 352 - 108
\n The income and expense items with related parties for the year ended 31 December 2023 were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
In thousands of EUR Note Parent companies Joint ventures Key management personnel
Revenue from services rendered - 116 -
\u2013 Interest income 16 300 - 113
\n\n \n Key Management Compensation Key management includes Directors and Senior management. Members of the board of directors did not receive any compen- sation during 2024 nor 2023 for their duties serving on the board of directors for the Group of entities. Furthermore, no emoluments of managing directors, including pension obliga- tions were charged to the Company. No service contracts with the Company nor any of its Subsidiaries have been provided to a member of the Board of Directors for benefits upon termina- tion of employment. Mr Georg Hotar receives a regular salary as an employee in his function as managing director of Global Investment Protection AG in Switzerland and Mr Gartner re- ceives a regular salary as an employee in his function as managing director of Photon Energy Australia Pty Ltd. in Aus- tralia. These compensations are in no direct relation to their Board of Director functions. The overall cost of compensations for the key management from their employment relations with the Company or its subsidiaries amounted to EUR 618 thousand in 2024 (2023: EUR 493 thousand). The agreements between the key management with the Company or its Subsidiaries do not foresee any stock option plans, severance payments, company pension plans or other deferred compensation. Termination period of the agreements is up to six months. There are no com- mitments and contingent obligations towards key management personnel at 31 December 2024 nor 31 December 2023.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417111955608": { "value": "\n \n 40. Group Entities Subsidiaries and joint ventures The following entities were in the Group as at 31 December 2024: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Name % of share capital held by the holding company Country of registration Seat of the company Consolid. method Legal Owner
1 Photon Energy N.V. (PENV) Holding NL Amsterdam Full Cons. -
2 Photon Energy Operations NL B.V. (former Photon Directors B.V.) 100% NL Amsterdam Full Cons. PEONV
3 Photon Energy Engineering B.V. (PEEBV) 100% NL Amsterdam Full Cons. PENV
4 Photon Energy Operations N.V. (PEONV) 100% NL Amsterdam Full Cons. PENV
5 Photon Remediation Technology N.V. 100% NL Amsterdam Full Cons. PENV
6 Photon Energy Australia Pty Ltd. 100% AU Sydney Full Cons. PENV
7 Photon Energy AUS SPV 1 Pty. Ltd. 100% AU Sydney Full Cons. PENV
8 Photon Energy AUS SPV 4 Pty. Ltd. 100% AU Sydney Full Cons. PENV
9 Photon Energy Operations Australia Pty.Ltd. 100% AU Sydney Full Cons. PEONV
10 Photon Energy Engineering Australia Pty Ltd 100% AU Sydney Full Cons. PEEBV
11 Photon Remediation Technology Australia Pty Ltd. 100% AU Sydney Full Cons. PRTNV
12 Photon Energy SGA Pty. Ltd. 100% AU Sydney Full Cons. PENV
13 Photon Water Australia Pty. Ltd. 100% AU Sydney Full Cons. PENV
14 RayGen Resources Pty. Ltd. 7.60% AU Sydney Equity PENV
15 Photon New Energy Pty. Ltd. 100% AU Sydney Full Cons. PENV
16 Photon Energy AUS SPV 14 Pty Ltd 100% AU Sydney Full Cons. PENV
17 Global Investment Protection AG 100% CH Zug Full Cons. PENV
18 Photon Energy Investments AG (PEIAG) 100% CH Zug Full Cons. PENV
19 KORADOL AG (KOAG) 100% CH Zug Full Cons. PENV
20 Photon Energy Solutions A.G. 100% CH Zug Full Cons. PENV
21 Photon Property AG, 100% CH Zug Full Cons. PENV
22 Photon Energy Corporate Services CZ s.r.o. 100% CZ Prague Full Cons. PENV
23 Photon Energy Solutions CZ a.s. (former Photon Energy Solutions CZ s.r.o.) 100% CZ Prague Full Cons. KOAG
24 Photon SPV 11 s.r.o. 100% CZ Prague Full Cons. KOAG
25 Photon Energy Operations CZ s.r.o. (PEOCZ) 100% CZ Prague Full Cons. PEONV
26 Photon Energy Control s.r.o. 100% CZ Prague Full Cons. PEOCZ
27 Photon Energy Technology CEE s.r.o. 100% CZ Prague Full Cons. PEEBV
28 Photon Water Technology s.r.o. 65% CZ Prague Full Cons. PENV
29 Photon Remediation Technology Europe s.r.o. (former Charles Bridge s.r.o.) 100% CZ Prague Full Cons. PENV
30 Photon Energy Engineering s.r.o. (former Photon Energy Solutions s.r.o. ) (PEECZ) 100% CZ Prague Full Cons. PENV
31 Photon Energy Projects s.r.o. (PEP) 100% CZ Prague Full Cons. PENV
32 Photon Energy Cardio s.r.o. 100% CZ Prague Full Cons. PEOCZ
33 Photon Maintenance s.r.o. (former The Special One s.r.o.) 100% CZ Prague Full Cons. PENV
34 Exit 90 SPV s.r.o. 100% CZ Prague Full Cons. KOAG
35 Onyx Energy s. r. o. 100% CZ Prague Full Cons. KOAG
36 Onyx Energy projekt II s.r.o. 100% CZ Prague Full Cons. KOAG
37 Photon SPV 3 s.r.o. 100% CZ Prague Full Cons. KOAG
38 Photon SPV 4 s.r.o. 100% CZ Prague Full Cons. KOAG
39 Photon SPV 6 s.r.o. 100% CZ Prague Full Cons. KOAG
40 Photon SPV 8 s.r.o. 100% CZ Prague Full Cons. KOAG
41 Photon SPV 10 s.r.o. 100% CZ Prague Full Cons. KOAG
42 Kaliop\u00e9 Property, s.r.o. 100% CZ Prague Full Cons. KOAG
43 PESPV 1 s.r.o. 100% CZ Prague Full Cons. PESCZ
44 PESPV 2 s.r.o. 100% CZ Prague Full Cons. PESCZ
45 Photon Energy Solutions s.r.o. 100% CZ Prague Full Cons. PESCZ
46 Photon Energy Home CZ s.r.o. (previously Lerta Czech Republic s.r.o., PESCZ) 100% CZ Prague Full Cons. PESCZ
47 Photon Energy Technology EU GmbH 100% DE Neuhagen* Full Cons. PENV
48 Photon Energy Corporate Services DE GmbH 100% DE Neuhagen* Full Cons. PENV
49 EcoPlan 2 s.r.o. 100% SK Bratislava Full Cons. PENV
50 EcoPlan 3 s.r.o. 100% SK Bratislava Full Cons. PENV
51 Fotonika s.r.o. 100% SK Bratislava Full Cons. PENV
52 Photon SK SPV 1 s.r.o. 50% SK Bratislava Equity PENV
53 Photon SK SPV 2 s.r.o. 100% SK Bratislava Full Cons. PENV
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
54 Photon SK SPV 3 s.r.o. 100% SK Bratislava Full Cons. PENV
55 Solarpark Myjava s.r.o. 50% SK Bratislava Equity PENV
56 Solarpark Polianka s.r.o. 50% SK Bratislava Equity PENV
57 SUN4ENERGY ZVB s.r.o. 100% SK Bratislava Full Cons. PENV
58 SUN4ENERGY ZVC s.r.o. 100% SK Bratislava Full Cons. PENV
59 ATS Energy, s.r.o. 100% SK Bratislava Full Cons. PENV
60 Photon Energy Operations SK s.r.o. 100% SK Bratislava Full Cons. PEONV
61 Photon Energy HU SPV 1 Kft. b.a 100% HU Budapest Full Cons. PEIAG
62 Fertod Napenergia-Termelo Kft. 100% HU Budapest Full Cons. PEIAG
63 Photon Energy Operations HU Kft. 100% HU Budapest Full Cons. PEONV
64 Photon Energy Engineering HU Kft. 100% HU Budapest Full Cons. PENV
65 Future Solar Energy Kft 100% HU Budapest Full Cons. PEIAG
66 Montagem Befektet\u00e9si Kft. 100% HU Budapest Full Cons. PEIAG
67 Solarkit Befektetesi Kft. 100% HU Budapest Full Cons. PEIAG
68 Energy499 Invest Kft. 100% HU Budapest Full Cons. PEIAG
69 SunCollector Kft. 100% HU Budapest Full Cons. PEIAG
70 Green-symbol Invest Kft. 100% HU Budapest Full Cons. PEIAG
71 Ekopanel Befektet\u00e9si \u00e9s Szolgaltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
72 Onyx-sun Kft. 100% HU Budapest Full Cons. PEIAG
73 Tataimmo Kft 100% HU Budapest Full Cons. PEIAG
74 \u00d6reghal Kft. 100% HU Budapest Full Cons. PEIAG
75 European Sport Contact Kft. 100% HU Budapest Full Cons. PEIAG
76 ALFEMO Alpha Kft. 100% HU Budapest Full Cons. PEIAG
77 ALFEMO Beta Kft. 100% HU Budapest Full Cons. PEIAG
78 ALFEMO Gamma Kft. 100% HU Budapest Full Cons. PEIAG
79 Archway Solar Kft. 100% HU Budapest Full Cons. PENV
80 Belsize Solar Kft. 100% HU Budapest Full Cons. PEIAG
81 Blackhorse Solar Kft. 100% HU Budapest Full Cons. PEIAG
82 Camden Solar Kft 100% HU Budapest Full Cons. PEIAG
83 R\u00e1ci\u00f3 Master Oktat\u00e1si 100% HU Budapest Full Cons. PEIAG
84 Aligot\u00e9 Kereskedelmi \u00e9s Szolg\u00e1ltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
85 MEDI\u00c1TOR PV Plant Kft. 100% HU Budapest Full Cons. PEIAG
86 PROMA M\u00e1tra PV Plant Kft. 100% HU Budapest Full Cons. PEIAG
87 Optisolar Kft. 100% HU Budapest Full Cons. PEIAG
88 Lad\u00e1ny Solar Alpha Kft. 100% HU Budapest Full Cons. PEIAG
89 Lad\u00e1ny Solar Beta Kft. 100% HU Budapest Full Cons. PEIAG
90 Lad\u00e1ny Solar Gamma Kft. 100% HU Budapest Full Cons. PEIAG
91 Lad\u00e1ny Solar Delta Kft. 100% HU Budapest Full Cons. PEIAG
92 \u00c9G\u00c9SPART Energiatermel\u0151 \u00e9s Szolg\u00e1ltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
93 ZEMPL\u00c9NIMPEX Kereskedelmi \u00e9s Szolg\u00e1ltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
94 ZUGG\u00d3-D\u0170L\u0150 Energiatermel\u0151 \u00e9s Szolg\u00e1ltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
95 Ventiterra Kft. 100% HU Budapest Full Cons. PEIAG
96 VENTITERRA ALFA Kft. 100% HU Budapest Full Cons. PEIAG
97 VENTITERRA BETA Kft. 100% HU Budapest Full Cons. PEIAG
98 Hendon Solar Kft. 100% HU Budapest Full Cons. PEIAG
99 Mayfair Solar Kft. 100% HU Budapest Full Cons. PEIAG
100 Holborn Solar Kft. 100% HU Budapest Full Cons. PEIAG
101 Photon Energy Trading CEE Kft. (former Lerta Energy HU Kft.) 100% HU Budapest Full cons. Lerta S.A.
102 Photon Energy Solutions HU Kft. (former LERTA Magyarorsz\u00e1g Kft.) 100% HU Budapest Full cons. Lerta S.A.
103 Photon New Energy Alfa Kft. 100% HU Budapest Full cons. PESAG
104 Photon New Energy Beta Kft. 100% HU Budapest Full cons. PESAG
105 Photon New Energy Gamma Kft. 100% HU Budapest Full cons. PESAG
106 Dartford Solar Kft. 100% HU Budapest Full cons. PEIAG
107 Rochester Solar Kft. 100% HU Budapest Full cons. PEIAG
108 Newhamp Solar Kft. 100% HU Budapest Full cons. PEIAG
109 Brixton Solar Kft. 100% HU Budapest Full cons. PEIAG
110 Lerta Lithuania UAB 100% LI Vilnius Full cons. Lerta S.A.
111 Photon Energy Project Development XXK (PEPD) 99% MN Ulaanbaatar Full cons. PEP
112 PEPD Solar XXK. 100% MN Ulaanbaatar Full cons. PEPD
113 Photon Energy Solutions PL S.A. 100% PL Warsaw Full cons. PENV
114 Photon Energy Polska Sp. Z o.o. 100% PL Warsaw Full cons. PENV
115 Photon Energy Operations PL Sp. z o.o. 100% PL \u0141odz Full cons. PEONV
116 Alperton Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
117 Beckton Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
118 Debden Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
119 Chigwell Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
120 Ealing Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
121 Lerta S.A. 100% PL Pozna\u0144 Full cons. PENV
122 Photon Energy Trading PL Sp. z o.o. (former Lerta JRM Sp. z o.o.) 100% PL Pozna\u0144 Full cons. Lerta S.A.
123 Photon Energy Systems Sp. z o.o. (former Lerta Technology Sp. z o.o.) 100% PL Pozna\u0144 Full cons. Lerta S.A.
124 Domanowo Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
125 Stanford Solar Srl. 100% RO Bucharest Full cons. PEP & PEECZ
126 Halton Solar Srl. 100% RO Bucharest Full cons. PEIAG & KOAG
PEIAG &
127 Aldgate Solar Srl 100% RO Bucharest Full cons.
KOAG
PEIAG &
128 Holloway Solar Srl. 100% RO Bucharest Full cons.
KOAG
129 Moorgate Solar Srl. 100% RO Bucharest Full cons. PEP & PEECZ
130 Redbridge Solar Srl. 100% RO Bucharest Full cons. PEP & PEECZ
PEIAG &
131 Watford Solar Srl 100% RO Bucharest Full cons.
KOAG
PEONV &
132 Photon Energy Operations Romania Srl. 100% RO Bucharest Full cons.
PEOCZ
PEIAG &
133 Greenford Solar Srl. 100% RO Bucharest Full cons.
KOAG
PEIAG &
134 Chesham Solar Srl. 100% RO Bucharest Full cons.
KOAG
135 Photon Energy Romania Srl. 100% RO Bucharest Full cons. PENV & PEP
PEIAG &
136 Siria Solar SRL 100% RO Bucharest Full Cons.
KOAG
PEIAG &
137 Brentford Solar SRL 100% RO Bucharest Full cons.
KOAG
138 Camberwell Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
139 Deptford Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
140 Harlow Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
PEIAG &
141 Kenton Solar SRL 100% RO Bucharest Full cons.
KOAG
142 Lancaster Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
143 Perivale Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
144 Romford Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
145 Stratford Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
146 Weston Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
147 Photon Energy Engineering Romania SRL 100% RO Bucharest Full cons. PENV & PEP
Photon Energy Solutions Romania SRL
148 100% RO Bucharest Full cons. Lerta S.A.
(former Lerta Energy S.r.l.)
PEIAG &
149 Faget Solar Three Srl. 100% RO Bucharest Full cons.
KOAG
150 Faget Solar Four S.R.L. 100% RO Bucharest Full cons. PEP & PEECZ
151 Faget Solar Five SRL 100% RO Bucharest Full cons. PEP & PEECZ
152 Giulvaz Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
153 Elba Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
154 Photon Renewable Energy Pty. Ltd. 100% SA West. Cape Full Cons. PENV
155 Solar Age SPV 1 Pty. Ltd. 100% SA West. Cape Full Cons. PENV
156 Photon Energy Engineering NZ Pty. Limited 100% NZ Auckland Full Cons. PEEBV
\n * Neuhagen bei Berlin Notes: Country of registration: AU \u2013 Australia CH \u2013 Switzerland CZ \u2013 Czech Republic DE \u2013 Germany HU \u2013 Hungary NL \u2013 Netherlands MN \u2013 Mongolia PL \u2013 Poland PE \u2013 Peru RO \u2013 Romania SK \u2013 Slovakia SA \u2013 South Africa LI - Lithuania Consolidation method: Full Cons. \u2013 Full Consolidation Not Cons. \u2013 Not Consolidated Equity \u2013 Equity Method Photon Energy Operations CZ s.r.o. established a branch office in Romania. PEP & PESCZ \u2013 Photon Energy Projects s.r.o. owns 95% and Photon Energy Solution s.r.o. owns 5%\n \n \n \n The following entities were in the Group as at 31 December 2023: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Name % of share capital held by the holding company Country of registration Seat of the company Consolid. method Legal Owner
1 Photon Energy N.V. (PENV) Holding NL Amsterdam Full Cons. -
2 Photon Energy Operations NL B.V. (former Photon Directors B.V.) 100% NL Amsterdam Full Cons. PEONV
3 Photon Energy Engineering B.V. (PEEBV) 100% NL Amsterdam Full Cons. PENV
4 Photon Energy Operations N.V. (PEONV) 100% NL Amsterdam Full Cons. PENV
5 Photon Remediation Technology N.V. 100% NL Amsterdam Full Cons. PENV
6 Photon Energy Australia Pty Ltd. 100% AU Sydney Full Cons. PENV
7 Photon Energy AUS SPV 1 Pty. Ltd. 100% AU Sydney Full Cons. PENV
8 Leeton Solar Farm Pty Ltd (former Photon Energy AUS SPV 2 Pty. Ltd.) 100% AU Sydney Full Cons. PENV
9 Fivebough Solar Farm Pty Ltd. (former Photon Energy AUS SPV 3 Pty. Ltd.) 100% AU Sydney Full Cons. PENV
10 Photon Energy AUS SPV 4 Pty. Ltd. 100% AU Sydney Full Cons. PENV
11 Photon Energy AUS SPV 6 Pty. Ltd. 100% AU Sydney Full PENV
12 Photon Energy Operations Australia Pty.Ltd. 100% AU Sydney Full Cons. PEONV
13 Photon Energy Engineering Australia Pty Ltd 100% AU Sydney Full Cons. PEEBV
14 Photon Remediation Technology Australia Pty Ltd. 100% AU Sydney Full Cons. PRTNV
15 Photon Energy SGA Pty. Ltd. 100% AU Sydney Full Cons. PENV
16 Photon Water Australia Pty. Ltd. 100% AU Sydney Full Cons. PENV
17 RayGen Resources Pty. Ltd. 7.49% AU Sydney Equity PENV
18 Photon New Energy Pty. Ltd. 100% AU Sydney Full Cons. PENV
19 Photon Energy AUS SPV 14 Pty Ltd 100% AU Sydney Full Cons. PENV
20 Global Investment Protection AG 100% CH Zug Full Cons. PENV
21 Photon Energy Investments AG (PEIAG) 100% CH Zug Full Cons. PENV
22 KORADOL AG (KOAG) 100% CH Zug Full Cons. PENV
23 Photon Energy Solutions A.G. 100% CH Zug Full Cons. PENV
24 Photon Property AG, 100% CH Zug Full Cons. PENV
25 Photon Energy Corporate Services CZ s.r.o. 100% CZ Prague Full Cons. PENV
26 Photon Energy Solutions CZ a.s. (former Photon Energy Solutions CZ s.r.o.) 100% CZ Prague Full Cons. KOAG
27 Photon SPV 11 s.r.o. 100% CZ Prague Full Cons. KOAG
28 Photon Energy Operations CZ s.r.o. (PEOCZ) 100% CZ Prague Full Cons. PEONV
29 Photon Energy Control s.r.o. 100% CZ Prague Full Cons. PEOCZ
30 Photon Energy Technology CEE s.r.o. 100% CZ Prague Full Cons. PEEBV
31 Photon Water Technology s.r.o. 65% CZ Prague Full Cons. PENV
32 Photon Remediation Technology Europe s.r.o. (former Charles Bridge s.r.o.) 100% CZ Prague Full Cons. PENV
33 Photon Energy Engineering s.r.o. (former Photon Energy Solutions s.r.o. ) (PEECZ) 100% CZ Prague Full Cons. PENV
34 Photon Energy Projects s.r.o. (PEP) 100% CZ Prague Full Cons. PENV
35 Photon Energy Cardio s.r.o. 100% CZ Prague Full Cons. PEOCZ
36 Photon Maintenance s.r.o. (former The Special One s.r.o.) 100% CZ Prague Full Cons. PENV
37 Exit 90 SPV s.r.o. 100% CZ Prague Full Cons. KOAG
38 Onyx Energy s. r. o. 100% CZ Prague Full Cons. KOAG
39 Onyx Energy projekt II s.r.o. 100% CZ Prague Full Cons. KOAG
40 Photon SPV 3 s.r.o. 100% CZ Prague Full Cons. KOAG
41 Photon SPV 4 s.r.o. 100% CZ Prague Full Cons. KOAG
42 Photon SPV 6 s.r.o. 100% CZ Prague Full Cons. KOAG
43 Photon SPV 8 s.r.o. 100% CZ Prague Full Cons. KOAG
44 Photon SPV 10 s.r.o. 100% CZ Prague Full Cons. KOAG
45 Kaliop\u00e9 Property, s.r.o. 100% CZ Prague Full Cons. KOAG
46 PESPV 1 s.r.o. 100% CZ Prague Full Cons. PESCZ
47 PESPV 2 s.r.o. 100% CZ Prague Full Cons. PESCZ
48 Photon Energy Solutions s.r.o. 100% CZ Prague Full Cons. PESCZ
49 Photon Energy Home CZ s.r.o. (previously Lerta Czech Republic s.r.o., PESCZ) 100% CZ Prague Full Cons. PESCZ
50 Photon Energy Technology EU GmbH 100% DE Neuhagen* Full Cons. PENV
51 Photon Energy Corporate Services DE GmbH 100% DE Neuhagen* Full Cons. PENV
52 EcoPlan 2 s.r.o. 100% SK Bratislava Full Cons. PENV
53 EcoPlan 3 s.r.o. 100% SK Bratislava Full Cons. PENV
54 Fotonika s.r.o. 100% SK Bratislava Full Cons. PENV
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
55 Photon SK SPV 1 s.r.o. 50% SK Bratislava Equity PENV
56 Photon SK SPV 2 s.r.o. 100% SK Bratislava Full Cons. PENV
57 Photon SK SPV 3 s.r.o. 100% SK Bratislava Full Cons. PENV
58 Solarpark Myjava s.r.o. 50% SK Bratislava Equity PENV
59 Solarpark Polianka s.r.o. 50% SK Bratislava Equity PENV
60 SUN4ENERGY ZVB s.r.o. 100% SK Bratislava Full Cons. PENV
61 SUN4ENERGY ZVC s.r.o. 100% SK Bratislava Full Cons. PENV
62 ATS Energy, s.r.o. 100% SK Bratislava Full Cons. PENV
63 Photon Energy Operations SK s.r.o. 100% SK Bratislava Full Cons. PEONV
64 Photon Energy HU SPV 1 Kft. b.a 100% HU Budapest Full Cons. PEIAG
65 Fertod Napenergia-Termelo Kft. 100% HU Budapest Full Cons. PEIAG
66 Photon Energy Operations HU Kft. 100% HU Budapest Full Cons. PEONV
67 Photon Energy Engineering HU Kft. 100% HU Budapest Full Cons. PENV
68 Future Solar Energy Kft 100% HU Budapest Full Cons. PEIAG
69 Montagem Befektet\u00e9si Kft. 100% HU Budapest Full Cons. PEIAG
70 Solarkit Befektetesi Kft. 100% HU Budapest Full Cons. PEIAG
71 Energy499 Invest Kft. 100% HU Budapest Full Cons. PEIAG
72 SunCollector Kft. 100% HU Budapest Full Cons. PEIAG
73 Green-symbol Invest Kft. 100% HU Budapest Full Cons. PEIAG
74 Ekopanel Befektet\u00e9si \u00e9s Szolgaltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
75 Onyx-sun Kft. 100% HU Budapest Full Cons. PEIAG
76 Tataimmo Kft 100% HU Budapest Full Cons. PEIAG
77 \u00d6reghal Kft. 100% HU Budapest Full Cons. PEIAG
78 European Sport Contact Kft. 100% HU Budapest Full Cons. PEIAG
79 ALFEMO Alpha Kft. 100% HU Budapest Full Cons. PEIAG
80 ALFEMO Beta Kft. 100% HU Budapest Full Cons. PEIAG
81 ALFEMO Gamma Kft. 100% HU Budapest Full Cons. PEIAG
82 Archway Solar Kft. 100% HU Budapest Full Cons. PENV
83 Belsize Solar Kft. 100% HU Budapest Full Cons. PEIAG
84 Blackhorse Solar Kft. 100% HU Budapest Full Cons. PEIAG
85 Camden Solar Kft 100% HU Budapest Full Cons. PEIAG
86 R\u00e1ci\u00f3 Master Oktat\u00e1si 100% HU Budapest Full Cons. PEIAG
87 Aligot\u00e9 Kereskedelmi \u00e9s Szolg\u00e1ltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
88 MEDI\u00c1TOR PV Plant Kft. 100% HU Budapest Full Cons. PEIAG
89 PROMA M\u00e1tra PV Plant Kft. 100% HU Budapest Full Cons. PEIAG
90 Optisolar Kft. 100% HU Budapest Full Cons. PEIAG
91 Lad\u00e1ny Solar Alpha Kft. 100% HU Budapest Full Cons. PEIAG
92 Lad\u00e1ny Solar Beta Kft. 100% HU Budapest Full Cons. PEIAG
93 Lad\u00e1ny Solar Gamma Kft. 100% HU Budapest Full Cons. PEIAG
94 Lad\u00e1ny Solar Delta Kft. 100% HU Budapest Full Cons. PEIAG
95 \u00c9G\u00c9SPART Energiatermel\u0151 \u00e9s Szolg\u00e1ltat\u00f3 Kft 100% HU Budapest Full Cons. PEIAG
96 ZEMPL\u00c9NIMPEX Kereskedelmi \u00e9s Szolg\u00e1ltat\u00f3 Kf 100% HU Budapest Full Cons. PEIAG
97 ZUGG\u00d3-D\u0170L\u0150 Energiatermel\u0151 \u00e9s Szolg\u00e1ltat\u00f3 Kft 100% HU Budapest Full Cons. PEIAG
98 Ventiterra Kft. 100% HU Budapest Full Cons. PEIAG
99 VENTITERRA ALFA Kft. 100% HU Budapest Full Cons. PEIAG
100 VENTITERRA BETA Kft. 100% HU Budapest Full Cons. PEIAG
101 Hendon Solar Kft. 100% HU Budapest Full Cons. PEIAG
102 Mayfair Solar Kft. 100% HU Budapest Full Cons. PEIAG
103 Holborn Solar Kft. 100% HU Budapest Full Cons. PEIAG
104 Lerta Energy HU Kft. 100% HU Budapest Full cons. Lerta S.A.
105 LERTA Magyarorsz\u00e1g Kft. 100% HU Budapest Full cons. Lerta S.A.
106 Photon New Energy Alfa Kft. 100% HU Budapest Full cons. PESAG
107 Photon New Energy Beta Kft. 100% HU Budapest Full cons. PESAG
108 Photon New Energy Gamma Kft. 100% HU Budapest Full cons. PESAG
109 Dartford Solar Kft. 100% HU Budapest Full cons. PEIAG
110 Rochester Solar Kft. 100% HU Budapest Full cons. PEIAG
111 Newhamp Solar Kft. 100% HU Budapest Full cons. PEIAG
112 Brixton Solar Kft. 100% HU Budapest Full cons. PEIAG
113 Lerta Lithuania UAB 100% LI Vilnius Full cons. Lerta S.A.
114 Photon Energy Project Development XXK (PEPD) 99% MN Ulaanbaatar Full Cons. PEP
115 PEPD Solar XXK. 100% MN Ulaanbaatar Full Cons. PEPD
116 Photon Energy Solutions PL S.A. 100% PL Warsaw Full Cons. PENV
117 Photon Energy Polska Sp. Z o.o. 100% PL Warsaw Full cons. PENV
118 Photon Energy Operations PL Sp. z o.o. 100% PL \u0141odz Full cons. PEONV
119 Alperton Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
120 Beckton Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
121 Debden Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
122 Chigwell Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
123 Ealing Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
124 Lerta S.A. 100% PL Pozna\u0144 Full cons. PENV
125 Lerta Poland Sp. z o.o. 100% PL Pozna\u0144 Full cons. Lerta S.A.
126 Photon Energy Trading PL Sp. z o.o. (former Lerta Power Poland Sp. z o.o.) 100% PL Pozna\u0144 Full cons. Lerta S.A.
127 Lerta JRM Sp. z o.o. 100% PL Pozna\u0144 Full cons. Lerta S.A.
128 Photon Energy Systems Sp. z o.o. (former Lerta Technology Sp. z o.o.) 100% PL Pozna\u0144 Full cons. Lerta S.A.
129 Stanford Solar Srl. 100% RO Bucharest Full cons. PEP & PEECZ
PEIAG &
130 Halton Solar Srl. 100% RO Bucharest Full cons.
KOAG
PEIAG &
131 Aldgate Solar Srl 100% RO Bucharest Full cons.
KOAG
PEIAG &
132 Holloway Solar Srl. 100% RO Bucharest Full cons.
KOAG
133 Moorgate Solar Srl. 100% RO Bucharest Full cons. PEP & PEECZ
134 Redbridge Solar Srl. 100% RO Bucharest Full cons. PEP & PEECZ
PEIAG &
135 Watford Solar Srl 100% RO Bucharest Full cons.
KOAG
PEONV
136 Photon Energy Operations Romania Srl. 100% RO Bucharest Full cons.
&PEO CZ
PEIAG &
137 Greenford Solar Srl. 100% RO Bucharest Full cons.
KOAG
PEIAG &
138 Chesham Solar Srl. 100% RO Bucharest Full cons.
KOAG
139 Photon Energy Romania Srl. 100% RO Bucharest Full cons. PENV & PEP
PEIAG &
140 Siria Solar SRL 100% RO Bucharest Full Cons.
KOAG
PEIAG &
141 Brentford Solar SRL 100% RO Bucharest Full cons.
KOAG
142 Camberwell Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
143 Deptford Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
144 Harlow Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
PEIAG &
145 Kenton Solar SRL 100% RO Bucharest Full cons.
KOAG
146 Lancaster Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
147 Perivale Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
148 Romford Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
149 Stratford Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
150 Weston Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
151 Photon Energy Engineering Romania SRL 100% RO Bucharest Full cons. PENV & PEP
Photon Energy Solutions Romania SRL
152 100% RO Bucharest Full cons. Lerta S.A.
(former Lerta Energy S.r.l.)
PEIAG &
153 Faget Solar Three Srl. 100% RO Bucharest Full cons.
KOAG
154 Faget Solar Five SRL 100% RO Bucharest Full cons. PEP & PEECZ
155 Giulvaz Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
156 Photon Renewable Energy Pty. Ltd. 100% SA West. Cape Full Cons. PENV
157 Solar Age SPV 1 Pty. Ltd. 100% SA West. Cape Full Cons. PENV
158 Photon Energy Engineering NZ Pty. Limited 100% NZ Auckland Full Cons. PEEBV
\n * Neuhagen bei Berlin Notes: Country of registration: AU \u2013 Australia CH \u2013 Switzerland CZ \u2013 Czech Republic DE \u2013 Germany HU \u2013 Hungary NL \u2013 Netherlands MN \u2013 Mongolia PL \u2013 Poland PE \u2013 Peru RO \u2013 Romania SK \u2013 Slovakia SA \u2013 South Africa LI - Lithuania Consolidation method: Full Cons. \u2013 Full Consolidation Not Cons. \u2013 Not Consolidated Equity \u2013 Equity Method Photon Energy Operations CZ s.r.o. established a branch office in Romania. PEP & PESCZ \u2013 Photon Energy Projects s.r.o. owns 95% and Photon Energy Solution s.r.o. owns 5%\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417112214469": { "value": "\n 40. Group Entities Subsidiaries and joint ventures The following entities were in the Group as at 31 December 2024: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Name % of share capital held by the holding company Country of registration Seat of the company Consolid. method Legal Owner
1 Photon Energy N.V. (PENV) Holding NL Amsterdam Full Cons. -
2 Photon Energy Operations NL B.V. (former Photon Directors B.V.) 100% NL Amsterdam Full Cons. PEONV
3 Photon Energy Engineering B.V. (PEEBV) 100% NL Amsterdam Full Cons. PENV
4 Photon Energy Operations N.V. (PEONV) 100% NL Amsterdam Full Cons. PENV
5 Photon Remediation Technology N.V. 100% NL Amsterdam Full Cons. PENV
6 Photon Energy Australia Pty Ltd. 100% AU Sydney Full Cons. PENV
7 Photon Energy AUS SPV 1 Pty. Ltd. 100% AU Sydney Full Cons. PENV
8 Photon Energy AUS SPV 4 Pty. Ltd. 100% AU Sydney Full Cons. PENV
9 Photon Energy Operations Australia Pty.Ltd. 100% AU Sydney Full Cons. PEONV
10 Photon Energy Engineering Australia Pty Ltd 100% AU Sydney Full Cons. PEEBV
11 Photon Remediation Technology Australia Pty Ltd. 100% AU Sydney Full Cons. PRTNV
12 Photon Energy SGA Pty. Ltd. 100% AU Sydney Full Cons. PENV
13 Photon Water Australia Pty. Ltd. 100% AU Sydney Full Cons. PENV
14 RayGen Resources Pty. Ltd. 7.60% AU Sydney Equity PENV
15 Photon New Energy Pty. Ltd. 100% AU Sydney Full Cons. PENV
16 Photon Energy AUS SPV 14 Pty Ltd 100% AU Sydney Full Cons. PENV
17 Global Investment Protection AG 100% CH Zug Full Cons. PENV
18 Photon Energy Investments AG (PEIAG) 100% CH Zug Full Cons. PENV
19 KORADOL AG (KOAG) 100% CH Zug Full Cons. PENV
20 Photon Energy Solutions A.G. 100% CH Zug Full Cons. PENV
21 Photon Property AG, 100% CH Zug Full Cons. PENV
22 Photon Energy Corporate Services CZ s.r.o. 100% CZ Prague Full Cons. PENV
23 Photon Energy Solutions CZ a.s. (former Photon Energy Solutions CZ s.r.o.) 100% CZ Prague Full Cons. KOAG
24 Photon SPV 11 s.r.o. 100% CZ Prague Full Cons. KOAG
25 Photon Energy Operations CZ s.r.o. (PEOCZ) 100% CZ Prague Full Cons. PEONV
26 Photon Energy Control s.r.o. 100% CZ Prague Full Cons. PEOCZ
27 Photon Energy Technology CEE s.r.o. 100% CZ Prague Full Cons. PEEBV
28 Photon Water Technology s.r.o. 65% CZ Prague Full Cons. PENV
29 Photon Remediation Technology Europe s.r.o. (former Charles Bridge s.r.o.) 100% CZ Prague Full Cons. PENV
30 Photon Energy Engineering s.r.o. (former Photon Energy Solutions s.r.o. ) (PEECZ) 100% CZ Prague Full Cons. PENV
31 Photon Energy Projects s.r.o. (PEP) 100% CZ Prague Full Cons. PENV
32 Photon Energy Cardio s.r.o. 100% CZ Prague Full Cons. PEOCZ
33 Photon Maintenance s.r.o. (former The Special One s.r.o.) 100% CZ Prague Full Cons. PENV
34 Exit 90 SPV s.r.o. 100% CZ Prague Full Cons. KOAG
35 Onyx Energy s. r. o. 100% CZ Prague Full Cons. KOAG
36 Onyx Energy projekt II s.r.o. 100% CZ Prague Full Cons. KOAG
37 Photon SPV 3 s.r.o. 100% CZ Prague Full Cons. KOAG
38 Photon SPV 4 s.r.o. 100% CZ Prague Full Cons. KOAG
39 Photon SPV 6 s.r.o. 100% CZ Prague Full Cons. KOAG
40 Photon SPV 8 s.r.o. 100% CZ Prague Full Cons. KOAG
41 Photon SPV 10 s.r.o. 100% CZ Prague Full Cons. KOAG
42 Kaliop\u00e9 Property, s.r.o. 100% CZ Prague Full Cons. KOAG
43 PESPV 1 s.r.o. 100% CZ Prague Full Cons. PESCZ
44 PESPV 2 s.r.o. 100% CZ Prague Full Cons. PESCZ
45 Photon Energy Solutions s.r.o. 100% CZ Prague Full Cons. PESCZ
46 Photon Energy Home CZ s.r.o. (previously Lerta Czech Republic s.r.o., PESCZ) 100% CZ Prague Full Cons. PESCZ
47 Photon Energy Technology EU GmbH 100% DE Neuhagen* Full Cons. PENV
48 Photon Energy Corporate Services DE GmbH 100% DE Neuhagen* Full Cons. PENV
49 EcoPlan 2 s.r.o. 100% SK Bratislava Full Cons. PENV
50 EcoPlan 3 s.r.o. 100% SK Bratislava Full Cons. PENV
51 Fotonika s.r.o. 100% SK Bratislava Full Cons. PENV
52 Photon SK SPV 1 s.r.o. 50% SK Bratislava Equity PENV
53 Photon SK SPV 2 s.r.o. 100% SK Bratislava Full Cons. PENV
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
54 Photon SK SPV 3 s.r.o. 100% SK Bratislava Full Cons. PENV
55 Solarpark Myjava s.r.o. 50% SK Bratislava Equity PENV
56 Solarpark Polianka s.r.o. 50% SK Bratislava Equity PENV
57 SUN4ENERGY ZVB s.r.o. 100% SK Bratislava Full Cons. PENV
58 SUN4ENERGY ZVC s.r.o. 100% SK Bratislava Full Cons. PENV
59 ATS Energy, s.r.o. 100% SK Bratislava Full Cons. PENV
60 Photon Energy Operations SK s.r.o. 100% SK Bratislava Full Cons. PEONV
61 Photon Energy HU SPV 1 Kft. b.a 100% HU Budapest Full Cons. PEIAG
62 Fertod Napenergia-Termelo Kft. 100% HU Budapest Full Cons. PEIAG
63 Photon Energy Operations HU Kft. 100% HU Budapest Full Cons. PEONV
64 Photon Energy Engineering HU Kft. 100% HU Budapest Full Cons. PENV
65 Future Solar Energy Kft 100% HU Budapest Full Cons. PEIAG
66 Montagem Befektet\u00e9si Kft. 100% HU Budapest Full Cons. PEIAG
67 Solarkit Befektetesi Kft. 100% HU Budapest Full Cons. PEIAG
68 Energy499 Invest Kft. 100% HU Budapest Full Cons. PEIAG
69 SunCollector Kft. 100% HU Budapest Full Cons. PEIAG
70 Green-symbol Invest Kft. 100% HU Budapest Full Cons. PEIAG
71 Ekopanel Befektet\u00e9si \u00e9s Szolgaltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
72 Onyx-sun Kft. 100% HU Budapest Full Cons. PEIAG
73 Tataimmo Kft 100% HU Budapest Full Cons. PEIAG
74 \u00d6reghal Kft. 100% HU Budapest Full Cons. PEIAG
75 European Sport Contact Kft. 100% HU Budapest Full Cons. PEIAG
76 ALFEMO Alpha Kft. 100% HU Budapest Full Cons. PEIAG
77 ALFEMO Beta Kft. 100% HU Budapest Full Cons. PEIAG
78 ALFEMO Gamma Kft. 100% HU Budapest Full Cons. PEIAG
79 Archway Solar Kft. 100% HU Budapest Full Cons. PENV
80 Belsize Solar Kft. 100% HU Budapest Full Cons. PEIAG
81 Blackhorse Solar Kft. 100% HU Budapest Full Cons. PEIAG
82 Camden Solar Kft 100% HU Budapest Full Cons. PEIAG
83 R\u00e1ci\u00f3 Master Oktat\u00e1si 100% HU Budapest Full Cons. PEIAG
84 Aligot\u00e9 Kereskedelmi \u00e9s Szolg\u00e1ltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
85 MEDI\u00c1TOR PV Plant Kft. 100% HU Budapest Full Cons. PEIAG
86 PROMA M\u00e1tra PV Plant Kft. 100% HU Budapest Full Cons. PEIAG
87 Optisolar Kft. 100% HU Budapest Full Cons. PEIAG
88 Lad\u00e1ny Solar Alpha Kft. 100% HU Budapest Full Cons. PEIAG
89 Lad\u00e1ny Solar Beta Kft. 100% HU Budapest Full Cons. PEIAG
90 Lad\u00e1ny Solar Gamma Kft. 100% HU Budapest Full Cons. PEIAG
91 Lad\u00e1ny Solar Delta Kft. 100% HU Budapest Full Cons. PEIAG
92 \u00c9G\u00c9SPART Energiatermel\u0151 \u00e9s Szolg\u00e1ltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
93 ZEMPL\u00c9NIMPEX Kereskedelmi \u00e9s Szolg\u00e1ltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
94 ZUGG\u00d3-D\u0170L\u0150 Energiatermel\u0151 \u00e9s Szolg\u00e1ltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
95 Ventiterra Kft. 100% HU Budapest Full Cons. PEIAG
96 VENTITERRA ALFA Kft. 100% HU Budapest Full Cons. PEIAG
97 VENTITERRA BETA Kft. 100% HU Budapest Full Cons. PEIAG
98 Hendon Solar Kft. 100% HU Budapest Full Cons. PEIAG
99 Mayfair Solar Kft. 100% HU Budapest Full Cons. PEIAG
100 Holborn Solar Kft. 100% HU Budapest Full Cons. PEIAG
101 Photon Energy Trading CEE Kft. (former Lerta Energy HU Kft.) 100% HU Budapest Full cons. Lerta S.A.
102 Photon Energy Solutions HU Kft. (former LERTA Magyarorsz\u00e1g Kft.) 100% HU Budapest Full cons. Lerta S.A.
103 Photon New Energy Alfa Kft. 100% HU Budapest Full cons. PESAG
104 Photon New Energy Beta Kft. 100% HU Budapest Full cons. PESAG
105 Photon New Energy Gamma Kft. 100% HU Budapest Full cons. PESAG
106 Dartford Solar Kft. 100% HU Budapest Full cons. PEIAG
107 Rochester Solar Kft. 100% HU Budapest Full cons. PEIAG
108 Newhamp Solar Kft. 100% HU Budapest Full cons. PEIAG
109 Brixton Solar Kft. 100% HU Budapest Full cons. PEIAG
110 Lerta Lithuania UAB 100% LI Vilnius Full cons. Lerta S.A.
111 Photon Energy Project Development XXK (PEPD) 99% MN Ulaanbaatar Full cons. PEP
112 PEPD Solar XXK. 100% MN Ulaanbaatar Full cons. PEPD
113 Photon Energy Solutions PL S.A. 100% PL Warsaw Full cons. PENV
114 Photon Energy Polska Sp. Z o.o. 100% PL Warsaw Full cons. PENV
115 Photon Energy Operations PL Sp. z o.o. 100% PL \u0141odz Full cons. PEONV
116 Alperton Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
117 Beckton Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
118 Debden Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
119 Chigwell Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
120 Ealing Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
121 Lerta S.A. 100% PL Pozna\u0144 Full cons. PENV
122 Photon Energy Trading PL Sp. z o.o. (former Lerta JRM Sp. z o.o.) 100% PL Pozna\u0144 Full cons. Lerta S.A.
123 Photon Energy Systems Sp. z o.o. (former Lerta Technology Sp. z o.o.) 100% PL Pozna\u0144 Full cons. Lerta S.A.
124 Domanowo Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
125 Stanford Solar Srl. 100% RO Bucharest Full cons. PEP & PEECZ
126 Halton Solar Srl. 100% RO Bucharest Full cons. PEIAG & KOAG
PEIAG &
127 Aldgate Solar Srl 100% RO Bucharest Full cons.
KOAG
PEIAG &
128 Holloway Solar Srl. 100% RO Bucharest Full cons.
KOAG
129 Moorgate Solar Srl. 100% RO Bucharest Full cons. PEP & PEECZ
130 Redbridge Solar Srl. 100% RO Bucharest Full cons. PEP & PEECZ
PEIAG &
131 Watford Solar Srl 100% RO Bucharest Full cons.
KOAG
PEONV &
132 Photon Energy Operations Romania Srl. 100% RO Bucharest Full cons.
PEOCZ
PEIAG &
133 Greenford Solar Srl. 100% RO Bucharest Full cons.
KOAG
PEIAG &
134 Chesham Solar Srl. 100% RO Bucharest Full cons.
KOAG
135 Photon Energy Romania Srl. 100% RO Bucharest Full cons. PENV & PEP
PEIAG &
136 Siria Solar SRL 100% RO Bucharest Full Cons.
KOAG
PEIAG &
137 Brentford Solar SRL 100% RO Bucharest Full cons.
KOAG
138 Camberwell Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
139 Deptford Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
140 Harlow Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
PEIAG &
141 Kenton Solar SRL 100% RO Bucharest Full cons.
KOAG
142 Lancaster Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
143 Perivale Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
144 Romford Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
145 Stratford Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
146 Weston Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
147 Photon Energy Engineering Romania SRL 100% RO Bucharest Full cons. PENV & PEP
Photon Energy Solutions Romania SRL
148 100% RO Bucharest Full cons. Lerta S.A.
(former Lerta Energy S.r.l.)
PEIAG &
149 Faget Solar Three Srl. 100% RO Bucharest Full cons.
KOAG
150 Faget Solar Four S.R.L. 100% RO Bucharest Full cons. PEP & PEECZ
151 Faget Solar Five SRL 100% RO Bucharest Full cons. PEP & PEECZ
152 Giulvaz Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
153 Elba Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
154 Photon Renewable Energy Pty. Ltd. 100% SA West. Cape Full Cons. PENV
155 Solar Age SPV 1 Pty. Ltd. 100% SA West. Cape Full Cons. PENV
156 Photon Energy Engineering NZ Pty. Limited 100% NZ Auckland Full Cons. PEEBV
\n * Neuhagen bei Berlin Notes: Country of registration: AU \u2013 Australia CH \u2013 Switzerland CZ \u2013 Czech Republic DE \u2013 Germany HU \u2013 Hungary NL \u2013 Netherlands MN \u2013 Mongolia PL \u2013 Poland PE \u2013 Peru RO \u2013 Romania SK \u2013 Slovakia SA \u2013 South Africa LI - Lithuania Consolidation method: Full Cons. \u2013 Full Consolidation Not Cons. \u2013 Not Consolidated Equity \u2013 Equity Method Photon Energy Operations CZ s.r.o. established a branch office in Romania. PEP & PESCZ \u2013 Photon Energy Projects s.r.o. owns 95% and Photon Energy Solution s.r.o. owns 5%\n \n The following entities were in the Group as at 31 December 2023: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Name % of share capital held by the holding company Country of registration Seat of the company Consolid. method Legal Owner
1 Photon Energy N.V. (PENV) Holding NL Amsterdam Full Cons. -
2 Photon Energy Operations NL B.V. (former Photon Directors B.V.) 100% NL Amsterdam Full Cons. PEONV
3 Photon Energy Engineering B.V. (PEEBV) 100% NL Amsterdam Full Cons. PENV
4 Photon Energy Operations N.V. (PEONV) 100% NL Amsterdam Full Cons. PENV
5 Photon Remediation Technology N.V. 100% NL Amsterdam Full Cons. PENV
6 Photon Energy Australia Pty Ltd. 100% AU Sydney Full Cons. PENV
7 Photon Energy AUS SPV 1 Pty. Ltd. 100% AU Sydney Full Cons. PENV
8 Leeton Solar Farm Pty Ltd (former Photon Energy AUS SPV 2 Pty. Ltd.) 100% AU Sydney Full Cons. PENV
9 Fivebough Solar Farm Pty Ltd. (former Photon Energy AUS SPV 3 Pty. Ltd.) 100% AU Sydney Full Cons. PENV
10 Photon Energy AUS SPV 4 Pty. Ltd. 100% AU Sydney Full Cons. PENV
11 Photon Energy AUS SPV 6 Pty. Ltd. 100% AU Sydney Full PENV
12 Photon Energy Operations Australia Pty.Ltd. 100% AU Sydney Full Cons. PEONV
13 Photon Energy Engineering Australia Pty Ltd 100% AU Sydney Full Cons. PEEBV
14 Photon Remediation Technology Australia Pty Ltd. 100% AU Sydney Full Cons. PRTNV
15 Photon Energy SGA Pty. Ltd. 100% AU Sydney Full Cons. PENV
16 Photon Water Australia Pty. Ltd. 100% AU Sydney Full Cons. PENV
17 RayGen Resources Pty. Ltd. 7.49% AU Sydney Equity PENV
18 Photon New Energy Pty. Ltd. 100% AU Sydney Full Cons. PENV
19 Photon Energy AUS SPV 14 Pty Ltd 100% AU Sydney Full Cons. PENV
20 Global Investment Protection AG 100% CH Zug Full Cons. PENV
21 Photon Energy Investments AG (PEIAG) 100% CH Zug Full Cons. PENV
22 KORADOL AG (KOAG) 100% CH Zug Full Cons. PENV
23 Photon Energy Solutions A.G. 100% CH Zug Full Cons. PENV
24 Photon Property AG, 100% CH Zug Full Cons. PENV
25 Photon Energy Corporate Services CZ s.r.o. 100% CZ Prague Full Cons. PENV
26 Photon Energy Solutions CZ a.s. (former Photon Energy Solutions CZ s.r.o.) 100% CZ Prague Full Cons. KOAG
27 Photon SPV 11 s.r.o. 100% CZ Prague Full Cons. KOAG
28 Photon Energy Operations CZ s.r.o. (PEOCZ) 100% CZ Prague Full Cons. PEONV
29 Photon Energy Control s.r.o. 100% CZ Prague Full Cons. PEOCZ
30 Photon Energy Technology CEE s.r.o. 100% CZ Prague Full Cons. PEEBV
31 Photon Water Technology s.r.o. 65% CZ Prague Full Cons. PENV
32 Photon Remediation Technology Europe s.r.o. (former Charles Bridge s.r.o.) 100% CZ Prague Full Cons. PENV
33 Photon Energy Engineering s.r.o. (former Photon Energy Solutions s.r.o. ) (PEECZ) 100% CZ Prague Full Cons. PENV
34 Photon Energy Projects s.r.o. (PEP) 100% CZ Prague Full Cons. PENV
35 Photon Energy Cardio s.r.o. 100% CZ Prague Full Cons. PEOCZ
36 Photon Maintenance s.r.o. (former The Special One s.r.o.) 100% CZ Prague Full Cons. PENV
37 Exit 90 SPV s.r.o. 100% CZ Prague Full Cons. KOAG
38 Onyx Energy s. r. o. 100% CZ Prague Full Cons. KOAG
39 Onyx Energy projekt II s.r.o. 100% CZ Prague Full Cons. KOAG
40 Photon SPV 3 s.r.o. 100% CZ Prague Full Cons. KOAG
41 Photon SPV 4 s.r.o. 100% CZ Prague Full Cons. KOAG
42 Photon SPV 6 s.r.o. 100% CZ Prague Full Cons. KOAG
43 Photon SPV 8 s.r.o. 100% CZ Prague Full Cons. KOAG
44 Photon SPV 10 s.r.o. 100% CZ Prague Full Cons. KOAG
45 Kaliop\u00e9 Property, s.r.o. 100% CZ Prague Full Cons. KOAG
46 PESPV 1 s.r.o. 100% CZ Prague Full Cons. PESCZ
47 PESPV 2 s.r.o. 100% CZ Prague Full Cons. PESCZ
48 Photon Energy Solutions s.r.o. 100% CZ Prague Full Cons. PESCZ
49 Photon Energy Home CZ s.r.o. (previously Lerta Czech Republic s.r.o., PESCZ) 100% CZ Prague Full Cons. PESCZ
50 Photon Energy Technology EU GmbH 100% DE Neuhagen* Full Cons. PENV
51 Photon Energy Corporate Services DE GmbH 100% DE Neuhagen* Full Cons. PENV
52 EcoPlan 2 s.r.o. 100% SK Bratislava Full Cons. PENV
53 EcoPlan 3 s.r.o. 100% SK Bratislava Full Cons. PENV
54 Fotonika s.r.o. 100% SK Bratislava Full Cons. PENV
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
55 Photon SK SPV 1 s.r.o. 50% SK Bratislava Equity PENV
56 Photon SK SPV 2 s.r.o. 100% SK Bratislava Full Cons. PENV
57 Photon SK SPV 3 s.r.o. 100% SK Bratislava Full Cons. PENV
58 Solarpark Myjava s.r.o. 50% SK Bratislava Equity PENV
59 Solarpark Polianka s.r.o. 50% SK Bratislava Equity PENV
60 SUN4ENERGY ZVB s.r.o. 100% SK Bratislava Full Cons. PENV
61 SUN4ENERGY ZVC s.r.o. 100% SK Bratislava Full Cons. PENV
62 ATS Energy, s.r.o. 100% SK Bratislava Full Cons. PENV
63 Photon Energy Operations SK s.r.o. 100% SK Bratislava Full Cons. PEONV
64 Photon Energy HU SPV 1 Kft. b.a 100% HU Budapest Full Cons. PEIAG
65 Fertod Napenergia-Termelo Kft. 100% HU Budapest Full Cons. PEIAG
66 Photon Energy Operations HU Kft. 100% HU Budapest Full Cons. PEONV
67 Photon Energy Engineering HU Kft. 100% HU Budapest Full Cons. PENV
68 Future Solar Energy Kft 100% HU Budapest Full Cons. PEIAG
69 Montagem Befektet\u00e9si Kft. 100% HU Budapest Full Cons. PEIAG
70 Solarkit Befektetesi Kft. 100% HU Budapest Full Cons. PEIAG
71 Energy499 Invest Kft. 100% HU Budapest Full Cons. PEIAG
72 SunCollector Kft. 100% HU Budapest Full Cons. PEIAG
73 Green-symbol Invest Kft. 100% HU Budapest Full Cons. PEIAG
74 Ekopanel Befektet\u00e9si \u00e9s Szolgaltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
75 Onyx-sun Kft. 100% HU Budapest Full Cons. PEIAG
76 Tataimmo Kft 100% HU Budapest Full Cons. PEIAG
77 \u00d6reghal Kft. 100% HU Budapest Full Cons. PEIAG
78 European Sport Contact Kft. 100% HU Budapest Full Cons. PEIAG
79 ALFEMO Alpha Kft. 100% HU Budapest Full Cons. PEIAG
80 ALFEMO Beta Kft. 100% HU Budapest Full Cons. PEIAG
81 ALFEMO Gamma Kft. 100% HU Budapest Full Cons. PEIAG
82 Archway Solar Kft. 100% HU Budapest Full Cons. PENV
83 Belsize Solar Kft. 100% HU Budapest Full Cons. PEIAG
84 Blackhorse Solar Kft. 100% HU Budapest Full Cons. PEIAG
85 Camden Solar Kft 100% HU Budapest Full Cons. PEIAG
86 R\u00e1ci\u00f3 Master Oktat\u00e1si 100% HU Budapest Full Cons. PEIAG
87 Aligot\u00e9 Kereskedelmi \u00e9s Szolg\u00e1ltat\u00f3 Kft. 100% HU Budapest Full Cons. PEIAG
88 MEDI\u00c1TOR PV Plant Kft. 100% HU Budapest Full Cons. PEIAG
89 PROMA M\u00e1tra PV Plant Kft. 100% HU Budapest Full Cons. PEIAG
90 Optisolar Kft. 100% HU Budapest Full Cons. PEIAG
91 Lad\u00e1ny Solar Alpha Kft. 100% HU Budapest Full Cons. PEIAG
92 Lad\u00e1ny Solar Beta Kft. 100% HU Budapest Full Cons. PEIAG
93 Lad\u00e1ny Solar Gamma Kft. 100% HU Budapest Full Cons. PEIAG
94 Lad\u00e1ny Solar Delta Kft. 100% HU Budapest Full Cons. PEIAG
95 \u00c9G\u00c9SPART Energiatermel\u0151 \u00e9s Szolg\u00e1ltat\u00f3 Kft 100% HU Budapest Full Cons. PEIAG
96 ZEMPL\u00c9NIMPEX Kereskedelmi \u00e9s Szolg\u00e1ltat\u00f3 Kf 100% HU Budapest Full Cons. PEIAG
97 ZUGG\u00d3-D\u0170L\u0150 Energiatermel\u0151 \u00e9s Szolg\u00e1ltat\u00f3 Kft 100% HU Budapest Full Cons. PEIAG
98 Ventiterra Kft. 100% HU Budapest Full Cons. PEIAG
99 VENTITERRA ALFA Kft. 100% HU Budapest Full Cons. PEIAG
100 VENTITERRA BETA Kft. 100% HU Budapest Full Cons. PEIAG
101 Hendon Solar Kft. 100% HU Budapest Full Cons. PEIAG
102 Mayfair Solar Kft. 100% HU Budapest Full Cons. PEIAG
103 Holborn Solar Kft. 100% HU Budapest Full Cons. PEIAG
104 Lerta Energy HU Kft. 100% HU Budapest Full cons. Lerta S.A.
105 LERTA Magyarorsz\u00e1g Kft. 100% HU Budapest Full cons. Lerta S.A.
106 Photon New Energy Alfa Kft. 100% HU Budapest Full cons. PESAG
107 Photon New Energy Beta Kft. 100% HU Budapest Full cons. PESAG
108 Photon New Energy Gamma Kft. 100% HU Budapest Full cons. PESAG
109 Dartford Solar Kft. 100% HU Budapest Full cons. PEIAG
110 Rochester Solar Kft. 100% HU Budapest Full cons. PEIAG
111 Newhamp Solar Kft. 100% HU Budapest Full cons. PEIAG
112 Brixton Solar Kft. 100% HU Budapest Full cons. PEIAG
113 Lerta Lithuania UAB 100% LI Vilnius Full cons. Lerta S.A.
114 Photon Energy Project Development XXK (PEPD) 99% MN Ulaanbaatar Full Cons. PEP
115 PEPD Solar XXK. 100% MN Ulaanbaatar Full Cons. PEPD
116 Photon Energy Solutions PL S.A. 100% PL Warsaw Full Cons. PENV
117 Photon Energy Polska Sp. Z o.o. 100% PL Warsaw Full cons. PENV
118 Photon Energy Operations PL Sp. z o.o. 100% PL \u0141odz Full cons. PEONV
119 Alperton Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
120 Beckton Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
121 Debden Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
122 Chigwell Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
123 Ealing Solar Sp. z o.o. 100% PL Pozna\u0144 Full cons. PENV
124 Lerta S.A. 100% PL Pozna\u0144 Full cons. PENV
125 Lerta Poland Sp. z o.o. 100% PL Pozna\u0144 Full cons. Lerta S.A.
126 Photon Energy Trading PL Sp. z o.o. (former Lerta Power Poland Sp. z o.o.) 100% PL Pozna\u0144 Full cons. Lerta S.A.
127 Lerta JRM Sp. z o.o. 100% PL Pozna\u0144 Full cons. Lerta S.A.
128 Photon Energy Systems Sp. z o.o. (former Lerta Technology Sp. z o.o.) 100% PL Pozna\u0144 Full cons. Lerta S.A.
129 Stanford Solar Srl. 100% RO Bucharest Full cons. PEP & PEECZ
PEIAG &
130 Halton Solar Srl. 100% RO Bucharest Full cons.
KOAG
PEIAG &
131 Aldgate Solar Srl 100% RO Bucharest Full cons.
KOAG
PEIAG &
132 Holloway Solar Srl. 100% RO Bucharest Full cons.
KOAG
133 Moorgate Solar Srl. 100% RO Bucharest Full cons. PEP & PEECZ
134 Redbridge Solar Srl. 100% RO Bucharest Full cons. PEP & PEECZ
PEIAG &
135 Watford Solar Srl 100% RO Bucharest Full cons.
KOAG
PEONV
136 Photon Energy Operations Romania Srl. 100% RO Bucharest Full cons.
&PEO CZ
PEIAG &
137 Greenford Solar Srl. 100% RO Bucharest Full cons.
KOAG
PEIAG &
138 Chesham Solar Srl. 100% RO Bucharest Full cons.
KOAG
139 Photon Energy Romania Srl. 100% RO Bucharest Full cons. PENV & PEP
PEIAG &
140 Siria Solar SRL 100% RO Bucharest Full Cons.
KOAG
PEIAG &
141 Brentford Solar SRL 100% RO Bucharest Full cons.
KOAG
142 Camberwell Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
143 Deptford Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
144 Harlow Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
PEIAG &
145 Kenton Solar SRL 100% RO Bucharest Full cons.
KOAG
146 Lancaster Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
147 Perivale Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
148 Romford Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
149 Stratford Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
150 Weston Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
151 Photon Energy Engineering Romania SRL 100% RO Bucharest Full cons. PENV & PEP
Photon Energy Solutions Romania SRL
152 100% RO Bucharest Full cons. Lerta S.A.
(former Lerta Energy S.r.l.)
PEIAG &
153 Faget Solar Three Srl. 100% RO Bucharest Full cons.
KOAG
154 Faget Solar Five SRL 100% RO Bucharest Full cons. PEP & PEECZ
155 Giulvaz Solar SRL 100% RO Bucharest Full cons. PEP & PEECZ
156 Photon Renewable Energy Pty. Ltd. 100% SA West. Cape Full Cons. PENV
157 Solar Age SPV 1 Pty. Ltd. 100% SA West. Cape Full Cons. PENV
158 Photon Energy Engineering NZ Pty. Limited 100% NZ Auckland Full Cons. PEEBV
\n * Neuhagen bei Berlin Notes: Country of registration: AU \u2013 Australia CH \u2013 Switzerland CZ \u2013 Czech Republic DE \u2013 Germany HU \u2013 Hungary NL \u2013 Netherlands MN \u2013 Mongolia PL \u2013 Poland PE \u2013 Peru RO \u2013 Romania SK \u2013 Slovakia SA \u2013 South Africa LI - Lithuania Consolidation method: Full Cons. \u2013 Full Consolidation Not Cons. \u2013 Not Consolidated Equity \u2013 Equity Method Photon Energy Operations CZ s.r.o. established a branch office in Romania. PEP & PESCZ \u2013 Photon Energy Projects s.r.o. owns 95% and Photon Energy Solution s.r.o. owns 5%\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417094301677": { "value": "\n \n 41. Contingent Assets and Liabilities, Commitments Legal Proceedings From time to time and in the normal course of business, claims against the Group may be received. On the basis of its own es- timates and both internal and external professional advice, management is of the opinion that no material losses will be incurred in respect of claims in excess of provisions that have been made in these consolidated financial statements. Assets Pledged and Restricted At 31 December 2024 and 2023 the Group has the assets pledged as collateral and included in note 19. Additionally to those assets listed in note 19, shares in Czech SPVs are pledged as security to the financing bank. Guarantees Guarantees are irrevocable assurances that the Group will make payments in the event that another party cannot meet its obligations. The parent company has issued guarantees in total amount of EUR 60,435 thousand (2023: EUR 68,914 thousand) to subsidiaries creditors. Most of the new guarantees in 2023 were issued in connection with the capacity guarantees for the capacity market in Poland and for building of the new power- plants in Romania (specifically used only on applications for Set- Up Licenses ANRE). Bank accounts restricted due to guarantees are included in restricted cash presented in note 28.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417105714259": { "value": "\n 41. Contingent Assets and Liabilities, Commitments Legal Proceedings From time to time and in the normal course of business, claims against the Group may be received. On the basis of its own es- timates and both internal and external professional advice, management is of the opinion that no material losses will be incurred in respect of claims in excess of provisions that have been made in these consolidated financial statements. Assets Pledged and Restricted At 31 December 2024 and 2023 the Group has the assets pledged as collateral and included in note 19. Additionally to those assets listed in note 19, shares in Czech SPVs are pledged as security to the financing bank. Guarantees Guarantees are irrevocable assurances that the Group will make payments in the event that another party cannot meet its obligations. The parent company has issued guarantees in total amount of EUR 60,435 thousand (2023: EUR 68,914 thousand) to subsidiaries creditors. Most of the new guarantees in 2023 were issued in connection with the capacity guarantees for the capacity market in Poland and for building of the new power- plants in Romania (specifically used only on applications for Set- Up Licenses ANRE). Bank accounts restricted due to guarantees are included in restricted cash presented in note 28.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417105737324": { "value": "41. Contingent Assets and Liabilities, Commitments Legal Proceedings From time to time and in the normal course of business, claims against the Group may be received. On the basis of its own es- timates and both internal and external professional advice, management is of the opinion that no material losses will be incurred in respect of claims in excess of provisions that have been made in these consolidated financial statements. Assets Pledged and Restricted At 31 December 2024 and 2023 the Group has the assets pledged as collateral and included in note 19. Additionally to those assets listed in note 19, shares in Czech SPVs are pledged as security to the financing bank. Guarantees Guarantees are irrevocable assurances that the Group will make payments in the event that another party cannot meet its obligations. The parent company has issued guarantees in total amount of EUR 60,435 thousand (2023: EUR 68,914 thousand) to subsidiaries creditors. Most of the new guarantees in 2023 were issued in connection with the capacity guarantees for the capacity market in Poland and for building of the new power- plants in Romania (specifically used only on applications for Set- Up Licenses ANRE). Bank accounts restricted due to guarantees are included in restricted cash presented in note 28.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "Fxbrl_20250417004624159": { "value": "\n 42. Subsequent Events In the Management\u2019s view, the most important events from 1 January 2025 till the date of the publication of this report, in- clude: Return to the Bonus System in the Czech Republic As of 1 January 2025, the Czech portfolio comprising of 15.0 MWp has been switched from the feed-in-tariff system to the green bonus system, which means that in 2025 the Czech power plants are entitled to the green bonus of CZK 16,362/MWh plus the market price, which will be realized by the trading department of New Energy division of Photon En- ergy Group. Freezing of Feed-in-Tariff Indexation in Hungary Based on the government decree number 7/2025 (I.31) (herein-after \u201cDecree\u201d), effective as of 1 January 2025, the Hun- garian government decided to suspend the Annex No. 5 of the K\u00c1T de-cree from January 1, 2025, until the end of the state of emer-gency, but at most until the end of 2029. Based on this decision the indexation of KAT type feed-in-tariff (FiT) will be frozen until the above-mentioned dates and the mandatory take-over prices will remain at the level of HUF 47.04 / kWh (EUR 114.3 / MWh). This applies to around 33.6 MWp of our Hungarian power plants. In case of power plants under KAT and METAR Premium feed-in-tariffs the Decree is not applica- ble and the level of FiT which in the current year is set a HUF 48.31 / kWh (EUR 117.4 / MWh) will remain adjusted with the consumer price index (CPI) as previously. This applies to 7.0 MWp of our assets. The Freezing of Feed-in-Tariff indexation in Hungary has im- pacted the book value of our power plants with KAT tariffs at 31 December 2024. The changes have had a negative impact of EUR 2.3 million on our total non-current assets, and this re- duces the Group\u2019s Total equity by the same amount Based on the Decree, if the value of the last annual CPI index published by the Central Statistical Office reaches 1.06, then the freezing will not be applicable for the current year. Shutting down 14.6 MWp of assets in Romania In February 2025, another power plant in Romania, with the ca-pacity of 7.1 MWp and located in Sahateni was shut down fol-lowing the Transmission System Operator\u2019s (TSO) decision. This together with Faget 3, a 7.5 MWp power plant discon- nected in December 2024, represents 14.6 MWp and 28.3% of the total capacity installed in Romania. Both power plants must secure grid commissioning approval from the TSO, which is anticipated to be granted in Q1-Q2 2025. This temporary shutdown of 14.6 MWp of operating PV assets in Romania will negatively impact the generation revenues and hence financial results in year 2025 and were unexpected by the Management. 250 MWp Grid Connection Capacity Received in South Af- rica In January 2025, Photon Energy made significant progress in the development of a 250 MW concentrated solar PV plant with 150 MW (1.8 GWh, 12 hours) of thermal hydro storage in Win- terton, KwaZulu-Natal, South Africa, by receiving favourable grid con-nection terms. In the next phase of development, Photon Energy will collabo- rate with Eskom, the local Distribution System Operator (DSO) and the largest electricity producer in Africa, to design and im- plement the necessary technical solutions for integrating the plant into both the regional and national grid. This partnership aims to ensure grid stability, optimise energy distribution, and provide essential services such as frequency regulation and peak load management. By working closely with the DSO, Pho- ton Energy intends to secure deployment of this advanced tech-nology, delivering significant value to both the energy sec- tor and local communities. The project is making steady pro- gress, with the Environmental Impact Assessment (EIA) to be con-cluded by Q4 this year and zoning processes advancing. Photon Energy Commissions Three Solar PV Power Plants in Hungary The new solar PV power plants, with a total capacity of 5.1 MWp, have commenced operations in Tolna, Hungary, set to operate under a merchant model. Photon Energy\u2019s proprietary portfolio of PV power plants in Hungary has now reached a to- tal capacity of 57.5 MWp, increasing the Company\u2019s global IPP portfolio to 134.7 MWp.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:315700YHFON9RJOPCK19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }