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"2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-401": { "value": "-11892000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-402": { "value": "-6094000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:48510000PW42N5W74S87", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-403": { "value": "6284000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-404": { "value": "5251000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:48510000PW42N5W74S87", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-405": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-406": { "value": "7891000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:48510000PW42N5W74S87", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-407": { "value": "2100000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-408": { "value": "2100000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:48510000PW42N5W74S87", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-409": { "value": "-4562000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-410": { "value": "-6788000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:48510000PW42N5W74S87", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-411": { "value": "-12946000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-412": { "value": "-22030000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:48510000PW42N5W74S87", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-413": { "value": "1778000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-414": { "value": "348000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:48510000PW42N5W74S87", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-415": { "value": "4244000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-416": { "value": "3896000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:48510000PW42N5W74S87", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-417": { "value": "6022000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:48510000PW42N5W74S87", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-418": { "value": "4244000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-1": { "value": "Roki\u0161kio S\u016bris AB", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "public limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Pramon\u0117s g. 3, LT-42150 Roki\u0161kis, Lithuania.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Lithuania", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "production and trade in fermented cheese, skimmed milk powder and wide range of other dairy products.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "
Year of acquisition
Main activity
Group\u2019s ownership interest (%) as at 31 December
Subsidiaries
Current year
Previous year
Roki\u0161kio Pienas UAB
2006
Distribution of dairy
products
100.00
100.00
Roki\u0161kio Pieno Gamyba UAB
2013
Production of dairy
products
100.00
100.00
Jekabpils Piena Kombinats SIA
2005-2011
Raw milk
collection
100.00
100.00
Kaunata SIA*
2010
Raw milk
collection
60.00
60.00
DairyHub.LT UAB
2021
Production of dairy
products
100.00
100.00
16.
Investments in subsidiaries and other investments
Group
Company
Current year
Previous year
Current year
Previous year
Roki\u0161kio Pieno Gamyba UAB (consolidated)
-
-
4,733
4,733
Roki\u0161kio Pienas UAB (consolidated)
-
-
105
105
Jekabpils Piena Kombinats SIA (consolidated)
-
-
3
3
DairyHub.LT UAB (consolidated)
-
-
100
100
-
-
4,941
4,941
Core line of business of the subsidiary: collection and realisation of milk. The company is the main supplier of raw milk to company Jekabpils Piena Kombinats SIA (subsidiary of Roki\u0161kio S\u016bris AB).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Lithuania", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "
The average number of the Company\u2019s employees during the Current year ended was 687 (Previous year: 718). The average number of the Group\u2019s employees during the Current year was 1,125 (Previous year: 1,155).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "
2.
Accounting policies
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "
2.1Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The financial statements have been prepared on a going concern basis and under the historical cost convention.
Pursuant to the Law on Companies of the Republic of Lithuania, the annual financial statements prepared by the management must be approved by the general meeting of shareholders. The shareholders of the Company have a statutory right to approve these financial statements or not to approve them and to require preparation of a new set of financial statements. The financial year of the Company and other Group companies coincides with the calendar year.
These financial statements include the consolidated financial statements of the Group and the separate financial statements of the Company.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated.
The preparation of the financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of current event and actions, actual results ultimately may differ from those estimates (Note 4).
Amendments to standards and interpretations
(a) New and/or amended standards and interpretations effective from 1 January 2025:
The following standards, amendments to the existing standards and interpretations issued by the International Accounting Standards Board (IASB) and adopted by the European Union (further \u2013 EU) are effective for the current period and were adopted by the Company and the Group:
\u2022
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability introduce requirements to assess when a currency is exchangeable into another currency and when it is not. The Amendments require an entity to estimate the spot exchange rate when it concludes that a currency is not exchangeable into another currency.
The application of these standards, amendments and interpretations had not a material impact on the Company\u2019s separate and Group\u2019s consolidated financial statements and so have not been discussed in detail in the notes to the financial statements.
(b) Standards, amendments and interpretations to existing standards issued by IASB, adopted by EU, but not yet effective and have not been early adopted by the Company and the Group:
At the date of authorisation of these consolidated financial statements, the Company and the Group has not early adopted the following new and revised IFRS standards, amendments and interpretations that have been issued but are not yet effective:
\u2022
Amendments to the Classification and Measurement of Financial Instruments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures modify requirements in IFRS 9 and IFRS 7 regarding derecognition of financial liabilities, classification of financial assets and disclosures (effective for annual periods beginning on or after 1 January 2026);
\u2022
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 introduced minor amendments to IFRS 1 First \u2013 time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statement of Cash Flows (effective for annual periods beginning on or after 1 January 2026);
\u2022
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. Contracts Referencing Nature-dependent Electricity were made to improve the disclosure of such contracts in the financial statements. New disclosure requirements to enable investors to understand the effect of these contracts on a financial performance and cash flows were added (effective for annual periods beginning on or after 1 January 2026).
\u2022
IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements. IFRS 18 sets out significant new requirements for how financial statements are presented (effective for annual periods beginning on or after 1 January 2027);
The Company and the Group is currently assessing the impact of these new accounting standards and amendments. The management of the Company and the Group does not expect that the adoption of these standards, amendments and interpretations listed above will have a material impact on the consolidated financial statements of the Group in future periods.
(c) Standards, amendments and interpretations to existing standards that are not yet effective and have not been endorsed by EU:
IFRSs currently endorsed by EU are not significantly different from the standards, endorsed by IASB, except the standards, amendments and interpretations that were not endorsed by EU (the effective dates are applicable to IFRS to full extent). These standards, amendments and interpretations are listed below:
\u2022
IFRS 19 Subsidiaries without Public Accountability: Disclosures permits reduced disclosures for subsidiaries with no public accountability and whose parent company applies IFRS Accounting Standards in their consolidated financial statements, while still applying the recognition, measurement and presentation requirements in other IFRS (effective for annual periods beginning on or after 1 January 2027);
\u2022
Amendments to IFRS 19 Subsidiaries without public accountability: Disclosures reduce (where relevant) the disclosure requirements of amendments and additions to IFRS accounting standards between February 2021 and May 2024. (effective for annual periods beginning on or after 1 January 2027);
\u2022
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency require an entity translating financial statements from a functional currency that is the currency of a non-hyperinflationary economy to a presentation currency that is the currency of a hyperinflationary economy, to translate all amounts (including comparatives) using the closing rate at the date of the most recent statement of financial position (effective for annual periods beginning on or after 1 January 2027).
The Group and the Company is currently assessing the impact of these new accounting standards and amendments. The management of the Company and the Group does not expect that the adoption of these standards, amendments and interpretations listed above will have a material impact on the
consolidated financial statements of the Group and separate financial statements of the Company in future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "The financial statements have been prepared on a going concern basis", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "
Pursuant to the Law on Companies of the Republic of Lithuania, the annual financial statements prepared by the management must be approved by the general meeting of shareholders. The shareholders of the Company have a statutory right to approve these financial statements or not to approve them and to require preparation of a new set of financial statements. The financial year of the Company and other Group companies coincides with the calendar year.
These financial statements include the consolidated financial statements of the Group and the separate financial statements of the Company.
These financial statements have been presented in euros (EUR), which is the Company\u2019s (and the Group\u2019s each entity\u2019s) functional and presentation currency.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "
Pursuant to the Law on Companies of the Republic of Lithuania, the annual financial statements prepared by the management must be approved by the general meeting of shareholders. The shareholders of the Company have a statutory right to approve these financial statements or not to approve them and to require preparation of a new set of financial statements. The financial year of the Company and other Group companies coincides with the calendar year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "
2.2
Consolidation
(a) Subsidiaries
Subsidiaries are those investees, that the Group controls because the Group (i) has power to direct the relevant activities of the investees that significantly affect their returns, (ii) has exposure, or rights, to variable returns from its involvement with the investees, and (iii) has the ability to use its power over the investees to affect the amount of the investor\u2019s returns. The existence and effect of substantive rights, including substantive potential voting rights, are considered when assessing whether the Group has power over another entity. For a right to be substantive, the holder must have a practical ability to exercise that right when decisions about the direction of the relevant activities of the investee need to be made. The Group may have power over an investee even when it holds less than the majority of the voting power in an investee. In such a case, the Group assesses the size of its voting rights relative to the size and dispersion of holdings of the other vote holders to determine if it has de-facto power over the investee. Protective rights of other investors, such as those that relate to fundamental changes of the investee\u2019s activities or apply only in exceptional circumstances, do not prevent the Group from controlling an investee. Subsidiaries are consolidated from the date on which control is transferred to the Group (acquisition date) and are deconsolidated from the date on which control ceases.
The group uses the acquisition method of accounting to account for the acquisition of subsidiaries. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net identifiable assets of the subsidiary acquired, the difference is recognized directly in the income statement.
Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
(b) Transactions and minority interest
The group treats transactions with non-controlling interest as transactions with equity owners of the group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
When the group ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair
value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset.
In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "
(a) Subsidiaries
Subsidiaries are those investees, that the Group controls because the Group (i) has power to direct the relevant activities of the investees that significantly affect their returns, (ii) has exposure, or rights, to variable returns from its involvement with the investees, and (iii) has the ability to use its power over the investees to affect the amount of the investor\u2019s returns. The existence and effect of substantive rights, including substantive potential voting rights, are considered when assessing whether the Group has power over another entity. For a right to be substantive, the holder must have a practical ability to exercise that right when decisions about the direction of the relevant activities of the investee need to be made. The Group may have power over an investee even when it holds less than the majority of the voting power in an investee. In such a case, the Group assesses the size of its voting rights relative to the size and dispersion of holdings of the other vote holders to determine if it has de-facto power over the investee. Protective rights of other investors, such as those that relate to fundamental changes of the investee\u2019s activities or apply only in exceptional circumstances, do not prevent the Group from controlling an investee. Subsidiaries are consolidated from the date on which control is transferred to the Group (acquisition date) and are deconsolidated from the date on which control ceases.
The group uses the acquisition method of accounting to account for the acquisition of subsidiaries. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net identifiable assets of the subsidiary acquired, the difference is recognized directly in the income statement.
Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
2.3
Stand-alone financial statements
Subsidiaries in the stand-alone financial statements are accounted at cost less impairment charge. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s \u2018fair value less costs of disposal\u2019 or \u2018value in use\u2019. The Company assesses at the end of each reporting period whether there is any indication that an impairment loss recognised in prior periods for investment in subsidiary may no longer exist or may have decreased. If any such indication exists, the Company estimates the recoverable amount of investment and reverses impairment loss, if recoverable amount significantly exceeds the carrying amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "
(b) Transactions and minority interest
The group treats transactions with non-controlling interest as transactions with equity owners of the group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
When the group ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair
value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset.
In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "
Subsidiaries in the stand-alone financial statements are accounted at cost less impairment charge. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s \u2018fair value less costs of disposal\u2019 or \u2018value in use\u2019. The Company assesses at the end of each reporting period whether there is any indication that an impairment loss recognised in prior periods for investment in subsidiary may no longer exist or may have decreased. If any such indication exists, the Company estimates the recoverable amount of investment and reverses impairment loss, if recoverable amount significantly exceeds the carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "
2.4
Foreign currency translation
(a) Functional and presentation currency
The items shown in the financial statements of the Company and each entity of the Group are valued by the currency of the original economic environment wherein a specific company operates (hereinafter the \u201cfunctional currency\u201d). These financial statements have been presented in euros (EUR), which is the Company\u2019s (and the Group\u2019s each entity\u2019s) functional and presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "
2.4
Foreign currency translation
(a) Functional and presentation currency
The items shown in the financial statements of the Company and each entity of the Group are valued by the currency of the original economic environment wherein a specific company operates (hereinafter the \u201cfunctional currency\u201d). These financial statements have been presented in euros (EUR), which is the Company\u2019s (and the Group\u2019s each entity\u2019s) functional and presentation currency.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "
2.5
Property, plant, and equipment
Property, plant and equipment is shown at acquisition cost, less subsequent accumulated depreciation and impairment.
Note: during preparation of financial statements for the year 2024, it was changed accounting policy for property, plant and equipment, see note 34.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as separate assets only when it is probable that future economic benefits associated with the item will flow to the Company or the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.
Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives.
Useful lives of property, plant and equipment are given in the table below:
Buildings15-93 years
Plant and machinery4-75 years
Motor vehicles2-34 years
Equipment and other property, plant and equipment2-34 years
The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date.
Construction in progress is transferred to appropriate group of property plant and equipment when it is completed and ready for its intended use.
When property is retired or otherwise disposed, the cost and related depreciation are removed from the financial statements and any related gains or losses are determined by comparing proceeds with carrying amount and are included in operating profit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "
Subsequent costs are included in the asset\u2019s carrying amount or recognised as separate assets only when it is probable that future economic benefits associated with the item will flow to the Company or the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "value": "
Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives.
Useful lives of property, plant and equipment are given in the table below:
Buildings15-93 years
Plant and machinery4-75 years
Motor vehicles2-34 years
Equipment and other property, plant and equipment2-34 years
The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date.
When property is retired or otherwise disposed, the cost and related depreciation are removed from the financial statements and any related gains or losses are determined by comparing proceeds with carrying amount and are included in operating profit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "
Construction in progress is transferred to appropriate group of property plant and equipment when it is completed and ready for its intended use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "
2.6
Intangible assets
(a) Computer software
Software assets expected to provide economic benefit to the Company and the Group in future periods are valued at acquisition cost less subsequent amortisation. Software is amortised on the straight-line basis over the useful life of 1 to 6 years.
(b) Contractual customer relationships
Contractual customer relationships recognized as intangible asset upon business acquisition are accounted for at cost less accumulated amortization and impairment. Contractual customer relationships are amortised on the straight-line basis over the estimated useful life of 2 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "
2.6
Intangible assets
(a) Computer software
Software assets expected to provide economic benefit to the Company and the Group in future periods are valued at acquisition cost less subsequent amortisation. Software is amortised on the straight-line basis over the useful life of 1 to 6 years.
(b) Contractual customer relationships
Contractual customer relationships recognized as intangible asset upon business acquisition are accounted for at cost less accumulated amortization and impairment. Contractual customer relationships are amortised on the straight-line basis over the estimated useful life of 2 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-27": { "value": "
2.7
Impairment of non-financial assets
Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-28": { "value": "
2.7
Impairment of non-financial assets
disappearance of an active market for that financial asset because of financial difficulties;", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "
2.8
Financial assets
(a) Following the adoption of IFRS 9, Financial Instruments, the Group and the Company classifies its financial assets into the following 3 new categories:
\uf0b7
financial assets subsequently measured at amortised cost;
\uf0b7
financial assets subsequently measured at fair value through other comprehensive income; and
\uf0b7
financial assets subsequently measured at fair value through profit or loss.
Subsequent to initial recognition, financial assets are classified into the aforementioned categories based on the business model the Group and the Company apply when managing their financial assets. The business model applied to the financial assets of the Group and the Company is determined at a level that reflects how all financial assets of the Group and the Company are managed together to achieve a particular business objective of the Group and the Company. The intentions of the Group and
the Company\u2019s management regarding individual items of instruments have no effect on the adopted business model. The Group and the Company may adopt more than one business model to manage its financial assets.
The business model for managing of financial assets is based not merely on an assertion, but also on facts that are observable in the activities that the Group and the Company undertakes in order to achieve the objectives of the business model. In determining the business model applicable for managing financial assets, the Group and the Company makes its decision in view of not individual factors or activity, but in view of all evidence that is available in the course of the assessment.
The Group and the Company recognises a financial asset in its statement of financial position only when the Group and the Company becomes a party to the contractual provisions of the instrument. The purchase or sale of financial assets is recognised and derecognised, as applicable, using trade date accounting.
At initial recognition, the Group and the Company measures financial assets at fair value, except for trade receivables that do not have a significant financing component. Transaction costs comprise all charges and commission that the Group and the Company would not have paid if it had not entered into an agreement on the financial instrument.
If the fair value of the financial asset at initial recognition differs from the transaction price, the difference is recognised in profit or loss.
In view of the business model applied for managing the Group and the Company of financial assets, the accounting for financial assets is as follows:
Financial assets measured at amortised cost
Loans granted by the Group and the Company and amounts receivable are accounted for under the business model the purpose of which is to hold financial assets in order to collect contractual cash flows that can contain cash flows related to the payment of the principal amount and interest inflows.
Loans and amounts receivable are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the date of the Balance sheet. These are classified as non-current assets.
Loans and receivables are initially recognised at cost (the fair value of consideration receivable) and subsequently carried at amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when these assets are derecognised, impaired or amortised.
Financial assets at fair value through profit or loss
The Group and the Company measures financial assets, which are stated at fair value in subsequent periods, through profit or loss, using the business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
The Group and the Company does not have any financial assets held for trading and acquired for the purpose of selling in the near term and attributes to this category only financial assets arising from the disposal of business or investments classified as non-equity contingent consideration.
(b) Effective interest method
The effective interest method is used in the calculation of the amortised cost of a financial asset and in the allocation of the interest income or interest expense in profit or loss over the relevant period.
The effective interest rate is the rate that exactly discounts estimated future cash inflows through the expected life of the financial asset to the gross carrying amount of the financial asset that shows the amortised cost of the financial asset, before adjusting for any loss allowance. When calculating the effective interest rate, the Group and the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts.
There is an assumption that the cash flows and the expected life of a Group and the Company of similar financial instruments can be estimated reliably. However, when it is not possible to reliably estimate the cash flows or the expected life of a financial instrument (or Group and the Company of financial instruments), the Group and the Company uses the contractual cash flows over the full contractual term of the financial instrument (or Group and the Company of financial instruments).
(c) Expected credit losses
Credit losses incurred by the Group and the Company are calculated as the difference between all contractual cash flows that are due to the Group and the Company in accordance with the contract and all the cash flows that the Group and the Company expects to receive (i.e. all cash shortfalls), discounted at the original effective interest rate. The Group and the Company estimates cash flows by considering all contractual terms of the financial instrument through the expected life of that financial instrument, including cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
Expected credit losses show the weighted average of credit losses with the respective risks (probability) of a default occurring as the weights.
Lifetime expected credit losses are the expected credit losses that result from all possible default events over the period from the date of initial recognition of a financial asset to the subsequent date of settlement of the financial asset or ultimate write-off of the financial asset.
The Group and the Company seeks for lifetime expected credit losses to be recognised before a financial instrument becomes past due. Typically, credit risk increases significantly before a financial instrument becomes past due or other lagging borrower-specific factors (for example, a modification or restructuring) are observed. Consequently when reasonable and supportable information that is more forward-looking than past due information is available without undue cost or effort, it must be used to assess changes in credit risk.
Expected credit losses are recognised by taking into consideration individually or collectively assessed credit risk of loans granted and trade receivables. Credit risk is assessed based on all reasonable and verifiable information including future oriented information.
The lifetime expected credit losses of trade receivables are assessed based on both the collective and individual assessment basis. The Group and the Company\u2019s management decides on the performance of the assessment on an individual basis reflecting the possibility of obtaining information on the credit history of a particular borrower, its financial position as at the date of assessment, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgment on the recognition of lifetime
expected credit losses in respect of that particular borrower. In the absence of reliable sources of information on the credit history of a particular borrower, its financial position as at the date of assessment, including forward-looking information, the Group and the Company assesses the debt on a collective basis.
The lifetime expected credit losses of trade receivables are recognised at the recognition of amounts receivable.
When granting the loan the Group and the Company assesses and recognises 12-month expected credit losses. In subsequent reporting periods, in case there is no significant increase in credit risk related to the lender, the Group and the Company adjusts the balance of 12-month expected credit losses in view of the outstanding balance of the loan at the assessment date. Having determined that the financial position of the lender has deteriorated significantly compared to the financial position that existed upon the issue of the loan, the Group and the Company records all lifetime expected credit losses of the loan. The latest point at which the Group and the Company recognises all lifetime expected credit losses of the loan granted is identified when the borrower is late to pay a periodic amount or the total debt for more than 30 days. In case of other evidence available, the Group and the Company accounts for all lifetime expected credit losses of the loan granted regardless of the more than 30 days past due assumption.
Loans for which lifetime expected credit losses were calculated are considered credit-impaired financial assets.
(d) Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired include observable data about the following events:
a) significant financial difficulty of the borrower;
b) a breach of contract, such as a default or event that is past due for more than 90 days;
c) the lender(s) of the borrower, for economic or contractual reasons relating to the borrower's financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
d) it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation;
e) the disappearance of an active market for that financial asset because of financial difficulties;
f) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses.
The combined effect of several events that may occur simultaneously or subsequently throughout the term of validity of the agreement on the financial assets may have caused financial assets to become credit-impaired.
The lifetime expected credit losses of loans receivable and trade receivables is recognised in profit or loss through the contra account of doubtful receivables.
The Group and the Company writes off the loans receivable and trade receivables when it loses the right to receive contractual cash flows from financial assets.
(e) Derecognition of financial assets
The Group and the Company derecognises financial assets in case of the following:
- the rights to receive cash flows from the asset have expired;
- the Group and the Company has retained the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass through\u201d arrangement; or
- the Group and the Company has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset:
\uf0b7
if the Group and the Company has not retained control, it shall derecognise the financial asset and recognise separately as assets or liabilities any rights and obligations created or retained in the transfer;
\uf0b7
if the Group and the Company has retained control, it shall continue to recognise the financial asset to the extent of its continuing involvement in the financial asset.
Whether the Group and the Company has retained control of the transferred asset depends on the transferee's ability to sell the asset. If the transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer, the Group and the Company has not retained control. In all other cases, the Group and the Company has retained control.
2.14Financial liabilities
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-30": { "value": "
2.8
Financial assets
(a) Following the adoption of IFRS 9, Financial Instruments, the Group and the Company classifies its financial assets into the following 3 new categories:
\uf0b7
financial assets subsequently measured at amortised cost;
\uf0b7
financial assets subsequently measured at fair value through other comprehensive income; and
\uf0b7
financial assets subsequently measured at fair value through profit or loss.
Subsequent to initial recognition, financial assets are classified into the aforementioned categories based on the business model the Group and the Company apply when managing their financial assets. The business model applied to the financial assets of the Group and the Company is determined at a level that reflects how all financial assets of the Group and the Company are managed together to achieve a particular business objective of the Group and the Company. The intentions of the Group and
the Company\u2019s management regarding individual items of instruments have no effect on the adopted business model. The Group and the Company may adopt more than one business model to manage its financial assets.
The business model for managing of financial assets is based not merely on an assertion, but also on facts that are observable in the activities that the Group and the Company undertakes in order to achieve the objectives of the business model. In determining the business model applicable for managing financial assets, the Group and the Company makes its decision in view of not individual factors or activity, but in view of all evidence that is available in the course of the assessment.
The Group and the Company recognises a financial asset in its statement of financial position only when the Group and the Company becomes a party to the contractual provisions of the instrument. The purchase or sale of financial assets is recognised and derecognised, as applicable, using trade date accounting.
At initial recognition, the Group and the Company measures financial assets at fair value, except for trade receivables that do not have a significant financing component. Transaction costs comprise all charges and commission that the Group and the Company would not have paid if it had not entered into an agreement on the financial instrument.
If the fair value of the financial asset at initial recognition differs from the transaction price, the difference is recognised in profit or loss.
In view of the business model applied for managing the Group and the Company of financial assets, the accounting for financial assets is as follows:
Financial assets measured at amortised cost
Loans granted by the Group and the Company and amounts receivable are accounted for under the business model the purpose of which is to hold financial assets in order to collect contractual cash flows that can contain cash flows related to the payment of the principal amount and interest inflows.
Loans and amounts receivable are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the date of the Balance sheet. These are classified as non-current assets.
Loans and receivables are initially recognised at cost (the fair value of consideration receivable) and subsequently carried at amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when these assets are derecognised, impaired or amortised.
Financial assets at fair value through profit or loss
The Group and the Company measures financial assets, which are stated at fair value in subsequent periods, through profit or loss, using the business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
The Group and the Company does not have any financial assets held for trading and acquired for the purpose of selling in the near term and attributes to this category only financial assets arising from the disposal of business or investments classified as non-equity contingent consideration.
(b) Effective interest method
The effective interest method is used in the calculation of the amortised cost of a financial asset and in the allocation of the interest income or interest expense in profit or loss over the relevant period.
The effective interest rate is the rate that exactly discounts estimated future cash inflows through the expected life of the financial asset to the gross carrying amount of the financial asset that shows the amortised cost of the financial asset, before adjusting for any loss allowance. When calculating the effective interest rate, the Group and the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts.
There is an assumption that the cash flows and the expected life of a Group and the Company of similar financial instruments can be estimated reliably. However, when it is not possible to reliably estimate the cash flows or the expected life of a financial instrument (or Group and the Company of financial instruments), the Group and the Company uses the contractual cash flows over the full contractual term of the financial instrument (or Group and the Company of financial instruments).
(c) Expected credit losses
Credit losses incurred by the Group and the Company are calculated as the difference between all contractual cash flows that are due to the Group and the Company in accordance with the contract and all the cash flows that the Group and the Company expects to receive (i.e. all cash shortfalls), discounted at the original effective interest rate. The Group and the Company estimates cash flows by considering all contractual terms of the financial instrument through the expected life of that financial instrument, including cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
Expected credit losses show the weighted average of credit losses with the respective risks (probability) of a default occurring as the weights.
Lifetime expected credit losses are the expected credit losses that result from all possible default events over the period from the date of initial recognition of a financial asset to the subsequent date of settlement of the financial asset or ultimate write-off of the financial asset.
The Group and the Company seeks for lifetime expected credit losses to be recognised before a financial instrument becomes past due. Typically, credit risk increases significantly before a financial instrument becomes past due or other lagging borrower-specific factors (for example, a modification or restructuring) are observed. Consequently when reasonable and supportable information that is more forward-looking than past due information is available without undue cost or effort, it must be used to assess changes in credit risk.
Expected credit losses are recognised by taking into consideration individually or collectively assessed credit risk of loans granted and trade receivables. Credit risk is assessed based on all reasonable and verifiable information including future oriented information.
The lifetime expected credit losses of trade receivables are assessed based on both the collective and individual assessment basis. The Group and the Company\u2019s management decides on the performance of the assessment on an individual basis reflecting the possibility of obtaining information on the credit history of a particular borrower, its financial position as at the date of assessment, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgment on the recognition of lifetime
expected credit losses in respect of that particular borrower. In the absence of reliable sources of information on the credit history of a particular borrower, its financial position as at the date of assessment, including forward-looking information, the Group and the Company assesses the debt on a collective basis.
The lifetime expected credit losses of trade receivables are recognised at the recognition of amounts receivable.
When granting the loan the Group and the Company assesses and recognises 12-month expected credit losses. In subsequent reporting periods, in case there is no significant increase in credit risk related to the lender, the Group and the Company adjusts the balance of 12-month expected credit losses in view of the outstanding balance of the loan at the assessment date. Having determined that the financial position of the lender has deteriorated significantly compared to the financial position that existed upon the issue of the loan, the Group and the Company records all lifetime expected credit losses of the loan. The latest point at which the Group and the Company recognises all lifetime expected credit losses of the loan granted is identified when the borrower is late to pay a periodic amount or the total debt for more than 30 days. In case of other evidence available, the Group and the Company accounts for all lifetime expected credit losses of the loan granted regardless of the more than 30 days past due assumption.
Loans for which lifetime expected credit losses were calculated are considered credit-impaired financial assets.
(d) Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired include observable data about the following events:
a) significant financial difficulty of the borrower;
b) a breach of contract, such as a default or event that is past due for more than 90 days;
c) the lender(s) of the borrower, for economic or contractual reasons relating to the borrower's financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
d) it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation;
e) the disappearance of an active market for that financial asset because of financial difficulties;
f) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses.
The combined effect of several events that may occur simultaneously or subsequently throughout the term of validity of the agreement on the financial assets may have caused financial assets to become credit-impaired.
The lifetime expected credit losses of loans receivable and trade receivables is recognised in profit or loss through the contra account of doubtful receivables.
The Group and the Company writes off the loans receivable and trade receivables when it loses the right to receive contractual cash flows from financial assets.
(e) Derecognition of financial assets
The Group and the Company derecognises financial assets in case of the following:
- the rights to receive cash flows from the asset have expired;
- the Group and the Company has retained the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass through\u201d arrangement; or
- the Group and the Company has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset:
\uf0b7
if the Group and the Company has not retained control, it shall derecognise the financial asset and recognise separately as assets or liabilities any rights and obligations created or retained in the transfer;
\uf0b7
if the Group and the Company has retained control, it shall continue to recognise the financial asset to the extent of its continuing involvement in the financial asset.
Whether the Group and the Company has retained control of the transferred asset depends on the transferee's ability to sell the asset. If the transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer, the Group and the Company has not retained control. In all other cases, the Group and the Company has retained control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-31": { "value": "
Financial assets measured at amortised cost
Loans granted by the Group and the Company and amounts receivable are accounted for under the business model the purpose of which is to hold financial assets in order to collect contractual cash flows that can contain cash flows related to the payment of the principal amount and interest inflows.
Loans and amounts receivable are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the date of the Balance sheet. These are classified as non-current assets.
Loans and receivables are initially recognised at cost (the fair value of consideration receivable) and subsequently carried at amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when these assets are derecognised, impaired or amortised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-32": { "value": "
Financial assets measured at amortised cost
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-33": { "value": "
Financial assets at fair value through profit or loss
The Group and the Company measures financial assets, which are stated at fair value in subsequent periods, through profit or loss, using the business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
The Group and the Company does not have any financial assets held for trading and acquired for the purpose of selling in the near term and attributes to this category only financial assets arising from the disposal of business or investments classified as non-equity contingent consideration.
(c) Expected credit losses
Credit losses incurred by the Group and the Company are calculated as the difference between all contractual cash flows that are due to the Group and the Company in accordance with the contract and all the cash flows that the Group and the Company expects to receive (i.e. all cash shortfalls), discounted at the original effective interest rate. The Group and the Company estimates cash flows by considering all contractual terms of the financial instrument through the expected life of that financial instrument, including cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
Expected credit losses show the weighted average of credit losses with the respective risks (probability) of a default occurring as the weights.
Lifetime expected credit losses are the expected credit losses that result from all possible default events over the period from the date of initial recognition of a financial asset to the subsequent date of settlement of the financial asset or ultimate write-off of the financial asset.
The Group and the Company seeks for lifetime expected credit losses to be recognised before a financial instrument becomes past due. Typically, credit risk increases significantly before a financial instrument becomes past due or other lagging borrower-specific factors (for example, a modification or restructuring) are observed. Consequently when reasonable and supportable information that is more forward-looking than past due information is available without undue cost or effort, it must be used to assess changes in credit risk.
Expected credit losses are recognised by taking into consideration individually or collectively assessed credit risk of loans granted and trade receivables. Credit risk is assessed based on all reasonable and verifiable information including future oriented information.
The lifetime expected credit losses of trade receivables are assessed based on both the collective and individual assessment basis. The Group and the Company\u2019s management decides on the performance of the assessment on an individual basis reflecting the possibility of obtaining information on the credit history of a particular borrower, its financial position as at the date of assessment, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgment on the recognition of lifetime
expected credit losses in respect of that particular borrower. In the absence of reliable sources of information on the credit history of a particular borrower, its financial position as at the date of assessment, including forward-looking information, the Group and the Company assesses the debt on a collective basis.
The lifetime expected credit losses of trade receivables are recognised at the recognition of amounts receivable.
When granting the loan the Group and the Company assesses and recognises 12-month expected credit losses. In subsequent reporting periods, in case there is no significant increase in credit risk related to the lender, the Group and the Company adjusts the balance of 12-month expected credit losses in view of the outstanding balance of the loan at the assessment date. Having determined that the financial position of the lender has deteriorated significantly compared to the financial position that existed upon the issue of the loan, the Group and the Company records all lifetime expected credit losses of the loan. The latest point at which the Group and the Company recognises all lifetime expected credit losses of the loan granted is identified when the borrower is late to pay a periodic amount or the total debt for more than 30 days. In case of other evidence available, the Group and the Company accounts for all lifetime expected credit losses of the loan granted regardless of the more than 30 days past due assumption.
Loans for which lifetime expected credit losses were calculated are considered credit-impaired financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-34": { "value": "
(b) Effective interest method
The effective interest method is used in the calculation of the amortised cost of a financial asset and in the allocation of the interest income or interest expense in profit or loss over the relevant period.
The effective interest rate is the rate that exactly discounts estimated future cash inflows through the expected life of the financial asset to the gross carrying amount of the financial asset that shows the amortised cost of the financial asset, before adjusting for any loss allowance. When calculating the effective interest rate, the Group and the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts.
There is an assumption that the cash flows and the expected life of a Group and the Company of similar financial instruments can be estimated reliably. However, when it is not possible to reliably estimate the cash flows or the expected life of a financial instrument (or Group and the Company of financial instruments), the Group and the Company uses the contractual cash flows over the full contractual term of the financial instrument (or Group and the Company of financial instruments).
Interest income is recognised on a time-proportion basis using the effective interest method. When a receivable is impaired the Group reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at original effective interest rate of the instrument, and continues unwinding the discount as interest income. Interest income on impaired loans is recognised using the original effective interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-35": { "value": "
(d) Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired include observable data about the following events:
a) significant financial difficulty of the borrower;
b) a breach of contract, such as a default or event that is past due for more than 90 days;
c) the lender(s) of the borrower, for economic or contractual reasons relating to the borrower's financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
d) it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation;
e) the disappearance of an active market for that financial asset because of financial difficulties;
f) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses.
The combined effect of several events that may occur simultaneously or subsequently throughout the term of validity of the agreement on the financial assets may have caused financial assets to become credit-impaired.
The lifetime expected credit losses of loans receivable and trade receivables is recognised in profit or loss through the contra account of doubtful receivables.
The Group and the Company writes off the loans receivable and trade receivables when it loses the right to receive contractual cash flows from financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-36": { "value": "
(e) Derecognition of financial assets
The Group and the Company derecognises financial assets in case of the following:
- the rights to receive cash flows from the asset have expired;
- the Group and the Company has retained the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass through\u201d arrangement; or
- the Group and the Company has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset:
\uf0b7
if the Group and the Company has not retained control, it shall derecognise the financial asset and recognise separately as assets or liabilities any rights and obligations created or retained in the transfer;
\uf0b7
if the Group and the Company has retained control, it shall continue to recognise the financial asset to the extent of its continuing involvement in the financial asset.
Whether the Group and the Company has retained control of the transferred asset depends on the transferee's ability to sell the asset. If the transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer, the Group and the Company has not retained control. In all other cases, the Group and the Company has retained control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-37": { "value": "
2.9
Inventories
Inventories are carried at the lower of cost and net realisable value. Cost is determined by the first-in first-out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related indirect production overheads, but excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completion and selling expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-38": { "value": "
2.11
Cash and cash equivalents
Cash and cash equivalents include cash at bank and on hand. Cash and cash equivalents are carried at AC because: (i) they are held for collection of contractual cash flows and those cash flows represent SPPI, and (ii) they are not designated at FVTPL. For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand and at bank and bank overdrafts. Bank overdrafts are included in borrowings in current liabilities on the balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-39": { "value": "Cash and cash equivalents are carried at AC because: (i) they are held for collection of contractual cash flows and those cash flows represent SPPI, and (ii) they are not designated at FVTPL. For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand and at bank and bank overdrafts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-40": { "value": "
2.12
Share capital
(a) Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Any excess of the fair value of consideration received over the par value of shares issued is recorded as share premium in equity.
(b) Treasury shares
Where the Company or its subsidiaries purchase the Company\u2019s equity share capital, the consideration paid, including any attributed incremental external costs, is deducted from shareholders\u2019 equity as treasury shares until they are sold, reissued or cancelled. No gain or loss is recognised in the income statement on the sale, issuance or cancellation of treasury shares. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is presented in the consolidated financial statements as a change in shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-41": { "value": "
(b) Treasury shares
Where the Company or its subsidiaries purchase the Company\u2019s equity share capital, the consideration paid, including any attributed incremental external costs, is deducted from shareholders\u2019 equity as treasury shares until they are sold, reissued or cancelled. No gain or loss is recognised in the income statement on the sale, issuance or cancellation of treasury shares. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is presented in the consolidated financial statements as a change in shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-42": { "value": "
2.14Financial liabilities
(a) Financial liabilities
Financial liabilities are classified as subsequently measured at AC, except for (i) financial liabilities at FVTPL: this classification is applied to derivatives, financial liabilities held for trading (e.g. short positions in securities), contingent consideration recognised by an acquirer in a business combination and other financial liabilities designated as such at initial recognition and (ii) financial guarantee contracts and loan commitments. The Group does not have any financial liabilities at fair value through profit or loss.
(b) Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is settled, cancelled or expires.
An exchange between the Group and the Company and its original lenders of debt instruments with substantially different terms, as well as substantial modifications of the terms and conditions of existing financial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. If an exchange of debt instruments or modification of terms is accounted for as an extinguishment, any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability.
Modifications of liabilities that do not result in extinguishment are accounted for as a change in estimate using a cumulative catch up method, with any gain or loss recognised in profit or loss, unless the economic substance of the difference in carrying values is attributed to a capital transaction with owners.
(c) Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position only when there is a legally enforceable right to offset the recognised amounts, and there is an intention to either settle on a net basis, or to realise the asset and settle the liability simultaneously. Such a right of set off (a) must not be contingent on a future event and (b) must be legally enforceable in all of the following circumstances: (i) in the normal course of business, (ii) in the event of default and (iii) in the event of insolvency or bankruptcy.
(d) Trade and other payables.
Trade payables are accrued when the counterparty performs its obligations under the contract and are recognised initially at fair value and subsequently carried at AC using the effective interest method.
(e) Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently carried at AC using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-43": { "value": "
(c) Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position only when there is a legally enforceable right to offset the recognised amounts, and there is an intention to either settle on a net basis, or to realise the asset and settle the liability simultaneously. Such a right of set off (a) must not be contingent on a future event and (b) must be legally enforceable in all of the following circumstances: (i) in the normal course of business, (ii) in the event of default and (iii) in the event of insolvency or bankruptcy.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-44": { "value": "
(d) Trade and other payables.
Trade payables are accrued when the counterparty performs its obligations under the contract and are recognised initially at fair value and subsequently carried at AC using the effective interest method.
2.24
Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-45": { "value": "
(e) Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently carried at AC using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-46": { "value": "
2.15
Current and deferred income tax
The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Profit is taxable at a rate of 16 per cent in accordance with the Lithuanian regulatory legislation on taxation. In Latvia distributed profits are taxed at 20% whereas undistributed profits are taxed at 0% tax rate; deemed profit distributions are taxed at a 20% tax rate (25% effective rate, applying 20/80 to the taxable base).
Deferred income tax is recognised using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are recognised on all temporary differences that will increase the taxable profit in future, whereas deferred tax assets are recognised to the extent it is probable that they will reduce the taxable profit in future. However the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. In Current year there were used 17 per cent rate (Previous year \u2013 16 per cent).
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.
The Group controls the reversal of temporary differences relating to taxes chargeable on dividends from subsidiaries or on gains upon their disposal. The Group does not recognise deferred tax liabilities on such temporary differences except to the extent that management expects the temporary differences to reverse in the foreseeable future.
The Group and the Company determines whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments based on which approach better predicts the resolution of the uncertainty. The Group and the Company assumes that the taxation authority will examine amounts it has a right to examine and will have full knowledge of all related information when making those examinations. If the Group and the Company concludes it is not probable that the taxation authority will accept an uncertain tax treatment, the effect of uncertainty will be reflected in determining the related taxable profit or loss, tax bases, unused tax losses, unused tax credits or tax rates, by using either the most likely amount or the expected value, depending on which method the entity expects to better predict the resolution of the uncertainty. The Group and the Company reflects the effect of a change in facts and circumstances or of new information that affects the judgments or estimates required by the interpretation as a change in accounting estimate. The absence of agreement or disagreement by a taxation authority with a tax treatment, in isolation, is unlikely to constitute a change in facts and circumstances or new information that affects the judgments and estimates required.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-47": { "value": "
Deferred income tax is recognised using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are recognised on all temporary differences that will increase the taxable profit in future, whereas deferred tax assets are recognised to the extent it is probable that they will reduce the taxable profit in future. However the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. In Current year there were used 17 per cent rate (Previous year \u2013 16 per cent).
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.
The Group controls the reversal of temporary differences relating to taxes chargeable on dividends from subsidiaries or on gains upon their disposal. The Group does not recognise deferred tax liabilities on such temporary differences except to the extent that management expects the temporary differences to reverse in the foreseeable future.
The Group and the Company determines whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments based on which approach better predicts the resolution of the uncertainty. The Group and the Company assumes that the taxation authority will examine amounts it has a right to examine and will have full knowledge of all related information when making those examinations. If the Group and the Company concludes it is not probable that the taxation authority will accept an uncertain tax treatment, the effect of uncertainty will be reflected in determining the related taxable profit or loss, tax bases, unused tax losses, unused tax credits or tax rates, by using either the most likely amount or the expected value, depending on which method the entity expects to better predict the resolution of the uncertainty. The Group and the Company reflects the effect of a change in facts and circumstances or of new information that affects the judgments or estimates required by the interpretation as a change in accounting estimate. The absence of agreement or disagreement by a taxation authority with a tax treatment, in isolation, is unlikely to constitute a change in facts and circumstances or new information that affects the judgments and estimates required.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-48": { "value": "
2.16
Employee benefits
(a) Social security contributions
The Group pays social security contributions to the state Social Security Fund (the Fund) on behalf of its employees based on the defined contribution plan in accordance with the local legal requirements. A defined contribution plan is a plan under which the Group pays fixed contributions into the Fund and will have no legal or constructive obligations to pay further contributions if the Fund does not hold sufficient assets to pay all employees benefits relating to employee service in the current and prior period. Social security contributions are recognised as expenses on an accrual basis and are included in payroll expenses.
(b) Termination benefit
Termination benefits are payable whenever an employee\u2019s employment is terminated before the normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after balance sheet date are discounted to present value.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit or loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or
curtailments are recognised immediately in profit or loss as past service costs.
(c) Bonus plans
The Group recognises a liability and an expense for bonuses and profit-sharing where contractually obliged or where there is a past practice that has created a constructive obligation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-49": { "value": "
(b) Termination benefit
Termination benefits are payable whenever an employee\u2019s employment is terminated before the normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after balance sheet date are discounted to present value.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit or loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or
curtailments are recognised immediately in profit or loss as past service costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-50": { "value": "
2.17
Revenue recognition
Revenue is income arising in the course of the Group\u2019s and the Company\u2019s ordinary activities. Revenue is recognised in the amount of transaction price. Transaction price is the amount of consideration to which the Group and the Company expects to be entitled in exchange for transferring control over promised goods or services to a customer, excluding the amounts collected on behalf of third parties.
Revenue is recognised net of discounts, returns and value added taxes, export duties and other similar mandatory payments.
The Company and the Group manufactures and sells a range of cheese and milk products in the wholesale market. Sales are recognised when control of the products has transferred, being when the products are delivered to the wholesaler, the wholesaler has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the wholesaler\u2019s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the wholesaler, and either the wholesaler has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the Group has objective evidence that all criteria for acceptance have been satisfied.
The goods are often sold with retrospective volume discounts based on aggregate sales over a 12 months period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability (included in trade and other payables) is recognised for expected volume discounts payable to customers in relation to sales made until the
end of the reporting period. No element of financing is deemed present as the sales mostly are made with a credit term of 30 days, which is consistent with market practice.
A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
Revenue from transportation services is recognised in the period when services are performed.
Interest income is recognised on a time-proportion basis using the effective interest method. When a receivable is impaired the Group reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at original effective interest rate of the instrument, and continues unwinding the discount as interest income. Interest income on impaired loans is recognised using the original effective interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-51": { "value": "
The goods are often sold with retrospective volume discounts based on aggregate sales over a 12 months period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability (included in trade and other payables) is recognised for expected volume discounts payable to customers in relation to sales made until the
end of the reporting period. No element of financing is deemed present as the sales mostly are made with a credit term of 30 days, which is consistent with market practice.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-52": { "value": "
Interest income is recognised on a time-proportion basis using the effective interest method. When a receivable is impaired the Group reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at original effective interest rate of the instrument, and continues unwinding the discount as interest income. Interest income on impaired loans is recognised using the original effective interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-53": { "value": "
2.18
Expense recognition
Expenses are recognised on an accrual basis and matching principle in the reporting period in which they are incurred. Expenses incurred during the reporting period, which cannot be attributed directly to specific income earned and will not generate any income in subsequent reporting periods, are recognised as expenses during the period when incurred. Expenses are stated at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-54": { "value": "
2.19
Dividend distribution
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-55": { "value": "
2.20
Earnings per share
Basic earnings per share are calculated by dividing net profit attributed to the shareholders from average weighted number of ordinary registered shares in issue, excluding ordinary registered shares purchased by the Company and the Group and held as treasury shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-56": { "value": "
2.21
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker who is responsible for allocating resources and assessing performance of the operating segments has been identified as the Board of Directors that makes strategic decisions.
The Group\u2019s management distinguished the following operating segments of the Group: hard cheese, semi-hard cheese, butter, milk cream, sour cream, sour milk, yogurt, curd, curd cheese and other. These segments were combined into two main reportable segments based on the similar nature of products production process types of customers and the method of distribution.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-57": { "value": "
2.22
Government grants and subsidies
Government grants are recognised at fair value where there is sufficient evidence that the grant will be received and the Group and the Company will comply with all attached conditions.
Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and are credited to profit or loss on a straight line basis over the expected lives of the related assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-58": { "value": "
2.23
Provisions
Provisions are recognised when: the Group and the Company have a present legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation; and the amount can be reliably estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of expenditures expected to be required to settle the obligation using pre-tax rate that reflects current market assessments of the time value of money and the risks specified to the obligation. The increase in the provision due to passage of time is recognised as operating expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-59": { "value": "
2.25
Derivative financial instruments
The Company uses derivative financial instruments such as interest rate swaps to hedge its cash flow interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re -measured at fair value. Changes in the fair value of the interest rate swap are recognised immediately in profit or loss and are included in finance cost. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. The fair value of currency interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves. Additionally, the instruments\u2019 value is agreed upon with bank.
All of the resulting fair value estimates are included in level 2 in the fair value hierarchy.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-60": { "value": "
2.25
Derivative financial instruments
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-61": { "value": "
2.26
Events after the reporting period
Post-balance sheet events that provide additional information about the Company\u2019s and Group\u2019s position at the statement of financial position date (adjusting events) are reflected in the financial statements. Events after the reporting period that are non-adjusting events are disclosed in the notes when material.
35.
Impact of war in Ukraine
On 24 February 2022 the Russian Federation started a war in eastern Ukraine, which was condemned by the World. The economic and financial sanctions were imposed on Russian regime. Management of the Group has assessed the possible consequences of these sanctions and the effect of the war for the financial results to the Companies of the Group should not be significant.
During Current and Previous years the Group\u2019s and the Company has no any sales to clients in Russia and Belarus.
During Current year the Group\u2019s and the Company\u2019s sales of milk products to the clients Ukraine totaled EUR 2,029 EUR thousand and EUR 1,031 thousand respectively (Previous year: EUR 2,198 thousand and EUR 905 thousand).
As at the end of Current year there were no accounts receivable from companies Ukraine (Previous year: EUR none).
The management of the Group carefully monitors the situation in Ukraine and the sanctions imposed in order to comply. However, based on Group\u2019s Management evaluation, the current situation does not affect the Group\u2019s ability to continue as a going concern.
37.
Events after the reporting period
There were no significant events after reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-62": { "value": "
2.27
Contingent assets and liabilities
Contingent liabilities are not recognised in the financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.
A contingent asset is not recognised in the financial statements but disclosed when an inflow of economic benefits is probable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-63": { "value": "
2.28
Finance costs
Finance costs represents costs incurred by the Company and the Group from financing activities, such as interest costs on borrowings.
11.
Finance costs
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-64": { "value": "
2.28
Finance costs
Finance costs represents costs incurred by the Company and the Group from financing activities, such as interest costs on borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-65": { "value": "
2.28
Finance costs
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-66": { "value": "
2.29
Transactions with related parties
In the normal course of business, the Company and the Group enter into transactions with their related parties. These transactions are priced predominantly at market rates. Judgement is applied in determining if transactions are priced at market or non-market rates, where there is no active market for such transactions. The basis for judgement is pricing for similar types of transactions with unrelated parties, when such information is known to the Company or the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-67": { "value": "
3.
Financial risk management
3.1
Financial risk factors
The Group\u2019s and the Company\u2019s activities expose them to a variety of financial risks. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group.
Risk management is carried out by the Company\u2019s management. There are no written principles for overall risk management in place.
(a) Market risk
(i) Foreign exchange risk
The Company and the Group operate internationally, however, their exposure to foreign exchange risk is set at minimum level, since sales outside Lithuania are performed mostly in the euros.
(ii) Cash flow and fair value interest rate risk
The Company\u2019s and the Group\u2019s interest rate risk arises from interest-bearing loans and borrowings. Borrowings with variable interest rates expose the Group to cash flow interest rate risk. Borrowings with fixed interest rates expose the Group to fair value interest rate risk. In current year and previous year, loans granted by the Group at a fixed interest rate were denominated in the euros. Borrowings were denominated in the euros.
IBOR reform had no material impact for the Company and Group, as major borrowings are either EURIBOR linked, or have fixed interest rates, therefore there was no need to transition to alternative benchmark interest rates. Changes in how EURIBOR is determined (determination has shifted from a quotes-based to a transactions-based methodology) had no impact on interest rates applied, as for all EURIBOR linked borrowings three months EURIBOR is subject to a 0% floor. Before and after the changes in how EURIBOR is determined EURIBOR was negative, therefore 0% floor was applicable to arrive at interest rate and therefore those changes had no impact on interest rate itself and no effect on future cash flows. The financial liabilities denominated at EURIBOR based interest rate are disclosed in Note 26.
Instruments used by the group (Note 26)
The Company and the Group uses Interest rate swap to minimise the risk of interest rate fluctuations. The interest rate swap currently in place covers approximately 6% (Previous year: 11%) of the short - term borrowings interest and 0% of long term interest (Previous year: 100%).
The swap contract requires settlement of net interest receivable or payable every 30 days. The settlement dates coincide with the dates on which interest is payable on the underlying debt.
The exposure of variable rate of the Group\u2019s and the Company\u2019s borrowings (amounted to EUR 27,423 (Previous year: 34,085)) to interest rate changes are as follows, at the year-end: in every change of interest rate amount by 0,1% (100 points), the Group\u2019s and the Company\u2019s interest expense changes by Eur 27 thousand in Current year and EUR 34 thousand in Previous year.
As at 31 December of Current year the Company\u2019s and the Group\u2019s net assets sensitive to changes in interest rate amounted to EUR 17,797 thousand (Previous year: EUR 14,556 thousand).
(b) Credit risk
The Group and the Company exposes itself to credit risk, which is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to meet an obligation.
Exposure to credit risk arises from trade receivables, cash and cash equivalents and as a result of the Group\u2019s and the Company\u2019s lending and other transactions with counterparties, giving rise to financial assets and off-balance sheet credit-related commitments.
Credit risk is managed on a group basis. According to internal rules, the Company\u2019s and the Group\u2019s all cash balances are held at banks that had external credit ratings from \u2018A+\u2019 to \u2018BBB\u2019, as set by the rating agency Fitch Ratings.
As at the year end the Group\u2019s cash amounted EUR 6,022 thousand (Previous year: EUR 4,244 thousand) and the Company\u2019s cash amounted EUR 37 thousand (Previous year: EUR 56 thousand) were held at bank with rating AA-, remaining miscellaneous balances were held in banks and payment institutions with lower ratings or those which were not rated by Fitch.
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial.
(i) Maximum exposure to credit risk
The table below summarises the Company\u2019s and the Group\u2019s credit risk exposures relating to on-balance sheet items. Maximum exposure to credit risk before collateral held or other credit enhancements as at 31 December:
Group
Company
Current year
Previous year
Current year
Previous year
Cash and cash equivalents at banks
6,022
4,244
37
56
Trade receivables
40,898
50,774
47,443
45,346
Loans granted
13,414
3,092
13,339
3,059
60,334
58,110
60,819
48,461
(ii) Credit quality of financial assets
The Group does not classify amounts receivable and other financial assets exposed to credit risk according to credit quality. Credit risk is managed through established credit limits for a major customers and monitoring of overdue receivables and loans. Credit limits and overdue receivables are continuously monitored by the Company\u2019s and the Group\u2019s management. There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions.
The table below presents credit limits, if management has established for the major customers and amounts receivable from them before allowance at end of Current year.
Group
Company
Credit limit
Amount receivable
Credit limit
Amount receivable
Customer A
6,000
3,552
6,000
3,552
Customer B
4,345
3,223
-
-
Customer C
3,950
2,726
3,950
2,726
Customer D
2,400
2,208
2,400
2,208
Customer E
2,700
2,128
2,700
2,128
Customer F
4,500
2,007
4,500
2,007
Customer G
2,000
1,927
2,000
1,927
Customer H
2,000
1,905
2,000
1,905
The table below presents credit limits established for the major customers and amounts receivable from them at end of Previous year.
Group
Company
Credit limit
Amount receivable
Credit limit
Amount receivable
Customer A
2,700
2,594
2,700
2,594
Customer B
2,400
2,207
2,400
2,207
Customer F
2,500
2,121
-
-
Customer G
4,800
4,113
-
-
Customer D
4,500
4,003
4,500
4,003
Customer I
6,000
3,922
6,000
3,922
Customer J
4,000
3,790
4,000
3,790
Customer K
3,950
2,994
3,950
2,994
The table below summaries concentration of the loans granted:
Group
Company
Current year
Previous year
Current year
Previous year
in excess of EUR 1,000 thousand
11,936
1,987
11,936
1,987
in excess of EUR 500 thousand, but not in excess of EUR 1,000 thousand
700
-
700
-
not in excess of EUR 500 thousand
778
1,105
703
1,105
13,414
3,092
13,339
3,092
Loans in excess of EUR 1,000 thousand were granted to two business entities.
(iii) Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.
The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 December of Current year or 31 December Previous year respectively and the corresponding historical credit losses experienced within this period. The forward looking analysis lead to the conclusion that an adjustment of historical loss rates is not necessary.
On that basis, the loss allowance as at 31 December was determined as follows for trade receivables grouped (collective model) based on shared characteristics:
Group
Not yet due
Less than 30 days past due
More than 30 days past due
More than 90 days past due
More than 180 days past due
More than 365 days past due
Total
As at 31 december of Current year
Expected loss rate
0.10%
0.25%
0.80%
0.85%
0.90%
2.00%
Gross carrying amount \u2013 trade receivables
34,185
3,978
1,384
602
969
42
41,160
Loss allowance
34
10
11
5
9
1
70
Group
Not yet due
Less than 30 days past due
More than 30 days past due
More than 90 days past due
More than 180 days past due
More than 365 days past due
Total
As at 31 december of Previous year
Expected loss rate
0.10%
0.10%
0.80%
0.80%
0.80%
0.80%
Gross carrying amount \u2013 trade receivables
42,529
5,694
1,069
640
668
175
50,775
Loss allowance
43
6
9
5
5
2
70
Company
Not yet due
Less than 30 days past due
More than 30 days past due
More than 90 days past due
More than 180 days past due
More than 365 days past due
Total
As at 31 december of Current year
Expected loss rate
0.09%
0.25%
0.80%
0.85%
0.90%
2.00%
Gross carrying amount \u2013 trade receivables
40,538
3,978
1,384
602
969
42
47,513
Loss allowance
34
10
11
5
9
1
70
Company
Not yet due
Less than 30 days past due
More than 30 days past due
More than 90 days past due
More than 180 days past due
More than 365 days past due
Total
As at 31 december of Previous year
Expected loss rate
0.12%
0.10%
0.80%
0.80%
0.80%
0.80%
Gross carrying amount \u2013 trade receivables
37,101
5,694
1,069
640
668
175
45,347
Loss allowance
45
6
8
5
5
1
70
ECL for significant trade receivables overdue for more than 90 days is evaluated individually based on external information from credit insurance agency, collaterals received as security of repayment and past history of default. For such trade receivables the loss allowance as at 31 December was determined as follows:
Group
Not yet due
Less than
30 days
past due
More than
30 days
past due
More than
90 days
past due
More than
180 days
past due
More than
365 days
past due
Total
As at 31 December of Current year
Gross carrying amount \u2013 trade receivables
73
27
68
113
493
4,599
5,373
Expected loss rate
100%
Loss allowance
5,373
Group
Not yet due
Less than
30 days
past due
More than
30 days
past due
More than
90 days
past due
More than
180 days
past due
More than
365 days
past due
Total
As at 31 December of Previous year
Gross carrying amount \u2013 trade receivables
121
51
82
151
181
2,918
3,504
Expected loss rate
98.0%
Loss allowance
3,435
Company
Not yet due
Less than
30 days
past due
More than
30 days
past due
More than
90 days
past due
More than
180 days
past due
More than
365 days
past due
Total
As at 31 December of Current year
Gross carrying amount \u2013 trade receivables
73
27
68
113
493
4,599
5,373
Expected loss rate
100%
Loss allowance
5,373
Company
Not yet due
Less than
30 days
past due
More than
30 days
past due
More than
90 days
past due
More than
180 days
past due
More than
365 days
past due
Total
As at 31 December of Previous year
Gross carrying amount \u2013 trade receivables
121
51
82
151
181
2,918
3,504
Expected loss rate
98.0%
Loss allowance
3,435
The Group and the Company has followed the three-stage model for impairment of financial assets other than trade receivables and considered all its loans granted at amortised cost to have Stage 1 (performing) credit. The ECL model is based on the financial information of the Company\u2019s and the Group\u2019s debtors and the assessment of collaterals as security of loan repayment. The Company and the Group carried out an assessment of collaterals as security of loan repayment and determined that the credit losses determined based on probability of default within 12 months resulted in immaterial impairment loss.
The information on loans receivable is disclosed in Note 19.
During Current year debtors collateral placed as security in favor to the Company and the Group for trade receivables and loans receivable are valued at Eur 6,630 thousand (Previous year: Eur 6,630 thousand). The collateral consists of certain buildings, land plots and milk cows, no negative changes in collateral quality observed during both reporting periods.
(c) Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. Prudent liquidity risk management allows maintaining sufficient cash and availability of funding under committed credit facilities.
The Group had access to EUR 24,327 thousand (Previous year: EUR 19,765 thousand) undrawn borrowing facilities at the end of the reporting period expiring within one year.
The table below summarises the Group\u2019s and the Company\u2018s financial liabilities. The financial liabilities are classified into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are contractual undiscounted cash flows. Accounts payable and other financial liabilities due within 3 months or less are equal to their carrying amounts as the impact of discounting is insignificant.
Group
Less than 3 months
From 3 to 12 months
From 1 to 5 years
After 5 years
Previous year
Borrowings from banks and other financial liabilities
26,198
1,225
-
-
Accrued \u00a0expenses
20,198
-
-
-
46,396
1,225
-
-
Group
Less than 3 months
From 3 to 12 months
From 1 to 5 years
After 5 years
Previous year
Borrowings from banks and other financial liabilities
30,760
1,575
1,750
-
Accrued expenses
22,443
-
-
-
53,203
1,575
1,750
-
Company
Less than 3 months
From 3 to 12 months
From 1 to 5 years
After 5 years
Current year
Borrowings from banks and other financial liabilities
26,198
1,225
-
-
Trade payables
17,720
-
-
-
43,918
1,225
-
-
Company
Less than 3 months
From 3 to 12 months
From 1 to 5 years
After 5 years
Current year
Borrowings from banks and other financial liabilities
30,760
1,575
1,750
-
Trade payables
20,714
-
-
-
51,474
1,575
1,750
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-68": { "value": "
(a) Market risk
(i) Foreign exchange risk
The Company and the Group operate internationally, however, their exposure to foreign exchange risk is set at minimum level, since sales outside Lithuania are performed mostly in the euros.
(ii) Cash flow and fair value interest rate risk
The Company\u2019s and the Group\u2019s interest rate risk arises from interest-bearing loans and borrowings. Borrowings with variable interest rates expose the Group to cash flow interest rate risk. Borrowings with fixed interest rates expose the Group to fair value interest rate risk. In current year and previous year, loans granted by the Group at a fixed interest rate were denominated in the euros. Borrowings were denominated in the euros.
IBOR reform had no material impact for the Company and Group, as major borrowings are either EURIBOR linked, or have fixed interest rates, therefore there was no need to transition to alternative benchmark interest rates. Changes in how EURIBOR is determined (determination has shifted from a quotes-based to a transactions-based methodology) had no impact on interest rates applied, as for all EURIBOR linked borrowings three months EURIBOR is subject to a 0% floor. Before and after the changes in how EURIBOR is determined EURIBOR was negative, therefore 0% floor was applicable to arrive at interest rate and therefore those changes had no impact on interest rate itself and no effect on future cash flows. The financial liabilities denominated at EURIBOR based interest rate are disclosed in Note 26.
Instruments used by the group (Note 26)
The Company and the Group uses Interest rate swap to minimise the risk of interest rate fluctuations. The interest rate swap currently in place covers approximately 6% (Previous year: 11%) of the short - term borrowings interest and 0% of long term interest (Previous year: 100%).
The swap contract requires settlement of net interest receivable or payable every 30 days. The settlement dates coincide with the dates on which interest is payable on the underlying debt.
The exposure of variable rate of the Group\u2019s and the Company\u2019s borrowings (amounted to EUR 27,423 (Previous year: 34,085)) to interest rate changes are as follows, at the year-end: in every change of interest rate amount by 0,1% (100 points), the Group\u2019s and the Company\u2019s interest expense changes by Eur 27 thousand in Current year and EUR 34 thousand in Previous year.
As at 31 December of Current year the Company\u2019s and the Group\u2019s net assets sensitive to changes in interest rate amounted to EUR 17,797 thousand (Previous year: EUR 14,556 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-69": { "value": "
(b) Credit risk
The Group and the Company exposes itself to credit risk, which is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to meet an obligation.
Exposure to credit risk arises from trade receivables, cash and cash equivalents and as a result of the Group\u2019s and the Company\u2019s lending and other transactions with counterparties, giving rise to financial assets and off-balance sheet credit-related commitments.
Credit risk is managed on a group basis. According to internal rules, the Company\u2019s and the Group\u2019s all cash balances are held at banks that had external credit ratings from \u2018A+\u2019 to \u2018BBB\u2019, as set by the rating agency Fitch Ratings.
As at the year end the Group\u2019s cash amounted EUR 6,022 thousand (Previous year: EUR 4,244 thousand) and the Company\u2019s cash amounted EUR 37 thousand (Previous year: EUR 56 thousand) were held at bank with rating AA-, remaining miscellaneous balances were held in banks and payment institutions with lower ratings or those which were not rated by Fitch.
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial.
(i) Maximum exposure to credit risk
The table below summarises the Company\u2019s and the Group\u2019s credit risk exposures relating to on-balance sheet items. Maximum exposure to credit risk before collateral held or other credit enhancements as at 31 December:
Group
Company
Current year
Previous year
Current year
Previous year
Cash and cash equivalents at banks
6,022
4,244
37
56
Trade receivables
40,898
50,774
47,443
45,346
Loans granted
13,414
3,092
13,339
3,059
60,334
58,110
60,819
48,461
(ii) Credit quality of financial assets
The Group does not classify amounts receivable and other financial assets exposed to credit risk according to credit quality. Credit risk is managed through established credit limits for a major customers and monitoring of overdue receivables and loans. Credit limits and overdue receivables are continuously monitored by the Company\u2019s and the Group\u2019s management. There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions.
The table below presents credit limits, if management has established for the major customers and amounts receivable from them before allowance at end of Current year.
Group
Company
Credit limit
Amount receivable
Credit limit
Amount receivable
Customer A
6,000
3,552
6,000
3,552
Customer B
4,345
3,223
-
-
Customer C
3,950
2,726
3,950
2,726
Customer D
2,400
2,208
2,400
2,208
Customer E
2,700
2,128
2,700
2,128
Customer F
4,500
2,007
4,500
2,007
Customer G
2,000
1,927
2,000
1,927
Customer H
2,000
1,905
2,000
1,905
The table below presents credit limits established for the major customers and amounts receivable from them at end of Previous year.
Group
Company
Credit limit
Amount receivable
Credit limit
Amount receivable
Customer A
2,700
2,594
2,700
2,594
Customer B
2,400
2,207
2,400
2,207
Customer F
2,500
2,121
-
-
Customer G
4,800
4,113
-
-
Customer D
4,500
4,003
4,500
4,003
Customer I
6,000
3,922
6,000
3,922
Customer J
4,000
3,790
4,000
3,790
Customer K
3,950
2,994
3,950
2,994
The table below summaries concentration of the loans granted:
Group
Company
Current year
Previous year
Current year
Previous year
in excess of EUR 1,000 thousand
11,936
1,987
11,936
1,987
in excess of EUR 500 thousand, but not in excess of EUR 1,000 thousand
700
-
700
-
not in excess of EUR 500 thousand
778
1,105
703
1,105
13,414
3,092
13,339
3,092
Loans in excess of EUR 1,000 thousand were granted to two business entities.
(iii) Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.
The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 December of Current year or 31 December Previous year respectively and the corresponding historical credit losses experienced within this period. The forward looking analysis lead to the conclusion that an adjustment of historical loss rates is not necessary.
On that basis, the loss allowance as at 31 December was determined as follows for trade receivables grouped (collective model) based on shared characteristics:
Group
Not yet due
Less than 30 days past due
More than 30 days past due
More than 90 days past due
More than 180 days past due
More than 365 days past due
Total
As at 31 december of Current year
Expected loss rate
0.10%
0.25%
0.80%
0.85%
0.90%
2.00%
Gross carrying amount \u2013 trade receivables
34,185
3,978
1,384
602
969
42
41,160
Loss allowance
34
10
11
5
9
1
70
Group
Not yet due
Less than 30 days past due
More than 30 days past due
More than 90 days past due
More than 180 days past due
More than 365 days past due
Total
As at 31 december of Previous year
Expected loss rate
0.10%
0.10%
0.80%
0.80%
0.80%
0.80%
Gross carrying amount \u2013 trade receivables
42,529
5,694
1,069
640
668
175
50,775
Loss allowance
43
6
9
5
5
2
70
Company
Not yet due
Less than 30 days past due
More than 30 days past due
More than 90 days past due
More than 180 days past due
More than 365 days past due
Total
As at 31 december of Current year
Expected loss rate
0.09%
0.25%
0.80%
0.85%
0.90%
2.00%
Gross carrying amount \u2013 trade receivables
40,538
3,978
1,384
602
969
42
47,513
Loss allowance
34
10
11
5
9
1
70
Company
Not yet due
Less than 30 days past due
More than 30 days past due
More than 90 days past due
More than 180 days past due
More than 365 days past due
Total
As at 31 december of Previous year
Expected loss rate
0.12%
0.10%
0.80%
0.80%
0.80%
0.80%
Gross carrying amount \u2013 trade receivables
37,101
5,694
1,069
640
668
175
45,347
Loss allowance
45
6
8
5
5
1
70
ECL for significant trade receivables overdue for more than 90 days is evaluated individually based on external information from credit insurance agency, collaterals received as security of repayment and past history of default. For such trade receivables the loss allowance as at 31 December was determined as follows:
Group
Not yet due
Less than
30 days
past due
More than
30 days
past due
More than
90 days
past due
More than
180 days
past due
More than
365 days
past due
Total
As at 31 December of Current year
Gross carrying amount \u2013 trade receivables
73
27
68
113
493
4,599
5,373
Expected loss rate
100%
Loss allowance
5,373
Group
Not yet due
Less than
30 days
past due
More than
30 days
past due
More than
90 days
past due
More than
180 days
past due
More than
365 days
past due
Total
As at 31 December of Previous year
Gross carrying amount \u2013 trade receivables
121
51
82
151
181
2,918
3,504
Expected loss rate
98.0%
Loss allowance
3,435
Company
Not yet due
Less than
30 days
past due
More than
30 days
past due
More than
90 days
past due
More than
180 days
past due
More than
365 days
past due
Total
As at 31 December of Current year
Gross carrying amount \u2013 trade receivables
73
27
68
113
493
4,599
5,373
Expected loss rate
100%
Loss allowance
5,373
Company
Not yet due
Less than
30 days
past due
More than
30 days
past due
More than
90 days
past due
More than
180 days
past due
More than
365 days
past due
Total
As at 31 December of Previous year
Gross carrying amount \u2013 trade receivables
121
51
82
151
181
2,918
3,504
Expected loss rate
98.0%
Loss allowance
3,435
The Group and the Company has followed the three-stage model for impairment of financial assets other than trade receivables and considered all its loans granted at amortised cost to have Stage 1 (performing) credit. The ECL model is based on the financial information of the Company\u2019s and the Group\u2019s debtors and the assessment of collaterals as security of loan repayment. The Company and the Group carried out an assessment of collaterals as security of loan repayment and determined that the credit losses determined based on probability of default within 12 months resulted in immaterial impairment loss.
The information on loans receivable is disclosed in Note 19.
During Current year debtors collateral placed as security in favor to the Company and the Group for trade receivables and loans receivable are valued at Eur 6,630 thousand (Previous year: Eur 6,630 thousand). The collateral consists of certain buildings, land plots and milk cows, no negative changes in collateral quality observed during both reporting periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-70": { "value": "
(b) Credit risk
The Group and the Company exposes itself to credit risk, which is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to meet an obligation.
Exposure to credit risk arises from trade receivables, cash and cash equivalents and as a result of the Group\u2019s and the Company\u2019s lending and other transactions with counterparties, giving rise to financial assets and off-balance sheet credit-related commitments.
Credit risk is managed on a group basis. According to internal rules, the Company\u2019s and the Group\u2019s all cash balances are held at banks that had external credit ratings from \u2018A+\u2019 to \u2018BBB\u2019, as set by the rating agency Fitch Ratings.
As at the year end the Group\u2019s cash amounted EUR 6,022 thousand (Previous year: EUR 4,244 thousand) and the Company\u2019s cash amounted EUR 37 thousand (Previous year: EUR 56 thousand) were held at bank with rating AA-, remaining miscellaneous balances were held in banks and payment institutions with lower ratings or those which were not rated by Fitch.
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial.
(i) Maximum exposure to credit risk
The table below summarises the Company\u2019s and the Group\u2019s credit risk exposures relating to on-balance sheet items. Maximum exposure to credit risk before collateral held or other credit enhancements as at 31 December:
Group
Company
Current year
Previous year
Current year
Previous year
Cash and cash equivalents at banks
6,022
4,244
37
56
Trade receivables
40,898
50,774
47,443
45,346
Loans granted
13,414
3,092
13,339
3,059
60,334
58,110
60,819
48,461
(ii) Credit quality of financial assets
The Group does not classify amounts receivable and other financial assets exposed to credit risk according to credit quality. Credit risk is managed through established credit limits for a major customers and monitoring of overdue receivables and loans. Credit limits and overdue receivables are continuously monitored by the Company\u2019s and the Group\u2019s management. There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions.
The table below presents credit limits, if management has established for the major customers and amounts receivable from them before allowance at end of Current year.
Group
Company
Credit limit
Amount receivable
Credit limit
Amount receivable
Customer A
6,000
3,552
6,000
3,552
Customer B
4,345
3,223
-
-
Customer C
3,950
2,726
3,950
2,726
Customer D
2,400
2,208
2,400
2,208
Customer E
2,700
2,128
2,700
2,128
Customer F
4,500
2,007
4,500
2,007
Customer G
2,000
1,927
2,000
1,927
Customer H
2,000
1,905
2,000
1,905
The table below presents credit limits established for the major customers and amounts receivable from them at end of Previous year.
Group
Company
Credit limit
Amount receivable
Credit limit
Amount receivable
Customer A
2,700
2,594
2,700
2,594
Customer B
2,400
2,207
2,400
2,207
Customer F
2,500
2,121
-
-
Customer G
4,800
4,113
-
-
Customer D
4,500
4,003
4,500
4,003
Customer I
6,000
3,922
6,000
3,922
Customer J
4,000
3,790
4,000
3,790
Customer K
3,950
2,994
3,950
2,994
The table below summaries concentration of the loans granted:
Group
Company
Current year
Previous year
Current year
Previous year
in excess of EUR 1,000 thousand
11,936
1,987
11,936
1,987
in excess of EUR 500 thousand, but not in excess of EUR 1,000 thousand
700
-
700
-
not in excess of EUR 500 thousand
778
1,105
703
1,105
13,414
3,092
13,339
3,092
Loans in excess of EUR 1,000 thousand were granted to two business entities.
(iii) Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.
The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 December of Current year or 31 December Previous year respectively and the corresponding historical credit losses experienced within this period. The forward looking analysis lead to the conclusion that an adjustment of historical loss rates is not necessary.
On that basis, the loss allowance as at 31 December was determined as follows for trade receivables grouped (collective model) based on shared characteristics:
Group
Not yet due
Less than 30 days past due
More than 30 days past due
More than 90 days past due
More than 180 days past due
More than 365 days past due
Total
As at 31 december of Current year
Expected loss rate
0.10%
0.25%
0.80%
0.85%
0.90%
2.00%
Gross carrying amount \u2013 trade receivables
34,185
3,978
1,384
602
969
42
41,160
Loss allowance
34
10
11
5
9
1
70
Group
Not yet due
Less than 30 days past due
More than 30 days past due
More than 90 days past due
More than 180 days past due
More than 365 days past due
Total
As at 31 december of Previous year
Expected loss rate
0.10%
0.10%
0.80%
0.80%
0.80%
0.80%
Gross carrying amount \u2013 trade receivables
42,529
5,694
1,069
640
668
175
50,775
Loss allowance
43
6
9
5
5
2
70
Company
Not yet due
Less than 30 days past due
More than 30 days past due
More than 90 days past due
More than 180 days past due
More than 365 days past due
Total
As at 31 december of Current year
Expected loss rate
0.09%
0.25%
0.80%
0.85%
0.90%
2.00%
Gross carrying amount \u2013 trade receivables
40,538
3,978
1,384
602
969
42
47,513
Loss allowance
34
10
11
5
9
1
70
Company
Not yet due
Less than 30 days past due
More than 30 days past due
More than 90 days past due
More than 180 days past due
More than 365 days past due
Total
As at 31 december of Previous year
Expected loss rate
0.12%
0.10%
0.80%
0.80%
0.80%
0.80%
Gross carrying amount \u2013 trade receivables
37,101
5,694
1,069
640
668
175
45,347
Loss allowance
45
6
8
5
5
1
70
ECL for significant trade receivables overdue for more than 90 days is evaluated individually based on external information from credit insurance agency, collaterals received as security of repayment and past history of default. For such trade receivables the loss allowance as at 31 December was determined as follows:
Group
Not yet due
Less than
30 days
past due
More than
30 days
past due
More than
90 days
past due
More than
180 days
past due
More than
365 days
past due
Total
As at 31 December of Current year
Gross carrying amount \u2013 trade receivables
73
27
68
113
493
4,599
5,373
Expected loss rate
100%
Loss allowance
5,373
Group
Not yet due
Less than
30 days
past due
More than
30 days
past due
More than
90 days
past due
More than
180 days
past due
More than
365 days
past due
Total
As at 31 December of Previous year
Gross carrying amount \u2013 trade receivables
121
51
82
151
181
2,918
3,504
Expected loss rate
98.0%
Loss allowance
3,435
Company
Not yet due
Less than
30 days
past due
More than
30 days
past due
More than
90 days
past due
More than
180 days
past due
More than
365 days
past due
Total
As at 31 December of Current year
Gross carrying amount \u2013 trade receivables
73
27
68
113
493
4,599
5,373
Expected loss rate
100%
Loss allowance
5,373
Company
Not yet due
Less than
30 days
past due
More than
30 days
past due
More than
90 days
past due
More than
180 days
past due
More than
365 days
past due
Total
As at 31 December of Previous year
Gross carrying amount \u2013 trade receivables
121
51
82
151
181
2,918
3,504
Expected loss rate
98.0%
Loss allowance
3,435
The Group and the Company has followed the three-stage model for impairment of financial assets other than trade receivables and considered all its loans granted at amortised cost to have Stage 1 (performing) credit. The ECL model is based on the financial information of the Company\u2019s and the Group\u2019s debtors and the assessment of collaterals as security of loan repayment. The Company and the Group carried out an assessment of collaterals as security of loan repayment and determined that the credit losses determined based on probability of default within 12 months resulted in immaterial impairment loss.
The information on loans receivable is disclosed in Note 19.
During Current year debtors collateral placed as security in favor to the Company and the Group for trade receivables and loans receivable are valued at Eur 6,630 thousand (Previous year: Eur 6,630 thousand). The collateral consists of certain buildings, land plots and milk cows, no negative changes in collateral quality observed during both reporting periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-71": { "value": "
(c) Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. Prudent liquidity risk management allows maintaining sufficient cash and availability of funding under committed credit facilities.
The Group had access to EUR 24,327 thousand (Previous year: EUR 19,765 thousand) undrawn borrowing facilities at the end of the reporting period expiring within one year.
The table below summarises the Group\u2019s and the Company\u2018s financial liabilities. The financial liabilities are classified into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are contractual undiscounted cash flows. Accounts payable and other financial liabilities due within 3 months or less are equal to their carrying amounts as the impact of discounting is insignificant.
Group
Less than 3 months
From 3 to 12 months
From 1 to 5 years
After 5 years
Previous year
Borrowings from banks and other financial liabilities
26,198
1,225
-
-
Accrued \u00a0expenses
20,198
-
-
-
46,396
1,225
-
-
Group
Less than 3 months
From 3 to 12 months
From 1 to 5 years
After 5 years
Previous year
Borrowings from banks and other financial liabilities
30,760
1,575
1,750
-
Accrued expenses
22,443
-
-
-
53,203
1,575
1,750
-
Company
Less than 3 months
From 3 to 12 months
From 1 to 5 years
After 5 years
Current year
Borrowings from banks and other financial liabilities
26,198
1,225
-
-
Trade payables
17,720
-
-
-
43,918
1,225
-
-
Company
Less than 3 months
From 3 to 12 months
From 1 to 5 years
After 5 years
Current year
Borrowings from banks and other financial liabilities
30,760
1,575
1,750
-
Trade payables
20,714
-
-
-
51,474
1,575
1,750
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-72": { "value": "
3.2Capital risk management
The Company\u2019s and the Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group and Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The Company and the Group define their capital as equity and debt, less cash and cash equivalents.
As at 31 December, the Group\u2019s and the Company\u2019s capital structure was as follows:
Group
Company
Current
Previous
Current
Previous
Borrowings (Note 26)
27,423
34,085
27,423
34,085
Less: cash and cash equivalents (Note 21)
(6,022)
(4,244)
(37)
(56)
Net debt
21,401
29,841
27,386
34,029
Shareholders\u2019 equity
160,072
149,207
139,536
129,523
Total capital
181,473
179,048
166,922
163,552
Pursuant to the Lithuanian Law on Companies the authorised share capital of a public company must be not less than EUR 25 thousand (the authorised share capital of a private company must not be less than EUR 2.5 thousand) and the shareholders\u2019 equity should not be lower than 50 per cent of the company\u2019s registered share capital. During Current and Previous years the Company and its subsidiaries registered in Lithuania complied with these requirements.
Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants:
\uf0b7
net Debt/EBITDA ratio no more than 4,
\uf0b7
Equity ratio more than 40%
\uf0b7
borrowings/working capital ratio less than 60%.
The Group has complied with these covenants throughout the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-73": { "value": "
3.3
Fair value estimation
Trade payables and trade receivables accounted for in the balance sheet should be settled within a period shorter than three months therefore it is deemed that their fair value equals to their carrying amount less impairment. Interest rate on the borrowings received by the Company is subject to repricing at least every six months therefore it is deemed that their fair value equals their carrying amount. Companies and Group issued loans fair value disclosed in Note 18. Property, plant and equipment fair value disclosed in Note 14.
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 three levels of the fair value hierarchy have been defined as follows:
Level 1 includes the fair value of assets which is established based on quoted prices (unadjusted) in active markets for identical assets.
Level 2 includes the fair value of assets which is established based on other directly or indirectly observable inputs.
Level 3 includes the fair value of assets which is established based on unobservable inputs.
Inventory write-down to net realizable value
The Group and the Company recognise inventory at the lower of cost and net realizable value. The Group and the Company assess whether the value of inventory recognised at cost is not lower that its net realisable value based on the historical data and actual results of inventory items sold below cost after the financial year end. If the recognised inventory write-down to net realisable value was 5 % higher/lower, the Group\u2019s and the Company\u2019s profit before income tax for the Current year would be EUR 314 thousand lower/ higher (Previous year: EUR 39 thousand, respectively). See Note 21 for more details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-74": { "value": "
4.
Critical accounting estimates and judgements
Impairment of financial assets
The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group\u2019s past history, existing market conditions as well as forward looking estimates at the end of each reporting period. Details of the key assumptions and inputs used are disclosed in Note 3.1.
Estimates of useful lives of property, plant and equipment
The estimation of the useful lives of items of property, plant and equipment is a matter of judgment based on the experience with similar assets. The future economic benefits embodied in the assets are consumed principally through use. However, other factors, such as technical or commercial obsolescence and wear and tear, often result in the diminution of the economic benefits embodied in the assets. Management assesses the remaining useful lives in accordance with the current technical conditions of the assets and estimated period during which the assets are expected to earn benefits for the Group and the Company. The following primary factors are considered: (a) the expected usage of the assets; (b) the expected physical wear and tear, which depends on operational factors and maintenance programme; and (c) the technical or commercial obsolescence arising from changes in market conditions.
The Company and the Group have old buildings and machinery, where the useful lives are estimated based on the expected product lifecycles. However, economic useful lives may differ from the currently estimated as a result of technical innovations and actions of competitors.
Inventory write-down to net realizable value
The Group and the Company recognise inventory at the lower of cost and net realizable value. The Group and the Company assess whether the value of inventory recognised at cost is not lower that its net realisable value based on the historical data and actual results of inventory items sold below cost after the financial year end. If the recognised inventory write-down to net realisable value was 5 % higher/lower, the Group\u2019s and the Company\u2019s profit before income tax for the Current year would be EUR 314 thousand lower/ higher (Previous year: EUR 39 thousand, respectively). See Note 21 for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-75": { "value": "4.Critical accounting estimates and judgementsImpairment of financial assetsThe loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group\u2019s past history, existing market conditions as well as forward looking estimates at the end of each reporting period. Details of the key assumptions and inputs used are disclosed in Note 3.1.Estimates of useful lives of property, plant and equipment The estimation of the useful lives of items of property, plant and equipment is a matter of judgment based on the experience with similar assets. The future economic benefits embodied in the assets are consumed principally through use. However, other factors, such as technical or commercial obsolescence and wear and tear, often result in the diminution of the economic benefits embodied in the assets. Management assesses the remaining useful lives in accordance with the current technical conditions of the assets and estimated period during which the assets are expected to earn benefits for the Group and the Company. The following primary factors are considered: (a) the expected usage of the assets; (b) the expected physical wear and tear, which depends on operational factors and maintenance programme; and (c) the technical or commercial obsolescence arising from changes in market conditions.The Company and the Group have old buildings and machinery, where the useful lives are estimated based on the expected product lifecycles. However, economic useful lives may differ from the currently estimated as a result of technical innovations and actions of competitors. Inventory write-down to net realizable valueThe Group and the Company recognise inventory at the lower of cost and net realizable value. The Group and the Company assess whether the value of inventory recognised at cost is not lower that its net realisable value based on the historical data and actual results of inventory items sold below cost after the financial year end. If the recognised inventory write-down to net realisable value was 5 % higher/lower, the Group\u2019s and the Company\u2019s profit before income tax for the Current year would be EUR 314 thousand lower/ higher (Previous year: EUR 39 thousand, respectively). See Note 21 for more details.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-76": { "value": "
4.
Critical accounting estimates and judgements
Impairment of financial assets
The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group\u2019s past history, existing market conditions as well as forward looking estimates at the end of each reporting period. Details of the key assumptions and inputs used are disclosed in Note 3.1.
Estimates of useful lives of property, plant and equipment
The estimation of the useful lives of items of property, plant and equipment is a matter of judgment based on the experience with similar assets. The future economic benefits embodied in the assets are consumed principally through use. However, other factors, such as technical or commercial obsolescence and wear and tear, often result in the diminution of the economic benefits embodied in the assets. Management assesses the remaining useful lives in accordance with the current technical conditions of the assets and estimated period during which the assets are expected to earn benefits for the Group and the Company. The following primary factors are considered: (a) the expected usage of the assets; (b) the expected physical wear and tear, which depends on operational factors and maintenance programme; and (c) the technical or commercial obsolescence arising from changes in market conditions.
The Company and the Group have old buildings and machinery, where the useful lives are estimated based on the expected product lifecycles. However, economic useful lives may differ from the currently estimated as a result of technical innovations and actions of competitors.
Inventory write-down to net realizable value
The Group and the Company recognise inventory at the lower of cost and net realizable value. The Group and the Company assess whether the value of inventory recognised at cost is not lower that its net realisable value based on the historical data and actual results of inventory items sold below cost after the financial year end. If the recognised inventory write-down to net realisable value was 5 % higher/lower, the Group\u2019s and the Company\u2019s profit before income tax for the Current year would be EUR 314 thousand lower/ higher (Previous year: EUR 39 thousand, respectively). See Note 21 for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-77": { "value": "
5.
Segment reporting
Operating segments and reportable segments
The main two reportable business segments of the Group are as follows:
- Fresh milk products
- Cheese and other dairy products
Transactions between the operating segments are on normal commercial terms and conditions. The number of segment customers, each generating 10% of total revenue of the segment are:
- Fresh milk products: 2 external customers
- Cheese and other dairy products: 1 external customer
The table below summarizes segment information for the years ended:
Fresh milk products
Cheese and other dairy products
Group
Current year
Sales
130,373
331,141
461,514
Inter-segment sales
-
(58,844)
(58,844)
Third party sales
130,373
272,297
402,670
Segment\u2019s gross profit
14,415
31,361
45,776
Previous year
Sales
131,591
277,288
408,879
Inter-segment sales
-
(38,531)
(38,531)
Third party sales
131,591
238,757
370,348
Segment\u2019s gross profit
16,339
34,558
50,897
During Current year the Group\u2019s amount of services of goods and milk transportation, milk production and other services, recorded within the sales, was to EUR 657 thousand (Previous year: EUR 1,034 thousand), the Company\u2019s \u2013 respectively EUR 7,074 thousand (Previous year: EUR 6,020 thousand).
Geographical information
The Company\u2019s sales by markets and assets by can be analysed as follows:
Sales revenue
Total assets
Capital expenditure
Current year
Previous year
Current year
Previous year
Current year
Previous year
Lithuania
160,739
117,980
193,739
192,213
10,193
5,576
Europe Union countries
197,281
194,276
-
-
-
-
Near East
7,694
10,963
-
-
-
-
North America
4,563
4,377
-
-
-
-
Far East
2,345
3,295
-
-
-
-
Other countries
3,452
3,308
-
-
-
-
376,074
334,199
193,739
192,213
10,193
5,576
The Group\u2019s sales by markets and assets by location can be analysed as follows:
Sales revenue
Total assets
Capital expenditure
Current year
Previous year
Current year
Previous year
Current year
Previous year
Lithuania
122,041
121,805
213,771
212,874
13,377
7,683
Europe Union countries
244,652
220,903
8,574
4,502
-
1
Near East
13,245
13,330
-
-
-
-
North America
5,214
4,398
-
-
-
-
Far East
5,887
4,780
-
-
-
-
Other countries
11,631
5,132
-
-
-
-
402,670
370,348
222,345
217,376
13,377
7,684
Sales are allocated based on the country in which the customers are located.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-78": { "value": "
5.
Segment reporting
Operating segments and reportable segments
The main two reportable business segments of the Group are as follows:
- Fresh milk products
- Cheese and other dairy products
Transactions between the operating segments are on normal commercial terms and conditions. The number of segment customers, each generating 10% of total revenue of the segment are:
- Fresh milk products: 2 external customers
- Cheese and other dairy products: 1 external customer
The table below summarizes segment information for the years ended:
Fresh milk products
Cheese and other dairy products
Group
Current year
Sales
130,373
331,141
461,514
Inter-segment sales
-
(58,844)
(58,844)
Third party sales
130,373
272,297
402,670
Segment\u2019s gross profit
14,415
31,361
45,776
Previous year
Sales
131,591
277,288
408,879
Inter-segment sales
-
(38,531)
(38,531)
Third party sales
131,591
238,757
370,348
Segment\u2019s gross profit
16,339
34,558
50,897
During Current year the Group\u2019s amount of services of goods and milk transportation, milk production and other services, recorded within the sales, was to EUR 657 thousand (Previous year: EUR 1,034 thousand), the Company\u2019s \u2013 respectively EUR 7,074 thousand (Previous year: EUR 6,020 thousand).
Geographical information
The Company\u2019s sales by markets and assets by can be analysed as follows:
Sales revenue
Total assets
Capital expenditure
Current year
Previous year
Current year
Previous year
Current year
Previous year
Lithuania
160,739
117,980
193,739
192,213
10,193
5,576
Europe Union countries
197,281
194,276
-
-
-
-
Near East
7,694
10,963
-
-
-
-
North America
4,563
4,377
-
-
-
-
Far East
2,345
3,295
-
-
-
-
Other countries
3,452
3,308
-
-
-
-
376,074
334,199
193,739
192,213
10,193
5,576
The Group\u2019s sales by markets and assets by location can be analysed as follows:
Sales revenue
Total assets
Capital expenditure
Current year
Previous year
Current year
Previous year
Current year
Previous year
Lithuania
122,041
121,805
213,771
212,874
13,377
7,683
Europe Union countries
244,652
220,903
8,574
4,502
-
1
Near East
13,245
13,330
-
-
-
-
North America
5,214
4,398
-
-
-
-
Far East
5,887
4,780
-
-
-
-
Other countries
11,631
5,132
-
-
-
-
402,670
370,348
222,345
217,376
13,377
7,684
Sales are allocated based on the country in which the customers are located.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-79": { "value": "
5.
Segment reporting
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-80": { "value": "
6.
Selling and marketing expenses
Group
Company
Current year
Previous year
Current year
Previous year
Transportation services
(5,329)
(4,985)
(4,491)
(4,562)
Wages and salaries
(4,332)
(4,449)
(1,966)
(2,335)
Intermediation services
(462)
(567)
(462)
(567)
Product image creation and advertising expenses
(1,133)
(1,311)
(140)
(260)
Repair and maintenance
(532)
(1,017)
(438)
(931)
Depreciation of property, plant and equipment
(754)
(769)
(712)
(726)
Warehousing services
(154)
(435)
(154)
(435)
Customs fees
(210)
(139)
(210)
(139)
Other expenses
(1,845)
(2,057)
(1,074)
(1,399)
(14,751)
(15,729)
(9,647)
(11,354)
7.
General and administrative expenses
10.
Expenses by nature
Group
Company
Current year
Previous year
Current year
Previous year
Raw materials and consumables used
293,334
236,954
276,781
222,800
Changes in inventories of finished goods and work in progress
(4,152)
11,615
23,139
12,189
Inventory write-down to net realizable value (Note 19)
(6,287)
(770)
(2,613)
(770)
Wages and salaries including social security contributions
31,398
31,080
19,060
19,143
Transportation services
13,915
12,235
13,069
11,808
Depreciation (Notes 14)
10,306
9,789
7,173
6,737
Amortisation of the Government grant for property, plant and equipment (Note 26)
(577)
(514)
(310)
(311)
Intermediation services
462
567
462
567
Repairs and maintenance
6,077
8,905
4,073
6,977
Cost of finished goods resold
696
612
4,900
23,546
Provisions for impairment of loans granted and doubtful receivables and write-offs of loans and receivables (reversals)
1,871
(632)
1,871
(632)
Taxes (other than income tax)
969
820
500
417
Consultations
337
244
232
160
Telecommunication and IT maintenance expenses
186
298
128
221
Utilities (energy)
20,774
20,268
12,144
12,180
Other
14,467
12,606
8,418
6,655
Total cost of sales, selling and marketing expenses and general and administrative expenses
383,777
344,077
369,027
321,687
11.
Finance costs
Group
Company
Current year
Previous year
Current year
Previous year
Interest expenses:
- bank borrowings
(869)
(1,841)
(853)
(1,841)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-81": { "value": "
7.
General and administrative expenses
Group
Company
Current year
Previous year
Current year
Previous year
Wages and salaries
(5,084)
(5,164)
(2,991)
(2,768)
Taxes (other than income tax)
(72)
(61)
(41)
(36)
Provisions for impairment of loans granted and doubtful receivables and write-offs of loans and receivables (reversals) (Note 20)
(1,871)
620
(1,871)
620
Consultations
(338)
(243)
(232)
(160)
Depreciation of property, plant and equipment and amortisation of intangible assets
(767)
(758)
(613)
(583)
Repairs and maintenance
(685)
(736)
(228)
(283)
Telecommunications and IT maintenance expenses
(185)
(296)
(120)
(213)
Insurance expenses
(173)
(185)
(155)
(166)
Bank charges
(168)
(187)
(162)
(182)
Business trips
(93)
(147)
(50)
(105)
Fines
(4)
(7)
(1)
(8)
Staff training
(118)
(116)
(87)
(81)
Membership fees
(19)
(10)
(18)
(9)
Charity and support
(806)
(528)
(421)
(144)
Other expenses
(1,748)
(1,079)
(1,220)
(913)
(12,131)
(8,897)
(8,210)
(5,031)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-82": { "value": "
8.
Other income
Group
Company
Current year
Previous year
Current year
Previous year
Interest income
746
998
746
998
Dividend and other income
-
-
9,673
10,338
746
998
10,419
11,336
The Company\u2019s other income comprises dividends received from subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-83": { "value": "
8.
Other income
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-84": { "value": "
8.
Other income
11.
Finance costs
Group
Company
Current year
Previous year
Current year
Previous year
Interest expenses:
- bank borrowings
(869)
(1,841)
(853)
(1,841)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-85": { "value": "
8.
Other income
11.
Finance costs
Group
Company
Current year
Previous year
Current year
Previous year
Interest expenses:
- bank borrowings
(869)
(1,841)
(853)
(1,841)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-86": { "value": "
Group
Company
Current year
Previous year
Current year
Previous year
Interest income
746
998
746
998
Dividend and other income
-
-
9,673
10,338
746
998
10,419
11,336
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-87": { "value": "
9.
Other (losses)/gains
Group
Company
Current year
Previous year
Current year
Previous year
Result of disposal of property, plant and equipment
460
173
422
103
460
173
422
103
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-88": { "value": "
10.
Expenses by nature
Group
Company
Current year
Previous year
Current year
Previous year
Raw materials and consumables used
293,334
236,954
276,781
222,800
Changes in inventories of finished goods and work in progress
(4,152)
11,615
23,139
12,189
Inventory write-down to net realizable value (Note 19)
(6,287)
(770)
(2,613)
(770)
Wages and salaries including social security contributions
31,398
31,080
19,060
19,143
Transportation services
13,915
12,235
13,069
11,808
Depreciation (Notes 14)
10,306
9,789
7,173
6,737
Amortisation of the Government grant for property, plant and equipment (Note 26)
(577)
(514)
(310)
(311)
Intermediation services
462
567
462
567
Repairs and maintenance
6,077
8,905
4,073
6,977
Cost of finished goods resold
696
612
4,900
23,546
Provisions for impairment of loans granted and doubtful receivables and write-offs of loans and receivables (reversals)
1,871
(632)
1,871
(632)
Taxes (other than income tax)
969
820
500
417
Consultations
337
244
232
160
Telecommunication and IT maintenance expenses
186
298
128
221
Utilities (energy)
20,774
20,268
12,144
12,180
Other
14,467
12,606
8,418
6,655
Total cost of sales, selling and marketing expenses and general and administrative expenses
383,777
344,077
369,027
321,687
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-89": { "value": "
Group
Company
Current year
Previous year
Current year
Previous year
Raw materials and consumables used
293,334
236,954
276,781
222,800
Changes in inventories of finished goods and work in progress
(4,152)
11,615
23,139
12,189
Inventory write-down to net realizable value (Note 19)
(6,287)
(770)
(2,613)
(770)
Wages and salaries including social security contributions
31,398
31,080
19,060
19,143
Transportation services
13,915
12,235
13,069
11,808
Depreciation (Notes 14)
10,306
9,789
7,173
6,737
Amortisation of the Government grant for property, plant and equipment (Note 26)
(577)
(514)
(310)
(311)
Intermediation services
462
567
462
567
Repairs and maintenance
6,077
8,905
4,073
6,977
Cost of finished goods resold
696
612
4,900
23,546
Provisions for impairment of loans granted and doubtful receivables and write-offs of loans and receivables (reversals)
1,871
(632)
1,871
(632)
Taxes (other than income tax)
969
820
500
417
Consultations
337
244
232
160
Telecommunication and IT maintenance expenses
186
298
128
221
Utilities (energy)
20,774
20,268
12,144
12,180
Other
14,467
12,606
8,418
6,655
Total cost of sales, selling and marketing expenses and general and administrative expenses
383,777
344,077
369,027
321,687
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-90": { "value": "
11.
Finance costs
Group
Company
Current year
Previous year
Current year
Previous year
Interest expenses:
- bank borrowings
(869)
(1,841)
(853)
(1,841)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-91": { "value": "
11.
Finance costs
Group
Company
Current year
Previous year
Current year
Previous year
Interest expenses:
- bank borrowings
(869)
(1,841)
(853)
(1,841)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-92": { "value": "
12.
Income tax
Group
Company
Current year
Previous year
Current year
Previous year
Current income tax
(3,375)
(2,765)
(1,391)
(793)
Prior year income tax corrections\u00a0
-
-
-
-
Deferred income tax (Note 17)
1,339
5
698
(15)
Income tax (expenses)/ benefit
(2,036)
(2,760)
(693)
(808)
The income tax on the Company\u2019s and the Group\u2019s profit before tax differs from the theoretical amount that would arise when using the basic tax rate as follows:
Group
Company
Current year
Previous year
Current year
Previous year
Profit before income tax
19,230
25,601
17,035
22,110
Tax calculated at a rate of 16% (Previous year: 15%) (Note 2.15)
2,426
3,840
2,726
3,317
Expenses not deductible for tax purposes
1,427
186
727
125
Income not subject to tax
(1,583)
(1,551)
(1,568)
(1,551)
Charity expenses deductible twice for tax purposes
(182)
(152)
(59)
(37)
Investment projects relief
(454)
(278)
(171)
(200)
Prior year income tax corrections and other
402
715
(962)
(846)
Income tax expense/(benefit)
2,036
2,760
693
808
Expenses not deductible for tax purposes include representation expenses, write-offs, etc. Income not subject to tax include interest on late payment and insurance benefits received.
The Tax Authorities may at any time during 3 successive years after the end of the reporting tax year carry out the inspection of book-keeping and accounting records and impose additional taxes or fines (for certain transactions period is 5 years). The Company\u2018s management is not aware of any circumstances that might result in a potential material liability in this respect.
18.
Deferred income tax
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The offset amounts are as follows:
Group
Company
Current year
Previous year
Current year
Previous year
Deferred income tax assets:
\u2013 to be realised after more than 12 months
1,469
1,076
1,382
1,005
\u2013\u00a0to be realised within 12 months
1,069
123
444
123
2,538
1,199
1,826
1,128
Deferred income tax liabilities:
\u2013 to be realised after more than 12 months
-
-
-
-
\u2013\u00a0to be realised within 12 months
-
-
-
-
-
-
-
-
Net deferred tax liability
2,538
1,199
1,826
1,128
The gross movement in deferred income tax liabilities was as follows:
Group
Company
Current year
Previous year
Current year
Previous year
At the beginning of the year
1,199
1,194
1,128
1,143
Recognised in the income statement\u00a0
1,339
5
698
(15)
Recognised in other comprehensive income
-
-
-
-
At the end of the year
2,538
1,199
1,826
1,128
The movement in deferred income tax assets and liabilities during the period, without taking into consideration the offsetting of balances within the same fiscal jurisdiction is as follows:
Company
Deferred income tax assets
Inventory write-down to net realisable value
Employee post-retirement benefits
Impairment of amounts receivable
Vacation reserve
Total
At 1 January of Previous year
119
209
652
163
1,143
Recognised in the income statement
4
27
(57)
11
(15)
Recognised in other comprehensive income
-
-
-
-
-
At 31 December of Previous year
123
236
595
174
1,128
Recognised in the income statement
321
19
319
39
698
Recognised in other comprehensive income
-
-
-
-
-
At 31 December of Current year
444
255
914
213
1,826
Group
Deferred income tax assets
Inventory write-down to net realisable value
Employee post-retirement benefits
Impairment of amounts receivable
Vacation reserve
Tax loss, transferable for future years
Total
At 1 January of Previous year
119
260
652
163
-
1,194
Recognised in the income statement
4
47
(57)
11
-
5
Recognised in other comprehensive income
-
-
-
-
-
-
At 31 December of Previous year
123
307
595
174
-
1,199
Recognised in the income statement
946
35
319
39
-
1,339
Recognised in other comprehensive income
-
-
-
-
-
-
At 31 December of Current year
1,069
342
914
213
-
2,538
Deferred income tax assets and deferred income tax liabilities were calculated using a tax rate of 17% (Previous year: 16%) enacted by the balance sheet date and expected to apply when the related deferred income tax asset is realised or deferred income tax liability is settled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-93": { "value": "
13.
Earnings per share
Group
Company
Current year
Previous year
Current year
Previous year
Net profit attributable to shareholders
17,194
22,841
16,342
21,302
Weighted average number of ordinary shares in issue (thousand)
31,420
31,420
31,420
31,420
Weighted average number of treasury shares held (thousand)
(861)
(861)
(861)
(861)
Basic earnings/(deficit) per share (EUR per share)
0.54
0.73
0.51
0.68
The Group has no dilutive potential ordinary shares, therefore, the diluted earnings per share are the same as basic earnings per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-94": { "value": "
14.
Property, plant, and equipment
Company
Buildings
Plant and machinery
Motor vehicles and other assets
Construction in progress
Total
At 1 January of Previous year
Acquisition cost
17,101
65,803
40,975
6,327
130,206
Accumulated depreciation
(8,390)
(48,308)
(29,143)
-
(85,841)
Net book amount
8,711
17,495
11,832
6,327
44,365
Year ended 31 December of Previous year
Opening net book amount
8,711
17,495
11,832
6,327
44,365
Additions
129
1,849
2,043
1,555
5,576
Disposals
(145)
(38)
(39)
-
(222)
Write-offs
(17)
-
(4)
-
(21)
Transfers from CIP
3,504
2,060
1,193
(6,757)
-
Depreciation charge
(650)
(3,100)
(2,987)
-
(6,737)
Closing net book amount
11,532
18,266
12,038
1,125
42,961
At 31 December of Previous year
Acquisition cost
20,173
68,791
42,570
1,125
132,659
Accumulated depreciation
(8,641)
(50,525)
(30,532)
-
(89,698)
Net book amount
11,532
18,266
12,038
1,125
42,961
Year ended 31 December of Current year
Opening net book amount
11,532
18,266
12,038
1,125
42,961
Additions
23
1,406
3,174
5,590
10,193
Disposals
(7)
-
(21)
-
(28)
Write-offs
(1)
(1)
-
-
(2)
Transfers from CIP
298
271
86
(655)
-
Depreciation charge
(736)
(3,175)
(3,262)
-
(7,173)
Closing net book amount
11,109
16,767
12,015
6,060
45,951
At 31 December of Current year
Acquisition cost
19,885
53,960
35,160
6,060
115,065
Accumulated depreciation
(8,776)
(37,193)
(23,145)
-
(69,114)
Net book amount
11,109
16,767
12,015
6,060
45,951
Group
Buildings
Plant and machinery
Motor vehicles and other assets
Construction in progress
Total
At 1 January of Previous year
Acquisition cost
25,742
99,814
42,990
6,327
174,873
Accumulated depreciation
(14,107)
(72,501)
(30,797)
-
(117,405)
Net book amount
11,635
27,313
12,193
6,327
57,468
Year ended 31 December of Previous year
Opening net book amount
11,635
27,313
12,193
6,327
57,468
Additions
151
3,251
2,061
2,222
7,685
Disposals
(145)
(38)
(38)
-
(221)
Write-offs
(18)
(2)
-
-
(20)
Transfers from CIP
3,505
2,693
1,193
(7,391)
-
Depreciation charge
(1,117)
(5,592)
(3,080)
-
(9,789)
Closing net book amount
14,011
27,625
12,329
1,158
55,123
At 31 December of Previous year
Acquisition cost
28,830
103,553
44,467
1,158
178,008
Accumulated depreciation
(14,819)
(75,928)
(32,138)
-
(122,885)
Net book amount
14,011
27,625
12,329
1,158
55,123
Year ended 31 December of Current year
Opening net book amount
14,011
27,625
12,329
1,158
55,123
Additions
128
3,337
3,172
6,740
13,377
Disposals
(7)
-
(21)
-
(28)
Write-offs
(1)
(51)
(2)
-
(54)
Transfers from CIP
318
1,386
86
(1,790)
-
Depreciation charge
(1,233)
(5,761)
(3,312)
-
(10,306)
Closing net book amount
13,216
26,536
12,252
6,108
58,112
At 31 December of Current year
Acquisition cost
28,634
88,751
36,668
6,108
160,161
Accumulated depreciation
(15,418)
(62,215)
(24,416)
-
(102,049)
Net book amount
13,216
26,536
12,252
6,108
58,112
At the end of Current year, the Company\u2019s and the Group\u2019s property, plant and equipment with a carrying value of EUR 30,658 thousand and EUR 39,590 thousand, respectively (Previous year: EUR 30,923 thousand and EUR 41,273 thousand, respectively) was pledged as a security for credit limit agreements.
Depreciation expenses of property plant and equipment are included in selling and marketing expenses, general and administrative expenses and cost of sales in the income statement, as well as in work in progress and finished goods in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-95": { "value": "
Company
Buildings
Plant and machinery
Motor vehicles and other assets
Construction in progress
Total
At 1 January of Previous year
Acquisition cost
17,101
65,803
40,975
6,327
130,206
Accumulated depreciation
(8,390)
(48,308)
(29,143)
-
(85,841)
Net book amount
8,711
17,495
11,832
6,327
44,365
Year ended 31 December of Previous year
Opening net book amount
8,711
17,495
11,832
6,327
44,365
Additions
129
1,849
2,043
1,555
5,576
Disposals
(145)
(38)
(39)
-
(222)
Write-offs
(17)
-
(4)
-
(21)
Transfers from CIP
3,504
2,060
1,193
(6,757)
-
Depreciation charge
(650)
(3,100)
(2,987)
-
(6,737)
Closing net book amount
11,532
18,266
12,038
1,125
42,961
At 31 December of Previous year
Acquisition cost
20,173
68,791
42,570
1,125
132,659
Accumulated depreciation
(8,641)
(50,525)
(30,532)
-
(89,698)
Net book amount
11,532
18,266
12,038
1,125
42,961
Year ended 31 December of Current year
Opening net book amount
11,532
18,266
12,038
1,125
42,961
Additions
23
1,406
3,174
5,590
10,193
Disposals
(7)
-
(21)
-
(28)
Write-offs
(1)
(1)
-
-
(2)
Transfers from CIP
298
271
86
(655)
-
Depreciation charge
(736)
(3,175)
(3,262)
-
(7,173)
Closing net book amount
11,109
16,767
12,015
6,060
45,951
At 31 December of Current year
Acquisition cost
19,885
53,960
35,160
6,060
115,065
Accumulated depreciation
(8,776)
(37,193)
(23,145)
-
(69,114)
Net book amount
11,109
16,767
12,015
6,060
45,951
Group
Buildings
Plant and machinery
Motor vehicles and other assets
Construction in progress
Total
At 1 January of Previous year
Acquisition cost
25,742
99,814
42,990
6,327
174,873
Accumulated depreciation
(14,107)
(72,501)
(30,797)
-
(117,405)
Net book amount
11,635
27,313
12,193
6,327
57,468
Year ended 31 December of Previous year
Opening net book amount
11,635
27,313
12,193
6,327
57,468
Additions
151
3,251
2,061
2,222
7,685
Disposals
(145)
(38)
(38)
-
(221)
Write-offs
(18)
(2)
-
-
(20)
Transfers from CIP
3,505
2,693
1,193
(7,391)
-
Depreciation charge
(1,117)
(5,592)
(3,080)
-
(9,789)
Closing net book amount
14,011
27,625
12,329
1,158
55,123
At 31 December of Previous year
Acquisition cost
28,830
103,553
44,467
1,158
178,008
Accumulated depreciation
(14,819)
(75,928)
(32,138)
-
(122,885)
Net book amount
14,011
27,625
12,329
1,158
55,123
Year ended 31 December of Current year
Opening net book amount
14,011
27,625
12,329
1,158
55,123
Additions
128
3,337
3,172
6,740
13,377
Disposals
(7)
-
(21)
-
(28)
Write-offs
(1)
(51)
(2)
-
(54)
Transfers from CIP
318
1,386
86
(1,790)
-
Depreciation charge
(1,233)
(5,761)
(3,312)
-
(10,306)
Closing net book amount
13,216
26,536
12,252
6,108
58,112
At 31 December of Current year
Acquisition cost
28,634
88,751
36,668
6,108
160,161
Accumulated depreciation
(15,418)
(62,215)
(24,416)
-
(102,049)
Net book amount
13,216
26,536
12,252
6,108
58,112
Company
Computer software
At 1 January of Previous year
Cost
1,327
Accumulated amortisation
(1,250)
Net book amount
77
Year ended 31 December of Previous year
Opening net book amount
77
Additions
-
Amortisation charge
(55)
Closing net book amount
22
At 31 December of Previous year
Cost
1,325
Accumulated amortisation
(1,303)
Net book amount
22
Year ended 31 December of Current year
Opening net book amount
22
Additions
53
Amortisation charge
(28)
Closing net book amount
47
At 31 December of Current year
Cost
91
Accumulated amortisation
(44)
Net book amount
47
Group
Computer software
At 1 January of Previous year
Cost
1,466
Accumulated amortisation
(1,373)
Net book amount
93
Year ended 31 December of Previous year
Opening net book amount
93
Additions
3
Amortisation charge
(74)
Closing net book amount
22
At 31 December of Previous year
Cost
1,462
Accumulated amortisation
(1,440)
Net book amount
22
Year ended 31 December of Current year
Opening net book amount
22
Additions
94
Amortisation charge
(38)
Closing net book amount
78
At 31 December of Current year
Cost
195
Accumulated amortisation
(117)
Net book amount
78
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-96": { "value": "
15.
Intangible assets
Company
Computer software
At 1 January of Previous year
Cost
1,327
Accumulated amortisation
(1,250)
Net book amount
77
Year ended 31 December of Previous year
Opening net book amount
77
Additions
-
Amortisation charge
(55)
Closing net book amount
22
At 31 December of Previous year
Cost
1,325
Accumulated amortisation
(1,303)
Net book amount
22
Year ended 31 December of Current year
Opening net book amount
22
Additions
53
Amortisation charge
(28)
Closing net book amount
47
At 31 December of Current year
Cost
91
Accumulated amortisation
(44)
Net book amount
47
Group
Computer software
At 1 January of Previous year
Cost
1,466
Accumulated amortisation
(1,373)
Net book amount
93
Year ended 31 December of Previous year
Opening net book amount
93
Additions
3
Amortisation charge
(74)
Closing net book amount
22
At 31 December of Previous year
Cost
1,462
Accumulated amortisation
(1,440)
Net book amount
22
Year ended 31 December of Current year
Opening net book amount
22
Additions
94
Amortisation charge
(38)
Closing net book amount
78
At 31 December of Current year
Cost
195
Accumulated amortisation
(117)
Net book amount
78
Amortisation expenses of computer software and other intangible assets are included in general and administrative expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-97": { "value": "
17.
Investments
Group
Company
Current year
Previous year
Current year
Previous year
Kaunata SIA (not consolidated)
165
165
103
103
Other (accounted at cost)
4
4
4
4
169
169
107
107
The Group\u2019s investments in subsidiaries consist of investment in Kaunata SIA. Kaunata SIA was accounted for at cost in the consolidated and separate financial statements and not consolidated due to immateriality.
Kaunata SIA, company code 240300369, VAT payer\u2019s code: LV42403003695, address: S. Rogs, Kaunatas pag. Rezekne novads.
Results of operations for Current year (unaudited) are as follows:
Total assets: EUR 195,608; (Previous year: EUR215,502)
Property, plant and equipment: EUR 24,287; (Previous year: EUR28,374)
Results of operations: EUR (5,441); (Previous year: EUR28,115).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-98": { "value": "
18.
Deferred income tax
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The offset amounts are as follows:
Group
Company
Current year
Previous year
Current year
Previous year
Deferred income tax assets:
\u2013 to be realised after more than 12 months
1,469
1,076
1,382
1,005
\u2013\u00a0to be realised within 12 months
1,069
123
444
123
2,538
1,199
1,826
1,128
Deferred income tax liabilities:
\u2013 to be realised after more than 12 months
-
-
-
-
\u2013\u00a0to be realised within 12 months
-
-
-
-
-
-
-
-
Net deferred tax liability
2,538
1,199
1,826
1,128
The gross movement in deferred income tax liabilities was as follows:
Group
Company
Current year
Previous year
Current year
Previous year
At the beginning of the year
1,199
1,194
1,128
1,143
Recognised in the income statement\u00a0
1,339
5
698
(15)
Recognised in other comprehensive income
-
-
-
-
At the end of the year
2,538
1,199
1,826
1,128
The movement in deferred income tax assets and liabilities during the period, without taking into consideration the offsetting of balances within the same fiscal jurisdiction is as follows:
Company
Deferred income tax assets
Inventory write-down to net realisable value
Employee post-retirement benefits
Impairment of amounts receivable
Vacation reserve
Total
At 1 January of Previous year
119
209
652
163
1,143
Recognised in the income statement
4
27
(57)
11
(15)
Recognised in other comprehensive income
-
-
-
-
-
At 31 December of Previous year
123
236
595
174
1,128
Recognised in the income statement
321
19
319
39
698
Recognised in other comprehensive income
-
-
-
-
-
At 31 December of Current year
444
255
914
213
1,826
Group
Deferred income tax assets
Inventory write-down to net realisable value
Employee post-retirement benefits
Impairment of amounts receivable
Vacation reserve
Tax loss, transferable for future years
Total
At 1 January of Previous year
119
260
652
163
-
1,194
Recognised in the income statement
4
47
(57)
11
-
5
Recognised in other comprehensive income
-
-
-
-
-
-
At 31 December of Previous year
123
307
595
174
-
1,199
Recognised in the income statement
946
35
319
39
-
1,339
Recognised in other comprehensive income
-
-
-
-
-
-
At 31 December of Current year
1,069
342
914
213
-
2,538
Deferred income tax assets and deferred income tax liabilities were calculated using a tax rate of 17% (Previous year: 16%) enacted by the balance sheet date and expected to apply when the related deferred income tax asset is realised or deferred income tax liability is settled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-99": { "value": "
19.
Loans granted
Group
Company
Current year
Previous year
Current year
Previous year
Long-term loans to employees
391
270
361
237
Other long-term loans
11,187
1,487
11,142
1,487
Less: provision for impairment of loans receivable
-
-
-
-
Long-term loans, net
11,578
1,757
11,503
1,724
Current portion of loans to employees
43
37
43
37
Other short-term loans granted
1,793
1,298
1,793
1,298
Current portion of long-term loans and short-term loans, net
1,836
1,335
1,836
1,335
Repayment terms of other long-term loans granted ranged between 1 and 5 years. The loans bear average weighted interest rate of 4.22% (Previous year: 5.74%). Other loans repayments are secured with pledges of assets or guarantees.
The fair value of borrowings is attributed to Level 2 in the fair value hierarchy.
The fair value of loans granted approximated their carrying amount.
During the reporting period, the Group concluded a transaction on the acquisition of shares of UAB Ateities \u016bkis (a company of the Agrokoncernas Group, the main activity of which is raw milk production) in order to ensure a stable supply of raw milk for the activities of AB Roki\u0161kio s\u016bris. The Group has concluded a share transfer agreement between UAB Ateities \u016bkis and \u017d\u016aB Draugas (a company of the Agrokoncernas Group) providing for deferred settlement for the sold shares, according to which the full amount (EUR 10,000,012 base price + agreed interest) will be returned to the Group until 28 February 2031 (with the possibility to extend the term up to 3 times). This transaction is guaranteed in full by UAB \"Agrokoncernas\" as a joint and several guarantor.
Although the Group formally owns 29.67% of the shares, in accordance with the shareholders' agreement and the share rights transfer agreement, it transferred to UAB Agrokoncernas all the property and non-property rights related to these shares, including the right to receive dividends and to participate and vote at the general meetings of shareholders. The Group has retained only protective rights related to material structural decisions (reorganisation, restructuring, liquidation and assumption of significant liabilities on behalf of the Group), which do not provide an opportunity to participate in the formation of current activities or financial policy.
Assessing the nature of the transaction, the management established that the Group has neither control nor significant influence over UAB Ateities \u016bkis.
These agreements confirm that the Group has no long-term economic interest in the performance of UAB Ateities \u016bkis, does not have the power to manage the company, does not participate in the determination of its financial and operational policy, and is not entitled to dividends and other variable income. Therefore, UAB \"Ateities \u016bkis\" is neither a subsidiary (IFRS 10) nor an associate (IAS 28) and is not consolidated.
This share acquisition, transfer and deferred settlement transaction is accounted for as a financial asset in accordance with International Financial Reporting Standards (IFRS 9) and is measured at amortised cost. At the time of initial recognition, the asset was valued at the transaction amount of EUR 10,000,012. In subsequent periods, the assets are further valued at amortised cost according to the effective interest rate method, and interest income is recognised in the profit and loss account.
This financial asset position is subject to the expected credit loss (ECL) model in accordance with IFRS 9.5.5.
Information on loans receivable that were past due as at 31 December is provided in the table below:
Group
Company
Current year
Previous year
Current year
Previous year
Loans granted not past due
13,414
3,092
13,339
3,059
Impaired loans granted
-
-
-
-
Gross value of loans granted
13,414
3,092
13,339
3,059
Less: Provision for impairment of loans receivable
-
-
-
-
Net amount
13,414
3,092
13,339
3,059
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-100": { "value": "
19.
Loans granted
Group
Company
Current year
Previous year
Current year
Previous year
Long-term loans to employees
391
270
361
237
Other long-term loans
11,187
1,487
11,142
1,487
Less: provision for impairment of loans receivable
-
-
-
-
Long-term loans, net
11,578
1,757
11,503
1,724
Current portion of loans to employees
43
37
43
37
Other short-term loans granted
1,793
1,298
1,793
1,298
Current portion of long-term loans and short-term loans, net
1,836
1,335
1,836
1,335
Repayment terms of other long-term loans granted ranged between 1 and 5 years. The loans bear average weighted interest rate of 4.22% (Previous year: 5.74%). Other loans repayments are secured with pledges of assets or guarantees.
The fair value of borrowings is attributed to Level 2 in the fair value hierarchy.
The fair value of loans granted approximated their carrying amount.
During the reporting period, the Group concluded a transaction on the acquisition of shares of UAB Ateities \u016bkis (a company of the Agrokoncernas Group, the main activity of which is raw milk production) in order to ensure a stable supply of raw milk for the activities of AB Roki\u0161kio s\u016bris. The Group has concluded a share transfer agreement between UAB Ateities \u016bkis and \u017d\u016aB Draugas (a company of the Agrokoncernas Group) providing for deferred settlement for the sold shares, according to which the full amount (EUR 10,000,012 base price + agreed interest) will be returned to the Group until 28 February 2031 (with the possibility to extend the term up to 3 times). This transaction is guaranteed in full by UAB \"Agrokoncernas\" as a joint and several guarantor.
Although the Group formally owns 29.67% of the shares, in accordance with the shareholders' agreement and the share rights transfer agreement, it transferred to UAB Agrokoncernas all the property and non-property rights related to these shares, including the right to receive dividends and to participate and vote at the general meetings of shareholders. The Group has retained only protective rights related to material structural decisions (reorganisation, restructuring, liquidation and assumption of significant liabilities on behalf of the Group), which do not provide an opportunity to participate in the formation of current activities or financial policy.
Assessing the nature of the transaction, the management established that the Group has neither control nor significant influence over UAB Ateities \u016bkis.
These agreements confirm that the Group has no long-term economic interest in the performance of UAB Ateities \u016bkis, does not have the power to manage the company, does not participate in the determination of its financial and operational policy, and is not entitled to dividends and other variable income. Therefore, UAB \"Ateities \u016bkis\" is neither a subsidiary (IFRS 10) nor an associate (IAS 28) and is not consolidated.
This share acquisition, transfer and deferred settlement transaction is accounted for as a financial asset in accordance with International Financial Reporting Standards (IFRS 9) and is measured at amortised cost. At the time of initial recognition, the asset was valued at the transaction amount of EUR 10,000,012. In subsequent periods, the assets are further valued at amortised cost according to the effective interest rate method, and interest income is recognised in the profit and loss account.
This financial asset position is subject to the expected credit loss (ECL) model in accordance with IFRS 9.5.5.
Information on loans receivable that were past due as at 31 December is provided in the table below:
Group
Company
Current year
Previous year
Current year
Previous year
Loans granted not past due
13,414
3,092
13,339
3,059
Impaired loans granted
-
-
-
-
Gross value of loans granted
13,414
3,092
13,339
3,059
Less: Provision for impairment of loans receivable
-
-
-
-
Net amount
13,414
3,092
13,339
3,059
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-101": { "value": "
19.
Loans granted
21.
Trade and other receivables
Group
Company
Current year
Previous year
Current year
Previous year
Non-current receivables
Prepayments for non-current assets
357
307
357
307
Prepayments for milk supply
3,234
11,157
3,234
11,157
3,591
11,464
3,591
11,464
Current receivables
Trade receivables
40,898
50,774
47,443
45,346
VAT receivable
5,299
6,237
2,265
3,335
Prepayments for milk supply
1,194
1,018
401
273
Other prepayments and deferred expenses
1733
475
300
325
49,124
58,504
50,409
49,279
As at the end of Current year the Group\u2019s and the Company\u2019s trade receivables and claim rights to future trade receivables were pledged as collateral respectively for amount not larger than EUR 20,000 thousand (Previous year: no larger than EUR 20,000 thousand).
At year end of Current and Previous years prepayments for milk supply were granted with repayment terms ranging between 1 month and 4 years. The annual interest rate ranged between 1,1% and 6%. Majority part of prepayments for milk supply were secured with pledges of assets (land, building) of the farmers. Most of prepayments for milk supply are repaid not in the form of money but are offset with amounts payable for raw milk purchases from farmers, therefore they do not meet criteria for the financial assets.
In view of the deterioration of the economic situation of certain farmers, an impairment provision was established for certain prepayments for milk supply. As at the end of Current and previous years, it amounted, respectively, to EUR 0 thousand and EUR 211 thousand.
The information on credit quality of receivables is provided in Note 3.1. (b).
Movement in impairment during the financial year for trade receivables under contracts with clients:
Group
Company
Current year
Previous year
Current year
Previous year
In the beginning of the reporting period
3,504
3,786
3,504
3,786
Bad debts reversal during the year
-
(282)
-
(282)
Recognized impairment during the year
1,868
-
1,868
-
At the end of the reporting period
5,372
3,504
5,372
3,504
The Group received no collaterals as a security for impaired amounts receivable.
22.
Cash and cash equivalents
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Cash at bank and on hand
6,022
4,244
37
56
6,022
4,244
37
56
As at the end of Current year, cash at bank balances pledged amounted to EUR 1,426 thousand (Previous year: EUR 1,800 thousand).
For the purposes of the cash flow statement, cash and cash equivalents comprise as follows:
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Cash at bank and on hand
6,022
4,244
37
56
6,022
4,244
37
56
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-102": { "value": "
19.
Loans granted
Group
Company
Current year
Previous year
Current year
Previous year
Non-current receivables
Prepayments for non-current assets
357
307
357
307
Prepayments for milk supply
3,234
11,157
3,234
11,157
3,591
11,464
3,591
11,464
Current receivables
Trade receivables
40,898
50,774
47,443
45,346
VAT receivable
5,299
6,237
2,265
3,335
Prepayments for milk supply
1,194
1,018
401
273
Other prepayments and deferred expenses
1733
475
300
325
49,124
58,504
50,409
49,279
Group
Company
Current year
Previous year
Current year
Previous year
In the beginning of the reporting period
3,504
3,786
3,504
3,786
Bad debts reversal during the year
-
(282)
-
(282)
Recognized impairment during the year
1,868
-
1,868
-
At the end of the reporting period
5,372
3,504
5,372
3,504
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Cash at bank and on hand
6,022
4,244
37
56
6,022
4,244
37
56
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Cash at bank and on hand
6,022
4,244
37
56
6,022
4,244
37
56
Group
Company
Current year
Previous year
Current year
Previous year
Non-current
Non-current borrowings
-
1,750
-
1,750
Current
Current borrowings
27,423
32,335
27,423
32,335
Total borrowings
27,423
34,085
27,423
34,085
Group
Company
Current year
Previous year
Current year
Previous year
Cash and cash equivalents
6,022
4,244
37
56
Credit line
(25,673)
(30,235)
(25,673)
(30,235)
Borrowings (excluding credit line)
(1,750)
(3,850)
(1,750)
(3,850)
Net debt
(21,401)
(29,841)
(27,386)
(34,029)
Group
Company
Current year
Previous year
Current year
Previous year
Trade payables
20,198
22,443
17,720
20,714
Salaries, social security contributions and taxes
2,551
2,333
1,534
1,303
Advance amounts received and other payables
1,143
1,248
1,025
872
Accrued expenses
2,759
2,319
1,590
1,424
26,651
28,343
21,869
24,313
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-103": { "value": "
The fair value of borrowings is attributed to Level 2 in the fair value hierarchy.
The fair value of loans granted approximated their carrying amount.
During the reporting period, the Group concluded a transaction on the acquisition of shares of UAB Ateities \u016bkis (a company of the Agrokoncernas Group, the main activity of which is raw milk production) in order to ensure a stable supply of raw milk for the activities of AB Roki\u0161kio s\u016bris. The Group has concluded a share transfer agreement between UAB Ateities \u016bkis and \u017d\u016aB Draugas (a company of the Agrokoncernas Group) providing for deferred settlement for the sold shares, according to which the full amount (EUR 10,000,012 base price + agreed interest) will be returned to the Group until 28 February 2031 (with the possibility to extend the term up to 3 times). This transaction is guaranteed in full by UAB \"Agrokoncernas\" as a joint and several guarantor.
Although the Group formally owns 29.67% of the shares, in accordance with the shareholders' agreement and the share rights transfer agreement, it transferred to UAB Agrokoncernas all the property and non-property rights related to these shares, including the right to receive dividends and to participate and vote at the general meetings of shareholders. The Group has retained only protective rights related to material structural decisions (reorganisation, restructuring, liquidation and assumption of significant liabilities on behalf of the Group), which do not provide an opportunity to participate in the formation of current activities or financial policy.
Assessing the nature of the transaction, the management established that the Group has neither control nor significant influence over UAB Ateities \u016bkis.
These agreements confirm that the Group has no long-term economic interest in the performance of UAB Ateities \u016bkis, does not have the power to manage the company, does not participate in the determination of its financial and operational policy, and is not entitled to dividends and other variable income. Therefore, UAB \"Ateities \u016bkis\" is neither a subsidiary (IFRS 10) nor an associate (IAS 28) and is not consolidated.
This share acquisition, transfer and deferred settlement transaction is accounted for as a financial asset in accordance with International Financial Reporting Standards (IFRS 9) and is measured at amortised cost. At the time of initial recognition, the asset was valued at the transaction amount of EUR 10,000,012. In subsequent periods, the assets are further valued at amortised cost according to the effective interest rate method, and interest income is recognised in the profit and loss account.
This financial asset position is subject to the expected credit loss (ECL) model in accordance with IFRS 9.5.5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-104": { "value": "
20.
Inventories
Group
Company
Current year
Previous year
Current year
Previous year
Raw materials
4,036
3,832
1,849
1,800
Work in progress
14,977
16,041
14,720
15,712
Finished products
73,746
61,157
57,725
59,386
Other inventories
1,869
2,522
1,430
2,265
Total inventories at cost
94,628
83,552
75,724
79,163
Less: inventory write-down to net realizable value
(6,287)
(770)
(2,613)
(770)
Total inventories
88,341
82,782
73,111
78,393
Inventories recognized as an expense:
Group
Company
Current year
Previous year
Current year
Previous year
Costs of sales
318,738
282,563
310,626
269,623
Seling and marketing, general and administrative expenses
2,601
3,242
2,045
3,062
Total inventories
321,339
285,805
312,671
272,685
During Current and Previous years inventories were pledged as security for bank borrowings, subsidiaries\u2019 inventories were not pledged.
The Company\u2019s inventories as at 31 December of Current year: 0 tons of hard cheese (Previous year: 943 tons), 0 tons of cagliata and mozzarella cheese (Previous year:104 tons), 139 tons of cheese with palm oil (Previous year: 0 tons) held in Lithuania. The total value of these inventories is EUR 612 thousand (Previous year: 5,526 thousand).
The Company and the Group have to maintain comparably high level of hard cheese levels due to technological process i.e., before selling this type of cheeses to customers, it is needed to mature them for period from 6 month to 3 years. The Company does not have long-term contracts with customers to be able to fix sales price.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-105": { "value": "
21.
Trade and other receivables
Group
Company
Current year
Previous year
Current year
Previous year
Non-current receivables
Prepayments for non-current assets
357
307
357
307
Prepayments for milk supply
3,234
11,157
3,234
11,157
3,591
11,464
3,591
11,464
Current receivables
Trade receivables
40,898
50,774
47,443
45,346
VAT receivable
5,299
6,237
2,265
3,335
Prepayments for milk supply
1,194
1,018
401
273
Other prepayments and deferred expenses
1733
475
300
325
49,124
58,504
50,409
49,279
As at the end of Current year the Group\u2019s and the Company\u2019s trade receivables and claim rights to future trade receivables were pledged as collateral respectively for amount not larger than EUR 20,000 thousand (Previous year: no larger than EUR 20,000 thousand).
At year end of Current and Previous years prepayments for milk supply were granted with repayment terms ranging between 1 month and 4 years. The annual interest rate ranged between 1,1% and 6%. Majority part of prepayments for milk supply were secured with pledges of assets (land, building) of the farmers. Most of prepayments for milk supply are repaid not in the form of money but are offset with amounts payable for raw milk purchases from farmers, therefore they do not meet criteria for the financial assets.
In view of the deterioration of the economic situation of certain farmers, an impairment provision was established for certain prepayments for milk supply. As at the end of Current and previous years, it amounted, respectively, to EUR 0 thousand and EUR 211 thousand.
The information on credit quality of receivables is provided in Note 3.1. (b).
Movement in impairment during the financial year for trade receivables under contracts with clients:
Group
Company
Current year
Previous year
Current year
Previous year
In the beginning of the reporting period
3,504
3,786
3,504
3,786
Bad debts reversal during the year
-
(282)
-
(282)
Recognized impairment during the year
1,868
-
1,868
-
At the end of the reporting period
5,372
3,504
5,372
3,504
The Group received no collaterals as a security for impaired amounts receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-106": { "value": "
Group
Company
Current year
Previous year
Current year
Previous year
Non-current receivables
Prepayments for non-current assets
357
307
357
307
Prepayments for milk supply
3,234
11,157
3,234
11,157
3,591
11,464
3,591
11,464
Current receivables
Trade receivables
40,898
50,774
47,443
45,346
VAT receivable
5,299
6,237
2,265
3,335
Prepayments for milk supply
1,194
1,018
401
273
Other prepayments and deferred expenses
1733
475
300
325
49,124
58,504
50,409
49,279
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-107": { "value": "
As at the end of Current year the Group\u2019s and the Company\u2019s trade receivables and claim rights to future trade receivables were pledged as collateral respectively for amount not larger than EUR 20,000 thousand (Previous year: no larger than EUR 20,000 thousand).
The Group received no collaterals as a security for impaired amounts receivable.
As at the end of Current year, cash at bank balances pledged amounted to EUR 1,426 thousand (Previous year: EUR 1,800 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-108": { "value": "
In view of the deterioration of the economic situation of certain farmers, an impairment provision was established for certain prepayments for milk supply. As at the end of Current and previous years, it amounted, respectively, to EUR 0 thousand and EUR 211 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-109": { "value": "
22.
Cash and cash equivalents
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Cash at bank and on hand
6,022
4,244
37
56
6,022
4,244
37
56
As at the end of Current year, cash at bank balances pledged amounted to EUR 1,426 thousand (Previous year: EUR 1,800 thousand).
For the purposes of the cash flow statement, cash and cash equivalents comprise as follows:
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Cash at bank and on hand
6,022
4,244
37
56
6,022
4,244
37
56
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-110": { "value": "
23.
Share capital
As at the end of Current year, the authorized capital of the Company amounted to 32,281,173 (Previous year: 32,281,173) ordinary registered shares with a par value of EUR 0.29 per share. All shares are fully paid. The total amount of the authorized capital is EUR 9,361,540 (Previous year: EUR 9,361,540).
25.
Other reserves and reserve for acquisition of treasury shares
Reserve for acquisition of treasury shares
Total reserve for acquisition of own shares was EUR 9,943 thousand (Previous year: EUR 9,943 thousand).
On the annual shareholders\u2019 meeting held on 30th April 2024 shareholders decided to increase the reserve for acquisition of treasury shares by EUR 6,300 thousand and, during cancelation of treasury shares, respectively reduced by EUR 7,207 thousand.
There were no treasury shares acquired from the reserve for changes during the current year.
Other reserves
Non-distributable reserves (legal reserves) of Roki\u0161kio S\u016bris AB, Roki\u0161kio Pieno Gamyba UAB and Roki\u0161kio Pienas UAB can only be used to cover future operating losses, if any.
Revaluation reserve represents an increase in the value of property, plant and equipment as a result of its revaluation. This reserve may not be used to cover losses. Movements in revaluation reserve are given in the table below.
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Non-distributable reserve
1,985
1,985
1,113
1,113
Revaluation reserve
1,041
1,041
1,041
1,041
3,026
3,026
2,154
2,154
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-111": { "value": "
23.
Share capital
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-112": { "value": "
Dividends
Dividends per share (other than treasury shares) declared at the Company for the previous year were paid out in the current year.
Company
At 31 December
Current year
Previous year
Dividends per share, EUR
0.20
0.15
Total amount of dividends paid
(6,284)
(5,251)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "0.2", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-420": { "value": "0.15", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:48510000PW42N5W74S87", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-113": { "value": "
24.
Treasury shares
Current year
Previous year
Number
Amount
Number
Amount
At the beginning of the year
861,274
(1,895)
861,274
(2,251)
Cancelled treasury shares
-
-
(3,586,797)
8,247
Treasury shares acquired
-
-
3,586,797
(7,891)
861,274
(1,895)
861,274
(1,895)
Treasury shares purchased through the official bidding market of Nasdaq Vilnius stock exchange.
During Current year there were no purchases of treasury shares.
During Previous year the Company made 2 purchases of own shares:
\uf0b7
During 20-24th of May 2024, there were acquired 2,725,523 units of treasury shares for an amount of EUR 5,996 thousand.
\uf0b7
During 23-27 of September 2024, there were acquired 861,274 units of treasury shares for an amount of EUR 1,895 thousand.
Based on decision made on extraordinary shareholders meeting held on 27 June 2024 the Company canceled 10 percent of treasury shares, new by laws were registered on State register of legal entities on 10th of September 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-114": { "value": "
25.
Other reserves and reserve for acquisition of treasury shares
Reserve for acquisition of treasury shares
Total reserve for acquisition of own shares was EUR 9,943 thousand (Previous year: EUR 9,943 thousand).
On the annual shareholders\u2019 meeting held on 30th April 2024 shareholders decided to increase the reserve for acquisition of treasury shares by EUR 6,300 thousand and, during cancelation of treasury shares, respectively reduced by EUR 7,207 thousand.
There were no treasury shares acquired from the reserve for changes during the current year.
Other reserves
Non-distributable reserves (legal reserves) of Roki\u0161kio S\u016bris AB, Roki\u0161kio Pieno Gamyba UAB and Roki\u0161kio Pienas UAB can only be used to cover future operating losses, if any.
Revaluation reserve represents an increase in the value of property, plant and equipment as a result of its revaluation. This reserve may not be used to cover losses. Movements in revaluation reserve are given in the table below.
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Non-distributable reserve
1,985
1,985
1,113
1,113
Revaluation reserve
1,041
1,041
1,041
1,041
3,026
3,026
2,154
2,154
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-115": { "value": "
26.
Borrowings
Group
Company
Current year
Previous year
Current year
Previous year
Non-current
Non-current borrowings
-
1,750
-
1,750
Current
Current borrowings
27,423
32,335
27,423
32,335
Total borrowings
27,423
34,085
27,423
34,085
The Company\u2019s and the Group\u2019s current borrowings \u2013 credit line granted by SEB Bankas. Interest rate for non-current borrowings is fixed, interest rate for current borrowings is Euribor plus margin at market level.
The Group acquired IR/SWAP and fixed entire amount of non-current borrowings interest rate for entire period of the loan. The fair value of the derivative is EUR 16 thousand as at the end of Current year (Previous year: EUR 82 thousand).
Under the loan agreements signed with the banks, certain property, plant and equipment (Note 14), inventories (Note 20), trade receivables (Note 21) and cash balances in bank accounts (Note 22) were pledged as collateral.
The carrying amounts of the Group\u2019s and the Company\u2019s borrowings are denominated in Euro only.
The fair value of borrowings does not materially differ from the carrying amount.
Net debt Reconciliation
Group
Company
Current year
Previous year
Current year
Previous year
Cash and cash equivalents
6,022
4,244
37
56
Credit line
(25,673)
(30,235)
(25,673)
(30,235)
Borrowings (excluding credit line)
(1,750)
(3,850)
(1,750)
(3,850)
Net debt
(21,401)
(29,841)
(27,386)
(34,029)
As at the end of Current year, the balance not withdrawn under the committed credit line facilities with the banks amounted to EUR 24,327 thousand (Previous year: EUR 19,765 thousand) for the Company and the Group.
The Group was not in breach of the set borrowing limits or financial covenants (Note 3.2).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-116": { "value": "
The Group acquired IR/SWAP and fixed entire amount of non-current borrowings interest rate for entire period of the loan. The fair value of the derivative is EUR 16 thousand as at the end of Current year (Previous year: EUR 82 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-117": { "value": "
27.
Deferred income
Group
Company
Current year
Previous year
Current year
Previous year
Government grants at the beginning of the year
2,509
2,560
2,179
2,027
Government grants recognised
895
463
-
463
Recognised in the income statement
(577)
(514)
(311)
(311)
2,827
2,509
1,868
2,179
Less: non-current portion
(2,325)
(2,199)
(1,559)
(1,869)
Current portion
502
310
310
310
Deferred government grant is related to acquisition of property, plant and equipment using the European Union funds and the funds of the Lithuanian Government under the SAPARD, Rural Development Programme and other programmes. The Company has no obligation to repay or otherwise refund the grants received unless it breaches the contractual provisions contained in the agreements with the grantors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-118": { "value": "
27.
Deferred income
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-119": { "value": "
28.
Trade and other payables
Group
Company
Current year
Previous year
Current year
Previous year
Trade payables
20,198
22,443
17,720
20,714
Salaries, social security contributions and taxes
2,551
2,333
1,534
1,303
Advance amounts received and other payables
1,143
1,248
1,025
872
Accrued expenses
2,759
2,319
1,590
1,424
26,651
28,343
21,869
24,313
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-120": { "value": "
28.
Trade and other payables
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-121": { "value": "
29.
Provisions
Group
Company
Current year
Previous year
Current year
Previous year
Non-current
Non-current provisions
1,736
1,573
1,319
1,230
Current
Current provisions
280
345
183
247
Total provisions
2,016
1,918
1,502
1,477
Employee benefit obligations
Group
Company
Current year
Previous year
Current year
Previous year
At the beginning of the year
1,918
1,735
1,477
1,396
Recognized in other comprehensive income \u2013 remeasurement loss from change in demographic assumptions
-
-
-
-
Recognized in profit or loss \u2013 interest expense
98
183
25
81
At the end of the year
2,016
1,918
1,502
1,477
The Company\u2019s and the Group\u2019s current and non-current provisions consists of provisions for payments at the day of retirement calculated in accordance with the legal acts of the Republic of Lithuania. The amount of the benefit equals to 2 monthly average salary amounts (calculated on last 3 month of service salary amounts). The amount does not depend on service years. The sensitivity of the defined obligation to changes in the weighted principal assumption is:
Impact on defined obligation
Change of assumption
Increase in assumption
Decrease in assumption
Current year
Previous year
Current year
Previous year
Current year
Previous year
Discount rate
1%
1%
-1%
-1%
1%
1%
Salary growth rate
1%
1%
1%
1%
-1%
-1%
The above sensitivity analyses are based on a change while holding all other assumptions constant. The methods of assumptions used did not change compared to prior period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-122": { "value": "
29.
Provisions
Group
Company
Current year
Previous year
Current year
Previous year
Non-current
Non-current provisions
1,736
1,573
1,319
1,230
Current
Current provisions
280
345
183
247
Total provisions
2,016
1,918
1,502
1,477
Employee benefit obligations
Group
Company
Current year
Previous year
Current year
Previous year
At the beginning of the year
1,918
1,735
1,477
1,396
Recognized in other comprehensive income \u2013 remeasurement loss from change in demographic assumptions
-
-
-
-
Recognized in profit or loss \u2013 interest expense
98
183
25
81
At the end of the year
2,016
1,918
1,502
1,477
The Company\u2019s and the Group\u2019s current and non-current provisions consists of provisions for payments at the day of retirement calculated in accordance with the legal acts of the Republic of Lithuania. The amount of the benefit equals to 2 monthly average salary amounts (calculated on last 3 month of service salary amounts). The amount does not depend on service years. The sensitivity of the defined obligation to changes in the weighted principal assumption is:
Impact on defined obligation
Change of assumption
Increase in assumption
Decrease in assumption
Current year
Previous year
Current year
Previous year
Current year
Previous year
Discount rate
1%
1%
-1%
-1%
1%
1%
Salary growth rate
1%
1%
1%
1%
-1%
-1%
The above sensitivity analyses are based on a change while holding all other assumptions constant. The methods of assumptions used did not change compared to prior period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-123": { "value": "
30.
Contingent liabilities and commitments
Contingent liabilities
As at the end of Current and Previous years, no guarantees were granted to third parties on behalf of the Group and the Company.
Capital expenditure commitments
As at the end of Current and Previous years, there were no capital expenditure contracted for property, plant and equipment at the balance sheet date but not recognised in the financial statements.
Assets pledged as collateral to the bank are disclosed in Notes 14, 21 and 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-124": { "value": "
30.
Contingent liabilities and commitments
Contingent liabilities
As at the end of Current and Previous years, no guarantees were granted to third parties on behalf of the Group and the Company.
Capital expenditure commitments
As at the end of Current and Previous years, there were no capital expenditure contracted for property, plant and equipment at the balance sheet date but not recognised in the financial statements.
Assets pledged as collateral to the bank are disclosed in Notes 14, 21 and 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-125": { "value": "
Contingent liabilities
As at the end of Current and Previous years, no guarantees were granted to third parties on behalf of the Group and the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-126": { "value": "
Capital expenditure commitments
As at the end of Current and Previous years, there were no capital expenditure contracted for property, plant and equipment at the balance sheet date but not recognised in the financial statements.
Assets pledged as collateral to the bank are disclosed in Notes 14, 21 and 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-127": { "value": "
31.Cash flows from operating activities
Reconciliation of profit before income tax to cash generated from operating activities:
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Net profit (loss) before income tax
19,230
25,601
17,035
22,110
Adjustments for:
depreciation (Note 14)
10,306
9,789
7,173
6,737
amortisation (Note 15)
38
74
28
55
write-off of property, plant and equipment and intangible assets (Notes 14 and 15)
54
20
2
21
loss/(profit) on disposal of property, plant and equipment (Note 9)
(460)
(173)
(422)
(103)
interest expense (Note 11)
853
1,841
853
1,841
interest income (Note 8)
(746)
(998)
(746)
(998)
amortisation of loans
-
-
-
-
inventory write-down to net realisable value (reversal)
5,517
(20)
1,843
(20)
impairment for doubtful receivables and write-offs of bad debts (reversal) (Note 21)
1,867
(632)
1,867
(632)
accrual for vacation reserve and bonuses
423
454
167
-
amortisation of government grants received (Note 27)
(537)
(514)
(310)
(311)
dividend income
-
-
(9,673)
(10,338)
Changes in operating assets and liabilities:
trade and other receivables
7,331
(3,418)
(1,893)
(3,727)
inventories
(11,076)
11,635
3,439
12,210
prepayments for milk supply
(4,131)
(10,727)
(4,131)
(10,727)
trade and other payable
1,401
(173)
(2,033)
2,078
Net cash generated from/(used in) operating activities
30,071
32,760
13,199
18,196
For the purpose of the cash flow statement, proceeds from disposal of property, plant and equipment comprised as follows:
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Net book amount (Note 14)
28
221
28
222
Profit/(Loss) on disposal of property, plant and equipment (Note 9)
460
173
422
103
Proceeds from sale of property, plant and equipment
488
394
450
325
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-128": { "value": "
32.
Related-party transactions
Main shareholders of the Company:
At 31 December
Current year
Previous year
Antanas Trumpa and family members (Chairman of the Board)
23.35%
23.35%
Pieno Pramon\u0117s Investicij\u0173 Valdymas UAB (established in Lithuania)*
30.23%
30.23%
RSU Holding SIA (established in Latvia)*
27.74%
27.74%
Other shareholders (legal entities and natural persons, not related parties)
18.68%
18.68%
* Pieno Pramon\u0117s Investicij\u0173 Valdymas UAB is controlled by Mr Antanas Trumpa (as a principal shareholder holding 50.6% of the share capital and votes of Pieno Pramon\u0117s Investicij\u0173 Valdymas UAB). RSU Holding SIA is controlled by Mr Dalius Trumpa (as a single shareholder holding 92% of the share capital and votes of RSU Holding SIA). The group of persons acting in concert holds in total 81.32% (Previous year: 83.18%) of the Company\u2019s share capital and votes.
Members of the Board of Directors of Pieno Pramon\u0117s Investicij\u0173 Valdymas UAB, RSU Holding SIA, , and Roki\u0161kio S\u016bris AB and their family members are treated as related parties. In year 2023 as related parties were treated all Fonterra group companies including Fonterra (Europe) Co\u00f6peratie U.A. Fonterra group stepped off from shareholding in the Company and from the Board of the Company, as from 1 October 2024 the Fonterra group companies are not treaded as related parties.
Certain cooperative societies engaged in the production of milk are treated as related parties of the Company because the Company can exercise a significant influence over daily activities of these cooperative societies through close family members of its directors and certain employees.
(i) The following transactions were carried out with related parties:
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Purchase of milk from other related parties
2,706
4,237
51,385
44,300
Purchase of non-current assets
1
-
1
35.00
Purchase of inventory
0
-
9,899
11,627
Purchases of services
232
343
3,175
1,871
Sales of transportation services to other related parties
56
78
2,338
2,463
Sales of production and other inventories
48
55
151,826
103,934
Interest charges on credit facility
11
11
11
11
In order to properly indicate the internal turnover of Roki\u0161kio S\u016bris AB, Roki\u0161kio Pienas UAB, and Roki\u0161kio Pieno Gamyba UAB, the management of the Group has decided that raw materials used in the production of exported products of Roki\u0161kio S\u016bris UAB will be bought at a zero price, while the production generated by Roki\u0161kio Pienas UAB and Roki\u0161kio Pieno Gamyba UAB will be sold as a service, i.e. excluding the value of raw materials.
Transactions related to the purchase of milk, acquisition of non-current assets and inventories, purchase and sale of services and goods with related parties are carried out under normal market conditions, including Fonterra group companies.
In 2012 the agreement was signed with Fonterra (Europe) Co\u00f6peratie U.A. for the purpose of financing the acquisition of certain production facilities and improvement of certain production lines. Together with
the financing agreement the Company signed long term sales agreement, where the Company committed to produce by the above mentioned production lines the agreed quantity of certain products and sell it to Fonterra (Europe) Co\u00f6peratie U.A., while Fonterra (Europe) Co\u00f6peratie U.A. committed to purchase them. According to the financing agreement the prepayment received is amortised in equal parts until 2033, if the Company is fulfilling its obligations under the sales agreement. The total value of sales of products related to the advance payment is EUR 2,275 thousand for the period ended 30 September 2024 (12 months period of year 2023: EUR 12,650 thousand). Related trade receivables and trade payables were equal zero at 1 of October and 31 of December 2024. There were no any purchases during the years 2024 and 2023. During 2024, the Company and Fonterra (Europe) Co\u00f6peratie U.A. terminated the agreement after the Fonterra Group decided to withdraw from the Company's share capital. All transactions, when there were after 1 of October 2024, were carried out as an unrelated party.
(ii) Year-end balances arising from transactions with related parties:
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Current loan receivable from Dz\u016bkijos Pienas KB
298
298
298
298
Trade payables to other related parties
74
6
2,633
2,992
Trade receivables from other related parties
-
44
21,296
9,277
By the decision of the Shareholder of Roki\u0161kio Pieno Gamyba UAB, Roki\u0161kio pienas UAB and Jakabpils piena kombinats SIA it was decided to approve and allocate dividends in the amount of EUR 4,175 thousand, EUR 5,498 thousand and EUR 0 thousand (Previous year: EUR 5,499 thousnd, EUR 4,133 and EUR 706 thousand). Dividends were paid out to Roki\u0161kio S\u016bris AB in May of Current and Previous years respectively.
(iii) Guarantees of the Group's subsidiaries for a bank loan of the parent company
Roki\u0161kio pieno gamyba UAB , Roki\u0161kio pienas UAB and DairyHub UAB are obliged to answer all their assets in the same amount as the parent company to SEB bankas during the period of the financing agreement, if the parent company fails to fulfil its payment obligations to the bank under the financing agreement.
(iv) Compensation of key management personnel
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Salaries
171
224
155
203
Bonuses/management bonuses paid
45
36
45
36
Accrual (reversal) for management bonuses
-
-
-
-
Social security contributions
3
4
3
4
219
264
203
243
Key management personnel include 10 (Previous year: 10) members of the Board and management officers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-129": { "value": "
32.
Related-party transactions
Main shareholders of the Company:
At 31 December
Current year
Previous year
Antanas Trumpa and family members (Chairman of the Board)
23.35%
23.35%
Pieno Pramon\u0117s Investicij\u0173 Valdymas UAB (established in Lithuania)*
30.23%
30.23%
RSU Holding SIA (established in Latvia)*
27.74%
27.74%
Other shareholders (legal entities and natural persons, not related parties)
18.68%
18.68%
* Pieno Pramon\u0117s Investicij\u0173 Valdymas UAB is controlled by Mr Antanas Trumpa (as a principal shareholder holding 50.6% of the share capital and votes of Pieno Pramon\u0117s Investicij\u0173 Valdymas UAB). RSU Holding SIA is controlled by Mr Dalius Trumpa (as a single shareholder holding 92% of the share capital and votes of RSU Holding SIA). The group of persons acting in concert holds in total 81.32% (Previous year: 83.18%) of the Company\u2019s share capital and votes.
Members of the Board of Directors of Pieno Pramon\u0117s Investicij\u0173 Valdymas UAB, RSU Holding SIA, , and Roki\u0161kio S\u016bris AB and their family members are treated as related parties. In year 2023 as related parties were treated all Fonterra group companies including Fonterra (Europe) Co\u00f6peratie U.A. Fonterra group stepped off from shareholding in the Company and from the Board of the Company, as from 1 October 2024 the Fonterra group companies are not treaded as related parties.
Certain cooperative societies engaged in the production of milk are treated as related parties of the Company because the Company can exercise a significant influence over daily activities of these cooperative societies through close family members of its directors and certain employees.
(i) The following transactions were carried out with related parties:
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Purchase of milk from other related parties
2,706
4,237
51,385
44,300
Purchase of non-current assets
1
-
1
35.00
Purchase of inventory
0
-
9,899
11,627
Purchases of services
232
343
3,175
1,871
Sales of transportation services to other related parties
56
78
2,338
2,463
Sales of production and other inventories
48
55
151,826
103,934
Interest charges on credit facility
11
11
11
11
In order to properly indicate the internal turnover of Roki\u0161kio S\u016bris AB, Roki\u0161kio Pienas UAB, and Roki\u0161kio Pieno Gamyba UAB, the management of the Group has decided that raw materials used in the production of exported products of Roki\u0161kio S\u016bris UAB will be bought at a zero price, while the production generated by Roki\u0161kio Pienas UAB and Roki\u0161kio Pieno Gamyba UAB will be sold as a service, i.e. excluding the value of raw materials.
Transactions related to the purchase of milk, acquisition of non-current assets and inventories, purchase and sale of services and goods with related parties are carried out under normal market conditions, including Fonterra group companies.
In 2012 the agreement was signed with Fonterra (Europe) Co\u00f6peratie U.A. for the purpose of financing the acquisition of certain production facilities and improvement of certain production lines. Together with
the financing agreement the Company signed long term sales agreement, where the Company committed to produce by the above mentioned production lines the agreed quantity of certain products and sell it to Fonterra (Europe) Co\u00f6peratie U.A., while Fonterra (Europe) Co\u00f6peratie U.A. committed to purchase them. According to the financing agreement the prepayment received is amortised in equal parts until 2033, if the Company is fulfilling its obligations under the sales agreement. The total value of sales of products related to the advance payment is EUR 2,275 thousand for the period ended 30 September 2024 (12 months period of year 2023: EUR 12,650 thousand). Related trade receivables and trade payables were equal zero at 1 of October and 31 of December 2024. There were no any purchases during the years 2024 and 2023. During 2024, the Company and Fonterra (Europe) Co\u00f6peratie U.A. terminated the agreement after the Fonterra Group decided to withdraw from the Company's share capital. All transactions, when there were after 1 of October 2024, were carried out as an unrelated party.
(ii) Year-end balances arising from transactions with related parties:
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Current loan receivable from Dz\u016bkijos Pienas KB
298
298
298
298
Trade payables to other related parties
74
6
2,633
2,992
Trade receivables from other related parties
-
44
21,296
9,277
By the decision of the Shareholder of Roki\u0161kio Pieno Gamyba UAB, Roki\u0161kio pienas UAB and Jakabpils piena kombinats SIA it was decided to approve and allocate dividends in the amount of EUR 4,175 thousand, EUR 5,498 thousand and EUR 0 thousand (Previous year: EUR 5,499 thousnd, EUR 4,133 and EUR 706 thousand). Dividends were paid out to Roki\u0161kio S\u016bris AB in May of Current and Previous years respectively.
(iii) Guarantees of the Group's subsidiaries for a bank loan of the parent company
Roki\u0161kio pieno gamyba UAB , Roki\u0161kio pienas UAB and DairyHub UAB are obliged to answer all their assets in the same amount as the parent company to SEB bankas during the period of the financing agreement, if the parent company fails to fulfil its payment obligations to the bank under the financing agreement.
(iv) Compensation of key management personnel
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Salaries
171
224
155
203
Bonuses/management bonuses paid
45
36
45
36
Accrual (reversal) for management bonuses
-
-
-
-
Social security contributions
3
4
3
4
219
264
203
243
Key management personnel include 10 (Previous year: 10) members of the Board and management officers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-130": { "value": "
(iv) Compensation of key management personnel
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Salaries
171
224
155
203
Bonuses/management bonuses paid
45
36
45
36
Accrual (reversal) for management bonuses
-
-
-
-
Social security contributions
3
4
3
4
219
264
203
243
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-131": { "value": "
33.
Services rendered by the audit firm
Presented below are all services rendered by the audit firm to the Group / the Company (in EUR thousands):
Group
Company
At 31 December
At 31 December
Current year
Previous year
Current year
Previous year
Audit of the financial statements and sustainability report under the agreement
98
111
52
46
Tax consultation services
-
20
-
13
98
131
52
59
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-132": { "value": "
34.
Change of accounting policy for property, plant and equipment
During preparation of the financial statements for the year 2024, management decided to change the accounting policy for property, plant and equipment by changing the policy from accounting for assets at revalued value to accounting at the cost of acquisition according IAS16 \u201cProperty, plant and equipment\u201d.
\u00b7
In accordance with IAS 8 \"Accounting Policies, Changes in Accounting Estimates and Errors\", this change is material has been applied retrospectively. The balance sheet data for 31 December 2023 and 1 January 2023 and the profit loss statement for year 2023 have been adjusted to reflect the new accounting principles that apply. This change had an impact on the carrying amount of fixed assets, the revaluation reserve, the amount of the deferred income tax liability, depreciation and profit for the period. Detailed information is given in Previous year financial statements.
Management is confident that this change will help investors and other stakeholders to more reliably assess the performance and financial position of the Group and the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-133": { "value": "
During preparation of the financial statements for the year 2024, management decided to change the accounting policy for property, plant and equipment by changing the policy from accounting for assets at revalued value to accounting at the cost of acquisition according IAS16 \u201cProperty, plant and equipment\u201d.
\u00b7
In accordance with IAS 8 \"Accounting Policies, Changes in Accounting Estimates and Errors\", this change is material has been applied retrospectively. The balance sheet data for 31 December 2023 and 1 January 2023 and the profit loss statement for year 2023 have been adjusted to reflect the new accounting principles that apply. This change had an impact on the carrying amount of fixed assets, the revaluation reserve, the amount of the deferred income tax liability, depreciation and profit for the period. Detailed information is given in Previous year financial statements.
Management is confident that this change will help investors and other stakeholders to more reliably assess the performance and financial position of the Group and the Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfVoluntaryChangeInAccountingPolicy", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-134": { "value": "
36.
Environmental, Social and Governance (ESG) matters - Consideration of climate change and resulting climate related risks
The Group is continuously assessing climate related risks and their impact on the Group\u2019s operation, including the physical risks of climate change (such as severe weather events and the effects of rising temperatures), the policy changes and economic consequences of efforts being made towards decarbonisation of the economy. Further disclosure how the Group\u2019s operations are impacted by the climate related risks is provided in the paragraph 53.
For the identified climate related risks, the Group has assessed their impact on the recognition/derecognition of assets and liabilities and measurement of such assets and liabilities as well. As at date of preparing financial statements the Group\u2019s management did not identify any material maters that could materially affect assets, liabilities or it\u2019s measurement or require additional disclosures in the financial statements, in addition as disclosed in above mentioned reports.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-135": { "value": "
36.
Environmental, Social and Governance (ESG) matters - Consideration of climate change and resulting climate related risks
The Group is continuously assessing climate related risks and their impact on the Group\u2019s operation, including the physical risks of climate change (such as severe weather events and the effects of rising temperatures), the policy changes and economic consequences of efforts being made towards decarbonisation of the economy. Further disclosure how the Group\u2019s operations are impacted by the climate related risks is provided in the paragraph 53.
For the identified climate related risks, the Group has assessed their impact on the recognition/derecognition of assets and liabilities and measurement of such assets and liabilities as well. As at date of preparing financial statements the Group\u2019s management did not identify any material maters that could materially affect assets, liabilities or it\u2019s measurement or require additional disclosures in the financial statements, in addition as disclosed in above mentioned reports.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:48510000PW42N5W74S87", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }