2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Basis of\nPreparation
\n\u00a0
\n2.1\nStatement of compliance
\n\u00a0
\nThese financial statements\nconsolidate those of the parent company and its subsidiaries\n(together referred to as the \u2018Group\u2019 and individually\nas \u2018Company\u2019).
\n\u00a0
\nThe consolidated and\nseparate financial statements of the Group and the Company have\nbeen prepared in accordance with International Reporting Financial\nStandards as adopted by the EU (EU IFRSs) and the requirements of\nthe Maltese Companies Act (Cap. 386).
\n\u00a0
\n2.2 Basis of\nmeasurement
\n\u00a0
\nThe financial statements\nare prepared on the historical cost, except for motor vessels which\nare measured at revalued amounts.
\n\u00a0
\n2.3 Going\nconcern
\n\u00a0
\nFollowing the acquisition\nof the vessels, their repositioning to the Mediterranean region,\nand their integration into the Group\u2019s operations, the Group\nexperienced a period of operational integration challenges,\nparticularly until the newly acquired vessels were repositioned\ninto the Mediterranean and all necessary upgrades and investment\ntook place.
\n\u00a0
\nDuring the financial year\nended FY2025, the Group successfully executed a turnaround of its\noperations, supported by improved fleet utilisation, and more\nfavourable trading conditions. As part of its fleet management and\nasset optimisation strategy, the Directors resolved to dispose of\nM/V AST Malta. The vessel, constructed in 1998 and with a carrying\ncapacity of approximately 5,000 tonnes, had reached a stage where\nits operational efficiency was increasingly constrained by higher\nfuel consumption and anticipated maintenance and capital\nexpenditure requirements. The disposal reflects management\u2019s\nproactive approach to mitigating technical, operational, and market\nrisks, while strengthening the overall fleet profile and liquidity\nposition of the Group. The Group continues to actively monitor\nmarket conditions and is assessing suitable vessels available in\nthe market, with a view to potential fleet renewal or expansion\nshould favourable opportunities arise and subject to appropriate\nfinancing and risk assessments.
\n\u00a0
\nIn assessing the\nappropriateness of the going concern basis, the Directors have\nreviewed detailed cash flow forecasts and financial projections\ncovering at least twelve months from the date of approval of these\nfinancial statements. These projections take into account expected\ntrading performance, chartering arrangements, operating costs,\nplanned capital expenditure, and the Group\u2019s current\nliquidity position.
\n\u00a0
\nAs part of\nmanagement\u2019s mitigation plans, the Directors have also\nreviewed and approved the Group\u2019s strategic direction for\nFY2026 and beyond. This strategy includes the temporary\noptimisation and cost-alignment strategy of the animal feed\nbusiness, with the objective of reducing the Group\u2019s cost\nbase, which has been adversely impacted by geo\u2011political\ndevelopments and inflationary pressures, as well as an increased\nfocus on time chartering vessels to third parties to enhance\nrevenue visibility and reduce exposure to market volatility.\nHowever, it is Management\u2019s intention to re-expand trading\nactivity once market conditions stabilise.
\n\u00a0
\nBased on the results\nachieved during FY2025, the Group\u2019s current and projected\nliquidity position, and the implementation of the above strategic\nand operational measures, the Directors are satisfied that the\nGroup and the Company will be able to meet their obligations as\nthey fall due. Accordingly, the Directors continue to adopt the\ngoing concern basis in preparing the Group\u2019s and the\nCompany\u2019s financial statements and consider that no material\nuncertainties exist that may cast significant doubt on the\nGroup\u2019s and the Company\u2019s ability to continue as a\ngoing concern.
\n\u00a0
\n2.4\nFunctional and presentation currency
\n\u00a0
\n| \n (a) \n | \n\n Functional and\npresentation currency \n\u00a0 \nItems included in the\nfinancial statements of the Company and each entity within the\nGroup are measured using the currency of the primary economic\nenvironment in which the entity operates (the \u201cfunctional\ncurrency\u201d), in accordance with IAS 21 \u2013 The Effects of\nChanges in Foreign Exchange Rates. \n\u00a0 \nThe functional currency of\nthe Company and the Group is the euro (\u20ac). This assessment is\nbased on management\u2019s consideration of the primary factors\nset out in IAS 21, including the currency that most significantly\ninfluences the Group\u2019s financing activities, regulatory\nenvironment, and administrative and operating cost structure. While\na portion of the Group\u2019s trading and chartering activities is\nconducted in US dollars, these transactions are largely settled on\na short\u2011term, spot basis and are not considered to override the\neuro\u2011based primary economic environment. \nIn addition, the\nGroup\u2019s statutory reporting, financing arrangements and\ninternal performance reporting are predominantly denominated in\neuro, and management evaluates performance and makes operating and\nfinancing decisions using euro\u2011based information. \n\u00a0 \nAccordingly, the\nconsolidated financial statements are presented in euro (\u20ac),\nwhich is both the Group\u2019s functional and presentation\ncurrency. \n | \n
| \n (b) \n | \n\n Transactions and\nbalances \n\u00a0 \nForeign currency\ntransactions are transactions denominated in a currency other than\nthe functional currency. Such transactions are translated into the\nfunctional currency using the exchange rates prevailing at the date\nof the transaction. \n\u00a0 \nAt each reporting date,\nmonetary assets and liabilities denominated in foreign currencies\nare translated using the closing exchange rates at that date.\nExchange differences arising on the settlement of foreign currency\ntransactions and on the translation of monetary items are\nrecognised in profit or loss in the period in which they\narise. \n\u00a0 \nNon\u2011monetary items\nmeasured at historical cost are translated using the exchange rate\nat the date of the transaction. Non\u2011monetary items measured at fair\nvalue are translated using the exchange rate at the date when the\nfair value was determined. \n\u00a0 \nWhile a significant\nportion of the Group\u2019s trading and chartering activities is\nconducted in currencies other than euro, primarily USD, foreign\ncurrency receipts and payments are largely offset by corresponding\nforeign currency operating costs. As a result, the Group\u2019s\nexposure to foreign exchange differences arising from such\ntransactions is mitigated and is monitored on an ongoing\nbasis. \n\u00a0 \n | \n
\u00a0
\n2.5 Use of\nestimates and judgements
\n\u00a0
\nThe preparation of\nfinancial statements in conformity with IFRS, as adopted by the EU,\nrequires the use of certain accounting estimates. It also requires\nmanagement to exercise its judgement in the process of applying the\nCompany's and the Group's accounting policies (refer to Note 4\n\u2013 Critical accounting estimates and judgements).
\n\u00a0
\nEstimates and underlying\nassumptions are reviewed on an ongoing basis. Revisions to\naccounting estimates are recognised in the period in which the\nestimates are revised and in any future periods\naffected.
\n\u00a0
\n2.6\nPreparation of consolidated financial statements
\n\u00a0
\nInternational Financial\nReporting Standard 10, Consolidated Financial Statements, requires\na parent company to prepare consolidated financial statements in\nwhich it consolidates its investments in subsidiaries. The\nconsolidated financial statements of the Group\u2019s and the\nCompany\u2019s for the year ended 31 December 2025, comprise the\nCompany and its subsidiaries, Damask Investment Limited, AST Green\nShipping Limited, AST Shipping 1 Limited (formerly known as AST\nShipping Limited), AST Shipping 2 Limited, AST Shipping 3 Limited,\nDS Shipping Limited, DS Chartering Ltd and DST (Damask Shipping\n& Trading) Holding Ltd (together referred to as the\n\u2018\u2018Group\u2019\u2019).
\n\u00a0
\nSubsidiaries are all\nentities over which the Group has the power to govern the financial\nand operating policies generally accompanying a shareholding of\nmore than one half of the voting rights. The existence and effect\nof potential voting rights that are currently exercisable or\nconvertible are considered when assessing whether the Group\ncontrols another entity.
\n\u00a0
\nThe consolidated financial\nstatements of subsidiaries are included in the consolidated\nfinancial statements from the date that control commences until the\ndate control ceases. A listing of the subsidiaries is set out in\nnote 15. to the financial statements.
\n\u00a0
\nOn the loss of control,\nthe Group derecognises the assets and liabilities of the subsidiary\nand the other components of equity related to the subsidiary. Any\nsurplus or deficit arising on the loss of control is recognised in\nprofit or loss. If the Group retains any interest in the previous\nsubsidiary, the such interest is measured at fair value at the date\nthat control is lost.
\nInter-company\ntransactions, balances and unrealised gains on transactions between\ngroup companies are eliminated. Unrealised losses are also\neliminated unless the transaction provides evidence of an\nimpairment of the asset transferred. Accounting policies of\nsubsidiaries have been changed where necessary to ensure\nconsistency with the policies adopted by the Group.
\n\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries are\naccounted for by the cost method of accounting, that is at cost\nless impairment. Cost includes directly attributable costs of the\ninvestments. Provisions are recorded where, in the opinion of the\ndirectors, there is an impairment in value. Where there has been an\nimpairment in the value of an investment, it is recognised as an\nexpense in the period in which the diminution is identified. The\nresults of subsidiaries are reflected in the Company\u2019s\nseparate financial statements only to the extent of dividends\nreceivable. On disposal of an investment, the difference between\nnet disposal proceeds and the carrying amount is charged or\ncredited to profit or loss.
\n\u00a0
\n2.7 Changes\nin Accounting Policies, Estimates and Disclosures
\n\u00a0
\nRevaluation of\nproperty, plant, and equipment
\n\u00a0
\nDuring the financial year,\nthe Group reviewed the frequency of its property, plant and\nequipment revaluation process. Based on an assessment of market\nconditions and historical volatility in the fair values of the\nrelevant asset classes, management determined that fair values no\nlonger exhibit significant fluctuations requiring annual\nremeasurement.
\n\u00a0
\nAccordingly, with effect\nfrom the current financial year, the Group has changed the\nfrequency of revaluations of property, plant and equipment measured\nunder the revaluation model from an annual basis to a biennial\nbasis. This change represents a change in accounting estimate in\naccordance with IAS\u202f8, and as such has been applied prospectively\nfrom the current financial year. The change in revaluation\nfrequency did not have a material impact on the Group\u2019s and\nthe Company\u2019s financial statements for the current financial\nyear.
\n\u00a0
\nManagement will continue\nto assess at each reporting date whether the carrying amounts of\nproperty, plant and equipment differ materially from their fair\nvalues and will perform additional revaluations where necessary to\nensure compliance with IAS\u202f16.
\n\u00a0
\n2.7.1 New Standards\nadopted as at 1 January 2025
\n\u00a0
\nDuring the current\nfinancial year, the Group and the Parent Company adopted new\nstandards, amendments and interpretations to existing standards\nthat are mandatory for the Group and the Parent Company\u2019s\naccounting period beginning on 1 January 2025. The adoption of\nthese revisions to the requirements of IFRSs as adopted by the EU\ndid not result in substantial changes to the Group and the Parent\nCompany\u2019s accounting policies, not impacting the Group and\nthe Parent Company\u2019s financial performance and\nposition.
\n\u00a0
\n2.7.2 Standards,\ninterpretations and amendments to published standards that are not\nyet effective
\n\u00a0
\nCertain new standards,\namendments and interpretations to existing standards have been\npublished by the date of authorisation for issue of these financial\nstatements but are mandatory for the Group and the Parent\nCompany\u2019s accounting periods beginning after 1 January 2026.\nThe Group and the Parent Company have not early adopted these\nrevisions to the requirements of IFRSs as adopted by the EU, and\nthe Group and the Parent Company\u2019s board of directors are of\nthe opinion that, except as disclosed below, there are no\nrequirements that will have a possible significant impact on the\nGroup and the Parent Company\u2019s financial statements in the\nperiod of initial application.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "dhgCD1iycA": { "value": "2.1\nStatement of compliance
\n\u00a0
\nThese financial statements\nconsolidate those of the parent company and its subsidiaries\n(together referred to as the \u2018Group\u2019 and individually\nas \u2018Company\u2019).
\n\u00a0
\nThe consolidated and\nseparate financial statements of the Group and the Company have\nbeen prepared in accordance with International Reporting Financial\nStandards as adopted by the EU (EU IFRSs) and the requirements of\nthe Maltese Companies Act (Cap. 386).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "rLanFulztP": { "value": "2.3 Going\nconcern
\n\u00a0
\nFollowing the acquisition\nof the vessels, their repositioning to the Mediterranean region,\nand their integration into the Group\u2019s operations, the Group\nexperienced a period of operational integration challenges,\nparticularly until the newly acquired vessels were repositioned\ninto the Mediterranean and all necessary upgrades and investment\ntook place.
\n\u00a0
\nDuring the financial year\nended FY2025, the Group successfully executed a turnaround of its\noperations, supported by improved fleet utilisation, and more\nfavourable trading conditions. As part of its fleet management and\nasset optimisation strategy, the Directors resolved to dispose of\nM/V AST Malta. The vessel, constructed in 1998 and with a carrying\ncapacity of approximately 5,000 tonnes, had reached a stage where\nits operational efficiency was increasingly constrained by higher\nfuel consumption and anticipated maintenance and capital\nexpenditure requirements. The disposal reflects management\u2019s\nproactive approach to mitigating technical, operational, and market\nrisks, while strengthening the overall fleet profile and liquidity\nposition of the Group. The Group continues to actively monitor\nmarket conditions and is assessing suitable vessels available in\nthe market, with a view to potential fleet renewal or expansion\nshould favourable opportunities arise and subject to appropriate\nfinancing and risk assessments.
\n\u00a0
\nIn assessing the\nappropriateness of the going concern basis, the Directors have\nreviewed detailed cash flow forecasts and financial projections\ncovering at least twelve months from the date of approval of these\nfinancial statements. These projections take into account expected\ntrading performance, chartering arrangements, operating costs,\nplanned capital expenditure, and the Group\u2019s current\nliquidity position.
\n\u00a0
\nAs part of\nmanagement\u2019s mitigation plans, the Directors have also\nreviewed and approved the Group\u2019s strategic direction for\nFY2026 and beyond. This strategy includes the temporary\noptimisation and cost-alignment strategy of the animal feed\nbusiness, with the objective of reducing the Group\u2019s cost\nbase, which has been adversely impacted by geo\u2011political\ndevelopments and inflationary pressures, as well as an increased\nfocus on time chartering vessels to third parties to enhance\nrevenue visibility and reduce exposure to market volatility.\nHowever, it is Management\u2019s intention to re-expand trading\nactivity once market conditions stabilise.
\n\u00a0
\nBased on the results\nachieved during FY2025, the Group\u2019s current and projected\nliquidity position, and the implementation of the above strategic\nand operational measures, the Directors are satisfied that the\nGroup and the Company will be able to meet their obligations as\nthey fall due. Accordingly, the Directors continue to adopt the\ngoing concern basis in preparing the Group\u2019s and the\nCompany\u2019s financial statements and consider that no material\nuncertainties exist that may cast significant doubt on the\nGroup\u2019s and the Company\u2019s ability to continue as a\ngoing concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "sZMU6uS26p": { "value": "2.4\nFunctional and presentation currency
\n\u00a0
\n| \n (a) \n | \n\n Functional and\npresentation currency \n\u00a0 \nItems included in the\nfinancial statements of the Company and each entity within the\nGroup are measured using the currency of the primary economic\nenvironment in which the entity operates (the \u201cfunctional\ncurrency\u201d), in accordance with IAS 21 \u2013 The Effects of\nChanges in Foreign Exchange Rates. \n\u00a0 \nThe functional currency of\nthe Company and the Group is the euro (\u20ac). This assessment is\nbased on management\u2019s consideration of the primary factors\nset out in IAS 21, including the currency that most significantly\ninfluences the Group\u2019s financing activities, regulatory\nenvironment, and administrative and operating cost structure. While\na portion of the Group\u2019s trading and chartering activities is\nconducted in US dollars, these transactions are largely settled on\na short\u2011term, spot basis and are not considered to override the\neuro\u2011based primary economic environment. \nIn addition, the\nGroup\u2019s statutory reporting, financing arrangements and\ninternal performance reporting are predominantly denominated in\neuro, and management evaluates performance and makes operating and\nfinancing decisions using euro\u2011based information. \n\u00a0 \nAccordingly, the\nconsolidated financial statements are presented in euro (\u20ac),\nwhich is both the Group\u2019s functional and presentation\ncurrency. \n | \n
| \n (b) \n | \n\n Transactions and\nbalances \n\u00a0 \nForeign currency\ntransactions are transactions denominated in a currency other than\nthe functional currency. Such transactions are translated into the\nfunctional currency using the exchange rates prevailing at the date\nof the transaction. \n\u00a0 \nAt each reporting date,\nmonetary assets and liabilities denominated in foreign currencies\nare translated using the closing exchange rates at that date.\nExchange differences arising on the settlement of foreign currency\ntransactions and on the translation of monetary items are\nrecognised in profit or loss in the period in which they\narise. \n\u00a0 \nNon\u2011monetary items\nmeasured at historical cost are translated using the exchange rate\nat the date of the transaction. Non\u2011monetary items measured at fair\nvalue are translated using the exchange rate at the date when the\nfair value was determined. \n\u00a0 \nWhile a significant\nportion of the Group\u2019s trading and chartering activities is\nconducted in currencies other than euro, primarily USD, foreign\ncurrency receipts and payments are largely offset by corresponding\nforeign currency operating costs. As a result, the Group\u2019s\nexposure to foreign exchange differences arising from such\ntransactions is mitigated and is monitored on an ongoing\nbasis. \n\u00a0 \n | \n
2.6\nPreparation of consolidated financial statements
\n\u00a0
\nInternational Financial\nReporting Standard 10, Consolidated Financial Statements, requires\na parent company to prepare consolidated financial statements in\nwhich it consolidates its investments in subsidiaries. The\nconsolidated financial statements of the Group\u2019s and the\nCompany\u2019s for the year ended 31 December 2025, comprise the\nCompany and its subsidiaries, Damask Investment Limited, AST Green\nShipping Limited, AST Shipping 1 Limited (formerly known as AST\nShipping Limited), AST Shipping 2 Limited, AST Shipping 3 Limited,\nDS Shipping Limited, DS Chartering Ltd and DST (Damask Shipping\n& Trading) Holding Ltd (together referred to as the\n\u2018\u2018Group\u2019\u2019).
\n\u00a0
\nSubsidiaries are all\nentities over which the Group has the power to govern the financial\nand operating policies generally accompanying a shareholding of\nmore than one half of the voting rights. The existence and effect\nof potential voting rights that are currently exercisable or\nconvertible are considered when assessing whether the Group\ncontrols another entity.
\n\u00a0
\nThe consolidated financial\nstatements of subsidiaries are included in the consolidated\nfinancial statements from the date that control commences until the\ndate control ceases. A listing of the subsidiaries is set out in\nnote 15. to the financial statements.
\n\u00a0
\nOn the loss of control,\nthe Group derecognises the assets and liabilities of the subsidiary\nand the other components of equity related to the subsidiary. Any\nsurplus or deficit arising on the loss of control is recognised in\nprofit or loss. If the Group retains any interest in the previous\nsubsidiary, the such interest is measured at fair value at the date\nthat control is lost.
\nInter-company\ntransactions, balances and unrealised gains on transactions between\ngroup companies are eliminated. Unrealised losses are also\neliminated unless the transaction provides evidence of an\nimpairment of the asset transferred. Accounting policies of\nsubsidiaries have been changed where necessary to ensure\nconsistency with the policies adopted by the Group.
\n\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries are\naccounted for by the cost method of accounting, that is at cost\nless impairment. Cost includes directly attributable costs of the\ninvestments. Provisions are recorded where, in the opinion of the\ndirectors, there is an impairment in value. Where there has been an\nimpairment in the value of an investment, it is recognised as an\nexpense in the period in which the diminution is identified. The\nresults of subsidiaries are reflected in the Company\u2019s\nseparate financial statements only to the extent of dividends\nreceivable. On disposal of an investment, the difference between\nnet disposal proceeds and the carrying amount is charged or\ncredited to profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "hbFJZCsr7Q": { "value": "2.6\nPreparation of consolidated financial statements
\n\u00a0
\nInternational Financial\nReporting Standard 10, Consolidated Financial Statements, requires\na parent company to prepare consolidated financial statements in\nwhich it consolidates its investments in subsidiaries. The\nconsolidated financial statements of the Group\u2019s and the\nCompany\u2019s for the year ended 31 December 2025, comprise the\nCompany and its subsidiaries, Damask Investment Limited, AST Green\nShipping Limited, AST Shipping 1 Limited (formerly known as AST\nShipping Limited), AST Shipping 2 Limited, AST Shipping 3 Limited,\nDS Shipping Limited, DS Chartering Ltd and DST (Damask Shipping\n& Trading) Holding Ltd (together referred to as the\n\u2018\u2018Group\u2019\u2019).
\n\u00a0
\nSubsidiaries are all\nentities over which the Group has the power to govern the financial\nand operating policies generally accompanying a shareholding of\nmore than one half of the voting rights. The existence and effect\nof potential voting rights that are currently exercisable or\nconvertible are considered when assessing whether the Group\ncontrols another entity.
\n\u00a0
\nThe consolidated financial\nstatements of subsidiaries are included in the consolidated\nfinancial statements from the date that control commences until the\ndate control ceases. A listing of the subsidiaries is set out in\nnote 15. to the financial statements.
\n\u00a0
\nOn the loss of control,\nthe Group derecognises the assets and liabilities of the subsidiary\nand the other components of equity related to the subsidiary. Any\nsurplus or deficit arising on the loss of control is recognised in\nprofit or loss. If the Group retains any interest in the previous\nsubsidiary, the such interest is measured at fair value at the date\nthat control is lost.
\nInter-company\ntransactions, balances and unrealised gains on transactions between\ngroup companies are eliminated. Unrealised losses are also\neliminated unless the transaction provides evidence of an\nimpairment of the asset transferred. Accounting policies of\nsubsidiaries have been changed where necessary to ensure\nconsistency with the policies adopted by the Group.
\n\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries are\naccounted for by the cost method of accounting, that is at cost\nless impairment. Cost includes directly attributable costs of the\ninvestments. Provisions are recorded where, in the opinion of the\ndirectors, there is an impairment in value. Where there has been an\nimpairment in the value of an investment, it is recognised as an\nexpense in the period in which the diminution is identified. The\nresults of subsidiaries are reflected in the Company\u2019s\nseparate financial statements only to the extent of dividends\nreceivable. On disposal of an investment, the difference between\nnet disposal proceeds and the carrying amount is charged or\ncredited to profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "m9836n4w-M": { "value": "2.7 Changes\nin Accounting Policies, Estimates and Disclosures
\n\u00a0
\nRevaluation of\nproperty, plant, and equipment
\n\u00a0
\nDuring the financial year,\nthe Group reviewed the frequency of its property, plant and\nequipment revaluation process. Based on an assessment of market\nconditions and historical volatility in the fair values of the\nrelevant asset classes, management determined that fair values no\nlonger exhibit significant fluctuations requiring annual\nremeasurement.
\n\u00a0
\nAccordingly, with effect\nfrom the current financial year, the Group has changed the\nfrequency of revaluations of property, plant and equipment measured\nunder the revaluation model from an annual basis to a biennial\nbasis. This change represents a change in accounting estimate in\naccordance with IAS\u202f8, and as such has been applied prospectively\nfrom the current financial year. The change in revaluation\nfrequency did not have a material impact on the Group\u2019s and\nthe Company\u2019s financial statements for the current financial\nyear.
\n\u00a0
\nManagement will continue\nto assess at each reporting date whether the carrying amounts of\nproperty, plant and equipment differ materially from their fair\nvalues and will perform additional revaluations where necessary to\nensure compliance with IAS\u202f16.
\n\u00a0
\n2.7.1 New Standards\nadopted as at 1 January 2025
\n\u00a0
\nDuring the current\nfinancial year, the Group and the Parent Company adopted new\nstandards, amendments and interpretations to existing standards\nthat are mandatory for the Group and the Parent Company\u2019s\naccounting period beginning on 1 January 2025. The adoption of\nthese revisions to the requirements of IFRSs as adopted by the EU\ndid not result in substantial changes to the Group and the Parent\nCompany\u2019s accounting policies, not impacting the Group and\nthe Parent Company\u2019s financial performance and\nposition.
\n\u00a0
\n2.7.2 Standards,\ninterpretations and amendments to published standards that are not\nyet effective
\n\u00a0
\nCertain new standards,\namendments and interpretations to existing standards have been\npublished by the date of authorisation for issue of these financial\nstatements but are mandatory for the Group and the Parent\nCompany\u2019s accounting periods beginning after 1 January 2026.\nThe Group and the Parent Company have not early adopted these\nrevisions to the requirements of IFRSs as adopted by the EU, and\nthe Group and the Parent Company\u2019s board of directors are of\nthe opinion that, except as disclosed below, there are no\nrequirements that will have a possible significant impact on the\nGroup and the Parent Company\u2019s financial statements in the\nperiod of initial application.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "CFbisK9Q1P": { "value": "2.7.1 New Standards\nadopted as at 1 January 2025
\n\u00a0
\nDuring the current\nfinancial year, the Group and the Parent Company adopted new\nstandards, amendments and interpretations to existing standards\nthat are mandatory for the Group and the Parent Company\u2019s\naccounting period beginning on 1 January 2025. The adoption of\nthese revisions to the requirements of IFRSs as adopted by the EU\ndid not result in substantial changes to the Group and the Parent\nCompany\u2019s accounting policies, not impacting the Group and\nthe Parent Company\u2019s financial performance and\nposition.
\n\u00a0
\n2.7.2 Standards,\ninterpretations and amendments to published standards that are not\nyet effective
\n\u00a0
\nCertain new standards,\namendments and interpretations to existing standards have been\npublished by the date of authorisation for issue of these financial\nstatements but are mandatory for the Group and the Parent\nCompany\u2019s accounting periods beginning after 1 January 2026.\nThe Group and the Parent Company have not early adopted these\nrevisions to the requirements of IFRSs as adopted by the EU, and\nthe Group and the Parent Company\u2019s board of directors are of\nthe opinion that, except as disclosed below, there are no\nrequirements that will have a possible significant impact on the\nGroup and the Parent Company\u2019s financial statements in the\nperiod of initial application.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ehMUPY51BJ": { "value": "3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Summary\nof Material Accounting Policies
\n\u00a0
\nThe material accounting\npolicies adopted in the preparation of these financial statements\nare set out below. These policies have been consistently applied to\nall the periods presented unless otherwise stated.
\n\u00a0
\nA. IFRS 18 Presentation\nand Disclosures in Financial Statements
\n\u00a0
\nIFRS 18 will replace IAS 1\nPresentation of Financial Statements and applies for annual\nreporting periods beginning on or after 1 January 2027. The new\nstandard introduces the following key new requirements.
\n\u00a0
\n| \n - \n | \n\n Entities are required to\nclassify all income and expenses into five categories in the\nstatement of profit or loss, namely the operating, investing,\nfinancing, discontinued operations and income tax categories.\nEntities are also required to present a newly-defined operating\nprofit subtotal. Entities' net profit will not change. \n | \n
| \n - \n | \n\n Management-defined\nperformance measures (MPMs) are disclosed in a single note in\nthe\u00a0 financial statements. \n | \n
| \n - \n | \n\n Enhanced guidance is\nprovided on how to group information in the financial\nstatements. \n | \n
\u00a0
\nIn addition, all entities\nare required to use the operating profit subtotal as the starting\npoint for the statement of cash flows when presenting operating\ncash flows under the indirect method.
\n\u00a0
\nThe Group and the Parent\ncompany is still in the process of assessing the impact of the new\nstandard, particularly with respect to the structure of the\nconsolidated statement of profit or loss, the statement of cash\nflows and the additional disclosures required. The Group and Parent\ncompany is also assessing the impact on how information is grouped\nin the financial statements, including for items currently labelled\nas 'other'.
\n\u00a0
\nB. Other accounting\nstandards
\n\u00a0
\nThe following new and\namended accounting standards are not expected to have a significant\nimpact on the Group and Parent company\u2019s financial\nstatements.
\n\u00a0
\n| \n - \n | \n\n Amendments to the\nClassification and Measurement of Financial Instruments (Amendments\nto IFRS 9 and 7) \n | \n
| \n - \n | \n\n Contracts Referencing\nNature-dependent Electricity (Amendments to IFRS 9 and IFRS\n7) \n | \n
| \n - \n | \n\n Annual Improvements to\nIFRS Accounting Standards\u2014Volume 11 \n | \n
\u00a0
\nThese Standards and\namendments are not expected to have a significant impact on the\nfinancial statements in the period of initial application and\ntherefore no disclosures have been made.
\n\u00a0
\n3.1 Revenue\nrecognition
\n\u00a0
\nRevenue represents the\namount of consideration to which the Group expects to be entitled\nin exchange for transferring the promised goods to the customer,\nexcluding amounts collected on behalf of third party (for example\nvalue added taxes); the transaction price. The Group includes in\nthe transaction price an amount of variable consideration as a\nresult of rebates/discounts only to the extent that it is highly\nprobable that a significant reversal in the amount of cumulative\nrevenue recognised will not occur when the uncertainty associated\nwith the variable consideration is subsequently resolved. Revenue\nfrom vessel operations is recognised net of commission.
\n\u00a0
\nEstimations for rebates\nand discounts are based on the Group\u2019s and the\nCompany\u2019s experience with similar contracts and forecasted\nsales to the customer.
\n\u00a0
\nThe Group recognises\nrevenue when the parties have approved the contract (in writing,\norally or in accordance with other customary business practices)\nand are committed to perform their respective obligations, the\nGroup can identify; each party\u2019s rights and the payment terms\nfor the goods to be transferred, the contract has a commercial\nsubstance (that is the risk, timing or amount of the Group\u2019s\nfuture cash flows is expected to change as a result of the\ncontract), it is probable that the Group will collect consideration\nto which it will be entitled to exchange goods that will be\ntransferred to the customer and when specific criteria have been\nmet for the Group\u2019s contract with customers.
\n\u00a0
\nThe Group bases its\nestimates on historical results, taking into consideration the type\nof customer, the type of transaction and the specifics of each\narrangement. In evaluating whether collectability of an amount of\nconsideration is probable, the Group considers only the\ncustomer\u2019s ability and intention to pay that amount of\nconsideration when it is due.
\n\u00a0
\nEstimate of revenue, costs\nor extent of progress towards completion are revised if\ncircumstances change. Any resulting increases or decreases in\nestimates are reflected in the statement of profit or loss and\nother comprehensive income in the period in which the circumstances\nthat give rise to the revision become known by\nmanagement.
\n\u00a0
\nIdentification of\nperformance obligations
\n\u00a0
\nThe Group assesses whether\ncontracts that involve the provision of a range of goods contain\none or more performance obligations (that is, distinct promises to\nprovide a good) and allocates the transaction price to each\nperformance obligation identified on the basis of its stand-alone\nselling price. A good that is promised to a customer is distinct if\nthe customer can benefit from the good, either on its own or\ntogether with other resources that are readily available to the\ncustomer (that is, the good is capable of being distinct) and the\nGroup\u2019s promise to transfer the good to the customer is\nseparately identifiable from other promises in the contract (that\nis, the good is distinct in the context of the\ncontract).
\n\u00a0
\n| \n - \n | \n\n Sale of animal\nfeed \n | \n
| \n \u00a0 \n | \n\n Revenue from the sale of\nanimal feed for a fixed fee is recognized when or as the group\ntransfer control of the asset to the customer. Amounts receivable\nfor goods transferred are due upon receipt by customer, which is\nusually immediately upon the sale of the goods to the customer.\nControl for these goods is transferred at a point in time and\noccurs when the customer takes undisputed delivery of the\ngoods. \n\u00a0 \n | \n
| \n - \n | \n\n Chartering\nservices \n | \n
| \n \u00a0 \n | \n\n Revenue from chartering\nservices is generally recognised in the period the services are\nprovided, based on the services performed to date as a percentage\nof the total services to be performed. Accordingly, revenue is\nrecognised by reference to the stage of completion of the\ntransaction under the percentage of completion method according to\nthe contractual terms entered into between the customer and the\nGroup. \n | \n
\u00a0
\n3.2 Foreign\ncurrencies
\n\u00a0
\nForeign currency\ntransactions, being transactions denominated in currencies other\nthan the functional currency, are translated into the functional\ncurrency using the exchange rates prevailing at the dates of the\ntransactions.
\n\u00a0
\nMonetary assets and\nliabilities denominated in foreign currencies are translated at the\nclosing exchange rates prevailing at the reporting date. Foreign\nexchange gains and losses arising from the settlement of foreign\ncurrency transactions and from the translation of monetary assets\nand liabilities at year\u2011end exchange rates are recognised in profit\nor loss in the period in which they arise.
\n\u00a0
\nNon\u2011monetary items that\nare measured at historical cost and denominated in foreign\ncurrencies are translated using the exchange rates at the date of\nthe transaction. Non\u2011monetary items measured at fair value are\ntranslated using the exchange rates at the date when the fair value\nwas determined.
\n\u00a0
\n3.3 Fair\nvalue of assets
\n\u00a0
\nFair value is the price\nthat would be received to sell an asset or paid to transfer a\nliability in an orderly transaction between market participants at\nthe measurement date. The fair value of an asset is determined\nusing a hierarchy that maximises the use of observable inputs and\nminimizes the use of unobservable inputs. The hierarchy is as\nfollows:
\n\u00a0
\nLevel 1: Quoted prices in\nactive markets for identical assets.
\nLevel 2: Observable inputs\nother than quoted prices, such as market corroborated\ndata.
\nLevel 3: Unobservable\ninputs, requiring significant management judgement.
\n\u00a0
\n3.4 Income\ntaxation
\n\u00a0
\nIncome tax expense\ncomprises current and deferred tax. Current tax and deferred tax\nare recognised in profit or loss except to the extent that it\nrelates to a business combination, or items recognised directly in\nequity or in other comprehensive income.
\n\u00a0
\nCurrent tax is the\nexpected tax payable or receivable on the taxable income or loss\nfor the year, using tax rates enacted or substantively enacted at\nthe reporting date, and any adjustment to tax payable in respect of\nprevious years.
\n\u00a0
\nDeferred tax is recognised\nin respect of temporary differences between the carrying amounts of\nassets and liabilities for financial reporting purposes and the\namounts used for taxation purposes.
\n\u00a0
\nDeferred tax is measured\nat the tax rates that are expected to be applied to temporary\ndifferences when they reverse, based on the laws that have been\nenacted or substantively enacted by the reporting date.
\n\u00a0
\nDeferred tax assets and\nliabilities are offset if there is a legally enforceable right to\noffset current tax liabilities and assets, and they relate to\nincome taxes levied by the same tax authority on the same taxable\nentity, or on different tax entities, but they intend to settle\ncurrent tax liabilities and assets on a net basis or their tax\nassets and liabilities will be realised simultaneously.
\n\u00a0
\nA deferred tax asset is\nrecognised for unused tax losses, tax credits and deductible\ntemporary differences, to the extent that it is probable that\nfuture taxable profits will be available against which they can be\nutilised. Deferred tax assets are reviewed at each reporting date\nand are reduced to the extent that it is no longer probable that\nthe related tax benefit will be realised.
\n\u00a0
\n3.5\nProperty, plant and equipment
\n\u00a0
\nRecognition and\nmeasurement
\n\u00a0
\nItems of property, plant\nand equipment are initially measured at cost. Except for motor\nvessels, the Group\u2019s and the Company\u2019s property, plant,\nand equipment is subsequently stated at cost amount less\naccumulated depreciation and accumulated impairment losses. The\nGroup\u2019s motor vessels are subsequently stated at revalued\namount, being its fair value at revaluation date less any\nsubsequent accumulated depreciation and subsequent accumulated\nimpairment losses. Changes in the carrying amount as a result of\nthe revaluation are recognised in other comprehensive income and\naccumulated in equity under the heading of revaluation\nreserve.
\n\u00a0
\nCost includes expenditure\nthat is directly attributable to the acquisition of the asset. For\nthe motor vessel, cost pertains to the contracted purchase price\nand any direct expenses incurred upon acquisition (including\nimprovements, delivery expenses and other expenditures to prepare\nthe vessel for its initial voyage). Certain subsequent expenditures\nfor conversions and major improvements are also capitalised if it\nis determined that they appreciably extend the life, increase the\nearning capacity or improve the efficiency or safety of the vessel.\nDry docking costs, which are presented as part of Motor vessel,\ninclude a variety of costs incurred while vessels are placed within\ndry dock, including expenses related to the dock preparation and\nport expenses at the dry dock shipyard, general shipyard expenses,\nexpenses related to hull, external surfaces and decks, expenses\nrelated to machinery and engines of the vessel, as well as expenses\nrelated to the testing and correction of findings related to safety\nequipment on board.
\n\u00a0
\nSubsequent costs are\nincluded in the asset\u2019s carrying amount or recognised as a\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\ncompany and the cost of the item can be measured reliably. The\ncarrying amount of the replaced part is derecognised. All other\nrepairs and maintenance are charged to profit or loss during the\nfinancial period in which they are incurred.
\n\u00a0
\nGains and losses on\ndisposal of an item of property, plant and equipment are determined\nby comparing the proceeds from disposal with the carrying amount of\nproperty, plant and equipment, and are recognised net within other\nincome in profit or loss. When revalued assets are sold, the\namounts included in the revaluation reserve are transferred to\nretained earnings.
\n\u00a0
\nDepreciation
\n\u00a0
\nDepreciation is calculated\nover the depreciable amount, which is the cost of an asset, or\nother amount substituted for cost, less its residual value.\nDepreciation is recognised in profit or loss on a straight-line\nbasis over the estimated useful lives of each part of an item of\nproperty, plant and equipment, since this most closely reflects the\nexpected pattern of consumption of the future economic benefits\nembodied in the asset. Dry-docking and special survey costs are\npresented as part of Motor vessel in Note 14. The estimated useful\nlives for the current and comparative periods are as\nfollows:
\n\u00a0
\n| \n \u2022 \n | \n\n Motor vessel \u2013 10\nyears \n | \n
| \n \u2022 \n | \n\n Dry-docking and special\nsurvey costs \u2013 2.5 \u2013 5 years \n | \n
| \n \u2022 \n | \n\n Improvements to premises\n\u2013 10 years \n | \n
| \n \u2022 \n | \n\n Furniture and fittings\n\u2013 10 years \n | \n
| \n \u2022 \n | \n\n Computer Software \u2013\n5 years \n | \n
\u00a0
\nDepreciation methods,\nuseful lives and residual values are reviewed at each financial\nyear-end and adjusted if appropriate. Impairment losses are\nrecognised as an expense in the profit or loss.
\n\u00a0
\nRevaluation of\nproperty, plant and equipment
\n\u00a0
\nThe Group\u2019s motor\nvessels are revalued every two years. In the intervening years, the\ndirectors perform an assessment every 2 years at the reporting date\nto ensure that the carrying amounts do not differ materially from\nfair value. Any revaluation increase arising on the revaluation of\nmotor vessel is recognised in other comprehensive income, except to\nthe extent that it reverses a revaluation decrease for the same\nasset previously recognised in profit or loss, in which case the\nincrease is credited to profit or loss to the extent of the\ndecrease previously expensed. A decrease in the carrying amount on\nthe revaluation of such motor vessel is recognised in profit or\nloss to the extent that it exceeds the balance, if any, held in the\nrevaluation reserve relating to a previous revaluation of that\nasset.
\n\u00a0
\n3.6\nImpairment of non- financial assets
\n\u00a0
\nAssets that have an\nindefinite useful life, are not subject to amortisation and are\ntested annually for impairment.
\n\u00a0
\nAssets that are subject to\namortisation or depreciation are reviewed for impairment whenever\nevents or changes in circumstances indicate that the carrying\namount may not be recoverable. An impairment loss is recognised for\nthe amount by which the asset\u2019s carrying amount exceeds its\nrecoverable amount. The recoverable amount is the higher of an\nasset\u2019s fair value less costs to sell and value in use. For\nthe purposes of assessing impairment, assets are grouped at the\nlowest levels for which there are separately identifiable cash\nflows (cash-generating units). Non-financial assets other than\ngoodwill that suffered an impairment are reviewed for possible\nreversal of the impairment at each reporting date.
\n\u00a0
\n3.7\nFinancial instruments
\n\u00a0
\nRecognition and initial\nmeasurement
\n\u00a0
\nFinancial assets and\nfinancial liabilities are initially recognised when the Company\nbecomes a party to the contractual provision of the\ninstrument.
\n\u00a0
\nA financial asset (unless\nit is a trade receivable without a significant component) or\nfinancial liability is initially measured at fair value plus or\nminus, for an item not at fair value through profit and loss\n(FVTPL), transaction costs that are directly attributable to its\nacquisition or issue. A trade receivable without a significant\ncomponent is measured at transaction price.
\n\u00a0
\nClassification and\nsubsequent measurement
\n\u00a0
\ni.\u00a0\u00a0\u00a0\u00a0 Financial assets
\n\u00a0
\nOn initial recognition,\na financial asset is classified as measured at: amortised cost,\nfair value through other comprehensive income (FVOCI) (debt\ninvestment), FVOCI (equity instrument) or FVTPL.
\n\u00a0
\nIn the period presented\nthe Group\u00a0 does not have and financial assets categorised at\nFVTPL and FVOCI, and all financial assets are measured at amortised\ncost.
\n\u00a0
\nThe classification is\ndetermined by both:
\n\u00a0
\n| \n - \n | \n\n the entity\u2019s\nbusiness model for managing the financial asset and; \n | \n
| \n - \n | \n\n the contractual cash\nflow characteristics of the financial asset \n | \n
\u00a0
\nAll income and expenses\nrelating to financial assets that are recognised in profit and loss\nare presented within finance costs or finance income, except for\nimpairment of trade receivables which is presented within\nadministrative expenses.
\n\u00a0
\nFinancial assets at\namortised cost
\n\u00a0
\nA financial asset is\nmeasured at amortised cost if it meets both the following\nconditions:
\n\u00a0
\n| \n \u2022 \n | \n\n it is held within a\nbusiness model whose objective is to hold the financial assets and\ncollect its contractual cash flows and; \n | \n
| \n \u2022 \n | \n\n its contractual terms\ngive rise on specified dates to cash flows that are solely payments\nof principal and interest (SPPI) on the principal amount\noutstanding \n | \n
\u00a0
\nAfter initial\nrecognition, these are measured at amortised cost using the\neffective interest method. Discounting is omitted where the effect\nof discounting is immaterial. The Group\u2019s cash and cash\nequivalents, loans and receivable and other receivables fall into\nthis category of financial instruments.
\n\u00a0
\nii.\u00a0\u00a0\u00a0\nFinancial liabilities
\n\u00a0
\nFinancial liabilities\nare classified as measured at amortised cost or FVTPL. A financial\nliability is classified as at FVTPL if it is classified as\nheld-for-trading, it is a derivative or it is designated as such on\ninitial recognition. Financial liabilities at FVTPL are measured at\nfair value and net gains and losses, including any interest\nexpenses, are recognised in profit or loss.
\n\u00a0
\nOther financial\nliabilities are subsequently measured at amortised cost using the\neffective interest method. Interest expense and foreign exchange\ngains and losses are recognised in profit or loss. Any gain or loss\non derecognition is also recognised in profit or loss.
\n\u00a0
\n3.8\nOffsetting
\n\u00a0
\nFinancial assets and\nfinancial liabilities are offset and the net amount presented in\nthe statement of financial position when, and only when, the Group\ncurrently has legally enforceable right to set off the amounts and\nit intends either to settle them on a net basis or to realise the\nasset and settle the liability simultaneously.
\n\u00a0
\n3.9\nImpairment
\n\u00a0
\nThe Group assesses on a\nforward-looking basis, the expected credit losses associated with\nis debt instruments carried at amortised cost and FVOCI. The\nimpairment methodology applied depends on whether there had been a\nsignificant increase in credit risk.
\n\u00a0
\nFor trade receivables, the\nGroup applies the simplified approach permitted by IFRS 9, which\nrequires expected lifetime losses to be recognised from initial\nrecognition of the receivables.
\n\u00a0
\nFor the Company\u2019s\nloan receivable, no impairment loss has been recognised as the\nrepayment of the loan is contractually linked to the redemption of\nbonds issued by the Group/Company. Under the terms of the\narrangement, the Company does not bear standalone credit risk on\nthe loan receivable, as settlement of the loan is dependent on, and\noccurs through, the bond redemption process. The bonds are secured\nby underlying vessels, the value of which is considered sufficient\nto mitigate potential credit losses. Taking into account the\ncontractual linkage between the loan and the bond redemption,\ntogether with the security provided by the vessels, management has\nconcluded that the expected credit losses on the loan receivable\nare not material. Accordingly, no impairment allowance has been\nrecognised in respect of the loan receivable at the reporting\ndate.
\n\u00a0
\nFor all other financial\nassets that are subject to impairment under IFRS 9, the Company\napplies a three-stage model for impairment, based on changes in\ncredit quality since initial recognition. A financial asset that is\nnot credit impaired on initial recognition is classified in Stage\n1.
\n\u00a0
\nFinancial assets in Stage\n1, have their expected credit loss measured at an amount equal to\nthe portion of lifetime expected credit loss that results from\ndefault events possible within the next 12 months, or until\ncontractual maturity if shorter. If the Group identified a\nsignificant increase in credit risk since initial recognition, the\nasset is transferred to Stage 2 and its expected loss is measured\non a lifetime basis, that is up until contractual maturity. If the\nGroup determines that a financial asset is credit impaired, the\nasset is transferred to Stage 3 and the expected credit loss is\nmeasured on a lifetime credit loss basis.
\n\u00a0
\n3.10\nInventories
\n\u00a0
\nInventories are measured\nat the lower of cost and net realisable value. Cost is calculated\nusing the first-in, first-out method and comprises all costs of\npurchase, costs of conversion and other costs incurred in bringing\nthe inventories to their present location and condition. Net\nrealisable value represents the estimated selling price in the\nordinary course of business less the estimated costs of completion\nand the costs to be incurred in marketing, selling and\ndistribution.
\n\u00a0
\n3.11 Trade\nand other receivables
\n\u00a0
\nTrade receivables comprise\namounts due from customer for goods sold in the ordinary course of\nbusiness. If collection is expected in one year or less (or in the\nnormal operation cycle of the business if longer), they are\nclassified as current assets. If not, they are presented as\nnon-current assets.
\n\u00a0
\nTrade and other\nreceivables are recognised initially at fair value and subsequently\nmeasured at amortised cost using the effective interest method,\nless provision for impairment, i.e. expected credit loss\nallowance.
\n\u00a0
\nThe Group holds trade and\nother receivables with the objective to collect contractual cash\nflows and measures them subsequently at amortised cost using the\neffective interest method. The carrying amount of the asset is\nreduced through the use of an allowance account, and the amount of\nthe loss is recognised in the profit or loss within the\n\u2018administrative expenses\u2019. When a receivable is\nuncollectable, it is written off against the allowance account for\ntrade and other receivables. Subsequent recoveries of amounts\npreviously written off are credited against \u2018administrative\nexpenses\u2019 in profit or loss.
\n\u00a0
\n3.12 Trade\nand other payables
\n\u00a0
\nTrade payables comprise\nobligations to pay for goods that have been acquired in the\nordinary course of business from suppliers. Accounts payable are\nclassified as current liabilities if payment is due within one year\nor less (or in the normal operating cycle of the business if\nlonger). If not, they are presented as non-current\nliabilities.
\n\u00a0
\nTrade and other payables\nare recognised initially at fair value and subsequently measured at\namortised cost using the effective interest method.
\n\u00a0
\n3.13\nProvisions
\n\u00a0
\nProvisions and\ncontingent liabilities
\n\u00a0
\nProvisions are recognised\nwhen the Group and the Company has a present obligation (legal or\nconstructive) as a result of a past event, it is probable that the\nGroup and the Company will be required to settle that obligation\nand a reliable estimate can be made of the amount of the\nobligation. The amount recognised as a provision is the best\nestimate of the consideration required to settle the present\nobligation at the reporting date, taking into account the risks and\nuncertainties surrounding the obligation. Where a provision is\nmeasured using the cash flows estimated to settle the present\nobligation, its carrying amount is the present value of those cash\nflows (when the effect of the time value of money is material).\nWhen some or all of the economic benefits required to settle a\nprovision are expected to be recovered from a third party, a\nreceivable is recognised as an asset if it is virtually certain\nthat reimbursement will be received and the amount of the\nreceivable can be measured reliably.
\n\u00a0
\nA contingent liability is\ndisclosed where the existence of the obligation will only be\nconfirmed by future events or where the amount of the obligation\ncannot be measured with sufficient reliability.
\n\u00a0
\n3.14 Cash\nand cash equivalents
\n\u00a0
\nCash and cash equivalents\ninclude deposits held at call with banks.
\n\u00a0
\n3.15 Share\ncapital
\n\u00a0
\nOrdinary\nshares
\n\u00a0
\nOrdinary shares are\nclassified as equity. Incremental costs directly attributable to\nthe issue of ordinary shares are recognised as a deduction from\nequity, net of any tax effects.
\n\u00a0
\nDividend\ndistribution
\n\u00a0
\nDividend distribution to\nthe Company\u2019s shareholders is recognised as a liability in\nthe Company\u2019s financial statements in the period in which the\ndividends are approved by the company\u2019s\nshareholders.
\n\u00a0
\n3.16\nInterest expense
\n\u00a0
\nInterest expense are\nrecognized in profit or loss for all interest-bearing financial\ninstruments using EIR. The effective interest method is a method of\ncalculating the amortised cost of a financial liability and of\nallocating the interest expenses over the relevant period. The\neffective interest rate is the rate that exactly discounts\nestimated future cash payments or receipts through the expected\nlife of the financial instrument to the net carrying amount of the\nfinancial liability. When calculating the effective interest rate,\nthe Group and the Company estimates cashflows considering all\ncontractual terms of the financial instruments. The calculation\nincludes all fees and points paid or received between parties to\nthe contract that are an integral part of the effective interest\nrate, transaction costs and all other premiums or discounts.\nAccordingly, interest expense includes the effect of amortising any\ndifference between net proceeds and redemption value in respect of\nthe Group\u2019s and the Company\u2019s interest-bearing\nborrowings.
\n\u00a0
\n3.17 Segment\nreporting
\n\u00a0
\nIFRS 8 required operating\nsegments to be identified on the basis of internal reports about\ncomponent of the Group and the Company that are regularly reviewed\nby the chief operating decision-maker (which takes the form of the\nBoard of Directors of the Group and the Company) , in order to\nallocate resources to the segment and to assess its performance.\nThe directors of the Company consider the Company is organized as\none business unit and all assets, liabilities, revenues and\nexpenditure are retained and recorded as such. However the Group\ndoes segment revenue by type of revenue, namely animal feed and\nfreight.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "HMej5VBR_X": { "value": "3.1 Revenue\nrecognition
\n\u00a0
\nRevenue represents the\namount of consideration to which the Group expects to be entitled\nin exchange for transferring the promised goods to the customer,\nexcluding amounts collected on behalf of third party (for example\nvalue added taxes); the transaction price. The Group includes in\nthe transaction price an amount of variable consideration as a\nresult of rebates/discounts only to the extent that it is highly\nprobable that a significant reversal in the amount of cumulative\nrevenue recognised will not occur when the uncertainty associated\nwith the variable consideration is subsequently resolved. Revenue\nfrom vessel operations is recognised net of commission.
\n\u00a0
\nEstimations for rebates\nand discounts are based on the Group\u2019s and the\nCompany\u2019s experience with similar contracts and forecasted\nsales to the customer.
\n\u00a0
\nThe Group recognises\nrevenue when the parties have approved the contract (in writing,\norally or in accordance with other customary business practices)\nand are committed to perform their respective obligations, the\nGroup can identify; each party\u2019s rights and the payment terms\nfor the goods to be transferred, the contract has a commercial\nsubstance (that is the risk, timing or amount of the Group\u2019s\nfuture cash flows is expected to change as a result of the\ncontract), it is probable that the Group will collect consideration\nto which it will be entitled to exchange goods that will be\ntransferred to the customer and when specific criteria have been\nmet for the Group\u2019s contract with customers.
\n\u00a0
\nThe Group bases its\nestimates on historical results, taking into consideration the type\nof customer, the type of transaction and the specifics of each\narrangement. In evaluating whether collectability of an amount of\nconsideration is probable, the Group considers only the\ncustomer\u2019s ability and intention to pay that amount of\nconsideration when it is due.
\n\u00a0
\nEstimate of revenue, costs\nor extent of progress towards completion are revised if\ncircumstances change. Any resulting increases or decreases in\nestimates are reflected in the statement of profit or loss and\nother comprehensive income in the period in which the circumstances\nthat give rise to the revision become known by\nmanagement.
\n\u00a0
\nIdentification of\nperformance obligations
\n\u00a0
\nThe Group assesses whether\ncontracts that involve the provision of a range of goods contain\none or more performance obligations (that is, distinct promises to\nprovide a good) and allocates the transaction price to each\nperformance obligation identified on the basis of its stand-alone\nselling price. A good that is promised to a customer is distinct if\nthe customer can benefit from the good, either on its own or\ntogether with other resources that are readily available to the\ncustomer (that is, the good is capable of being distinct) and the\nGroup\u2019s promise to transfer the good to the customer is\nseparately identifiable from other promises in the contract (that\nis, the good is distinct in the context of the\ncontract).
\n\u00a0
\n| \n - \n | \n\n Sale of animal\nfeed \n | \n
| \n \u00a0 \n | \n\n Revenue from the sale of\nanimal feed for a fixed fee is recognized when or as the group\ntransfer control of the asset to the customer. Amounts receivable\nfor goods transferred are due upon receipt by customer, which is\nusually immediately upon the sale of the goods to the customer.\nControl for these goods is transferred at a point in time and\noccurs when the customer takes undisputed delivery of the\ngoods. \n\u00a0 \n | \n
| \n - \n | \n\n Chartering\nservices \n | \n
| \n \u00a0 \n | \n\n Revenue from chartering\nservices is generally recognised in the period the services are\nprovided, based on the services performed to date as a percentage\nof the total services to be performed. Accordingly, revenue is\nrecognised by reference to the stage of completion of the\ntransaction under the percentage of completion method according to\nthe contractual terms entered into between the customer and the\nGroup. \n | \n
3.2 Foreign\ncurrencies
\n\u00a0
\nForeign currency\ntransactions, being transactions denominated in currencies other\nthan the functional currency, are translated into the functional\ncurrency using the exchange rates prevailing at the dates of the\ntransactions.
\n\u00a0
\nMonetary assets and\nliabilities denominated in foreign currencies are translated at the\nclosing exchange rates prevailing at the reporting date. Foreign\nexchange gains and losses arising from the settlement of foreign\ncurrency transactions and from the translation of monetary assets\nand liabilities at year\u2011end exchange rates are recognised in profit\nor loss in the period in which they arise.
\n\u00a0
\nNon\u2011monetary items that\nare measured at historical cost and denominated in foreign\ncurrencies are translated using the exchange rates at the date of\nthe transaction. Non\u2011monetary items measured at fair value are\ntranslated using the exchange rates at the date when the fair value\nwas determined.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "uhn-qG.F_g": { "value": "3.3 Fair\nvalue of assets
\n\u00a0
\nFair value is the price\nthat would be received to sell an asset or paid to transfer a\nliability in an orderly transaction between market participants at\nthe measurement date. The fair value of an asset is determined\nusing a hierarchy that maximises the use of observable inputs and\nminimizes the use of unobservable inputs. The hierarchy is as\nfollows:
\n\u00a0
\nLevel 1: Quoted prices in\nactive markets for identical assets.
\nLevel 2: Observable inputs\nother than quoted prices, such as market corroborated\ndata.
\nLevel 3: Unobservable\ninputs, requiring significant management judgement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "VulWscRTYK": { "value": "3.4 Income\ntaxation
\n\u00a0
\nIncome tax expense\ncomprises current and deferred tax. Current tax and deferred tax\nare recognised in profit or loss except to the extent that it\nrelates to a business combination, or items recognised directly in\nequity or in other comprehensive income.
\n\u00a0
\nCurrent tax is the\nexpected tax payable or receivable on the taxable income or loss\nfor the year, using tax rates enacted or substantively enacted at\nthe reporting date, and any adjustment to tax payable in respect of\nprevious years.
\n\u00a0
\nDeferred tax is recognised\nin respect of temporary differences between the carrying amounts of\nassets and liabilities for financial reporting purposes and the\namounts used for taxation purposes.
\n\u00a0
\nDeferred tax is measured\nat the tax rates that are expected to be applied to temporary\ndifferences when they reverse, based on the laws that have been\nenacted or substantively enacted by the reporting date.
\n\u00a0
\nDeferred tax assets and\nliabilities are offset if there is a legally enforceable right to\noffset current tax liabilities and assets, and they relate to\nincome taxes levied by the same tax authority on the same taxable\nentity, or on different tax entities, but they intend to settle\ncurrent tax liabilities and assets on a net basis or their tax\nassets and liabilities will be realised simultaneously.
\n\u00a0
\nA deferred tax asset is\nrecognised for unused tax losses, tax credits and deductible\ntemporary differences, to the extent that it is probable that\nfuture taxable profits will be available against which they can be\nutilised. Deferred tax assets are reviewed at each reporting date\nand are reduced to the extent that it is no longer probable that\nthe related tax benefit will be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "_Bv3ZBDcbH": { "value": "Deferred tax is recognised\nin respect of temporary differences between the carrying amounts of\nassets and liabilities for financial reporting purposes and the\namounts used for taxation purposes.
\n\u00a0
\nDeferred tax is measured\nat the tax rates that are expected to be applied to temporary\ndifferences when they reverse, based on the laws that have been\nenacted or substantively enacted by the reporting date.
\n\u00a0
\nDeferred tax assets and\nliabilities are offset if there is a legally enforceable right to\noffset current tax liabilities and assets, and they relate to\nincome taxes levied by the same tax authority on the same taxable\nentity, or on different tax entities, but they intend to settle\ncurrent tax liabilities and assets on a net basis or their tax\nassets and liabilities will be realised simultaneously.
\n\u00a0
\nA deferred tax asset is\nrecognised for unused tax losses, tax credits and deductible\ntemporary differences, to the extent that it is probable that\nfuture taxable profits will be available against which they can be\nutilised. Deferred tax assets are reviewed at each reporting date\nand are reduced to the extent that it is no longer probable that\nthe related tax benefit will be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ZMwmF4ubsP": { "value": "3.5\nProperty, plant and equipment
\n\u00a0
\nRecognition and\nmeasurement
\n\u00a0
\nItems of property, plant\nand equipment are initially measured at cost. Except for motor\nvessels, the Group\u2019s and the Company\u2019s property, plant,\nand equipment is subsequently stated at cost amount less\naccumulated depreciation and accumulated impairment losses. The\nGroup\u2019s motor vessels are subsequently stated at revalued\namount, being its fair value at revaluation date less any\nsubsequent accumulated depreciation and subsequent accumulated\nimpairment losses. Changes in the carrying amount as a result of\nthe revaluation are recognised in other comprehensive income and\naccumulated in equity under the heading of revaluation\nreserve.
\n\u00a0
\nCost includes expenditure\nthat is directly attributable to the acquisition of the asset. For\nthe motor vessel, cost pertains to the contracted purchase price\nand any direct expenses incurred upon acquisition (including\nimprovements, delivery expenses and other expenditures to prepare\nthe vessel for its initial voyage). Certain subsequent expenditures\nfor conversions and major improvements are also capitalised if it\nis determined that they appreciably extend the life, increase the\nearning capacity or improve the efficiency or safety of the vessel.\nDry docking costs, which are presented as part of Motor vessel,\ninclude a variety of costs incurred while vessels are placed within\ndry dock, including expenses related to the dock preparation and\nport expenses at the dry dock shipyard, general shipyard expenses,\nexpenses related to hull, external surfaces and decks, expenses\nrelated to machinery and engines of the vessel, as well as expenses\nrelated to the testing and correction of findings related to safety\nequipment on board.
\n\u00a0
\nSubsequent costs are\nincluded in the asset\u2019s carrying amount or recognised as a\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\ncompany and the cost of the item can be measured reliably. The\ncarrying amount of the replaced part is derecognised. All other\nrepairs and maintenance are charged to profit or loss during the\nfinancial period in which they are incurred.
\n\u00a0
\nGains and losses on\ndisposal of an item of property, plant and equipment are determined\nby comparing the proceeds from disposal with the carrying amount of\nproperty, plant and equipment, and are recognised net within other\nincome in profit or loss. When revalued assets are sold, the\namounts included in the revaluation reserve are transferred to\nretained earnings.
\n\u00a0
\nDepreciation
\n\u00a0
\nDepreciation is calculated\nover the depreciable amount, which is the cost of an asset, or\nother amount substituted for cost, less its residual value.\nDepreciation is recognised in profit or loss on a straight-line\nbasis over the estimated useful lives of each part of an item of\nproperty, plant and equipment, since this most closely reflects the\nexpected pattern of consumption of the future economic benefits\nembodied in the asset. Dry-docking and special survey costs are\npresented as part of Motor vessel in Note 14. The estimated useful\nlives for the current and comparative periods are as\nfollows:
\n\u00a0
\n| \n \u2022 \n | \n\n Motor vessel \u2013 10\nyears \n | \n
| \n \u2022 \n | \n\n Dry-docking and special\nsurvey costs \u2013 2.5 \u2013 5 years \n | \n
| \n \u2022 \n | \n\n Improvements to premises\n\u2013 10 years \n | \n
| \n \u2022 \n | \n\n Furniture and fittings\n\u2013 10 years \n | \n
| \n \u2022 \n | \n\n Computer Software \u2013\n5 years \n | \n
\u00a0
\nDepreciation methods,\nuseful lives and residual values are reviewed at each financial\nyear-end and adjusted if appropriate. Impairment losses are\nrecognised as an expense in the profit or loss.
\n\u00a0
\nRevaluation of\nproperty, plant and equipment
\n\u00a0
\nThe Group\u2019s motor\nvessels are revalued every two years. In the intervening years, the\ndirectors perform an assessment every 2 years at the reporting date\nto ensure that the carrying amounts do not differ materially from\nfair value. Any revaluation increase arising on the revaluation of\nmotor vessel is recognised in other comprehensive income, except to\nthe extent that it reverses a revaluation decrease for the same\nasset previously recognised in profit or loss, in which case the\nincrease is credited to profit or loss to the extent of the\ndecrease previously expensed. A decrease in the carrying amount on\nthe revaluation of such motor vessel is recognised in profit or\nloss to the extent that it exceeds the balance, if any, held in the\nrevaluation reserve relating to a previous revaluation of that\nasset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "qCZpVBVoVe": { "value": "Depreciation
\n\u00a0
\nDepreciation is calculated\nover the depreciable amount, which is the cost of an asset, or\nother amount substituted for cost, less its residual value.\nDepreciation is recognised in profit or loss on a straight-line\nbasis over the estimated useful lives of each part of an item of\nproperty, plant and equipment, since this most closely reflects the\nexpected pattern of consumption of the future economic benefits\nembodied in the asset. Dry-docking and special survey costs are\npresented as part of Motor vessel in Note 14. The estimated useful\nlives for the current and comparative periods are as\nfollows:
\n\u00a0
\n| \n \u2022 \n | \n\n Motor vessel \u2013 10\nyears \n | \n
| \n \u2022 \n | \n\n Dry-docking and special\nsurvey costs \u2013 2.5 \u2013 5 years \n | \n
| \n \u2022 \n | \n\n Improvements to premises\n\u2013 10 years \n | \n
| \n \u2022 \n | \n\n Furniture and fittings\n\u2013 10 years \n | \n
| \n \u2022 \n | \n\n Computer Software \u2013\n5 years \n | \n
\u00a0
\nDepreciation methods,\nuseful lives and residual values are reviewed at each financial\nyear-end and adjusted if appropriate. Impairment losses are\nrecognised as an expense in the profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "GbfBnB.7b5": { "value": "3.6\nImpairment of non- financial assets
\n\u00a0
\nAssets that have an\nindefinite useful life, are not subject to amortisation and are\ntested annually for impairment.
\n\u00a0
\nAssets that are subject to\namortisation or depreciation are reviewed for impairment whenever\nevents or changes in circumstances indicate that the carrying\namount may not be recoverable. An impairment loss is recognised for\nthe amount by which the asset\u2019s carrying amount exceeds its\nrecoverable amount. The recoverable amount is the higher of an\nasset\u2019s fair value less costs to sell and value in use. For\nthe purposes of assessing impairment, assets are grouped at the\nlowest levels for which there are separately identifiable cash\nflows (cash-generating units). Non-financial assets other than\ngoodwill that suffered an impairment are reviewed for possible\nreversal of the impairment at each reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "U4TswXI3ms": { "value": "3.7\nFinancial instruments
\n\u00a0
\nRecognition and initial\nmeasurement
\n\u00a0
\nFinancial assets and\nfinancial liabilities are initially recognised when the Company\nbecomes a party to the contractual provision of the\ninstrument.
\n\u00a0
\nA financial asset (unless\nit is a trade receivable without a significant component) or\nfinancial liability is initially measured at fair value plus or\nminus, for an item not at fair value through profit and loss\n(FVTPL), transaction costs that are directly attributable to its\nacquisition or issue. A trade receivable without a significant\ncomponent is measured at transaction price.
\n\u00a0
\nClassification and\nsubsequent measurement
\n\u00a0
\ni.\u00a0\u00a0\u00a0\u00a0 Financial assets
\n\u00a0
\nOn initial recognition,\na financial asset is classified as measured at: amortised cost,\nfair value through other comprehensive income (FVOCI) (debt\ninvestment), FVOCI (equity instrument) or FVTPL.
\n\u00a0
\nIn the period presented\nthe Group\u00a0 does not have and financial assets categorised at\nFVTPL and FVOCI, and all financial assets are measured at amortised\ncost.
\n\u00a0
\nThe classification is\ndetermined by both:
\n\u00a0
\n| \n - \n | \n\n the entity\u2019s\nbusiness model for managing the financial asset and; \n | \n
| \n - \n | \n\n the contractual cash\nflow characteristics of the financial asset \n | \n
\u00a0
\nAll income and expenses\nrelating to financial assets that are recognised in profit and loss\nare presented within finance costs or finance income, except for\nimpairment of trade receivables which is presented within\nadministrative expenses.
\n\u00a0
\nFinancial assets at\namortised cost
\n\u00a0
\nA financial asset is\nmeasured at amortised cost if it meets both the following\nconditions:
\n\u00a0
\n| \n \u2022 \n | \n\n it is held within a\nbusiness model whose objective is to hold the financial assets and\ncollect its contractual cash flows and; \n | \n
| \n \u2022 \n | \n\n its contractual terms\ngive rise on specified dates to cash flows that are solely payments\nof principal and interest (SPPI) on the principal amount\noutstanding \n | \n
\u00a0
\nAfter initial\nrecognition, these are measured at amortised cost using the\neffective interest method. Discounting is omitted where the effect\nof discounting is immaterial. The Group\u2019s cash and cash\nequivalents, loans and receivable and other receivables fall into\nthis category of financial instruments.
\n\u00a0
\nii.\u00a0\u00a0\u00a0\nFinancial liabilities
\n\u00a0
\nFinancial liabilities\nare classified as measured at amortised cost or FVTPL. A financial\nliability is classified as at FVTPL if it is classified as\nheld-for-trading, it is a derivative or it is designated as such on\ninitial recognition. Financial liabilities at FVTPL are measured at\nfair value and net gains and losses, including any interest\nexpenses, are recognised in profit or loss.
\n\u00a0
\nOther financial\nliabilities are subsequently measured at amortised cost using the\neffective interest method. Interest expense and foreign exchange\ngains and losses are recognised in profit or loss. Any gain or loss\non derecognition is also recognised in profit or loss.
\n\u00a0
\n3.8\nOffsetting
\n\u00a0
\nFinancial assets and\nfinancial liabilities are offset and the net amount presented in\nthe statement of financial position when, and only when, the Group\ncurrently has legally enforceable right to set off the amounts and\nit intends either to settle them on a net basis or to realise the\nasset and settle the liability simultaneously.
\n\u00a0
\n3.9\nImpairment
\n\u00a0
\nThe Group assesses on a\nforward-looking basis, the expected credit losses associated with\nis debt instruments carried at amortised cost and FVOCI. The\nimpairment methodology applied depends on whether there had been a\nsignificant increase in credit risk.
\n\u00a0
\nFor trade receivables, the\nGroup applies the simplified approach permitted by IFRS 9, which\nrequires expected lifetime losses to be recognised from initial\nrecognition of the receivables.
\n\u00a0
\nFor the Company\u2019s\nloan receivable, no impairment loss has been recognised as the\nrepayment of the loan is contractually linked to the redemption of\nbonds issued by the Group/Company. Under the terms of the\narrangement, the Company does not bear standalone credit risk on\nthe loan receivable, as settlement of the loan is dependent on, and\noccurs through, the bond redemption process. The bonds are secured\nby underlying vessels, the value of which is considered sufficient\nto mitigate potential credit losses. Taking into account the\ncontractual linkage between the loan and the bond redemption,\ntogether with the security provided by the vessels, management has\nconcluded that the expected credit losses on the loan receivable\nare not material. Accordingly, no impairment allowance has been\nrecognised in respect of the loan receivable at the reporting\ndate.
\n\u00a0
\nFor all other financial\nassets that are subject to impairment under IFRS 9, the Company\napplies a three-stage model for impairment, based on changes in\ncredit quality since initial recognition. A financial asset that is\nnot credit impaired on initial recognition is classified in Stage\n1.
\n\u00a0
\nFinancial assets in Stage\n1, have their expected credit loss measured at an amount equal to\nthe portion of lifetime expected credit loss that results from\ndefault events possible within the next 12 months, or until\ncontractual maturity if shorter. If the Group identified a\nsignificant increase in credit risk since initial recognition, the\nasset is transferred to Stage 2 and its expected loss is measured\non a lifetime basis, that is up until contractual maturity. If the\nGroup determines that a financial asset is credit impaired, the\nasset is transferred to Stage 3 and the expected credit loss is\nmeasured on a lifetime credit loss basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "GXE52ucOBW": { "value": "i.\u00a0\u00a0\u00a0\u00a0 Financial assets
\n\u00a0
\nOn initial recognition,\na financial asset is classified as measured at: amortised cost,\nfair value through other comprehensive income (FVOCI) (debt\ninvestment), FVOCI (equity instrument) or FVTPL.
\n\u00a0
\nIn the period presented\nthe Group\u00a0 does not have and financial assets categorised at\nFVTPL and FVOCI, and all financial assets are measured at amortised\ncost.
\n\u00a0
\nThe classification is\ndetermined by both:
\n\u00a0
\n| \n - \n | \n\n the entity\u2019s\nbusiness model for managing the financial asset and; \n | \n
| \n - \n | \n\n the contractual cash\nflow characteristics of the financial asset \n | \n
\u00a0
\nAll income and expenses\nrelating to financial assets that are recognised in profit and loss\nare presented within finance costs or finance income, except for\nimpairment of trade receivables which is presented within\nadministrative expenses.
\n\u00a0
\nFinancial assets at\namortised cost
\n\u00a0
\nA financial asset is\nmeasured at amortised cost if it meets both the following\nconditions:
\n\u00a0
\n| \n \u2022 \n | \n\n it is held within a\nbusiness model whose objective is to hold the financial assets and\ncollect its contractual cash flows and; \n | \n
| \n \u2022 \n | \n\n its contractual terms\ngive rise on specified dates to cash flows that are solely payments\nof principal and interest (SPPI) on the principal amount\noutstanding \n | \n
\u00a0
\nAfter initial\nrecognition, these are measured at amortised cost using the\neffective interest method. Discounting is omitted where the effect\nof discounting is immaterial. The Group\u2019s cash and cash\nequivalents, loans and receivable and other receivables fall into\nthis category of financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "rfyraPpcvp": { "value": "All income and expenses\nrelating to financial assets that are recognised in profit and loss\nare presented within finance costs or finance income, except for\nimpairment of trade receivables which is presented within\nadministrative expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "btRcnlPCSP": { "value": "ii.\u00a0\u00a0\u00a0\nFinancial liabilities
\n\u00a0
\nFinancial liabilities\nare classified as measured at amortised cost or FVTPL. A financial\nliability is classified as at FVTPL if it is classified as\nheld-for-trading, it is a derivative or it is designated as such on\ninitial recognition. Financial liabilities at FVTPL are measured at\nfair value and net gains and losses, including any interest\nexpenses, are recognised in profit or loss.
\n\u00a0
\nOther financial\nliabilities are subsequently measured at amortised cost using the\neffective interest method. Interest expense and foreign exchange\ngains and losses are recognised in profit or loss. Any gain or loss\non derecognition is also recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "QuJlbW-tZL": { "value": "Other financial\nliabilities are subsequently measured at amortised cost using the\neffective interest method. Interest expense and foreign exchange\ngains and losses are recognised in profit or loss. Any gain or loss\non derecognition is also recognised in profit or loss.3.16\nInterest expense
\n\u00a0
\nInterest expense are\nrecognized in profit or loss for all interest-bearing financial\ninstruments using EIR. The effective interest method is a method of\ncalculating the amortised cost of a financial liability and of\nallocating the interest expenses over the relevant period. The\neffective interest rate is the rate that exactly discounts\nestimated future cash payments or receipts through the expected\nlife of the financial instrument to the net carrying amount of the\nfinancial liability. When calculating the effective interest rate,\nthe Group and the Company estimates cashflows considering all\ncontractual terms of the financial instruments. The calculation\nincludes all fees and points paid or received between parties to\nthe contract that are an integral part of the effective interest\nrate, transaction costs and all other premiums or discounts.\nAccordingly, interest expense includes the effect of amortising any\ndifference between net proceeds and redemption value in respect of\nthe Group\u2019s and the Company\u2019s interest-bearing\nborrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "KqloOIGadB": { "value": "3.8\nOffsetting
\n\u00a0
\nFinancial assets and\nfinancial liabilities are offset and the net amount presented in\nthe statement of financial position when, and only when, the Group\ncurrently has legally enforceable right to set off the amounts and\nit intends either to settle them on a net basis or to realise the\nasset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DLA5NPgHQS": { "value": "3.9\nImpairment
\n\u00a0
\nThe Group assesses on a\nforward-looking basis, the expected credit losses associated with\nis debt instruments carried at amortised cost and FVOCI. The\nimpairment methodology applied depends on whether there had been a\nsignificant increase in credit risk.
\n\u00a0
\nFor trade receivables, the\nGroup applies the simplified approach permitted by IFRS 9, which\nrequires expected lifetime losses to be recognised from initial\nrecognition of the receivables.
\n\u00a0
\nFor the Company\u2019s\nloan receivable, no impairment loss has been recognised as the\nrepayment of the loan is contractually linked to the redemption of\nbonds issued by the Group/Company. Under the terms of the\narrangement, the Company does not bear standalone credit risk on\nthe loan receivable, as settlement of the loan is dependent on, and\noccurs through, the bond redemption process. The bonds are secured\nby underlying vessels, the value of which is considered sufficient\nto mitigate potential credit losses. Taking into account the\ncontractual linkage between the loan and the bond redemption,\ntogether with the security provided by the vessels, management has\nconcluded that the expected credit losses on the loan receivable\nare not material. Accordingly, no impairment allowance has been\nrecognised in respect of the loan receivable at the reporting\ndate.
\n\u00a0
\nFor all other financial\nassets that are subject to impairment under IFRS 9, the Company\napplies a three-stage model for impairment, based on changes in\ncredit quality since initial recognition. A financial asset that is\nnot credit impaired on initial recognition is classified in Stage\n1.
\n\u00a0
\nFinancial assets in Stage\n1, have their expected credit loss measured at an amount equal to\nthe portion of lifetime expected credit loss that results from\ndefault events possible within the next 12 months, or until\ncontractual maturity if shorter. If the Group identified a\nsignificant increase in credit risk since initial recognition, the\nasset is transferred to Stage 2 and its expected loss is measured\non a lifetime basis, that is up until contractual maturity. If the\nGroup determines that a financial asset is credit impaired, the\nasset is transferred to Stage 3 and the expected credit loss is\nmeasured on a lifetime credit loss basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "edA4Ny5TBm": { "value": "3.9\nImpairment
\n\u00a0
\nThe Group assesses on a\nforward-looking basis, the expected credit losses associated with\nis debt instruments carried at amortised cost and FVOCI. The\nimpairment methodology applied depends on whether there had been a\nsignificant increase in credit risk.
\n\u00a0
\nFor trade receivables, the\nGroup applies the simplified approach permitted by IFRS 9, which\nrequires expected lifetime losses to be recognised from initial\nrecognition of the receivables.
\n\u00a0
\nFor the Company\u2019s\nloan receivable, no impairment loss has been recognised as the\nrepayment of the loan is contractually linked to the redemption of\nbonds issued by the Group/Company. Under the terms of the\narrangement, the Company does not bear standalone credit risk on\nthe loan receivable, as settlement of the loan is dependent on, and\noccurs through, the bond redemption process. The bonds are secured\nby underlying vessels, the value of which is considered sufficient\nto mitigate potential credit losses. Taking into account the\ncontractual linkage between the loan and the bond redemption,\ntogether with the security provided by the vessels, management has\nconcluded that the expected credit losses on the loan receivable\nare not material. Accordingly, no impairment allowance has been\nrecognised in respect of the loan receivable at the reporting\ndate.
\n\u00a0
\nFor all other financial\nassets that are subject to impairment under IFRS 9, the Company\napplies a three-stage model for impairment, based on changes in\ncredit quality since initial recognition. A financial asset that is\nnot credit impaired on initial recognition is classified in Stage\n1.
\n\u00a0
\nFinancial assets in Stage\n1, have their expected credit loss measured at an amount equal to\nthe portion of lifetime expected credit loss that results from\ndefault events possible within the next 12 months, or until\ncontractual maturity if shorter. If the Group identified a\nsignificant increase in credit risk since initial recognition, the\nasset is transferred to Stage 2 and its expected loss is measured\non a lifetime basis, that is up until contractual maturity. If the\nGroup determines that a financial asset is credit impaired, the\nasset is transferred to Stage 3 and the expected credit loss is\nmeasured on a lifetime credit loss basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "zUwJqSK.2w": { "value": "3.10\nInventories
\n\u00a0
\nInventories are measured\nat the lower of cost and net realisable value. Cost is calculated\nusing the first-in, first-out method and comprises all costs of\npurchase, costs of conversion and other costs incurred in bringing\nthe inventories to their present location and condition. Net\nrealisable value represents the estimated selling price in the\nordinary course of business less the estimated costs of completion\nand the costs to be incurred in marketing, selling and\ndistribution.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pbW0H8H7D0": { "value": "3.11 Trade\nand other receivables
\n\u00a0
\nTrade receivables comprise\namounts due from customer for goods sold in the ordinary course of\nbusiness. If collection is expected in one year or less (or in the\nnormal operation cycle of the business if longer), they are\nclassified as current assets. If not, they are presented as\nnon-current assets.
\n\u00a0
\nTrade and other\nreceivables are recognised initially at fair value and subsequently\nmeasured at amortised cost using the effective interest method,\nless provision for impairment, i.e. expected credit loss\nallowance.
\n\u00a0
\nThe Group holds trade and\nother receivables with the objective to collect contractual cash\nflows and measures them subsequently at amortised cost using the\neffective interest method. The carrying amount of the asset is\nreduced through the use of an allowance account, and the amount of\nthe loss is recognised in the profit or loss within the\n\u2018administrative expenses\u2019. When a receivable is\nuncollectable, it is written off against the allowance account for\ntrade and other receivables. Subsequent recoveries of amounts\npreviously written off are credited against \u2018administrative\nexpenses\u2019 in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "kwAWWU6pQo": { "value": "3.12 Trade\nand other payables
\n\u00a0
\nTrade payables comprise\nobligations to pay for goods that have been acquired in the\nordinary course of business from suppliers. Accounts payable are\nclassified as current liabilities if payment is due within one year\nor less (or in the normal operating cycle of the business if\nlonger). If not, they are presented as non-current\nliabilities.
\n\u00a0
\nTrade and other payables\nare recognised initially at fair value and subsequently measured at\namortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Rzw2C5Er_U": { "value": "3.13\nProvisions
\n\u00a0
\nProvisions and\ncontingent liabilities
\n\u00a0
\nProvisions are recognised\nwhen the Group and the Company has a present obligation (legal or\nconstructive) as a result of a past event, it is probable that the\nGroup and the Company will be required to settle that obligation\nand a reliable estimate can be made of the amount of the\nobligation. The amount recognised as a provision is the best\nestimate of the consideration required to settle the present\nobligation at the reporting date, taking into account the risks and\nuncertainties surrounding the obligation. Where a provision is\nmeasured using the cash flows estimated to settle the present\nobligation, its carrying amount is the present value of those cash\nflows (when the effect of the time value of money is material).\nWhen some or all of the economic benefits required to settle a\nprovision are expected to be recovered from a third party, a\nreceivable is recognised as an asset if it is virtually certain\nthat reimbursement will be received and the amount of the\nreceivable can be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "oJmrgH3wMC": { "value": "A contingent liability is\ndisclosed where the existence of the obligation will only be\nconfirmed by future events or where the amount of the obligation\ncannot be measured with sufficient reliability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pPXBUV4Yx5": { "value": "3.14 Cash\nand cash equivalents
\n\u00a0
\nCash and cash equivalents\ninclude deposits held at call with banks.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TN7_ylyyaE": { "value": "3.15 Share\ncapital
\n\u00a0
\nOrdinary\nshares
\n\u00a0
\nOrdinary shares are\nclassified as equity. Incremental costs directly attributable to\nthe issue of ordinary shares are recognised as a deduction from\nequity, net of any tax effects.
\n\u00a0
\nDividend\ndistribution
\n\u00a0
\nDividend distribution to\nthe Company\u2019s shareholders is recognised as a liability in\nthe Company\u2019s financial statements in the period in which the\ndividends are approved by the company\u2019s\nshareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "gQ6zzQxsL5": { "value": "Dividend\ndistribution
\n\u00a0
\nDividend distribution to\nthe Company\u2019s shareholders is recognised as a liability in\nthe Company\u2019s financial statements in the period in which the\ndividends are approved by the company\u2019s\nshareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Bj78s0KRXb": { "value": "3.17 Segment\nreporting
\n\u00a0
\nIFRS 8 required operating\nsegments to be identified on the basis of internal reports about\ncomponent of the Group and the Company that are regularly reviewed\nby the chief operating decision-maker (which takes the form of the\nBoard of Directors of the Group and the Company) , in order to\nallocate resources to the segment and to assess its performance.\nThe directors of the Company consider the Company is organized as\none business unit and all assets, liabilities, revenues and\nexpenditure are retained and recorded as such. However the Group\ndoes segment revenue by type of revenue, namely animal feed and\nfreight.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Z7hMocz.bb": { "value": "4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Critical\nAccounting Estimates and Judgements
\n\u00a0
\nThe preparation of the\nGroup\u2019s and the Company\u2019s financial statements requires\nmanagement to make judgements, estimates and assumptions that\naffect the reported amounts of revenue, expenses, assets and\nliabilities and the accompanying disclosures. Uncertainty about\nthese assumptions and estimates could result in outcomes that\nrequire a material adjustment to the carrying amount of assets and\nliabilities affected in future period.
\n\u00a0
\nRecoverability of loan\nreceivable
\n\u00a0
\nThe directors have\nassessed the recoverability of loans receivable by reference to the\nplanned inflows and outflows and managements\u2019 plans taking\ninto account the uncertainties including but not limited to higher\ninflations and interest rates.
\n\u00a0
\n\u00a0
\nRevaluation of motor\nvessels
\n\u00a0
\nThe Group\u2019s motor\nvessels are revalued by the directors on the basis of independent\nvaluers\u2019 valuations, performed on an open market existing use\nbasis, reflecting recent transactions for similar vessels.\nIndependent external valuations are obtained every two years, with\ninterim assessments performed by the directors to ensure that the\ncarrying amounts do not differ materially from fair value at each\nreporting date.
\n\u00a0
\nEstimates and judgments\nare continually evaluated and are based on historical experience\nand other factors, including expectations of forward\u2011looking\ninformation that are considered reasonable in the circumstances. In\nthe opinion of the directors, the accounting estimates and\njudgments made in the preparation of these financial statements are\nnot difficult, subjective or complex to a degree that would require\ntheir disclosure as critical estimates or judgments in accordance\nwith IAS 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "xo0F5e0vwv": { "value": "5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nRevenue
\n\u00a0
\nRevenue, which consists\nmainly of the sale of animal feed and commission receivable, is\nstated net of discounts allowed and any indirect taxes. It\ncomprises the following:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Sale of animal\nfeed \n | \n\n 4,951,504 \n | \n\n 8,988,134 \n | \n\n - \n | \n\n - \n | \n
| \n Freight\nservices \n | \n\n 6,823,141 \n | \n\n 4,591,776 \n | \n\n - \n | \n\n - \n | \n
| \n Other services \n | \n\n 266,566 \n | \n\n 753,815 \n | \n\n - \n | \n\n - \n | \n
| \n | \n 12,041,211 \n | \n\n 14,333,725 \n | \n\n - \n | \n\n - \n | \n
6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Expenses\nby nature
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n|||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n | \n \u00a0 \n | \n
| \n Purchases \n | \n\n 4,785,870 \n | \n\n 8,194,791 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Custom fees and other\ntaxes \n | \n\n 16,950 \n | \n\n 32,220 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Freight and\nTransport \n | \n\n 954,854 \n | \n\n 406,793 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Wages and salaries (Note\n7) \n | \n\n 236,664 \n | \n\n 227,096 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Crew wages and\nexpenses \n | \n\n 1,070,158 \n | \n\n 1,386,188 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Fuel and oil \n | \n\n 1,355,709 \n | \n\n 1,761,741 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Port charges \n | \n\n 574,591 \n | \n\n 1,188,320 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Communication\nexpenses \n | \n\n 7,216 \n | \n\n 7,290 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Insurance \n | \n\n 387,667 \n | \n\n 449,053 \n | \n\n - \n | \n\n 10,412 \n | \n\n \u00a0 \n | \n
| \n Repairs and\nmaintenance \n | \n\n 331,517 \n | \n\n 277,707 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Selling and distribution\ncosts \n | \n\n 3,633 \n | \n\n 6,606 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Directors\u2019\nfees \n | \n\n 25,620 \n | \n\n 27,200 \n | \n\n 25,620 \n | \n\n 27,200 \n | \n\n \u00a0 \n | \n
| \n Key management personnel\nfees \n | \n\n 263,085 \n | \n\n 58,720 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Auditor's\nremuneration \n | \n\n 35,000 \n | \n\n 32,100 \n | \n\n 9,000 \n | \n\n 2,500 \n | \n\n \u00a0 \n | \n
| \n Professional\nfees \n | \n\n 177,633 \n | \n\n 2 62,228 \n | \n\n 2,206 \n | \n\n 47,119 \n | \n\n \u00a0 \n | \n
| \n MSE listing fee \n | \n\n 5,151 \n | \n\n 5,023 \n | \n\n 5,151 \n | \n\n 5,023 \n | \n\n \u00a0 \n | \n
| \n Depreciation on property,\nplant and equipment \n | \n\n 1,051,344 \n | \n\n 1,359,537 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Depreciation on right of\nuse asset \n | \n\n - \n | \n\n 3,431 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Bank charges \n | \n\n 59,799 \n | \n\n 14,437 \n | \n\n 7,296 \n | \n\n 1,052 \n | \n\n \u00a0 \n | \n
| \n Other expenses \n | \n\n 515,886 \n | \n\n 895,622 \n | \n\n 2,068 \n | \n\n 7,735 \n | \n\n \u00a0 \n | \n
| \n | \n 11,858,346 \n | \n\n 16,596,102 \n | \n\n 51,341 \n | \n\n 101,041 \n | \n\n \u00a0 \n | \n
\u00a0
\nFees charged by the\nauditor for services rendered during the financial periods ended 31\nDecember 2025 and 2024 relate to the following:
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Annual statutory\naudit \n | \n\n 35,000 \n | \n\n 32,100 \n | \n\n 9,000 \n | \n\n 2,500 \n | \n
6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Expenses\nby nature
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n|||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n | \n \u00a0 \n | \n
| \n Purchases \n | \n\n 4,785,870 \n | \n\n 8,194,791 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Custom fees and other\ntaxes \n | \n\n 16,950 \n | \n\n 32,220 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Freight and\nTransport \n | \n\n 954,854 \n | \n\n 406,793 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Wages and salaries (Note\n7) \n | \n\n 236,664 \n | \n\n 227,096 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Crew wages and\nexpenses \n | \n\n 1,070,158 \n | \n\n 1,386,188 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Fuel and oil \n | \n\n 1,355,709 \n | \n\n 1,761,741 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Port charges \n | \n\n 574,591 \n | \n\n 1,188,320 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Communication\nexpenses \n | \n\n 7,216 \n | \n\n 7,290 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Insurance \n | \n\n 387,667 \n | \n\n 449,053 \n | \n\n - \n | \n\n 10,412 \n | \n\n \u00a0 \n | \n
| \n Repairs and\nmaintenance \n | \n\n 331,517 \n | \n\n 277,707 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Selling and distribution\ncosts \n | \n\n 3,633 \n | \n\n 6,606 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Directors\u2019\nfees \n | \n\n 25,620 \n | \n\n 27,200 \n | \n\n 25,620 \n | \n\n 27,200 \n | \n\n \u00a0 \n | \n
| \n Key management personnel\nfees \n | \n\n 263,085 \n | \n\n 58,720 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Auditor's\nremuneration \n | \n\n 35,000 \n | \n\n 32,100 \n | \n\n 9,000 \n | \n\n 2,500 \n | \n\n \u00a0 \n | \n
| \n Professional\nfees \n | \n\n 177,633 \n | \n\n 2 62,228 \n | \n\n 2,206 \n | \n\n 47,119 \n | \n\n \u00a0 \n | \n
| \n MSE listing fee \n | \n\n 5,151 \n | \n\n 5,023 \n | \n\n 5,151 \n | \n\n 5,023 \n | \n\n \u00a0 \n | \n
| \n Depreciation on property,\nplant and equipment \n | \n\n 1,051,344 \n | \n\n 1,359,537 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Depreciation on right of\nuse asset \n | \n\n - \n | \n\n 3,431 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Bank charges \n | \n\n 59,799 \n | \n\n 14,437 \n | \n\n 7,296 \n | \n\n 1,052 \n | \n\n \u00a0 \n | \n
| \n Other expenses \n | \n\n 515,886 \n | \n\n 895,622 \n | \n\n 2,068 \n | \n\n 7,735 \n | \n\n \u00a0 \n | \n
| \n | \n 11,858,346 \n | \n\n 16,596,102 \n | \n\n 51,341 \n | \n\n 101,041 \n | \n\n \u00a0 \n | \n
\u00a0
\nFees charged by the\nauditor for services rendered during the financial periods ended 31\nDecember 2025 and 2024 relate to the following:
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Annual statutory\naudit \n | \n\n 35,000 \n | \n\n 32,100 \n | \n\n 9,000 \n | \n\n 2,500 \n | \n
6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Expenses\nby nature
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n|||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n | \n \u00a0 \n | \n
| \n Purchases \n | \n\n 4,785,870 \n | \n\n 8,194,791 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Custom fees and other\ntaxes \n | \n\n 16,950 \n | \n\n 32,220 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Freight and\nTransport \n | \n\n 954,854 \n | \n\n 406,793 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Wages and salaries (Note\n7) \n | \n\n 236,664 \n | \n\n 227,096 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Crew wages and\nexpenses \n | \n\n 1,070,158 \n | \n\n 1,386,188 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Fuel and oil \n | \n\n 1,355,709 \n | \n\n 1,761,741 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Port charges \n | \n\n 574,591 \n | \n\n 1,188,320 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Communication\nexpenses \n | \n\n 7,216 \n | \n\n 7,290 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Insurance \n | \n\n 387,667 \n | \n\n 449,053 \n | \n\n - \n | \n\n 10,412 \n | \n\n \u00a0 \n | \n
| \n Repairs and\nmaintenance \n | \n\n 331,517 \n | \n\n 277,707 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Selling and distribution\ncosts \n | \n\n 3,633 \n | \n\n 6,606 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Directors\u2019\nfees \n | \n\n 25,620 \n | \n\n 27,200 \n | \n\n 25,620 \n | \n\n 27,200 \n | \n\n \u00a0 \n | \n
| \n Key management personnel\nfees \n | \n\n 263,085 \n | \n\n 58,720 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Auditor's\nremuneration \n | \n\n 35,000 \n | \n\n 32,100 \n | \n\n 9,000 \n | \n\n 2,500 \n | \n\n \u00a0 \n | \n
| \n Professional\nfees \n | \n\n 177,633 \n | \n\n 2 62,228 \n | \n\n 2,206 \n | \n\n 47,119 \n | \n\n \u00a0 \n | \n
| \n MSE listing fee \n | \n\n 5,151 \n | \n\n 5,023 \n | \n\n 5,151 \n | \n\n 5,023 \n | \n\n \u00a0 \n | \n
| \n Depreciation on property,\nplant and equipment \n | \n\n 1,051,344 \n | \n\n 1,359,537 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Depreciation on right of\nuse asset \n | \n\n - \n | \n\n 3,431 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Bank charges \n | \n\n 59,799 \n | \n\n 14,437 \n | \n\n 7,296 \n | \n\n 1,052 \n | \n\n \u00a0 \n | \n
| \n Other expenses \n | \n\n 515,886 \n | \n\n 895,622 \n | \n\n 2,068 \n | \n\n 7,735 \n | \n\n \u00a0 \n | \n
| \n | \n 11,858,346 \n | \n\n 16,596,102 \n | \n\n 51,341 \n | \n\n 101,041 \n | \n\n \u00a0 \n | \n
\u00a0
\nFees charged by the\nauditor for services rendered during the financial periods ended 31\nDecember 2025 and 2024 relate to the following:
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Annual statutory\naudit \n | \n\n 35,000 \n | \n\n 32,100 \n | \n\n 9,000 \n | \n\n 2,500 \n | \n
Fees charged by the\nauditor for services rendered during the financial periods ended 31\nDecember 2025 and 2024 relate to the following:
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Annual statutory\naudit \n | \n\n 35,000 \n | \n\n 32,100 \n | \n\n 9,000 \n | \n\n 2,500 \n | \n
7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Wages and\nsalaries
\n\u00a0
\nWages and salaries\nincurred during the year amounted to the following:
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Wages and\nsalaries \n | \n\n 215,149 \n | \n\n 194,372 \n | \n\n - \n | \n\n - \n | \n
| \n Social security\ncosts \n | \n\n 21,515 \n | \n\n 32,724 \n | \n\n - \n | \n\n - \n | \n
| \n | \n 236,664 \n | \n\n 227,096 \n | \n\n - \n | \n\n - \n | \n
The average number of\npersons employed by the Company during the year was as\nfollows:
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n No. \n | \n\n No. \n | \n\n No. \n | \n\n No. \n | \n
| \n Administration \n | \n\n 5 \n | \n\n 6 \n | \n\n - \n | \n\n - \n | \n
| \n Operations \n | \n\n 3 \n | \n\n 3 \n | \n\n - \n | \n\n - \n | \n
| \n | \n 8 \n | \n\n 9 \n | \n\n - \n | \n\n - \n | \n
8.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Other\nincome
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Other income \n | \n\n 1,082,696 \n | \n\n 29,262 \n | \n\n - \n | \n\n - \n | \n
| \n Difference on\nexchange \n | \n\n 59,098 \n | \n\n 1,339 \n | \n\n - \n | \n\n 803 \n | \n
| \n Sundry income \n | \n\n 7,044 \n | \n\n 4,326 \n | \n\n - \n | \n\n 185 \n | \n
| \n | \n 1,148,838 \n | \n\n 34,927 \n | \n\n - \n | \n\n 988 \n | \n
\u00a0
\nInsurance claims settled\nhave been netted against the expenses associated with them.\nInsurance proceeds relate to compensation received for damage\nsustained by M/V AST Rising (see Note 14). The insurance recovery\ndoes not constitute revenue arising from ordinary activities and is\ntherefore presented within other income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "vipVYvh5S-": { "value": "9.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Other\ncharges
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Difference on\nexchange \n | \n\n 667 \n | \n\n 94,163 \n | \n\n 561 \n | \n\n - \n | \n
| \n Write-off of indirect\ntaxation balance not refundable \n | \n\n - \n | \n\n 91,616 \n | \n\n - \n | \n\n - \n | \n
| \n Other expenses \n | \n\n 5,730 \n | \n\n 12,013 \n | \n\n - \n | \n\n - \n | \n
| \n Impairment of\ninvestment \n | \n\n 3,271 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Loss on disposal of motor\nvessel \n | \n\n 635,956 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Ground rent\npayable \n | \n\n 1,000 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n | \n 646,624 \n | \n\n 197,792 \n | \n\n 561 \n | \n\n - \n | \n
\u00a0
\nThe loss on disposal\nrelates to the sale of M/V AST Malta during the year and represents\nthe difference between disposal proceeds and the vessel\u2019s\ncarrying amount at the date of sale, in accordance with IAS 16\n(Note 14).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "qFFe.-npxM": { "value": "10.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\nincome
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Interest income on loan\ndue from subsidiaries \n | \n\n - \n | \n\n - \n | \n\n 596,062 \n | \n\n 572,874 \n | \n
| \n Interest on trade\nbalances \n | \n\n - \n | \n\n 31,742 \n | \n\n - \n | \n\n - \n | \n
| \n Interest on factoring\nagreement \n | \n\n 49,392 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n | \n 49,392 \n | \n\n 31,742 \n | \n\n 596,062 \n | \n\n 572,874 \n | \n
\u00a0
\n11.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\ncosts
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Interest on factoring\nagreement \n | \n\n 58,260 \n | \n\n 315,490 \n | \n\n - \n | \n\n - \n | \n
| \n Bond finance\ncost \n | \n\n 531,250 \n | \n\n 531,250 \n | \n\n 531,250 \n | \n\n 531,250 \n | \n
| \n Amortisation of bond issue\ncosts \n | \n\n 33,235 \n | \n\n 32,006 \n | \n\n 33,235 \n | \n\n 32,006 \n | \n
| \n | \n 622,745 \n | \n\n 878,746 \n | \n\n 564,485 \n | \n\n 563,256 \n | \n
10.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\nincome
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Interest income on loan\ndue from subsidiaries \n | \n\n - \n | \n\n - \n | \n\n 596,062 \n | \n\n 572,874 \n | \n
| \n Interest on trade\nbalances \n | \n\n - \n | \n\n 31,742 \n | \n\n - \n | \n\n - \n | \n
| \n Interest on factoring\nagreement \n | \n\n 49,392 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n | \n 49,392 \n | \n\n 31,742 \n | \n\n 596,062 \n | \n\n 572,874 \n | \n
\u00a0
\n11.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\ncosts
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Interest on factoring\nagreement \n | \n\n 58,260 \n | \n\n 315,490 \n | \n\n - \n | \n\n - \n | \n
| \n Bond finance\ncost \n | \n\n 531,250 \n | \n\n 531,250 \n | \n\n 531,250 \n | \n\n 531,250 \n | \n
| \n Amortisation of bond issue\ncosts \n | \n\n 33,235 \n | \n\n 32,006 \n | \n\n 33,235 \n | \n\n 32,006 \n | \n
| \n | \n 622,745 \n | \n\n 878,746 \n | \n\n 564,485 \n | \n\n 563,256 \n | \n
10.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\nincome
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Interest income on loan\ndue from subsidiaries \n | \n\n - \n | \n\n - \n | \n\n 596,062 \n | \n\n 572,874 \n | \n
| \n Interest on trade\nbalances \n | \n\n - \n | \n\n 31,742 \n | \n\n - \n | \n\n - \n | \n
| \n Interest on factoring\nagreement \n | \n\n 49,392 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n | \n 49,392 \n | \n\n 31,742 \n | \n\n 596,062 \n | \n\n 572,874 \n | \n
10.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\nincome
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Interest income on loan\ndue from subsidiaries \n | \n\n - \n | \n\n - \n | \n\n 596,062 \n | \n\n 572,874 \n | \n
| \n Interest on trade\nbalances \n | \n\n - \n | \n\n 31,742 \n | \n\n - \n | \n\n - \n | \n
| \n Interest on factoring\nagreement \n | \n\n 49,392 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n | \n 49,392 \n | \n\n 31,742 \n | \n\n 596,062 \n | \n\n 572,874 \n | \n
11.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\ncosts
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Interest on factoring\nagreement \n | \n\n 58,260 \n | \n\n 315,490 \n | \n\n - \n | \n\n - \n | \n
| \n Bond finance\ncost \n | \n\n 531,250 \n | \n\n 531,250 \n | \n\n 531,250 \n | \n\n 531,250 \n | \n
| \n Amortisation of bond issue\ncosts \n | \n\n 33,235 \n | \n\n 32,006 \n | \n\n 33,235 \n | \n\n 32,006 \n | \n
| \n | \n 622,745 \n | \n\n 878,746 \n | \n\n 564,485 \n | \n\n 563,256 \n | \n
11.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Finance\ncosts
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Interest on factoring\nagreement \n | \n\n 58,260 \n | \n\n 315,490 \n | \n\n - \n | \n\n - \n | \n
| \n Bond finance\ncost \n | \n\n 531,250 \n | \n\n 531,250 \n | \n\n 531,250 \n | \n\n 531,250 \n | \n
| \n Amortisation of bond issue\ncosts \n | \n\n 33,235 \n | \n\n 32,006 \n | \n\n 33,235 \n | \n\n 32,006 \n | \n
| \n | \n 622,745 \n | \n\n 878,746 \n | \n\n 564,485 \n | \n\n 563,256 \n | \n
12.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Profit / (loss)\nbefore taxation
\n\u00a0
\nThis is stated after\ncharging / (crediting) the following:
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Annual statutory audit\nfee \n | \n\n 35,000 \n | \n\n 32,100 \n | \n\n 9,000 \n | \n\n 2,500 \n | \n
| \n Directors' fees \n | \n\n 25,620 \n | \n\n 27,200 \n | \n\n 25,620 \n | \n\n 27,200 \n | \n
| \n Key management personnel\nfees \n | \n\n 263,085 \n | \n\n 58,720 \n | \n\n - \n | \n\n - \n | \n
| \n Amortisation on bond issue\ncosts \n | \n\n 33,235 \n | \n\n 32,006 \n | \n\n 33,235 \n | \n\n 32,006 \n | \n
| \n Depreciation on property,\nplant and equipment \n | \n\n 1,051,344 \n | \n\n 1,359,537 \n | \n\n - \n | \n\n - \n | \n
| \n Depreciation on right of\nuse asset \n | \n\n - \n | \n\n 3,431 \n | \n\n - \n | \n\n - \n | \n
| \n Difference on\nexchange \n | \n\n (58,431) \n | \n\n 92,824 \n | \n\n 561 \n | \n\n (803) \n | \n
| \n | \n 1,349,853 \n | \n\n 1,605,818 \n | \n\n 68,416 \n | \n\n 60,903 \n | \n
13.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Income\ntaxation
\n\u00a0
\nIncome taxation recognised\nin profit or loss
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Current tax\ncharge \n | \n\n 26,256 \n | \n\n 11,736 \n | \n\n 11,052 \n | \n\n 1,609 \n | \n
| \n Deferred tax\ncredit \n | \n\n (37,770) \n | \n\n (692,295) \n | \n\n - \n | \n\n - \n | \n
| \n Prior period\nadjustment \n | \n\n - \n | \n\n 273,532 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Tax (credit) /\ncharge \n | \n\n (11,512)\u00a0 \n | \n\n (407,027) \n | \n\n 11,052\u00a0 \n | \n\n 1,609 \n | \n
\u00a0
\nThe Group\u2019s branches\nare subject to the tax rates applicable in Greece, France, Spain\nand Hungary, while the Cyprus subsidiary is subject to the tax rate\napplicable in Cyprus. \u00a0The tax on the Group\u2019s results\nbefore tax differs from theoretical amount that would arise using\nthe statutory tax rate of 35%:
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Profit / (loss) before\ntax \n | \n\n 104,078 \n | \n\n (3,272,247) \n | \n\n (20,326) \n | \n\n (92,042) \n | \n
| \n | \n | \n | \n | \n |
| \n Tax at the applicable\nstatutory rate of 35% \n | \n\n (36,427) \n | \n\n (1,145,286) \n | \n\n 7,114 \n | \n\n (32,214) \n | \n
| \n Tax effect\nof: \n | \n\n | \n | \n | \n |
| \n Expenses not allowable for\ntax purposes \n | \n\n 10,170 \n | \n\n 81,534 \n | \n\n (18,166) \n | \n\n 33,823 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Income not subject to\ntax \n | \n\n - \n | \n\n (6,317) \n | \n\n - \n | \n\n - \n | \n
| \n Effect of prior year\nunrecognized deferred tax \n | \n\n 220,481 \n | \n\n 402,732 \n | \n\n - \n | \n\n - \n | \n
| \n Unrecognised deferred\ntax \n | \n\n (182,711) \n | \n\n 4,970 \n | \n\n - \n | \n\n - \n | \n
| \n Effect of different tax\nrate \n | \n\n - \n | \n\n 21,375 \n | \n\n - \n | \n\n - \n | \n
| \n Prior period\nadjustment \n | \n\n - \n | \n\n 273,532 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Tax credit /\n(charge) \n | \n\n 11,512\u00a0 \n | \n\n (407,027) \n | \n\n (11,052)\u00a0 \n | \n\n 1,609 \n | \n
\u00a0
\n*Restated figures refer\nto note 31.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ok2ajPihqC": { "value": "14.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Property, plant and\nequipment
\n\u00a0
\n| \n Group \n | \n\n Motor\nVessel \n | \n\n Improvements to\nPremises \n | \n\n Computer\nSoftware \n | \n\n Furniture and\nFittings \n | \n\n Total \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n At 1 January\n2024 \n | \n\n | \n | \n | \n | \n |
| \n Cost \n | \n\n 13,258,525 \n | \n\n 6,038 \n | \n\n 16,338 \n | \n\n 73,092 \n | \n\n 13,353,993 \n | \n
| \n Accumulated\ndepreciation \n | \n\n (2,508,526) \n | \n\n (6,035) \n | \n\n (6,107) \n | \n\n (48,577) \n | \n\n (2,569,245) \n | \n
| \n Net book\namount \n | \n\n 10,749,999 \n | \n\n 3 \n | \n\n 10,231 \n | \n\n 24,515 \n | \n\n 10,784,748 \n | \n
| \n Year ended 31 December\n2024 \n | \n\n | \n | \n | \n | \n - \n | \n
| \n Opening net book\namount \n | \n\n 10,749,999 \n | \n\n 3 \n | \n\n 10,231 \n | \n\n 24,515 \n | \n\n 10,784,748 \n | \n
| \n Additions \n | \n\n 1,040,741 \n | \n\n - \n | \n\n 1,712 \n | \n\n 685 \n | \n\n 1,043,138 \n | \n
| \n Revaluation \n | \n\n 1,459,018 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 1,459,018 \n | \n
| \n Depreciation\nexpense \n | \n\n (1,353,513) \n | \n\n - \n | \n\n (1,630) \n | \n\n (4,394) \n | \n\n (1,359,537) \n | \n
| \n Closing net book\namount \n | \n\n 11,896,245 \n | \n\n 3 \n | \n\n 10,313 \n | \n\n 20,806 \n | \n\n 11,927,367 \n | \n
| \n At 31 December\n2024 \n | \n\n | \n | \n | \n | \n - \n | \n
| \n Cost \n | \n\n 15,758,284 \n | \n\n 6,038 \n | \n\n 18,050 \n | \n\n 73,777 \n | \n\n 15,856,149 \n | \n
| \n Accumulated\ndepreciation \n | \n\n (3,862,039) \n | \n\n (6,035) \n | \n\n (7,737) \n | \n\n (52,971) \n | \n\n (3,928,782) \n | \n
| \n Net book\namount \n | \n\n 11,896,245 \n | \n\n 3 \n | \n\n 10,313 \n | \n\n 20,806 \n | \n\n 11,927,367 \n | \n
| \n Year ended 31 December\n2025 \n | \n\n | \n | \n | \n | \n - \n | \n
| \n Opening net book\namount \n | \n\n 11,896,245 \n | \n\n 3 \n | \n\n 10,313 \n | \n\n 20,807 \n | \n\n 11,927,368 \n | \n
| \n Additions \n | \n\n 119,283 \n | \n\n 920 \n | \n\n - \n | \n\n 5,384 \n | \n\n 125,587 \n | \n
| \n Disposal - cost \n | \n\n (5,666,186) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (5,666,186) \n | \n
| \n Release of depreciation on\ndisposal \n | \n\n 3,152,386 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 3,152,386 \n | \n
| \n Depreciation\nexpense \n | \n\n (1,039,677) \n | \n\n (46) \n | \n\n (1,800) \n | \n\n (9,821) \n | \n\n (1,051,344) \n | \n
| \n Closing net book\namount \n | \n\n 8,462,051 \n | \n\n 877 \n | \n\n 8,513 \n | \n\n 16,370 \n | \n\n 8,487,811 \n | \n
| \n At 31 December\n2025 \n | \n\n | \n | \n | \n | \n |
| \n Cost \n | \n\n 10,211,381 \n | \n\n 6,958 \n | \n\n 18,050 \n | \n\n 93,820 \n | \n\n 10,330,209 \n | \n
| \n Accumulated\ndepreciation \n | \n\n (1,749,330) \n | \n\n (6,081) \n | \n\n (9,537) \n | \n\n (77,450) \n | \n\n (1,842,398) \n | \n
| \n Net book\namount \n | \n\n 8,462,051 \n | \n\n 877 \n | \n\n 8,513 \n | \n\n 16,370 \n | \n\n 8,487,811 \n | \n
The motor vessels are\npledged in favour of the Security Trustee as guarantee in favour of\nbondholders until such time that these are repaid in accordance\nwith the Prospectus. A first priority mortgage on all the vessels\nowned by the Group is in place in favour of the Security Trustee in\nline with the Prospectus.
\n\u00a0
\nIn August 2025, the Group\ndisposed of M/V AST Malta, which had a net book value of\n\u20ac2.7\u00a0million at the date of sale. The vessel was sold for\na consideration of \u20ac2.0\u00a0million, resulting in a loss on\ndisposal of \u20ac0.7\u00a0million (see Note\u00a09).\nAs M/V AST Malta was mortgaged in favour of the\nSecurity Trustee as collateral in favour of bondholders, as at 31\nDecember 2025, pursuant to the sale of the M/V AST Malta, \u20ac0.9\nmillion was placed in a bank account in favour of the Security\nTrustee, with an undertaking provided to the Security Trustee to\nplace a further $0.5 million in the pledged account, until a new\nvessel is acquired or bonds are redeemed. From the pledged amount,\nan aggregate of $0.5 million was released by December 2025. In Q1\n2026, an equivalent amount of $0.5 million was replenished into\naccount. In addition, the $0.5 million undertaking committed by the\nGroup was also placed in the pledged account in Q1 2026.\nAccordingly, a total of $1.5 million is held in the pledged account\nin favour of the Security Trustee for the benefit of\nbondholders.
\n\u00a0
\nThe motor vessels were\nrevalued by an independent professional valuer as at 31 December\n2024 on an open market existing use basis, using the market\napproach. Pursuant to such exercise, the Group recorded an upward\nrevaluation of \u20ac1.5 million in 2024 in Other comprehensive\nincome and Revaluation reserve.
\n\u00a0
\nThe valuation was derived\nprimarily from observable market data, including recent transaction\nprices and market benchmarks for vessels of similar type, age and\nspecification. Adjustments were applied to reflect vessel\u2011specific\ncharacteristics, principally age, condition and location. These\nadjustments were based on observable market information and\nstandard industry benchmarks and did not involve material\nunobservable inputs. Accordingly, the fair value measurement of the\nmotor vessels is classified within Level 2 of the fair value\nhierarchy in accordance with IFRS 13. The adjustments were not\nconsidered significant to the overall fair value measurement and\nhence not recognised in the financial statements.
\n\u00a0
\nThe Group\u2019s and the Company\u2019s policy is to recognise transfers into and out of fair value\nhierarchy levels as of the beginning of the reporting period. There\nwere no transfers between different levels of the fair value\nhierarchy during the year ended 31 December 2025.
\n\u00a0
\nThe Group changed the\nrevaluation frequency from annual to biennial with effect from the\nyear ended 31 December 2025 (see Note 4). Such change in accounting\nestimate did not have a material effect to the Group\u2019s and the Company\u2019s financial statements.
\n\u00a0
\nIn addition, M/V AST\nRising sustained damage during the year, which has since been fully\nrepaired, with the related costs covered by insurance\nclaim.
\n\u00a0
\nThe carrying amount of the\nremaining motor vessels that would have been included in the\nfinancial statements had these assets been carried at cost less\naccumulated depreciation and accumulated impairment losses is\n\u20ac5,274,539 (2024: \u20ac6,584,577).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "LTH-RXoEMu": { "value": "14.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Property, plant and\nequipment
\n\u00a0
\n| \n Group \n | \n\n Motor\nVessel \n | \n\n Improvements to\nPremises \n | \n\n Computer\nSoftware \n | \n\n Furniture and\nFittings \n | \n\n Total \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n At 1 January\n2024 \n | \n\n | \n | \n | \n | \n |
| \n Cost \n | \n\n 13,258,525 \n | \n\n 6,038 \n | \n\n 16,338 \n | \n\n 73,092 \n | \n\n 13,353,993 \n | \n
| \n Accumulated\ndepreciation \n | \n\n (2,508,526) \n | \n\n (6,035) \n | \n\n (6,107) \n | \n\n (48,577) \n | \n\n (2,569,245) \n | \n
| \n Net book\namount \n | \n\n 10,749,999 \n | \n\n 3 \n | \n\n 10,231 \n | \n\n 24,515 \n | \n\n 10,784,748 \n | \n
| \n Year ended 31 December\n2024 \n | \n\n | \n | \n | \n | \n - \n | \n
| \n Opening net book\namount \n | \n\n 10,749,999 \n | \n\n 3 \n | \n\n 10,231 \n | \n\n 24,515 \n | \n\n 10,784,748 \n | \n
| \n Additions \n | \n\n 1,040,741 \n | \n\n - \n | \n\n 1,712 \n | \n\n 685 \n | \n\n 1,043,138 \n | \n
| \n Revaluation \n | \n\n 1,459,018 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 1,459,018 \n | \n
| \n Depreciation\nexpense \n | \n\n (1,353,513) \n | \n\n - \n | \n\n (1,630) \n | \n\n (4,394) \n | \n\n (1,359,537) \n | \n
| \n Closing net book\namount \n | \n\n 11,896,245 \n | \n\n 3 \n | \n\n 10,313 \n | \n\n 20,806 \n | \n\n 11,927,367 \n | \n
| \n At 31 December\n2024 \n | \n\n | \n | \n | \n | \n - \n | \n
| \n Cost \n | \n\n 15,758,284 \n | \n\n 6,038 \n | \n\n 18,050 \n | \n\n 73,777 \n | \n\n 15,856,149 \n | \n
| \n Accumulated\ndepreciation \n | \n\n (3,862,039) \n | \n\n (6,035) \n | \n\n (7,737) \n | \n\n (52,971) \n | \n\n (3,928,782) \n | \n
| \n Net book\namount \n | \n\n 11,896,245 \n | \n\n 3 \n | \n\n 10,313 \n | \n\n 20,806 \n | \n\n 11,927,367 \n | \n
| \n Year ended 31 December\n2025 \n | \n\n | \n | \n | \n | \n - \n | \n
| \n Opening net book\namount \n | \n\n 11,896,245 \n | \n\n 3 \n | \n\n 10,313 \n | \n\n 20,807 \n | \n\n 11,927,368 \n | \n
| \n Additions \n | \n\n 119,283 \n | \n\n 920 \n | \n\n - \n | \n\n 5,384 \n | \n\n 125,587 \n | \n
| \n Disposal - cost \n | \n\n (5,666,186) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (5,666,186) \n | \n
| \n Release of depreciation on\ndisposal \n | \n\n 3,152,386 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 3,152,386 \n | \n
| \n Depreciation\nexpense \n | \n\n (1,039,677) \n | \n\n (46) \n | \n\n (1,800) \n | \n\n (9,821) \n | \n\n (1,051,344) \n | \n
| \n Closing net book\namount \n | \n\n 8,462,051 \n | \n\n 877 \n | \n\n 8,513 \n | \n\n 16,370 \n | \n\n 8,487,811 \n | \n
| \n At 31 December\n2025 \n | \n\n | \n | \n | \n | \n |
| \n Cost \n | \n\n 10,211,381 \n | \n\n 6,958 \n | \n\n 18,050 \n | \n\n 93,820 \n | \n\n 10,330,209 \n | \n
| \n Accumulated\ndepreciation \n | \n\n (1,749,330) \n | \n\n (6,081) \n | \n\n (9,537) \n | \n\n (77,450) \n | \n\n (1,842,398) \n | \n
| \n Net book\namount \n | \n\n 8,462,051 \n | \n\n 877 \n | \n\n 8,513 \n | \n\n 16,370 \n | \n\n 8,487,811 \n | \n
The motor vessels are\npledged in favour of the Security Trustee as guarantee in favour of\nbondholders until such time that these are repaid in accordance\nwith the Prospectus. A first priority mortgage on all the vessels\nowned by the Group is in place in favour of the Security Trustee in\nline with the Prospectus.
\n\u00a0
\nIn August 2025, the Group\ndisposed of M/V AST Malta, which had a net book value of\n\u20ac2.7\u00a0million at the date of sale. The vessel was sold for\na consideration of \u20ac2.0\u00a0million, resulting in a loss on\ndisposal of \u20ac0.7\u00a0million (see Note\u00a09).\nAs M/V AST Malta was mortgaged in favour of the\nSecurity Trustee as collateral in favour of bondholders, as at 31\nDecember 2025, pursuant to the sale of the M/V AST Malta, \u20ac0.9\nmillion was placed in a bank account in favour of the Security\nTrustee, with an undertaking provided to the Security Trustee to\nplace a further $0.5 million in the pledged account, until a new\nvessel is acquired or bonds are redeemed. From the pledged amount,\nan aggregate of $0.5 million was released by December 2025. In Q1\n2026, an equivalent amount of $0.5 million was replenished into\naccount. In addition, the $0.5 million undertaking committed by the\nGroup was also placed in the pledged account in Q1 2026.\nAccordingly, a total of $1.5 million is held in the pledged account\nin favour of the Security Trustee for the benefit of\nbondholders.
\n\u00a0
\nThe motor vessels were\nrevalued by an independent professional valuer as at 31 December\n2024 on an open market existing use basis, using the market\napproach. Pursuant to such exercise, the Group recorded an upward\nrevaluation of \u20ac1.5 million in 2024 in Other comprehensive\nincome and Revaluation reserve.
\n\u00a0
\nThe valuation was derived\nprimarily from observable market data, including recent transaction\nprices and market benchmarks for vessels of similar type, age and\nspecification. Adjustments were applied to reflect vessel\u2011specific\ncharacteristics, principally age, condition and location. These\nadjustments were based on observable market information and\nstandard industry benchmarks and did not involve material\nunobservable inputs. Accordingly, the fair value measurement of the\nmotor vessels is classified within Level 2 of the fair value\nhierarchy in accordance with IFRS 13. The adjustments were not\nconsidered significant to the overall fair value measurement and\nhence not recognised in the financial statements.
\n\u00a0
\nThe Group\u2019s and the Company\u2019s policy is to recognise transfers into and out of fair value\nhierarchy levels as of the beginning of the reporting period. There\nwere no transfers between different levels of the fair value\nhierarchy during the year ended 31 December 2025.
\n\u00a0
\nThe Group changed the\nrevaluation frequency from annual to biennial with effect from the\nyear ended 31 December 2025 (see Note 4). Such change in accounting\nestimate did not have a material effect to the Group\u2019s and the Company\u2019s financial statements.
\n\u00a0
\nIn addition, M/V AST\nRising sustained damage during the year, which has since been fully\nrepaired, with the related costs covered by insurance\nclaim.
\n\u00a0
\nThe carrying amount of the\nremaining motor vessels that would have been included in the\nfinancial statements had these assets been carried at cost less\naccumulated depreciation and accumulated impairment losses is\n\u20ac5,274,539 (2024: \u20ac6,584,577).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "kz-CRWQiak": { "value": "The motor vessels are\npledged in favour of the Security Trustee as guarantee in favour of\nbondholders until such time that these are repaid in accordance\nwith the Prospectus. A first priority mortgage on all the vessels\nowned by the Group is in place in favour of the Security Trustee in\nline with the Prospectus.
\n\u00a0
\nIn August 2025, the Group\ndisposed of M/V AST Malta, which had a net book value of\n\u20ac2.7\u00a0million at the date of sale. The vessel was sold for\na consideration of \u20ac2.0\u00a0million, resulting in a loss on\ndisposal of \u20ac0.7\u00a0million (see Note\u00a09).\nAs M/V AST Malta was mortgaged in favour of the\nSecurity Trustee as collateral in favour of bondholders, as at 31\nDecember 2025, pursuant to the sale of the M/V AST Malta, \u20ac0.9\nmillion was placed in a bank account in favour of the Security\nTrustee, with an undertaking provided to the Security Trustee to\nplace a further $0.5 million in the pledged account, until a new\nvessel is acquired or bonds are redeemed. From the pledged amount,\nan aggregate of $0.5 million was released by December 2025. In Q1\n2026, an equivalent amount of $0.5 million was replenished into\naccount. In addition, the $0.5 million undertaking committed by the\nGroup was also placed in the pledged account in Q1 2026.\nAccordingly, a total of $1.5 million is held in the pledged account\nin favour of the Security Trustee for the benefit of\nbondholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "bEYOeUOPM3": { "value": "15.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investment in\nsubsidiaries
\n\u00a0
\nThe carrying amount of the\ninvestment in subsidiary at reporting date was as\nfollows:
\n\u00a0
\n| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n The\nCompany \n | \n|
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n At 1\nJanuary \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n |
| \n Cost and carrying net book\nvalue \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2,199,852 \n | \n\n 2,199,852 \n | \n
| \n Additions \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n - \n | \n\n - \n | \n
| \n Disposals \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n - \n | \n\n - \n | \n
| \n At 31\nDecember \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Cost and carrying net\nbook amount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2,199,852 \n | \n\n 2,199,852 \n | \n
\u00a0
\nThe carrying amount of\ninvestment in subsidiaries is equivalent to the cost of the\ninvestment. The subsidiaries as at 31 December 2025 are shown\nbelow:
\n\u00a0
\n| \n \u00a0 \n | \n\n Registered \n | \n\n Percentage \n | \n\n 2025 \n | \n
| \n \u00a0 \n | \n\n Office \n | \n\n of\nshares \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n held \n | \n\n \u00a0 \n | \n
| \n Damask Investment\nLimited \n | \n\n Fort Business\nCentre Level 2 \n | \n\n 100 \n | \n\n 233 \n | \n
| \n \u00a0 \n | \n\n Triq\nL-Intornjatur Zone 1 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Central Business\nDistrict \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Birkirkara\nCBD1050 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Malta \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n DST (Damask\nShipping & Trading) Holding Ltd \n | \n\n 2458, Level 24,\nAl Sila \nTower, Abu\nDhabi, \nGlobal Market\nSquare, Al Maryah Island, \nAbu Dhabi, United\nArab Emirates \n | \n\n 100 \n | \n\n 919 \n | \n
| \n AST Green\nShipping Limited \n | \n\n Fort Business\nCentre Level 2 \n | \n\n 100 \n | \n\n 2,198,700 \n | \n
| \n \u00a0 \n | \n\n Triq\nL-Intornjatur Zone 1 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Central Business\nDistrict \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Birkirkara\nCBD1050 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Malta \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a02,199,852 \n | \n
\u00a0
\nThe carrying amount of\ninvestment in subsidiaries is equivalent to the cost of the\ninvestment. The subsidiaries as at 31 December 2024 are shown\nbelow:
\n\u00a0
\n| \n \u00a0 \n | \n\n Registered \n | \n\n Percentage \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n Office \n | \n\n of\nshares \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n held \n | \n\n \u00a0 \n | \n
| \n Damask Investment\nLimited \n | \n\n Fort Business\nCentre Level 2 \n | \n\n 100 \n | \n\n 233 \n | \n
| \n \u00a0 \n | \n\n Triq\nL-Intornjatur Zone 1 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Central Business\nDistrict \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Birkirkara\nCBD1050 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Malta \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n DST (Damask\nShipping & Trading) Holding Ltd \n | \n\n 2458, Level 24,\nAl Sila \nTower, Abu\nDhabi, \nGlobal Market\nSquare, Al Maryah Island, \nAbu Dhabi, United\nArab Emirates \n | \n\n 100 \n | \n\n 919 \n | \n
| \n AST Green\nShipping Limited \n | \n\n Fort Business\nCentre Level 2 \n | \n\n 100 \n | \n\n 2,198,700 \n | \n
| \n \u00a0 \n | \n\n Triq\nL-Intornjatur Zone 1 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Central Business\nDistrict \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Birkirkara\nCBD1050 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Malta \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a02,199,852 \n | \n
The carrying amount of\ninvestment in subsidiaries is equivalent to the cost of the\ninvestment. The subsidiaries as at 31 December 2025 are shown\nbelow:
\n\u00a0
\n| \n \u00a0 \n | \n\n Registered \n | \n\n Percentage \n | \n\n 2025 \n | \n
| \n \u00a0 \n | \n\n Office \n | \n\n of\nshares \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n held \n | \n\n \u00a0 \n | \n
| \n Damask Investment\nLimited \n | \n\n Fort Business\nCentre Level 2 \n | \n\n 100 \n | \n\n 233 \n | \n
| \n \u00a0 \n | \n\n Triq\nL-Intornjatur Zone 1 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Central Business\nDistrict \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Birkirkara\nCBD1050 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Malta \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n DST (Damask\nShipping & Trading) Holding Ltd \n | \n\n 2458, Level 24,\nAl Sila \nTower, Abu\nDhabi, \nGlobal Market\nSquare, Al Maryah Island, \nAbu Dhabi, United\nArab Emirates \n | \n\n 100 \n | \n\n 919 \n | \n
| \n AST Green\nShipping Limited \n | \n\n Fort Business\nCentre Level 2 \n | \n\n 100 \n | \n\n 2,198,700 \n | \n
| \n \u00a0 \n | \n\n Triq\nL-Intornjatur Zone 1 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Central Business\nDistrict \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Birkirkara\nCBD1050 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Malta \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a02,199,852 \n | \n
\u00a0
\nThe carrying amount of\ninvestment in subsidiaries is equivalent to the cost of the\ninvestment. The subsidiaries as at 31 December 2024 are shown\nbelow:
\n\u00a0
\n| \n \u00a0 \n | \n\n Registered \n | \n\n Percentage \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n Office \n | \n\n of\nshares \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n held \n | \n\n \u00a0 \n | \n
| \n Damask Investment\nLimited \n | \n\n Fort Business\nCentre Level 2 \n | \n\n 100 \n | \n\n 233 \n | \n
| \n \u00a0 \n | \n\n Triq\nL-Intornjatur Zone 1 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Central Business\nDistrict \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Birkirkara\nCBD1050 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Malta \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n DST (Damask\nShipping & Trading) Holding Ltd \n | \n\n 2458, Level 24,\nAl Sila \nTower, Abu\nDhabi, \nGlobal Market\nSquare, Al Maryah Island, \nAbu Dhabi, United\nArab Emirates \n | \n\n 100 \n | \n\n 919 \n | \n
| \n AST Green\nShipping Limited \n | \n\n Fort Business\nCentre Level 2 \n | \n\n 100 \n | \n\n 2,198,700 \n | \n
| \n \u00a0 \n | \n\n Triq\nL-Intornjatur Zone 1 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Central Business\nDistrict \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Birkirkara\nCBD1050 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Malta \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a02,199,852 \n | \n
The carrying amount of\ninvestment in subsidiaries is equivalent to the cost of the\ninvestment. The subsidiaries as at 31 December 2025 are shown\nbelow:
\n\u00a0
\n| \n \u00a0 \n | \n\n Registered \n | \n\n Percentage \n | \n\n 2025 \n | \n
| \n \u00a0 \n | \n\n Office \n | \n\n of\nshares \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n held \n | \n\n \u00a0 \n | \n
| \n Damask Investment\nLimited \n | \n\n Fort Business\nCentre Level 2 \n | \n\n 100 \n | \n\n 233 \n | \n
| \n \u00a0 \n | \n\n Triq\nL-Intornjatur Zone 1 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Central Business\nDistrict \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Birkirkara\nCBD1050 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Malta \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n DST (Damask\nShipping & Trading) Holding Ltd \n | \n\n 2458, Level 24,\nAl Sila \nTower, Abu\nDhabi, \nGlobal Market\nSquare, Al Maryah Island, \nAbu Dhabi, United\nArab Emirates \n | \n\n 100 \n | \n\n 919 \n | \n
| \n AST Green\nShipping Limited \n | \n\n Fort Business\nCentre Level 2 \n | \n\n 100 \n | \n\n 2,198,700 \n | \n
| \n \u00a0 \n | \n\n Triq\nL-Intornjatur Zone 1 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Central Business\nDistrict \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Birkirkara\nCBD1050 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Malta \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a02,199,852 \n | \n
\u00a0
\nThe carrying amount of\ninvestment in subsidiaries is equivalent to the cost of the\ninvestment. The subsidiaries as at 31 December 2024 are shown\nbelow:
\n\u00a0
\n| \n \u00a0 \n | \n\n Registered \n | \n\n Percentage \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n Office \n | \n\n of\nshares \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n held \n | \n\n \u00a0 \n | \n
| \n Damask Investment\nLimited \n | \n\n Fort Business\nCentre Level 2 \n | \n\n 100 \n | \n\n 233 \n | \n
| \n \u00a0 \n | \n\n Triq\nL-Intornjatur Zone 1 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Central Business\nDistrict \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Birkirkara\nCBD1050 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Malta \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n DST (Damask\nShipping & Trading) Holding Ltd \n | \n\n 2458, Level 24,\nAl Sila \nTower, Abu\nDhabi, \nGlobal Market\nSquare, Al Maryah Island, \nAbu Dhabi, United\nArab Emirates \n | \n\n 100 \n | \n\n 919 \n | \n
| \n AST Green\nShipping Limited \n | \n\n Fort Business\nCentre Level 2 \n | \n\n 100 \n | \n\n 2,198,700 \n | \n
| \n \u00a0 \n | \n\n Triq\nL-Intornjatur Zone 1 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Central Business\nDistrict \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Birkirkara\nCBD1050 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Malta \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a02,199,852 \n | \n
16.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Loans\nreceivable
\n\u00a0
\n| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n The\nCompany \n | \n|
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Non-\ncurrent \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n |
| \n Loans advanced to\nsubsidiaries \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 8,148,744 \n | \n\n 8,089,826 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n |
| \n Loans advanced to\nsubsidiaries \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n 8,148,744 \n | \n\n 8,089,826 \n | \n
\u00a0
\nLoans advanced to\nsubsidiaries are unsecured, bear interest at 7.25% per annum,\nexcept for an amount of \u20ac1,591,609 which bears interest at 8%\nper annum. All loans receivable from subsidiary companies will be\nrepaid in full, together with any accrued interest, on the 16 June\n2033, in one single repayment, or within such other terms as the\nparties may agree upon in writing.
\n\u00a0
\nThe loans\nreceivables are fully back-to-back with the bond proceeds, and\ntheir repayment is a prerequisite for the redemption of the bond.\nBased on this structure, management does not anticipate any losses\non these amounts.
\n\u00a0
\nIn addition, management\nperforms an annual assessment on the collectability of these\nreceivables, considering the contractual terms, payment schedule,\nand the financial capacity of the counterparties. On the basis of\nthis review, management concludes that all amounts are expected to\nbe collected in full and, accordingly, no losses are\nanticipated.
", "dimensions": { "concept": "ast:DisclosureOfLoansReceivableFromSubsidiariesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ejKfvsdCUS": { "value": "16.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Loans\nreceivable
\n\u00a0
\n| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n The\nCompany \n | \n|
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Non-\ncurrent \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n |
| \n Loans advanced to\nsubsidiaries \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 8,148,744 \n | \n\n 8,089,826 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n |
| \n Loans advanced to\nsubsidiaries \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n - \n | \n\n - \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n 8,148,744 \n | \n\n 8,089,826 \n | \n
\u00a0
\nLoans advanced to\nsubsidiaries are unsecured, bear interest at 7.25% per annum,\nexcept for an amount of \u20ac1,591,609 which bears interest at 8%\nper annum. All loans receivable from subsidiary companies will be\nrepaid in full, together with any accrued interest, on the 16 June\n2033, in one single repayment, or within such other terms as the\nparties may agree upon in writing.
\n\u00a0
\nThe loans\nreceivables are fully back-to-back with the bond proceeds, and\ntheir repayment is a prerequisite for the redemption of the bond.\nBased on this structure, management does not anticipate any losses\non these amounts.
\n\u00a0
\nIn addition, management\nperforms an annual assessment on the collectability of these\nreceivables, considering the contractual terms, payment schedule,\nand the financial capacity of the counterparties. On the basis of\nthis review, management concludes that all amounts are expected to\nbe collected in full and, accordingly, no losses are\nanticipated.
24.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nBorrowings
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Non-current \n | \n\n | \n | \n | \n |
| \n 8,500,000 6.25% Secured\nBonds 2033 \n | \n\n 8,257,336 \n | \n\n 8,224,101 \n | \n\n 8,257,336 \n | \n\n 8,224,101 \n | \n
| \n Bonds outstanding (face\nvalue) \n | \n\n 8,500,000 \n | \n\n 8,500,000 \n | \n\n 8,500,000 \n | \n\n 8,500,000 \n | \n
| \n Gross amount of bond issue\ncosts \n | \n\n (325,973) \n | \n\n (325,973) \n | \n\n (325,973) \n | \n\n (325,973) \n | \n
| \n Amortisation of gross\namount of bond issue costs: \n | \n\n | \n | \n | \n |
| \n Amortisation charge for\nthe year \n | \n\n 33,235 \n | \n\n 32,006 \n | \n\n 33,235 \n | \n\n 32,006 \n | \n
| \n Amortised bond issue costs\nbrought forward \n | \n\n 50,074 \n | \n\n 18,068 \n | \n\n 50,074 \n | \n\n 18,068 \n | \n
| \n Unamortised bond issue\ncosts \n | \n\n (242,664) \n | \n\n (275,899) \n | \n\n (242,664) \n | \n\n (275,899) \n | \n
| \n Amortised cost and\nclosing carrying amount \n | \n\n 8,257,336 \n | \n\n 8,224,101 \n | \n\n 8,257,336 \n | \n\n 8,224,101 \n | \n
\u00a0
\nDuring 2023, the Company\nrepaid \u20ac1,835,000 5.5% Unsecured Bonds that were repayable in\n2028 and issued 8,500,000 6.25% Secured Bonds repayable in 2033.\nThe bonds were admitted to the Official List of the Malta Stock\nExchange on 16 June 2023. In accordance with the provisions of the\nProspectus, the bond issue has been advanced to subsidiary company\nAST Green Shipping Ltd and subsequently to the sub-subsidiaries, to\nbe used for the acquisition of two new vessels within the\nGroup\u2019s fleet.
\n\u00a0
\nInterest
\n\u00a0
\nInterest on the 6.25%\nsecured bonds of \u20ac8,500,000 due\n2033 is payable annually in arrears, on 16 June of\neach year.
\n\u00a0
\nSecurity
\n\u00a0
\nThe bonds are secured by a\nfirst priority mortgage in favour of the Security Trustee over the\nvessels currently owned by the Group, namely MV AST Rising and MV\nAST Eco, by a pledge in favour of the Security Trustee over the\nshares of AST Green Shipping and its subsidiaries, being AST\nShipping 1 Ltd, AST Shipping 2 Ltd and AST Shipping 3 Ltd, and by a\npledge in favour of the Security Trustee over the insurance\npolicies relating to the vessels.
\n\u00a0
\nAs M/V AST Malta was\nmortgaged in favour of the Security Trustee as collateral in favour\nof bondholders, as at 31 December 2025, pursuant to the sale of the\nM/V AST Malta, \u20ac0.9 million was placed in a bank account in\nfavour of the Security Trustee, with an undertaking provided to the\nSecurity Trustee to place a further $0.5 million in the pledged\naccount, until a new vessel is acquired or bonds are redeemed. From\nthe pledged amount, an aggregate of $0.5 million was released by\nDecember 2025. In Q1 2026, an equivalent amount of $0.5 million was\nreplenished into account. In addition, the $0.5 million undertaking\ncommitted by the Group was also placed in the pledged account in Q1\n2026. Accordingly, a total of $1.5 million is held in the pledged\naccount in favour of the Security Trustee for the benefit of\nbondholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "BQ3NF.2N4I": { "value": "17.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Deferred\ntaxation
\n\u00a0
\nDeferred taxation is\ncalculated on all temporary differences under the liability method,\nusing the principal tax rate in each jurisdiction in which the\nCompany operates, namely through its branches in Greece, France,\nSpain and through its subsidiary in Cyprus.
\n\u00a0
\nThe movement in the\ndeferred tax asset is as follows:
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Deferred tax\nasset \n | \n\n | \n | \n | \n |
| \n At beginning of the\nyear \n | \n\n 793,809 \n | \n\n 244,509 \n | \n\n - \n | \n\n - \n | \n
| \n Credited / (charged) to\nprofit or loss \n | \n\n 11,514 \n | \n\n (142,576) \n | \n\n - \n | \n\n - \n | \n
| \n Prior period\nadjustment \n | \n\n - \n | \n\n 691,876 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At end of year \n | \n\n 805,323 \n | \n\n 793,809 \n | \n\n -\u00a0 \n | \n\n - \n | \n
\u00a0
\nThe movement in the\ndeferred tax liability is as follows:
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Deferred tax\nliability \n | \n\n | \n | \n | \n |
| \n At beginning of the\nyear \n | \n\n 1,051,991 \n | \n\n 273,643 \n | \n\n - \n | \n\n - \n | \n
| \n Credited / (charged) to\nprofit or loss \n | \n\n - \n | \n\n (795,305) \n | \n\n - \n | \n\n - \n | \n
| \n Charged to OCI \n | \n\n (62,789) \n | \n\n 778,459 \n | \n\n - \n | \n\n - \n | \n
| \n Prior period\nadjustment \n | \n\n - \n | \n\n 795,194 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At end of year \n | \n\n 989,202 \n | \n\n 1,051,991 \n | \n\n \u00a0- \n | \n\n - \n | \n
\u00a0
\nDeferred taxation is\nprincipally composed of deferred tax assets and liabilities which\nare to be recovered and settled after more than twelve months.\nDeferred tax assets and liabilities are offset when the income tax\nrelates to the same fiscal authority. The deferred taxation balance\nat 31 December represents:
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n \u00a0 \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n Movement \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Deferred tax\nbalance \n | \n\n | \n | \n \u00a0 \n | \n\n | \n |
| \n Unutilised capital\nallowances \n | \n\n \u00a0112,010 \n | \n\n \u00a0361,634 \n | \n\n \u00a0(249,624) \n | \n\n - \n | \n\n - \n | \n
| \n Unrealised exchange\ngains \n | \n\n \u00a0(3,385) \n | \n\n \u00a012,714 \n | \n\n \u00a0(16,099) \n | \n\n - \n | \n\n - \n | \n
| \n Losses carried\nforward \n | \n\n \u00a0775,251 \n | \n\n \u00a01,052,243 \n | \n\n \u00a0(276,992) \n | \n\n - \n | \n\n - \n | \n
| \n Tangible fixed\nassets \n | \n\n \u00a0101,045 \n | \n\n \u00a0(415,414) \n | \n\n \u00a0516,459 \n | \n\n - \n | \n\n - \n | \n
| \n Unutilised tax\ncredits \n | \n\n 3,113 \n | \n\n \u00a03,113 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Deferred Tax not\nrecognised \n | \n\n \u00a0(182,711) \n | \n\n \u00a0(220,481) \n | \n\n \u00a037,770 \n | \n\n - \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0805,323 \n | \n\n \u00a0\n793,809 \n | \n\n \u00a011,514 \n | \n\n -\u00a0 \n | \n\n - \n | \n
\u00a0
\nThere was a reversal of\nprior period deferred tax
\n\u00a0
\nThe adjustments relate to\nthe correction of a prior\u2011period error arising from the incorrect\nallocation of a portion of the deferred tax expense to profit or\nloss. This amount should have been recognised in other\ncomprehensive income in full, as it related to items previously\nrecognised outside profit or loss.
\n\u00a0
\nIn addition, differences\nwere identified in the deferred tax workings in respect of certain\ntemporary differences, including unabsorbed trading losses and\ncapital allowances. These differences have been fully reviewed and\nreconciled with the relevant standalone income tax\nreturns.
\n\u00a0
\nThe above matters have\nbeen corrected retrospectively in accordance with IAS 8\nAccounting Policies, Changes in Accounting Estimates and\nErrors , and comparative figures have been restated\naccordingly.
\n\u00a0
\n*Restated figures refer\nto note 31.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tv6rOASzBu": { "value": "18.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nInventories
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n|||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u00a0 \n | \n
| \n Spare \n | \n\n 204,224 \n | \n\n 220,974 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n Fuel and oils \n | \n\n 219,496 \n | \n\n 86,715 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
| \n | \n 423,720 \n | \n\n 307,689 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n
\u00a0
\nInventories comprise spare\nparts, fuel and oil used in the operation of the Group\u2019s\nvessels. All inventories are held on board the Group\u2019s\nvessels in the normal course of operations. At the reporting date,\nno write-downs of inventories were recognised. During the year,\n\u20ac4,785,870 (2024: \u20ac8,194,791) was recognised as expense\nfor inventories carried at cost. This is recognised as part of the\nGroup\u2019s Cost of sales. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "sF7RFjUT3v": { "value": "19.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Trade and other\nreceivables
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Trade\nreceivables \n | \n\n 2,539,313 \n | \n\n 634,880 \n | \n\n 142,512 \n | \n\n 47 \n | \n
| \n Amounts due from ultimate\nparent company \n | \n\n 68,082 \n | \n\n 64,713 \n | \n\n 42,246 \n | \n\n 42,247 \n | \n
| \n Amounts due from ultimate\nbeneficial owner \n | \n\n 167,710 \n | \n\n 435,256 \n | \n\n - \n | \n\n 42,146 \n | \n
| \n Amounts due from\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n 515,416 \n | \n\n 330,629 \n | \n
| \n Indirect taxation\nrefundable \n | \n\n 32,721 \n | \n\n 184,021 \n | \n\n - \n | \n\n - \n | \n
| \n Tax refundable \n | \n\n 19,260 \n | \n\n 12,177 \n | \n\n 7,083 \n | \n\n - \n | \n
| \n Prepayments and accrued\nincome \n | \n\n 1,995,198 \n | \n\n 205,632 \n | \n\n 1,213,599 \n | \n\n 627,055 \n | \n
| \n Advance\npayments \n | \n\n 41,379 \n | \n\n 741,901 \n | \n\n - \n | \n\n - \n | \n
| \n Other\nreceivables \n | \n\n 217,407 \n | \n\n 35,484 \n | \n\n - \n | \n\n - \n | \n
| \n | \n 5,081,070 \n | \n\n 2,314,064 \n | \n\n 1,920,856 \n | \n\n 1,042,124 \n | \n
\u00a0
\nThe Group\u2019s and the\nCompany\u2019s exposure to credit risk and impairment losses in\nrelation to trade and other receivables is reported in Note 28 to\nthe financial statements.
\n\u00a0
\nAmounts due from ultimate\nparent company, amounts due from ultimate beneficial owner and\namounts due from subsidiaries are unsecured, interest free and are\nrepayable within the normal operating cycle of the\nCompany.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TxVtptfgAb": { "value": "20.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Share\ncapital
\n\u00a0
\n| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n The Group and the\nCompany \n | \n|
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Authorised \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n 250,000 ordinary shares of\n\u20ac1 each \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 250,000 \n | \n\n 250,000 \n | \n
| \n Issued and Fully Paid\nUp \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n |
| \n 250,000 ordinary shares of\n\u20ac1 each \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 250,000 \n | \n\n 250,000 \n | \n
\u00a0
\nThe holders of ordinary\nshares are entitled to receive dividends as declared from time to\ntime and are entitled to one vote per share at meetings of the\nCompany. All shares rank equally with regards to the\nCompany\u2019s residual assets.
\n\u00a0
\n21.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 General\nreserve
\n\u00a0
\nThe general reserve is a\nnon-distributable reserve set up to finance the branches\u2019\ncapital expenditure.
\n\u00a0
\n22.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Capital\ncontribution
\n\u00a0
\nCapital contribution\nrelates to contributions from the ultimate beneficial owner, Mr.\nEmmanouil Kalamaras. These balances are unsecured, interest free\nand is repayable exclusively at the option of the Company. Capital\ncontribution reserves are non-distributable reserves.
\n\u00a0
\n23.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Accumulated\nlosses
\n\u00a0
\nThis represents\naccumulated losses of \u20ac1,802,302\n(2024: \u20ac4,745,690) for the Group and \u20ac254,893 for the\nCompany (2024: \u20ac223,516). No dividends\nwere paid out during the year under review (2024: NIL).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "E1QntPsflz": { "value": "20.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Share\ncapital
\n\u00a0
\n| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n The Group and the\nCompany \n | \n|
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Authorised \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n 250,000 ordinary shares of\n\u20ac1 each \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 250,000 \n | \n\n 250,000 \n | \n
| \n Issued and Fully Paid\nUp \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n |
| \n 250,000 ordinary shares of\n\u20ac1 each \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 250,000 \n | \n\n 250,000 \n | \n
21.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 General\nreserve
\n\u00a0
\nThe general reserve is a\nnon-distributable reserve set up to finance the branches\u2019\ncapital expenditure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "dJ7acDjw1z": { "value": "22.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Capital\ncontribution
\n\u00a0
\nCapital contribution\nrelates to contributions from the ultimate beneficial owner, Mr.\nEmmanouil Kalamaras. These balances are unsecured, interest free\nand is repayable exclusively at the option of the Company. Capital\ncontribution reserves are non-distributable reserves.
", "dimensions": { "concept": "ast:DisclosureOfCapitalContribution", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "de.yreXJji": { "value": "23.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Accumulated\nlosses
\n\u00a0
\nThis represents\naccumulated losses of \u20ac1,802,302\n(2024: \u20ac4,745,690) for the Group and \u20ac254,893 for the\nCompany (2024: \u20ac223,516). No dividends\nwere paid out during the year under review (2024: NIL).
", "dimensions": { "concept": "ast:DisclosureOfAccumulatedProfitsOrLosses", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fwmpXm9Tvz": { "value": "No dividends\nwere paid out during the year under review", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DZ-BvZ9fCr": { "value": "24.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nBorrowings
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Non-current \n | \n\n | \n | \n | \n |
| \n 8,500,000 6.25% Secured\nBonds 2033 \n | \n\n 8,257,336 \n | \n\n 8,224,101 \n | \n\n 8,257,336 \n | \n\n 8,224,101 \n | \n
| \n Bonds outstanding (face\nvalue) \n | \n\n 8,500,000 \n | \n\n 8,500,000 \n | \n\n 8,500,000 \n | \n\n 8,500,000 \n | \n
| \n Gross amount of bond issue\ncosts \n | \n\n (325,973) \n | \n\n (325,973) \n | \n\n (325,973) \n | \n\n (325,973) \n | \n
| \n Amortisation of gross\namount of bond issue costs: \n | \n\n | \n | \n | \n |
| \n Amortisation charge for\nthe year \n | \n\n 33,235 \n | \n\n 32,006 \n | \n\n 33,235 \n | \n\n 32,006 \n | \n
| \n Amortised bond issue costs\nbrought forward \n | \n\n 50,074 \n | \n\n 18,068 \n | \n\n 50,074 \n | \n\n 18,068 \n | \n
| \n Unamortised bond issue\ncosts \n | \n\n (242,664) \n | \n\n (275,899) \n | \n\n (242,664) \n | \n\n (275,899) \n | \n
| \n Amortised cost and\nclosing carrying amount \n | \n\n 8,257,336 \n | \n\n 8,224,101 \n | \n\n 8,257,336 \n | \n\n 8,224,101 \n | \n
\u00a0
\nDuring 2023, the Company\nrepaid \u20ac1,835,000 5.5% Unsecured Bonds that were repayable in\n2028 and issued 8,500,000 6.25% Secured Bonds repayable in 2033.\nThe bonds were admitted to the Official List of the Malta Stock\nExchange on 16 June 2023. In accordance with the provisions of the\nProspectus, the bond issue has been advanced to subsidiary company\nAST Green Shipping Ltd and subsequently to the sub-subsidiaries, to\nbe used for the acquisition of two new vessels within the\nGroup\u2019s fleet.
\n\u00a0
\nInterest
\n\u00a0
\nInterest on the 6.25%\nsecured bonds of \u20ac8,500,000 due\n2033 is payable annually in arrears, on 16 June of\neach year.
\n\u00a0
\nSecurity
\n\u00a0
\nThe bonds are secured by a\nfirst priority mortgage in favour of the Security Trustee over the\nvessels currently owned by the Group, namely MV AST Rising and MV\nAST Eco, by a pledge in favour of the Security Trustee over the\nshares of AST Green Shipping and its subsidiaries, being AST\nShipping 1 Ltd, AST Shipping 2 Ltd and AST Shipping 3 Ltd, and by a\npledge in favour of the Security Trustee over the insurance\npolicies relating to the vessels.
\n\u00a0
\nAs M/V AST Malta was\nmortgaged in favour of the Security Trustee as collateral in favour\nof bondholders, as at 31 December 2025, pursuant to the sale of the\nM/V AST Malta, \u20ac0.9 million was placed in a bank account in\nfavour of the Security Trustee, with an undertaking provided to the\nSecurity Trustee to place a further $0.5 million in the pledged\naccount, until a new vessel is acquired or bonds are redeemed. From\nthe pledged amount, an aggregate of $0.5 million was released by\nDecember 2025. In Q1 2026, an equivalent amount of $0.5 million was\nreplenished into account. In addition, the $0.5 million undertaking\ncommitted by the Group was also placed in the pledged account in Q1\n2026. Accordingly, a total of $1.5 million is held in the pledged\naccount in favour of the Security Trustee for the benefit of\nbondholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "MC7w5-goeu": { "value": "25.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Other\nliabilities
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
Non-current
\n| \n Government grant\nrepayable \n | \n\n 34,352 \n | \n\n 44,182 \n | \n\n - \n | \n\n - \n | \n
Current
\n| \n Government grant\nrepayable \n | \n\n 9,830 \n | \n\n 9,830 \n | \n\n - \n | \n\n - \n | \n
\u00a0
\nGovernment grant repayable\nrepresents government grant received in Greek branch. In 2022, part\nof the amount was waived by the Greek government and is tax free.\nThe remaining balance of \u20ac44,182 will be repaid in 84 interest\nfree monthly instalments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "eABG1JVuHw": { "value": "Non-current
\n| \n Government grant\nrepayable \n | \n\n 34,352 \n | \n\n 44,182 \n | \n\n - \n | \n\n - \n | \n
Current
\n| \n Government grant\nrepayable \n | \n\n 9,830 \n | \n\n 9,830 \n | \n\n - \n | \n\n - \n | \n
26.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Trade and other\npayables
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Trade payables \n | \n\n 3,916,520 \n | \n\n 4,314,859 \n | \n\n - \n | \n\n 35,413 \n | \n
| \n Amounts due to\nsubsidiary \n | \n\n - \n | \n\n - \n | \n\n 2,448,650 \n | \n\n 813,125 \n | \n
| \n Indirect\ntaxation \n | \n\n 41,644 \n | \n\n 42,354 \n | \n\n - \n | \n\n - \n | \n
| \n FSS and social security\npayable \n | \n\n 2,781 \n | \n\n 3,611 \n | \n\n - \n | \n\n - \n | \n
| \n Accrued\nexpenses \n | \n\n 1,411,746 \n | \n\n 809,529 \n | \n\n 298,770 \n | \n\n 24,520 \n | \n
| \n Other payables \n | \n\n 142,544 \n | \n\n 136,027 \n | \n\n - \n | \n\n - \n | \n
| \n | \n 5,515,235 \n | \n\n 5,306,380 \n | \n\n 2,747,420 \n | \n\n 873,058 \n | \n
\u00a0
\nAmounts due to subsidiary\nare unsecured, interest free and are repayable within the normal\noperating cycle of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ptrzT-vDIt": { "value": "26.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Trade and other\npayables
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Trade payables \n | \n\n 3,916,520 \n | \n\n 4,314,859 \n | \n\n - \n | \n\n 35,413 \n | \n
| \n Amounts due to\nsubsidiary \n | \n\n - \n | \n\n - \n | \n\n 2,448,650 \n | \n\n 813,125 \n | \n
| \n Indirect\ntaxation \n | \n\n 41,644 \n | \n\n 42,354 \n | \n\n - \n | \n\n - \n | \n
| \n FSS and social security\npayable \n | \n\n 2,781 \n | \n\n 3,611 \n | \n\n - \n | \n\n - \n | \n
| \n Accrued\nexpenses \n | \n\n 1,411,746 \n | \n\n 809,529 \n | \n\n 298,770 \n | \n\n 24,520 \n | \n
| \n Other payables \n | \n\n 142,544 \n | \n\n 136,027 \n | \n\n - \n | \n\n - \n | \n
| \n | \n 5,515,235 \n | \n\n 5,306,380 \n | \n\n 2,747,420 \n | \n\n 873,058 \n | \n
\u00a0
\nAmounts due to subsidiary\nare unsecured, interest free and are repayable within the normal\noperating cycle of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "LQqi4yg0PZ": { "value": "27.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cash and cash\nequivalents
\n\u00a0
\nFor the purposes of the\nstatement of cash flows and the statement of financial position,\nthe cash and cash equivalents at the end of the year comprise the\nfollowing:
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Cash at bank and in\nhand \n | \n\n 208,270 \n | \n\n 272,550 \n | \n\n 240 \n | \n\n 48 \n | \n
| \n Restricted cash \n | \n\n 939,219 \n | \n\n - \n | \n\n 939,219 \n | \n\n - \n | \n
| \n | \n 1,147,489 \n | \n\n 272,550 \n | \n\n 939,459 \n | \n\n 48 \n | \n
\u00a0
\nFollowing the disposal of\nM/V AST Malta during 2025 (Note 14), \u20ac0.9 million was placed in a bank account in favour of\nthe Security Trustee, with an undertaking provided to the Security\nTrustee to place a further $0.5 million in the pledged account,\nuntil a new vessel is acquired or bonds are redeemed. From the\npledged amount, an aggregate of $0.5 million was released by\nDecember 2025. In Q1 2026, an equivalent amount of $0.5 million was\nreplenished into account. In addition, the $0.5 million undertaking\ncommitted by the Group was also placed in the pledged account in Q1\n2026. Accordingly, a total of $1.5 million is held in the pledged\naccount in favour of the Security Trustee for the benefit of\nbondholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "osYWmZ4grM": { "value": "27.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cash and cash\nequivalents
\n\u00a0
\nFor the purposes of the\nstatement of cash flows and the statement of financial position,\nthe cash and cash equivalents at the end of the year comprise the\nfollowing:
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Cash at bank and in\nhand \n | \n\n 208,270 \n | \n\n 272,550 \n | \n\n 240 \n | \n\n 48 \n | \n
| \n Restricted cash \n | \n\n 939,219 \n | \n\n - \n | \n\n 939,219 \n | \n\n - \n | \n
| \n | \n 1,147,489 \n | \n\n 272,550 \n | \n\n 939,459 \n | \n\n 48 \n | \n
\u00a0
\nFollowing the disposal of\nM/V AST Malta during 2025 (Note 14), \u20ac0.9 million was placed in a bank account in favour of\nthe Security Trustee, with an undertaking provided to the Security\nTrustee to place a further $0.5 million in the pledged account,\nuntil a new vessel is acquired or bonds are redeemed. From the\npledged amount, an aggregate of $0.5 million was released by\nDecember 2025. In Q1 2026, an equivalent amount of $0.5 million was\nreplenished into account. In addition, the $0.5 million undertaking\ncommitted by the Group was also placed in the pledged account in Q1\n2026. Accordingly, a total of $1.5 million is held in the pledged\naccount in favour of the Security Trustee for the benefit of\nbondholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "icDvlvEIka": { "value": "28.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Financial risk\nmanagement
\n\u00a0
\nAt the year end, the\nGroup\u2019s and the Company\u2019s main financial assets on the\nstatement of financial position comprised of trade and other\nreceivables and cash held at bank and in hand. At the year end the\nCompany\u2019s main financial liabilities on the statement of\nfinancial position consisted of trade and other payables, and\nborrowings. At the year-end there were no off-statement of\nfinancial position financial assets or financial\nliabilities.
\n\u00a0
\na)\n\u00a0\u00a0\u00a0\u00a0\nTiming of Cash Flows
\n\u00a0
\nThe presentation of the\nabove-mentioned financial assets and liabilities listed above under\nthe current and non-current headings within the statement of\nfinancial position is intended to indicate the timing in which cash\nflows will arise.
\n\u00a0
\nb)\n\u00a0\u00a0\u00a0\u00a0\nForeign Exchange Risk
\n\u00a0
\nForeign exchange risk\narises from future commercial transactions and from recognised\nassets and liabilities that are denominated in currencies other\nthan the functional currency of the respective Group\nentities.
\n\u00a0
\nThe Group is exposed to\nforeign exchange risk primarily in relation to sales and purchases\ndenominated in USD. A significant portion of the Group\u2019s\nrevenues and operating costs, including purchases of animal feed,\nchartering activities and related expenses, are denominated in USD.\nAs a result, foreign currency inflows and outflows are largely\nmatched, giving rise to a natural hedge.
\n\u00a0
\nDespite a significant\nportion of the Group\u2019s transactions being denominated in USD,\nat the reporting date, management does not consider foreign\nexchange risk attributable to recognised assets and liabilities\narising from sales and purchase transactions to be significant.\nThis assessment is based on the short settlement periods of such\nbalances, which are generally settled on a spot basis in accordance\nwith negotiated credit terms, and the limited level of unhedged\nforeign currency monetary balances outstanding at year end.\nAccordingly, a sensitivity analysis for foreign exchange risk\ndisclosing how profit or loss and equity would have been affected\nby changes in foreign exchange rates that were reasonably possible\nat the balance sheet date is not deemed necessary.
\n\u00a0
\nNotwithstanding the above,\nmanagement continues to monitor foreign exchange exposures on an\nongoing basis and will reassess the adequacy of related disclosures\nin future financial statements, including the need for quantitative\nsensitivity disclosures, should exposures become\nmaterial.
\n\u00a0
\nCredit\nRisk
\n\u00a0
\nCredit risk is the risk\nthat a counterparty will fail to discharge its obligations under a\nfinancial instrument, causing the Group to incur a financial loss.\nFinancial assets that potentially expose the Group to\nconcentrations of credit risk consist principally of cash and cash\nequivalents, loan receivable from related parties and trade and\nother receivables.
\n\u00a0
\nThe Group\u2019s maximum\nexposure to credit risk at the reporting date is equal to the\ncarrying amounts of the respective financial assets as disclosed in\nthe relevant notes to the financial statements.
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Financial assets\nmeasured at amortised cost: \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Trade and other\nreceivables (Note 19) \n | \n\n 2,992,512 \n | \n\n 1,170,335 \n | \n\n 700,174 \n | \n\n 415,069 \n | \n
| \n Loan receivables (Note\n16) \n | \n\n - \n | \n\n 0 \n | \n\n 8,148,744 \n | \n\n 8,089,826 \n | \n
| \n Cash and cash equivalents\n(Note 27) \n | \n\n 1,147,489 \n | \n\n 272,550 \n | \n\n 939,459 \n | \n\n 48 \n | \n
| \n | \n 4,140,001 \n | \n\n 1,442,885 \n | \n\n 9,788,377 \n | \n\n 8,504,943 \n | \n
\u00a0
\nThe Group does not hold\nany collateral as security in this respect. The figures disclosed\nabove in respect of trade and other receivables exclude indirect\ntaxation, tax refundable, prepayments and accrued income and\nadvance payments.
\n\u00a0
\n(i) \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nCash and cash equivalents
\n\u00a0
\nThe Group\u2019s cash and\ncash equivalents are held with local financial institutions with\nstrong credit quality and are repayable on demand. In assessing the\ncredit risk associated with these balances, management considers\nthe credit ratings and financial standing of the relevant\ninstitutions.
\n\u00a0
\nCash and cash equivalents\nare subject to the impairment requirements of IFRS 9; however,\nbased on the nature of the counterparties and the short\u2011term nature\nof the balances, management has concluded that any expected credit\nlosses are insignificant. Accordingly, no loss allowance has been\nrecognised in respect of cash and cash equivalents.
\n\u00a0
\n(ii) \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nTrade and other receivables
\n\u00a0
\nTrade and other\nreceivables are measured at amortised cost and are subject to the\nexpected credit loss requirements of IFRS 9. Management assesses\ncredit risk by considering customers\u2019 financial position,\nhistorical payment behaviour, past experience and other relevant\nforward\u2011looking information. Credit is granted only to customers\nwith an appropriate credit history, and receivables are monitored\non an ongoing basis to identify indications of increased credit\nrisk.
\n\u00a0
\nAt the reporting date,\nmanagement concluded that no material expected credit losses exist\nin respect of trade and other receivables. The balances primarily\nrelate to counterparties with no recent history of default, and any\npotential impairment is assessed to be insignificant to the Group.\nAccordingly, no loss allowance has been recognised based on the\n12\u2011month expected credit loss model.
\n\u00a0
\nTrade and other\nreceivables are subject to the expected credit loss requirements of\nIFRS 9. At the reporting date, management assessed expected credit\nlosses based on historical loss experience, counterparty credit\nprofiles and forward\u2011looking information. No material expected\ncredit losses were identified.
\n\u00a0
\nTo mitigate credit risk,\nthe Group has entered into non\u2011recourse factoring arrangements in\ncertain jurisdictions, which cover up to 90% of the receivable\nbalance. These arrangements significantly reduce the Group\u2019s\nexposure to credit risk arising from trade receivables
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nLoan receivable
\n\u00a0
\nLoans receivable comprise\nof amount due from related companies, are measured at amortised\ncost and are subject to the expected credit loss requirements of\nIFRS 9. In assessing the associated credit risk, management\nconsiders the financial position, performance and ability of the\nrelated companies to meet their contractual obligations. Expected\ncredit losses on amounts due from related companies are assessed\nindependently from third\u2011party receivables.
\n\u00a0
\nAt the reporting date,\nmanagement concluded that no material expected credit losses exist\nin respect of balances due from related companies. Accordingly, no\nimpairment allowance has been recognised, as any potential loss\narising from non\u2011performance or default is assessed to be\ninsignificant.
\n\u00a0
\nLiquidity\nRisk
\n\u00a0
\nThe Group and the Company\nare exposed to liquidity risk in relation to meeting future\nobligations associated with its financial liabilities, which\ncomprise principally trade and other payables (Note 26) and bonds\nissued to the general public (Note 24). Prudent liquidity risk\nmanagement includes maintaining sufficient cash and committed\ncredit lines to ensure the availability of an adequate amount of\nfunding to meet the Group\u2019s and the Company\u2019s\nobligations.
\n\u00a0
\nManagement monitors\nliquidity risk by means of cash flows forecasts on the basis of\nexpected cash flows over a twelve- month period detailed by the\nGroup\u2019s segments to ensure that no additional financing\nfacilities are expected to be required over the coming\nyear.
\n\u00a0
\nThe following table\nanalyses the carrying amounts of the Group\u2019s and the\nCompany\u2019s financial liabilities into relevant maturity\ngroupings based on the remaining period at the statement of\nfinancial position date to the contractual maturity date in the\nrespective notes to the financial statements:
\n\u00a0
\n| \n | \n | \n Contractual cash\nflows \n | \n||||
| \n | \n Carrying\namount \n | \n\n Less than one\nyear \n | \n\n Between 1 and 2\nyears \n | \n\n Between 2 and 5\nyears \n | \n\n Over 5\nyears \n | \n\n Total \n | \n
| \n The\nGroup \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n As at 31 Dec\n2025 \n | \n\n | \n | \n | \n | \n | \n |
| \n Bonds \n | \n\n 8,500,000 \n | \n\n 531,250 \n | \n\n 531,250 \n | \n\n 1,595,205 \n | \n\n 9,724,058 \n | \n\n 12,381,764 \n | \n
| \n Repayment of government\ngrant due \n | \n\n 34,351 \n | \n\n 9,830 \n | \n\n 9,830 \n | \n\n 14,691 \n | \n\n - \n | \n\n 34,351 \n | \n
| \n Trade and other\npayables \n | \n\n 5,515,235 \n | \n\n 5,515,235 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 5,515,235 \n | \n
| \n Total \n | \n\n 13,907,074 \n | \n\n 5,913,803 \n | \n\n 541,080 \n | \n\n 1,609,896 \n | \n\n 9,724,058 \n | \n\n 17,931,350 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n Contractual cash\nflows \n | \n||||
| \n | \n Carrying\namount \n | \n\n Less than one\nyear \n | \n\n Between 1 and 2\nyears \n | \n\n Between 2 and 5\nyears \n | \n\n Over 5\nyears \n | \n\n Total \n | \n
| \n The\nCompany \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n As at 31 Dec\n2025 \n | \n\n | \n | \n | \n | \n | \n |
| \n Bonds \n | \n\n 8,500,000 \n | \n\n 531,250 \n | \n\n 531,250 \n | \n\n 1,595,205 \n | \n\n 9,724,058 \n | \n\n 12,381,764 \n | \n
| \n Trade and other\npayables \n | \n\n 2,747,420 \n | \n\n 2,747,420 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 2,747,420 \n | \n
| \n Total \n | \n\n 11,104,909 \n | \n\n 3,136,159 \n | \n\n 531,250 \n | \n\n 1,595,205 \n | \n\n 9,724,058 \n | \n\n 15,129,184 \n | \n
\u00a0
\nc)\n\u00a0\u00a0\u00a0\u00a0\u00a0\nFair Values
\n\u00a0
\nAt 31 December 2025 and 31\nDecember 2024, the fair values of financial assets and financial\nliabilities are not materially different from their carrying\namounts.
\n\u00a0
\nd)\n\u00a0\u00a0\u00a0\u00a0\nCapital Management
\n\u00a0
\nThe Group\u2019s primary\nobjective when managing capital is to safeguard its ability to\ncontinue as a going concern while maintaining a capital structure\nthat supports its ongoing operations and long\u2011term business\nstrategy and maximises shareholder value.
\n\u00a0
\nFor the purposes of\ncapital management, capital is defined as total equity attributable\nto the owners of the parent, as presented in the consolidated\nstatement of financial position. In monitoring its capital\nposition, management places particular emphasis on maintaining a\npositive equity position and on the gearing profile of the Group,\ntaking into account interest\u2011bearing borrowings, including bonds\nand other debt instruments.
\nThe Group monitors its\ncapital structure through periodic review of key indicators,\nincluding equity levels and the relationship between total\nborrowings and equity. The bonds issued by the Group form an\nintegral part of its capital management framework, as they\nrepresent a significant component of the Group\u2019s long\u2011term\nfinancing structure and are considered in assessing overall gearing\nand funding sustainability.
\n\u00a0
\nIn response to changes in\neconomic conditions, operational performance or strategic\nrequirements, the Group may adjust its capital structure by, inter\nalia, modifying dividend distributions, returning capital to\nshareholders or issuing new shares.
\n\u00a0
\nThere were no changes in\nthe Group\u2019s capital management objectives, policies or\nprocesses during the year ended 31 December 2025.
\n\u00a0
\ne)\n\u00a0\u00a0\u00a0\u00a0\u00a0\nInterest rate risk
\n\u00a0
\nInterest rate risk is the\nrisk that the fair value or future cash flows of a financial\ninstrument will fluctuate as a result of changes in market interest\nrates.
\n\u00a0
\nThe Group\u2019s exposure\nto interest rate risk arises primarily from its financing\nactivities and interest\u2011bearing financial assets. At the reporting\ndate, the Group\u2019s interest\u2011bearing financial instruments\ncomprise mainly fixed\u2011rate instruments, with limited exposure to\nvariable interest rates.
\n\u00a0
\nThe Group has issued bonds\nwith a carrying amount of \u20ac8.5 million (2023: \u20ac8.5\nmillion), which bear fixed interest at a rate of 6.25% per annum.\nIn addition, the Group has inter\u2011company loans receivable amounting\nto \u20ac8.1 million (2023: \u20ac8.1 million), which are subject\nto fixed interest rates ranging between 7.25% and 8% per annum. As\nthese instruments bear fixed rates of interest, the Group is\nexposed to changes in fair value rather than variability in future\ncash flows. Such fair value changes are not recognised in profit or\nloss as the instruments are measured at amortised cost.
\n\u00a0
\nThe Group also utilises\nfactoring arrangements in certain jurisdictions, which are linked\nto EURIBOR and therefore give rise to variable interest rate\nexposure. These arrangements are non\u2011recourse in nature and are\nprimarily used for working capital management. Management considers\nthe exposure arising from variable interest rates under these\narrangements to be limited. Interest earned on bank balances is\nsubject to variable interest rates; however, the amounts are not\nsignificant and, accordingly, management considers the related\ninterest rate risk to be immaterial.
\n\u00a0
\nWhere financial\ninstruments are subject to variable interest rates, a reasonably\npossible increase or decrease in market interest rates would not\nhave a material impact on the Group\u2019s profit or equity, given\nthe limited extent of variable\u2011rate exposures at the reporting\ndate. As a result, management has not presented a detailed\nquantitative sensitivity analysis.
\n\u00a0
\nManagement continuously\nmonitors interest rate movements and will reassess the need for\nadditional quantitative disclosures should the Group\u2019s\nexposure to variable interest rates become material in future\nperiods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "w113nFD5uF": { "value": "b)\n\u00a0\u00a0\u00a0\u00a0\nForeign Exchange Risk
\n\u00a0
\nForeign exchange risk\narises from future commercial transactions and from recognised\nassets and liabilities that are denominated in currencies other\nthan the functional currency of the respective Group\nentities.
\n\u00a0
\nThe Group is exposed to\nforeign exchange risk primarily in relation to sales and purchases\ndenominated in USD. A significant portion of the Group\u2019s\nrevenues and operating costs, including purchases of animal feed,\nchartering activities and related expenses, are denominated in USD.\nAs a result, foreign currency inflows and outflows are largely\nmatched, giving rise to a natural hedge.
\n\u00a0
\nDespite a significant\nportion of the Group\u2019s transactions being denominated in USD,\nat the reporting date, management does not consider foreign\nexchange risk attributable to recognised assets and liabilities\narising from sales and purchase transactions to be significant.\nThis assessment is based on the short settlement periods of such\nbalances, which are generally settled on a spot basis in accordance\nwith negotiated credit terms, and the limited level of unhedged\nforeign currency monetary balances outstanding at year end.\nAccordingly, a sensitivity analysis for foreign exchange risk\ndisclosing how profit or loss and equity would have been affected\nby changes in foreign exchange rates that were reasonably possible\nat the balance sheet date is not deemed necessary.
\n\u00a0
\nNotwithstanding the above,\nmanagement continues to monitor foreign exchange exposures on an\nongoing basis and will reassess the adequacy of related disclosures\nin future financial statements, including the need for quantitative\nsensitivity disclosures, should exposures become\nmaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "if2Mubp7XJ": { "value": "Credit\nRisk
\n\u00a0
\nCredit risk is the risk\nthat a counterparty will fail to discharge its obligations under a\nfinancial instrument, causing the Group to incur a financial loss.\nFinancial assets that potentially expose the Group to\nconcentrations of credit risk consist principally of cash and cash\nequivalents, loan receivable from related parties and trade and\nother receivables.
\n\u00a0
\nThe Group\u2019s maximum\nexposure to credit risk at the reporting date is equal to the\ncarrying amounts of the respective financial assets as disclosed in\nthe relevant notes to the financial statements.
\n\u00a0
\n| \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Financial assets\nmeasured at amortised cost: \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Trade and other\nreceivables (Note 19) \n | \n\n 2,992,512 \n | \n\n 1,170,335 \n | \n\n 700,174 \n | \n\n 415,069 \n | \n
| \n Loan receivables (Note\n16) \n | \n\n - \n | \n\n 0 \n | \n\n 8,148,744 \n | \n\n 8,089,826 \n | \n
| \n Cash and cash equivalents\n(Note 27) \n | \n\n 1,147,489 \n | \n\n 272,550 \n | \n\n 939,459 \n | \n\n 48 \n | \n
| \n | \n 4,140,001 \n | \n\n 1,442,885 \n | \n\n 9,788,377 \n | \n\n 8,504,943 \n | \n
\u00a0
\nThe Group does not hold\nany collateral as security in this respect. The figures disclosed\nabove in respect of trade and other receivables exclude indirect\ntaxation, tax refundable, prepayments and accrued income and\nadvance payments.
\n\u00a0
\n(i) \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nCash and cash equivalents
\n\u00a0
\nThe Group\u2019s cash and\ncash equivalents are held with local financial institutions with\nstrong credit quality and are repayable on demand. In assessing the\ncredit risk associated with these balances, management considers\nthe credit ratings and financial standing of the relevant\ninstitutions.
\n\u00a0
\nCash and cash equivalents\nare subject to the impairment requirements of IFRS 9; however,\nbased on the nature of the counterparties and the short\u2011term nature\nof the balances, management has concluded that any expected credit\nlosses are insignificant. Accordingly, no loss allowance has been\nrecognised in respect of cash and cash equivalents.
\n\u00a0
\n(ii) \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nTrade and other receivables
\n\u00a0
\nTrade and other\nreceivables are measured at amortised cost and are subject to the\nexpected credit loss requirements of IFRS 9. Management assesses\ncredit risk by considering customers\u2019 financial position,\nhistorical payment behaviour, past experience and other relevant\nforward\u2011looking information. Credit is granted only to customers\nwith an appropriate credit history, and receivables are monitored\non an ongoing basis to identify indications of increased credit\nrisk.
\n\u00a0
\nAt the reporting date,\nmanagement concluded that no material expected credit losses exist\nin respect of trade and other receivables. The balances primarily\nrelate to counterparties with no recent history of default, and any\npotential impairment is assessed to be insignificant to the Group.\nAccordingly, no loss allowance has been recognised based on the\n12\u2011month expected credit loss model.
\n\u00a0
\nTrade and other\nreceivables are subject to the expected credit loss requirements of\nIFRS 9. At the reporting date, management assessed expected credit\nlosses based on historical loss experience, counterparty credit\nprofiles and forward\u2011looking information. No material expected\ncredit losses were identified.
\n\u00a0
\nTo mitigate credit risk,\nthe Group has entered into non\u2011recourse factoring arrangements in\ncertain jurisdictions, which cover up to 90% of the receivable\nbalance. These arrangements significantly reduce the Group\u2019s\nexposure to credit risk arising from trade receivables
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nLoan receivable
\n\u00a0
\nLoans receivable comprise\nof amount due from related companies, are measured at amortised\ncost and are subject to the expected credit loss requirements of\nIFRS 9. In assessing the associated credit risk, management\nconsiders the financial position, performance and ability of the\nrelated companies to meet their contractual obligations. Expected\ncredit losses on amounts due from related companies are assessed\nindependently from third\u2011party receivables.
\n\u00a0
\nAt the reporting date,\nmanagement concluded that no material expected credit losses exist\nin respect of balances due from related companies. Accordingly, no\nimpairment allowance has been recognised, as any potential loss\narising from non\u2011performance or default is assessed to be\ninsignificant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "LW_ANazsZZ": { "value": "Liquidity\nRisk
\n\u00a0
\nThe Group and the Company\nare exposed to liquidity risk in relation to meeting future\nobligations associated with its financial liabilities, which\ncomprise principally trade and other payables (Note 26) and bonds\nissued to the general public (Note 24). Prudent liquidity risk\nmanagement includes maintaining sufficient cash and committed\ncredit lines to ensure the availability of an adequate amount of\nfunding to meet the Group\u2019s and the Company\u2019s\nobligations.
\n\u00a0
\nManagement monitors\nliquidity risk by means of cash flows forecasts on the basis of\nexpected cash flows over a twelve- month period detailed by the\nGroup\u2019s segments to ensure that no additional financing\nfacilities are expected to be required over the coming\nyear.
\n\u00a0
\nThe following table\nanalyses the carrying amounts of the Group\u2019s and the\nCompany\u2019s financial liabilities into relevant maturity\ngroupings based on the remaining period at the statement of\nfinancial position date to the contractual maturity date in the\nrespective notes to the financial statements:
\n\u00a0
\n| \n | \n | \n Contractual cash\nflows \n | \n||||
| \n | \n Carrying\namount \n | \n\n Less than one\nyear \n | \n\n Between 1 and 2\nyears \n | \n\n Between 2 and 5\nyears \n | \n\n Over 5\nyears \n | \n\n Total \n | \n
| \n The\nGroup \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n As at 31 Dec\n2025 \n | \n\n | \n | \n | \n | \n | \n |
| \n Bonds \n | \n\n 8,500,000 \n | \n\n 531,250 \n | \n\n 531,250 \n | \n\n 1,595,205 \n | \n\n 9,724,058 \n | \n\n 12,381,764 \n | \n
| \n Repayment of government\ngrant due \n | \n\n 34,351 \n | \n\n 9,830 \n | \n\n 9,830 \n | \n\n 14,691 \n | \n\n - \n | \n\n 34,351 \n | \n
| \n Trade and other\npayables \n | \n\n 5,515,235 \n | \n\n 5,515,235 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 5,515,235 \n | \n
| \n Total \n | \n\n 13,907,074 \n | \n\n 5,913,803 \n | \n\n 541,080 \n | \n\n 1,609,896 \n | \n\n 9,724,058 \n | \n\n 17,931,350 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n | \n | \n Contractual cash\nflows \n | \n||||
| \n | \n Carrying\namount \n | \n\n Less than one\nyear \n | \n\n Between 1 and 2\nyears \n | \n\n Between 2 and 5\nyears \n | \n\n Over 5\nyears \n | \n\n Total \n | \n
| \n The\nCompany \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n As at 31 Dec\n2025 \n | \n\n | \n | \n | \n | \n | \n |
| \n Bonds \n | \n\n 8,500,000 \n | \n\n 531,250 \n | \n\n 531,250 \n | \n\n 1,595,205 \n | \n\n 9,724,058 \n | \n\n 12,381,764 \n | \n
| \n Trade and other\npayables \n | \n\n 2,747,420 \n | \n\n 2,747,420 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 2,747,420 \n | \n
| \n Total \n | \n\n 11,104,909 \n | \n\n 3,136,159 \n | \n\n 531,250 \n | \n\n 1,595,205 \n | \n\n 9,724,058 \n | \n\n 15,129,184 \n | \n
d)\n\u00a0\u00a0\u00a0\u00a0\nCapital Management
\n\u00a0
\nThe Group\u2019s primary\nobjective when managing capital is to safeguard its ability to\ncontinue as a going concern while maintaining a capital structure\nthat supports its ongoing operations and long\u2011term business\nstrategy and maximises shareholder value.
\n\u00a0
\nFor the purposes of\ncapital management, capital is defined as total equity attributable\nto the owners of the parent, as presented in the consolidated\nstatement of financial position. In monitoring its capital\nposition, management places particular emphasis on maintaining a\npositive equity position and on the gearing profile of the Group,\ntaking into account interest\u2011bearing borrowings, including bonds\nand other debt instruments.
\nThe Group monitors its\ncapital structure through periodic review of key indicators,\nincluding equity levels and the relationship between total\nborrowings and equity. The bonds issued by the Group form an\nintegral part of its capital management framework, as they\nrepresent a significant component of the Group\u2019s long\u2011term\nfinancing structure and are considered in assessing overall gearing\nand funding sustainability.
\n\u00a0
\nIn response to changes in\neconomic conditions, operational performance or strategic\nrequirements, the Group may adjust its capital structure by, inter\nalia, modifying dividend distributions, returning capital to\nshareholders or issuing new shares.
\n\u00a0
\nThere were no changes in\nthe Group\u2019s capital management objectives, policies or\nprocesses during the year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "HZgmjo.jYw": { "value": "29.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Related party\ndisclosures
\n\u00a0
\nThe\nGroup
\n\u00a0
\nBalances and transactions\nbetween entities in the group have been eliminated on consolidation\nand are not disclosed in this note.
\n\u00a0
\nTransactions With\nRelated Parties
\n\u00a0
\n| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Advances \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n |
| \n Net advances to ultimate\nbeneficial owner \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n - \n | \n\n 16,500 \n | \n
| \n Net advances to ultimate\nparent \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n - \n | \n\n 6,436 \n | \n
| \n Expenses \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n |
| \n Key management personnel\nfees \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 263,085 \n | \n\n 58,720 \n | \n
| \n Director\u2019s\nfees \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 25,620 \n | \n\n 27,200 \n | \n
\u00a0
\nBalances With Related\nParties
\n\u00a0
\nThe amounts outstanding\nwith related parties are disclosed in note 19 to these financial\nstatements.
\n\u00a0
\nThe\nCompany
\n\u00a0
\nTransactions With\nRelated Parties
\n\u00a0
\n| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Advances \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n |
| \n Net advances from\nsubsidiaries \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n - \n | \n\n 464,440 \n | \n
| \n Net advances to\nsubsidiaries \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 24,166 \n | \n\n |
| \n Expenses \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n |
| \n Director\u2019s\nfees \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 25,620 \n | \n\n 27,200 \n | \n
\u00a0
\nBalances With Related\nParties
\n\u00a0
\nThe amounts outstanding\nwith related parties are disclosed in note 16, 19 and 26 to these\nfinancial statements.
32.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Statutory\ninformation
\n\u00a0
\nAST Group PLC (the\ncompany) is a company registered in Malta, having registered\naddress at \u201cFort Business Centre, Level 2, Triq L-Intornjatur\nZone 1, Central Business District, Birkirkara, CBD 1050,\nMalta\u201d. Its ultimate parent company is AFTL Group AG, having\nregistered office at \u201cZug C/o, Fidura Immobilien Ag,\nGotthardstrasse 20, Zug 6300 Switzerland\u201d. Its ultimate\ncontrolling party is Mr. Emmanoiul Kalamaras.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "z6lgb1O32p": { "value": "30.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Events subsequent to\nStatement of Financial Position Date
\n\u00a0
\nThe directors have\nassessed subsequent events following the year-end in accordance\nwith IAS 10 \u2018Events After The Reporting Period\u2019,and\nhave determined that there have been no material events occurring\nbetween the year-end and the date of this note that would require\nadjustment to, or disclosure in, the financial\nstatements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:485100EV94B5FY2A0332", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "oBAwwH0Pta": { "value": "31.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nRestatement
\n\u00a0
\nDuring the year, the Group\nidentified a prior period error in the deferred tax computation,\nwhereby an amount that should have been recognised in other\ncomprehensive income was incorrectly recorded within the tax\nexpense line.
\n\u00a0
\n| \n | \n \u00a0 \n | \n\n \u00a02024 \nAs previously\nreported \n | \n\n Adjustments \n | \n\n 2024 \nAs\nrestated \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0\n\u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Statement of\nConsolidated Comprehensive Income \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Income taxation credit /\n(expense) (note 13) \n | \n\n \u00a0 \n | \n\n 640,993 \n | \n\n 273,532 \n | \n\n 914,525 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Statement of Changes in\nEquity - Group \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Revaluation\nreserve \n | \n\n \u00a0 \n | \n\n 680,559 \n | \n\n (273,532) \n | \n\n 407,027 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Statement of\nConsolidated Financial Position \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Deferred tax asset (note\n17) \n | \n\n \u00a0 \n | \n\n 101,933 \n | \n\n 691,876 \n | \n\n 793,809 \n | \n
| \n Deferred tax liability\n(note 17) \n | \n\n \u00a0 \n | \n\n 256,797 \n | \n\n 795,194 \n | \n\n 1,051,991 \n | \n
| \n Accumulated\nlosses \n | \n\n \u00a0 \n | \n\n (4,642,372) \n | \n\n (103,318) \n | \n\n (4,745,690) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n