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Accounting policies The principal material accounting policies adopted in the preparation of these consolidated and separate financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. a. Basis of preparation These consolidated and separate financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) and comply with the Companies Act (Cap.386). The Group consolidated financial statements comply with Article 4 of the EU IAS Consolidated Regulation. The consolidated and separate financial statements are prepared under the historical cost convention, except for the revaluation of intangible assets and financial instruments that are measured at fair value through profit or loss, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The nature of the Group\u2019s and its subsidiaries\u2019 operations and its principal activities is to operate several pharmacies in Malta and an aesthetic pharmacy in the United Kingdom. The nature of the Company\u2019s operations and its principal activities is to hold shares in subsidiary companies registered in Malta and United Kingdom. i. Critical accounting judgements and key sources of estimation and uncertainty In preparing the consolidated and separate financial statements, the Board of Directors are required to make judgements (other than those involving estimates) that has significance on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future period. In the opinion of the Board of Directors, the following are the areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements. Critical judgements in applying the Group\u2019s and the Company\u2019s accounting policies The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the Board of Directors have made in the process of applying the Group\u2019s and the Company\u2019s accounting policies and that have the most significant effect on the amounts recognised in consolidated financial statements. 1. Accounting policies \u2013 continued a. Basis of preparation \u2013 continued i. Critical accounting judgements and key sources of estimation and uncertainty \u2013 continued Critical judgements in applying the Group\u2019s and the Company\u2019s accounting policies \u2013 continued Fair value and impairment of intangible assets The Group determines the fair value of its pharmacy licences using a market-based valuation approach, which benchmarks recent acquisition transactions made. The methodology applies the transaction multiples observed in these acquisitions, typically based on pre-takeover turnover, and adjusts them to reflect the Group\u2019s current turnover, to derive a market-consistent valuation. The Group tests pharmacy licenses annually for impairment or more frequently if there are indications that their value might be impaired. This assessment is a critical judgment as it depends on a number of variables such as market conditions, regulatory changes and financial performance. The recoverable amount of pharmacy licenses is determined as the higher of fair value less costs to sell, derived from market trends, and value in use, which is based on discounted future cash flow projections. Due to the inherent uncertainty in the underlying assumptions, the Group performs sensitivity analysis to assess the impact of changes in key variables on the valuation of these intangible assets. If the carrying value exceeds the recoverable amount, an impairment loss is recognised immediately in the statement of profit or loss and other comprehensive income. Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year, are described below. Calculation of loss allowance When measuring ECL the Group and the Company use reasonable and supportable forward-looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other. Loss given default is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, taking into account cash flows from collateral and integral credit enhancements. Probability of default constitutes a key input in measuring ECL. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions. 1. Accounting policies \u2013 continued a. Basis of preparation \u2013 continued i. Critical accounting judgements and key sources of estimation and uncertainty \u2013 continued Key sources of estimation uncertainty \u2013 continued Impairment of Goodwill An impairment loss is recognised for the amount by which the asset's or cash-generating unit's carrying amount exceeds its recoverable amount. To determine the recoverable amount, the Board of Directors estimates expected future cash flows from each cash-generating unit and determines a suitable interest rate in order to calculate the present value of those cash flows. In the process of measuring expected future cash flows management makes assumptions about future operating results. These assumptions relate to future events and circumstances. The actual results may vary and may cause significant adjustments to the Group's assets within the next financial year. In most cases, determining the applicable discount rate involves estimating the appropriate adjustment to market risk and the appropriate adjustment to asset-specific risk factors. ii. New and amended IFRS Standards that are effective for the current year In 2025, the Group and the Company has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that are mandatory for the Group and the Company\u2019s accounting period beginning on or after 1 January 2025. The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in changes to the Group and the Company\u2019s accounting policies impacting the financial performance and position. Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates titled Lack of Exchangeability The Group and the Company has adopted the amendments to IAS 21 for the first time in the current year. The amendments specify how to assess whether a currency is exchangeable, and how to determine the exchange rate when it is not. 1. Accounting policies \u2013 continued a. Basis of preparation \u2013 continued iii. New and revised IFRS Standards in issue but not yet effective At the date of authorisation of these consolidated and separate financial statements, the Group and the Company has not applied the following new and revised IFRS Standards that have been issued but are not yet effective had not yet been adopted by the EU:
Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments
Annual Improvements to IFRS Standards \u2013 Volume 11 Accounting Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows
Amendments to IFRS 9 and IFRS 7 Contracts Electricity Referencing Nature-dependent
IFRS 18 Presentation Statements and Disclosures in Financial
IFRS 19 Subsidiaries Disclosures without Public Accountability:
The Board of Directors do not expect that the adoption of the Standards listed above will have a material impact on the consolidated and seperate financial statements of the Group and the Company in future years, except for the below. IFRS 18 Presentation and Disclosures in Financial Statements IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. IFRS 18 introduces new requirements to: \u2022 present specified categories and defined subtotals in the statement of profit or loss \u2022 provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements \u2022 improve aggregation and disaggregation. 1. Accounting policies a. Basis of preparation \u2013 continued iii. New and revised IFRS Standards in issue but not yet effective - continued IFRS 18 Presentation and Disclosures in Financial Statements - continued An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions. Company anticipate that the application of these amendments may have an impact on the Group's consolidated and Company\u2019s separate financial statements in future periods. b. Going concern The Board of Directors have, at the time of approving the consolidated and separate financial statements, a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing these consolidated and separate financial statements. c. Basis of consolidation The Group\u2019s consolidated financial statements consolidate those of the parent Company and all of its subsidiaries and group undertakings as of 31 December each year. The subsidiaries and group undertakings have a reporting date of 31 December. Control is achieved when the Company: \u2022 has the power over the investee. \u2022 is exposed, or has rights, to variable returns from its involvement with the investee. \u2022 has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders \u2022 potential voting rights held by the Company, other vote holders or other parties \u2022 rights arising from other contractual arrangements \u2022 any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholder\u2019s meetings. 1. Accounting policies \u2013 continued c. Basis of consolidation \u2013 continued Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with the Group\u2019s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non- controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non- controlling interests having a deficit balance. Changes in the Company\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Company\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the noncontrolling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. When the Company loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Company had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS Accounting Standards). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments when applicable, or the cost on initial recognition of an investment in an associate or a joint venture. 1. Accounting policies \u2013 continued d. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the group in exchange for control of the acquiree. Acquisition- related costs are recognised in profit or loss as incurred. At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u2022 deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 and IAS 19 Employee Benefits respectively. \u2022 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share- based payment arrangements of the group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-based Payment at the acquisition date (see below). \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Other contingent consideration is remeasured to fair value at subsequent reporting dates with changes in fair value recognised in profit or loss. 1. Accounting policies - continued e. Goodwill Goodwill is initially recognised and measured as set out above. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. f. Revenue recognition Revenue is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, net of value-added tax and discounts, where applicable. To determine whether to recognise revenue, the Group follows a 5-step process: i. Identifying the contract with a customer ii. Identifying the performance obligations iii. Determining the transaction price iv. Allocating the transaction price to the performance obligations v. Recognising revenue when/as performance obligations are satisfied. The Group and the Company recognise revenue from the following major sources: i. Sale of pharmaceutical products and other related services - Revenue is measured at the fair value of the consideration received or receivable. The Group generates revenue through a chain of retail outlets selling pharmaceutical products and related services in Malta, as well as a pharmacy in the United Kingdom that sells aesthetic pharmaceutical products directly to aestheticians. Revenue from the sale of goods and services is recognized at the point in time when control of the product or service is transferred to the customer. Revenue generated from the Group\u2019s retail outlets is recognized at the point of sale, as this is when the customer obtains control of the goods or services. Revenue from aesthetic pharmaceutical products is recognized upon delivery of the goods, in accordance with agreed contractual terms. Payment for these transactions is due based on credit terms agreed with customers, which typically range up to 30 days. ii. Interest income \u2013 as it accrues, unless collectability is in doubt. iii. Dividend income \u2013 when the shareholders\u2019 right to receive payment is established. 1. Accounting policies - continued g. Foreign currencies (i) Functional and presentation currency Items included in the Group\u2019s consolidated and the Company\u2019s separate financial statements are measured using the currency of the primary economic environment in which the entity operates. The Euro is the Group\u2019s and the Company\u2019s functional and presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency (Euro) using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated and separate statement of profit or loss and other comprehensive income h. Intangible assets Pharmacy licences The Group holds the licences to operate the pharmacy outlets. The licences are initially measured at cost and subsequently revalued biennial. Fair value is based on a market-based valuation methodology. This valuation is based on acquisition transactions that are in progress or have been recently completed by the Group, applying the acquisition price to pre-takeover turnover to the current year turnover to derive a market-consistent valuation. Licences have an indefinite useful life thus should not be amortised. An asset is considered as having an indefinite useful life when, based on an analysis of all of the relevant factors, there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. The useful life should be reviewed each reporting period to determine whether events and circumstances continue to support an indefinite useful life assessment for that asset. If they do not, the change in the useful life assessment from indefinite to definite should be accounted for as a change in an accounting estimate. After initial recognition, such licences are carried at revalued amount, being its fair value at the date of revaluation less any subsequent accumulated impairment losses. 1. Accounting policies \u2013 continued h. Intangible assets - continued Pharmacy licences \u2013 continued If the carrying amount is increased as a result of a revaluation, the increase shall be recognised in other comprehensive income and accumulated in equity under the heading of revaluation reserve. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit of loss. If the carrying amount is decreased as a result of a revaluation, the decrease shall be recognised in profit or loss. However, the decrease shall be recognised in other comprehensive income to the extent of any credit balance in the revaluation surplus in respect of that asset. The decrease recognised in other comprehensive income reduces the amount accumulated in equity under the heading of revaluation surplus. Website development Expenditure on research activities is recognised as an expense in the period in which it is incurred. Website development is an internally-generated intangible asset and is recognised if, and only if, all of the following conditions have been demonstrated: \u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 the intention to complete the intangible asset and use or sell it. \u2022 the ability to use or sell the intangible asset. \u2022 how the intangible asset will generate probable future economic benefits. \u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset. \u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as disclosed above under Computer Software. Computer software Computer software is an intangible asset with finite useful lives that is acquired separately and is carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives of 4 years. The estimated useful life and amortisation methods are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. 1. Accounting policies \u2013 continued h. Intangible assets \u2013 continued Other intangible assets Other intangible assets arise from acquiring rights over leased outlets when entering into a new lease agreement. These intangible assets have a finite useful life, are acquired separately, and are measured at cost, net of accumulated amortisation and impairment losses. Amortisation is applied on a straight-line basis over the lease term, generally 10 years on the same basis as disclosed above under Computer Software. Trademarks Trademarks are measured initially at purchase cost and are amortised on a straight line basis over their estimated useful life of 10 years. Derecognition of intangible assets An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised. Impairment Where an indication of impairment exists, in that the carrying amount of an intangible asset is greater than its estimated recoverable amount, a charge is made to write down the value of the asset to its estimated recoverable amount (Accounting policy (l)). i. Leases The Group as lessee The Group assesses whether a contract is, or contains, a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate of 5.5% for leased properties situated in Malta and 10.5% for leased properties situated in the United Kingdom. The incremental borrowing rate depends on the term, currency and start date of the lease and is determined based on a series of inputs including: the risk-free rate based on government bond rates; a country-specific risk adjustment; a credit risk adjustment based on bond yields; and an entity-specific adjustment when the risk profile of the entity that enters into the lease is different to that of the Group and the lease does not benefit from a guarantee from the Group. 1. Accounting policies \u2013 continued i. Leases \u2013 continued The Group as lessee \u2013 continued Lease payments included in the measurement of the lease liability comprise: \u2022 fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date \u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of- use asset) whenever: \u2022 the lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate \u2022 the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used) \u2022 a lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. 1 Accounting policies \u2013 continued i. Leases \u2013 continued The Group as lessee \u2013 continued Right-of-use assets are depreciated over the shorter period of lease term and useful life of the right-of-use asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, plant and equipment\u2019 policy. Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in the line \u201cOther expenses\u201d in profit or loss. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group has not used this practical expedient. For contracts that contain a lease component and one or more additional lease or nuclease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand- alone price of the non-lease components. j. Property, plant and equipment Property, plant and equipment, comprising improvements to premises, computer equipment, furniture and fittings, electrical installations, motor vehicle, plant and machinery and shop equipment are initially recorded at cost and are subsequently stated at cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of items. Subsequent costs are included in the asset\u2019s carrying amount, or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group, and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of profit or loss and other comprehensive income during the financial period in which they are incurred. 1. Accounting policies \u2013 continued j. Property, plant and equipment - continued Depreciation is calculated on the straight-line method to allocate the cost of the assets to their residual values over their estimated useful lives as follows: \u2022 Computer equipment 33% \u2022 Electrical installations 6.66% \u2022 Furniture and fittings 10% \u2022 Improvements to premises 1% \u2013 25% \u2022 Motor vehicle 20% \u2022 Shop equipment 15% The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Gains and losses on disposal of property, plant and equipment are determined by comparing proceeds with the carrying amount, and are taken into account in determining operating profit. An asset\u2019s carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount (Accounting policy (l)). k. Investments in subsidiaries In the Company\u2019s separate financial statements, investments in subsidiaries are accounted for using the cost method of accounting. The dividend income from such investments is included in the separate statement of profit or loss and other comprehensive income in the accounting period in which the Company\u2019s rights to receive payment of any dividend is established. The Company gathers objective evidence that an investment is not impaired. On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to the separate statement of profit or loss and other comprehensive income. l. Impairment of non-financial assets At each reporting date, the Group and the Company reviews the carrying amounts of its property, plant and equipment, goodwill and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group and the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. 1. Accounting policies \u2013 continued l. Impairment of non-financial assets - continued Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and to the extent that the impairment loss is greater than the related revaluation surplus, the excess impairment loss is recognised in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss to the extent that it eliminates the impairment loss which has been recognised for the asset in prior years. Any increase in excess of this amount is treated as a revaluation increase. Intangible assets with an indefinite useful life are tested for impairment at least annually and whenever there is an indication at the end of a reporting period that the asset may be impaired. m. Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average cost method. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. n. Fair value measurement The Group measures non-financial assets such as intangible assets at fair value and financial assets at fair value through profit or loss at each consolidated statement of financial position date. Fair value is 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. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer liability takes place either: - In the principal market for the asset or liability, or - In the absence of a principal market, in the most advantageous market for the asset or liability. 1. Accounting policies \u2013 continued n. Fair value measurement - continued The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated and separate financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: - Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities - Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable - Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the consolidated and separate financial statements at fair value on a recurring basis, the Group and the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. o. Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s and the Company consolidated and separate statement of financial position when the Group and the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. 1. Accounting policies \u2013 continued o. Financial instruments - continued i) Financial assets \u2022 Initial recognition and measurement Financial assets are classified, at initial recognition either at amortised cost, fair value through other comprehensive income (\u201cOCI\u201d) or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s and Company\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, or for which the Group and the Company has applied the practical expedient, the Group and the Company initially measures a financial asset at its fair value. Trade and other receivables that do not contain a significant financing component or for which the Group and the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s and the Company\u2019s business model for managing financial assets refer to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. \u2022 Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: a) Financial assets at amortised cost; b) Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments); c) Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments); and d) Financial assets at fair value through profit or loss The Group holds financial assets at fair value through profit or loss and at amortised cost whilst the Company holds financial assets at amortised cost. 1. Accounting policies \u2013 continued o. Financial instruments \u2013 continued i) Financial assets \u2013 continued \u2022 Subsequent measurement \u2013 continued Financial assets at amortised cost The Group and the Company measures financial assets at amortised cost if both of the following conditions are met: a) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and b) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The Group and the Company\u2019s cash and cash equivalents, investment in financial assets, trade and other receivables fall into this category of financial instrument. For financial assets other than purchased or originated credit-impaired financial assets (i.e. assets that are credit-impaired on initial recognition), the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance. Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortised cost. For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying effective interest rate to the gross carrying amount of a financial asset. Interest income is recognised in profit or loss and is included in the \u201cfinance income\u201d line item (Note 5). 1. Accounting policies \u2013 continued o. Financial instruments \u2013 continued i) Financial assets \u2013 continued \u2022 Subsequent measurement \u2013 continued Financial assets at fair value through profit or loss The Group and the Company measures financial assets fair value through profit or loss if there are no contractual terms of the financial asset that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding and they are not classified as financial assets at fair value through OCI. Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognised in the consolidated statement of profit or loss. \u2022 Derecognition A financial asset is primarily derecognised when: a) the rights to receive cash flows from the asset have expired; or b) the Group and the Company has transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party and either the Group and the Company has transferred substantially all the risks and rewards of the asset or the Group and the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. \u2022 Impairment The Group and the Company recognises an allowance for expected credit losses (\u201cECLs\u201d) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group and the Company expects to receive, discounted at an approximate of the original effective interest rate. The expected cash flows will include cash flows from the sale of a collateral held or other credit enhancements that are integral to the contractual terms. For trade and other receivables, the Group and the Company applies a simplified approach in calculating ECLs. Therefore, the Group and the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group and the Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward- looking factors specific to debtors and the economic environment. 1. Accounting policies \u2013 continued o. Financial instruments \u2013 continued i) Financial assets \u2013 continued \u2022 Impairment \u2013 continued The Group and the Company considers a financial asset in default when contractual payments are ninety (90) days past due. However, in certain cases, the Group and the Company may also consider a financial asset to be in default when internal or external information indicates that the Group and the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group and the Company. A financial asset is written-off when there is no reasonable expectation of recovering the contractual cash flows. ii) Financial liabilities and equity \u2022 Classification as debt or equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. \u2022 Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group and the Company are recognised at the proceeds received, net of direct issue costs. Repurchase of the Group\u2019s and the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s and the Company\u2019s own equity instruments. \u2022 Financial liabilities All financial liabilities are measured subsequently at amortised cost using the effective interest method. However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, and financial guarantee contracts issued by the Group and the Company, are measured in accordance with the specific accounting policies set out below. Financial liabilities at amortised cost Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held-for-trading, or (iii) designated as at FVTPL, are measured subsequently at amortised cost using the effective interest method. 1. Accounting policies \u2013 continued o. Financial instruments \u2013 continued ii) Financial liabilities and equity \u2013 continued \u2022 Financial liabilities \u2013 continued \u2022 Financial liabilities at amortised cost \u2013 continued Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability. The Group\u2019s and Company\u2019s financial liabilities include debt securities in issue, borrowings and trade and other payables. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate, the \u201cEIR\u201d method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. The EIR amortisation is included as finance costs in the consolidated and separate statement of profit or loss and other comprehensive income. The Group and the Company derecognise financial liabilities when, and only when, the Group\u2019s and the Company\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the consolidated and separate statement of profit or loss and other comprehensive income. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in the consolidated and separate statement of profit or loss are included within \u2018finance costs\u2019. 1. Accounting policies \u2013 continued p. Cash and cash equivalents In the consolidated and separate statement of financial position, cash and cash equivalents are comprised of cash (i.e. cash on hand and on-demand deposits) and cash equivalents. Cash equivalents are short-term (generally with original maturity of three months or less), highly liquid investments that are readily convertible to a known amount of cash and which are subject to an insignificant risk of changes in value. Cash equivalents are held for the purpose of meeting short-term cash commitments rather for investment or other purposes. For the purposes of the consolidated and separate statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above. q. Current and deferred taxation The tax expense for the period comprises current and deferred taxation. Tax expense recognized in the consolidated statement of profit or loss comprises the sum of deferred tax and current tax not recognised directly in equity. Current tax is based on the taxable result for the year. The taxable result for the period differs from the results as reported in profit or loss because it excludes items which hare non-assessable or disallowed and it further excludes items that are taxable or deductible in other periods. Current tax also includes any tax arising from dividends. It is calculated using the tax rates that have enacted or substantively enacted by the end of the reporting period, and any adjustments in relation to the prior years. Deferred taxation is provided using the liability method, for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. Deferred taxation is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised, or the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. r. Share capital and dividends Ordinary shares are classified as equity. Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Company\u2019s financial statements in the year in which the dividends are approved by the Company\u2019s shareholders. s. Employee benefits The Group contribute towards the state pension in accordance with local legislation. The only obligation is to make the required contributions. Costs are expensed in the year in which they are incurred. 1. Accounting policies \u2013 continued t. Provisions and contingent liabilities Provisions are recognised when the Group and the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group and the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. u. Segment reporting The Group determines and presents operating segments based on the information that internally is provided to the Board of Directors, which is the Group\u2019s chief operating decision-maker in accordance with the requirements of IFRS 8, Operating Segments. 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. The Board of Directors reviews an operating segment\u2019s operating results regularly 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. The Board of Directors considers the Group to constitute one reporting segment as the activities are subject to the same risks and returns. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6232": { "value": "a. Basis of preparation These consolidated and separate financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) and comply with the Companies Act (Cap.386). The Group consolidated financial statements comply with Article 4 of the EU IAS Consolidated Regulation. The consolidated and separate financial statements are prepared under the historical cost convention, except for the revaluation of intangible assets and financial instruments that are measured at fair value through profit or loss, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The nature of the Group\u2019s and its subsidiaries\u2019 operations and its principal activities is to operate several pharmacies in Malta and an aesthetic pharmacy in the United Kingdom. The nature of the Company\u2019s operations and its principal activities is to hold shares in subsidiary companies registered in Malta and United Kingdom. i. Critical accounting judgements and key sources of estimation and uncertainty In preparing the consolidated and separate financial statements, the Board of Directors are required to make judgements (other than those involving estimates) that has significance on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future period. In the opinion of the Board of Directors, the following are the areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements. Critical judgements in applying the Group\u2019s and the Company\u2019s accounting policies The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the Board of Directors have made in the process of applying the Group\u2019s and the Company\u2019s accounting policies and that have the most significant effect on the amounts recognised in consolidated financial statements. a. Basis of preparation \u2013 continued i. Critical accounting judgements and key sources of estimation and uncertainty \u2013 continued Critical judgements in applying the Group\u2019s and the Company\u2019s accounting policies \u2013 continued Fair value and impairment of intangible assets The Group determines the fair value of its pharmacy licences using a market-based valuation approach, which benchmarks recent acquisition transactions made. The methodology applies the transaction multiples observed in these acquisitions, typically based on pre-takeover turnover, and adjusts them to reflect the Group\u2019s current turnover, to derive a market-consistent valuation. The Group tests pharmacy licenses annually for impairment or more frequently if there are indications that their value might be impaired. This assessment is a critical judgment as it depends on a number of variables such as market conditions, regulatory changes and financial performance. The recoverable amount of pharmacy licenses is determined as the higher of fair value less costs to sell, derived from market trends, and value in use, which is based on discounted future cash flow projections. Due to the inherent uncertainty in the underlying assumptions, the Group performs sensitivity analysis to assess the impact of changes in key variables on the valuation of these intangible assets. If the carrying value exceeds the recoverable amount, an impairment loss is recognised immediately in the statement of profit or loss and other comprehensive income. Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year, are described below. Calculation of loss allowance When measuring ECL the Group and the Company use reasonable and supportable forward-looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other. Loss given default is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, taking into account cash flows from collateral and integral credit enhancements. Probability of default constitutes a key input in measuring ECL. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions. a. Basis of preparation \u2013 continued i. Critical accounting judgements and key sources of estimation and uncertainty \u2013 continued Key sources of estimation uncertainty \u2013 continued Impairment of Goodwill An impairment loss is recognised for the amount by which the asset's or cash-generating unit's carrying amount exceeds its recoverable amount. To determine the recoverable amount, the Board of Directors estimates expected future cash flows from each cash-generating unit and determines a suitable interest rate in order to calculate the present value of those cash flows. In the process of measuring expected future cash flows management makes assumptions about future operating results. These assumptions relate to future events and circumstances. The actual results may vary and may cause significant adjustments to the Group's assets within the next financial year. In most cases, determining the applicable discount rate involves estimating the appropriate adjustment to market risk and the appropriate adjustment to asset-specific risk factors. ii. New and amended IFRS Standards that are effective for the current year In 2025, the Group and the Company has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that are mandatory for the Group and the Company\u2019s accounting period beginning on or after 1 January 2025. The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in changes to the Group and the Company\u2019s accounting policies impacting the financial performance and position. Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates titled Lack of Exchangeability The Group and the Company has adopted the amendments to IAS 21 for the first time in the current year. The amendments specify how to assess whether a currency is exchangeable, and how to determine the exchange rate when it is not. a. Basis of preparation \u2013 continued iii. New and revised IFRS Standards in issue but not yet effective At the date of authorisation of these consolidated and separate financial statements, the Group and the Company has not applied the following new and revised IFRS Standards that have been issued but are not yet effective had not yet been adopted by the EU:
Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments
Annual Improvements to IFRS Standards \u2013 Volume 11 Accounting Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows
Amendments to IFRS 9 and IFRS 7 Contracts Electricity Referencing Nature-dependent
IFRS 18 Presentation Statements and Disclosures in Financial
IFRS 19 Subsidiaries Disclosures without Public Accountability:
The Board of Directors do not expect that the adoption of the Standards listed above will have a material impact on the consolidated and seperate financial statements of the Group and the Company in future years, except for the below. IFRS 18 Presentation and Disclosures in Financial Statements IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. IFRS 18 introduces new requirements to: \u2022 present specified categories and defined subtotals in the statement of profit or loss \u2022 provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements \u2022 improve aggregation and disaggregation. a. Basis of preparation \u2013 continued iii. New and revised IFRS Standards in issue but not yet effective - continued IFRS 18 Presentation and Disclosures in Financial Statements - continued An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions. Company anticipate that the application of these amendments may have an impact on the Group's consolidated and Company\u2019s separate financial statements in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6233": { "value": "These consolidated and separate financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) and comply with the Companies Act (Cap.386). The Group consolidated financial statements comply with Article 4 of the EU IAS Consolidated Regulation. The consolidated and separate financial statements are prepared under the historical cost convention, except for the revaluation of intangible assets and financial instruments that are measured at fair value through profit or loss, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The nature of the Group\u2019s and its subsidiaries\u2019 operations and its principal activities is to operate several pharmacies in Malta and an aesthetic pharmacy in the United Kingdom. The nature of the Company\u2019s operations and its principal activities is to hold shares in subsidiary companies registered in Malta and United Kingdom. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6231": { "value": "In preparing the consolidated and separate financial statements, the Board of Directors are required to make judgements (other than those involving estimates) that has significance on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future period. In the opinion of the Board of Directors, the following are the areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements. Critical judgements in applying the Group\u2019s and the Company\u2019s accounting policies The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the Board of Directors have made in the process of applying the Group\u2019s and the Company\u2019s accounting policies and that have the most significant effect on the amounts recognised in consolidated financial statements. i. Critical accounting judgements and key sources of estimation and uncertainty \u2013 continued Critical judgements in applying the Group\u2019s and the Company\u2019s accounting policies \u2013 continued Fair value and impairment of intangible assets The Group determines the fair value of its pharmacy licences using a market-based valuation approach, which benchmarks recent acquisition transactions made. The methodology applies the transaction multiples observed in these acquisitions, typically based on pre-takeover turnover, and adjusts them to reflect the Group\u2019s current turnover, to derive a market-consistent valuation. The Group tests pharmacy licenses annually for impairment or more frequently if there are indications that their value might be impaired. This assessment is a critical judgment as it depends on a number of variables such as market conditions, regulatory changes and financial performance. The recoverable amount of pharmacy licenses is determined as the higher of fair value less costs to sell, derived from market trends, and value in use, which is based on discounted future cash flow projections. Due to the inherent uncertainty in the underlying assumptions, the Group performs sensitivity analysis to assess the impact of changes in key variables on the valuation of these intangible assets. If the carrying value exceeds the recoverable amount, an impairment loss is recognised immediately in the statement of profit or loss and other comprehensive income. Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year, are described below. Calculation of loss allowance When measuring ECL the Group and the Company use reasonable and supportable forward-looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other. Loss given default is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, taking into account cash flows from collateral and integral credit enhancements. Probability of default constitutes a key input in measuring ECL. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions. Key sources of estimation uncertainty \u2013 continued Impairment of Goodwill An impairment loss is recognised for the amount by which the asset's or cash-generating unit's carrying amount exceeds its recoverable amount. To determine the recoverable amount, the Board of Directors estimates expected future cash flows from each cash-generating unit and determines a suitable interest rate in order to calculate the present value of those cash flows. In the process of measuring expected future cash flows management makes assumptions about future operating results. These assumptions relate to future events and circumstances. The actual results may vary and may cause significant adjustments to the Group's assets within the next financial year. In most cases, determining the applicable discount rate involves estimating the appropriate adjustment to market risk and the appropriate adjustment to asset-specific risk factors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6335": { "value": "b. Going concern The Board of Directors have, at the time of approving the consolidated and separate financial statements, a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing these consolidated and separate financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6337": { "value": "c. Basis of consolidation The Group\u2019s consolidated financial statements consolidate those of the parent Company and all of its subsidiaries and group undertakings as of 31 December each year. The subsidiaries and group undertakings have a reporting date of 31 December. Control is achieved when the Company: \u2022 has the power over the investee. \u2022 is exposed, or has rights, to variable returns from its involvement with the investee. \u2022 has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders \u2022 potential voting rights held by the Company, other vote holders or other parties \u2022 rights arising from other contractual arrangements \u2022 any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholder\u2019s meetings. c. Basis of consolidation \u2013 continued Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with the Group\u2019s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Changes in the Company\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Company\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the noncontrolling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. When the Company loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Company had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS Accounting Standards). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments when applicable, or the cost on initial recognition of an investment in an associate or a joint venture", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6477": { "value": "The CompanyCredit risk \u2013 continued Liquidity risk Liquidity risk is the risk that the Group and the Company will not be able to meet its financial obligations as they fall due. The Group\u2019s and the Company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. Generally, the Group and the Company ensures that it has sufficient cash on demand to meet expected operational expenditure, including the servicing of financial obligations. The table below analyses the Group and the Company\u2019s financial liabilities into relevant maturity grouping based on the remaining period at the end of the reporting year to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows with respect to the debt securities in issue. The Group and the Company\u2019s trade and other payables and current tax are due for repayment within one year from the end of the reporting period. The Group
As at Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Contractual cashflows Carrying amount
31 December \u20ac
2025 \u20ac\u20ac\u20ac\u20ac\u20ac
Interest-
bearing 1,341,801 1,441,801 4,001,403 14,370,99321,155,998 17,246,008
borrowings
Trade and
other payables 11,540,948 - - - 11,540,948 11,540,948
Current tax 1,234,220 - - - 1,234,220 1,234,220
14,116,969 1,441,801 4,001,403 14,370,993 33,931,166 30,021,176
31. Financial risk management \u2013 continued The Group - continued
As at Less than 1 yearBetween 1 and 2 years Between 2 and 5 years Over 5 years Contractual cashflows Carrying amount
31 December
2024 \u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Interest-22,730,743 17,815,948
bearing 1,308,259 1,308,259 4,024,778 16,089,447
borrowings
Trade and other - - - 12,114,927
payables 12,114,927 12,114,927
13,423,186 1,308,259 4,024,778 16,089,447 34,845,670 29,930,875
As at Less than 1 yearBetween 1 and 2 years Between 2 and 5 years Over 5 years Contractualcashflows Carrying amount
31 December
2025 \u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Interest-bearing
borrowings507,000 507,000 1,521,000 13,507,000 16,042,000 12,847,022
Trade and other
payables 827,122 - - - 827,122 827,122
1,334,122 507,000 1,521,000 13,507,000 16,869,122 13,674,144
As at Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Contractual cashflows Carrying amount
31 December 2024 \u20ac\u20ac\u20ac\u20ac
\u20ac\u20ac
Interest-bearing borrowings
507,000 507,000 1,521,000 14,014,000 16,549,000 12,819,194
Trade and other payables
535,016 - - - 535,016 535,016
1,042,016 507,000 1,521,000 14,014,000 17,084,016 13,354,210
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6479": { "value": "The Company31. Financial risk management Overview The Group and the Company have an exposure to the following risks arising from the use of financial instruments within its activities: \u2022 Credit risk \u2022 Liquidity risk \u2022 Market risk This note presents information about the Group\u2019s and the Company\u2019s exposure to each of the above risks, policies and processes for measuring and managing risk, and the Group\u2019s and the Company\u2019s management of capital. Further quantitative disclosures are included in these consolidated and separate financial statements. The responsibility for the management of risk is vested in the Board of Directors. Accordingly, it is the Board of Directors who have the overall responsibility for establishing an appropriate risk management framework. Credit risk Credit risk is the risk of financial loss to the Group and the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group and the Company\u2019s trade and other receivables and cash and cash equivalents held at banks. The carrying amounts of financial assets represent the maximum credit exposure. The Group and the Company assesses the credit quality of its customers by taking into account their financial standing, past experience, any payments made post reporting date and other factors, such as bank references and the customers\u2019 financial position. Management is responsible for the quality of the Group\u2019s and the Company\u2019 credit portfolios and has established credit processes involving delegated approval authorities and credit procedures, the objective of which is to build and maintain assets of high quality. The Group\u2019s and the Company\u2019s policy is to deal only with credit worthy counterparties. The credit terms are generally 90 days. The Group regularly review the ageing analysis together with the credit limits per customer. Impairment of Trade and other receivables The level of credit risk is minimum as the majority of the Group\u2019s clients are paid in cash upon the delivery of services or goods sold. To measure expected credit losses, the Group has assessed the probability of default of trade and other receivables. Management considers the probability of default from such assets to be immaterial. As a result, the 12-month expected credit loss model calculation yielded an insignificant amount. Accordingly, no loss allowance has been recognised by the Group, except for specific trade receivables where impairment was identified. Management continues to monitor credit risk exposure and considers that the carrying amount of trade receivables, net of the ECL allowance, represents the best estimate of recoverable amounts. 31. Financial risk management \u2013 continued Credit risk \u2013 continued Cash and cash equivalents and financial assets The cash and cash equivalents held with banks as at 31 December 2025 and 2024 are callable on demand and held with local financial institutions with high quality standing or rating. Also, financial assets as at 31 December 2025 will mature in the next twelve months. Management considers the probability of default from such banks and financial assets to be insignificant. Therefore, based on the above, no loss allowance has been recognised by the Group and the Company. Liquidity risk Liquidity risk is the risk that the Group and the Company will not be able to meet its financial obligations as they fall due. The Group\u2019s and the Company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. Generally, the Group and the Company ensures that it has sufficient cash on demand to meet expected operational expenditure, including the servicing of financial obligations. The table below analyses the Group and the Company\u2019s financial liabilities into relevant maturity grouping based on the remaining period at the end of the reporting year to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows with respect to the debt securities in issue. The Group and the Company\u2019s trade and other payables and current tax are due for repayment within one year from the end of the reporting period. The Group
As at Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Contractual cashflows Carrying amount
31 December \u20ac
2025 \u20ac\u20ac\u20ac\u20ac\u20ac
Interest-
bearing 1,341,801 1,441,801 4,001,403 14,370,99321,155,998 17,246,008
borrowings
Trade and
other payables 11,540,948 - - - 11,540,948 11,540,948
Current tax 1,234,220 - - - 1,234,220 1,234,220
14,116,969 1,441,801 4,001,403 14,370,993 33,931,166 30,021,176
31. Financial risk management \u2013 continued The Group - continued
As at Less than 1 yearBetween 1 and 2 years Between 2 and 5 years Over 5 years Contractual cashflows Carrying amount
31 December
2024 \u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Interest-22,730,743 17,815,948
bearing 1,308,259 1,308,259 4,024,778 16,089,447
borrowings
Trade and other - - - 12,114,927
payables 12,114,927 12,114,927
13,423,186 1,308,259 4,024,778 16,089,447 34,845,670 29,930,875
As at Less than 1 yearBetween 1 and 2 years Between 2 and 5 years Over 5 years Contractualcashflows Carrying amount
31 December
2025 \u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
Interest-bearing
borrowings507,000 507,000 1,521,000 13,507,000 16,042,000 12,847,022
Trade and other
payables 827,122 - - - 827,122 827,122
1,334,122 507,000 1,521,000 13,507,000 16,869,122 13,674,144
As at Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Contractual cashflows Carrying amount
31 December 2024 \u20ac\u20ac\u20ac\u20ac
\u20ac\u20ac
Interest-bearing borrowings
507,000 507,000 1,521,000 14,014,000 16,549,000 12,819,194
Trade and other payables
535,016 - - - 535,016 535,016
1,042,016 507,000 1,521,000 14,014,000 17,084,016 13,354,210
31. Financial risk management \u2013 continued Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates or interest rates, will affect the fair value or future cash flows of a financial instrument. The objective of market risk is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. There have been no changes to the Group\u2019s and the Company\u2019s exposure to market risks or the manner in which these risks are managed and measured. i) Foreign exchange risk Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the respective Group\u2019s functional currency. The Group is exposed to foreign exchange risk arising from its operations in the United Kingdom, whose functional currency is the British Pound (GBP). As a result, in 2025, the Group is exposed to fluctuations in the GBP/EUR exchange rate. In 2024, the Group and the Company were not exposed to significant foreign exchange risk arising from the Group and the Company\u2019s financing transactions as assets and liabilities were principally denominated in Euro. Accordingly, a sensitivity analysis for foreign exchange risk disclosing how profit or loss and equity would have been affected by changes in foreign exchange rates that were reasonably possible at the end of the reporting period was not deemed necessary. Exposure to GBP foreign exchange risk The carrying amounts of the Group\u2019s denominated monetary assets and liabilities at the reporting date were as follows:
2025
\u00a3
Assets2,036,322
Liabilities (2,740,815)
Net exposure (704,493)
Balances contractually denominated in EUR are excluded, as they do not give rise to GBP foreign currency risk. Foreign currency sensitivity analysis A reasonably possible change of more or less than 10% in the GBP/EUR exchange rate at the reporting date would have resulted in an effect on profit or loss of approximately \u20ac82,225 and an effect on equity of approximately \u20ac22,065. ii) Cash flow and fair value interest rate risk The Group and the Company is exposed to interest rate risk because the Group and the Company borrows funds at both fixed and floating interest rates. The risk is managed by the Group and the Company by maintaining an appropriate mix between fixed and floating rate borrowings. 31. Financial risk management \u2013 continued Market risk \u2013 continued iii) Cash flow and fair value interest rate risk - continued The Group and the Company\u2019s principal fixed-rate financial liability is the 3.9% unsecured bond. The bond is measured at amortized cost and its contractual cash flows are not affected by movements in market interest rates. However, changes in market rates do affect the fair value of the bond, as reflected in its quoted market price on the Malta Stock Exchange as disclosed in Note 22. The Group and the Company\u2019s exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note. The Group is exposed to the following risk-free rates: EURIBOR. The sensitivity analysis below has determined based on the exposure to interest rates for non-derivatives instruments at the reporting date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole year. A 1 per cent increase or decrease is used when reporting interest risk internally to the key management personnel and represents management\u2019s assessment of the reasonably possible change in interest rate. If interest rate had been 1 per cent higher/lower and all other variables were held constant, the Company\u2019s: \u2022 net profit for the year ended 31 December 2024 would decrease/increase by \u20ac49,160 (2024: decrease/increase by \u20ac45,366). This is mainly attributable to the Company\u2019s exposure on its variable rates borrowings. The Company\u2019s sensitivity to interest rates has increased during the current year mainly due increase in borrowings subject to a variable rate of interest. The interest received from debt measured at amortised costs has a fixed interest rate and therefore the Group is not exposed to interest rate risks. ii) Other price risks The Group is exposed to equity price risks from equity investments. Equity investments in unlisted entities (Note 16) are held for strategic purposes rather than trading purposes. The Company does not actively trade these investments. Accordingly, a sensitivity analysis for other price risks is not deemed necessary. Capital management The Group and the Company\u2019s objective when managing capital are to safeguard its ability to continue as a going concern and to maximise the return to stakeholders through the optimisation of the debt and equity balance. The Group and the Company\u2019s overall strategy remains unchanged from 2024. The capital structure of the Group and the Company consist of net debt and equity of the Group and the Company. 31. Financial risk management \u2013 continued Capital management \u2013 continued The capital structure of the Group and the Company consists of debt, which includes the interest-bearing borrowings disclosed in Note 23 and lease liabilities disclosed in Note 24. Net debt is defined as debt after deducting cash and cash equivalents as disclosed in Note 29. Equity includes all items presented within equity in the consolidated and separate statement of financial position and further disclosed in Notes 19, 20, 21 and 22. The Group and the Company is not subject to any externally imposed capital requirements. The Group and the Company\u2019s Board of Directors manage the capital structure and adjust in the light of changes in economic conditions. The capital structure is reviewed on an ongoing basis. Based on the recommendations of the Board of Directors, the Group and the Company balance its overall capital structure through the payments of dividends, new share issues as well as the issue of new debt or the redemption of existing debt. Fair values At 31 December 2025 and 2024 the carrying amounts of cash at bank, receivables, payables, accrued expenses and short-term borrowings reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the origination of the instruments and their expected realisation. The fair values of loans and long-term borrowings are not materially different from their carrying amounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6218": { "value": "d. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u2022 deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 and IAS 19 Employee Benefits respectively. \u2022 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-based Payment at the acquisition date (see below). \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that StandardGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Other contingent consideration is remeasured to fair value at subsequent reporting dates with changes in fair value recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6219": { "value": "e. Goodwill Goodwill is initially recognised and measured as set out above. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6220": { "value": "f. Revenue recognition Revenue is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, net of value-added tax and discounts, where applicable. To determine whether to recognise revenue, the Group follows a 5-step process: i. Identifying the contract with a customer ii. Identifying the performance obligations iii. Determining the transaction price iv. Allocating the transaction price to the performance obligations v. Recognising revenue when/as performance obligations are satisfied. The Group and the Company recognise revenue from the following major sources: i. Sale of pharmaceutical products and other related services - Revenue is measured at the fair value of the consideration received or receivable. The Group generates revenue through a chain of retail outlets selling pharmaceutical products and related services in Malta, as well as a pharmacy in the United Kingdom that sells aesthetic pharmaceutical products directly to aestheticians. Revenue from the sale of goods and services is recognized at the point in time when control of the product or service is transferred to the customer. Revenue generated from the Group\u2019s retail outlets is recognized at the point of sale, as this is when the customer obtains control of the goods or services. Revenue from aesthetic pharmaceutical products is recognized upon delivery of the goods, in accordance with agreed contractual terms. Payment for these transactions is due based on credit terms agreed with customers, which typically range up to 30 days. ii. Interest income \u2013 as it accrues, unless collectability is in doubt. iii. Dividend income \u2013 when the shareholders\u2019 right to receive payment is established. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6343": { "value": "g. Foreign currencies (i) Functional and presentation currency Items included in the Group\u2019s consolidated and the Company\u2019s separate financial statements are measured using the currency of the primary economic environment in which the entity operates. The Euro is the Group\u2019s and the Company\u2019s functional and presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6221": { "value": " (ii) Transactions and balances Foreign currency transactions are translated into the functional currency (Euro) using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated and separate statement of profit or loss and other comprehensive income ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6345": { "value": "h. Intangible assets Pharmacy licences The Group holds the licences to operate the pharmacy outlets. The licences are initially measured at cost and subsequently revalued biennial. Fair value is based on a market-based valuation methodology. This valuation is based on acquisition transactions that are in progress or have been recently completed by the Group, applying the acquisition price to pre-takeover turnover to the current year turnover to derive a market-consistent valuation. Licences have an indefinite useful life thus should not be amortised. An asset is considered as having an indefinite useful life when, based on an analysis of all of the relevant factors, there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. The useful life should be reviewed each reporting period to determine whether events and circumstances continue to support an indefinite useful life assessment for that asset. If they do not, the change in the useful life assessment from indefinite to definite should be accounted for as a change in an accounting estimate. After initial recognition, such licences are carried at revalued amount, being its fair value at the date of revaluation less any subsequent accumulated impairment losses. h. Intangible assets - continued Pharmacy licences \u2013 continued If the carrying amount is increased as a result of a revaluation, the increase shall be recognised in other comprehensive income and accumulated in equity under the heading of revaluation reserve. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit of loss. If the carrying amount is decreased as a result of a revaluation, the decrease shall be recognised in profit or loss. However, the decrease shall be recognised in other comprehensive income to the extent of any credit balance in the revaluation surplus in respect of that asset. The decrease recognised in other comprehensive income reduces the amount accumulated in equity under the heading of revaluation surplus. Website development Expenditure on research activities is recognised as an expense in the period in which it is incurred. Website development is an internally-generated intangible asset and is recognised if, and only if, all of the following conditions have been demonstrated: \u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 the intention to complete the intangible asset and use or sell it. \u2022 the ability to use or sell the intangible asset. \u2022 how the intangible asset will generate probable future economic benefits. \u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset. \u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as disclosed above under Computer Software. Computer software Computer software is an intangible asset with finite useful lives that is acquired separately and is carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives of 4 years. The estimated useful life and amortisation methods are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. h. Intangible assets \u2013 continued Other intangible assets Other intangible assets arise from acquiring rights over leased outlets when entering into a new lease agreement. These intangible assets have a finite useful life, are acquired separately, and are measured at cost, net of accumulated amortisation and impairment losses. Amortisation is applied on a straight-line basis over the lease term, generally 10 years on the same basis as disclosed above under Computer Software. Trademarks Trademarks are measured initially at purchase cost and are amortised on a straight line basis over their estimated useful life of 10 years. Derecognition of intangible assets An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised. Impairment Where an indication of impairment exists, in that the carrying amount of an intangible asset is greater than its estimated recoverable amount, a charge is made to write down the value of the asset to its estimated recoverable amount (Accounting policy (l)). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6344": { "value": "h. Intangible assets Pharmacy licences The Group holds the licences to operate the pharmacy outlets. The licences are initially measured at cost and subsequently revalued biennial. Fair value is based on a market-based valuation methodology. This valuation is based on acquisition transactions that are in progress or have been recently completed by the Group, applying the acquisition price to pre-takeover turnover to the current year turnover to derive a market-consistent valuation. Licences have an indefinite useful life thus should not be amortised. An asset is considered as having an indefinite useful life when, based on an analysis of all of the relevant factors, there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. The useful life should be reviewed each reporting period to determine whether events and circumstances continue to support an indefinite useful life assessment for that asset. If they do not, the change in the useful life assessment from indefinite to definite should be accounted for as a change in an accounting estimate. After initial recognition, such licences are carried at revalued amount, being its fair value at the date of revaluation less any subsequent accumulated impairment losses. h. Intangible assets - continued Pharmacy licences \u2013 continued If the carrying amount is increased as a result of a revaluation, the increase shall be recognised in other comprehensive income and accumulated in equity under the heading of revaluation reserve. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit of loss. If the carrying amount is decreased as a result of a revaluation, the decrease shall be recognised in profit or loss. However, the decrease shall be recognised in other comprehensive income to the extent of any credit balance in the revaluation surplus in respect of that asset. The decrease recognised in other comprehensive income reduces the amount accumulated in equity under the heading of revaluation surplus. Website development Expenditure on research activities is recognised as an expense in the period in which it is incurred. Website development is an internally-generated intangible asset and is recognised if, and only if, all of the following conditions have been demonstrated: \u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 the intention to complete the intangible asset and use or sell it. \u2022 the ability to use or sell the intangible asset. \u2022 how the intangible asset will generate probable future economic benefits. \u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset. \u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as disclosed above under Computer Software. Computer software Computer software is an intangible asset with finite useful lives that is acquired separately and is carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives of 4 years. The estimated useful life and amortisation methods are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. h. Intangible assets \u2013 continued Other intangible assets Other intangible assets arise from acquiring rights over leased outlets when entering into a new lease agreement. These intangible assets have a finite useful life, are acquired separately, and are measured at cost, net of accumulated amortisation and impairment losses. Amortisation is applied on a straight-line basis over the lease term, generally 10 years on the same basis as disclosed above under Computer Software. Trademarks Trademarks are measured initially at purchase cost and are amortised on a straight line basis over their estimated useful life of 10 years. Derecognition of intangible assets An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised. Impairment Where an indication of impairment exists, in that the carrying amount of an intangible asset is greater than its estimated recoverable amount, a charge is made to write down the value of the asset to its estimated recoverable amount (Accounting policy (l)). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6352": { "value": "i. Leases The Group as lessee The Group assesses whether a contract is, or contains, a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate of 5.5% for leased properties situated in Malta and 10.5% for leased properties situated in the United Kingdom. The incremental borrowing rate depends on the term, currency and start date of the lease and is determined based on a series of inputs including: the risk-free rate based on government bond rates; a country-specific risk adjustment; a credit risk adjustment based on bond yields; and an entity-specific adjustment when the risk profile of the entity that enters into the lease is different to that of the Group and the lease does not benefit from a guarantee from the Group. i. Leases \u2013 continued The Group as lessee \u2013 continued Lease payments included in the measurement of the lease liability comprise: \u2022 fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date \u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 the lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate \u2022 the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used) \u2022 a lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. i. Leases \u2013 continued The Group as lessee \u2013 continued Right-of-use assets are depreciated over the shorter period of lease term and useful life of the right-of-use asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, plant and equipment\u2019 policy. Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in the line \u201cOther expenses\u201d in profit or loss. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group has not used this practical expedient. For contracts that contain a lease component and one or more additional lease or nuclease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6357": { "value": "j. Property, plant and equipment Property, plant and equipment, comprising improvements to premises, computer equipment, furniture and fittings, electrical installations, motor vehicle, plant and machinery and shop equipment are initially recorded at cost and are subsequently stated at cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of items. Subsequent costs are included in the asset\u2019s carrying amount, or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group, and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of profit or loss and other comprehensive income during the financial period in which they are incurred. j. Property, plant and equipment - continued Depreciation is calculated on the straight-line method to allocate the cost of the assets to their residual values over their estimated useful lives as follows: \u2022 Computer equipment 33% \u2022 Electrical installations 6.66% \u2022 Furniture and fittings 10% \u2022 Improvements to premises 1% \u2013 25% \u2022 Motor vehicle 20% \u2022 Shop equipment 15% The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Gains and losses on disposal of property, plant and equipment are determined by comparing proceeds with the carrying amount, and are taken into account in determining operating profit. An asset\u2019s carrying amount is written down immediately to its recoverable amount if its carrying amount is greater than its estimated recoverable amount (Accounting policy (l)). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6360": { "value": "k. Investments in subsidiaries In the Company\u2019s separate financial statements, investments in subsidiaries are accounted for using the cost method of accounting. The dividend income from such investments is included in the separate statement of profit or loss and other comprehensive income in the accounting period in which the Company\u2019s rights to receive payment of any dividend is established. The Company gathers objective evidence that an investment is not impaired. On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to the separate statement of profit or loss and other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6361": { "value": "l. Impairment of non-financial assets At each reporting date, the Group and the Company reviews the carrying amounts of its property, plant and equipment, goodwill and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group and the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. l. Impairment of non-financial assets - continued Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease and to the extent that the impairment loss is greater than the related revaluation surplus, the excess impairment loss is recognised in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss to the extent that it eliminates the impairment loss which has been recognised for the asset in prior years. Any increase in excess of this amount is treated as a revaluation increase. Intangible assets with an indefinite useful life are tested for impairment at least annually and whenever there is an indication at the end of a reporting period that the asset may be impaired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6364": { "value": "m. Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average cost method. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6365": { "value": "n. Fair value measurement The Group measures non-financial assets such as intangible assets at fair value and financial assets at fair value through profit or loss at each consolidated statement of financial position date. Fair value is 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. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer liability takes place either: - In the principal market for the asset or liability, or - In the absence of a principal market, in the most advantageous market for the asset or liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6230": { "value": "n. Fair value measurement - continued The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated and separate financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: - Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities - Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable - Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the consolidated and separate financial statements at fair value on a recurring basis, the Group and the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6368": { "value": "o. Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s and the Company consolidated and separate statement of financial position when the Group and the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. o. Financial instruments - continued i) Financial assets \u2022 Initial recognition and measurement Financial assets are classified, at initial recognition either at amortised cost, fair value through other comprehensive income (\u201cOCI\u201d) or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s and Company\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, or for which the Group and the Company has applied the practical expedient, the Group and the Company initially measures a financial asset at its fair value. Trade and other receivables that do not contain a significant financing component or for which the Group and the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s and the Company\u2019s business model for managing financial assets refer to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. \u2022 Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: a) Financial assets at amortised cost; b) Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments); c) Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments); and d) Financial assets at fair value through profit or loss The Group holds financial assets at fair value through profit or loss and at amortised cost whilst the Company holds financial assets at amortised cost. o. Financial instruments \u2013 continued i) Financial assets \u2013 continued \u2022 Subsequent measurement \u2013 continued Financial assets at amortised cost The Group and the Company measures financial assets at amortised cost if both of the following conditions are met: a) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and b) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The Group and the Company\u2019s cash and cash equivalents, investment in financial assets, trade and other receivables fall into this category of financial instrument. For financial assets other than purchased or originated credit-impaired financial assets (i.e. assets that are credit-impaired on initial recognition), the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance. Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortised cost. For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying effective interest rate to the gross carrying amount of a financial asset. Interest income is recognised in profit or loss and is included in the \u201cfinance income\u201d line item (Note 5). o. Financial instruments \u2013 continued i) Financial assets \u2013 continued \u2022 Subsequent measurement \u2013 continued Financial assets at fair value through profit or loss The Group and the Company measures financial assets fair value through profit or loss if there are no contractual terms of the financial asset that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding and they are not classified as financial assets at fair value through OCI. Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognised in the consolidated statement of profit or loss. \u2022 Derecognition A financial asset is primarily derecognised when: a) the rights to receive cash flows from the asset have expired; or b) the Group and the Company has transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party and either the Group and the Company has transferred substantially all the risks and rewards of the asset or the Group and the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. o. Financial instruments \u2013 continued i) Financial assets \u2013 continued \u2022 Impairment \u2013 continued The Group and the Company considers a financial asset in default when contractual payments are ninety (90) days past due. However, in certain cases, the Group and the Company may also consider a financial asset to be in default when internal or external information indicates that the Group and the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group and the Company. A financial asset is written-off when there is no reasonable expectation of recovering the contractual cash flows. ii) Financial liabilities and equity \u2022 Classification as debt or equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. \u2022 Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group and the Company are recognised at the proceeds received, net of direct issue costs. Repurchase of the Group\u2019s and the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s and the Company\u2019s own equity instruments. \u2022 Financial liabilities All financial liabilities are measured subsequently at amortised cost using the effective interest method. However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, and financial guarantee contracts issued by the Group and the Company, are measured in accordance with the specific accounting policies set out below. Financial liabilities at amortised cost Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held-for-trading, or (iii) designated as at FVTPL, are measured subsequently at amortised cost using the effective interest method. o. Financial instruments \u2013 continued ii) Financial liabilities and equity \u2013 continued \u2022 Financial liabilities \u2013 continued \u2022 Financial liabilities at amortised cost \u2013 continued Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability. The Group\u2019s and Company\u2019s financial liabilities include debt securities in issue, borrowings and trade and other payables. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate, the \u201cEIR\u201d method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. The EIR amortisation is included as finance costs in the consolidated and separate statement of profit or loss and other comprehensive income. The Group and the Company derecognise financial liabilities when, and only when, the Group\u2019s and the Company\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the consolidated and separate statement of profit or loss and other comprehensive income. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in the consolidated and separate statement of profit or loss are included within \u2018finance costs\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6371": { "value": "i) Financial assets \u2022 Initial recognition and measurement Financial assets are classified, at initial recognition either at amortised cost, fair value through other comprehensive income (\u201cOCI\u201d) or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s and Company\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, or for which the Group and the Company has applied the practical expedient, the Group and the Company initially measures a financial asset at its fair value. Trade and other receivables that do not contain a significant financing component or for which the Group and the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s and the Company\u2019s business model for managing financial assets refer to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. \u2022 Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: a) Financial assets at amortised cost; b) Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments); c) Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments); and d) Financial assets at fair value through profit or loss The Group holds financial assets at fair value through profit or loss and at amortised cost whilst the Company holds financial assets at amortised cost. i) Financial assets \u2013 continued \u2022 Subsequent measurement \u2013 continued Financial assets at amortised cost The Group and the Company measures financial assets at amortised cost if both of the following conditions are met: a) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and b) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The Group and the Company\u2019s cash and cash equivalents, investment in financial assets, trade and other receivables fall into this category of financial instrument. For financial assets other than purchased or originated credit-impaired financial assets (i.e. assets that are credit-impaired on initial recognition), the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance. Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortised cost. For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying effective interest rate to the gross carrying amount of a financial asset. Interest income is recognised in profit or loss and is included in the \u201cfinance income\u201d line item (Note 5). i) Financial assets \u2013 continued \u2022 Subsequent measurement \u2013 continued Financial assets at fair value through profit or loss The Group and the Company measures financial assets fair value through profit or loss if there are no contractual terms of the financial asset that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding and they are not classified as financial assets at fair value through OCI. Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognised in the consolidated statement of profit or loss. \u2022 Derecognition A financial asset is primarily derecognised when: a) the rights to receive cash flows from the asset have expired; or b) the Group and the Company has transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party and either the Group and the Company has transferred substantially all the risks and rewards of the asset or the Group and the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. \u2022 Impairment The Group and the Company recognises an allowance for expected credit losses (\u201cECLs\u201d) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group and the Company expects to receive, discounted at an approximate of the original effective interest rate. The expected cash flows will include cash flows from the sale of a collateral held or other credit enhancements that are integral to the contractual terms. For trade and other receivables, the Group and the Company applies a simplified approach in calculating ECLs. Therefore, the Group and the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group and the Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to debtors and the economic environment. i) Financial assets \u2013 continued \u2022 Impairment \u2013 continued The Group and the Company considers a financial asset in default when contractual payments are ninety (90) days past due. However, in certain cases, the Group and the Company may also consider a financial asset to be in default when internal or external information indicates that the Group and the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group and the Company. A financial asset is written-off when there is no reasonable expectation of recovering the contractual cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6378": { "value": "Financial assets at fair value through profit or loss The Group and the Company measures financial assets fair value through profit or loss if there are no contractual terms of the financial asset that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding and they are not classified as financial assets at fair value through OCI. Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognised in the consolidated statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6226": { "value": "\u2022 Derecognition A financial asset is primarily derecognised when: a) the rights to receive cash flows from the asset have expired; or b) the Group and the Company has transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party and either the Group and the Company has transferred substantially all the risks and rewards of the asset or the Group and the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asse", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6381": { "value": "\u2022 Impairment The Group and the Company recognises an allowance for expected credit losses (\u201cECLs\u201d) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group and the Company expects to receive, discounted at an approximate of the original effective interest rate. The expected cash flows will include cash flows from the sale of a collateral held or other credit enhancements that are integral to the contractual terms. For trade and other receivables, the Group and the Company applies a simplified approach in calculating ECLs. Therefore, the Group and the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group and the Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to debtors and the economic environment. 16. Investments in financial assets The Group
2025 2024
\u20ac\u20ac
Financial assets mandatorily measured at FVTPL Investment in equity instrument (Note i)
150,000 150,000
Financial assets measured at amortised cost
Redeemable notes (Note ii)- 1,000,054
Fixed term deposits (Note iii) 500,000 -
650,000 1,150,054
Total investments in financial assets 650,000 1,150,054
Notes i) Equity instrument is unlisted and such investment is redeemable at par by 8 June 2026 or, at the discretion of the Group, converted to 25% shares of ordinary share capital. Should the Group not convert into shares, the Group is entitled to a dividend of 8% per annum from the date of issue. It is the Group\u2019s intention to convert such shares upon redemption to ordinary shares, hence classified as equity instruments. The Group is not able to exercise significant influence over the investments as it does not hold voting rights. As at year end, the carrying amount approximated to its fair value. ii) In prior year, redeemable notes related to the allocation of \u20ac1,000,000 in Secured Senior Notes of a securitisation cell company, which was secured, subject to an interest at 11% per annum and were repayable by 11 December 2025. Upon maturity the Group received a nominal amount of \u20ac1,000,000 plus accrued interest of \u20ac110,000. These notes were held by the Group within a business model whose objective was to collect their contractual cash flows which are solely payments of principal and interest on the principal amount outstanding. Hence, the notes were classified at amortised costs. These notes were secured through a company guarantee over the assets of the subsidiary of the securitisation cell company, pledge over the bank account of the securitisation cell company and a pledge over the funding of such notes. iii) The Group holds two fixed-term deposits, each of \u20ac250,000, with a local bank maturing on 2 July 2026 and 7 July 2026 respectively, bearing interest at 2.3% per annum payable at maturity, for a total carrying amount of \u20ac500,000 measured at amortised cost with no impairment recognised; credit risk is minimal given the bank's strong credit rating. iv) The Group acquired a Senior Secured Note of \u20ac100,000 on 6 August 2025, issued by a US-registered entity. The note was subsequently transferred to a related party at par value on 1 November 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6380": { "value": "\u2022 Impairment The Group and the Company recognises an allowance for expected credit losses (\u201cECLs\u201d) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group and the Company expects to receive, discounted at an approximate of the original effective interest rate. The expected cash flows will include cash flows from the sale of a collateral held or other credit enhancements that are integral to the contractual terms. For trade and other receivables, the Group and the Company applies a simplified approach in calculating ECLs. Therefore, the Group and the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group and the Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to debtors and the economic environment. \u2022 Impairment \u2013 continued The Group and the Company considers a financial asset in default when contractual payments are ninety (90) days past due. However, in certain cases, the Group and the Company may also consider a financial asset to be in default when internal or external information indicates that the Group and the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group and the Company. A financial asset is written-off when there is no reasonable expectation of recovering the contractual cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6386": { "value": " ii) Financial liabilities and equity \u2022 Classification as debt or equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. \u2022 Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group and the Company are recognised at the proceeds received, net of direct issue costs. Repurchase of the Group\u2019s and the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s and the Company\u2019s own equity instruments. \u2022 Financial liabilities All financial liabilities are measured subsequently at amortised cost using the effective interest method. However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, and financial guarantee contracts issued by the Group and the Company, are measured in accordance with the specific accounting policies set out below. Financial liabilities at amortised cost Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held-for-trading, or (iii) designated as at FVTPL, are measured subsequently at amortised cost using the effective interest method. ii) Financial liabilities and equity \u2013 continued \u2022 Financial liabilities \u2013 continued \u2022 Financial liabilities at amortised cost \u2013 continued Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability. The Group\u2019s and Company\u2019s financial liabilities include debt securities in issue, borrowings and trade and other payables. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate, the \u201cEIR\u201d method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. The EIR amortisation is included as finance costs in the consolidated and separate statement of profit or loss and other comprehensive income. The Group and the Company derecognise financial liabilities when, and only when, the Group\u2019s and the Company\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the consolidated and separate statement of profit or loss and other comprehensive income. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in the consolidated and separate statement of profit or loss are included within \u2018finance costs\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6391": { "value": "p. Cash and cash equivalents In the consolidated and separate statement of financial position, cash and cash equivalents are comprised of cash (i.e. cash on hand and on-demand deposits) and cash equivalents. Cash equivalents are short-term (generally with original maturity of three months or less), highly liquid investments that are readily convertible to a known amount of cash and which are subject to an insignificant risk of changes in value. Cash equivalents are held for the purpose of meeting short-term cash commitments rather for investment or other purposes. For the purposes of the consolidated and separate statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6322": { "value": "q. Current and deferred taxation The tax expense for the period comprises current and deferred taxation. Tax expense recognized in the consolidated statement of profit or loss comprises the sum of deferred tax and current tax not recognised directly in equity. Current tax is based on the taxable result for the year. The taxable result for the period differs from the results as reported in profit or loss because it excludes items which hare non-assessable or disallowed and it further excludes items that are taxable or deductible in other periods. Current tax also includes any tax arising from dividends. It is calculated using the tax rates that have enacted or substantively enacted by the end of the reporting period, and any adjustments in relation to the prior years. Deferred taxation is provided using the liability method, for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. Deferred taxation is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised, or the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6321": { "value": "q. Current and deferred taxation The tax expense for the period comprises current and deferred taxation. Tax expense recognized in the consolidated statement of profit or loss comprises the sum of deferred tax and current tax not recognised directly in equity. Current tax is based on the taxable result for the year. The taxable result for the period differs from the results as reported in profit or loss because it excludes items which hare non-assessable or disallowed and it further excludes items that are taxable or deductible in other periods. Current tax also includes any tax arising from dividends. It is calculated using the tax rates that have enacted or substantively enacted by the end of the reporting period, and any adjustments in relation to the prior years. Deferred taxation is provided using the liability method, for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. Deferred taxation is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised, or the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6217": { "value": "r. Share capital and dividends Ordinary shares are classified as equity. Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Company\u2019s financial statements in the year in which the dividends are approved by the Company\u2019s shareholders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6222": { "value": "s. Employee benefits The Group contribute towards the state pension in accordance with local legislation. The only obligation is to make the required contributions. Costs are expensed in the year in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6225": { "value": "t. Provisions and contingent liabilities Provisions are recognised when the Group and the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group and the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. ", "dimensions": { "concept": "br31a:DescriptionOfAccountingPolicyForContingentLiabilities", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6223": { "value": "t. Provisions and contingent liabilities Provisions are recognised when the Group and the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group and the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6224": { "value": "u. Segment reporting The Group determines and presents operating segments based on the information that internally is provided to the Board of Directors, which is the Group\u2019s chief operating decision-maker in accordance with the requirements of IFRS 8, Operating Segments. 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. The Board of Directors reviews an operating segment\u2019s operating results regularly 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. The Board of Directors considers the Group to constitute one reporting segment as the activities are subject to the same risks and returns. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6236": { "value": "2. Revenue The Group\u2019s revenue is generated from the sales of pharmaceutical products generated in Malta and the UK. These are split as follows:
2025 2024
\u20ac\u20ac
Revenue from retail sales 44,552,677 42,360,327
Revenue from wholesale sales 30,500,614 7,698,897
Total revenue 75,053,291 50,059,224
The timing of revenue recognition is all at a point in time. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6242": { "value": "3. Expenses by nature The major items included within the consolidated and separate statement of profit or loss and other comprehensive income are included below:
The Group 2025The Group 2024 The Company The Company
2025 2024
\u20ac\u20ac\u20ac\u20ac
Amortisation of intangible assets (Note 11) 163,999 127,957 - -
Auditor\u2019s remuneration102,161 84,652 32,898 36,934
Cost of sales 54,466,745 33,883,748 - -
Directors\u2019 remuneration166,355 176,174 59,100 54,000
Depreciation of property, plant and equipment (Note 12) 589,339565,725 - -
Depreciation of right-of-use assets (Note 14) 973,936 918,479 - -
Movement in expected credit losses (20,425) 109,602 - -
Staff costs (Note 4) 7,228,215 6,416,194 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6241": { "value": "3. Expenses by nature The major items included within the consolidated and separate statement of profit or loss and other comprehensive income are included below
The Group 2025The Group 2024 The Company The Company
2025 2024
\u20ac\u20ac\u20ac\u20ac
Amortisation of intangible assets (Note 11) 163,999 127,957 - -
Auditor\u2019s remuneration102,161 84,652 32,898 36,934
Cost of sales 54,466,745 33,883,748 - -
Directors\u2019 remuneration166,355 176,174 59,100 54,000
Depreciation of property, plant and equipment (Note 12) 589,339565,725 - -
Depreciation of right-of-use assets (Note 14) 973,936 918,479 - -
Movement in expected credit losses (20,425) 109,602 - -
Staff costs (Note 4) 7,228,215 6,416,194 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6240": { "value": "3. Expenses by nature The major items included within the consolidated and separate statement of profit or loss and other comprehensive income are included below:
The Group 2025The Group 2024 The Company The Company
2025 2024
\u20ac\u20ac\u20ac\u20ac
Amortisation of intangible assets (Note 11) 163,999 127,957 - -
Auditor\u2019s remuneration102,161 84,652 32,898 36,934
Cost of sales 54,466,745 33,883,748 - -
Directors\u2019 remuneration166,355 176,174 59,100 54,000
Depreciation of property, plant and equipment (Note 12) 589,339565,725 - -
Depreciation of right-of-use assets (Note 14) 973,936 918,479 - -
Movement in expected credit losses (20,425) 109,602 - -
Staff costs (Note 4) 7,228,215 6,416,194 - -
12. Property, plant and equipment The Group
Improvements to premises Computer equipment Furniture & fittings Shop equipment Motor vehicle Electrical installations Plant & machinery Total
\u20ac\u20ac\u20ac \u20ac\u20ac\u20ac\u20ac\u20ac
At 1 January 2024
Cost 1,263,829 784,260 2,001,924 932,966 19,555 482,879 180,186 5,665,599
Accumulated depreciation (81,345) (623,223) (1,167,272) (686,197) (19,555) (202,066) (47,740) (2,827,398)
Net book amount 1,182,484 161,037 834,652 246,769 - 280,813 132,446 2,838,201
Movements for year ended 31 December 2024
Opening net book amount 1,182,484 161,037 834,652 246,769 - 280,813 132,446 2,838,201
Additions 134,126 305,624 294,750 293,560 15,650 39,892 - 1,083,602
Disposals - - - - (19,555) - - (19,555)
Transfer to intangible assets at net book value - - - - - - (112,789) (112,789)
Reclassification to other classes - 8,521 10,412 724- - (19,657) -
Depreciation charge (37,707) (209,286) (165,057) (118,185) (3,130) (32,360) - (565,725)
Release of depreciation on disposal - - - - 19,555 - - 19,555
Write-off (150,000) - - - - - - (150,000)
Release of deprecation on write-off 1,500 - - - - - - 1,500
Closing net book amount 1,130,403 265,896 974,757 422,868 12,520 288,345 - 3,094,789
12. Property, plant and equipment \u2013 continued The Group
Improvements to premises Computer equipment Furniture & fittings Shop equipment Motor vehicle Electrical installations Plant & machinery Total
\u20ac\u20ac\u20ac \u20ac\u20ac\u20ac\u20ac\u20ac
At 31 December 2024
Cost 1,247,9551,106,278 2,311,231 1,228,809 15,650 522,771 - 6,432,694
Accumulated depreciation (117,552) (840,382) (1,336,474) (805,941) (3,130) (234,426) - (3,337,905)
Net book amount 1,130,403 265,896 974,757 422,868 12,520 288,345 - 3,094,789
Movements for year ended 31 December 2025
Opening net book amount 1,130,403 265,896 974,757 422,868 12,520 288,345 - 3,094,789
Additions 211,195 95,867 103,221 206,047- 43,182 - 659,512
Disposals - (129,000) - - - - - (129,000)
Depreciation charge (109,068) (133,738) (166,745) (145,307) (3,130)(31,351) - (589,339)
Release on depreciation on disposal - 26,997 - - - - - 26,997
Exchange differences (3,760)(18) (435) (1,768)- 20- (5,961)
Net book amount 1,228,770 126,004 910,798 481,840 9,390 300,196 - 3,056,998
12. Property, plant and equipment \u2013 continued The Group
Improvements to premises Computer equipment Furniture & fittings Shop equipment Motor vehicle Electrical installations Plant & machinery Total
\u20ac\u20ac\u20ac \u20ac\u20ac\u20ac\u20ac\u20ac
At 31 December 2025
Cost 1,459,150 1,073,145 2,414,452 1,434,856 15,650 565,953 - 6,963,206
Accumulated depreciation (226,620) (947,123) (1,503,219) (951,248) (6,260)(265,777) - (3,900,247)
Exchange differences (3,760)(18) (435) (1,768)- 20- (5,961)
Net book amount 1,228,770 126,004 910,798 481,840 9,390 300,196 - 3,056,998
Fully depreciated assets which were still in use at 31 December 2025 had a cost of \u20ac2,108,306 (2024: \u20ac1,902,192), on which depreciation otherwise chargeable would have amounted to \u20ac392,392 (2024: \u20ac360,065). Depreciation charge of \u20ac589,339 (2024: \u20ac565,725) is included in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6239": { "value": "3. Expenses by nature The major items included within the consolidated and separate statement of profit or loss and other comprehensive income are included below:
The Group 2025The Group 2024 The Company The Company
2025 2024
\u20ac\u20ac\u20ac\u20ac
Amortisation of intangible assets (Note 11) 163,999 127,957 - -
Auditor\u2019s remuneration102,161 84,652 32,898 36,934
Cost of sales 54,466,745 33,883,748 - -
Directors\u2019 remuneration166,355 176,174 59,100 54,000
Depreciation of property, plant and equipment (Note 12) 589,339565,725 - -
Depreciation of right-of-use assets (Note 14) 973,936 918,479 - -
Movement in expected credit losses (20,425) 109,602 - -
Staff costs (Note 4) 7,228,215 6,416,194 - -
Auditor\u2019s fees Fees charged, including any irrecoverable VAT, by the auditor for the services rendered during the financial years ended 31 December 2025 and 2024 relate to the following:
The Group The Group The Company The Company
20252024 2025 2024
\u20ac\u20ac\u20ac\u20ac
Annual statutory audit 102,161 84,652 32,898 36,934
Other non \u2013 audit services 8,840 - - -
111,00184,652 32,898 36,934
The Company did not incur any other non-audit services fees during the year ended 31 December 2025 and 2024 from the Company\u2019s auditors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6243": { "value": "3. Expenses by nature The major items included within the consolidated and separate statement of profit or loss and other comprehensive income are included below
The Group 2025The Group 2024 The Company The Company
2025 2024
\u20ac\u20ac\u20ac\u20ac
Amortisation of intangible assets (Note 11) 163,999 127,957 - -
Auditor\u2019s remuneration102,161 84,652 32,898 36,934
Cost of sales 54,466,745 33,883,748 - -
Directors\u2019 remuneration166,355 176,174 59,100 54,000
Depreciation of property, plant and equipment (Note 12) 589,339565,725 - -
Depreciation of right-of-use assets (Note 14) 973,936 918,479 - -
Movement in expected credit losses (20,425) 109,602 - -
Staff costs (Note 4) 7,228,215 6,416,194 - -
Auditor\u2019s fees Fees charged, including any irrecoverable VAT, by the auditor for the services rendered during the financial years ended 31 December 2025 and 2024 relate to the following:
The Group The Group The Company The Company
20252024 2025 2024
\u20ac\u20ac\u20ac\u20ac
Annual statutory audit 102,161 84,652 32,898 36,934
Other non \u2013 audit services 8,840 - - -
111,00184,652 32,898 36,934
The Company did not incur any other non-audit services fees during the year ended 31 December 2025 and 2024 from the Company\u2019s auditors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6283": { "value": " Auditor\u2019s fees Fees charged, including any irrecoverable VAT, by the auditor for the services rendered during the financial years ended 31 December 2025 and 2024 relate to the following:
The Group The Group The Company The Company
20252024 2025 2024
\u20ac\u20ac\u20ac\u20ac
Annual statutory audit 102,161 84,652 32,898 36,934
Other non \u2013 audit services 8,840 - - -
111,00184,652 32,898 36,934
The Company did not incur any other non-audit services fees during the year ended 31 December 2025 and 2024 from the Company\u2019s auditors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6244": { "value": "4. Staff costs
The Group 2025The Group 2024 The Company 2025 The Company 2024
\u20ac\u20ac\u20ac\u20ac
Wages and salaries 6,798,644 6,154,609 - -
Social security costs 384,845 242,931 - -
Pension costs 44,726 18,654 -
Total staff costs 7,228,215 6,416,194 - -
Average number of full-time equivalents employed by the Group and the Company during the year:
The Group The Group The Company The Company
20252024 2025 2024
Operational 3425 - -
Administration 17 11- -
Selling and distribution 175 145 - -
226181- -
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6246": { "value": "5. Finance income
The Group The Group The Company The Company
20252024 2025 2024
\u20ac\u20ac\u20ac\u20ac
Dividend receivable from subsidiaries - - 3,291,093 2,769,231
Interest receivable on amounts due
from subsidiary - - 482,165 489,374
Interest receivable on bank balances 15,276 833- -
Interest receivable on financial assets at amortised cost 110,000 145,000 - -
125,276 145,833 3,773,258 3,258,605
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6248": { "value": "5. Finance income
The Group The Group The Company The Company
20252024 2025 2024
\u20ac\u20ac\u20ac\u20ac
Dividend receivable from subsidiaries - - 3,291,093 2,769,231
Interest receivable on amounts due
from subsidiary - - 482,165 489,374
Interest receivable on bank balances 15,276 833- -
Interest receivable on financial assets at amortised cost 110,000 145,000 - -
125,276 145,833 3,773,258 3,258,605
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6247": { "value": "6. Other income
The Group The Group The Company The Company
20252024 2025 2024
\u20ac\u20ac\u20ac\u20ac
Other income 168,185 256,351 - -
Recharge of expenses - - 167,118 175,651
Profit on the disposal of property, plant and equipment 24,997 9,600 - -
Reimbursement of salaries 48022,028 - -
Net amount released following early termination of leases 15,396 56,003 - -
209,058 343,982 167,118 175,651
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6249": { "value": "6. Other income
The Group The Group The Company The Company
20252024 2025 2024
\u20ac\u20ac\u20ac\u20ac
Other income 168,185 256,351 - -
Recharge of expenses - - 167,118 175,651
Profit on the disposal of property, plant and equipment 24,997 9,600 - -
Reimbursement of salaries 48022,028 - -
Net amount released following early termination of leases 15,396 56,003 - -
209,058 343,982 167,118 175,651
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6250": { "value": "7. Finance costs
The Group The Group 2024 The Company The Company
2025 2025 2024
\u20ac\u20ac\u20ac\u20ac
Interest payable on debt security in issue 507,000 507,000 507,000
507,000
Amortisation of debt security in issue costs 27,820 27,820 27,820 27,820
Interest payable on bank loans 243,345 264,028 - -
Interest payable on other loans 8,000 8,000 - -
Interest on lease liability 660,452 619,451 - -
Other interest payable 11,472 7,072 - -
1,458,089 1,433,371 534,820 534,820
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6251": { "value": "7. Finance costs
The Group The Group 2024 The Company The Company
2025 2025 2024
\u20ac\u20ac\u20ac\u20ac
Interest payable on debt security in issue 507,000 507,000 507,000
507,000
Amortisation of debt security in issue costs 27,820 27,820 27,820 27,820
Interest payable on bank loans 243,345 264,028 - -
Interest payable on other loans 8,000 8,000 - -
Interest on lease liability 660,452 619,451 - -
Other interest payable 11,472 7,072 - -
1,458,089 1,433,371 534,820 534,820
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6410": { "value": "8. Earnings per share Earnings per share is calculated by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares in issue during the year. The Company has no instruments or arrangements which give rise to potential ordinary shares and accordingly diluted earnings per share is equivalent to basic earnings per share
2025 2024
\u20ac\u20ac
Profit attributable to equity holders 4,037,198 2,208,053
Number of shares in issue 20,086,186 20,086,186
Earnings per share 0.20 0.11
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6252": { "value": "9. Income tax
The Group The Group 2024 The Company The Company
2025 2025 2024
\u20ac\u20ac\u20ac\u20ac
Current tax:
At 15% 16,500 125- -
At 25% 82,943 -
At 35% 1,733,741 759,118 945,470 969,231
Deferred tax charge for
the year (Note 25) 311,904 376,349 - -
2,145,088 1,135,592 945,470 969,231
The tax expense and the result of accounting profit multiplied by the statutory domestic income tax rate is reconciled as follows:
The Group 2025 The Group 2024 The Company 2025 The Company 2024
\u20ac\u20ac\u20ac\u20ac
Profit before tax 6,182,286 3,343,645 3,258,087 2,769,231
Tax on accounting profit at 35%
thereon 2,163,800 1,170,276 1,140,330 969,231
Tax effect of: Net effect on right-of-use assets depreciation and lease liabilities finance charge -
106,260 73,404 -
Income not subject to tax (8,749) (29,041) (206,412) -
Income subject to reduced tax rates of tax (22,000) (167) - -
Non-allowable expenses 133,076 279,771 11,552 -
Allowance on amortisation of intellectual property - (735,000) - -
Movement in deferred tax 311,904 376,349 - -
Absorbed trading losses (512,754) - - -
Effect of different rates used (26,449) - - -
2,145,0881,135,592 945,470 969,231
9. Income tax \u2013 continued In addition to the amount charged to profit or loss, the following amounts relating to deferred tax have been recognised in consolidated other comprehensive income
The Group The Group The Company The Company
2025 2024 2025 2024
\u20ac\u20ac\u20ac\u20ac
Items that will not be reclassified subsequently to profit or loss: Gains on revaluation of intangible assets (Note 25) - 5,912,613 - -
Total deferred tax recognised in other comprehensive income - 5,912,613 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6255": { "value": "10. Dividends
Company 2025 2024
\u20ac\u20ac
Ordinary shares
Interim dividend 1,026,048 1,800,000
Final dividend 592,784 -
1,618,832 1,800,000
Euro per share 0.08 0.09
During the year ended 31 December 2025, the Board of Directors proposed an interim and final gross dividend totalling \u20ac2,490,511 (2024: \u20ac2,769,231). to the ordinary shareholders. These dividends are being declared out of taxable profits resulting in a total net dividend to the ordinary shareholders of \u20ac1,618,832 (2024: \u20ac1,800,000) equivalent to \u20ac0.08 (2024: \u20ac0.09) per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6417": { "value": "11. Intangible assets During the year ended 31 December 2025, no revaluation of the Group\u2019s pharmacy licences was performed. The licences were last revalued as at 31 December 2024, and the revaluation surplus arising from that valuation is disclosed in Note 20 Amortisation charge of \u20ac163,999 (2024: \u20ac127,957) is included in administrative expenses. Had the Group\u2019s pharmacy licenses been measured at historical cost, their carrying amount would have been \u20ac16,490,476 (2024: \u20ac16,490,476). 11. Intangible assets - continued
The Group Website Costs Pharmacy Licences Computer Software Trademarks Other Intangible asset Total
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
At 1 January 2024
Cost 413,572 11,568,476 - - 67,418 12,049,466
Accumulated amortisation (257,163) - - - - (257,163)
Net revaluation surplus - 34,412,402 - - - 34,412,402
Net book amount 156,409 45,980,878 - - 67,418 46,204,705
Movements for the year ended 31 December 2024
Opening net book amount 156,409 45,980,878 - - 67,418 46,204,705
Transfer of cost from property, plant and equipment - - 146,952 - - 146,952
Transfer of accumulated depreciation from property, plant and equipment - - (34,163) - - (34,163)
Additions 96,240 4,922,000 53,621 - - 5,071,861
Amortisation charge (92,588) - (35,369) - - (127,957)
Revaluation for the year - 16,893,181 - - - 16,893,181
Closing net book amount 160,061 67,796,059 131,041 - 67,418 68,154,579
11. Intangible assets \u2013 continued
The Group Website Costs Pharmacy Licences Computer Software Trademarks Other Intangible asset Total
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
At 31 December 2024
Cost 509,81216,490,476200,573- 67,41817,268,279
Accumulated amortisation (349,751)-(69,532)- -(419,283)
Net revaluation surplus -51,305,583-- -51,305,583
Net book amount160,06167,796,059131,041- 67,41868,154,579
Movements for the year ended 31 December 2025
Opening net book amount 160,06167,796,059131,041- 67,41868,154,579
Additions 60,168 - 137,744 10,979 - 208,891
Amortisation charge(79,678) - (84,321) - - (163,999)
Exchange differences - - (5,453) - - (5,453)
Closing net book amount 140,551 67,796,059 179,011 10,979 67,418 68,194,018
At 31 December 2025
Cost 569,980 16,490,476 338,317 10,979 67,418 17,477,170
Accumulated amortisation (429,429) - (153,853) - - (583,282)
Net revaluation surplus - 51,305,583 - - - 51,305,583
Exchange differences - - (5,453)- - (5,453)
Net book amount140,551 67,796,059 179,011 10,979 67,418 68,194,018
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6416": { "value": "11. Intangible assets During the year ended 31 December 2025, no revaluation of the Group\u2019s pharmacy licences was performed. The licences were last revalued as at 31 December 2024, and the revaluation surplus arising from that valuation is disclosed in Note 20 Amortisation charge of \u20ac163,999 (2024: \u20ac127,957) is included in administrative expenses. Had the Group\u2019s pharmacy licenses been measured at historical cost, their carrying amount would have been \u20ac16,490,476 (2024: \u20ac16,490,476). 11. Intangible assets - continued
The Group Website Costs Pharmacy Licences Computer Software Trademarks Other Intangible asset Total
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
At 1 January 2024
Cost 413,572 11,568,476 - - 67,418 12,049,466
Accumulated amortisation (257,163) - - - - (257,163)
Net revaluation surplus - 34,412,402 - - - 34,412,402
Net book amount 156,409 45,980,878 - - 67,418 46,204,705
Movements for the year ended 31 December 2024
Opening net book amount 156,409 45,980,878 - - 67,418 46,204,705
Transfer of cost from property, plant and equipment - - 146,952 - - 146,952
Transfer of accumulated depreciation from property, plant and equipment - - (34,163) - - (34,163)
Additions 96,240 4,922,000 53,621 - - 5,071,861
Amortisation charge (92,588) - (35,369) - - (127,957)
Revaluation for the year - 16,893,181 - - - 16,893,181
Closing net book amount 160,061 67,796,059 131,041 - 67,418 68,154,579
11. Intangible assets \u2013 continued
The Group Website Costs Pharmacy Licences Computer Software Trademarks Other Intangible asset Total
\u20ac\u20ac\u20ac\u20ac\u20ac\u20ac
At 31 December 2024
Cost 509,81216,490,476200,573- 67,41817,268,279
Accumulated amortisation (349,751)-(69,532)- -(419,283)
Net revaluation surplus -51,305,583-- -51,305,583
Net book amount160,06167,796,059131,041- 67,41868,154,579
Movements for the year ended 31 December 2025
Opening net book amount 160,06167,796,059131,041- 67,41868,154,579
Additions 60,168 - 137,744 10,979 - 208,891
Amortisation charge(79,678) - (84,321) - - (163,999)
Exchange differences - - (5,453) - - (5,453)
Closing net book amount 140,551 67,796,059 179,011 10,979 67,418 68,194,018
At 31 December 2025
Cost 569,980 16,490,476 338,317 10,979 67,418 17,477,170
Accumulated amortisation (429,429) - (153,853) - - (583,282)
Net revaluation surplus - 51,305,583 - - - 51,305,583
Exchange differences - - (5,453)- - (5,453)
Net book amount140,551 67,796,059 179,011 10,979 67,418 68,194,018
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6258": { "value": "12. Property, plant and equipment The Group
Improvements to premises Computer equipment Furniture & fittings Shop equipment Motor vehicle Electrical installations Plant & machinery Total
\u20ac\u20ac\u20ac \u20ac\u20ac\u20ac\u20ac\u20ac
At 1 January 2024
Cost 1,263,829 784,260 2,001,924 932,966 19,555 482,879 180,186 5,665,599
Accumulated depreciation (81,345) (623,223) (1,167,272) (686,197) (19,555) (202,066) (47,740) (2,827,398)
Net book amount 1,182,484 161,037 834,652 246,769 - 280,813 132,446 2,838,201
Movements for year ended 31 December 2024
Opening net book amount 1,182,484 161,037 834,652 246,769 - 280,813 132,446 2,838,201
Additions 134,126 305,624 294,750 293,560 15,650 39,892 - 1,083,602
Disposals - - - - (19,555) - - (19,555)
Transfer to intangible assets at net book value - - - - - - (112,789) (112,789)
Reclassification to other classes - 8,521 10,412 724- - (19,657) -
Depreciation charge (37,707) (209,286) (165,057) (118,185) (3,130) (32,360) - (565,725)
Release of depreciation on disposal - - - - 19,555 - - 19,555
Write-off (150,000) - - - - - - (150,000)
Release of deprecation on write-off 1,500 - - - - - - 1,500
Closing net book amount 1,130,403 265,896 974,757 422,868 12,520 288,345 - 3,094,789
12. Property, plant and equipment \u2013 continued The Group
Improvements to premises Computer equipment Furniture & fittings Shop equipment Motor vehicle Electrical installations Plant & machinery Total
\u20ac\u20ac\u20ac \u20ac\u20ac\u20ac\u20ac\u20ac
At 31 December 2024
Cost 1,247,9551,106,278 2,311,231 1,228,809 15,650 522,771 - 6,432,694
Accumulated depreciation (117,552) (840,382) (1,336,474) (805,941) (3,130) (234,426) - (3,337,905)
Net book amount 1,130,403 265,896 974,757 422,868 12,520 288,345 - 3,094,789
Movements for year ended 31 December 2025
Opening net book amount 1,130,403 265,896 974,757 422,868 12,520 288,345 - 3,094,789
Additions 211,195 95,867 103,221 206,047- 43,182 - 659,512
Disposals - (129,000) - - - - - (129,000)
Depreciation charge (109,068) (133,738) (166,745) (145,307) (3,130)(31,351) - (589,339)
Release on depreciation on disposal - 26,997 - - - - - 26,997
Exchange differences (3,760)(18) (435) (1,768)- 20- (5,961)
Net book amount 1,228,770 126,004 910,798 481,840 9,390 300,196 - 3,056,998
12. Property, plant and equipment \u2013 continued The Group
Improvements to premises Computer equipment Furniture & fittings Shop equipment Motor vehicle Electrical installations Plant & machinery Total
\u20ac\u20ac\u20ac \u20ac\u20ac\u20ac\u20ac\u20ac
At 31 December 2025
Cost 1,459,150 1,073,145 2,414,452 1,434,856 15,650 565,953 - 6,963,206
Accumulated depreciation (226,620) (947,123) (1,503,219) (951,248) (6,260)(265,777) - (3,900,247)
Exchange differences (3,760)(18) (435) (1,768)- 20- (5,961)
Net book amount 1,228,770 126,004 910,798 481,840 9,390 300,196 - 3,056,998
Fully depreciated assets which were still in use at 31 December 2025 had a cost of \u20ac2,108,306 (2024: \u20ac1,902,192), on which depreciation otherwise chargeable would have amounted to \u20ac392,392 (2024: \u20ac360,065). Depreciation charge of \u20ac589,339 (2024: \u20ac565,725) is included in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6261": { "value": "13. Goodwill
The Group\u20ac
Movements for the year ended 31 December 2024
Opening/closing net book amount 3,945,451
At 31 December 2024
Net book amount 3,945,451
Movements for the year ended 31 December 2025
Opening/closing net book amount 3,945,451
At 31 December 2025
Net book amount 3,945,451
The recoverable amount of this cash generating unit is determined based on value in use calculations. The key assumptions for the value-in-use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs during the period. The Board of Directors estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the operations. The growth rates are based on industry growth forecasts whilst changes in selling prices and direct costs are based on past practices and expectations of future changes in the market. The assessment of recoverability of the carrying amount of goodwill includes: \u2022 Forecasted projected cash flows for the next 5 years and projection of terminal value using the perpetuity method; \u2022 Average growth rate of 2% (2024: 3.5%); and \u2022 Use of 5.78% (pre-tax) (2024: 5.7% (pre-tax)) to discount the projected cash flows to net present values. Based on the above assessment, the Board of Directors expect the carrying amount of goodwill to be recoverable and there is no impairment in the value of the goodwill. The Group has conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions used to determine the recoverable amount for cash generated unit to which goodwill is allocated. In the opinion of the Board of Directors, any reasonable possible change in the key assumption on which the recoverable amount of goodwill is based would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the related cash generating unit. The Board of Directors has determined that the Group constitutes a single reporting segment based on its activities. Therefore, the carrying amount of goodwill has been wholly allocated to this segment, which is the only cash generating unit. The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6262": { "value": "14. Right-of-use assets
The GroupBuildings \u20ac
Cost
At 1 January 202412,173,945
Additions 2,145,591
Disposals (871,201)
Effect on foreign exchange 4,495
At 31 December 2024 13,452,830
At 1 January 202513,452,830
Additions 1,261,180
Disposals (363,296)
Net effect on modification made 167,299
Effect on foreign exchange (4,876)
At 31 December 2025 14,513,137
Accumulated depreciation
At 1 January 20242,489,393
Depreciation charge 919,545
Release of depreciation upon disposal (295,656)
At 31 December 2024 3,113,282
At 1 January 20253,113,282
Depreciation charge 973,936
Release of depreciation upon disposal (331,116)
Net effect on modification made (58,005)
Effect on foreign exchange (1,828)
At 31 December 2025 3,696,269
Carrying amount
At 31 December 2024 10,339,548
At 31 December 2025 10,816,868
The Group leases immovable properties. The average lease term for local leases is 19 years (2024: 19 years) while the average lease term for foreign leases is 10 years (2024:5 years). 14. Right-of-use assets \u2013 continued Amounts recognised in profit and loss
2025 2024
\u20ac\u20ac
Depreciation expense on right-of-use assets (973,936) (918,479)
Interest expense on lease liabilities (660,452) (619,451)
Expense relating to leases of low value assets/short term leases (54,283) (36,700)
Expense related to variable lease payments not included in the measurement of lease liability (278,787) (244,866)
Net amount released following early termination of leases 15,396 56,003
Variable lease payments Some of the property leases in which the Group is the lessee contain variable lease payment terms that are linked to revenue generated from the leased property or depend on the change in the consumer price index. The breakdown of lease payments for these retail outlets is as follows:
2025 2024
\u20ac\u20ac
Fixed payments 1,315,394 1,269,673
Variable payments 278,787 244,866
Total payments 1,594,181 1,514,539
Overall, the variable payments constitute up to 18% (2024: 16%) of the Group\u2019s entire lease payments. The Group expects this ratio to change in future years as the variable payments depend on sales, consumer price index and consequently on the overall economic development over the next few years. The total cash outflow for leases amount to \u20ac1,594,181 (2024: \u20ac 1,514,539). 24. Lease liabilities
The Group 2025 The Group The Company The Company
2024 2025 2024
\u20ac\u20ac\u20ac\u20ac
Maturity Analysis
Year 1 720,678 675,213 - -
Year 2 764,233 648,890 - -
Year 3 772,316 699,133 - -
Year 4 800,864 682,802 - -
Year 5 760,266 701,467 - -
Onwards 7,890,200 7,505,874 - -
11,708,557 10,913,379 - -
Analysed as:
Non-current10,987,878 10,238,166 - -
Current 720,679 675,213 - -
11,708,557 10,913,379 - -
The Group does not face a significant liquidity risk with regards to its lease liabilities. Lease liabilities are monitored within the Group\u2019s finance function. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6265": { "value": "15. Investments in subsidiaries
The Company 2025 2024
\u20ac\u20ac
Movements for the year ended 31 December
Opening net book amount 20,086,189 20,086,189
Additions 100-
Closing net book amount 20,086,289 20,086,189
At 31 December
Cost/net book amount 20,086,289 20,086,189
During 2025, the Company transferred its 100% investment in Brown\u2019s Pharma Limited and Brown\u2019s Pharma IP Limited at a carrying amount of \u20ac14,663,241 to its wholly-owned subsidiary Brown\u2019s Pharma Retail Holdings Limited for Nil consideration as part of a group re-structuring exercise. (see Note 29 for non-cash transactions). The subsidiaries, all of which are unlisted, at 31 December are shown below:
Name Registered office Principal activities Percentage of shares held 2025 2024
Brown\u2019s Pharma Limited Q3, Level 2, Unit 1, Quad Central, Triq L-Esportaturi, Central Business District, Birkirkara,CBD 1020 Operation of retail pharmacies - 100%
Brown\u2019s Pharma IP Limited Q3, Level 2, Unit 1, Quad Central, Triq L-Esportaturi, Central Business District,Birkirkara,CBD 1020 Holding of the Group\u2019s intellectual property - 100%
Brown\u2019s Pharma Retail Holdings Limited (k/a JP Pharma Retail Holdings Limited) Q3, Level 2, Unit 1, Quad Central, Triq L-Esportaturi, Central Business District, Birkirkara,CBD 1020 Holding company 100%100%
15. Investments in subsidiaries \u2013 continued
Name Registered office Principal activities Percentage of shares held
2025 2024
Brown\u2019s Pharma Suit 7, The Courtyard,
International Carmanhall Road, Sandyford, Holding company 100%-
Holdings Ltd Dublin, Ireland
66, Tanners Drive,
Mediva Pharma Blakelands, Milton Keynes, Operation of an aesthetic 100%100%
Limited Bucks, MK 14 5BP pharmacy
As at 31 December 2025 Brown\u2019s Pharma Retail Holdings Limited also held 100% (2024: 100%) in Brown\u2019s Grognet Pharmacy Ltd., Brown\u2019s Medical Plaza Ltd., Brown\u2019s Pharmacy Fleur-de-Lys Ltd., Brown\u2019s Pharmacy Hamrun Ltd., Brown\u2019s Pharmacy Kalkara Ltd., Brown\u2019s Pharmacy M1 Ltd., Brown\u2019s Pharmacy M2 Ltd., Brown\u2019s Pharmacy Paola Ltd., Brown\u2019s Pharmacy Pieta\u2019 Ltd., Brown\u2019s Pharmacy Rahal Gdid Ltd., Brown\u2019s Pharma Qormi Ltd., Brown\u2019s Pharma St. Andrews Ltd., Brown\u2019s Pharmacy Sliema Ltd., Brown\u2019s Pharmacy Zebbug Ltd., Brown\u2019s Quad Pharmacy Ltd., Brown\u2019s Victor Pharmacy Ltd., Brown\u2019s SM Pharmacy Ltd, JP Pharma B\u2019Kara Limited, JP Pharma Iklin Limited, JP Pharma Naxxar Limited, JP Pharma San Gwann Limited, JP Pharma St. Julians Limited, Brown\u2019s San Bastjan Pharmacy Ltd., Brown\u2019s San Pawl Pharmacy Ltd., Brown\u2019s Pinto Pharmacy Ltd. and Brown\u2019s St Louis Pharmacy Ltd.. The registered address of these companies is Q3, Level 2, Unit 1, Quad Central, Triq L-Esportaturi, Central Business District, Birkirkara,CBD 1020, Malta. Brown\u2019s Pharma Retail Holdings Limited and its subsidiaries mentioned in the previous paragraph prepared their financial statements under the Generally Accepted Accounting Principles for Small and Medium Enterprises (GAPSME). Adjustments to align the accounting policies with IFRS as adopted by the EU for consolidation purposes, were not necessary and there were no adjustments in the preparation of these consolidated financial statements. Mediva Pharma Limited prepares its financial statements under The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). Adjustments to align the accounting policies with IFRS as adopted by the EU for consolidation purposes, were not necessary and there were no adjustments in the preparation of these financial statements. Brown\u2019s Pharma International Holdings Limited was incorporated on 9 October 2025 in Ireland as a wholly owned subsidiary. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6266": { "value": "17. Inventories
The Group 2025 The Group 2024 The Company 2025 The Company 2024
\u20ac\u20ac\u20ac\u20ac
Goods held for resale 4,476,632 4,094,812 - -
Goods in transit 76,307 92,493 - -
4,552,939 4,187,305 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6294": { "value": "18. Trade and other receivables
The Group 2025 The Group 2024 The Company The Company
2025 2024
\u20ac\u20ac\u20ac\u20ac
Non-current
Amounts due from subsidiary (Note iii) - - - 12,612,546
Amounts due from group undertakings (Note iii) - - 12,542,977 -
- - 12,542,977 12,612,546
Current
Trade receivables (Note i) 3,418,265 3,890,392 - -
Amounts due from other related parties (Note ii) 132,601 109,223 1,121 1,121
Amounts due from subsidiaries (Note ii) - - 1,319,575 150,245
Amounts due from group undertakings (Note ii) - - 200,978 -
Amounts due from ultimate parent company (Note:) 155,853 853- -
Other receivables 699,643 219,217 - -
Prepayments and accrued income 1,365,111 1,598,774 26,737 9,922
5,771,473 5,818,459 1,548,411 161,288
Notes: i. Trade receivables disclosed above include amounts that are past due at the end of the reporting year for which the Group has not recognised an allowance, and the amounts are still considered recoverable. The majority of the sales of goods and services are made on a cash basis. The average credit period on sales of goods and services made on credit is 90 days. 18. Trade and other receivables - continued
20252024
\u20ac\u20ac
Age of receivables that are past due but not impaired
91 - 120 days 27,495 52,145
120 \u2013 365 days 47718,921
365 days + 27,282 35,880
Total 55,254 106,946
Management has evaluated the past-due balances and determined that, despite their aging, these balances are not considered impaired, as no significant credit risk has been identified. Consequently, except for the below, no allowance for expected credit losses has been recognized in these consolidated and separate financial statements. Movement in allowance for Expected Credit Losses (ECL) The following table presents the movement in the lifetime ECL allowance for trade receivables:
2025 2024
\u20ac\u20ac
Opening balance of loss allowance 109,602 -
Expected credit loss recognised during the year - 109,602
Recoveries (20,425) -
Exchange differences (5,083) -
Closing balance of loss allowance 84,094 109,602
The above movement in expected credit loss on trade receivables is included in administrative expenses in the consolidated statement of profit or loss and other comprehensive income. ii. Amounts due from group undertakings, subsidiaries and other related parties are unsecured, interest free and are repayable on demand. No ECL allowance has been recognised. Management has assessed the balances and determined that there has been no significant increase in credit risk. . iii. Amount due from group undertakings within the Group includes a portion of proceeds from the debt security in issue that has been advanced by the Company in accordance with the provisions of the prospectus as noted in Note 22. These amounts are unsecured, subject to interest at 3.9% payable annually, and repayable in full on 1 June 2031 unless redeemed earlier in accordance with the agreement. The lender may prepay all or part of the loan between 10 July 2027 and 8 July 2031. Early prepayment occurring between 10 July 2027 and 31 December 2027 is subject to a premium of 1.95% of the amount prepaid; prepayment between 1 January 2028 and 31 December 2028 is subject to a premium of 0.975%; and from 1 January 2029 until maturity the loan is repayable at par. Interest income recognised during the year amounted to \u20ac482,165 (2024: \u20ac489,374). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6268": { "value": "19. Share capital The Group and the Company
2025 2024
\u20ac\u20ac
Authorised
14,662,916 Ordinary \u201cA\u201d shares of \u20ac1 each 14,662,916 14,662,916
5,423,270 Ordinary \u201cB\u201d shares of \u20ac1 each 5,423,270 5,423,270
20,086,186 20,086,186
Issued and fully paid
14,662,916 Ordinary \u201cA\u201d shares of \u20ac1 each 14,662,916 14,662,916
5,423,270 Ordinary \u201cB\u201d shares of \u20ac1 each 5,423,270 5,423,270
20,086,186 20,086,186
The Company\u2019s authorised and issued share capital amounts to \u20ac14,662,916 Ordinary \u201cA\u201d shares of \u20ac1 each and \u20ac5,423,270 Ordinary \u201cB\u201d shares of \u20ac1 each. Class \u2018A\u2019 shareholders have the right to appoint one (1) director who shall have two point five (2.5) votes each in meetings of the Board of Directors. Class \u2018A\u2019 and \u2018B\u2019 shareholders shall, together, be entitled to appoint four (4) directors to the Board of the Company who shall have one (1) vote each in Board meetings. Each holder of \u2018B\u2019 shares shall have the right to appoint one (1) director to the Board of Directors of the Company who shall have one (1) vote each in meetings of the Board of Directors. Except as otherwise provided, all ordinary shares, irrespective of class, shall rank equally in all respects, including without limitation, equal participation in profits distributed by the Company and equal rights upon distribution of the Company\u2019s assets upon its winding up. Each ordinary share shall entitle the holder to one (1) vote at each general meeting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6269": { "value": "20. Revaluation reserve The Group The revaluation reserve comprises revaluation surpluses/(decreases) on intangible assets used in the production and supply of goods and services, net of deferred tax. The revaluation reserve is not available for distribution to the Company\u2019s shareholders. Items of consolidated other comprehensive income included in the revaluation reserve will not be reclassified subsequently to profit or loss.
20252024
\u20ac\u20ac
Balance at 1 January 16,849,871 5,869,303
Revaluation gain on intangible assets (Note 11) - 16,893,181
Deferred tax liability arising on revaluation of intangible assets (Note 25) - (5,912,613)
Balance at 31 December 16,849,871 16,849,871
21. Retained earnings The Group\u2019s and the Company\u2019s retained earnings represent accumulated losses or profits since incorporation date. Dividends paid out of retained earnings during the year are disclosed in Note 10. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6453": { "value": "22. Translation reserve This is a non-distributable reserve and is arising following the translation of group undertakings\u2019 net assets and liabilities to the Group\u2019s functional currency. Translation of income and expenses are translated at the closing exchange rate and the translation of income and expenses at the average exchange rate for the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6270": { "value": "23. Interest-bearing borrowings
The Group 2025 The Group 2024 The Company The Company
2025 2024
\u20ac\u20ac\u20ac\u20ac
Unsecured borrowings at amortised
cost
Debt securities in issue (Note i) 12,847,022 12,819,194 12,847,022 12,819,194
Other loans (Note ii)100,000 100,000 - -
12,947,022 12,919,194 12,847,022 12,819,194
Secured borrowings at amortised cost
Bank loans (Note iii) 4,298,986 4,896,754 - -
Total borrowings 17,246,008 17,815,948 12,847,022 12,819,194
Non-current 16,617,884 17,285,874 12,847,022 12,819,194
Current 628,124 530,074 - -
17,246,008 17,815,948 12,847,022 12,819,194
Debt securities in issue Note i): By virtue of a prospectus dated 10 June 2021, Brown\u2019s Pharma Holdings plc (the \u2018Issuer\u2019) issued \u20ac13,000,000 unsecured bond with a nominal value of \u20ac100 each. The bonds have a coupon interest of 3.9% which is payable annually in arrears on 9 July of each year. The bonds are redeemable at par and are due for redemption between 2027 and 2031, unless they are previously re-purchased and cancelled or redeemed in the case of an early redemption or a partial conditional early redemption. The bonds shall constitute the general, direct, unconditional, and unsecured obligations of the Issuer to the Bondholders and shall at all times, rank pari passu, without any priority or preference among themselves and with other outstanding and unsecured debt of the Issuer, present and future. The bonds were admitted on the Official List of the Malta Stock Exchange on 15 July 2021. The quoted market price as at 31 December 2025 for the bonds was \u20ac96.70 (2024: \u20ac99). 23. Interest-bearing borrowings \u2013 continued Debt securities in issue - continued As noted in Note 18, in accordance with the provisions of the prospectus, a portion of the proceeds from the bond issue has been advanced by the Company to its group undertaking. The bond is measured at the amount of the net proceeds adjusted for the amortisation of the difference between the net proceeds and the redemption value of such bond, using the effective interest rate as follows:
The Group and the Company
2025 2024
\u20ac\u20ac
Face value 13,000,000 13,000,000
Bond issue costs278,200 278,200
Accumulated amortisation (125,222) (97,370)
Unamortised bond issue costs 152,978 180,806
Closing carrying amount 12,847,022 12,819,194
Note ii): Other loans are unsecured, bear interest at 8% per annum and are repayable by 1 January 2027. Note iii): Bank loans bear an interest at 2.9% over 3 months Euribor per annum (final effective rate of 4.95%) and are repayable between March 2031 and March 2033. Such loans are secured through the following: \u2022 General Hypothec of \u20ac5,440,000 (2024: \u20ac5,440,000) on Group\u2019s present and/or future assets. \u2022 First general hypothecary guarantee of \u20ac5,440,000 (2024: \u20ac5,440,000) over a related party\u2019s present and future assets. \u2022 First special hypothecary guarantee of \u20ac5,440,000 (2024: \u20ac5,440,000) over properties owned by other related party. \u2022 Guarantee by other related party for the amount of \u20ac5,440,000 (2024: \u20ac5,440,000). \u2022 Contracting undertaking to all terms and conditions entered in the lease agreement by the Group with a third party on 25 November 2011. \u2022 Personal guarantee by the Group\u2019s ultimate beneficial owners. \u2022 Pledge on insurance policy covering the buildings of all pharmacies owned by other related party. 23. Interest-bearing borrowings Note iii) \u2013 continued Maturity of bank and other loans falling due after more than one year:
The Group 2025 The Group 2024 The Company 2025 The Company 2024
\u20ac\u20ac\u20ac\u20ac
Between 1 and 2 years 759,932 661,783 - -
Between 2 and 5 years2,187,158 1,895,144 - -
Over 5 years 823,772 1,909,753 - -
3,770,862 4,466,680 - - -
\\\\The Group 2025 The Group 2024 The Company The Company 2024
2025
% % % %
Bank loans 3.95-4.95 5.82 - -
Other loans 8 8 - -
Weighted average interest rates during the reporting year: Note iv) As at 31 December 2025, one of the Group\u2019s group undertakings had unutilised bank overdraft of \u20ac250,000 (2024: \u20ac250,000) which is subject to interest rate at 2.90% over 3-month Euribor per annum and secured as follows: \u2022 First general hypothec for \u20ac100,000 on overdraft basis and \u20ac560,000 on loan basis over all the Group\u2019s present and future assets. \u2022 First general hypothec guarantee for \u20ac100,000 on overdraft basis and \u20ac560,000 on loan basis over the present and future assets of a related party. \u2022 First special hypothec guarantee for \u20ac100,000 over properties held by other related party. \u2022 Guarantee by other related party. \u2022 Joint and several guarantee by two of the ultimate beneficial owners. \u2022 Pledge over business insurance over Mosta and Qormi Pharmacy. \u2022 Pledge over building insurance over property leased by other related party. Covenants The secured bank loans are subject to a financial covenant which is tested annually. The covenant requires that one of the group undertaking\u2019s Debt to EBITDA will not exceed 6. The current multiple of the group undertaking is calculated as 4 (2024: 3). The group undertaking had complied with this covenant in 2025 and 2024. Also, the group undertaking is subject to a non-financial covenant which requires bank approval to pay dividend to its shareholder. It obtained such approval from the bank. Other loans do not contain any covenants. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6275": { "value": "25. Deferred taxation Deferred income taxes are calculated on temporary differences under the liability method using a principal tax rate of 35%. The movement on the deferred income tax account is as follows:
The Group 2025 The Group 2024 The Company 2025 The Company 2024
\u20ac\u20ac\u20ac\u20ac
At beginning of year (20,337,772) (14,054,927) --
Charge to consolidated profit or loss (Note 8) (311,904) (376,349) --
Charge to consolidated other comprehensive income (Note 9) - (5,912,613) --
Effect of foreign exchange (10,176) 6,117
At end of year (20,659,852) (20,337,772) --
Split as:
Deferred tax asset - 378,264 --
Deferred tax liability (20,659,852) (20,716,036) --
(20,659,852) (20,337,772) --
25. Deferred taxation - continued Deferred tax is analysed as follows:
The Group The Group The Company The Company
2025 2024 2025 2024
\u20ac\u20ac\u20ac\u20ac
Fair value movement on intangible assets 18,515,939 18,515,939 --
Temporary difference on intangible assets 2,198,992 2,253,977 --
Excess of capital allowances over accumulated depreciation
(55,079) (53,880) --
Tax losses - (378,264) --
20,659,852 20,337,772 --
Except for net deferred tax liability attributed from fair value movement on intangible assets, the movement of such deferred tax liabilities were credited/charged to profit or loss. Deferred tax liability attributable from fair value movement on intangible assets was charged to other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6461": { "value": "26. Trade and other payables
The Group 2025 The Group 2024 The Company The Company 2024
2025
\u20ac\u20ac\u20ac\u20ac
Current
Trade payables 7,249,849 9,357,374 1,770 4,248
Amounts due to ultimate beneficial owners (Note) 109,581 124,101 - -
Amounts due to ultimate parent companies (Note) 542,857 243,071 542,857 243,071
Amounts due to other related parties (Note)1,703,568 1,029,896 - -
Amounts due to subsidiary (Note)- - 100-
Other payables 991,058 554,800 - -
Accruals 944,035 805,685 282,395 287,697
11,540,948 12,114,927 827,122 535,016
Note: Amounts due to other related parties, ultimate beneficial owners, subsidiary and ultimate parent companies are unsecured, interest free and repayable on demand. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6320": { "value": "27. Current taxation Income tax payable/(receivable) is made up as follows:
The Group The Group 2024 The Company The Company
2025 2025 2024
\u20ac\u20ac\u20ac\u20ac
Balance at 1 January 95,051 174,409 - -
Current tax charge
for the year (Note 9) (1,833,184) (759,243) (945,470) (969,231)
Tax refund received - (72,076)
Provisional tax paid 485,911 757,728
Interest and penalties - (5,892)
Final withholding tax paid 16,500 125945,470 969,231
Exchange differences 1,502 -
(1,234,220) 95,051 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6276": { "value": "28. Cash generated from/(used in) operations
The Group 2025 The Group 2024 The Company 2025 The Company 2024
\u20ac\u20ac\u20ac\u20ac
Operating profit 7,515,098 4,631,183 19,649 45,446
Adjustments for:
Amortisation of intangible assets (Note 11) 163,999 127,957 - -
Depreciation of property, plant and equipment (Note 12) 589,339 565,725 - -
Depreciation of right-of-use assets (Note 14) 973,936 919,545 - -
Amount released following early (15,396) -
termination of leases (Note 6) (56,003) -
Write-off of property, plant and equipment (Note 12) - 148,500 - -
Profit on disposal of property, plant and equipment (Note 6) (24,997) (9,600) - -
Changes in working capital: (365,634) (642,438) - -
Inventories
Trade and other receivables 225,363 (244,658) (16,815) (172,308)
Trade and other payables (859,245) 2,196,905 (7,770) 5,987
Cash generated from/(used in) 8,202,463 7,637,116 (3,160) (120,875)
operations
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6277": { "value": "29. Cash and cash equivalents For the purposes of the consolidated and separate statement of cash flows, the cash and cash equivalents at the end of the year comprise the following:
The Group The Group The Company The Company
2025 2024 2025 2024
\u20ac\u20ac\u20ac\u20ac
Cash and cash equivalents in the consolidated and separate statement of
financial position 5,986,389 2,559,695 276,438 580,373
Cash held at fiduciary company1,200 1,200 - -
5,987,589 2,560,895 276,438 580,373
During the year, the Group entered into the following significant non-cash transactions: \u2022 Dividends declared but not paid in the current year amounting to \u20ac592,784 (2024: \u20ac352,600), \u2022 Finance costs in relation to lease liability amounting to \u20ac660,452 (2024: \u20ac619,451), \u2022 In 2024, the Group purchased a pharmacy licence from ultimate beneficial owners amounting to \u20ac500,000. During the year, the Company entered into the following significant non-cash transactions: \u2022 Dividends declared but not paid in the current year amounting to \u20ac592,784 (2024: \u20ac352,600), \u2022 Set-off balance between the ultimate parent companies and group undertakings amounting to \u20ac210,000 (2024: \u20ac309,697) \u2022 Dividend receivable declared but yet to be received amount to \u20ac1,712,558 (2024: \u20acNil), and \u2022 Finance income in relation to amounts due to subsidiary amounting to \u20ac489,374 (2024: \u20ac489,374) \u2022 During the year the Company transferred its 100% investment in Brown\u2019s Pharma Limited and Brown\u2019s Pharma IP Limited to its wholly owned subsidiary, Brown\u2019s Pharma Retail Holdings Ltd.for Nil consideration. The carrying amount of investment in Brown\u2019s Pharma Limited and Brown\u2019s Pharma IP Limited amounted to \u20ac14,662,041 and \u20ac1,200 respectively. This was reclassified to the investment in Brown\u2019s Pharma Retail Holdings Ltd with no gain or loss recognized. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6278": { "value": "30. Related party transactions Year end balances due from or to other related parties, subsidiaries, ultimate beneficial owners, ultimate parent companies and group undertakings are disclosed in notes 18 and 26 to these consolidated and separate financial statements. Other related parties consist of related parties other than the parent, entities with joint control or significant influence over the Company, subsidiaries, and key management personnel of the Company or its parent. The Group and the Company also entered into related party transactions on an arm\u2019s length basis with related parties. Any transactions between the Group have been eliminated on consolidation. The following transactions were carried out with related parties:
The Group 2025 The Group 2024 The Company 2025 The Company 2024
\u20ac\u20ac\u20ac\u20ac
(a) Rental expense
Other related party 459,950 471,161 -
(b) Purchase of stock Other related parties 5,841,300 2,959,164 - -
(c) Other income Group undertaking
- - 167,118 175,651
(d) Finance income
Subsidiary - - 3,291,093 2,769,231
Group undertaking - - 482,165 489,374
(e) Key management compensationDirectors\u2019 remuneration166,355 176,174 59,100 54,000
Investments in subsidiaries are disclosed in Note 15 whilst key management personnel compensation, consisting of directors\u2019 remuneration, has been disclosed in Note 3. Dividends paid to ultimate parent companies have been disclosed in Note 10. No expenses have been recognised in the period for bad or doubtful debts in respect of amounts due from other related parties, ultimate parent company and ultimate beneficial owners and there is no provision for doubtful debts in respect of outstanding amounts due from these other related parties, ultimate parent company and ultimate beneficial owners. Except for guarantees mentioned in Note 32 to these consolidated and separate financial statements there are no guarantees that have been given or received. The terms and conditions in respect of the related parties\u2019 balances do not specify the nature of the consideration to be provided in settlement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6305": { "value": "Credit risk Credit risk is the risk of financial loss to the Group and the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group and the Company\u2019s trade and other receivables and cash and cash equivalents held at banks. The carrying amounts of financial assets represent the maximum credit exposure. The Group and the Company assesses the credit quality of its customers by taking into account their financial standing, past experience, any payments made post reporting date and other factors, such as bank references and the customers\u2019 financial position. Management is responsible for the quality of the Group\u2019s and the Company\u2019 credit portfolios and has established credit processes involving delegated approval authorities and credit procedures, the objective of which is to build and maintain assets of high quality. The Group\u2019s and the Company\u2019s policy is to deal only with credit worthy counterparties. The credit terms are generally 90 days. The Group regularly review the ageing analysis together with the credit limits per customer. Impairment of Trade and other receivables The level of credit risk is minimum as the majority of the Group\u2019s clients are paid in cash upon the delivery of services or goods sold. To measure expected credit losses, the Group has assessed the probability of default of trade and other receivables. Management considers the probability of default from such assets to be immaterial. As a result, the 12-month expected credit loss model calculation yielded an insignificant amount. Accordingly, no loss allowance has been recognised by the Group, except for specific trade receivables where impairment was identified. Management continues to monitor credit risk exposure and considers that the carrying amount of trade receivables, net of the ECL allowance, represents the best estimate of recoverable amounts. Credit risk \u2013 continued Cash and cash equivalents and financial assets The cash and cash equivalents held with banks as at 31 December 2025 and 2024 are callable on demand and held with local financial institutions with high quality standing or rating. Also, financial assets as at 31 December 2025 will mature in the next twelve months. Management considers the probability of default from such banks and financial assets to be insignificant. Therefore, based on the above, no loss allowance has been recognised by the Group and the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6480": { "value": "Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates or interest rates, will affect the fair value or future cash flows of a financial instrument. The objective of market risk is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. There have been no changes to the Group\u2019s and the Company\u2019s exposure to market risks or the manner in which these risks are managed and measured. i) Foreign exchange risk Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the respective Group\u2019s functional currency. The Group is exposed to foreign exchange risk arising from its operations in the United Kingdom, whose functional currency is the British Pound (GBP). As a result, in 2025, the Group is exposed to fluctuations in the GBP/EUR exchange rate. In 2024, the Group and the Company were not exposed to significant foreign exchange risk arising from the Group and the Company\u2019s financing transactions as assets and liabilities were principally denominated in Euro. Accordingly, a sensitivity analysis for foreign exchange risk disclosing how profit or loss and equity would have been affected by changes in foreign exchange rates that were reasonably possible at the end of the reporting period was not deemed necessary. Exposure to GBP foreign exchange risk The carrying amounts of the Group\u2019s denominated monetary assets and liabilities at the reporting date were as follows:
2025
\u00a3
Assets2,036,322
Liabilities (2,740,815)
Net exposure (704,493)
Balances contractually denominated in EUR are excluded, as they do not give rise to GBP foreign currency risk. Foreign currency sensitivity analysis A reasonably possible change of more or less than 10% in the GBP/EUR exchange rate at the reporting date would have resulted in an effect on profit or loss of approximately \u20ac82,225 and an effect on equity of approximately \u20ac22,065. ii) Cash flow and fair value interest rate risk The Group and the Company is exposed to interest rate risk because the Group and the Company borrows funds at both fixed and floating interest rates. The risk is managed by the Group and the Company by maintaining an appropriate mix between fixed and floating rate borrowings. Market risk \u2013 continued iii) Cash flow and fair value interest rate risk - continued The Group and the Company\u2019s principal fixed-rate financial liability is the 3.9% unsecured bond. The bond is measured at amortized cost and its contractual cash flows are not affected by movements in market interest rates. However, changes in market rates do affect the fair value of the bond, as reflected in its quoted market price on the Malta Stock Exchange as disclosed in Note 22. The Group and the Company\u2019s exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note. The Group is exposed to the following risk-free rates: EURIBOR. The sensitivity analysis below has determined based on the exposure to interest rates for non-derivatives instruments at the reporting date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole year. A 1 per cent increase or decrease is used when reporting interest risk internally to the key management personnel and represents management\u2019s assessment of the reasonably possible change in interest rate. If interest rate had been 1 per cent higher/lower and all other variables were held constant, the Company\u2019s: \u2022 net profit for the year ended 31 December 2024 would decrease/increase by \u20ac49,160 (2024: decrease/increase by \u20ac45,366). This is mainly attributable to the Company\u2019s exposure on its variable rates borrowings. The Company\u2019s sensitivity to interest rates has increased during the current year mainly due increase in borrowings subject to a variable rate of interest. The interest received from debt measured at amortised costs has a fixed interest rate and therefore the Group is not exposed to interest rate risks. ii) Other price risks The Group is exposed to equity price risks from equity investments. Equity investments in unlisted entities (Note 16) are held for strategic purposes rather than trading purposes. The Company does not actively trade these investments. Accordingly, a sensitivity analysis for other price risks is not deemed necessary. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6310": { "value": "Capital management The Group and the Company\u2019s objective when managing capital are to safeguard its ability to continue as a going concern and to maximise the return to stakeholders through the optimisation of the debt and equity balance. The Group and the Company\u2019s overall strategy remains unchanged from 2024. The capital structure of the Group and the Company consist of net debt and equity of the Group and the Company. Capital management \u2013 continued The capital structure of the Group and the Company consists of debt, which includes the interest-bearing borrowings disclosed in Note 23 and lease liabilities disclosed in Note 24. Net debt is defined as debt after deducting cash and cash equivalents as disclosed in Note 29. Equity includes all items presented within equity in the consolidated and separate statement of financial position and further disclosed in Notes 19, 20, 21 and 22. The Group and the Company is not subject to any externally imposed capital requirements. The Group and the Company\u2019s Board of Directors manage the capital structure and adjust in the light of changes in economic conditions. The capital structure is reviewed on an ongoing basis. Based on the recommendations of the Board of Directors, the Group and the Company balance its overall capital structure through the payments of dividends, new share issues as well as the issue of new debt or the redemption of existing debt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6489": { "value": "32. Guarantees One of the Group\u2019s undertakings, Brown\u2019s Pharma Limited, stands as a joint and several sureties with a related party in favour of a local bank for the repayment of the loan facilities granted to the other related party, its payment of interest accrued thereon and the faithful performance and observance of all the obligations undertaken by the said other related party. The Group has pledged term deposits amounting to \u20ac500,000 held with a local bank as securities for borrowing facilities granted to a related parties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6490": { "value": "33. Events after the reporting period On 6 February 2026, the Company\u2019s subsidiary, Brown\u2019s Pharma International Holdings Limited incorporated two new companies in Nicosia, Cyprus, O2HT Limited and BICO Limited. There were no other adjusting or significant non-adjusting events that occurred between the end of the reporting year and at the date of authorisation by the Board of Directors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6281": { "value": "34. Commitments At the end of the reporting period, the Group had outstanding commitments arising from sponsorship agreements, which falls due as follows:
2025 2024
\u20ac\u20ac
Not later than 1 year 20,000 20,000
Later than 1 year and not later than 5 years - 20,000
20,000 40,000
In 2024, the Group acquired a pharmacy licence from the ultimate beneficial owners. As part of the agreement, the Group is committed to making a final payment of \u20ac1,720,000, which will become payable upon the generation of annual revenue of \u20ac1,000,000 from the said pharmacy licence. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_6317": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:391200EUISAEF39QR618", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }