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incorporated and domiciled in Malta with registration number C 82098 and registered address at HHF 303 Industrial Estate, Hal Far, Birzebbugia BBG 3000, Malta. The Company's principal activity is to act as a holding company and to provide financing to its subsidiaries. The Company together with its subsidiaries (\"the Group\u201d) is engaged in the business of providing aluminium, steel, wrought iron, large scale glass formats, and stainless-steel works, as well as the construction of steel structures. The Group also holds investment property. The Group continued its transformation and expansion, and after incorporating a new subsidiary JD Real Estate Development Ltd. in 2023, on 27 November 2024 it acquired OneA Properties Ltd, a company engaged in developing property for resale. Furthermore, on 28th November 2024, the Group acquired J&J Development Ltd. and IVIVIV Holdings Ltd. through JD Real Estate Development Ltd. J&J Development Ltd. is the holding company of Skorba Developments Ltd., a company engaged in carrying on the business of developers of any building including but not limited to apartments, flats, shops, bars, hotels and restaurants. On the other hand, IVIVIV Holdings Ltd. is the parent company of J&J Hotel Operations Ltd., a company which its main trading activity is to own, operate and manage a hotel which is currently being developed. JD Holdings Limited, a limited liability company incorporated and domiciled in Malta, is the ultimate parent of the Group and of the Company. Josef Dimech, a resident in Malta, is the ultimate beneficial owner of the Group and of the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19668": { "value": "HHF 303 Industrial Estate, Hal Far, Birzebbugia BBG 3000, Malta. ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19669": { "value": "The Company's principal activity is to act as a holding company and to provide financing to its subsidiaries. The Company together with its subsidiaries (\"the Group\u201d) is engaged in the business of providing aluminium, steel, wrought iron, large scale glass formats, and stainless-steel works, as well as the construction of steel structures. The Group also holds investment property. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19837": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION The accounting policies that are material to the consolidated financial statements are set out below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated. Basis of preparation These financial statements are prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as adopted by the European Union (\"EU\") and comply with the requirements of the Maltese Companies Act (Cap. 386). These financial statements have been prepared under the historical cost convention, except for, the revaluation of investment property and certain classes of property, plant and equipment. Operating segments The Group determines and presents operating segments based on the information that internally is provided to the board of directors, which is the Group\u2019s chief operating decision maker in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components, and for which discrete financial information is available. An operating segment\u2019s operating results are reviewed regularly by the board of directors to make decisions about resources to be allocated to the segment and to assess its performance executing the function of the chief operating decision maker ('CODM'). Presentation and functional currency These financial statements are presented in Euro (\u20ac) which is also the Group's and the Company's functional currency. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19836": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION The accounting policies that are material to the consolidated financial statements are set out below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated. Basis of preparation These financial statements are prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as adopted by the European Union (\"EU\") and comply with the requirements of the Maltese Companies Act (Cap. 386). These financial statements have been prepared under the historical cost convention, except for, the revaluation of investment property and certain classes of property, plant and equipment. Operating segments The Group determines and presents operating segments based on the information that internally is provided to the board of directors, which is the Group\u2019s chief operating decision maker in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components, and for which discrete financial information is available. An operating segment\u2019s operating results are reviewed regularly by the board of directors to make decisions about resources to be allocated to the segment and to assess its performance executing the function of the chief operating decision maker ('CODM'). Presentation and functional currency These financial statements are presented in Euro (\u20ac) which is also the Group's and the Company's functional currency. New or revised standards, interpretations and amendments adopted The Group and the Company adopted all of the new or amended Accounting Standards and Interpretations issued by the International Accounting Standards Board (\u2018IASB\u2019) and the IFRS Interpretations Committee and endorsed by the EU that are mandatory for the current reporting period. The adoption of these amendments to the requirements of IFRS Accounting Standards as adopted by the EU did not result in substantial changes to the Group\u2019s and the Company's accounting policies impacting the Group\u2019s and the Company's financial performance and position. New or amended accounting standards and interpretations issued but not yet effective At the end of the reporting period, certain new standards, interpretations or amendments thereto, were in issue and endorsed by the EU, but not yet effective for the current financial period. There have been no instances of early adoption of standards, interpretations or amendments ahead of their effective date. The directors anticipate that the adoption of the new standards, interpretations or amendments thereto, will not have a material impact on the financial statements upon initial application, except for the effects of IFRS 18 on the presentation and disclosures of certain items. IFRS 18 Presentation and Disclosure in Financial Statements (IFRS 18), will become effective for annual reporting periods beginning on or after 1 January 2027, with early application permitted. This new standard introduces new requirements aimed at improving consistency, comparability and transparency of financial statement presentation, particularly in the statement of profit or loss. IFRS 18 will not have any effect on the recognition and measurement of items in the financial statements, however, it is expected to have an effect on the presentation and disclosure of certain items. These changes include categorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-defined performance measures. The directors are assessing the impact of the adoption of IFRS 18. Basis of consolidation The consolidated financial statements incorporate the revenues and expenses, cash flows, assets and liabilities of the Company and of its subsidiaries. Subsidiaries are companies over which the Group has control, directly or indirectly. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. Basis of consolidation - continued These consolidated financial statements comprise the Company and its subsidiaries. Subsidiaries that were consolidated are listed in Note 16 to these financial statements. Intra-group transactions, balances and unrealised gains on transactions between companies within the Group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of impairment of the asset transferred. Accounting policies of subsidiaries are consistent with the policies adopted by the Group. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent. Non-controlling interest in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss and comprehensive income, consolidated statement of financial position and consolidated statement of changes in equity of the Group. Losses incurred by the Group are attributed to the non-controlling interest in full, even if that results in a deficit balance. Where the Group loses control over a subsidiary, it derecognises the assets, liabilities and non-controlling interest in the subsidiary. The Group recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss. Revenue recognition Revenue is measured at the fair value of the consideration received or receivable in the ordinary course of the Group or Company\u2019s activities. Revenue is recognised upon delivery of products or performance of services, net of sales tax, returns, rebates and discounts. The Group and Company recognise revenue when the amount of revenue can be reliably measured, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the group or company\u2019s activities as described below. The Group recognises revenue as follows: Revenue from contracts with customers Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised. Specifically, revenue from contracts to provide services is recognised over time as the services are rendered based on an amount that depicts the progress towards complete satisfaction of the performance obligation. The consideration relates to the transaction price or a portion of the transaction price allocated to each performance obligation as defined in the contract with the customer. The transaction price may include variable consideration and the time value of money. Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events. Interest income Interest income is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Property sales Property sales are recognised when the significant risks and rewards of ownership of the property being sold are effectively transferred to the buyer. This is generally considered to occur at the later of the contract of sale and the date when all the group\u2019s obligations relating to the property are completed and the possession of the property can be transferred in the manner stipulated by the contract of sale. Amounts received in respect of sales that have not yet been recognised in the financial statements due to the fact that the significant risks and rewards of ownership still rests with the group are treated as advanced payments received and included within current payables. Tax The tax charge/(credit) in the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the end of the reporting period, and any adjustments to tax payable in respect of previous years. Deferred income tax is provided using the balance sheet liability method, for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, based on tax rates that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the related deferred tax assets is realised or the deferred tax liability is settled. Under this method, the Group and Company are required to make provision for deferred income taxes on the revaluation of certain property assets and provisions on the difference between the carrying value for financial reporting purposes and their tax base. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised and/or sufficient taxable temporary differences are available. Deferred tax assets are reduced to the extent that is no longer probable that the related tax benefit will be realised. Current tax assets and liabilities are offset when the Company and the Group have a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. Intangible assets An intangible asset acquired as part of a business combination, other than goodwill, is initially measured at fair value at the date of the acquisition. An intangible asset acquired separately is initially recognised at cost. The Group's intangible asset has an indefinite useful life, is not amortised but is subsequently measured at cost less any impairment. On derecognition, any gains or losses are recognised in profit or loss as the difference between net disposal proceeds and the carrying amount of the intangible asset. Investment property Investment property principally comprises of freehold land and buildings held for long-term rentals or for capital appreciation or both, and that is not occupied by the Group. Investment property, including property under construction for such purposes, is initially recognised at historical cost, including transaction costs and borrowing costs. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. After initial recognition, investment property is carried at fair value, representing open market value determined annually based on valuations by external independent valuers. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If the information is not available, the Group uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. Movements in fair value are recognised directly to profit or loss in the period in which they arise. Subsequent expenditure is capitalised to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to profit or loss during the financial period in which they are incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised. The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure other than those a rational market participant would take into account when determining the value of the property. Investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) are included in profit or loss in the year in which the property is derecognised. Property, plant and equipment The Group's property plant and equipment are classified in the following classes: land and buildings, machinery, office furniture, motor vehicles, electronic equipment and electric hand tools. Land and buildings within property, plant and equipment, are held on temporary emphyteusis and are considered as right-of-use assets in terms of IFRS 16. The accounting policy for right-of-use-assets is included below in the section entitled \u2018Leases\u2019. All property, plant and equipment is initially recorded at historical cost. Subsequent to initial recognition, property, plant and equipment are stated at cost less any accumulated depreciation and any accumulated impairment losses, except for land and buildings which are accounted for under the revaluation model. The revalued amount is based on periodic valuations by external independent valuers, less subsequent depreciation and impairment, if any. The valuations are undertaken if there is a material change in the revalued amount relative to the carrying amount. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Increases in the carrying amounts arising on revaluation of land and buildings are credited in other comprehensive income through to the revaluation surplus reserve in equity. Any revaluation decrements are initially taken in other comprehensive income through to the revaluation surplus reserve to the extent of any previous revaluation surplus of the same asset. Thereafter the decrements are taken to profit or loss. All other property, plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes the purchase prices and other expenditures directly attributable to bringing the asset to the location and condition for its intended use. Property, plant and equipment - continued Borrowing costs are capitalised while acquisition or construction is actively underway. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. Subsequent expenditure relating to an asset is capitalised as additional cost only when it is probably that future economic benefits will flow back to the Group, in excess of the originally assessed standard of performance, and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Depreciation Depreciation commences when the depreciable assets are available for use and is charged to profit or loss, so as to the right of the cost less any estimated residual value, over the estimated useful lives (unless this exceeds the end of any applicable leases or emphyteusis, in which the accounting policy in the Section entitled \u2018Leases\u2019 applies), using the straight line method on the following bases:
Land and buildings %
by equal installments over the remaini
Machinery 20
Office furniture 10
Motor vehicles 20
Electronic equipment 25
Electric hand tools 20
Warehouse equipment was not depreciated as this was not yet ready for use as at year-end. Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset. The depreciation method applied, the residual value and the useful life are reviewed at each financial year end and adjusted prospectively, as appropriate. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits. Leases IFRS 16 requires an entity to assess whether a contract is, or contains, a lease at the inception date. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration. Leases are recognised as a right-of-use asset and a corresponding liability at the commencement date, being the date at which the leased asset is available for use by the Group. Right of use-assets A right-of-use asset is recognised at the commencement date of a lease. The right-of-use assets are measured under the revaluation model. Right-of-use assets are subsequently depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment. The Group has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred. Lease liabilities A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on a index or a rate are expensed in the period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down. Investment in subsidiaries Subsidiaries are companies over which the Company has control, directly or indirectly. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Investment in subsidiaries in the statement of financial position of the Company are stated at cost less any accumulated impairment losses. Provisions are recorded where, in the opinion of the directors, there is an impairment in value. Where there has been an impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. Provisions are recorded where, in the opinion of the directors, there is an impairment in value. Where there has been an impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets and financial liabilities are recognised when the Group and Company become a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. Financial liabilities are derecognised when they are extinguished, discharged, cancelled or expired. Financial assets Financial assets are classified at initial recognition in accordance with how they are subsequently measured, as follows: \u2022 financial assets at amortised cost; \u2022 financial assets at fair value through other comprehensive income; and \u2022 financial assets at fair value through profit or loss. The Group and Company\u2019s financial assets are mainly financial assets at amortised cost. Financial assets at amortised cost Financial assets at amortised cost are financial assets that are held within the business model whose objective is to collect contractual cash flows (\u201chold to collect\u201d) and the contractual terms give rise to cash flows that are solely payments of principal and interest. On initial recognition, financial assets at amortised cost are recognised at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Discounting is omitted where the effect of discounting is immaterial. Financial assets at amortised cost are subsequently carried at amortised cost using the effective interest method less impairment losses, if any. Gain or losses are recognised in profit or loss when the asset is derecognised, modified, or impaired. The Group and Company\u2019s financial assets under this classification include cash at bank and in hand, contract assets, trade and other receivables and loans to related companies. Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off. Impairment of financial assets The Group recognises an allowance for expected credit losses (ECLs) on financial assets that are measured at amortised cost. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The resulting impairment allowance is insignificant to the Group's financial position and results. For trade receivables, the Group and Company apply a simplified approach to measuring ECLs which uses a lifetime expected loss allowance. The ECL is estimated using a provision matrix based on the Group and Company's historical credit loss experience, adjusted for forward-looking factors specific to the debtors. For related parties, the Group and Company apply the general approach if the financial asset is determined to have low credit risk at the reporting date where the credit risk has not increased significantly since initial recognition. The financial asset is deemed to have low credit risk if there is low risk of default and the debtor has a strong capacity to meet its contractual obligations in the near term. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment losses are insignificant. Financial liabilities Financial liabilities are classified at initial recognition in accordance with how they are subsequently measured, as follows: \u2022 financial liabilities at amortised cost; and \u2022 financial liabilities at fair value through profit or loss. The Group\u2019s financial liabilities are mainly financial liabilities at amortised cost. Financial liabilities at amortised cost Financial liabilities at amortised cost are initially recognised at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest method. All interest related charges under the interest amortisation process are recognised in profit or loss. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires. On derecognition, the difference between the carrying amount of the financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, are recognised in profit or loss. The Group's financial liabilities under this classification include borrowings, contract liabilities and trade and other payables. Contract assets Contract assets are recognised when the Group has transferred goods or services to the customer but where the Group is yet to establish an unconditional right to consideration. Contract assets are treated as financial assets for impairment purposes. Inventories Raw materials and work in progress are stated at the lower of cost and net realisable value. Cost comprises of direct materials and delivery costs, direct labour, import duties and other taxes, and an appropriate proportion of variable and fixed overhead expenditure based on normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts received or receivable and are assigned on a weighted average basis. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Write-down to the net realisable value is recognised in profit or loss. Property for development and resale are stated at the lower of cost and net realisable value. Costs of property consists of acquisition price plus development costs incurred. Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completion and selling expenses. Contract liabilities Contract liabilities represent the Group's obligation to transfer goods or services to a customer and are recognised when a customer pays consideration, or when the Group recognises a receivable to reflect its unconditional right to consideration (whichever is earlier) before the Group has satisfied its performance obligation in a contract with the customer. Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, is used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement. For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19835": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION Presentation and functional currency These financial statements are presented in Euro (\u20ac) which is also the Group's and the Company's functional currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19834": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION Basis of preparation These financial statements are prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as adopted by the European Union (\"EU\") and comply with the requirements of the Maltese Companies Act (Cap. 386). These financial statements have been prepared under the historical cost convention, except for, the revaluation of investment property and certain classes of property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_20001": { "value": "Operating segments The Group determines and presents operating segments based on the information that internally is provided to the board of directors, which is the Group\u2019s chief operating decision maker in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components, and for which discrete financial information is available. An operating segment\u2019s operating results are reviewed regularly by the board of directors to make decisions about resources to be allocated to the segment and to assess its performance executing the function of the chief operating decision maker ('CODM'). 3. OPERATING SEGMENTS Identification of reportable operating segments The Group is organised into three operating segments based on differences in products and services provided namely, manufacturing and installation, property development and real estate, and logistics. These operating segments are based on the internal reports that are reviewed by the board of directors in assessing performance and in determining the allocation of resources. There is no aggregation of operating segments. The board of directors assesses the performance of the operating segments based on EBITDA (earnings before interest, tax, depreciation and amortisation). Finance income and finance costs are not allocated to segments, as these type of activities are driven by the central treasury function, which manages the cash position of the Group. The accounting policies adopted for internal reporting are consistent with those adopted in the financial statements. The amounts provided to the board of directors with respect to total assets are measured in a manner consistent with that of the financial statements. These assets are allocated based on the operations of the segment and the physical location of the asset. Segment assets consist primarily of land and buildings, plant, machinery and equipment, intangible assets, inventories, contract assets and receivables. Loans, other receivables and cash and cash equivalents are not considered to be segment assets but rather is managed by the treasury function. Types of products and services The principal products and services of each of these operating segments are as follows: Manufacturing and installation the production and installation of aluminium and glass structures, steel works and engineering fa\u00e7ade systems. Property development and real estate the development and sale of residential and commercial properties, including investment property measured at fair value. Logistics third-party logistics services, including warehousing, inventory management, and supply chain coordinationIntersegment transactions Intersegment transactions were made at market rates. This includes the supply of manufacturing products and installation services, payroll recharges and shared employee costs, administrative and support services Intersegment transactions are eliminated on consolidation. Major customers During the year ended 31 December 2025, revenue from major customers representing 10% or more of total Group revenue is disclosed below: Customer Segment Revenue 2025 Revenue 2024 Customer A Manufacturing \u20ac3,893,506 \u20ac4,439,627 Customer B Manufacturing \u20ac3,101,926 - Customer C Manufacturing \u20ac131,861 \u20ac1,675,591 Geographical information The board of directors considers the Group\u2019s business mainly from a productive and commercial perspective as geographically operations are carried out, predominantly, on the local market. Operating segment information
Manufacturing and installation Property development and real estateLogistics Total
\u20ac\u20ac\u20ac\u20ac
31 December 2025
Revenue
Sales to external customers 16,662,347 5,374,444 - 22,036,791
Intersegment payroll recharges 80,598 - - 80,598
Total segment revenue 16,742,945 5,374,444 - 22,117,389
Unallocated revenue - - - 349,308
Total revenue 16,742,945 5,374,444 - 22,466,697
EBITDA 3,807,139 2,213,316 - 6,020,455
Depreciation and amortisation (882,499)
Finance income 6,061,820
Finance costs (7,946,788)
Unallocated revenue 349,308
Unallocated expenses (1,637,798)
Intergroup eliminations 637,387
Intersegment eliminations (80,598)
Profit before tax 2,521,287
Tax charge (1,122,532)
Profit after tax 1,398,755
Assets
Segment assets 57,002,358 70,514,565 7,327,009 134,843,932
Unallocated assets 126,569,333
Intergroup eliminations(98,506,651)
Total assets 162,906,614
Operating segment information - continued
Manufacturing and installationProperty development and real estate\u20acLogistics \u20acTotal \u20ac
\u20ac
31 December 2024
Revenue
Sales to external customers 15,609,655 700,000 - 16,309,655
Unallocated revenue - - - 1,074,194
Total revenue 15,609,655 700,000 - 17,383,849
EBITDA 3,263,375 8,351,952 - 11,615,327
Depreciation and amortisation (655,067)
Finance income 3,435,659
Finance costs (4,383,484)
Unallocated revenue 1,074,194
Unallocated expenses (1,392,546)
Intergroup eliminations (1,007,508)
Profit before tax8,686,575
Tax charge (2,072,602)
Profit after tax6,613,973
Assets
Segment assets 56,397,764 54,611,487 - 111,009,251
Unallocated assets 82,262,466
Intergroup eliminations(66,385,315)
Total assets126,886,402
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19679": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Tax The tax charge/(credit) in the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the end of the reporting period, and any adjustments to tax payable in respect of previous years. Deferred income tax is provided using the balance sheet liability method, for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, based on tax rates that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the related deferred tax assets is realised or the deferred tax liability is settled. Under this method, the Group and Company are required to make provision for deferred income taxes on the revaluation of certain property assets and provisions on the difference between the carrying value for financial reporting purposes and their tax base. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised and/or sufficient taxable temporary differences are available. Deferred tax assets are reduced to the extent that is no longer probable that the related tax benefit will be realised. Current tax assets and liabilities are offset when the Company and the Group have a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19677": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Revenue recognition Revenue is measured at the fair value of the consideration received or receivable in the ordinary course of the Group or Company\u2019s activities. Revenue is recognised upon delivery of products or performance of services, net of sales tax, returns, rebates and discounts. The Group and Company recognise revenue when the amount of revenue can be reliably measured, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the group or company\u2019s activities as described below. The Group recognises revenue as follows: Revenue from contracts with customers Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised. Specifically, revenue from contracts to provide services is recognised over time as the services are rendered based on an amount that depicts the progress towards complete satisfaction of the performance obligation. The consideration relates to the transaction price or a portion of the transaction price allocated to each performance obligation as defined in the contract with the customer. The transaction price may include variable consideration and the time value of money. Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events. Interest income Interest income is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Property sales Property sales are recognised when the significant risks and rewards of ownership of the property being sold are effectively transferred to the buyer. This is generally considered to occur at the later of the contract of sale and the date when all the group\u2019s obligations relating to the property are completed and the possession of the property can be transferred in the manner stipulated by the contract of sale. Amounts received in respect of sales that have not yet been recognised in the financial statements due to the fact that the significant risks and rewards of ownership still rests with the group are treated as advanced payments received and included within current payables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19676": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Basis of consolidation The consolidated financial statements incorporate the revenues and expenses, cash flows, assets and liabilities of the Company and of its subsidiaries. Subsidiaries are companies over which the Group has control, directly or indirectly. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. These consolidated financial statements comprise the Company and its subsidiaries. Subsidiaries that were consolidated are listed in Note 16 to these financial statements. Intra-group transactions, balances and unrealised gains on transactions between companies within the Group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of impairment of the asset transferred. Accounting policies of subsidiaries are consistent with the policies adopted by the Group. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent. Non-controlling interest in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss and comprehensive income, consolidated statement of financial position and consolidated statement of changes in equity of the Group. Losses incurred by the Group are attributed to the non-controlling interest in full, even if that results in a deficit balance. Where the Group loses control over a subsidiary, it derecognises the assets, liabilities and non-controlling interest in the subsidiary. The Group recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19674": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued New or amended accounting standards and interpretations issued but not yet effective At the end of the reporting period, certain new standards, interpretations or amendments thereto, were in issue and endorsed by the EU, but not yet effective for the current financial period. There have been no instances of early adoption of standards, interpretations or amendments ahead of their effective date. The directors anticipate that the adoption of the new standards, interpretations or amendments thereto, will not have a material impact on the financial statements upon initial application, except for the effects of IFRS 18 on the presentation and disclosures of certain items. IFRS 18 Presentation and Disclosure in Financial Statements (IFRS 18), will become effective for annual reporting periods beginning on or after 1 January 2027, with early application permitted. This new standard introduces new requirements aimed at improving consistency, comparability and transparency of financial statement presentation, particularly in the statement of profit or loss. IFRS 18 will not have any effect on the recognition and measurement of items in the financial statements, however, it is expected to have an effect on the presentation and disclosure of certain items. These changes include categorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-defined performance measures. The directors are assessing the impact of the adoption of IFRS 18. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19673": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued New or revised standards, interpretations and amendments adopted The Group and the Company adopted all of the new or amended Accounting Standards and Interpretations issued by the International Accounting Standards Board (\u2018IASB\u2019) and the IFRS Interpretations Committee and endorsed by the EU that are mandatory for the current reporting period. The adoption of these amendments to the requirements of IFRS Accounting Standards as adopted by the EU did not result in substantial changes to the Group\u2019s and the Company's accounting policies impacting the Group\u2019s and the Company's financial performance and position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19684": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Investment property Investment property principally comprises of freehold land and buildings held for long-term rentals or for capital appreciation or both, and that is not occupied by the Group. Investment property, including property under construction for such purposes, is initially recognised at historical cost, including transaction costs and borrowing costs. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. After initial recognition, investment property is carried at fair value, representing open market value determined annually based on valuations by external independent valuers. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If the information is not available, the Group uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. Movements in fair value are recognised directly to profit or loss in the period in which they arise. Subsequent expenditure is capitalised to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to profit or loss during the financial period in which they are incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised. The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure other than those a rational market participant would take into account when determining the value of the property. Investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) are included in profit or loss in the year in which the property is derecognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19683": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Intangible assets An intangible asset acquired as part of a business combination, other than goodwill, is initially measured at fair value at the date of the acquisition. An intangible asset acquired separately is initially recognised at cost. The Group's intangible asset has an indefinite useful life, is not amortised but is subsequently measured at cost less any impairment. On derecognition, any gains or losses are recognised in profit or loss as the difference between net disposal proceeds and the carrying amount of the intangible asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19688": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Property, plant and equipment The Group's property plant and equipment are classified in the following classes: land and buildings, machinery, office furniture, motor vehicles, electronic equipment and electric hand tools. Land and buildings within property, plant and equipment, are held on temporary emphyteusis and are considered as right-of-use assets in terms of IFRS 16. The accounting policy for right-of-use-assets is included below in the section entitled \u2018Leases\u2019. All property, plant and equipment is initially recorded at historical cost. Subsequent to initial recognition, property, plant and equipment are stated at cost less any accumulated depreciation and any accumulated impairment losses, except for land and buildings which are accounted for under the revaluation model. The revalued amount is based on periodic valuations by external independent valuers, less subsequent depreciation and impairment, if any. The valuations are undertaken if there is a material change in the revalued amount relative to the carrying amount. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Increases in the carrying amounts arising on revaluation of land and buildings are credited in other comprehensive income through to the revaluation surplus reserve in equity. Any revaluation decrements are initially taken in other comprehensive income through to the revaluation surplus reserve to the extent of any previous revaluation surplus of the same asset. Thereafter the decrements are taken to profit or loss. All other property, plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes the purchase prices and other expenditures directly attributable to bringing the asset to the location and condition for its intended use. Property, plant and equipment - continued Borrowing costs are capitalised while acquisition or construction is actively underway. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. Subsequent expenditure relating to an asset is capitalised as additional cost only when it is probably that future economic benefits will flow back to the Group, in excess of the originally assessed standard of performance, and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Depreciation Depreciation commences when the depreciable assets are available for use and is charged to profit or loss, so as to the right of the cost less any estimated residual value, over the estimated useful lives (unless this exceeds the end of any applicable leases or emphyteusis, in which the accounting policy in the Section entitled \u2018Leases\u2019 applies), using the straight line method on the following bases:
Land and buildings %
by equal installments over the remaini
Machinery 20
Office furniture 10
Motor vehicles 20
Electronic equipment 25
Electric hand tools 20
Warehouse equipment was not depreciated as this was not yet ready for use as at year-end. Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset. The depreciation method applied, the residual value and the useful life are reviewed at each financial year end and adjusted prospectively, as appropriate. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19725": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Leases IFRS 16 requires an entity to assess whether a contract is, or contains, a lease at the inception date. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration. Leases are recognised as a right-of-use asset and a corresponding liability at the commencement date, being the date at which the leased asset is available for use by the Group. Leases - continued Right of use-assets A right-of-use asset is recognised at the commencement date of a lease. The right-of-use assets are measured under the revaluation model. Right-of-use assets are subsequently depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment. The Group has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred. Lease liabilities A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on a index or a rate are expensed in the period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19690": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Investment in subsidiaries Subsidiaries are companies over which the Company has control, directly or indirectly. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Investment in subsidiaries in the statement of financial position of the Company are stated at cost less any accumulated impairment losses. Provisions are recorded where, in the opinion of the directors, there is an impairment in value. Where there has been an impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. Provisions are recorded where, in the opinion of the directors, there is an impairment in value. Where there has been an impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19693": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. Financial liabilities are derecognised when they are extinguished, discharged, cancelled or expired. Financial assets Financial assets are classified at initial recognition in accordance with how they are subsequently measured, as follows: \u2022 financial assets at amortised cost; \u2022 financial assets at fair value through other comprehensive income; and \u2022 financial assets at fair value through profit or loss. The Group and Company\u2019s financial assets are mainly financial assets at amortised cost. Financial assets at amortised cost Financial assets at amortised cost are financial assets that are held within the business model whose objective is to collect contractual cash flows (\u201chold to collect\u201d) and the contractual terms give rise to cash flows that are solely payments of principal and interest. On initial recognition, financial assets at amortised cost are recognised at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Discounting is omitted where the effect of discounting is immaterial. Financial assets at amortised cost are subsequently carried at amortised cost using the effective interest method less impairment losses, if any. Gain or losses are recognised in profit or loss when the asset is derecognised, modified, or impaired. The Group and Company\u2019s financial assets under this classification include cash at bank and in hand, contract assets, trade and other receivables and loans to related companies. Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19696": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Financial liabilities Financial liabilities are classified at initial recognition in accordance with how they are subsequently measured, as follows: \u2022 financial liabilities at amortised cost; and \u2022 financial liabilities at fair value through profit or loss. The Group\u2019s financial liabilities are mainly financial liabilities at amortised cost. Financial liabilities at amortised cost Financial liabilities at amortised cost are initially recognised at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest method. All interest related charges under the interest amortisation process are recognised in profit or loss. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires. On derecognition, the difference between the carrying amount of the financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, are recognised in profit or loss. The Group's financial liabilities under this classification include borrowings, contract liabilities and trade and other payables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19700": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Inventories Raw materials and work in progress are stated at the lower of cost and net realisable value. Cost comprises of direct materials and delivery costs, direct labour, import duties and other taxes, and an appropriate proportion of variable and fixed overhead expenditure based on normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts received or receivable and are assigned on a weighted average basis. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Write-down to the net realisable value is recognised in profit or loss. Property for development and resale are stated at the lower of cost and net realisable value. Costs of property consists of acquisition price plus development costs incurred. Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completion and selling expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19698": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Contract assets Contract assets are recognised when the Group has transferred goods or services to the customer but where the Group is yet to establish an unconditional right to consideration. Contract assets are treated as financial assets for impairment purposes. Contract liabilities Contract liabilities represent the Group's obligation to transfer goods or services to a customer and are recognised when a customer pays consideration, or when the Group recognises a receivable to reflect its unconditional right to consideration (whichever is earlier) before the Group has satisfied its performance obligation in a contract with the customer. ", "dimensions": { "concept": "ifrs-full:ExplanationOfEffectThatTimingOfSatisfactionOfPerformanceObligationsAndTypicalTimingOfPaymentHaveOnContractAssetsAndContractLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19797": { "value": " Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets and financial liabilities are recognised when the Group and Company become a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. Financial liabilities are derecognised when they are extinguished, discharged, cancelled or expired Financial assets Financial assets are classified at initial recognition in accordance with how they are subsequently measured, as follows: \u2022 financial assets at amortised cost; \u2022 financial assets at fair value through other comprehensive income; and \u2022 financial assets at fair value through profit or loss. The Group and Company\u2019s financial assets are mainly financial assets at amortised cost. Financial assets at amortised cost Financial assets at amortised cost are financial assets that are held within the business model whose objective is to collect contractual cash flows (\u201chold to collect\u201d) and the contractual terms give rise to cash flows that are solely payments of principal and interest. On initial recognition, financial assets at amortised cost are recognised at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Discounting is omitted where the effect of discounting is immaterial. Financial assets at amortised cost are subsequently carried at amortised cost using the effective interest method less impairment losses, if any. Gain or losses are recognised in profit or loss when the asset is derecognised, modified, or impaired. The Group and Company\u2019s financial assets under this classification include cash at bank and in hand, contract assets, trade and other receivables and loans to related companies. Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off. 2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Financial instruments - continued Impairment of financial assets The Group recognises an allowance for expected credit losses (ECLs) on financial assets that are measured at amortised cost. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The resulting impairment allowance is insignificant to the Group's financial position and results. For trade receivables, the Group and Company apply a simplified approach to measuring ECLs which uses a lifetime expected loss allowance. The ECL is estimated using a provision matrix based on the Group and Company's historical credit loss experience, adjusted for forward-looking factors specific to the debtors. For related parties, the Group and Company apply the general approach if the financial asset is determined to have low credit risk at the reporting date where the credit risk has not increased significantly since initial recognition. The financial asset is deemed to have low credit risk if there is low risk of default and the debtor has a strong capacity to meet its contractual obligations in the near term. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment losses are insignificant. Financial liabilities Financial liabilities are classified at initial recognition in accordance with how they are subsequently measured, as follows: \u2022 financial liabilities at amortised cost; and \u2022 financial liabilities at fair value through profit or loss. The Group\u2019s financial liabilities are mainly financial liabilities at amortised cost. Financial liabilities at amortised cost Financial liabilities at amortised cost are initially recognised at fair value, net of transaction costs and are subsequently measured at amortised cost using the effective interest method. All interest related charges under the interest amortisation process are recognised in profit or loss. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires. On derecognition, the difference between the carrying amount of the financial liability (or part of a financial liability) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, are recognised in profit or loss. The Group's financial liabilities under this classification include borrowings, contract liabilities and trade and other payables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19705": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, is used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement. For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19694": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION - continued Financial instruments - continued Impairment of financial assets The Group recognises an allowance for expected credit losses (ECLs) on financial assets that are measured at amortised cost. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The resulting impairment allowance is insignificant to the Group's financial position and results. For trade receivables, the Group and Company apply a simplified approach to measuring ECLs which uses a lifetime expected loss allowance. The ECL is estimated using a provision matrix based on the Group and Company's historical credit loss experience, adjusted for forward-looking factors specific to the debtors. For related parties, the Group and Company apply the general approach if the financial asset is determined to have low credit risk at the reporting date where the credit risk has not increased significantly since initial recognition. The financial asset is deemed to have low credit risk if there is low risk of default and the debtor has a strong capacity to meet its contractual obligations in the near term. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment losses are insignificant. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19923": { "value": "4. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of financial statements in conformity with IFRS Accounting Standards as adopted by the EU requires the use of certain accounting estimates. It also requires the directors to exercise their judgement in the process of applying the Group's accounting policies. Estimates and judgments are continually evaluated and based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors, with the exception of the below and the fair valuation of investment property and the revaluation of the land and buildings category within property, plant and equipment (Notes 13 and 14), the accounting estimates and judgments made in the course of preparing these financial statements are not difficult, subjective or complex to a degree which would warrant their description as critical in terms of their requirements of IAS 1. Effect of inflation The Harmonised Index of Consumer Prices inflation in 2025 decreased to 2.4%. Inflation in 2026 is forecasted to ease to 1.8% - 1.9%. Whilst there is a correlation between interest rates and inflation, the Group\u2019s exposure to the interest rate risk is limited to variable interest rates on borrowings. This applies to the Group\u2019s bank borrowings whose applicable interest rates are linked to the bank\u2019s base rate. However, this is not applicable to the issuer\u2019s bond interest rate, which is fixed and is not effected by inflation or changes in interest rates. Thus, inflationary pressures on interest rates are deemed to have a minimal impact on the Group\u2019s finances. Inflationary pressures are deemed to have minimal impact on the Group\u2019s operation. This is because most contracts span over a 1 year period and thus, at budgeting stage, any forecasted inflation spikes in the cost of raw material are captured and reflected in the contracted prices with clients. This enables the Group to safeguard its profit margins and contributions towards fixed costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_20020": { "value": "5. REVENUE
Group
20252024
\u20ac\u20ac
Revenue from contracts with customers 16,662,347 15,609,655
Property sales 5,367,099 700,000
Other revenue 7,345 24,320
22,036,791 16,333,975
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19789": { "value": "5. REVENUE
Group
20252024
\u20ac\u20ac
Revenue from contracts with customers 16,662,347 15,609,655
Property sales 5,367,099 700,000
Other revenue 7,345 24,320
22,036,791 16,333,975
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19831": { "value": "6. COST OF SALES
Group
20252024
\u20ac\u20ac
Cost of raw materials 7,503,461 6,478,972
Depreciation 873,852 655,067
Salaries and wages 4,290,502 3,564,440
Other direct costs 1,891,496 1,901,391
Movement in work-in-progress (185,329) 91,532
Development costs 3,166,311 294,822
Cost of inventories manufactured and sold 17,540,293 12,986,224
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19848": { "value": "7. OTHER OPERATING INCOME
Group
20252024
\u20ac\u20ac
Other income 389,074 45,391
Waiver of payables - 306,083
Resource sharing agreement 960,000 -
Gain on initial measurement at present value of discounted interest-free payable 839,505 -
2,188,579 351,474
During the year, the Group recognised other income of \u20ac960,000 (2024: \u20acNil) in respect of costs recharged to a related entity under a resource-sharing arrangement. These services relate primarily to administrative and operational support. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19709": { "value": "8. OPERATING PROFIT/(LOSS) The operating profit/(loss) is stated after charging:
Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Employee benefit expense (Note 9) 4,709,814 3,583,644 45,824 47,290
Directors' remuneration (Note 9) 267,115 281,016 70,872 76,626
Directors' fees (Note 9) 119,590 114,588 119,590 114,588
Auditors' remuneration:
- Statutory audit 66,558 65,136 18,290 23,600
- Review services (interim reports) 2,997 2,850 2,997 2,850
- Tax compliance services 3,245 3,245 472 472
- Other assurance services 1,770 2,006 1,770 1,770
- Other non-assurance services 19,706 31,388 19,706 31,388
Depreciation charge (Note 13) 882,499 661,982 - -
Raw materials and consumables 10,710,141 6,812,289 - -
Subcontracting costs 469,387 427,705 - -
Hire of equipment 299,267 362,265 - -
Professional fees 438,772 471,667 - -
Freight charges 317,576 184,215 - -
Other direct costs 245,308 315,411 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_20019": { "value": "Statutory audit 66,558 65,136", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_20003": { "value": "Depreciation charge (Note 13) 882,499 661,982 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19715": { "value": "9. EMPLOYEE BENEFIT EXPENSE
Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Directors' remuneration
Directors' remuneration 375,025 281,427 - -
Social security costs and maternity fund 2,932 2,948 - -
377,957 284,375 - -
(Less)/add recharges (110,842) (3,359) 70,872 76,626
267,115 281,016 70,872 76,626
Employee benefit expenses
Salaries and wages 4,502,754 3,615,897 - -
Social security costs and maternity fund 252,009 223,629 - -
4,754,763 3,839,526 - -
(Less)/add recharges by related company 231,977 (134,666) 45,824 47,290
Capitalised salaries (276,926) (121,216) - -
4,709,814 3,583,644 45,824 47,290
Directors' fees
Directors' fees 23,600 23,600 23,600 23,600
Add recharges by related company 95,990 90,988 95,990 90,988
119,590 114,588 119,590 114,588
5,096,519 3,979,248 236,286 238,504
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19711": { "value": "9. EMPLOYEE BENEFIT EXPENSE
Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Employee benefit expense 4,709,814 3,583,644 45,824 47,290
Directors' remuneration 267,115 281,016 70,872 76,626
Director's fees 119,590 114,588 119,590 114,588
5,096,519 3,979,248 236,286 238,504
Employee benefit expenses incurred during the year were as follows:
Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Directors' remuneration
Directors' remuneration 375,025 281,427 - -
Social security costs and maternity fund 2,932 2,948 - -
377,957 284,375 - -
(Less)/add recharges (110,842) (3,359) 70,872 76,626
267,115 281,016 70,872 76,626
Employee benefit expenses
Salaries and wages 4,502,754 3,615,897 - -
Social security costs and maternity fund 252,009 223,629 - -
4,754,763 3,839,526 - -
(Less)/add recharges by related company 231,977 (134,666) 45,824 47,290
Capitalised salaries (276,926) (121,216) - -
4,709,814 3,583,644 45,824 47,290
Directors' fees
Directors' fees 23,600 23,600 23,600 23,600
Add recharges by related company 95,990 90,988 95,990 90,988
119,590 114,588 119,590 114,588
5,096,519 3,979,248 236,286 238,504
The average number of persons employed by the Group during the year were 90 production personnel and 10 administrative personnel (2024: 84 and 8, respectively). The Company has no employees of its own. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19946": { "value": "10. FINANCE INCOME
Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest on loans receivable from subsidiaries - - 3,274,204 1,919,855
Interest on loans receivable from ultimate parent 1,194,221 50,440 1,194,221 -
Interest on amounts due from related party 217,112 - - -
Other finance income - 81,507 - -
Dividend from shares in subsidiaries - - - 461,538
1,411,333 131,947 4,468,425 2,381,393
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19942": { "value": "11. FINANCE COSTS
Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Interest on bonds payable 2,186,602 672,342 3,075,673 1,679,710
Interest on amounts due to subsidiaries - - 973,660 -
Interest on bank borrowings 868,150 839,224 - -
Effective interest charge on discounted payable 188,890 - - -
Interest on lease liabilities 168,104 170,715 - -
Interest on late payment 11,469 189,672 - 533
Bank interest 56,004 2,767 56,004 2,767
Interest on hire of equipment 1,214 - - -
3,480,433 1,874,720 4,105,337 1,683,010
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19943": { "value": "12. TAXATION The tax charged to profit or loss comprised of the following:
Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Current tax 656,090 384,066 47,900 162,249
Deferred tax charge 466,442 1,688,536 - -
1,122,532 2,072,602 47,900 162,249
12. TAXATION - continued The tax on the Group's and the Company\u2019s profit before tax differs from the theoretical tax expense that would arise using the applicable tax rate in Malta of 35% as follows:
Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Profit before tax 2,521,287 8,686,575 81,978 201,011
Theoretical tax expense at 35%Tax effect of: 882,449 3,040,301 28,692 70,354
Non-taxable income (163,764) (138,077) - (138,077)
Non-deductible expenses 1,824,060 705,525 - 229,972
(Over)/under provision (39,510) (282,521) 19,208 -
Temporary differences on investment property 90,353 - - -
Different tax rate on sale of property(1,471,056) (1,252,626) - -
1,122,532 2,072,602 47,900 162,249
Group Deferred income taxes are calculated on all temporary differences under the liability method using a principal tax rate of 35% (2024: 35%), with the exception of deferred taxation on the revaluation of property, plant and equipment and the fair value measurement of investment property which is computed utilising a tax rate of 8% (2024: 8%) on the basis applicable to property disposals. The movement on the deferred income tax account is analysed as follows:
Opening balance Recognised in profit or loss Recognised in equity Closing balance
\u20ac\u20ac\u20ac\u20ac
As at 31 December 2025
Arising on temporary differences:
Property, plant and equipment 318,947 219,756 - 538,703
Lease liabilities (363,917) (270,337) - (634,254)
Provision for impairment of receivables (254,012) - - (254,012)
Interest accrued 206,312 - - 206,312
(92,670) (50,581) - (143,251)
Arising on:
Revaluation of right of use assets 2,754,044 - 110,381 2,864,425
Fair value measurement of investment property 2,192,559 517,023 32,192 2,741,774
4,946,603 517,023 142,573 5,606,199
Opening balance Recognised in profit or loss Recognised in equity Closing balance
\u20ac\u20ac\u20ac\u20ac
As at 31 December 2024
Arising on temporary differences:
Property, plant and equipment 136,147 182,800 - 318,947
Lease liabilities (166,547) (197,370) - (363,917)
Provision for impairment of receivables (200,444) (53,568) - (254,012)
Interest accrued 188,658 17,654 - 206,312
(42,186) (50,484) - (92,670)
Arising on:
Revaluation of right of use assets 2,232,287 - 521,757 2,754,044
Fair value measurement of investment property 453,539 1,739,020 - 2,192,559
2,685,826 1,739,020 521,757 4,946,603
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_20016": { "value": "Deferred tax charge 466,442 1,688,536
Opening balance Recognised in profit or loss Recognised in equity Closing balance
\u20ac\u20ac\u20ac\u20ac
As at 31 December 2025
Arising on temporary differences:
Property, plant and equipment 318,947 219,756 - 538,703
Lease liabilities (363,917) (270,337) - (634,254)
Provision for impairment of receivables (254,012) - - (254,012)
Interest accrued 206,312 - - 206,312
(92,670) (50,581) - (143,251)
Arising on:
Revaluation of right of use assets 2,754,044 - 110,381 2,864,425
Fair value measurement of investment property 2,192,559 517,023 32,192 2,741,774
4,946,603 517,023 142,573 5,606,199
Opening balance Recognised in profit or loss Recognised in equity Closing balance
\u20ac\u20ac\u20ac\u20ac
As at 31 December 2024
Arising on temporary differences:
Property, plant and equipment 136,147 182,800 - 318,947
Lease liabilities (166,547) (197,370) - (363,917)
Provision for impairment of receivables (200,444) (53,568) - (254,012)
Interest accrued 188,658 17,654 - 206,312
(42,186) (50,484) - (92,670)
Arising on:
Revaluation of right of use assets 2,232,287 - 521,757 2,754,044
Fair value measurement of investment property 453,539 1,739,020 - 2,192,559
2,685,826 1,739,020 521,757 4,946,603
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19738": { "value": "13. PROPERTY, PLANT AND EQUIPMENT
Land and buildingsMachinery Group Office furniture Motor vehicles Electronic equipment Electric hand tools Warehouse equipment Total
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Year ended 31 December 2024
Opening net book value 27,826,765 55,842 59,319 22,726 9,136 34,431 - 28,008,219
Additions 2,850,012 167,722 - 87,196 8,573 7,074 - 3,120,577
Disposals - (12,626) - - (1,494) - - (14,120)
Revaluation surplus 3,872,881 - - - - - - 3,872,881
Depreciation for the year (520,899) (73,243) (12,094) (31,695) (6,915) (17,136) - (661,982)
Depreciation released on disposal - 2,525 - - 747 - - 3,272
34,028,759 140,220 47,225 78,227 10,047 24,369 - 34,328,847
As at 31 December 2024
Cost/Revalued amount 34,028,759 1,199,260 120,937 785,492 97,259 282,186 - 36,513,893
Accumulated depreciation - (1,059,040) (73,712) (707,265) (87,212) (257,817) - (2,185,046)
34,028,759 140,220 47,225 78,227 10,047 24,369 - 34,328,847
Land and buildings\u20acGroup Machinery Office furniture Motor vehicles Electronic equipment Electric hand tools Warehouse equipment Total \u20ac
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Year ended 31 December 2025
Opening net book amount 34,028,759 140,220 47,225 78,227 10,047 24,369 - 34,328,847
Additions 3,285,504 47,190 189,949 115,851 17,436 2,537 1,624,660 5,283,127
Disposals - - - (10,474) - - - (10,474)
Revaluation surplus 1,782,155 - - - - - - 1,782,155
Depreciation for the year (750,418) (48,403) (13,845) (49,065) (8,647) (12,121) - (882,499)
Depreciation released on disposal - - - 10,474 - - - 10,474
38,346,000 139,007 223,329 145,013 18,836 14,785 1,624,660 40,511,630
As at 31 December 2025 -
Cost/Revalued amount 41,538,019 1,246,450 310,886 890,869 114,695 284,722 1,624,660 46,010,301
Accumulated depreciation (3,192,019) (1,107,443) (87,557) (745,856) (95,859) (269,937) - (5,498,671)
38,346,000 139,007 223,329 145,013 18,836 14,785 1,624,660 40,511,630
Land and buildings relate to land and industrial buildings which are located on land held on temporary emphyteusis. The right-of-use asset within land and buildings, emanates from two lease agreements pertaining to an office and land and buildings. The carrying amount that would have been recognised had the land and buildings been carried under the cost model is \u20ac32,087,979 (2024: \u20ac29,208,121). During the year ended 31 December 2025, the Group capitalised borrowing costs amounting to \u20ac825,163 (2024: \u20ac662,500) using a weighted average capitalisation rate of 5.54% (2024: 5.52%). Capitalisation of borrowings is in accordance with IAS 23 Borrowing Costs. Refer to Note 36 for further information on fair value measurement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19739": { "value": "14. INVESTMENT PROPERTY
Group
20252024
\u20ac\u20ac
At 1 January
Cost 18,023,634 4,263,008
Fair value gains 9,418,059 1,471,285
Carrying amount 27,441,693 5,734,293
Year ended 31 December
Opening balance 27,441,693 5,734,293
Additions 6,013,716 13,725,224
Fair value adjustments 414,363 7,982,176
Closing carrying amount 33,869,772 27,441,693
At 31 December
Cost 24,037,350 17,988,232
Fair value gains9,832,422 9,453,461
Carrying amount 33,869,772 27,441,693
During the year ended 31 December 2025, the Group capitalised borrowing costs amounting to Nil (2024: \u20ac344,969). The fair value measurement relating to investment property is disclosed in Note 36. The investment property is serving as a security by means of a hypothec for banking facilities of a related company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19666": { "value": "15. INTANGIBLE ASSETS
Group
\u20ac
Cost
Opening balance 224,497
Balance at 31 December 2025 224,497
Carrying amount
At 31 December 2024 224,497
At 31 December 2025 224,497
The Group's intangible asset pertains to the intellectual property right to use the business brand, logo, and tradename 'JSDimech'. The directors are of the opinion that this has an indefinite useful life. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19717": { "value": "16. INVESTMENTS IN SUBSIDIARIES The following are the subsidiaries of the parent company with the corresponding shareholding percentage and the amount of the investment carried in the Company's statement of financial position:
20252024
\u20ac\u20ac
Year ended 31 December
Opening net book amount 14,438,241 10,703,600
Additions 1,540,000 3,734,641
Closing net book amount 15,978,241 14,438,241
At 31 December
Cost and net book amount 15,978,241 14,438,241
Details of the above investments held in subsidiaries at 31 December are shown below:
Country Ownership20252024
% \u20ac\u20ac
Subsidiary
JD Operations LimitedMalta 100 3,501,200 3,501,200
JD Birkirkara Limited (i)Malta 100 4,001,200 4,001,200
JD Real Estate Development Ltd. (ii) Malta 100 8,475,840 6,935,840
OneA Properties Ltd (iii) Malta 100 1 1
15,978,241 14,438,241
i. On 13 March 2018, the Company entered into an agreement with JD Birkirkara Limited by virtue of which the loan of \u20ac3,801,200 was capitalised as capital contribution. ii. On 28 May 2023, the Company entered into an assignment of receivable agreement with JD Real Estate Development Ltd. amounting to \u20ac3,200,000 which was assigned by way of a gratuitous capital contribution. Furthermore, on 28 November 2024, the Group acquired J&J Development Ltd and IVIVIV Holdings Ltd under JD Real Estate Development Limited. J&J Development Ltd is the holding company of Skorba Developments Ltd, a company engaged in carrying on the business of developers of any building including but not limited to apartments, flats, shops, bars, hotels and restaurants. On the other hand, IVIVIV Holdings Ltd is the parent company of J&J Hotel Operations Ltd, a company which main trading activity is to own, operate and manage a hotel which is currently being developed. These acquisitions resulted into an increase in investment of \u20ac2,134,640. On 30 June 2025, the Company entered into an assignment of receivable agreement with JD Real Estate Development Ltd. amounting to \u20ac1,540,000 (2024: \u20ac1,600,000) which was assigned by way of a gratuitous capital contribution. iii. On 27 November 2024, the Company acquired OneA Properties Ltd for a consideration of \u20ac1. OneA Properties Ltd is a company engaged in developing property for resale. The following table summarises the financial information of the Company's subsidiaries and fellow subsidiaries as at and for the year ended 31 December 2024.
Net assets/ (liabilities) Profit/(loss)
\u20ac\u20ac
JD Operations Limited 15,999,549 353,441
JD Birkirkara Limited 4,967,101 (17,872)
JD Real Estate Development Ltd. 10,343,878 3,408,038
OneA Properties Ltd (85,558) (1,500)
J&J Development Ltd. 165,974 (182,543)
IVIVIV Holdings Ltd. (5,984) (3,570)
Skorba Developments Ltd. 145,683 245,649
J&J Hotel Operations Ltd. 5,215,659 2,780,033
The following table summarises the financial information of the Company's subsidiaries and fellow subsidiaries as at and for the year ended 31 December 2025.
Net assets/ (liabilities) Profit/(loss)
\u20ac\u20ac
JD Operations Limited 19,282,886 1,212,441
JD Birkirkara Limited 4,507,797 (459,304)
JD Real Estate Development Ltd. 11,346,780 (537,098)
OneA Properties Ltd (99,694) (14,136)
J&J Development Ltd. 166,862 888
IVIVIV Holdings Ltd. (9,957) (3,973)
Skorba Developments Ltd. 1,121,402 975,719
J&J Hotel Operations Ltd. 4,768,412 (447,247)
The acquisition of the OneA Properties Ltd, J&J Development Ltd and IVIVIV Holdings Ltd resulted in a bargain purchase. The gain on bargain purchase arising from the acquisition of J&J Development Ltd and IVIVIV Holdings Ltd and OneA Properties Ltd is as follows:
2024
\u20ac
Total purchase consideration 2,134,641
Fair value of net assets acquired 2,594,095
Gain on bargain purchase 459,454
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19855": { "value": "17. FINANCIAL ASSETS AT AMORTISED COST
Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-current
Loans to subsidiaries (i) - - 58,277,903 30,424,487
Loans to ultimate parent company (ii) 5,503,801 - 5,503,801 -
Amounts owed by ultimate parent company (iii) 12,504,175 11,577,940 12,504,175 11,577,940
18,007,976 11,577,940 76,285,879 42,002,427
Current
Amounts owed by subsidiaries (v) - - 2,348,107 1,058,455
Amounts owed by related companies (iv) 3,895,747 2,068,572 - -
Amounts owed by ultimate parent company (iii) 1,520,364 290,957 771,789 290,957
5,416,111 2,359,529 3,119,896 1,349,412
i. The loans to subsidiaries are split as follows: \u20ac4,900,000 which is unsecured, subject to 6.5% per annum and is repayable by not later than 30 September 2027. \u20ac3,600,000 which is unsecured, subject to 6.35% per annum and is repayable by not later than 25 November 2032. \u20ac4,999,561 which is unsecured, subject to 6.35% per annum and is repayable by not later than 25 November 2032. \u20ac6,862,625 which is unsecured, subject to 7.5% per annum and is repayable by not later than 19 July 2033. \u20ac1,999,125 which is unsecured, subject to 7.5% per annum and is repayable by not later than 19 July 2033. The loan to subsidiary was not fully utilised as at year end. \u20ac1,600,000 which is unsecured, subject to 8.75% per annum and is repayable by not later than 30 January 2027. \u20ac280,394 which is unsecured, subject to 5.5% interest per annum and payable by 31 December 2039. \u20ac5,000,000 which is unsecured, earns interest at 8% interest per annum and is repayable by not later than 8 May 2035. \u20ac6,249,500 which is unsecured, subject to 8% interest per annum and is repayable by not later than 30 June 2035. \u20ac2,535,000 which is unsecured, subject to 8% interest per annum and is repayable by not later than 8 May 2035. \u20ac1,338,100 which is unsecured, subject to 8% interest per annum and is repayable by not later than 30 June 2035. \u20ac3,456,000 which is unsecured, subject to 8% interest per annum and is repayable by not later than 8 May 2035. \u20ac2,241,407 which is unsecured, subject to 5.5% interest per annum and is repayable by not later than 31 December 2035. \u20ac334,199 which is unsecured, subject to 5.5% interest per annum and is repayable by not later than 31 December 2035. \u20ac1,449,954 which is unsecured, subject to 5.5% interest per annum and is repayable by not later than 31 December 2035. \u20ac1,500,000 which is unsecured, subject to 8% interest per annum and is repayable by not later than 30 June 2035. \u20ac5,500,000 which is unsecured, subject to 8% interest per annum and is repayable by not later than 30 June 2035. \u20ac1,500,000 which is unsecured, subject to 8% interest per annum and is repayable by not later than 30 June 2035. \u20ac70,700 which is unsecured, subject to 8% interest per annum and is repayable by not later than 30 June 2035. Interest income for the period from these loans amounted to \u20ac3,274,204 (2024: \u20ac1,919,855). The amount is net of \u20ac97,075 expected credit losses (2024: \u20ac84,955). ii. The loans to ultimate parent company are split as follows: \u20ac3,300,700 which is unsecured, subject to 8% per annum and is repayable by not later than 30 June 2035. \u20ac2,000,000 which is unsecured, subject to interest as charged by the bank and is repayable within 36 months from the date of the first drawdown. Interest income for the period from these loans amounted to \u20ac210,816. The amount is net of \u20ac7,670 expected credit losses (2024: Nil). iii. The amounts owed by ultimate parent company are split as follows: \u20ac11,577,940 which is unsecured, subject to 8% per annum and is repayable by 31 December 2039. \u20ac714,619 which is unsecured, subject to 8% per annum and is repayable on demand. \u20ac748,575 which is unsecured, interest free and is repayable on demand. Interest income for the period from these loans amounted to \u20ac983,405. The amount is net of \u20ac21,466 expected credit losses (2024: \u20ac18,018). iv. The amounts owed by related companies are unsecured, interest-free, and repayable on demand. These are stated net of \u20ac4,300 expected credit losses (2024: \u20ac2,900). v. The amounts owed by subsidiaries are unsecured, interest-free, and repayable on demand. These are stated net of \u20ac4,449 expected credit losses (2024: Nil). The Group and the Company's exposure to credit risk of financial assets at amortised costs are disclosed in Note 34. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_20011": { "value": "The amount is net of \u20ac97,075 expected credit losses (2024: \u20ac84,955). The amount is net of \u20ac7,670 expected credit losses (2024: Nil). The amount is net of \u20ac21,466 expected credit losses (2024: \u20ac18,018). These are stated net of \u20ac4,300 expected credit losses (2024: \u20ac2,900). These are stated net of \u20ac4,449 expected credit losses (2024: Nil). Contract assets are stated net of expected credit losses of \u20ac209,630 (2024: \u20ac181,090). Trade receivables are stated net of allowance for expected credit losses amounting to \u20ac496,292 (2024: \u20ac521,026).", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19662": { "value": "18. INVENTORIES
Group
20252024
\u20ac\u20ac
Raw materials 1,436,178 1,897,080
Work in progress 276,881 91,552
Property for development and resale 27,087,127 20,574,487
28,800,186 22,563,119
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19750": { "value": "19. CONTRACT ASSETS
Group
20252024
\u20ac\u20ac
At 1 January 6,954,333 11,140,846
Additions 13,268,049 2,491,863
Movement in provision for expected credit losses (28,540) (41,918)
Transfer to trade receivables(13,744,854)(6,636,458)
At 31 December 6,448,988 6,954,333
Contract assets are stated net of expected credit losses of \u20ac209,630 (2024: \u20ac181,090). The Group and the Company's exposure to credit risk relating to contract assets are disclosed in Note 34. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19858": { "value": "20. TRADE AND OTHER RECEIVABLES
Current Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade receivables (i) 9,153,470 4,150,227 - -
Accrued income (ii) - - - 935,295
Prepayments (iii) 14,508,338 13,748,661 11,154 12,406
Other receivables (iv) 4,896,519 2,850,350 4,101,693 1,999,309
28,558,327 20,749,238 4,112,847 2,947,010
i. Trade receivables are stated net of allowance for expected credit losses amounting to \u20ac496,292 (2024: \u20ac521,026). Reversal of expected credit losses recognised for the year amounted to \u20ac24,734 (2024: expected credit losses of \u20ac108,370). ii. Accrued interest income relates to the interest on loans to subsidiaries. iii. Prepayments include \u20ac13,522,365 receivable from a related party. iv. Other receivables include amounts held by the Security Trustee amounting to \u20ac4,101,693. The Group and the Company's exposure to credit risk of trade and other receivables are disclosed in Note 34. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_20008": { "value": "Prepayments (iii) 14,508,338 13,748,661", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19781": { "value": "21. CASH AT BANK AND IN HAND Cash and cash equivalents consist of cash and balances with banks. Cash and cash equivalents included in the statement of cash flows reconcile to the amounts shown in the statement of financial position as follows:
Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Cash in hand 4,639 8,495 - -
Cash at bank 1,064,488 678,711 205,311 -
Bank overdrawn balances (16,539) (146,694) - (131,153)
1,052,588 540,512 205,311 (131,153)
The Group and the Company's exposure to credit risk relating to cash at bank are disclosed in Note 34", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19714": { "value": "22. SHARE CAPITAL
Group and Company
20252024
\u20ac\u20ac
Authorised share capital
17,543,621 Ordinary shares of \u20ac1 each 17,543,621 17,543,621
3,079 Ordinary A shares of \u20ac1 each 3,079 3,079
17,546,700 17,546,700
Issued share capital
9,678,262 Ordinary shares of \u20ac1 each 9,678,262 9,678,262
3,079 Ordinary A shares of \u20ac1 each 3,079 3,079
9,681,341 9,681,341
The holders of \"Ordinary\" shares have all the rights in the Company. The holders of \"Ordinary A\" shares shall not be entitled to any rights in the Company, and shall therefore not be entitled to vote at any general meeting of the Company. However, they have the right to return of capital on their shares upon liquidation of the Company. During the year ended 31 December 2025, the Company did not declare any dividends. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19782": { "value": "23. REVALUATION RESERVE The property, plant and equipment revaluation surplus is used to record increments and decrements on the revaluation of non-current assets.
Group
20252024
\u20ac\u20ac
As at 1 January 11,516,823 8,165,699
Revaluation surplus 1,782,155 3,872,881
Deferred tax element (Note 12) (142,573) (521,757)
13,156,405 11,516,823
The revaluation reserve is non-distributable. 24. OTHER RESERVES During the year ended, 31 December 2024, the Company entered into an assignment of receivable agreement with JD Holdings Limited amounting to \u20ac4.8 million. During the year ended 31 December 2025, the Company entered into the same agreement for an additional amount of \u20ac1.5 million. These are being assigned by way of a gratuitous capital contribution. In line with IAS 32 such amounts fall under the definition of equity and are therefore classified in these financial statements as a component of equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19772": { "value": "25. EARNINGS PER SHARE
Group Company
2025202420252024
Profit for the period attributable to owners of the Company 1,398,755 6,613,973 34,078 38,762
Weighted average number of ordinary shares9,681,341 7,745,543 9,681,341 7,745,543
Basic earnings per share 0.1440.854 0.004 0.005
The Group or the Company has no potential ordinary shares that would cause the dilution of basic earnings per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19752": { "value": "26. BORROWINGS
Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-current
\u20ac14,000,000 bonds, 4.85%, unsecured (i) 13,720,265 13,643,031 13,720,264 13,643,031
\u20ac11,000,000 bonds, 6%, unsecured (ii) 10,846,452 10,875,412 10,846,453 10,875,412
\u20ac5,000,000 private placement, 7.25%, secured (iii) - 4,907,183 - 4,907,183
\u20ac40,000,000 bonds, 5.6%, secured (iv) 38,871,627 - 38,871,627 -
Bank loan I (v) - 142,984 - -
Bank loan IV (vi) 803,738 8,500,000 - -
Bank loan V (vii) 6,728,459 5,822,219 - -
Bank loan IX (viii) 1,619,042 1,619,042 - -
Bank loan X (xiii) 2,675,635 - - -
Bank loan XI (xiv) 4,000,000 - - -
Revolving facility (ix) 3,056,038 4,188,584 - -
Amounts due to subsidiaries (xv) - - 15,662,666 14,689,006
82,321,256 49,698,455 79,101,010 44,114,632
Current
Bank loan I (v) 143,261 147,946 - -
Bank loan III (x) - 1,019,755 - -
Bank loan VII (xi) - 1,500,000 - -
Bank loan VIII (xii) - 2,929,492 - -
Bank loan XI (xiv) 1,000,000 - - -
Revolving facility (ix) 1,313,360 366,901 - -
Bank overdraft 16,539 146,694 - 131,153
2,473,160 6,110,788 - 131,153
Total borrowings 84,794,416 55,809,243 79,101,010 44,245,785
26. BORROWINGS - continued i. During the year ended 31 December 2022, the Company issued tranche 1 of a new series of bonds, series 1, amounting to \u20ac14,000,000. The bonds will mature on 25 November 2032 with annual interest payments every 25th of November until maturity. The amount presented is net of unamortised bond issue costs of \u20ac280,080 (2024: \u20ac313,267). Interest expense on the bonds for the year are as disclosed in Note 11 to these financial statements. The market price of the bonds for every \u20ac100 bond as at 31 December 2025 was \u20ac98.50 (2024: \u20ac101.89). A bond exchange offer was accepted by all prior bondholders whereby the 50,000 securities with a nominal value of \u20ac100 were exchanged to 50,000 securities with a nominal value of \u20ac100 in the new tranche. Additionally, a premium of \u20ac2 per bond was paid by the Company amounting to \u20ac100,000. ii. During the year ended 31 December 2023 the Company issued tranche 2 of series 1 bonds, amounting to \u20ac11,000,000. The bonds will mature on 19 July 2033 with annual interest payments every 19th of July until maturity. The amount presented is net of unamortised bond issue costs of \u20ac153,547 (2024: \u20ac168,633). Interest expense on the bonds for the year are as disclosed in Note 11 to these financial statements. The market price of the bonds for every \u20ac100 bond as at 31 December 2025 was \u20ac102.50 (2024: \u20ac106.49). iii. During the year ended 31 December 2024, the Company issued an unlisted 7.5% senior callable notes amounting to \u20ac5,000,000. The securities were redeemed during the year in line to the use of proceeds section as published in the prospectus of the new \u20ac40,000,000 bond issue. iv. During the year ended 31 December 2025, the Company issued a \u20ac40,000,000 bond carrying an interest rate of 5.6% per annum and maturing on 23 May 2035 with annual interest payments every 14th of May until maturity. The amount presented is net of unamortised bond issue costs of \u20ac1,128,373 Interest expense on the bonds for the year are as disclosed in Note 11 to these financial statements. The market price of the bonds for every \u20ac100 bond as at 31 December 2025 was \u20ac100. At the end of the reporting period, Bonds with a face value of \u20ac8500 were held by a company director. v. Bank loan I pertains to a loan with a local bank under the Malta Development Bank's COVID-19 Assist Program. The loan shall bear interest at a fixed rate of 2.5% per annum for the first two years from the take up of the loan and thereafter at the rate of the aggregate of the margin of 2.75% per annum and the three-month EURIBOR. The loan is repayable over a period of six years inclusive of a 12-month moratorium on the principal and six-months on interest. Following the moratorium period, the loan shall be repayable in 60 monthly installments of \u20ac12,500. As from November 2023 the monthly installments were increased to \u20ac13,250. The loan is secured by a first general hypothec over the Company's assets and guarantee by the ultimate shareholder. vi. Loan IV pertains to a loan obtained from a local bank amounting to \u20ac7,000,000 which was acquired in 2023 by a subsidiary. The loan bears interest between 5.50% to 5.80% per annum plus the 3-month EURIBOR and is repayable in full in 2026 from sale proceeds collected on every contract of sale of the units being currently developed on the properties of the related parties. In February 2024, the Group acquired an additional loan of \u20ac1,500,000. The loan is secured, bears interest between 5.50% to 5.80% per annum plus the 3-month EURIBOR and is repayable in full by 2026. The loan is secured by a pledge on bank account in the name of the subsidiary and a general hypothec over all of the subsidiary's assets. During 2025, this loan was paid in full and the Group acquired a new loan of \u20ac800,000 to finance the acquisition of a new property. The loan is secured, bears interest between 5.50% to 5.80% per annum plus the 3-month EURIBOR and is repayable within 33 months from the first drawdown in November 2025. vii. On 02 May 2024, a loan was obtained with a local bank for a total amount of \u20ac5,800,000 to finance the acquisition of a portion of land known as 'Bur Hammiem' in the limits of Bir Id-Deheb. The entire facility was fully utilised as at 31 December 2024. The loan bears interest of 5.85% per annum and is repayable in full by 2028 from sale proceeds collected on every contract of sale of the units being currently developed on the site. In addition, the Group also obtained another loan with the same local bank for a total amount \u20ac3,647,987 to finance on a 'pari passu' the demolition and excavation of the site mentioned above, together with the construction of commercial and residential units, including garages. The total amount utilised from this facility amounted to \u20ac222,217 as at 31 December 2024. The loan bears interest of 5.85% per annum and is repayable in full by 2028 from sale proceeds collected on every contract of sale of the units being currently developed on the site. During 2025, the Group utilised an amount of \u20ac906,240 from this facility. All the bank loans are secured by a general hypothec over all of the Company's present and future assets. viii. On 02 May 2024, a loan was obtained with a local bank for a total amount of \u20ac1,499,484 to finance the acquisition of the two portions of land in Triq Sir Temi Zammit in Zebbiegh, Mgarr, Malta. The entire facility was fully utilised as at 31 December 2024. The loan bears interest of 5.85% per annum and is repayable in full by 2028 from sale proceeds collected on every contract of sale of the units being currently developed on the site. In addition, the Group also obtained another loan with the same local bank for a total amount of \u20ac899,812 to finance on a 'pari passu' the demolition and excavation of the site mentioned above, together with the construction of residential units, including car spaces. The total amount utilised from this facility amounted to \u20ac119,558 as at 31 December 2025. The loan bears interest of 5.85% per annum and is repayable in full by 2028 from sale proceeds collected on every contract of sale of the units being currently developed on the site. All the bank loans are secured by a general hypothec over all of the Company's present and future assets. ix. The revolving facility is secured by title transfer, bears interest at the rate of 5% per annum plus the 12-month EURIBOR and is repayable in accordance with the term sheet as agreed with the bank for each drawdown. The revolving facility amounts to \u20ac6,000,000 (2024: \u20ac6,000,000). At year end, the facility was split as follows: \u20ac244,857 to serve as an overdraft facility; Total drawdown as at 31 December 2025 amounted to \u20ac4,500,000 to be repaid in monthly installment of \u20ac52,000 inclusive of interest in the first 2 years and monthly installment of \u20ac89,015 inclusive of interest for the following 4 years. Outstanding balance as at 31 December 2025 is \u20ac4,124,541. x. Bank loan III pertains to a project finance loan with a local bank subject to 5.65% interest. The loan was secured by a joint and several guarantee amounting to \u20ac1,500,000 provided by the ultimate beneficial owner. During 2025, this amount is repaid in full. xi. Loan VII was a loan with a local bank amounting to \u20ac1,500,000 subject to interest at a fixed rate of 5.65%. During 2025, this amount is repaid in full. xii. Loan VIII was a loan with a bank amounting to \u20ac3,000,000 that is to be repaid from 9 months from the first drawdown in September 2024 and is subject to 10.0% interest. During 2025, this amount is repaid in full. xiii. On 7 April 2025, \u2018Bank loan X\u2019 was obtained with a local bank for a total amount of \u20ac2,675,635 to finance the acquisition of a number of properties: tenement number 17 including two garages and garden in Triq l-Isqof Emanuel Galea and in Triq id-Duluri and Triq Monsinjur Mikiel Spiteri in Zejtun; the two garages\u2019 numbers 87 and 89 and named C & T Gift Shop in Triq id-Duluri, Zejtun; the unnumbered house name \u2018Florida\u2019 in Triq l-Isqof Emanuel Galea in Zejtun; the unnamed and unnumbered garage in Triq Monsinjur Mikiel Spiteri, in Zejtun (underlying the house number 81); the maisonette number 81 including its airspace and the underlying garage number 91 including its sottosuol in Triq id-Duluri in Zejtun; and the garage number 85 including its sottosuol in Triq id-Duluri in Zejtun. The entire facility was fully utilised as at 31 December 2025. The loan bearing interest of 5.85% per annum and is repayable in full by 2029 from sale proceeds collected on every contract of sale of the units being which will be eventually developed on the site. In addition, the Group also obtained another loan with the same local bank for a total amount \u20ac658,003 to finance on a 'pari passu' of 13% by the bank and 87% by the borrower, the demolition and excavation of the site mentioned above, together with the construction of 4 Class B Shops, 67 residential units over 6 blocks together with 73 garages. As at 31 December 2025, the loan remained unutilised. The loan bearing interest of 5.85% per annum and is repayable in full by 2029 from sale proceeds collected on every contract of sale of the units being currently developed on the site. All the bank loans are secured by a general hypothec over all of the Company's present and future assets. xiv. During the year, the group obtained a loan with another local bank amounting to \u20ac5,000,000. The loan is secured subject to an interest at a rate of 8% for the first year and minimum floor rate of 8% for the subsequent years. The loan is repayable within 36 months from the date of the first drawdown. xv. The amounts due to subsidiaries are unsecured, subject to a 4% interest per annum and payable by 31 December 2039. The interest rate exposure of the borrowings is as follows:
Group Company
2025 202420252024
\u20ac\u20ac\u20ac\u20ac
At fixed rates 80,537,526 42,462,828 79,101,010 44,245,785
At floating rates 4,256,890 13,346,415 - -
84,794,416 55,809,243 79,101,010 44,245,785
The carrying amount of the Group's borrowings are denominated in Euro. The weighted average effective interest rate at the end of the reporting periods are as follows:
Group Company
2025202420252024
% % % %
At fixed rates 6.54 6.00 5.23 3.78
At floating rates 6.12 8.19 - -
As at the end of the reporting period the Group had general banking facilities and loan facilities with the major local banks amounting to \u20ac26.8 million (2024: \u20ac26.4 million). As at 31 December 2025, the Group had not yet utilised \u20ac5.5 million (2024: \u20ac1.5 million) of total facilities. The Group and Company's exposure to liquidity and interest risk relating to borrowings are disclosed in Note 34. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19733": { "value": "27. LEASE LIABILITIES The Group's lease liabilities pertain to the lease of land and buildings under a temporary emphyteusis for a period of 65 years from 8 March 2018 and the lease of a commercial property (including garage) for a period of 12 years from 1 October 2019. The Group's obligations under these leases are secured by the lessor's title over the property. Generally, the Group is restricted from sub-leasing the property.
Group 2025 2024
\u20ac\u20ac
Non-current 3,285,621 3,341,959
Current 56,312 53,568
3,341,933 3,395,527
Commitments in relation to lease liabilities are payable as follows:
Group
20252024
\u20ac\u20ac
Due after more than five years 9,160,306 9,393,127
Due after one year but within five years 921,272 910,172
Due within one year 221,697 221,697
Total gross lease liabilities 10,303,275 10,524,996
Discounting (6,961,342) (7,129,469)
Present value of lease liabilities 3,341,933 3,395,527
The carrying amount of lease liabilities recognised during the year is as follows:
Group
20252024
\u20ac\u20ac
At 1 January 3,395,527 3,446,509
Interest expense 168,104 170,715
Lease payments (221,698) (221,697)
At 31 December 3,341,933 3,395,527
27. LEASE LIABILITIES - continued The following were the amounts recognised in profit or loss relating to leases:
Group
20252024
\u20ac\u20ac
Depreciation charge 750,418 520,899
Interest expense 168,104 170,715
918,522 691,614
The Group's exposure to liquidity risk relating to lease liabilities are disclosed in Note 34. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19755": { "value": "28. TRADE AND OTHER PAYABLES
Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Non-current
Trade payables 1,083,626 120,281 - -
Amounts due to MTCA (i) 2,102,272 2,945,990 - -
3,185,898 3,066,271 - -
Current
Trade payables 6,408,872 8,202,764 342,455 166,001
Accruals 5,532,976 4,316,655 1,818,525 728,267
Amounts due to MTCA (i) 3,812,149 1,951,791 - -
Amounts due to subsidiaries (ii) - - 2,836,096 1,614,927
Advance payments 5,590,191 2,864,960 - -
Amounts due to third party (iii) - 3,420,433 - -
Amounts due to directors (ii) 31,093 - - -
Amounts due to ultimate parent company (ii) 306,317 - - -
Amounts due to related companies (ii) 271,493 - - -
Other payables 70,883 - - -
22,023,974 20,756,603 4,997,076 2,509,195
i. The amounts due to Malta Tax and Customs Administration (''MTCA'') are governed by agreements with the respective department. ii. The amounts due to subsidiaries, directors, ultimate parent company and related companies are unsecured, interest-free, and repayable on demand. iii. The amounts due to third party were unsecured, subject to a 4% interest per annum plus the 3-month EURIBOR. The amount is paid in full in 2025. The Group's and Company's exposure to liquidity and interest risk relating to trade payables are disclosed in Note 34. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_20005": { "value": "Accruals 5,532,976 4,316,655", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_20006": { "value": "29. CONTRACT LIABILITIES
Group
20252024
\u20ac\u20ac
At 1 January 3,435,726 4,185,471
Additions 803,918 926,342
Net payments received in advance (53,267) (89,189)
Transfer to revenue (321,097) (1,586,898)
At 31 December 3,865,280 3,435,726
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19756": { "value": "29. CONTRACT LIABILITIES
Group
20252024
\u20ac\u20ac
At 1 January 3,435,726 4,185,471
Additions 803,918 926,342
Net payments received in advance (53,267) (89,189)
Transfer to revenue (321,097) (1,586,898)
At 31 December 3,865,280 3,435,726
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19718": { "value": "30. SIGNIFICANT NON-CASH TRANSACTIONS On 31 December 2024, amounts due from related parties to subsidiaries were assigned in favour of the Company. On the same day, the Company took over the responsibility of settling the payables to related parties by its subsidiaries through a novation agreement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfSignificantEventsAndTransactions", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19952": { "value": "31. RELATED PARTY TRANSACTIONS The Group has related party relationships with companies over which the directors exercise significant influence and with companies under common control. During the year, related parties have extended funds to the Group for it to be able to meet its obligations as well as paid expenses on behalf of related parties. During the year the Group also incurred interest on its borrowings from a related party which were capitalised as part of the asset under construction. Transactions are carried out with related parties on a regular basis and in the ordinary course of the business. The following summarises the transactions with related parties that transpired during the period:
Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Related company
Revenue from contracts 300,576 3,847,054 - -
Resource sharing income 960,000 - - -
Interest income 217,112 - - -
Cost of sales recharges (514,577) (737,982) - -
Net recharges (91,354) (344,618) - -
Ultimate parent company
Interest income - 50,440 - -
Net recharges (4,440) (50,479) - -
Subsidiaries
Interest income - - 3,823,636 1,919,855
Interest expense - - 587,561 -
Recharges - - 177,285 90,988
Net advances obtained - - 1,354,838 7,387,548
Dividend from shares in subsidiaries - - - 461,538
The outstanding amounts arising from transactions with related parties and the related terms and conditions are disclosed in Notes 17, 20, 26 and 28 to these financial statements. Director's emoluments and directors' fees are as disclosed in Note 9. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_20022": { "value": "32. CAPITAL COMMITMENTS Commitments for capital expenditure with respect to property, plant and equipment and investment property not provided for in these financial statements are as follows:
Group
20252024
\u20ac\u20ac
Contracted but not provided for
Property, plant and equipment 5,202,795 8,348,692
Investment property 11,018,777 12,349,781
16,221,572 20,698,473
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19816": { "value": "33. CONTINGENT LIABILITIES The Group and the Company At the end of the reporting period, the Group and the Company\u2019s major contingent liabilities were: (a) Guarantees amounting to \u20ac1,400,000 (2024: \u20acNil) in favour of third parties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19818": { "value": "34. FINANCIAL RISK MANAGEMENT Market risk Cash flow and fair value interest rate risk The Group is exposed to interest rate risk primarily arising from its interest-bearing borrowings, which include both fixed-rate and variable-rate instruments (Note 26). Cash Flow Interest Rate Risk The Group and Company\u2019s exposure to cash flow interest rate risk arises mainly from variable-rate borrowings, as future interest payments fluctuate in line with changes in market interest rates. At the reporting date, variable-rate borrowings are principally linked to EURIBOR and are repriced at regular intervals. An increase or decrease in market interest rates would result in a corresponding increase or decrease in interest expense and cash outflows. Management monitors interest rate movements on an ongoing basis and assesses the impact on future cash flows. Where appropriate, the Group may consider refinancing or other treasury measures to manage exposure. Sensitivity Analysis At reporting date, if the interest rate had increased/decreased by 1% (assuming a parallel shift of 100 basis points in yields) with all other variables held constant, the pre-tax result for the subsequent year would change by an adverse/favourable amount of \u20ac42,569 (2024: \u20ac129,795). Fair Value Interest Rate Risk The Group and Company are also exposed to fair value interest rate risk in respect of its fixed-rate borrowings. Changes in market interest rates affect the fair value of these borrowings, even though the contractual cash flows remain fixed over the term of the instruments. Fixed-rate borrowings are measured at amortised cost, and therefore changes in fair value arising from interest rate movements are not recognised in the statement of financial position or profit or loss. However, management considers this exposure when evaluating the Group's overall interest rate risk profile. The Group and the Company\u2019s objective in managing interest rate risk is to limit the potential adverse impact of interest rate fluctuations on profitability and cash flows. This is achieved through an appropriate mix of fixed-rate and variable-rate borrowings, taking into account market conditions, funding needs and cost considerations. Up to the end of the reporting period, the Company did not have any hedging arrangements with respect to the exposure of floating interest rate risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19757": { "value": "34. FINANCIAL RISK MANAGEMENT The Group's activities potentially expose it to a variety of financial risks: market risk (including interest rate risk), credit risk and liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Group. The Group did not make use of derivative financial instruments to hedge certain risk exposures during the current and preceding financial periods. The Group uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate risks and ageing analysis for credit risk. Risk management is carried out by senior finance executives ('finance') under policies approved by the Board of Directors ('the Board'). These policies include identification and analysis of the risk exposure of the group and appropriate procedures, controls and risk limits. Market risk Cash flow and fair value interest rate risk The Group is exposed to interest rate risk primarily arising from its interest-bearing borrowings, which include both fixed-rate and variable-rate instruments (Note 26). Cash Flow Interest Rate Risk The Group and Company\u2019s exposure to cash flow interest rate risk arises mainly from variable-rate borrowings, as future interest payments fluctuate in line with changes in market interest rates. At the reporting date, variable-rate borrowings are principally linked to EURIBOR and are repriced at regular intervals. An increase or decrease in market interest rates would result in a corresponding increase or decrease in interest expense and cash outflows. Management monitors interest rate movements on an ongoing basis and assesses the impact on future cash flows. Where appropriate, the Group may consider refinancing or other treasury measures to manage exposure. Sensitivity Analysis At reporting date, if the interest rate had increased/decreased by 1% (assuming a parallel shift of 100 basis points in yields) with all other variables held constant, the pre-tax result for the subsequent year would change by an adverse/favourable amount of \u20ac42,569 (2024: \u20ac129,795). Fair Value Interest Rate Risk The Group and Company are also exposed to fair value interest rate risk in respect of its fixed-rate borrowings. Changes in market interest rates affect the fair value of these borrowings, even though the contractual cash flows remain fixed over the term of the instruments. Fixed-rate borrowings are measured at amortised cost, and therefore changes in fair value arising from interest rate movements are not recognised in the statement of financial position or profit or loss. However, management considers this exposure when evaluating the Group's overall interest rate risk profile. The Group and the Company\u2019s objective in managing interest rate risk is to limit the potential adverse impact of interest rate fluctuations on profitability and cash flows. This is achieved through an appropriate mix of fixed-rate and variable-rate borrowings, taking into account market conditions, funding needs and cost considerations. Up to the end of the reporting period, the Company did not have any hedging arrangements with respect to the exposure of floating interest rate risk. Credit risk Credit risk refers to the risk that a counterparty in the financial assets will default on its contractual obligations resulting in financial loss to the Group and Company. The Group and Company obtain guarantees where appropriate to mitigate credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements. The Group and Company do not hold any collateral. Financial assets which potentially subject the Group and Company to credit risk consist of cash at banks, loans receivable, advances to related parties as well as credit exposure to customers, including outstanding receivables and committed transactions. the carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Financial assets measured at amortised cost:Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade receivables 9,153,470 4,150,227 - -
Other receivable 4,896,519 2,850,350 4,101,693 1,999,309
Amounts due from related companies 3,895,747 2,068,572 - -
Loans to subsidiaries - - 58,277,903 30,424,487
Amounts owed by ultimate parent company 14,024,539 11,577,940 13,275,964 11,577,940
Loans to ultimate parent 5,503,801 - 5,503,801 -
Contract assets 6,448,988 6,954,333 - -
Cash at bank 1,064,488 678,711 205,311 -
Amounts owed by subsidiaries - - 2,348,107 1,058,455
44,987,552 28,280,133 83,712,779 45,060,191
The Group's operations are principally carried out in Malta. The Group has no concentration of credit risk that could materially impact the sustainability of its operations. Impairment of financial assets The Group's and the Company's financial assets, trade receivables and contract assets, as well as cash and cash equivalents, are subject to the 'IFRS 9' expected credit loss model. Financial assets subject to IFRS 9's expected credit loss model principally comprise loans and amounts advanced to subsidiaries, ultimate parent and related parties, as disclosed in Note 17. Trade receivables and contract assets Carrying amounts for trade receivables are stated net of expected credit losses. In measuring the expected credit losses, the customers have been assessed on a collective basis as they possess shared credit risk characteristics. They have been based on the days past due. Amounts due from related companies, subsidiaries, ultimate parent company, immediate parent company and loans receivable The Group's and the Company's financial assets include significant loans and amounts due from subsidiaries, ultimate parent, immediate parent and a related company, arising from transactions with these entities. Management monitors intra-group and related party credit exposure at individual entity level and ensures timely performance in the context of overall group liquidity management.
Gross amount Group ECL Carrying amount
\u20ac\u20ac\u20ac
31 December 2025
Current 8,570,377 (1,953) 8,568,424
30 to 89 days 800,260 (229,464) 570,796
90 to 179 days 72,453 (64,491) 7,962
180 to less than 1 year 88,000 (81,712) 6,288
More than 1 year 118,672 (118,672) -
9,649,762 (496,292) 9,153,470
31 December 2024
Current 309,531 (12,966) 296,567
30 to 89 days 751,636 (194,548) 557,087
90 to 179 days 352,989 (97,488) 255,501
180 to less than 1 year 3,091,488 (50,416) 3,041,072
More than 1 year 165,608 (165,608) -
4,671,252 (521,026) 4,150,227
Liquidity risk The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities. Prudent liquidity risk management includes maintaining sufficient liquid assets and available borrowing facilities to be able to pay debts as and when they become due and payable. The directors manage liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities. The following table details the undiscounted contractual cash flows arising from the Company's financial liabilities:
Weighted average interest rate 1 year or lessBetween 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities
% \u20ac\u20ac\u20ac\u20ac\u20ac
31 December 2025
Non-interest bearing -
Trade and other payables - 3,178,551 - - - 3,178,551
Interest bearing fixed rate
Amounts due to subsidiaries 4.00 587,561 587,561 1,762,683 19,977,055 22,914,860
Bonds payable (including interest) 5.50 3,579,000 3,579,000 10,737,000 79,538,000 97,433,000
7,345,112 4,166,561 12,499,683 99,515,055 123,526,411
Weighted average interest rate 1 year or lessBetween 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities
% \u20ac\u20ac\u20ac\u20ac\u20ac
31 December 2024
Non-interest bearing
Trade and other payables - 1,780,928 - - - 1,780,928
Interest bearing fixed rate
Amounts due to subsidiaries 4 587,560 587,560 1,762,681 20,564,608 23,502,409
Bonds payable (including interest) 5.67 1,701,500 1,701,500 8,021,500 26,339,000 37,763,500
4,069,988 2,289,060 9,784,181 46,903,608 63,046,837
The following table details the undiscounted contractual cash flows arising from the Group's financial liabilities:
Weighted average interest rate 1 year or lessBetween 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities
% \u20ac\u20ac\u20ac\u20ac\u20ac
31 December 2025
Non-interest
bearing
Trade payables - 6,479,755 1,083,626 - - 7,563,381
Indirect taxes and social security contributions - 3,800,795 439,512 1,121,840 950,406 6,312,553
Amounts due to ultimate parent company - 306,317 - - - 306,317
Amounts due to related companies - 271,493 - - - 271,493
Amounts due to directors - 31,093 - - - 31,093
Interest bearing - fixed
Bonds 6.03 3,579,000 3,579,000 10,737,000 79,538,000 97,433,000
Bank borrowings 4.73 2,204,372 1,644,853 14,824,514 - 18,673,739
Lease liabilities 5.00 221,697 222,882 698,390 9,160,306 10,303,275
Interest
bearing - variable5% plus 12-month EURIBOR 1,282,791 1,227,888 2,805,781 - 5,316,460
Borrowings
5.5% plus 3-month
Borrowing EURIBOR 46,400 46,400 846,400 - 939,200
18,223,713 8,244,161 31,033,925 89,648,712 147,150,511
Weighted average interest rate 1 year or lessBetween 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities
% \u20ac\u20ac\u20ac\u20ac\u20ac
31 December 2024
Non-interest bearing
Trade payables - 8,202,764 120,281 - - 8,323,045
Indirect taxes and social security contributions - 1,951,791 438,914 1,286,451 1,220,625 4,897,781
Interest bearing - fixed
Bonds 5.43 1,701,500 1,701,500 8,021,500 26,339,000 37,763,500
Bank borrowings 5.4412,279,791 1,693,733 3,992,119 8,850,645 26,816,288
Lease liabilities 5.00 221,696 444,577 465,593 9,450,717 10,582,583
Interest
bearing - variable5% plus 170,054 147,269 - - 317,323 6,087,811
12-month EURIBOR
Borrowings
6.25% plus 3-month 881,099 1,111,150 3,556,805 538,757
Borrowings EURIBOR
5.5% plus 3-month
Borrowings EURIBOR 208,060 9,302,060 - - 9,510,120
4% plus 3,420,433 - - 3,420,433
Amounts due to third 3-month EURIBOR -
party
29,037,188 14,959,48417,322,468 46,399,744 107,718,884
Timing of cash flows The presentation of the financial assets and liabilities listed above under the current and non-current headings within the statements of financial position is intended to indicate the timing in which cash flows will arise. Capital risk management The Group manages its capital to ensure that it will be able to continue as a going concern and comply with the requirements of the prospectus issued in relation to the bonds while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of equity attributable to equity holders comprising issued share capital, reserves, and borrowings as disclosed in Notes 22, 23, 24 and 26 to these financial statements and in the statements of changes in equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19740": { "value": "34. FINANCIAL RISK MANAGEMENT - continued Credit risk Credit risk refers to the risk that a counterparty in the financial assets will default on its contractual obligations resulting in financial loss to the Group and Company. The Group and Company obtain guarantees where appropriate to mitigate credit risk. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements. The Group and Company do not hold any collateral. Financial assets which potentially subject the Group and Company to credit risk consist of cash at banks, loans receivable, advances to related parties as well as credit exposure to customers, including outstanding receivables and committed transactions. the carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
Financial assets measured at amortised cost:Group Company
2025202420252024
\u20ac\u20ac\u20ac\u20ac
Trade receivables 9,153,470 4,150,227 - -
Other receivable 4,896,519 2,850,350 4,101,693 1,999,309
Amounts due from related companies 3,895,747 2,068,572 - -
Loans to subsidiaries - - 58,277,903 30,424,487
Amounts owed by ultimate parent company 14,024,539 11,577,940 13,275,964 11,577,940
Loans to ultimate parent 5,503,801 - 5,503,801 -
Contract assets 6,448,988 6,954,333 - -
Cash at bank 1,064,488 678,711 205,311 -
Amounts owed by subsidiaries - - 2,348,107 1,058,455
44,987,552 28,280,133 83,712,779 45,060,191
The Group's operations are principally carried out in Malta. The Group has no concentration of credit risk that could materially impact the sustainability of its operations. Impairment of financial assets The Group's and the Company's financial assets, trade receivables and contract assets, as well as cash and cash equivalents, are subject to the 'IFRS 9' expected credit loss model. Financial assets subject to IFRS 9's expected credit loss model principally comprise loans and amounts advanced to subsidiaries, ultimate parent and related parties, as disclosed in Note 17. Trade receivables and contract assets Carrying amounts for trade receivables are stated net of expected credit losses. In measuring the expected credit losses, the customers have been assessed on a collective basis as they possess shared credit risk characteristics. They have been based on the days past due. Amounts due from related companies, subsidiaries, ultimate parent company, immediate parent company and loans receivable The Group's and the Company's financial assets include significant loans and amounts due from subsidiaries, ultimate parent, immediate parent and a related company, arising from transactions with these entities. Management monitors intra-group and related party credit exposure at individual entity level and ensures timely performance in the context of overall group liquidity management. 34. FINANCIAL RISK MANAGEMENT - continued Cash at bank The Group cash is placed with reputable financial institutions, such that management does not expect any institution to fail to meet repayments of amounts held in the name of the companies within the Group. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. Credit risk related to trade receivables are as follows:
Gross amount Group ECL Carrying amount
\u20ac\u20ac\u20ac
31 December 2025
Current 8,570,377 (1,953) 8,568,424
30 to 89 days 800,260 (229,464) 570,796
90 to 179 days 72,453 (64,491) 7,962
180 to less than 1 year 88,000 (81,712) 6,288
More than 1 year 118,672 (118,672) -
9,649,762 (496,292) 9,153,470
31 December 2024
Current 309,531 (12,966) 296,567
30 to 89 days 751,636 (194,548) 557,087
90 to 179 days 352,989 (97,488) 255,501
180 to less than 1 year 3,091,488 (50,416) 3,041,072
More than 1 year 165,608 (165,608) -
4,671,252 (521,026) 4,150,227
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19758": { "value": " Liquidity risk The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities. Prudent liquidity risk management includes maintaining sufficient liquid assets and available borrowing facilities to be able to pay debts as and when they become due and payable. The directors manage liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities. The following table details the undiscounted contractual cash flows arising from the Company's financial liabilities:
Weighted average interest rate 1 year or lessBetween 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities
% \u20ac\u20ac\u20ac\u20ac\u20ac
31 December 2025
Non-interest bearing -
Trade and other payables - 3,178,551 - - - 3,178,551
Interest bearing fixed rate
Amounts due to subsidiaries 4.00 587,561 587,561 1,762,683 19,977,055 22,914,860
Bonds payable (including interest) 5.50 3,579,000 3,579,000 10,737,000 79,538,000 97,433,000
7,345,112 4,166,561 12,499,683 99,515,055 123,526,411
Weighted average interest rate 1 year or lessBetween 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities
% \u20ac\u20ac\u20ac\u20ac\u20ac
31 December 2024
Non-interest bearing
Trade and other payables - 1,780,928 - - - 1,780,928
Interest bearing fixed rate
Amounts due to subsidiaries 4 587,560 587,560 1,762,681 20,564,608 23,502,409
Bonds payable (including interest) 5.67 1,701,500 1,701,500 8,021,500 26,339,000 37,763,500
4,069,988 2,289,060 9,784,181 46,903,608 63,046,837
The following table details the undiscounted contractual cash flows arising from the Group's financial liabilities:
Weighted average interest rate 1 year or lessBetween 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities
% \u20ac\u20ac\u20ac\u20ac\u20ac
31 December 2025
Non-interest
bearing
Trade payables - 6,479,755 1,083,626 - - 7,563,381
Indirect taxes and social security contributions - 3,800,795 439,512 1,121,840 950,406 6,312,553
Amounts due to ultimate parent company - 306,317 - - - 306,317
Amounts due to related companies - 271,493 - - - 271,493
Amounts due to directors - 31,093 - - - 31,093
Interest bearing - fixed
Bonds 6.03 3,579,000 3,579,000 10,737,000 79,538,000 97,433,000
Bank borrowings 4.73 2,204,372 1,644,853 14,824,514 - 18,673,739
Lease liabilities 5.00 221,697 222,882 698,390 9,160,306 10,303,275
Interest
bearing - variable5% plus 12-month EURIBOR 1,282,791 1,227,888 2,805,781 - 5,316,460
Borrowings
5.5% plus 3-month
Borrowing EURIBOR 46,400 46,400 846,400 - 939,200
18,223,713 8,244,161 31,033,925 89,648,712 147,150,511
34. FINANCIAL RISK MANAGEMENT - continued
Weighted average interest rate 1 year or lessBetween 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities
% \u20ac\u20ac\u20ac\u20ac\u20ac
31 December 2024
Non-interest bearing
Trade payables - 8,202,764 120,281 - - 8,323,045
Indirect taxes and social security contributions - 1,951,791 438,914 1,286,451 1,220,625 4,897,781
Interest bearing - fixed
Bonds 5.43 1,701,500 1,701,500 8,021,500 26,339,000 37,763,500
Bank borrowings 5.4412,279,791 1,693,733 3,992,119 8,850,645 26,816,288
Lease liabilities 5.00 221,696 444,577 465,593 9,450,717 10,582,583
Interest
bearing - variable5% plus 170,054 147,269 - - 317,323 6,087,811
12-month EURIBOR
Borrowings
6.25% plus 3-month 881,099 1,111,150 3,556,805 538,757
Borrowings EURIBOR
5.5% plus 3-month
Borrowings EURIBOR 208,060 9,302,060 - - 9,510,120
4% plus 3,420,433 - - 3,420,433
Amounts due to third 3-month EURIBOR -
party
29,037,188 14,959,48417,322,468 46,399,744 107,718,884
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19873": { "value": "34. FINANCIAL RISK MANAGEMENT - continued Fair value of financial instruments The carrying amounts of cash at bank, receivables (net of impairment provisions, if any), payables, borrowings and lease liabilities reflected in the financial statements are reasonable estimates of the fair value in view of the nature of these instruments or the relatively short period of time between the origination of the instruments and their exposed realisation. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the group for similar financial instruments. As at the end of the reporting period, the fair value of financial assets and liabilities approximate the carrying amounts shown in the statements of financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19931": { "value": "34. FINANCIAL RISK MANAGEMENT Capital risk management The Group manages its capital to ensure that it will be able to continue as a going concern and comply with the requirements of the prospectus issued in relation to the bonds while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of equity attributable to equity holders comprising issued share capital, reserves, and borrowings as disclosed in Notes 22, 23, 24 and 26 to these financial statements and in the statements of changes in equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19763": { "value": "35. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES The tables below details the changes in the Group's and Company's liabilities arising from financing activities. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the Group's statement of cash flows as cash flows used in financing activities.
Bank loans and revolving facility Group Bonds Lease liabilities Total
\u20ac\u20ac\u20ac\u20ac
31 December 2025
Beginning balance 26,236,923 29,425,626 3,395,527 59,058,076
Proceeds from financing activities 11,634,787 38,827,900 - 50,462,687
(221,698) (26,373,712)
Payments from financing activities (19,002,095) (7,149,919)
Interest non-cash change 2,076,088 2,279,419 168,104 4,523,611
Net other non-cash changes 394,111 55,318 - 449,429
Balance at 31 December 2025 21,339,814 63,438,344 3,341,933 88,120,091
31 December 2024
Beginning balance 6,984,137 24,470,890 3,446,509 34,901,536
Proceeds from financing activities 24,495,497 5,000,000 - 29,495,497
Payments from financing activities (5,897,410)(1,468,500) (221,697) (7,587,607)
Interest non-cash change 596,152 1,339,000 170,715 2,105,867
Net other non-cash changes 58,547 84,236 - 142,783
Balance at 31 December 2024 26,236,923 29,425,626 3,395,527 59,058,076
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19829": { "value": "36. FAIR VALUE MEASUREMENT The Group's land and buildings and investment properties are held for long-term yields or for capital appreciation purposes. The Group utilises the rental income approach as a valuation method to determine the fair value of other property and investment property as at 31 December and the market value basis in relation to land. The Group is required to analyse non-financial assets carried at fair value by level of the fair value hierarchy. The following table details the Group's assets and liabilities, measured or disclosed at fair value, using a three-level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability.
Level 1 Level 2 Level 3 Total
\u20ac\u20ac\u20ac\u20ac
31 December 2025
Assets
Land and buildings - - 38,346,000 38,346,000
Investment property - Birkirkara - - 7,000,000 7,000,000
Investment property - Ta' Monita - - 12,687,772 12,687,772
Investment property - Hotel - - 10,032,000 10,032,000
Investment property - Villa Delfini - - 3,500,000 3,500,000
Investment property - Blata L-Bajda - - 650,000 650,000
Total assets - - 72,215,772 72,215,772
The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the beginning of the reporting period. There were no transfers between levels during the financial year. A reconciliation from the opening balance to the closing balance of land and buildings for recurring fair value measurements categorised within Level 3 of the value hierarchy, is reflected in Notes 13 and14. Valuation processes The Group\u2019s property is valued by the directors, generally taking cognisance of professional advice from independent professionally qualified valuers who hold a recognised relevant professional qualification and have the necessary experience in the location and segments of the property being valued. When external valuations are carried out in accordance with this process, the valuer reports directly to the directors and discussions on the valuation technique, the model utilised and its results, including an evaluation of the inputs to the valuation model, are held at management level. A new valuation is typically commissioned to an external valuer, whenever, in the opinion of the directors, new circumstances arise which may suggest that a material change in value in the underlying property has occurred. Valuation techniques The valuation of land is determined on the basis of the market value basis. The significant input to this approach is a sales price per square metre related to transactions of comparable land to the Group\u2019s property discounted as a consequence of the land being on temporary emphyteusis. The valuation of the other property and investment property is determined on the basis of rental income streams per square metre, by reference to the rental income of comparable properties within close proximity. This value is adjusted taking into consideration the permits and existing commitments. The level 3 assets unobservable inputs and sensitivity are as follows:
Description Fair value as at 31 December 2025\u20acValuation technique Significant unobservable inputs
Land and buildings 37,000,000 Market value Average \u20ac1,570 per square meter
Investment property - Birkirkara 7,000,000Income approachAverage \u20ac200 to \u20ac500 per square meter and a discount rate of 6.25%
Investment property - Ta' Monita 12,687,772 Market value Average \u20ac2,000 per square meter
Investment property - Hotel 10,032,000 Market value Average \u20ac1,140 per square meter
Investment property - Villa Delfini 3,500,000Market value Average \u20ac3,000 - 3,200 per square meter
Investment property - BlataL-Bajda 650,000 Market value Market value of the existing first-floor of \u20ac1,625 per square meter and approximately 600 square meter of additional gross floor area with an average of \u20ac433 per square meter
Other property 1,346,000Income approachAverage rate per square meter of \u20ac238 and a discount rate of 5.82%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19875": { "value": "
Description Fair value as at 31 December 2025\u20acValuation technique Significant unobservable inputs
Land and buildings 37,000,000 Market value Average \u20ac1,570 per square meter
Investment property - Birkirkara 7,000,000Income approachAverage \u20ac200 to \u20ac500 per square meter and a discount rate of 6.25%
Investment property - Ta' Monita 12,687,772 Market value Average \u20ac2,000 per square meter
Investment property - Hotel 10,032,000 Market value Average \u20ac1,140 per square meter
Investment property - Villa Delfini 3,500,000Market value Average \u20ac3,000 - 3,200 per square meter
Investment property - BlataL-Bajda 650,000 Market value Market value of the existing first-floor of \u20ac1,625 per square meter and approximately 600 square meter of additional gross floor area with an average of \u20ac433 per square meter
Other property 1,346,000Income approachAverage rate per square meter of \u20ac238 and a discount rate of 5.82%
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19932": { "value": "37. COMPARATIVE INFORMATION Certain amounts in the comparative information have been presented to align with the current year's financial statements presentation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfNecessaryAdjustmentToProvideComparativeInformation", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_19881": { "value": "38. STATUTORY INFORMATION JD Capital plc is a public limited company and was incorporated in Malta on 9 August 2017. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:391200C8XW0F6K1ROJ82", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }