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Company information and basis of preparation The financial statements have been prepared under the historical cost basis, except for investment property which are stated at their fair value, and land and buildings which are stated at their revalued amounts, and in accordance with International Financial Reporting Standards as adopted by the EU.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37566": { "value": "1. Company information and basis of preparation The financial statements have been prepared under the historical cost basis, except for investment property which are stated at their fair value, and land and buildings which are stated at their revalued amounts, and in accordance with International Financial Reporting Standards as adopted by the EU. The material accounting policy information is set out below. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: - Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; - Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and - Level 3 inputs are unobservable inputs for the asset or liability. For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Company determines that transfers are deemed to have occurred between Levels in the hierarchy at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37457": { "value": "1. Company information and basis of preparation Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: - Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; - Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and - Level 3 inputs are unobservable inputs for the asset or liability. For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Company determines that transfers are deemed to have occurred between Levels in the hierarchy at the end of each reporting period. 2. Material accounting policiesProperty, plant and equipment Land and buildings held for use in the production or supply of goods or services, or for administrative purposes are stated in the statement of financial position at their revalued amounts, being the fair value at the date of the revaluation less any subsequent accumulated depreciation and any accumulated impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38178": { "value": "Mariner Finance p.l.c", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37439": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37440": { "value": "37, Censu Tabone Street, St. Julians, Malta.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37441": { "value": "37, Censu Tabone Street, St. Julians, Malta.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37438": { "value": "The Group is engaged in the investment, development and operation of sea terminals, namely in Riga, Latvia as well as property development.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38056": { "value": "2. Material accounting policies Property, plant and equipment Expenditure on repairs and maintenance of property, plant and equipment is recognised as an expense when incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38053": { "value": "2. Material accounting policies Investments in subsidiaries A subsidiary is an entity that is controlled by the Company. Investments in subsidiaries are accounted for on the basis of the direct equity interest and are stated at cost less any accumulated impairment losses. Dividends from the investment are recognised in profit or loss. Impairment of non-financial assets and investments in subsidiaries All assets are tested for impairment to the extent applicable. At the end of each reporting period, the carrying amount of assets is reviewed to determine whether there is any indication or objective evidence of impairment, as appropriate, and if any such indication or objective evidence exists, the recoverable amount of the asset is estimated. 19. Financial assets Investments in subsidiaries The Company's proportion of ownership interest in subsidiaries at 31 December 2025 and their principal activities are as follows:
Proportion of ownership interest Principal activities
%
Mariner Finance Baltic SIA100 (2024 - 100%) Holding Company
Baltic Container Terminals SIA (indirectly through Mariner
Finance Baltic SIA)100 (2024 - 100%) Maritime operations
The registered offices of the following subsidiaries are: Baltic Container Terminals SIA - 32, Uriekstes iela, Riga, LV-1005, Latvia Mariner Finance Baltic SIA - 1, Merkela Street, Riga, LV-1050, Latvia", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37683": { "value": "2. Material accounting policies Basis of consolidation The consolidated financial statements incorporate the financial statements of Mariner Finance p.l.c. (or the \u201cCompany\u201d) and subsidiary entities controlled by the Company. Control exists when the Company has power over the investee, is exposed or has rights to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of its returns. In assessing control, potential voting rights that give the Company the current ability to direct the investee\u2019s relevant activities are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date control ceases. Intra-Group balances, transactions, income and expenses are eliminated on consolidation. Business combination and goodwill During the financial year ended 31 December 2013, Mariner Capital Limited became the direct parent entity of Mariner Finance p.l.c., and acquired and became the ultimate parent of Baltic Container Terminal SIA and Equinor Riga SIA through its direct subsidiary, Mariner Finance Baltic SIA. Mariner Finance p.l.c. was not the parent of any entity of the Mariner Capital Limited Group as at 31 December 2013. During the first two quarters of 2014 the Mariner Capital Limited Group entered into various linked transactions (\u201cthe restructuring transactions\u201d). As a result of the restructuring transactions, Mariner Finance p.l.c. became the direct parent of Mariner Baltic Holdings SIA. As part of the restructuring transactions Mariner Baltic Holdings SIA became the direct parent of Mariner Finance Baltic SIA (and the indirect parent of Baltic Container Terminal SIA) and Equinor Riga SIA. The restructuring transactions resulted in Mariner Finance p.l.c. gaining control during 2014 of its direct subsidiary entity Mariner Baltic Holdings SIA and its indirect subsidiary entities Mariner Finance Baltic SIA, Baltic Container Terminal SIA and Equinor Riga SIA (\u201cthe subsidiaries\u201d). In 2019, Mariner Finance p.l.c merged with its wholly owned subsidiary Mariner Baltic Holdings SIA. The acquisition of these subsidiaries by Mariner Finance p.l.c. fell outside the scope of International Financial Reporting Standard 3 \u2013 Business Combinations (\u201cIFRS 3\u201d) because the transaction merely represented a Group reorganisation and because in terms of paragraph 2(c) of IFRS 3, the acquisition of these entities by Mariner Finance p.l.c. was treated as a combination of businesses under common control in which all the combining entities are ultimately controlled by the same party, Mariner Capital Limited, both before and after the business combination and that control was not transitory. In accordance with \u2018International Accounting Standard 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors\u2019 (\u201cIAS 8\u201d), in the absence of an IFRS that specifically applies to a transaction, other event or condition, management should use its judgment in developing and applying an accounting policy that is relevant to the decision - making needs of the users and is reliable. In relation to this specific transaction, the use of predecessor accounting by Mariner Finance p.l.c. was considered to be a generally accepted accounting approach to account for the acquisition of the entities under common control. The acquisition of the subsidiaries acquired from the direct parent by Mariner Finance p.l.c. has been accounted for under the principles of predecessor accounting as from the date these subsidiaries were acquired by its parent, Mariner Capital Limited on 1 January 2013. In terms of predecessor accounting, an acquirer is not required to be identified. The Company has incorporated the acquired entities at their previous carrying amounts of assets (including goodwill) and liabilities included in the consolidated financial statements of its parent, Mariner Capital Limited. This accounting treatment gave rise to differences on acquisition between the consideration given in exchange for the acquired entities and the amounts at which the assets and liabilities of the acquired entities are initially recognised; \u20ac43,940,924 were included within equity. Goodwill is measured as the excess of the consideration transferred and the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. The goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Property, plant and equipment Property, plant and equipment are classified into the following classes \u2013 land and buildings, plant and equipment, furniture, fittings and equipment, and fixed assets under construction. Property, plant and equipment are initially measured at cost. Subsequent costs are included in the asset\u2019s carrying amount when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Expenditure on repairs and maintenance of property, plant and equipment is recognised as an expense when incurred. Land and buildings held for use in the production or supply of goods or services, or for administrative purposes are stated in the statement of financial position at their revalued amounts, being the fair value at the date of the revaluation less any subsequent accumulated depreciation and any accumulated impairment losses. Revaluations are made for the entire class of land and buildings and with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the end of the reporting period. The Group has chosen to restate the gross carrying amount and accumulated depreciation of the asset proportionally to the change in the carrying amount. The accumulated depreciation at the date of the revaluation is adjusted to equal the difference between the gross carrying amount and the carrying amount of the asset after taking into account accumulated impairment losses. Other tangible assets are stated at cost less any accumulated depreciation and any accumulated impairment losses. Properties in the course of construction Properties in the course of construction for production, supply or administrative purposes, are carried at cost, less any identified impairment loss. Cost includes, for qualifying assets, borrowing costs capitalised in accordance with the Group's accounting policy on borrowing costs. Depreciation of these assets, on the same basis as other property assets, commences when the assets are available for use. Depreciation Depreciation commences when the depreciable assets are available for use and is charged to profit or loss so as to write off the cost/revalued amount, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases: - Buildings \u2013 0.8% - 5% per annum - Plant and equipment - 4% - 33.33% per annum - Furniture, fittings and equipment - 10% - 33.33% per annum - Fixed assets under construction - 0% per annum The depreciation method applied, the residual value and the useful life are reviewed, and adjusted if appropriate, at the end of each reporting period. Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset. Investment property The Group's investment property consists of a building in Riga, Latvia, which is held to earn rentals, and a piece of land in the territory of Latvia, which is held for capital appreciation. Investment property is initially measured at cost, including transaction costs. Subsequent to initial recognition investment property is stated at fair value at the end of the reporting period. Gains or losses arising from changes in the fair value of investment property are recognised in profit or loss in the period in which they arise. Other financial instruments Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially recognised at their fair value plus directly attributable transaction costs for all financial assets or financial liabilities not classified at fair value through profit or loss. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. Financial assets Classification and measurement Financial assets are classified as measured at either amortised cost or fair value based on the business model for managing the assets and the asset\u2019s contractual terms. The Group and the Company do not have any financial assets classified as fair value through other comprehensive income (managed under a hold to collect and sell business model). Financial assets at amortised cost The following financial assets are classified in this category - loans receivable, trade receivables and cash at bank. Financial assets are classified as measured at amortised cost if they are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows and if the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are initially recognised at fair value plus transaction costs that are directly attributable to the issue or acquisition of financial assets and subsequently measured at amortised cost. The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts/payments excluding ECLs through the expected life of the financial asset/financial liability, or, where appropriate, a shorter period to the gross carrying amount on initial recognition. Appropriate allowances for expected credit losses (ECLs) are recognised in profit or loss in accordance with the accounting policy on ECLs. Trade receivables which do not have a significant financing component are initially measured at their transaction price and are subsequently stated at their nominal value less any loss allowance for ECLs. Financial liabilities and equity Bank borrowings Subsequent to initial recognition, interest-bearing bank loans are measured at amortised cost using the effective interest method. Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities. Trade and other payables Trade and other payables are classified with current liabilities and are stated at their nominal value unless the effect of discounting is material, in which case trade payables are measured at amortised cost using the effective interest method. Other borrowings Subsequent to initial recognition, other borrowings are measured at amortised cost using the effective interest method unless the effect of discounting is immaterial. Shares issued by the Company Ordinary shares issued by the Company are classified as equity instruments. Inventories Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method and comprises expenditure incurred in acquiring the inventories and other costs incurred in bringing the inventories to their present location and condition Impairment of non-financial assets and investments in subsidiaries All assets are tested for impairment to the extent applicable. At the end of each reporting period, the carrying amount of assets is reviewed to determine whether there is any indication or objective evidence of impairment, as appropriate, and if any such indication or objective evidence exists, the recoverable amount of the asset is estimated. Goodwill arising on the acquisition of subsidiaries is tested for impairment annually and whenever there is an indication of impairment Impairment of financial assets other than investments in subsidiaries ECLs The Group and the Company recognise a loss allowance for ECLs. The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition. For trade receivables that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the Group and the Company apply the simplified approach and recognises lifetime ECL. Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. For all other financial instruments, the Group and the Company use the general approach and recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group and the Company measure the loss allowance for that financial instrument at an amount equal to 12-month ECL (\u201812m ECL\u2019). The Group and the Company recognise an impairment gain or loss in profit or loss for all financial assets with a corresponding adjustment to their carrying amount. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group and the Company compare the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group and the Company consider both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort and, where applicable, the financial position of the counterparties . Irrespective of the outcome of the above assessment, the Group and the Company presume that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Company has reasonable and supportable information, that is available without undue cost or effort, that demonstrates otherwise. Despite the above assessment, the Group and the Company assume that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Accordingly, for these financial assets, the loss allowance is measured at an amount equal to 12m ECL. The low credit risk assumption has been applied for the majority of the bank balances. Definition of default The Group and the Company consider the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable: - when there is a breach of financial covenants by the counterparty; or - information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the company, in full (without taking into account any collateral held by the company). Irrespective of the above analysis, the Group and the Company consider that default has occurred when a financial asset is more than 90 days past due unless there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: - significant financial difficulty of the issuer or the borrower; - a breach of contract, such as a default or past due event; - the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; - it is becoming probable that the borrower will enter bankruptcy or another financial reorganisation; or - the disappearance of an active market for that financial asset because of financial difficulties. Write-off policy The Group and Company writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Revenue recognition The Group recognises revenue from the following major sources: - cargo handling - storage of containers Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when (or as) it satisfies a performance obligation by transferring control of a promised good or service to the customer. Cargo handling This constitutes income from cargo handling, including loading, unloading and transportation of cargo and similar services, such as mooring, provided at the terminal to the Group\u2019s customers, being mainly ship liners. The fees which are charged to customers for the services provided by the Group are based on a number of underlying metrics, such as the weight of containers, which are monitored by the Group through a detailed coding system and which become known by the time the services are provided. The customers are generally billed after the provision of such services and thus no contract liabilities are recognised by the Group in this respect. Such services are recognised over time as the services are provided and given the short duration of such services, no significant contract assets are recognised by the Group at the reporting date. A receivable is recognised by the Group until the actual payment is made by the respective customers. There is not considered to be a significant financing component in such arrangements with customers as the period between the recognition of revenue and the payment by the customer is less than one year. Storage of containers This constitutes revenue generated through the provision of container storage facilities at the terminal, which revenue falls within the scope of IFRS 15 as opposed to IFRS 16. The performance obligation is to provide storage facilities to the respective customers, including ship liners, over the required duration. The transaction price is based on a fee structure which is based on a fixed fee per day subject to certain free days which are generally not considered to have a material effect on the allocation of the transaction price over the duration of the contract. The customers are billed monthly in arrears and thus no contract liabilities or contract assets are recognised by the Group in this respect. Such services are recognised over time. A receivable is recognised until the actual payment is made by the respective customers. There is not considered to be a significant financing component in such arrangements with customers as the period between the recognition of revenue and the payment by the customer is less than one year Interest income Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts the estimated future cash receipts through the expected life of the financial asset. Interest income is recognised to the extent that is probable that future economic benefits will flow to the Group and these can be measured reliably Rent receivable Rent is recognised as disclosed in the accounting policy on leases. Dividend income Dividend revenue is presented gross of any non-recoverable withholding taxes, which are disclosed separately in the statement of comprehensive income. Borrowings costs Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended period in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred. Government grants Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attached to them and that the grants will be received. Grants are recognised as revenue over the periods necessary to match them with the costs for which they are intended to compensate, on a systematic basis. Accordingly, grants whose primary condition is that the Group should purchase or construct non-current assets are recognised as deferred revenue in the statement of financial position and transferred to the statement of comprehensive income on a systematic and rational basis over the useful lives of the related asset Leases The Group as a lessee: The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, unless otherwise stated below. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The right-of-use assets are initially measured at the commencement date at cost, being the amount of the initial measurement of the corresponding lease liability, lease payments made (adding initial direct costs and subtracting lease incentives) at or before the commencement day. The right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the lease term of the underlying assets. The average lease term is 28 years. The depreciation starts at the commencement date of the lease. The Group applies the accounting policy entitled \u2018Impairment of other assets and investments in subsidiaries\u2019 to determine and to measure the extent of any impairment losses on the right-of-use assets. In the statement of profit or loss and other comprehensive income, interest expense on the lease liability is presented separately from the depreciation charge for the right-of-use asset. In the statement of cash flows, cash payments for the principal portion of the lease liability are presented within financing activities and cash payments for the interest portion of the lease liability are presented within operating activities. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The Group as a lessor: Leases for which the Group is a lessor are classified as operating leases. Leased assets are presented in the statement of financial position according to their nature and are tested for impairment in accordance with the Group\u2019s accounting policy on impairment. Depreciable leased assets are depreciated in accordance with the Group\u2019s accounting policy on depreciation. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the leased asset. Taxation Corporate income tax expenses in relation to the subsidiaries incorporated in Latvia are included in financial statement based on management calculations according to laws of Republic of Latvia. Corporate income tax is applicable to distributed profits and several expenses that would be treated as profit distribution. In case of reinvestment of profit, corporate income tax shall not be applied. The applicable corporate income tax rate is 20%. In accordance with International Accounting Standard No 12 \u201cIncome Taxes\u201d requirements, in cases where income tax is payable at a higher or lower rate, depending on whether the profit is distributed, the current and deferred tax assets and liabilities are measured at the tax rate applicable to undistributed profits. In Latvia the applicable rate for undistributed profits is 0%. Corporate income tax is calculated at the profit distribution (net amount to be paid to shareholders). Corporate income tax will be recognised as tax payable at the period when shareholders decide to distribute profit. Deferred tax liability arises on the projected profit distribution in the following year. The applicable corporate income tax rate is 5%, applying a discount in accordance with the provisions of the law on the application of taxes in free ports and special economic zones. Employee benefits The Company contributes towards the state pension in accordance with local legislation. The only obligation of the Company is to make the required contributions. Costs are expensed in the period in which they are incurred. Currency translation The individual financial statements of each Group entity are presented in their functional currency, being the currency of the primary economic environment in which the entity operates (its functional currency). For the purposes of the Group financial statements, the results and financial position of each entity are expressed in Euro, which is the functional currency of the Company. In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at rates of exchange prevailing on the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the end of the reporting period. Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are included in profit or loss. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits. Bank overdrafts that are repayable on demand and form an integral part of both the Company and Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position. Dividends Dividends to holders of equity instruments are recognised as liabilities in the period in which they are declared. Dividends to holders of equity instruments are recognised directly to equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37564": { "value": "2. Material accounting policies Business combination and goodwill During the financial year ended 31 December 2013, Mariner Capital Limited became the direct parent entity of Mariner Finance p.l.c., and acquired and became the ultimate parent of Baltic Container Terminal SIA and Equinor Riga SIA through its direct subsidiary, Mariner Finance Baltic SIA. Mariner Finance p.l.c. was not the parent of any entity of the Mariner Capital Limited Group as at 31 December 2013. During the first two quarters of 2014 the Mariner Capital Limited Group entered into various linked transactions (\u201cthe restructuring transactions\u201d). As a result of the restructuring transactions, Mariner Finance p.l.c. became the direct parent of Mariner Baltic Holdings SIA. As part of the restructuring transactions Mariner Baltic Holdings SIA became the direct parent of Mariner Finance Baltic SIA (and the indirect parent of Baltic Container Terminal SIA) and Equinor Riga SIA. The restructuring transactions resulted in Mariner Finance p.l.c. gaining control during 2014 of its direct subsidiary entity Mariner Baltic Holdings SIA and its indirect subsidiary entities Mariner Finance Baltic SIA, Baltic Container Terminal SIA and Equinor Riga SIA (\u201cthe subsidiaries\u201d). In 2019, Mariner Finance p.l.c merged with its wholly owned subsidiary Mariner Baltic Holdings SIA. The acquisition of these subsidiaries by Mariner Finance p.l.c. fell outside the scope of International Financial Reporting Standard 3 \u2013 Business Combinations (\u201cIFRS 3\u201d) because the transaction merely represented a Group reorganisation and because in terms of paragraph 2(c) of IFRS 3, the acquisition of these entities by Mariner Finance p.l.c. was treated as a combination of businesses under common control in which all the combining entities are ultimately controlled by the same party, Mariner Capital Limited, both before and after the business combination and that control was not transitory. In accordance with \u2018International Accounting Standard 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors\u2019 (\u201cIAS 8\u201d), in the absence of an IFRS that specifically applies to a transaction, other event or condition, management should use its judgment in developing and applying an accounting policy that is relevant to the decision - making needs of the users and is reliable. In relation to this specific transaction, the use of predecessor accounting by Mariner Finance p.l.c. was considered to be a generally accepted accounting approach to account for the acquisition of the entities under common control. The acquisition of the subsidiaries acquired from the direct parent by Mariner Finance p.l.c. has been accounted for under the principles of predecessor accounting as from the date these subsidiaries were acquired by its parent, Mariner Capital Limited on 1 January 2013. In terms of predecessor accounting, an acquirer is not required to be identified. The Company has incorporated the acquired entities at their previous carrying amounts of assets (including goodwill) and liabilities included in the consolidated financial statements of its parent, Mariner Capital Limited. This accounting treatment gave rise to differences on acquisition between the consideration given in exchange for the acquired entities and the amounts at which the assets and liabilities of the acquired entities are initially recognised; \u20ac43,940,924 were included within equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37561": { "value": "2. Material accounting policies Business combination and goodwill During the financial year ended 31 December 2013, Mariner Capital Limited became the direct parent entity of Mariner Finance p.l.c., and acquired and became the ultimate parent of Baltic Container Terminal SIA and Equinor Riga SIA through its direct subsidiary, Mariner Finance Baltic SIA. Mariner Finance p.l.c. was not the parent of any entity of the Mariner Capital Limited Group as at 31 December 2013. During the first two quarters of 2014 the Mariner Capital Limited Group entered into various linked transactions (\u201cthe restructuring transactions\u201d). As a result of the restructuring transactions, Mariner Finance p.l.c. became the direct parent of Mariner Baltic Holdings SIA. As part of the restructuring transactions Mariner Baltic Holdings SIA became the direct parent of Mariner Finance Baltic SIA (and the indirect parent of Baltic Container Terminal SIA) and Equinor Riga SIA. The restructuring transactions resulted in Mariner Finance p.l.c. gaining control during 2014 of its direct subsidiary entity Mariner Baltic Holdings SIA and its indirect subsidiary entities Mariner Finance Baltic SIA, Baltic Container Terminal SIA and Equinor Riga SIA (\u201cthe subsidiaries\u201d). In 2019, Mariner Finance p.l.c merged with its wholly owned subsidiary Mariner Baltic Holdings SIA. The acquisition of these subsidiaries by Mariner Finance p.l.c. fell outside the scope of International Financial Reporting Standard 3 \u2013 Business Combinations (\u201cIFRS 3\u201d) because the transaction merely represented a Group reorganisation and because in terms of paragraph 2(c) of IFRS 3, the acquisition of these entities by Mariner Finance p.l.c. was treated as a combination of businesses under common control in which all the combining entities are ultimately controlled by the same party, Mariner Capital Limited, both before and after the business combination and that control was not transitory. In accordance with \u2018International Accounting Standard 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors\u2019 (\u201cIAS 8\u201d), in the absence of an IFRS that specifically applies to a transaction, other event or condition, management should use its judgment in developing and applying an accounting policy that is relevant to the decision -making needs of the users and is reliable. In relation to this specific transaction, the use of predecessor accounting by Mariner Finance p.l.c. was considered to be a generally accepted accounting approach to account for the acquisition of the entities under common control. The acquisition of the subsidiaries acquired from the direct parent by Mariner Finance p.l.c. has been accounted for under the principles of predecessor accounting as from the date these subsidiaries were acquired by its parent, Mariner Capital Limited on 1 January 2013. In terms of predecessor accounting, an acquirer is not required to be identified. The Company has incorporated the acquired entities at their previous carrying amounts of assets (including goodwill) and liabilities included in the consolidated financial statements of its parent, Mariner Capital Limited. This accounting treatment gave rise to differences on acquisition between the consideration given in exchange for the acquired entities and the amounts at which the assets and liabilities of the acquired entities are initially recognised; \u20ac43,940,924 were included within equity. Goodwill is measured as the excess of the consideration transferred and the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. The goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Impairment of non-financial assets and investments in subsidiaries Goodwill arising on the acquisition of subsidiaries is tested for impairment annually and whenever there is an indication of impairment ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37458": { "value": "2. Material accounting policies Basis of consolidation The consolidated financial statements incorporate the financial statements of Mariner Finance p.l.c. (or the \u201cCompany\u201d) and subsidiary entities controlled by the Company.Currency translation For the purposes of the Group financial statements, the results and financial position of each entity are expressed in Euro, which is the functional currency of the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37442": { "value": "2. Material accounting policies Basis of consolidation The consolidated financial statements incorporate the financial statements of Mariner Finance p.l.c. (or the \u201cCompany\u201d) and subsidiary entities controlled by the Company. Control exists when the Company has power over the investee, is exposed or has rights to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of its returns. In assessing control, potential voting rights that give the Company the current ability to direct the investee\u2019s relevant activities are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date control ceases. Intra-Group balances, transactions, income and expenses are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37443": { "value": "Mariner Capital Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37468": { "value": "2. Material accounting policiesBusiness combination and goodwillGoodwill is measured as the excess of the consideration transferred and the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. The goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Impairment of non-financial assets and investments in subsidiaries All assets are tested for impairment to the extent applicable. At the end of each reporting period, the carrying amount of assets is reviewed to determine whether there is any indication or objective evidence of impairment, as appropriate, and if any such indication or objective evidence exists, the recoverable amount of the asset is estimated. Goodwill arising on the acquisition of subsidiaries is tested for impairment annually and whenever there is an indication of impairment ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37472": { "value": "2. Material accounting policiesProperty, plant and equipment Property, plant and equipment are classified into the following classes \u2013 land and buildings, plant and equipment, furniture, fittings and equipment, and fixed assets under construction. Property, plant and equipment are initially measured at cost. Subsequent costs are included in the asset\u2019s carrying amount when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Expenditure on repairs and maintenance of property, plant and equipment is recognised as an expense when incurred. Land and buildings held for use in the production or supply of goods or services, or for administrative purposes are stated in the statement of financial position at their revalued amounts, being the fair value at the date of the revaluation less any subsequent accumulated depreciation and any accumulated impairment losses. Revaluations are made for the entire class of land and buildings and with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the end of the reporting period. The Group has chosen to restate the gross carrying amount and accumulated depreciation of the asset proportionally to the change in the carrying amount. The accumulated depreciation at the date of the revaluation is adjusted to equal the difference between the gross carrying amount and the carrying amount of the asset after taking into account accumulated impairment losses. Other tangible assets are stated at cost less any accumulated depreciation and any accumulated impairment losses. Impairment of non-financial assets and investments in subsidiaries All assets are tested for impairment to the extent applicable. At the end of each reporting period, the carrying amount of assets is reviewed to determine whether there is any indication or objective evidence of impairment, as appropriate, and if any such indication or objective evidence exists, the recoverable amount of the asset is estimated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37556": { "value": "2. Material accounting policiesProperties in the course of construction Properties in the course of construction for production, supply or administrative purposes, are carried at cost, less any identified impairment loss. Cost includes, for qualifying assets, borrowing costs capitalised in accordance with the Group's accounting policy on borrowing costs. Depreciation of these assets, on the same basis as other property assets, commences when the assets are available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37635": { "value": "2. Material accounting policiesProperty, plant and equipment Expenditure on repairs and maintenance of property, plant and equipment is recognised as an expense when incurred. Properties in the course of construction Depreciation of these assets, on the same basis as other property assets, commences when the assets are available for use. Depreciation Depreciation commences when the depreciable assets are available for use and is charged to profit or loss so as to write off the cost/revalued amount, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases: - Buildings \u2013 0.8% - 5% per annum - Plant and equipment - 4% - 33.33% per annum - Furniture, fittings and equipment - 10% - 33.33% per annum - Fixed assets under construction - 0% per annum The depreciation method applied, the residual value and the useful life are reviewed, and adjusted if appropriate, at the end of each reporting period. Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset. Investment property Gains or losses arising from changes in the fair value of investment property are recognised in profit or loss in the period in which they arise. Financial assets Financial assets at amortised cost Appropriate allowances for expected credit losses (ECLs) are recognised in profit or loss in accordance with the accounting policy on ECLs. Impairment of non-financial assets and investments in subsidiaries All assets are tested for impairment to the extent applicable. At the end of each reporting period, the carrying amount of assets is reviewed to determine whether there is any indication or objective evidence of impairment, as appropriate, and if any such indication or objective evidence exists, the recoverable amount of the asset is estimated. Goodwill arising on the acquisition of subsidiaries is tested for impairment annually and whenever there is an indication of impairment Impairment of financial assets other than investments in subsidiaries ECLs The Group and the Company recognise a loss allowance for ECLs. The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition. For trade receivables that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the Group and the Company apply the simplified approach and recognises lifetime ECL. Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. For all other financial instruments, the Group and the Company use the general approach and recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group and the Company measure the loss allowance for that financial instrument at an amount equal to 12-month ECL (\u201812m ECL\u2019). The Group and the Company recognise an impairment gain or loss in profit or loss for all financial assets with a corresponding adjustment to their carrying amount. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group and the Company compare the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group and the Company consider both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort and, where applicable, the financial position of the counterparties. Irrespective of the outcome of the above assessment, the Group and the Company presume that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Company has reasonable and supportable information, that is available without undue cost or effort, that demonstrates otherwise. Despite the above assessment, the Group and the Company assume that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Accordingly, for these financial assets, the loss allowance is measured at an amount equal to 12m ECL. The low credit risk assumption has been applied for the majority of the bank balances. Definition of default The Group and the Company consider the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable: - when there is a breach of financial covenants by the counterparty; or - information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the company, in full (without taking into account any collateral held by the company). Irrespective of the above analysis, the Group and the Company consider that default has occurred when a financial asset is more than 90 days past due unless there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: - significant financial difficulty of the issuer or the borrower; - a breach of contract, such as a default or past due event; - the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; - it is becoming probable that the borrower will enter bankruptcy or another financial reorganisation; or - the disappearance of an active market for that financial asset because of financial difficulties. Write-off policy The Group and Company writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Borrowings costs Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended period in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred. Leases The Group as a lessee: Right-of-use assets are depreciated over the lease term of the underlying assets. The average lease term is 28 years. The depreciation starts at the commencement date of the lease. The Group applies the accounting policy entitled \u2018Impairment of other assets and investments in subsidiaries\u2019 to determine and to measure the extent of any impairment losses on the right-of-use assets. In the statement of profit or loss and other comprehensive income, interest expense on the lease liability is presented separately from the depreciation charge for the right-of-use asset.Taxation Corporate income tax expenses in relation to the subsidiaries incorporated in Latvia are included in financial statement based on management calculations according to laws of Republic of Latvia. Corporate income tax is applicable to distributed profits and several expenses that would be treated as profit distribution. In case of reinvestment of profit, corporate income tax shall not be applied. The applicable corporate income tax rate is 20%. In accordance with International Accounting Standard No 12 \u201cIncome Taxes\u201d requirements, in cases where income tax is payable at a higher or lower rate, depending on whether the profit is distributed, the current and deferred tax assets and liabilities are measured at the tax rate applicable to undistributed profits. In Latvia the applicable rate for undistributed profits is 0%. Corporate income tax is calculated at the profit distribution (net amount to be paid to shareholders). Corporate income tax will be recognised as tax payable at the period when shareholders decide to distribute profit. Deferred tax liability arises on the projected profit distribution in the following year. The applicable corporate income tax rate is 5%, applying a discount in accordance with the provisions of the law on the application of taxes in free ports and special economic zones. Employee benefits The Company contributes towards the state pension in accordance with local legislation. The only obligation of the Company is to make the required contributions. Costs are expensed in the period in which they are incurred. Currency translation In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at rates of exchange prevailing on the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the end of the reporting period. Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are included in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37661": { "value": "2. Material accounting policiesBusiness combination and goodwillGoodwill is measured as the excess of the consideration transferred and the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. The goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Impairment of non-financial assets and investments in subsidiaries Goodwill arising on the acquisition of subsidiaries is tested for impairment annually and whenever there is an indication of impairment ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37925": { "value": "2. Material accounting policiesProperties in the course of construction Depreciation of these assets, on the same basis as other property assets, commences when the assets are available for use. Depreciation Depreciation commences when the depreciable assets are available for use and is charged to profit or loss so as to write off the cost/revalued amount, less any estimated residual value, over their estimated useful lives, using the straight-line method, on the following bases: - Buildings \u2013 0.8% - 5% per annum - Plant and equipment - 4% - 33.33% per annum - Furniture, fittings and equipment - 10% - 33.33% per annum - Fixed assets under construction - 0% per annum The depreciation method applied, the residual value and the useful life are reviewed, and adjusted if appropriate, at the end of each reporting period. Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset. Leases The Group as a lessee: Right-of-use assets are depreciated over the lease term of the underlying assets. The average lease term is 28 years. The depreciation starts at the commencement date of the lease. The Group applies the accounting policy entitled \u2018Impairment of other assets and investments in subsidiaries\u2019 to determine and to measure the extent of any impairment losses on the right-of-use assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37466": { "value": "2. Material accounting policiesOther financial instruments Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially recognised at their fair value plus directly attributable transaction costs for all financial assets or financial liabilities not classified at fair value through profit or loss. Financial liabilities and equity Bank borrowings Subsequent to initial recognition, interest-bearing bank loans are measured at amortised cost using the effective interest method. Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities. Trade and other payables Trade and other payables are classified with current liabilities and are stated at their nominal value unless the effect of discounting is material, in which case trade payables are measured at amortised cost using the effective interest method. Other borrowings Subsequent to initial recognition, other borrowings are measured at amortised cost using the effective interest method unless the effect of discounting is immaterial. Leases The Group as a lessee: The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, unless otherwise stated below. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The right-of-use assets are initially measured at the commencement date at cost, being the amount of the initial measurement of the corresponding lease liability, lease payments made (adding initial direct costs and subtracting lease incentives) at or before the commencement day. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37549": { "value": "2. Material accounting policiesOther financial instruments Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially recognised at their fair value plus directly attributable transaction costs for all financial assets or financial liabilities not classified at fair value through profit or loss. Financial assets Classification and measurement Financial assets are classified as measured at either amortised cost or fair value based on the business model for managing the assets and the asset\u2019s contractual terms. The Group and the Company do not have any financial assets classified as fair value through other comprehensive income (managed under a hold to collect and sell business model). Financial assets at amortised cost The following financial assets are classified in this category - loans receivable, trade receivables and cash at bank. Financial assets are classified as measured at amortised cost if they are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows and if the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are initially recognised at fair value plus transaction costs that are directly attributable to the issue or acquisition of financial assets and subsequently measured at amortised cost. The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts/payments excluding ECLs through the expected life of the financial asset/financial liability, or, where appropriate, a shorter period to the gross carrying amount on initial recognition. Appropriate allowances for expected credit losses (ECLs) are recognised in profit or loss in accordance with the accounting policy on ECLs. Trade receivables which do not have a significant financing component are initially measured at their transaction price and are subsequently stated at their nominal value less any loss allowance for ECLs. Impairment of financial assets other than investments in subsidiaries ECLs The Group and the Company recognise a loss allowance for ECLs. The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition. For trade receivables that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the Group and the Company apply the simplified approach and recognises lifetime ECL. Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. For all other financial instruments, the Group and the Company use the general approach and recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group and the Company measure the loss allowance for that financial instrument at an amount equal to 12-month ECL (\u201812m ECL\u2019). The Group and the Company recognise an impairment gain or loss in profit or loss for all financial assets with a corresponding adjustment to their carrying amount. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group and the Company compare the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group and the Company consider both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort and, where applicable, the financial position of the counterparties. Irrespective of the outcome of the above assessment, the Group and the Company presume that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Company has reasonable and supportable information, that is available without undue cost or effort, that demonstrates otherwise. Despite the above assessment, the Group and the Company assume that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Accordingly, for these financial assets, the loss allowance is measured at an amount equal to 12m ECL. The low credit risk assumption has been applied for the majority of the bank balances. Definition of default The Group and the Company consider the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable: - when there is a breach of financial covenants by the counterparty; or - information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the company, in full (without taking into account any collateral held by the company). Irrespective of the above analysis, the Group and the Company consider that default has occurred when a financial asset is more than 90 days past due unless there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: - significant financial difficulty of the issuer or the borrower; - a breach of contract, such as a default or past due event; - the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; - it is becoming probable that the borrower will enter bankruptcy or another financial reorganisation; or - the disappearance of an active market for that financial asset because of financial difficulties. Write-off policy The Group and Company writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits. Bank overdrafts that are repayable on demand and form an integral part of both the Company and Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37615": { "value": "2. Material accounting policiesOther financial instruments Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially recognised at their fair value plus directly attributable transaction costs for all financial assets or financial liabilities not classified at fair value through profit or loss. Financial liabilities and equity Bank borrowings Subsequent to initial recognition, interest-bearing bank loans are measured at amortised cost using the effective interest method. Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities. Other borrowings Subsequent to initial recognition, other borrowings are measured at amortised cost using the effective interest method unless the effect of discounting is immaterial. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37619": { "value": "2. Material accounting policiesOther financial instruments Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially recognised at their fair value plus directly attributable transaction costs for all financial assets or financial liabilities not classified at fair value through profit or loss. Financial assets Classification and measurement Financial assets are classified as measured at either amortised cost or fair value based on the business model for managing the assets and the asset\u2019s contractual terms. The Group and the Company do not have any financial assets classified as fair value through other comprehensive income (managed under a hold to collect and sell business model). Financial assets at amortised cost The following financial assets are classified in this category - loans receivable, trade receivables and cash at bank. Financial assets are classified as measured at amortised cost if they are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows and if the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are initially recognised at fair value plus transaction costs that are directly attributable to the issue or acquisition of financial assets and subsequently measured at amortised cost. The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts/payments excluding ECLs through the expected life of the financial asset/financial liability, or, where appropriate, a shorter period to the gross carrying amount on initial recognition. Appropriate allowances for expected credit losses (ECLs) are recognised in profit or loss in accordance with the accounting policy on ECLs. Trade receivables which do not have a significant financing component are initially measured at their transaction price and are subsequently stated at their nominal value less any loss allowance for ECLs. Financial liabilities and equity Bank borrowings Subsequent to initial recognition, interest-bearing bank loans are measured at amortised cost using the effective interest method. Subsequent to initial recognition, interest-bearing bank overdrafts are carried at face value in view of their short-term maturities. Trade and other payables Trade and other payables are classified with current liabilities and are stated at their nominal value unless the effect of discounting is material, in which case trade payables are measured at amortised cost using the effective interest method. Other borrowings Subsequent to initial recognition, other borrowings are measured at amortised cost using the effective interest method unless the effect of discounting is immaterial. Impairment of financial assets other than investments in subsidiaries ECLs The Group and the Company recognise a loss allowance for ECLs. The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition. For trade receivables that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the Group and the Company apply the simplified approach and recognises lifetime ECL. Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. For all other financial instruments, the Group and the Company use the general approach and recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group and the Company measure the loss allowance for that financial instrument at an amount equal to 12-month ECL (\u201812m ECL\u2019). The Group and the Company recognise an impairment gain or loss in profit or loss for all financial assets with a corresponding adjustment to their carrying amount. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group and the Company compare the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group and the Company consider both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort and, where applicable, the financial position of the counterparties. Irrespective of the outcome of the above assessment, the Group and the Company presume that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Company has reasonable and supportable information, that is available without undue cost or effort, that demonstrates otherwise. Despite the above assessment, the Group and the Company assume that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Accordingly, for these financial assets, the loss allowance is measured at an amount equal to 12m ECL. The low credit risk assumption has been applied for the majority of the bank balances. Definition of default The Group and the Company consider the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable: - when there is a breach of financial covenants by the counterparty; or - information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the company, in full (without taking into account any collateral held by the company). Irrespective of the above analysis, the Group and the Company consider that default has occurred when a financial asset is more than 90 days past due unless there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: - significant financial difficulty of the issuer or the borrower; - a breach of contract, such as a default or past due event; - the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; - it is becoming probable that the borrower will enter bankruptcy or another financial reorganisation; or - the disappearance of an active market for that financial asset because of financial difficulties. Write-off policy The Group and Company writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Leases The Group as a lessee: The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, unless otherwise stated below. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The right-of-use assets are initially measured at the commencement date at cost, being the amount of the initial measurement of the corresponding lease liability, lease payments made (adding initial direct costs and subtracting lease incentives) at or before the commencement day. In the statement of profit or loss and other comprehensive income, interest expense on the lease liability is presented separately from the depreciation charge for the right-of-use asset. In the statement of cash flows, cash payments for the principal portion of the lease liability are presented within financing activities and cash payments for the interest portion of the lease liability are presented within operating activities. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits. Bank overdrafts that are repayable on demand and form an integral part of both the Company and Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37629": { "value": "2. Material accounting policiesInvestment property The Group's investment property consists of a building in Riga, Latvia, which is held to earn rentals, and a piece of land in the territory of Latvia, which is held for capital appreciation. Investment property is initially measured at cost, including transaction costs. Subsequent to initial recognition investment property is stated at fair value at the end of the reporting period. Gains or losses arising from changes in the fair value of investment property are recognised in profit or loss in the period in which they arise. Other financial instruments Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially recognised at their fair value plus directly attributable transaction costs for all financial assets or financial liabilities not classified at fair value through profit or loss. Financial assets Classification and measurement Financial assets are classified as measured at either amortised cost or fair value based on the business model for managing the assets and the asset\u2019s contractual terms. The Group and the Company do not have any financial assets classified as fair value through other comprehensive income (managed under a hold to collect and sell business model). Financial assets at amortised cost The following financial assets are classified in this category - loans receivable, trade receivables and cash at bank. Financial assets are classified as measured at amortised cost if they are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows and if the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are initially recognised at fair value plus transaction costs that are directly attributable to the issue or acquisition of financial assets and subsequently measured at amortised cost. The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts/payments excluding ECLs through the expected life of the financial asset/financial liability, or, where appropriate, a shorter period to the gross carrying amount on initial recognition. Appropriate allowances for expected credit losses (ECLs) are recognised in profit or loss in accordance with the accounting policy on ECLs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37633": { "value": "2. Material accounting policiesInvestment property The Group's investment property consists of a building in Riga, Latvia, which is held to earn rentals, and a piece of land in the territory of Latvia, which is held for capital appreciation. Investment property is initially measured at cost, including transaction costs. Subsequent to initial recognition investment property is stated at fair value at the end of the reporting period. Gains or losses arising from changes in the fair value of investment property are recognised in profit or loss in the period in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38142": { "value": "2. Material accounting policiesFinancial assets Financial assets at amortised cost The following financial assets are classified in this category - loans receivable, trade receivables and cash at bank. Financial assets are classified as measured at amortised cost if they are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows and if the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are initially recognised at fair value plus transaction costs that are directly attributable to the issue or acquisition of financial assets and subsequently measured at amortised cost. The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts/payments excluding ECLs through the expected life of the financial asset/financial liability, or, where appropriate, a shorter period to the gross carrying amount on initial recognition. Appropriate allowances for expected credit losses (ECLs) are recognised in profit or loss in accordance with the accounting policy on ECLs. Trade receivables which do not have a significant financing component are initially measured at their transaction price and are subsequently stated at their nominal value less any loss allowance for ECLs. Impairment of financial assets other than investments in subsidiaries ECLs The Group and the Company recognise a loss allowance for ECLs. The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition. For trade receivables that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the Group and the Company apply the simplified approach and recognises lifetime ECL. Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The Group and the Company recognise an impairment gain or loss in profit or loss for all financial assets with a corresponding adjustment to their carrying amount. Definition of default Irrespective of the above analysis, the Group and the Company consider that default has occurred when a financial asset is more than 90 days past due unless there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: - significant financial difficulty of the issuer or the borrower; - a breach of contract, such as a default or past due event; - the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; - it is becoming probable that the borrower will enter bankruptcy or another financial reorganisation; or - the disappearance of an active market for that financial asset because of financial difficulties. Write-off policy The Group and Company writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37521": { "value": "2. Material accounting policiesTrade and other payables Trade and other payables are classified with current liabilities and are stated at their nominal value unless the effect of discounting is material, in which case trade payables are measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37545": { "value": "2. Material accounting policiesShares issued by the Company Ordinary shares issued by the Company are classified as equity instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37543": { "value": "2. Material accounting policiesInventories Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method and comprises expenditure incurred in acquiring the inventories and other costs incurred in bringing the inventories to their present location and condition ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37547": { "value": "2. Material accounting policiesImpairment of non-financial assets and investments in subsidiaries All assets are tested for impairment to the extent applicable. At the end of each reporting period, the carrying amount of assets is reviewed to determine whether there is any indication or objective evidence of impairment, as appropriate, and if any such indication or objective evidence exists, the recoverable amount of the asset is estimated. Goodwill arising on the acquisition of subsidiaries is tested for impairment annually and whenever there is an indication of impairment ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37558": { "value": "2. Material accounting policiesImpairment of non-financial assets and investments in subsidiaries All assets are tested for impairment to the extent applicable. At the end of each reporting period, the carrying amount of assets is reviewed to determine whether there is any indication or objective evidence of impairment, as appropriate, and if any such indication or objective evidence exists, the recoverable amount of the asset is estimated. Goodwill arising on the acquisition of subsidiaries is tested for impairment annually and whenever there is an indication of impairment Impairment of financial assets other than investments in subsidiaries ECLs The Group and the Company recognise a loss allowance for ECLs. The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition. For trade receivables that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the Group and the Company apply the simplified approach and recognises lifetime ECL. Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. For all other financial instruments, the Group and the Company use the general approach and recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group and the Company measure the loss allowance for that financial instrument at an amount equal to 12-month ECL (\u201812m ECL\u2019). The Group and the Company recognise an impairment gain or loss in profit or loss for all financial assets with a corresponding adjustment to their carrying amount. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group and the Company compare the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group and the Company consider both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort and, where applicable, the financial position of the counterparties. Irrespective of the outcome of the above assessment, the Group and the Company presume that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Company has reasonable and supportable information, that is available without undue cost or effort, that demonstrates otherwise. Despite the above assessment, the Group and the Company assume that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Accordingly, for these financial assets, the loss allowance is measured at an amount equal to 12m ECL. The low credit risk assumption has been applied for the majority of the bank balances. Definition of default The Group and the Company consider the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable: - when there is a breach of financial covenants by the counterparty; or - information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the company, in full (without taking into account any collateral held by the company). Irrespective of the above analysis, the Group and the Company consider that default has occurred when a financial asset is more than 90 days past due unless there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: - significant financial difficulty of the issuer or the borrower; - a breach of contract, such as a default or past due event; - the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; - it is becoming probable that the borrower will enter bankruptcy or another financial reorganisation; or - the disappearance of an active market for that financial asset because of financial difficulties. Write-off policy The Group and Company writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37626": { "value": "2. Material accounting policiesImpairment of financial assets other than investments in subsidiaries ECLs The Group and the Company recognise a loss allowance for ECLs. The amount of ECLs is updated at each reporting date to reflect changes in credit risk since the initial recognition. For trade receivables that do not contain a significant financing component (or for which the IFRS 15 practical expedient for contracts that are one year or less is applied), the Group and the Company apply the simplified approach and recognises lifetime ECL. Where a collective basis is applied, the ECLs on these financial assets are estimated using a provision matrix based on historical credit loss experience based on the past due status of the debtors, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. For all other financial instruments, the Group and the Company use the general approach and recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group and the Company measure the loss allowance for that financial instrument at an amount equal to 12-month ECL (\u201812m ECL\u2019). The Group and the Company recognise an impairment gain or loss in profit or loss for all financial assets with a corresponding adjustment to their carrying amount. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group and the Company compare the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group and the Company consider both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort and, where applicable, the financial position of the counterparties. Irrespective of the outcome of the above assessment, the Group and the Company presume that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Company has reasonable and supportable information, that is available without undue cost or effort, that demonstrates otherwise. Despite the above assessment, the Group and the Company assume that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Accordingly, for these financial assets, the loss allowance is measured at an amount equal to 12m ECL. The low credit risk assumption has been applied for the majority of the bank balances. Definition of default The Group and the Company consider the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable: - when there is a breach of financial covenants by the counterparty; or - information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the company, in full (without taking into account any collateral held by the company). Irrespective of the above analysis, the Group and the Company consider that default has occurred when a financial asset is more than 90 days past due unless there is reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: - significant financial difficulty of the issuer or the borrower; - a breach of contract, such as a default or past due event; - the lender(s) of the borrower, for economic or contractual reasons relating to the borrower\u2019s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; - it is becoming probable that the borrower will enter bankruptcy or another financial reorganisation; or - the disappearance of an active market for that financial asset because of financial difficulties. Write-off policy The Group and Company writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37579": { "value": "2. Material accounting policiesRevenue recognition The Group recognises revenue from the following major sources: - cargo handling - storage of containers Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when (or as) it satisfies a performance obligation by transferring control of a promised good or service to the customer. Cargo handling This constitutes income from cargo handling, including loading, unloading and transportation of cargo and similar services, such as mooring, provided at the terminal to the Group\u2019s customers, being mainly ship liners. The fees which are charged to customers for the services provided by the Group are based on a number of underlying metrics, such as the weight of containers, which are monitored by the Group through a detailed coding system and which become known by the time the services are provided. The customers are generally billed after the provision of such services and thus no contract liabilities are recognised by the Group in this respect. Such services are recognised over time as the services are provided and given the short duration of such services, no significant contract assets are recognised by the Group at the reporting date. A receivable is recognised by the Group until the actual payment is made by the respective customers. There is not considered to be a significant financing component in such arrangements with customers as the period between the recognition of revenue and the payment by the customer is less than one year. Storage of containers This constitutes revenue generated through the provision of container storage facilities at the terminal, which revenue falls within the scope of IFRS 15 as opposed to IFRS 16. The performance obligation is to provide storage facilities to the respective customers, including ship liners, over the required duration. The transaction price is based on a fee structure which is based on a fixed fee per day subject to certain free days which are generally not considered to have a material effect on the allocation of the transaction price over the duration of the contract. The customers are billed monthly in arrears and thus no contract liabilities or contract assets are recognised by the Group in this respect. Such services are recognised over time. A receivable is recognised until the actual payment is made by the respective customers. There is not considered to be a significant financing component in such arrangements with customers as the period between the recognition of revenue and the payment by the customer is less than one year Interest income Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts the estimated future cash receipts through the expected life of the financial asset. Interest income is recognised to the extent that is probable that future economic benefits will flow to the Group and these can be measured reliably Rent receivable Rent is recognised as disclosed in the accounting policy on leases. Dividend income Dividend revenue is presented gross of any non-recoverable withholding taxes, which are disclosed separately in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37539": { "value": "2. Material accounting policiesInterest income Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts the estimated future cash receipts through the expected life of the financial asset. Interest income is recognised to the extent that is probable that future economic benefits will flow to the Group and these can be measured reliably Dividend income Dividend revenue is presented gross of any non-recoverable withholding taxes, which are disclosed separately in the statement of comprehensive income. Borrowings costs Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended period in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred. Leases The Group as a lessee: In the statement of profit or loss and other comprehensive income, interest expense on the lease liability is presented separately from the depreciation charge for the right-of-use asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37666": { "value": "2. Material accounting policiesInterest income Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts the estimated future cash receipts through the expected life of the financial asset. Interest income is recognised to the extent that is probable that future economic benefits will flow to the Group and these can be measured reliably Borrowings costs Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended period in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred. Leases The Group as a lessee: In the statement of profit or loss and other comprehensive income, interest expense on the lease liability is presented separately from the depreciation charge for the right-of-use asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37453": { "value": "2. Material accounting policiesBorrowings costs Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended period in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred. Leases The Group as a lessee: In the statement of profit or loss and other comprehensive income, interest expense on the lease liability is presented separately from the depreciation charge for the right-of-use asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37455": { "value": "2. Material accounting policiesGovernment grants Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attached to them and that the grants will be received. Grants are recognised as revenue over the periods necessary to match them with the costs for which they are intended to compensate, on a systematic basis. Accordingly, grants whose primary condition is that the Group should purchase or construct non-current assets are recognised as deferred revenue in the statement of financial position and transferred to the statement of comprehensive income on a systematic and rational basis over the useful lives of the related asset ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37461": { "value": "2. Material accounting policiesLeases The Group as a lessee: The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, unless otherwise stated below. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The right-of-use assets are initially measured at the commencement date at cost, being the amount of the initial measurement of the corresponding lease liability, lease payments made (adding initial direct costs and subtracting lease incentives) at or before the commencement day. The right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the lease term of the underlying assets. The average lease term is 28 years. The depreciation starts at the commencement date of the lease. The Group applies the accounting policy entitled \u2018Impairment of other assets and investments in subsidiaries\u2019 to determine and to measure the extent of any impairment losses on the right-of-use assets. In the statement of profit or loss and other comprehensive income, interest expense on the lease liability is presented separately from the depreciation charge for the right-of-use asset. In the statement of cash flows, cash payments for the principal portion of the lease liability are presented within financing activities and cash payments for the interest portion of the lease liability are presented within operating activities. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: Leases (continued) \u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The Group as a lessor: Leases for which the Group is a lessor are classified as operating leases. Leased assets are presented in the statement of financial position according to their nature and are tested for impairment in accordance with the Group\u2019s accounting policy on impairment. Depreciable leased assets are depreciated in accordance with the Group\u2019s accounting policy on depreciation. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the leased asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37537": { "value": "2. Material accounting policiesBorrowings costs Borrowing costs include the costs incurred in obtaining external financing. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised from the time that expenditure for these assets and borrowing costs are being incurred and activities that are necessary to prepare these assets for their intended use or sale are in progress. Borrowing costs are capitalised until such time as the assets are substantially ready for their intended use or sale. Borrowing costs are suspended during extended period in which active development is interrupted. All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37517": { "value": "2. Material accounting policiesEmployee benefits The Company contributes towards the state pension in accordance with local legislation. The only obligation of the Company is to make the required contributions. Costs are expensed in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37519": { "value": "2. Material accounting policiesCurrency translation The individual financial statements of each Group entity are presented in their functional currency, being the currency of the primary economic environment in which the entity operates (its functional currency). For the purposes of the Group financial statements, the results and financial position of each entity are expressed in Euro, which is the functional currency of the Company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37524": { "value": "2. Material accounting policiesTaxation Corporate income tax expenses in relation to the subsidiaries incorporated in Latvia are included in financial statement based on management calculations according to laws of Republic of Latvia. Corporate income tax is applicable to distributed profits and several expenses that would be treated as profit distribution. In case of reinvestment of profit, corporate income tax shall not be applied. The applicable corporate income tax rate is 20%. In accordance with International Accounting Standard No 12 \u201cIncome Taxes\u201d requirements, in cases where income tax is payable at a higher or lower rate, depending on whether the profit is distributed, the current and deferred tax assets and liabilities are measured at the tax rate applicable to undistributed profits. In Latvia the applicable rate for undistributed profits is 0%. Corporate income tax is calculated at the profit distribution (net amount to be paid to shareholders). Corporate income tax will be recognised as tax payable at the period when shareholders decide to distribute profit. Deferred tax liability arises on the projected profit distribution in the following year. The applicable corporate income tax rate is 5%, applying a discount in accordance with the provisions of the law on the application of taxes in free ports and special economic zones. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37532": { "value": "2. Material accounting policiesCurrency translation The individual financial statements of each Group entity are presented in their functional currency, being the currency of the primary economic environment in which the entity operates (its functional currency). For the purposes of the Group financial statements, the results and financial position of each entity are expressed in Euro, which is the functional currency of the Company. In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at rates of exchange prevailing on the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the end of the reporting period. Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are included in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37535": { "value": "2. Material accounting policiesTaxation Corporate income tax expenses in relation to the subsidiaries incorporated in Latvia are included in financial statement based on management calculations according to laws of Republic of Latvia. Corporate income tax is applicable to distributed profits and several expenses that would be treated as profit distribution. In case of reinvestment of profit, corporate income tax shall not be applied. The applicable corporate income tax rate is 20%. In accordance with International Accounting Standard No 12 \u201cIncome Taxes\u201d requirements, in cases where income tax is payable at a higher or lower rate, depending on whether the profit is distributed, the current and deferred tax assets and liabilities are measured at the tax rate applicable to undistributed profits. In Latvia the applicable rate for undistributed profits is 0%. Corporate income tax is calculated at the profit distribution (net amount to be paid to shareholders). Corporate income tax will be recognised as tax payable at the period when shareholders decide to distribute profit. Deferred tax liability arises on the projected profit distribution in the following year. The applicable corporate income tax rate is 5%, applying a discount in accordance with the provisions of the law on the application of taxes in free ports and special economic zones. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37526": { "value": "2. Material accounting policiesDividends Dividends to holders of equity instruments are recognised as liabilities in the period in which they are declared. Dividends to holders of equity instruments are recognised directly to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37528": { "value": "2. Material accounting policiesCash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits. Bank overdrafts that are repayable on demand and form an integral part of both the Company and Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37530": { "value": "2. Material accounting policiesCash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits. Bank overdrafts that are repayable on demand and form an integral part of both the Company and Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37594": { "value": "3. Judgements in applying accounting policies and key sources of estimation Assessment for impairment of assets The Group reviews property, plant and equipment, investment property, intangible assets, investment in subsidiaries, loans receivable and trade receivables, to evaluate whether events or changes in circumstances indicate that the carrying amounts may not be recoverable.At the period-end there was no objective evidence of impairment in this respect. Furthermore, an allowance for expected credit losses has been recognised for financial assets measured at amortised cost. In addition, the Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. Determining whether the carrying amount of goodwill can be realised requires an estimation of the recoverable amount of the cash generating units. Goodwill arising on a business combination is allocated, to the cash-generating units (\u201cCGUs\u201d) that are expected to benefit from that business combination. The carrying amount of goodwill amounting to \u20ac 13,184,904 arises on a business combination made in 2014 and has been allocated to the business of SIA Baltic Container Terminals. The recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for value in use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs during the period. The directors estimate discount rates using pre-tax rates that reflect current market assessment of the time value of money and specific risks. The growth rates are based on forecasts which are based on past experience and estimates which the directors consider to be appropriate in the circumstances. Changes in selling price and direct costs are based on best practices and expectations of future changes in the market. The Group prepares cash flow forecasts derived from the most recent financial budgets approved by directors. The assessment of recoverability of the carrying amount of goodwill includes: - forecasted projected cash flows for the next 5 years and projection of terminal value using the perpetuity method; - growth rate of 2% for next five years and 2% till perpetuity, in line with the prior year assessment; and - use of 6.82% (pre-tax) (2024: 8.81%) to discount the projected cash flows to net present values. Based on the above assessment, the directors expect the carrying amount of goodwill to be recoverable and there is no impairment in value of the goodwill. 5. Segment information
Assets 2025 2024
\u20ac \u20ac
Total assets for reportable segments 84,556,477 82,553,683
Unallocated amounts:
Goodwill 13,184,904 13,184,904
Trade and other receivables 60,982 61,367
Loans receivable 33,712,428 30,516,303
Cash and cash equivalents 262,812 298,341
131,777,603 126,614,598
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37758": { "value": "3. Judgements in applying accounting policies and key sources of estimation Assessment for impairment of assets The Group reviews property, plant and equipment, investment property, intangible assets, investment in subsidiaries, loans receivable and trade receivables, to evaluate whether events or changes in circumstances indicate that the carrying amounts may not be recoverable.At the period-end there was no objective evidence of impairment in this respect. Furthermore, an allowance for expected credit losses has been recognised for financial assets measured at amortised cost. In addition, the Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. Determining whether the carrying amount of goodwill can be realised requires an estimation of the recoverable amount of the cash generating units. The carrying amount of goodwill amounting to \u20ac 13,184,904 arises on a business combination made in 2014 and has been allocated to the business of SIA Baltic Container Terminals. The recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for value in use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs during the period. The directors estimate discount rates using pre-tax rates that reflect current market assessment of the time value of money and specific risks. The growth rates are based on forecasts which are based on past experience and estimates which the directors consider to be appropriate in the circumstances. Changes in selling price and direct costs are based on best practices and expectations of future changes in the market. The Group prepares cash flow forecasts derived from the most recent financial budgets approved by directors. The assessment of recoverability of the carrying amount of goodwill includes: - forecasted projected cash flows for the next 5 years and projection of terminal value using the perpetuity method; - growth rate of 2% for next five years and 2% till perpetuity, in line with the prior year assessment; and - use of 6.82% (pre-tax) (2024: 8.81%) to discount the projected cash flows to net present values. Based on the above assessment, the directors expect the carrying amount of goodwill to be recoverable and there is no impairment in value of the goodwill. 5. Segment information
Assets 2025 2024
\u20ac \u20ac
Total assets for reportable segments 84,556,477 82,553,683
Unallocated amounts:
Goodwill 13,184,904 13,184,904
Trade and other receivables 60,982 61,367
Loans receivable 33,712,428 30,516,303
Cash and cash equivalents 262,812 298,341
131,777,603 126,614,598
16. Intangible assets Group
Computer Software
\u20ac
Cost
At 01.01.2024 969,665
Additions 17,520
At 31.12.2024 987,185
Additions 19,613
At 31.12.2025 1,006,798
Accumulated Depreciation
At 01.01.2024 531,126
Provision for the year 39,353
At 31.12.2024 570,479
Provision for the year 40,337
At 31.12.2025 610,816
Carrying amount
At 31.12.2024 416,706
At 31.12.2025 395,982
Computer software pertains to the terminal operating software used to control and manage the operations throughout the terminal. The amortisation expenses on intangible assets have been included in the line item \u201cAdministrative expenses\u201d in the statement of profit or loss and other comprehensive income. Included within the Group's software is an item with a carrying amount of \u20ac 351,971 (2024: \u20ac 399,186) and will be fully amortised in 11 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37609": { "value": "3. Judgements in applying accounting policies and key sources of estimation In the process of applying the Group\u2019s and Company\u2019s accounting policies, management has made no judgements which can significantly affect the amounts recognised in the financial statements and, at the end of the reporting period, there were no key assumptions concerning the future, or any other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year other than as disclosed in notes 15, 17 and also as disclosed below: Assessment for impairment of assets The Group reviews property, plant and equipment, investment property, intangible assets, investment in subsidiaries, loans receivable and trade receivables, to evaluate whether events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company reviews investment in subsidiaries, loans receivable, trade receivables and investment property for impairment. At the period-end there was no objective evidence of impairment in this respect. Furthermore, an allowance for expected credit losses has been recognised for financial assets measured at amortised cost. In addition, the Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. Determining whether the carrying amount of goodwill can be realised requires an estimation of the recoverable amount of the cash generating units. Goodwill arising on a business combination is allocated, to the cash-generating units (\u201cCGUs\u201d) that are expected to benefit from that business combination. The carrying amount of goodwill amounting to \u20ac 13,184,904 arises on a business combination made in 2014 and has been allocated to the business of SIA Baltic Container Terminals. The recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for value in use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs during the period. The directors estimate discount rates using pre-tax rates that reflect current market assessment of the time value of money and specific risks. The growth rates are based on forecasts which are based on past experience and estimates which the directors consider to be appropriate in the circumstances. Changes in selling price and direct costs are based on best practices and expectations of future changes in the market. The Group prepares cash flow forecasts derived from the most recent financial budgets approved by directors. The assessment of recoverability of the carrying amount of goodwill includes: - forecasted projected cash flows for the next 5 years and projection of terminal value using the perpetuity method; - growth rate of 2% for next five years and 2% till perpetuity, in line with the prior year assessment; and - use of 6.82% (pre-tax) (2024: 8.81%) to discount the projected cash flows to net present values. Based on the above assessment, the directors expect the carrying amount of goodwill to be recoverable and there is no impairment in value of the goodwill. Useful life and revaluation of property, plant and equipment Useful lives of property, plant and equipment are assessed at each balance sheet date and changed, if necessary, to reflect the directors' current view on their remaining useful lives in the light of changes in technology, the remaining prospective economic utilisation of the assets and their physical condition. As at 31 December 2025, the fair value of the buildings at BCT amounted to \u20ac 51,084,000, which exceeded the net carrying value of the property of \u20ac 49,417,913. As a result of this revaluation, the fair value of the revalued property was increased by \u20ac 1,666,087. Further information on the revaluation is disclosed in note 15. 15. Property, plant and equipment Group
Land and buildings Plant and equipment Furniture, fittings and equipment Fixed assets under construction Total
\u20ac \u20ac \u20ac \u20ac \u20ac
Cost or valuation
At 01.01.2024 54,994,890 16,690,716 1,544,002 3,220,764 76,450,372
Additions 62,387 152,988 90,531 4,222,417 4,528,323
Disposals - (37,548) (850) - (38,398)
Revaluation 5,192,561 - - - 5,192,561
Reclassification 4,159,295 397,106 7,846 (4,564,247) -
At 31.12.2024 64,409,133 17,203,262 1,641,529 2,878,934 86,132,858
Additions - 3,620 89,525 3,285,865 3,379,010
Revaluation 2,437,500 - - - 2,437,500
Disposals - (544,050) (49,478) - (593,528)
Reclassification 4,757,461 1,087,856 193,430 (6,038,747) -
At 31.12.2025 71,604,094 17,750,688 1,875,006 126,052 91,355,840
Accumulated depreciation
At 01.01.2024 14,385,583 12,610,461 1,105,368 - 28,101,412
Provision for the year 1,220,305 509,269 126,824 - 1,856,398
Eliminated on disposal - (33,519) (850) - (34,369)
Revaluation 1,489,441 - - - 1,489,441
At 31.12.2024 17,095,329 13,086,211 1,231,342 - 31,412,882
Revaluation 771,413 - - - 771,413
Provision for the year 1,368,935 529,011 167,943 - 2,065,889
Eliminated on disposal - (544,050) (49,478) - (593,528)
At 31.12.2025 19,235,677 13,071,172 1,349,807 - 33,656,656
Carrying amount
At 31.12.2024 47,313,804 4,117,051 410,187 2,878,934 54,719,976
At 31.12.2025 52,368,417 4,679,516 525,199 126,052 57,699,184
The Group applies the revaluation model for the real estate, which includes warehouse complex, administration buildings, open areas for cargo storage, access roads to railway and warehouse building. The latest valuation report was made by independent certified expert dated 30 January 2026. The valuation cash flows include revenue from storage and related on-shore handling fees, taking into consideration the location of the property in the port area and access to the other assets owned by the Group. According to the latest valuation report the fair value of the property is \u20ac 51,084,000 which exceeded the net carrying value of the real estate of \u20ac 49,417,913. As a result of revaluation, the fair value of the revalued property was increased by \u20ac 1,666,087 as of 31 December 2025. The Company has chosen to restate gross carrying amount and accumulated depreciation of the asset proportionally to the change in carrying amount. The fair value was determined based on an income approach. The valuation corresponds to Level 3 of fair value determination hierarchy as per IFRS 13. The main Level 3 inputs used by the Group are discount rates, capitalisation rates, and expected utilisation rate estimated by an external certified valuator based on comparable transactions and industry data. The following table summarises the key quantitative information about the significant unobservable inputs used in recurring Level 3 fair value measurements as of 31 December 2025.
Unobservable inputs Amount Relationship of unobservable inputs to fair value
Discount rate 8.9% - 11.2% The higher the discount rate and
Capitalisation rate 6.97% - 8% capitalisation rate, the lower the fair value
Expected utilisation rate 69.5% - 85.74% The higher the utilisation rate, the higher the fair value
The carrying amount of land and buildings that would have been included in the financial statements had these assets been carried at cost less accumulated depreciation and accumulated impairment losses is \u20ac 33,383,968 (2024: \u20ac 29,069,116). The historic cost of fully depreciated fixed assets as of 31 December 2025 are as follows: - Equipment and machinery \u2013 \u20ac 9,704,799 (2024: \u20ac10,178,791) - Other fixed assets \u2013 \u20ac 893,137 (2024: \u20ac888,574) 17. Investment property Group and Holding Company
Group and Holding Company
\u20ac
Fair value
At 01.01.2024 4,469,000
Fair value movement 626,000
At 31.12.2024 5,095,000
At 31.12.2025 5,095,000
Carrying amount
At 31.12.2024 5,095,000
At 31.12.2025 5,095,000
The fair value of investment properties has been arrived at on the basis of recent valuations carried out by independent professionally qualified valuators on the basis set out below. In estimating the fair values of properties, the highest and best use of the properties was used. The fair value of the Group's investment property has been arrived at using Level 3 (2024 - Level 3) inputs as defined in IFRS. The expenses incurred in operating the investment property amounted to \u20ac 138,722 (2024 - \u20ac 151,519). Investment property carried at \u20ac 5,010,000 The investment property represents a building in Riga, Latvia. The fair value has been determined based on an independent certified expert's valuation dated 4 th April 2025. The valuer used the income approach whereby the valuer adopted a discounted cash flow method to value the net expected cash inflows. The free cashflows over 5 years were estimated and the terminal free cash flow was based on the cash inflows of the year 5 cash flows. The WACC has been estimated to be 9%, whereas the capitalisation rate has been estimated to be 7%. The WACC was modelled based on similar experience for real estate valuation in Latvia. The exit capitalisation rate has been estimated to be 7%. The Group\u2019s management evaluated whether there have been significant changes in the fair value of the investment property since April 2025 and concluded that the fair value approximates the carrying amount. Investment property carried at \u20ac 85,000 The investment property represents a land in the territory of Latvia. The fair value has been determined based on an independent certified expert's valuation dated 23 February 2024. The fair value has been determined based on the market approach, whereby the valuer compared recent transactions of undeveloped land plots in agricultural use zone within close neighbourhoods. The Group's management evaluated whether there have been significant changes in the fair value of investment property since February 2024 and concluded that the fair value approximates the carrying amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37605": { "value": "3. Judgements in applying accounting policies and key sources of estimation In the process of applying the Group\u2019s and Company\u2019s accounting policies, management has made no judgements which can significantly affect the amounts recognised in the financial statements and, at the end of the reporting period, there were no key assumptions concerning the future, or any other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year other than as disclosed in notes 15, 17 and also as disclosed below: Assessment for impairment of assets Goodwill arising on a business combination is allocated, to the cash-generating units (\u201cCGUs\u201d) that are expected to benefit from that business combination. The carrying amount of goodwill amounting to \u20ac 13,184,904 arises on a business combination made in 2014 and has been allocated to the business of SIA Baltic Container Terminals. The recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for value in use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs during the period. The directors estimate discount rates using pre-tax rates that reflect current market assessment of the time value of money and specific risks. The growth rates are based on forecasts which are based on past experience and estimates which the directors consider to be appropriate in the circumstances. Changes in selling price and direct costs are based on best practices and expectations of future changes in the market. The Group prepares cash flow forecasts derived from the most recent financial budgets approved by directors. The assessment of recoverability of the carrying amount of goodwill includes: - forecasted projected cash flows for the next 5 years and projection of terminal value using the perpetuity method; - growth rate of 2% for next five years and 2% till perpetuity, in line with the prior year assessment; and - use of 6.82% (pre-tax) (2024: 8.81%) to discount the projected cash flows to net present values. Based on the above assessment, the directors expect the carrying amount of goodwill to be recoverable and there is no impairment in value of the goodwill. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37577": { "value": "3. Judgements in applying accounting policies and key sources of estimation In the process of applying the Group\u2019s and Company\u2019s accounting policies, management has made no judgements which can significantly affect the amounts recognised in the financial statements and, at the end of the reporting period, there were no key assumptions concerning the future, or any other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year other than as disclosed in notes 15, 17Assessment for impairment of assets The Group reviews property, plant and equipment, investment property, intangible assets, investment in subsidiaries, loans receivable and trade receivables, to evaluate whether events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company reviews investment in subsidiaries, loans receivable, trade receivables and investment property for impairment. At the period-end there was no objective evidence of impairment in this respect. Furthermore, an allowance for expected credit losses has been recognised for financial assets measured at amortised cost. In addition, the Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. Determining whether the carrying amount of goodwill can be realised requires an estimation of the recoverable amount of the cash generating units. Useful life and revaluation of property, plant and equipment Useful lives of property, plant and equipment are assessed at each balance sheet date and changed, if necessary, to reflect the directors' current view on their remaining useful lives in the light of changes in technology, the remaining prospective economic utilisation of the assets and their physical condition. As at 31 December 2025, the fair value of the buildings at BCT amounted to \u20ac 51,084,000, which exceeded the net carrying value of the property of \u20ac 49,417,913. As a result of this revaluation, the fair value of the revalued property was increased by \u20ac 1,666,087. Further information on the revaluation is disclosed in note 15. 15. Property, plant and equipment Group
Land and buildings Plant and equipment Furniture, fittings and equipment Fixed assets under construction Total
\u20ac \u20ac \u20ac \u20ac \u20ac
Cost or valuation
At 01.01.2024 54,994,890 16,690,716 1,544,002 3,220,764 76,450,372
Additions 62,387 152,988 90,531 4,222,417 4,528,323
Disposals - (37,548) (850) - (38,398)
Revaluation 5,192,561 - - - 5,192,561
Reclassification 4,159,295 397,106 7,846 (4,564,247) -
At 31.12.2024 64,409,133 17,203,262 1,641,529 2,878,934 86,132,858
Additions - 3,620 89,525 3,285,865 3,379,010
Revaluation 2,437,500 - - - 2,437,500
Disposals - (544,050) (49,478) - (593,528)
Reclassification 4,757,461 1,087,856 193,430 (6,038,747) -
At 31.12.2025 71,604,094 17,750,688 1,875,006 126,052 91,355,840
Accumulated depreciation
At 01.01.2024 14,385,583 12,610,461 1,105,368 - 28,101,412
Provision for the year 1,220,305 509,269 126,824 - 1,856,398
Eliminated on disposal - (33,519) (850) - (34,369)
Revaluation 1,489,441 - - - 1,489,441
At 31.12.2024 17,095,329 13,086,211 1,231,342 - 31,412,882
Revaluation 771,413 - - - 771,413
Provision for the year 1,368,935 529,011 167,943 - 2,065,889
Eliminated on disposal - (544,050) (49,478) - (593,528)
At 31.12.2025 19,235,677 13,071,172 1,349,807 - 33,656,656
Carrying amount
At 31.12.2024 47,313,804 4,117,051 410,187 2,878,934 54,719,976
At 31.12.2025 52,368,417 4,679,516 525,199 126,052 57,699,184
The Group applies the revaluation model for the real estate, which includes warehouse complex, administration buildings, open areas for cargo storage, access roads to railway and warehouse building. The latest valuation report was made by independent certified expert dated 30 January 2026. The valuation cash flows include revenue from storage and related on-shore handling fees, taking into consideration the location of the property in the port area and access to the other assets owned by the Group. According to the latest valuation report the fair value of the property is \u20ac 51,084,000 which exceeded the net carrying value of the real estate of \u20ac 49,417,913. As a result of revaluation, the fair value of the revalued property was increased by \u20ac 1,666,087 as of 31 December 2025. The Company has chosen to restate gross carrying amount and accumulated depreciation of the asset proportionally to the change in carrying amount. The carrying amount of land and buildings that would have been included in the financial statements had these assets been carried at cost less accumulated depreciation and accumulated impairment losses is \u20ac 33,383,968 (2024: \u20ac 29,069,116). The historic cost of fully depreciated fixed assets as of 31 December 2025 are as follows: - Equipment and machinery \u2013 \u20ac 9,704,799 (2024: \u20ac10,178,791) - Other fixed assets \u2013 \u20ac 893,137 (2024: \u20ac888,574) The depreciation charge is presented within cost of sales and administrative expenses in the statement of profit or loss and other comprehensive income. The total amount of interest which is capitalised by the Group in 2025 amounted to \u20ac 111,840 (2024: \u20ac 84,237). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37573": { "value": "3. Judgements in applying accounting policies and key sources of estimation In the process of applying the Group\u2019s and Company\u2019s accounting policies, management has made no judgements which can significantly affect the amounts recognised in the financial statements and, at the end of the reporting period, there were no key assumptions concerning the future, or any other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year other than as disclosed in notes 15, 17 and also as disclosed below: Assessment for impairment of assets The Group reviews property, plant and equipment, investment property, intangible assets, investment in subsidiaries, loans receivable and trade receivables, to evaluate whether events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company reviews investment in subsidiaries, loans receivable, trade receivables and investment property for impairment. At the period-end there was no objective evidence of impairment in this respect. Furthermore, an allowance for expected credit losses has been recognised for financial assets measured at amortised cost. In addition, the Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. Determining whether the carrying amount of goodwill can be realised requires an estimation of the recoverable amount of the cash generating units. Goodwill arising on a business combination is allocated, to the cash-generating units (\u201cCGUs\u201d) that are expected to benefit from that business combination. The carrying amount of goodwill amounting to \u20ac 13,184,904 arises on a business combination made in 2014 and has been allocated to the business of SIA Baltic Container Terminals. The recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for value in use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs during the period. The directors estimate discount rates using pre-tax rates that reflect current market assessment of the time value of money and specific risks. The growth rates are based on forecasts which are based on past experience and estimates which the directors consider to be appropriate in the circumstances. Changes in selling price and direct costs are based on best practices and expectations of future changes in the market. The Group prepares cash flow forecasts derived from the most recent financial budgets approved by directors. The assessment of recoverability of the carrying amount of goodwill includes: - forecasted projected cash flows for the next 5 years and projection of terminal value using the perpetuity method; - growth rate of 2% for next five years and 2% till perpetuity, in line with the prior year assessment; and - use of 6.82% (pre-tax) (2024: 8.81%) to discount the projected cash flows to net present values. Based on the above assessment, the directors expect the carrying amount of goodwill to be recoverable and there is no impairment in value of the goodwill. Useful life and revaluation of property, plant and equipment Useful lives of property, plant and equipment are assessed at each balance sheet date and changed, if necessary, to reflect the directors' current view on their remaining useful lives in the light of changes in technology, the remaining prospective economic utilisation of the assets and their physical condition. As at 31 December 2025, the fair value of the buildings at BCT amounted to \u20ac 51,084,000, which exceeded the net carrying value of the property of \u20ac 49,417,913. As a result of this revaluation, the fair value of the revalued property was increased by \u20ac 1,666,087. Further information on the revaluation is disclosed in note 15. 15. Property, plant and equipment Group Land and buildings Plant and equipment Furniture, fittings and equipment Fixed assets under construction Total \u20ac \u20ac \u20ac \u20ac \u20ac Cost or valuation At 01.01.2024 54,994,890 16,690,716 1,544,002 3,220,764 76,450,372 Additions 62,387 152,988 90,531 4,222,417 4,528,323 Disposals - (37,548) (850) - (38,398) Revaluation 5,192,561 - - - 5,192,561 Reclassification 4,159,295 397,106 7,846 (4,564,247) - At 31.12.2024 64,409,133 17,203,262 1,641,529 2,878,934 86,132,858 Additions - 3,620 89,525 3,285,865 3,379,010 Revaluation 2,437,500 - - - 2,437,500 Disposals - (544,050) (49,478) - (593,528) Reclassification 4,757,461 1,087,856 193,430 (6,038,747) - At 31.12.2025 71,604,094 17,750,688 1,875,006 126,052 91,355,840 Accumulated depreciation At 01.01.2024 14,385,583 12,610,461 1,105,368 - 28,101,412 Provision for the year 1,220,305 509,269 126,824 - 1,856,398 Eliminated on disposal - (33,519) (850) - (34,369) Revaluation 1,489,441 - - - 1,489,441 At 31.12.2024 17,095,329 13,086,211 1,231,342 - 31,412,882 Revaluation 771,413 - - - 771,413 Provision for the year 1,368,935 529,011 167,943 - 2,065,889 Eliminated on disposal - (544,050) (49,478) - (593,528) At 31.12.2025 19,235,677 13,071,172 1,349,807 - 33,656,656 Carrying amount At 31.12.2024 47,313,804 4,117,051 410,187 2,878,934 54,719,976 At 31.12.2025 52,368,417 4,679,516 525,199 126,052 57,699,184 The Group applies the revaluation model for the real estate, which includes warehouse complex, administration buildings, open areas for cargo storage, access roads to railway and warehouse building. The latest valuation report was made by independent certified expert dated 30 January 2026. The valuation cash flows include revenue from storage and related on-shore handling fees, taking into consideration the location of the property in the port area and access to the other assets owned by the Group. According to the latest valuation report the fair value of the property is \u20ac 51,084,000 which exceeded the net carrying value of the real estate of \u20ac 49,417,913. As a result of revaluation, the fair value of the revalued property was increased by \u20ac 1,666,087 as of 31 December 2025. The Company has chosen to restate gross carrying amount and accumulated depreciation of the asset proportionally to the change in carrying amount. The fair value was determined based on an income approach. The valuation corresponds to Level 3 of fair value determination hierarchy as per IFRS 13. The main Level 3 inputs used by the Group are discount rates, capitalisation rates, and expected utilisation rate estimated by an external certified valuator based on comparable transactions and industry data. The following table summarises the key quantitative information about the significant unobservable inputs used in recurring Level 3 fair value measurements as of 31 December 2025. Unobservable inputs Amount Relationship of unobservable inputs to fair value Discount rate 8.9% - 11.2% The higher the discount rate and Capitalisation rate 6.97% - 8% capitalisation rate, the lower the fair value Expected utilisation rate 69.5% - 85.74% The higher the utilisation rate, the higher the fair value The carrying amount of land and buildings that would have been included in the financial statements had these assets been carried at cost less accumulated depreciation and accumulated impairment losses is \u20ac 33,383,968 (2024: \u20ac 29,069,116). The historic cost of fully depreciated fixed assets as of 31 December 2025 are as follows: - Equipment and machinery \u2013 \u20ac 9,704,799 (2024: \u20ac10,178,791) - Other fixed assets \u2013 \u20ac 893,137 (2024: \u20ac888,574) 17. Investment property Group and Holding Company Group and Holding Company\u20acFair valueAt 01.01.2024 4,469,000Fair value movement 626,000At 31.12.2024 5,095,000At 31.12.2025 5,095,000Carrying amountAt 31.12.2024 5,095,000At 31.12.2025 5,095,000 The fair value of investment properties has been arrived at on the basis of recent valuations carried out by independent professionally qualified valuators on the basis set out below. In estimating the fair values of properties, the highest and best use of the properties was used. The fair value of the Group's investment property has been arrived at using Level 3 (2024 - Level 3) inputs as defined in IFRS. The expenses incurred in operating the investment property amounted to \u20ac 138,722 (2024 - \u20ac 151,519). Investment property carried at \u20ac 5,010,000 The investment property represents a building in Riga, Latvia. The fair value has been determined based on an independent certified expert's valuation dated 4th April 2025. The valuer used the income approach whereby the valuer adopted a discounted cash flow method to value the net expected cash inflows. The free cashflows over 5 years were estimated and the terminal free cash flow was based on the cash inflows of the year 5 cash flows. The WACC has been estimated to be 9%, whereas the capitalisation rate has been estimated to be 7%. The WACC was modelled based on similar experience for real estate valuation in Latvia. The exit capitalisation rate has been estimated to be 7%. The Group\u2019s management evaluated whether there have been significant changes in the fair value of the investment property since April 2025 and concluded that the fair value approximates the carrying amount. Investment property carried at \u20ac 85,000 The investment property represents a land in the territory of Latvia. The fair value has been determined based on an independent certified expert's valuation dated 23 February 2024. The fair value has been determined based on the market approach, whereby the valuer compared recent transactions of undeveloped land plots in agricultural use zone within close neighbourhoods. The Group's management evaluated whether there have been significant changes in the fair value of investment property since February 2024 and concluded that the fair value approximates the carrying amount. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37445": { "value": "3. Judgements in applying accounting policies and key sources of estimation In the process of applying the Group\u2019s and Company\u2019s accounting policies, management has made no judgements which can significantly affect the amounts recognised in the financial statements and, at the end of the reporting period, there were no key assumptions concerning the future, or any other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year other than as disclosed in notes 15, 1717. Investment property Group and Holding Company
Group and Holding Company
\u20ac
Fair value
At 01.01.2024 4,469,000
Fair value movement 626,000
At 31.12.2024 5,095,000
At 31.12.2025 5,095,000
Carrying amount
At 31.12.2024 5,095,000
At 31.12.2025 5,095,000
The fair value of investment properties has been arrived at on the basis of recent valuations carried out by independent professionally qualified valuators on the basis set out below. In estimating the fair values of properties, the highest and best use of the properties was used. The fair value of the Group's investment property has been arrived at using Level 3 (2024 - Level 3) inputs as defined in IFRS. The expenses incurred in operating the investment property amounted to \u20ac 138,722 (2024 - \u20ac 151,519). Investment property carried at \u20ac 5,010,000 The investment property represents a building in Riga, Latvia. The fair value has been determined based on an independent certified expert's valuation dated 4 th April 2025. The valuer used the income approach whereby the valuer adopted a discounted cash flow method to value the net expected cash inflows. The free cashflows over 5 years were estimated and the terminal free cash flow was based on the cash inflows of the year 5 cash flows. The WACC has been estimated to be 9%, whereas the capitalisation rate has been estimated to be 7%. The WACC was modelled based on similar experience for real estate valuation in Latvia. The exit capitalisation rate has been estimated to be 7%. The Group\u2019s management evaluated whether there have been significant changes in the fair value of the investment property since April 2025 and concluded that the fair value approximates the carrying amount. Investment property carried at \u20ac 85,000 The investment property represents a land in the territory of Latvia. The fair value has been determined based on an independent certified expert's valuation dated 23 February 2024. The fair value has been determined based on the market approach, whereby the valuer compared recent transactions of undeveloped land plots in agricultural use zone within close neighbourhoods. The Group's management evaluated whether there have been significant changes in the fair value of investment property since February 2024 and concluded that the fair value approximates the carrying amount. Operating leases - as Lessor Operating leases related to investment property owned by the Company with lease terms of between 2-15 years (2024: 2-15 years). The rental income earned by the Group under operating leases amounted to \u20ac 483,021 (2024 - \u20ac 435,962). Direct operating expenses incurred by the Group are \u20ac 138,722 (2024 - \u20ac 151,519) in relation to the investment property during the year. In 2025, the income relating to variable lease payments to the Company that do not depend on an index or a rate amounted to \u20ac 272,117 (2024 - \u20ac 268,812). The unguaranteed residual values do not represent a significant risk for the Company, as they relate to property which is located in a location with a stable value over the last few years. The Company did not identify any indications that this situation will change. At the end of the reporting period, the respective lessees had outstanding commitments under non-cancellable undiscounted lease payments for operating leases, which fall
Group and Holding Company2025Group and Holding Company 2024
\u20ac \u20ac
Within less than 1 year 228,424 215,936
Between 2 and 3 years 165,945 189,654
394,369 405,590
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37444": { "value": "3. Judgements in applying accounting policies and key sources of estimation In the process of applying the Group\u2019s and Company\u2019s accounting policies, management has made no judgements which can significantly affect the amounts recognised in the financial statements and, at the end of the reporting period, there were no key assumptions concerning the future, or any other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year other than as disclosed in notes 15, 17 and also as disclosed below: Assessment for impairment of assets The Group reviews property, plant and equipment, investment property, intangible assets, investment in subsidiaries, loans receivable and trade receivables, to evaluate whether events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company reviews investment in subsidiaries, loans receivable, trade receivables and investment property for impairment. At the period-end there was no objective evidence of impairment in this respect. Furthermore, an allowance for expected credit losses has been recognised for financial assets measured at amortised cost. In addition, the Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. Determining whether the carrying amount of goodwill can be realised requires an estimation of the recoverable amount of the cash generating units. Goodwill arising on a business combination is allocated, to the cash-generating units (\u201cCGUs\u201d) that are expected to benefit from that business combination. The carrying amount of goodwill amounting to \u20ac 13,184,904 arises on a business combination made in 2014 and has been allocated to the business of SIA Baltic Container Terminals. The recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for value in use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs during the period. The directors estimate discount rates using pre-tax rates that reflect current market assessment of the time value of money and specific risks. The growth rates are based on forecasts which are based on past experience and estimates which the directors consider to be appropriate in the circumstances. Changes in selling price and direct costs are based on best practices and expectations of future changes in the market. The Group prepares cash flow forecasts derived from the most recent financial budgets approved by directors. The assessment of recoverability of the carrying amount of goodwill includes: - forecasted projected cash flows for the next 5 years and projection of terminal value using the perpetuity method; - growth rate of 2% for next five years and 2% till perpetuity, in line with the prior year assessment; and - use of 6.82% (pre-tax) (2024: 8.81%) to discount the projected cash flows to net present values. Based on the above assessment, the directors expect the carrying amount of goodwill to be recoverable and there is no impairment in value of the goodwill. Useful life and revaluation of property, plant and equipment Useful lives of property, plant and equipment are assessed at each balance sheet date and changed, if necessary, to reflect the directors' current view on their remaining useful lives in the light of changes in technology, the remaining prospective economic utilisation of the assets and their physical condition. As at 31 December 2025, the fair value of the buildings at BCT amounted to \u20ac 51,084,000, which exceeded the net carrying value of the property of \u20ac 49,417,913. As a result of this revaluation, the fair value of the revalued property was increased by \u20ac 1,666,087. Further information on the revaluation is disclosed in note 15. 15. Property, plant and equipment Group
Land and buildings Plant and equipment Furniture, fittings and equipment Fixed assets under construction Total
\u20ac \u20ac \u20ac \u20ac \u20ac
Cost or valuation
At 01.01.2024 54,994,890 16,690,716 1,544,002 3,220,764 76,450,372
Additions 62,387 152,988 90,531 4,222,417 4,528,323
Disposals - (37,548) (850) - (38,398)
Revaluation 5,192,561 - - - 5,192,561
Reclassification 4,159,295 397,106 7,846 (4,564,247) -
At 31.12.2024 64,409,133 17,203,262 1,641,529 2,878,934 86,132,858
Additions - 3,620 89,525 3,285,865 3,379,010
Revaluation 2,437,500 - - - 2,437,500
Disposals - (544,050) (49,478) - (593,528)
Reclassification 4,757,461 1,087,856 193,430 (6,038,747) -
At 31.12.2025 71,604,094 17,750,688 1,875,006 126,052 91,355,840
Accumulated depreciation
At 01.01.2024 14,385,583 12,610,461 1,105,368 - 28,101,412
Provision for the year 1,220,305 509,269 126,824 - 1,856,398
Eliminated on disposal - (33,519) (850) - (34,369)
Revaluation 1,489,441 - - - 1,489,441
At 31.12.2024 17,095,329 13,086,211 1,231,342 - 31,412,882
Revaluation 771,413 - - - 771,413
Provision for the year 1,368,935 529,011 167,943 - 2,065,889
Eliminated on disposal - (544,050) (49,478) - (593,528)
At 31.12.2025 19,235,677 13,071,172 1,349,807 - 33,656,656
Carrying amount
At 31.12.2024 47,313,804 4,117,051 410,187 2,878,934 54,719,976
At 31.12.2025 52,368,417 4,679,516 525,199 126,052 57,699,184
The Group applies the revaluation model for the real estate, which includes warehouse complex, administration buildings, open areas for cargo storage, access roads to railway and warehouse building. The latest valuation report was made by independent certified expert dated 30 January 2026. The valuation cash flows include revenue from storage and related on-shore handling fees, taking into consideration the location of the property in the port area and access to the other assets owned by the Group. According to the latest valuation report the fair value of the property is \u20ac 51,084,000 which exceeded the net carrying value of the real estate of \u20ac 49,417,913. As a result of revaluation, the fair value of the revalued property was increased by \u20ac 1,666,087 as of 31 December 2025. The Company has chosen to restate gross carrying amount and accumulated depreciation of the asset proportionally to the change in carrying amount. The fair value was determined based on an income approach. The valuation corresponds to Level 3 of fair value determination hierarchy as per IFRS 13. The main Level 3 inputs used by the Group are discount rates, capitalisation rates, and expected utilisation rate estimated by an external certified valuator based on comparable transactions and industry data. The following table summarises the key quantitative information about the significant unobservable inputs used in recurring Level 3 fair value measurements as of 31 December 2025.
Unobservable inputs Amount Relationship of unobservable inputs to fair value
Discount rate 8.9% - 11.2% The higher the discount rate and
Capitalisation rate 6.97% - 8% capitalisation rate, the lower the fair value
Expected utilisation rate 69.5% - 85.74% The higher the utilisation rate, the higher the fair value
The carrying amount of land and buildings that would have been included in the financial statements had these assets been carried at cost less accumulated depreciation and accumulated impairment losses is \u20ac 33,383,968 (2024: \u20ac 29,069,116). The historic cost of fully depreciated fixed assets as of 31 December 2025 are as follows: - Equipment and machinery \u2013 \u20ac 9,704,799 (2024: \u20ac10,178,791) - Other fixed assets \u2013 \u20ac 893,137 (2024: \u20ac888,574) 17. Investment property Group and Holding Company
Group and Holding Company
\u20ac
Fair value
At 01.01.2024 4,469,000
Fair value movement 626,000
At 31.12.2024 5,095,000
At 31.12.2025 5,095,000
Carrying amount
At 31.12.2024 5,095,000
At 31.12.2025 5,095,000
The fair value of investment properties has been arrived at on the basis of recent valuations carried out by independent professionally qualified valuators on the basis set out below. In estimating the fair values of properties, the highest and best use of the properties was used. The fair value of the Group's investment property has been arrived at using Level 3 (2024 - Level 3) inputs as defined in IFRS. The expenses incurred in operating the investment property amounted to \u20ac 138,722 (2024 - \u20ac 151,519). Investment property carried at \u20ac 5,010,000 The investment property represents a building in Riga, Latvia. The fair value has been determined based on an independent certified expert's valuation dated 4th April 2025. The valuer used the income approach whereby the valuer adopted a discounted cash flow method to value the net expected cash inflows. The free cashflows over 5 years were estimated and the terminal free cash flow was based on the cash inflows of the year 5 cash flows. The WACC has been estimated to be 9%, whereas the capitalisation rate has been estimated to be 7%. The WACC was modelled based on similar experience for real estate valuation in Latvia. The exit capitalisation rate has been estimated to be 7%. The Group\u2019s management evaluated whether there have been significant changes in the fair value of the investment property since April 2025 and concluded that the fair value approximates the carrying amount. Investment property carried at \u20ac 85,000 The investment property represents a land in the territory of Latvia. The fair value has been determined based on an independent certified expert's valuation dated 23 February 2024. The fair value has been determined based on the market approach, whereby the valuer compared recent transactions of undeveloped land plots in agricultural use zone within close neighbourhoods. The Group's management evaluated whether there have been significant changes in the fair value of investment property since February 2024 and concluded that the fair value approximates the carrying amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37946": { "value": "4. Initial application of International Financial Reporting Standard and International Financial Reporting Standards in issue but not yet effective. Amendments in IFRS Standards that are effective in current year During the financial year ended 31 December 2025, the Group and the Company adopted new amendments to existing standards that are mandatory for accounting periods beginning on 1 January 2025. The adoption of these amendments to the requirements of IFRSs as adopted by the EU did not have a material impact on the Group\u2019s financial position, performance, including disclosures. International Financial Reporting Standards in issue but not yet effective Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements, that are mandatory for the Group's and Company's accounting periods beginning after 1 January 2025. The Group and Company have not early adopted these standards and amendments to the requirement of IFRSs as adopted by the EU and the Directors are in the process of assessing the potential impact of the newly issued standards, amendments, and interpretations in the period of initial application. Relevant new IFRS Accounting Standards, which are not yet effective as at 31 December 2025, and have not been applied in preparing these financial statements, include IFRS 18, Presentation and Disclosure in Financial Statements, which is effective for annual periods beginning on or after 1 January 2027. This standard replaces IAS 1, Presentation of Financial Statements, and sets out requirements for the presentation and disclosure of information in general purpose financial statements. The standard introduces new requirements for the presentation of the statement of profit or loss, including specified subtotals and enhanced disclosure requirements for management-defined performance measures. Earlier application is permitted. The Directors are currently assessing the impact that application of IFRS 18 will have on the presentation and disclosures with the Group\u2019s and the Company\u2019s financial statements in the period of initial application. Specifically, all income and expenses must be classified into one of three categories: operating, investing and financing. The Group is required to present new subtotals in the statement of profit or loss: 'operating profit', \u2018profit before financing and income tax\u2019 and \u2018profit before income tax\u2019. Comparative information must be restated to reflect the new presentation. If the Directors opt to disclose management-defined performance measures (MPMs), then these measures must be reconciled to IFRS-defined subtotals. The adoption of IFRS 18 will not affect total profit or loss or equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37945": { "value": "4. Initial application of International Financial Reporting Standard and International Financial Reporting Standards in issue but not yet effective. Amendments in IFRS Standards that are effective in current year During the financial year ended 31 December 2025, the Group and the Company adopted new amendments to existing standards that are mandatory for accounting periods beginning on 1 January 2025. The adoption of these amendments to the requirements of IFRSs as adopted by the EU did not have a material impact on the Group\u2019s financial position, performance, including disclosures. International Financial Reporting Standards in issue but not yet effective Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements, that are mandatory for the Group's and Company's accounting periods beginning after 1 January 2025. The Group and Company have not early adopted these standards and amendments to the requirement of IFRSs as adopted by the EU and the Directors are in the process of assessing the potential impact of the newly issued standards, amendments, and interpretations in the period of initial application. Relevant new IFRS Accounting Standards, which are not yet effective as at 31 December 2025, and have not been applied in preparing these financial statements, include IFRS 18, Presentation and Disclosure in Financial Statements, which is effective for annual periods beginning on or after 1 January 2027. This standard replaces IAS 1, Presentation of Financial Statements, and sets out requirements for the presentation and disclosure of information in general purpose financial statements. The standard introduces new requirements for the presentation of the statement of profit or loss, including specified subtotals and enhanced disclosure requirements for management- defined performance measures. Earlier application is permitted. The Directors are currently assessing the impact that application of IFRS 18 will have on the presentation and disclosures with the Group\u2019s and the Company\u2019s financial statements in the period of initial application. Specifically, all income and expenses must be classified into one of three categories: operating, investing and financing. The Group is required to present new subtotals in the statement of profit or loss: 'operating profit', \u2018profit before financing and income tax\u2019 and \u2018profit before income tax\u2019. Comparative information must be restated to reflect the new presentation. If the Directors opt to disclose management-defined performance measures (MPMs), then these measures must be reconciled to IFRS-defined subtotals. The adoption of IFRS 18 will not affect total profit or loss or equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38143": { "value": "5. Segment information The Group operates one main business activity which is the operation of a sea terminal in Riga, Latvia. Apart from this the Group also owns an investment property in Riga which it rents to third parties. Each of these operating segments is managed separately as each of these lines requires local resources. The accounting policy for identifying segments is based on internal management reporting information that is regularly reviewed by the chief operating decision maker. Revenue reported below represents revenue generated from external customers. There were no intersegment sales in the year. The Group's reportable segments under IFRS 8 are direct sales attributable to each business activity. These two customers represent 29% and 32% (2024- 21% and 35%) of the cargo handling business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37512": { "value": "5. Segment information The Group operates one main business activity which is the operation of a sea terminal in Riga, Latvia. Apart from this the Group also owns an investment property in Riga which it rents to third parties. Each of these operating segments is managed separately as each of these lines requires local resources. The accounting policy for identifying segments is based on internal management reporting information that is regularly reviewed by the chief operating decision maker. Revenue reported below represents revenue generated from external customers. There were no intersegment sales in the year. The Group's reportable segments under IFRS 8 are direct sales attributable to each business activity. The Group operates solely in Latvia. The Group has in total two customers whose respective revenue generation exceeds 10% of the Group's total revenue. These two customers represent 29% and 32% (2024- 21% and 35%) of the cargo handling business. Measurement of operating segment profit or loss, assets and liabilities Segment profit represents the profit earned by each segment after allocation of central administration costs and finance costs, other than that related to the bonds issued by the holding Company, based on services and finance provided. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance. The accounting policies of the reportable segments are the same as the Group's accounting policies described in note 2. Reconciliations of reportable segment, profit or loss, assets and liabilities to consolidated totals are reported below:
Profit before tax 2025 2024
\u20ac \u20ac
Total profit for reportable segments 8,084,468 7,576,513
Unallocated amounts:
Bond interest expense (1,846,490) (2,318,962)
Other unallocated amounts (172,335) 766,906
6,065,643 6,024,457
Assets 2025 2024
\u20ac \u20ac
Total assets for reportable segments 84,556,477 82,553,683
Unallocated amounts:
Goodwill 13,184,904 13,184,904
Trade and other receivables 60,982 61,367
Loans receivable 33,712,428 30,516,303
Cash and cash equivalents 262,812 298,341
131,777,603 126,614,598
Liabilities 2025 2024
\u20ac \u20ac
Total liabilities for reportable segments 27,539,214 24,013,625
Unallocated amounts
Debt Securities in issue 36,427,179 36,368,518
Trade and other payables 375,055 423,627
64,341,448 60,805,770
The Group's revenue and results from continuing operations from external customers and information about its asset and liabilities by reportable segments are detailed below:
Continuing operations Cargo handling and storage of containers Property rental Unallocated Total
2025 2025 2025 2025
\u20ac \u20ac \u20ac \u20ac
Revenue 20,827,056 - - 20,827,056
Net other operating income 185,506 360,067 (12) 545,561
Operating income 21,012,562 360,067 (12) 21,372,617
Investment income 284,526 - 65 284,591
Finance cost 859,870 - 1,846,490 2,706,360
Earnings before interest, tax, depreciation and amortisation 10,811,813 284,365 (151,680) 10,944,498
Profit/(loss) before tax 7,793,593 290,875 (2,018,825) 6,065,643
Depreciation and amortisation 2,450,136 6,950 - 2,457,086
Total assets 79,296,450 5,260,027 47,221,126 131,777,603
Total non-financial non-current assets 64,815,173 5,107,402 13,184,903 83,107,478
Capital expenditure 3,398,623 - - 3,398,623
Total liabilities 27,508,716 30,498 36,802,234 64,341,448
Income tax expense 496,446 50 7,907 504,403
Continuing operations Cargo handling and storage of containers Property rental Unallocated Total
2024 2024 2024 2024
\u20ac \u20ac \u20ac \u20ac
Revenue 19,595,410 - - 19,595,410
Net other operating income 350,137 296,816 - 646,953
Operating income 19,945,547 296,816 - 20,242,363
Investment income 280,790 626,000 355,136 1,261,926
Finance cost 858,111 - 2,318,962 3,177,073
Earnings before interest, tax, depreciation and amortisation 10,096,794 224,456 (131,158) 10,190,092
Profit/(loss) before tax 7,356,900 219,613 (1,552,056) 6,024,457
Depreciation and amortisation 2,243,591 6,897 - 2,250,488
Total assets 77,167,225 5,386,458 44,060,915 126,614,598
Total non-financial non-current assets 62,698,829 5,114,352 13,184,905 80,998,086
Capital expenditure 4,544,223 1,620 - 4,545,843
Total liabilities 23,987,016 26,609 36,792,145 60,805,770
Income tax expense 414,034 50 8,219 422,303
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37510": { "value": "6. Revenue Revenue represents the amount receivable for services rendered during the year, net of any indirect taxes, as follows:
Group2025Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Cargo handling 17,940,788 17,205,917 - -
Storage of containers 2,886,268 2,389,493 - -
20,827,056 19,595,410 - -
All this revenue is recognised over time. Contracts with customers for cargo handling and storage of containers generally have an original expected duration of one year or less and are recognised in terms of the Group\u2019s accounting policies for revenues. 21. Trade and other receivables
Group2025Group2024Holding CompanyHolding Company 2024
2025
\u20ac \u20ac \u20ac \u20ac
Trade receivables 3,807,540 3,995,955 28,775 10,485
Other receivables 86,853 45,077 36,727 33,786
Prepayments 75,777 100,986 24,044 27,580
3,970,170 4,142,018 89,546 71,851
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37508": { "value": "6. Revenue Revenue represents the amount receivable for services rendered during the year, net of any indirect taxes, as follows:
Group2025Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Cargo handling 17,940,788 17,205,917 - -
Storage of containers 2,886,268 2,389,493 - -
20,827,056 19,595,410 - -
All this revenue is recognised over time. Contracts with customers for cargo handling and storage of containers generally have an original expected duration of one year or less and are recognised in terms of the Group\u2019s accounting policies for revenues. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38068": { "value": "7. Net other operating income
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Rental income 531,275 507,024 483,021 435,962
Other related income 193,627 215,329 - -
Income from sale of fixed assets 2,066 - - -
(Loss)/Gain from exchange fluctuation (125,564) 61,591 (12) -
Other operating income 134,541 42,304 15,768 7,213
Employee related expenses (25,720) - - -
Other expenses (160,826) (178,338) (138,722) (151,519)
Provision for bad debts (3,838) (957) - -
545,561 646,953 360,055 291,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37767": { "value": "7. Net other operating income
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Rental income 531,275 507,024 483,021 435,962
Other related income 193,627 215,329 - -
Income from sale of fixed assets 2,066 - - -
(Loss)/Gain from exchange fluctuation (125,564) 61,591 (12) -
Other operating income 134,541 42,304 15,768 7,213
Employee related expenses (25,720) - - -
Other expenses (160,826) (178,338) (138,722) (151,519)
Provision for bad debts (3,838) (957) - -
545,561 646,953 360,055 291,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37766": { "value": "7. Net other operating income
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Rental income 531,275 507,024 483,021 435,962
Other related income 193,627 215,329 - -
Income from sale of fixed assets 2,066 - - -
(Loss)/Gain from exchange fluctuation (125,564) 61,591 (12) -
Other operating income 134,541 42,304 15,768 7,213
Employee related expenses (25,720) - - -
Other expenses (160,826) (178,338) (138,722) (151,519)
Provision for bad debts (3,838) (957) - -
545,561 646,953 360,055 291,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37765": { "value": "7. Net other operating income
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Rental income 531,275 507,024 483,021 435,962
Other related income 193,627 215,329 - -
Income from sale of fixed assets 2,066 - - -
(Loss)/Gain from exchange fluctuation (125,564) 61,591 (12) -
Other operating income 134,541 42,304 15,768 7,213
Employee related expenses (25,720) - - -
Other expenses (160,826) (178,338) (138,722) (151,519)
Provision for bad debts (3,838) (957) - -
545,561 646,953 360,055 291,656
9. Finance costs
Group2025Group2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Interest on bank loans and overdraft 651,590 557,606 - -
Interest on lease liabilities 173,944 300,505 - -
Interest on debt securities in issue 1,846,490 2,318,962 1,846,490 2,318,962
Loss from interest rate swap 34,336 - - -
2,706,360 3,177,073 1,846,490 2,318,962
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37764": { "value": "7. Net other operating income
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Rental income 531,275 507,024 483,021 435,962
Other related income 193,627 215,329 - -
Income from sale of fixed assets 2,066 - - -
(Loss)/Gain from exchange fluctuation (125,564) 61,591 (12) -
Other operating income 134,541 42,304 15,768 7,213
Employee related expenses (25,720) - - -
Other expenses (160,826) (178,338) (138,722) (151,519)
Provision for bad debts (3,838) (957) - -
545,561 646,953 360,055 291,656
18. Right-Of-Use assets
Land Piers Container Crane Total
\u20ac \u20ac \u20ac \u20ac
Cost
At 01.01.2024 1,513,114 1,118,441 5,838,974 8,470,529
Modification of land lease 651,610 - - 651,610
At 31.12.2024 2,164,724 1,118,441 5,838,974 9,122,139
Remeasurement of land lease (498,232) - - (498,232)
At 31.12.2025 1,666,492 1,118,441 5,838,974 8,623,907
Accumulated depreciation
At 01.01.2024 267,810 197,956 720,136 1,185,902
Provision for the year 81,588 39,590 233,559 354,737
At 31.12.2024 349,398 237,546 953,695 1,540,639
Provision for the year 77,710 39,591 233,559 350,860
At 31.12.2025 427,108 277,137 1,187,254 1,891,499
Carrying amount
At 31.12.2024 1,815,326 880,895 4,885,279 7,581,500
At 31.12.2025 1,239,384 841,304 4,651,720 6,732,408
The Group leases land and piers with an average lease term of 28 years. The Group also leases a container crane with a useful life of 20 years. The maturity analyses of lease liabilities are presented in Note 33 In 2024, land lease fees were revised as a result of change in legislation. Lease liabilities were modified accordingly by discounting the revised lease payments using a revised discount rate of 6.4% (previously: 2.5%). As of 31 December 2024, The Group is in process of clarifying lease areas and fees with the lessor. In 2025, land lease fees were revised and lease liabilities were remeasured using the revised lease payments and discounting with the original discount rate of 4.38% (previously: 6.4%). Total cash outflow for leases amounted to \u20ac822,963 (2024: \u20ac 914,975).
2025 2024
\u20ac \u20ac
Amounts recognised in profit and loss:
Depreciation expense on right-of-use assets 350,860 354,736
Interest expense on lease liabilities 173,944 300,505
524,804 655,241
25. Lease Liabilities Lease liabilities consist of land lease and quay amounting to \u20ac 2,446,545 (2024: \u20ac 3,001,892), and equipment amounting to \u20ac 1,381,112 (2024: \u20ac 1,973,016). The Group has a land lease and piers agreement with the Riga Freeport Authority which is valid until 22 March 2047. The annual rent charge is \u20ac 106,692 (2024: \u20ac 164,558) and \u20ac 67,397 (2024: \u20ac 70,792) for land lease and piers, respectively. In 2024, land lease fees were revised as a result of change in legislation. Lease liabilities were modified accordingly by discounting the revised lease payments using a revised discount rate of 6.4% (previously: 2.5%). As of 31 December 2024, the Group is in process of clarifying lease areas and fees with the lessor. In 2025, land lease fees were revised and lease liabilities were remeasured using the revised lease payments and discounting with the original discount rate of 4.38% (previously: 6.4%). Lease interest for equipment consists of a fixed portion 1.75% and a variable element of 3-month EURIBOR. The maturity of the equipment lease is 15 April 2026. The leased asset with net book value of \u20ac 4,651,716 as of 31 December 2025 (2024: \u20ac 4,885,275) serves as a collateral for the lease.
2025 2024
\u20ac \u20ac
Within 1 year 1,453,364 659,478
After 1 year 2,374,293 4,315,430
3,827,657 4,974,908
Group2025 Group 2024
\u20ac \u20ac
Lease liabilities at the beginning of the reporting period 4,974,908 4,937,768
Lease (remeasurement) / modification during the reporting period (498,231) 651,610
Total payments during the reporting period (822,963) (914,976)
Interest expense for the reporting period 173,943 300,506
Lease liabilities at the end of the reporting period 3,827,657 4,974,908
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37502": { "value": "8. Investment income
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Interest income on related party loans 284,526 635,846 1,951,625 2,446,821
Total interest income on financial assets not classified at fair value through profit and loss284,526 635,846 1,951,625 2,446,821
Dividend from subsidiary - - 8,394,269 8,987,301
Gain on revaluation of investment property - 626,000 - 626,000
Income from other investments 65 80 65 80
284,591 1,261,926 10,345,959 12,060,202
9. Finance costs
Group2025Group2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Interest on bank loans and overdraft 651,590 557,606 - -
Interest on lease liabilities 173,944 300,505 - -
Interest on debt securities in issue 1,846,490 2,318,962 1,846,490 2,318,962
Loss from interest rate swap 34,336 - - -
2,706,360 3,177,073 1,846,490 2,318,962
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37501": { "value": "8. Investment income
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Interest income on related party loans 284,526 635,846 1,951,625 2,446,821
Total interest income on financial assets not classified at fair value through profit and loss284,526 635,846 1,951,625 2,446,821
Dividend from subsidiary - - 8,394,269 8,987,301
Gain on revaluation of investment property - 626,000 - 626,000
Income from other investments 65 80 65 80
284,591 1,261,926 10,345,959 12,060,202
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37500": { "value": "8. Investment income
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Interest income on related party loans 284,526 635,846 1,951,625 2,446,821
Total interest income on financial assets not classified at fair value through profit and loss284,526 635,846 1,951,625 2,446,821
Dividend from subsidiary - - 8,394,269 8,987,301
Gain on revaluation of investment property - 626,000 - 626,000
Income from other investments 65 80 65 80
284,591 1,261,926 10,345,959 12,060,202
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37498": { "value": "8. Investment income
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Interest income on related party loans 284,526 635,846 1,951,625 2,446,821
Total interest income on financial assets not classified at fair value through profit and loss284,526 635,846 1,951,625 2,446,821
Dividend from subsidiary - - 8,394,269 8,987,301
Gain on revaluation of investment property - 626,000 - 626,000
Income from other investments 65 80 65 80
284,591 1,261,926 10,345,959 12,060,202
9. Finance costs
Group2025Group2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Interest on bank loans and overdraft 651,590 557,606 - -
Interest on lease liabilities 173,944 300,505 - -
Interest on debt securities in issue 1,846,490 2,318,962 1,846,490 2,318,962
Loss from interest rate swap 34,336 - - -
2,706,360 3,177,073 1,846,490 2,318,962
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37474": { "value": "8. Investment income
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Interest income on related party loans 284,526 635,846 1,951,625 2,446,821
Total interest income on financial assets not classified at fair value through profit and loss284,526 635,846 1,951,625 2,446,821
Dividend from subsidiary - - 8,394,269 8,987,301
Gain on revaluation of investment property - 626,000 - 626,000
Income from other investments 65 80 65 80
284,591 1,261,926 10,345,959 12,060,202
9. Finance costs
Group2025Group2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Interest on bank loans and overdraft 651,590 557,606 - -
Interest on lease liabilities 173,944 300,505 - -
Interest on debt securities in issue 1,846,490 2,318,962 1,846,490 2,318,962
Loss from interest rate swap 34,336 - - -
2,706,360 3,177,073 1,846,490 2,318,962
19. Financial assetsLoans receivable
Group Holding Company
Loan to parent Related party loans Other loans Total Loan to parent Loan to subsidiaries Total
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
Amortised cost
At 31.12.2024 37,921,515 2,473,446 200 40,395,161 30,516,303 34,261,916 64,778,219
Less: Amount expected to be settled within 12 months (shown under current assets) 7,847,963 453,017 - 8,300,980 7,397,250 491,916 7,889,166
Amount expected to be settled after 12 months 30,073,552 2,020,429 200 32,094,181 23,119,053 33,770,000 56,889,053
Amortised cost at 31.12.2025 41,314,551 2,487,648 - 43,802,199 33,712,428 34,261,916 67,974,344
Less: Amount expected to be settled within 12 months (shown under current assets) 8,105,142 408,731 - 8,513,873 5,600,000 491,916 6,091,916
Amount expected to be settled after 12 months 33,209,409 2,078,917 - 35,288,326 28,112,428 33,770,000 61,882,428
Group Holding Company
Loan to parent Related party loans Other loans Total Loan to parent Loan to subsidiaries Total
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
Amortised cost
At 01.01.2024 47,932,925 2,231,881 5,100 50,169,906 40,739,437 37,454,257 78,193,694
Advances and interest charged 12,830,385 1,164,565 200 13,995,150 12,218,661 1,998,340 14,217,001
Dividend (5,600,000) - - (5,600,000) (5,600,000) - (5,600,000)
Repayments (17,241,795) (923,000) (5,100) (18,169,895) (16,841,795) (5,190,681) (22,032,476)
At 31.12.2024 37,921,515 2,473,446 200 40,395,161 30,516,303 34,261,916 64,778,219
Advances and interest charged 11,369,770 473,381 - 11,843,151 10,758,625 1,951,625 12,710,250
Dividend (5,600,000) - - (5,600,000) (5,600,000) - (5,600,000)
Repayments (2,376,734) (459,179) (200) (2,836,113) (1,962,500) (1,951,625) (3,914,125)
At 31.12.2025 41,314,551 2,487,648 - 43,802,199 33,712,428 34,261,916 67,974,344
All the above loans are denominated in Euro (\u20ac). Loan to subsidiaries and related party \ue627\ue78c\ue77d\ue7b5\ue789: As of 31 December 2025, the Group had three outstanding loan agreements with Mariner Logistics SIA for the nominal amount of \u20ac 1,648,150 (2024: \u20ac 1,648,150), \u20ac 150,000 (2024: nil), and \u20ac 250,000 (2024: nil). The interest rate for all loans is 3.5% (2024: 3.5%) per annum. The loans are unsecured. The repayment date of the loans is on 27 February 2034, 31 August 2026 and 18 March 2026 respectively. Moreover, loans amounting to \u20ac 240,437 and \u20ac 172,500 were repaid on 1 March 2025 and 11 September 2025 respectively. Accrued interest as at 31 December 2025 amounted to \u20ac 439,498 (2024: \u20ac 412,360). Loan to parent \ue627\ue78c\ue77d\ue7b5\ue789: As of 31 December 2025, the Group additionally had several outstanding loan agreements with Mariner Capital Limited for the nominal amounts of \u20ac 1,700,000, \u20ac 2,250,000, \u20ac 1,600,000, and \u20ac 400,000 respectively. The loans issued fall due for repayment by 31 December 2030, 19 June 2027, 31 July 2026 and 24 February 2026, respectively. A loan amounting to \u20ac 400,000 was repaid on 28 February 2025. All loans are unsecured and carry an interest rate of 3.5% per annum. As at 31 December 2025, the Group had accrued interest receivable from Mariner Capital on the loans and receivables amounting to \u20ac 1,652,123 (2024: \u20ac1,455,212). This accrued interest is repayable on demand, however it is not expected to be repaid within twelve months after the end of the reporting period. During the year, the management reclassified the accrued interest income of the Group and the Company amounting to Eur1,097,250 and Eur1,589,166, respectively, as at 31 December 2024, from trade and other receivables to loans receivable within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity or profit for the year. 21. Trade and other receivables
Group2025Group2024Holding CompanyHolding Company 2024
2025
\u20ac \u20ac \u20ac \u20ac
Trade receivables 3,807,540 3,995,955 28,775 10,485
Other receivables 86,853 45,077 36,727 33,786
Prepayments 75,777 100,986 24,044 27,580
3,970,170 4,142,018 89,546 71,851
22.Trade and other payables
Group2025 Group 2024Holding Company 2025Holding Company2024
\u20ac \u20ac \u20ac \u20ac
Trade payables 305,986 950,793 4,9415,634
Other payables 485,022 540,080 9,3238,506
Accrued interest 306,961 348,931 306,961348,931
Other accruals673,035 887,480 67,578 69,423
Bond exchange premium 75 75 75 75
1,771,079 2,727,359 388,878 432,569
Current 1,771,079 2,622,589 388,878 432,569
Non-Current - 104,770 - -
No interest is charged on trade and other payables and are generally settled between 30 and 90 days terms. 23. Bank loans and overdraft
Group2025Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac\u20ac
Bank loans16,785,523 4,315,256- -
Bank overdrafts 3,124,003 10,945,305 - -
Less: amount due for settlement within 12 months (shown under current liabilities)(4,646,719) (11,224,770) - -
Amount due for settlement after 12 months15,262,807 4,035,791- -
The bank loans and overdrafts are repayable as follows:
Group2025 Group2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
On demand or within one year 4,646,719 11,224,770 - -
In the second year 1,428,698 546,313 --
In the third year 10,498,563546,313 - -
In the fourth year 3,335,546 546,313 - -
5 years and over - 2,396,852 - -
19,909,526 15,260,561 - -
The Group has an agreement with a Latvian commercial bank to finance the yard extension and the construction and extension of quay KS 34. Total amount used as at 31 December 2025 was \u20ac 5,291,505. The average interest rate for the loan in 2025 was 6% (2024: 6%). The maturity date of the loan is 7 August 2029. As at 31 December 2024, the Group had a credit line with a Latvian commercial bank with the limit of \u20ac12,000,000. In 2025, the Group has refinanced the credit line to loan agreement for the amount of \u20ac 12,000,000 and signed amendments in credit line agreement. As a result, the new credit line amounted to \u20ac 8,000,000. The overdraft balance as at 31 December 2025 amounted to \u20ac 3,124,003. The maturity date of the credit line is 31 January 2026. The average interest rate for the overdraft and credit line in 2025 was 6% (2024: 4%). In the beginning of the year 2026, the Group signed an amendment in credit line agreement amending the maturity date of the credit line to 31 January 2027. The maturity date of the loan is 28 February 2028. The borrowings from credit institutions are secured by the following agreements: mortgage collaterals and commercial pledge agreement which in total amount to \u20ac 26,000,000, and which includes all movable property owned by the Group as of date of signing of the pledge agreement and in the future, cession agreement on receivables. At the end of the reporting year the Group has fulfilled all loan covenants set in the contracts with credit institutions. All bank loans and facilities pertaining to the Group are denominated in Euro (\u20ac)24. Other liabilities
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Other loans 93,017 62,111 8,327 8,389
Deferred income 1,919,515 1,016,507 - -
2,012,532 1,078,618 8,327 8,389
Amount due for settlement within 12 months (shown under current liabilities)(58,694) (41,352) --
Amount due for settlement after 12 months 1,953,838 1,037,266 8,327 8,389
25. Lease Liabilities
2025 2024
\u20ac \u20ac
Within 1 year 1,453,364 659,478
After 1 year 2,374,293 4,315,430
3,827,657 4,974,908
27. Debt securities in issue
Group and Holding Company
2025 2024
\u20ac \u20ac
Non-current
5% bonds redeemable 2032 36,427,179 36,368,518
36,427,179 36,368,518
The bonds which are measured at amortised cost, are analysed below between their face value and the amount of unamortised issue costs.
Face value of bonds36,929,800 36,929,800
Issue costs 561,282617,023
Accumulated amortisation (58,661) (55,741)
Unamortised issue costs 502,621 561,282
Amortised cost 36,427,179 36,368,518
In June 2014, the Company issued an aggregate principal amount of \u20ac 35 million in Bonds, having nominal value of \u20ac 100 each, bearing interest at the rate of 5.3% per annum, payable in arrears. These bonds are unsecured pursuant and subject to terms and conditions in the prospectus dated 2 June 2014, were redeemable at their nominal value in July 2024. \u20ac 17,316,200 out of this amount were exchanged to the new 5% bond issued in December 2022. A premium of \u20ac1.50 per existing bond surrendered was paid by the Company to the existing bond holders who took up option to exchange existing bonds for the new bonds. The remaining bonds were redeemed in July 2024. In December 2022 the Company issued \u20ac 36,929,800 5% unsecured bonds comprising of 369,298 bonds of Euro 100 each and are also pursuant and subject to terms and conditions in the prospectus. The bonds are to be redeemed by the Company on the 16th December 2032. Interest on bonds is due and payable annually in arrears on the 16th December of each year. The 2032 Bond was admitted to listing on the Official List of the Malta stock Exchange on 3 January 2023. The quoted market price as at 31 December 2025 for the 2032 5% bonds was \u20ac 100.5 (\u20ac2024: \u20ac 102.01). The market value of debt securities on the last trading day before the statement of financial position date was \u20ac37,114,449 (2024: \u20ac 37,672,089) for the 5% Bonds. 30. Cash and cash equivalents
Group GroupHolding CompanyHolding Company
2025 2024 2025 2024
\u20ac \u20ac \u20ac \u20ac
Cash at bank 497,294 748,065 384,085 558,440
Cash at bank earns interest at floating rates based on deposit rates. 31. Related party disclosures The terms and conditions of amounts owed by/to parent and related parties are disclosed in note 19, 21 and 29. These amounts are unsecured and no guarantees were given/received. The terms and conditions in respect of these amounts do not specify the nature of the consideration to be provided in settlement. 32. Fair value of financial assets and financial liabilities At 31 December 2025 and 31 December 2024 the carrying amounts of financial assets and financial liabilities classified with current assets and current liabilities respectively approximated the fair values due to the short- term maturities of these assets and liabilities. The fair values of non-current financial assets that are not measured at fair value, other than investments in subsidiaries, and the fair values of non-current bank loans are not materially different from their carrying amounts due to their current rates of interest.33.Financial risk management The Group's activities are exposed to a variety of financial risks including foreign currency, liquidity, interest rate risk and credit risk. The Group's management seeks to minimize its potential adverse effects of financial risks on the Group's financial performance. The exposures to risk and the way risks arise, together with the Group's and the Company\u2019s objectives, policies and processes for managing and measuring these risks are disclosed in more detail below. The objectives, policies and processes for managing financial risks and the methods used to measure such risks are subject to continual improvement and development. Where applicable, any significant changes in the Company\u2019s exposure to financial risks or the manner in which the Company manages and measures these risks are disclosed below. Where possible, the Company and the Group aim to reduce and control risk concentrations. Concentrations of financial risk arise when financial instruments with similar characteristics are influenced in the same way by changes in economic or other factors. The amount of the risk exposure associated with financial instruments sharing similar characteristics is disclosed in more detail in the notes to the financial statements. Credit risk Financial assets which potentially subject the Company and Group to concentrations of credit risk consist principally of loans receivable, trade receivables, and cash at bank which are measured at amortised cost. Credit risk with respect to trade receivables is limited due to credit control procedures. There is significant credit risk concentration in respect of two customers, who comprise 61% (2024: 63%) of the Group's trade receivables as of end of 2025. There is no significant going concern risk to any of the Group's largest customer that the Group is aware of. Credit risk in relation to the loans and receivables due from related parties is also limited given the cash flows generated by the underlying subsidiary. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Company\u2019s maximum exposure to credit risk. The tables below detail, by credit risk rating grades, the gross carrying amount of financial assets.
Group2025 12m ECL Group 202412m ECL Holding 202512m ECL Holding 202412m ECL
\u20ac \u20ac \u20ac \u20ac
Bank balances
External rating grades
AA- to A- 232,151 450,592 123,852 261,622
BBB- 259,615 296,800 259,615 296,800
Unrated 5,528 673 618 18
Gross/net carrying amount 497,294 748,065 384,085 558,440
Cash at bank is placed with reliable financial institutions. The credit rating of the major financial institutions, representing 100% (2024: 100%) of the total cash at bank at the end of the reporting period using Fitch credit rating symbols was AA- to BBB- (2024 - AA- to BBB-). The remaining cash and at bank balance is held with financial institutions which are unrated.
Group2025 12m ECL Group 2024 12m ECL Holding 2025 12m ECL Holding 2024 12m ECL
\u20ac \u20ac \u20ac \u20ac
Loans to related partiesInternal rating grades
Performing (i) 43,802,198 40,395,161 67,974,344 64,778,219
Gross/net carrying amount 43,802,198 40,395,161 67,974,344 64,778,219
i) Performing - The counterparty has a low risk of default and does not have any past due amounts (12m ECL). Group 2025 2024
Lifetime ECL (not credit impaired) Lifetime ECL (not credit impaired)
\u20ac \u20ac
Trade receivables tested individuallyInternal rating grades
Performing (i)2,326,339 2,504,402
Gross / net carrying amount at 31 December2,326,339 2,504,402
i) Performing - The amounts are not credit-impaired. Lifetime ECLs apply under the simplified model. 61% (2024: 63%) of the Group's trade receivables as at year-end arises from two customers operating in the shipping industry. Provision matrix The table below details the risk profile of trade receivables based on the Group\u2019s provision matrix. Days past due \u2013 simplified approach
Not past due <45 45 \u2013 90 >90 Total
\u20ac \u20ac \u20ac \u20ac \u20ac
2025
Trade receivables tested collectively
Estimated total gross carrying amount at default 1,136,156 226,673 54,637 63,754 1,481,220
Lifetime ECL at 31 December 2025 (19)
Net carrying amount at 31 December 2025 1,481,201
Days past due \u2013 simplified approach
2024 Not past due <45 45 \u2013 90 >90 Total
\u20ac \u20ac \u20ac \u20ac \u20ac
Trade receivables tested collectively
Estimated total gross carrying amount at default 1,090,564 267,593 84,833 65,427 1,508,417
Lifetime ECL at 31 December 2024 (16,864)
Net carrying amount at 31 December 2024 1,491,553
The following table shows the movement in lifetime ECLs that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9:
Lifetime ECL (not credit-impaired) Lifetime ECL (not credit-impaired) Trade receivables No SFC Lifetime ECL (credit-impaired but not POCI) Trade receivables No SFC Lifetime ECL (credit-impaired but not POCI) Trade receivables No SFC
Trade receivables No SFC
\u20ac \u20ac \u20ac \u20ac
Opening balance at 1 January 2025 16,864 - - -
Reversal during the year (16,845) - - -
Closing balance 31 December 2025 19 - - -
Opening balance at 1 January 2024 27,094 - - -
Reversal during the year (10,230) - - -
Closing balance 31 December 2024 16,864 - - -
Currency risk Foreign currency transactions arise when the Group buys or sells goods or services whose price is denominated in a foreign currency, borrows or lends funds when the amount payable or receivable are denominated in a foreign currency, acquires or disposes of assets or incurs or settles a liability denominated in a foreign currency. Foreign currency transactions comprise mainly transactions in USD. The risk arising from foreign currency transactions is managed by regular monitoring of the relevant exchange rates and directors\u2019 reaction to material movements thereto. The Group is exposed to foreign currency risk arising from the below financial assets:
Foreign currency riskUSD and USD pegged currencies2025USD and USD pegged currencies 2024
Trade and other receivables 1,113,374 851,403
Balance sheet exposure 1,113,374 851,403
The EUR/USD spot-rate as at 31 December 2025 is 1.1750 (2024: 1.0389). A reasonably possible strengthening/ (weakening) of the Euro against the USD at 31 December would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.
Changes in USD rate (basis points)Group and HoldingProfit or lossGroup and Holding
Equity
\u20ac \u20ac
2025 +100 86,141 86,141
-100 (94,755) (94,755)
2024 +100 74,502 74,502
-100 (81,952) (81,952)
Interest rate risk The Company and Group have taken out bank and debt securities to finance its operations as disclosed in notes 23 and 27. The carrying amount of the debt securities amounts to \u20ac 36,427,179 (2024: \u20ac 36,368,518). The interest rates thereon are at fixed rate. The loans receivable with interest bearing as disclosed in Note 19 are at a fixed rate. Cash at bank earns interest at floating interest rates as disclosed in Note 30. Bank loans and overdraft with a carrying amount of \u20ac 19,909,526 (2024: \u20ac 15,260,561) bear interest at a variable rate, as disclosed in note 23. Management monitors the movement in interest rates and, where possible, reacts to material movements in such rates by adjusting its selling prices or by restructuring its financing structure. The Group is exposed to fair value interest rate risk on borrowings, debt instruments and loans receivable carrying a fixed interest rate to the extent that they are measured at fair value, however since these are measured at amortised cost there is no impact in the financial statements. Sensitivity analysis on cash with a floating interest rate is disclosed below. The following table demonstrates the sensitivity analysis in relation to cash flow interest rate risk to a reasonably possible change in interest rates, with all other variables held constant, of the Group's and Company's profit before tax. The Group and Company consider the reasonably possible changes in interest rates to be a change in 100 basis points.
Increase or decrease (basis points)Group Holding
\u20ac \u20ac
2025+100 (194,122)3,841
-100 194,122(3,841)
2024+100 (145,125) 5,584
-100 145,125 (5,584)
Liquidity risk The Company monitors and manages its risk to a shortage of funds by maintaining sufficient cash, by matching the maturity of both its financial assets and financial liabilities and by monitoring the availability of raising funds to meet commitments associated with financial instruments. The following maturity analysis for financial liabilities shows the remaining contractual maturities using the contractual undiscounted cash flows on the basis of the earliest date on which the Group and Company can be required to pay. The analysis includes both interest and principal cash flows. Fixed rate instruments pertain to bond securities in issue and bank loans. Non-interest bearing are the trade and other payables, excluding accrued interest. Group
Within 1 year 2 years 3 years 4 years 5 years and over Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
2025
Non-derivative financial liabilities
Non-interest bearing 1,557,135 - - - - 1,557,135 1,557,135
Fixed rate instruments 1,846,490 1,846,490 1,846,490 1,846,490 42,469,270 49,855,230 36,427,179
Variable rate instruments 5,276,309 1,980,878 10,691,902 3,475,620 - 21,424,709 19,909,526
Lease liabilities 1,582,944 174,088 174,088 174,088 3,003,022 5,108,230 3,827,657
10,262,878 4,001,456 12,712,480 5,496,198 45,472,292 77,945,304 61,721,497
Within 1 year 2 years 3 years 4 years 5 years and over Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
2024
Non-derivative financial liabilities
Non-interest bearing 2,335,769 - - 104,770 - 2,440,539 2,440,539
Fixed rate instruments 1,846,490 1,846,490 1,846,490 1,846,490 44,315,760 51,701,720 36,368,518
Variable rate instruments 11,483,890 719,966 697,756 676,276 2,465,327 16,043,215 15,260,561
Lease liabilities 916,483 1,700,364 235,350 235,350 4,295,138 7,382,685 4,974,908
16,582,632 4,266,820 2,779,596 2,862,886 51,076,225 77,568,159 59,044,526
Undrawn facilities are described in note 23. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37741": { "value": "9. Finance costs
Group2025Group2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Interest on bank loans and overdraft 651,590 557,606 - -
Interest on lease liabilities 173,944 300,505 - -
Interest on debt securities in issue 1,846,490 2,318,962 1,846,490 2,318,962
Loss from interest rate swap 34,336 - - -
2,706,360 3,177,073 1,846,490 2,318,962
10. Profit before tax
Group2025 GroupHolding CompanyHolding Company
2024 2025 2024
\u20ac \u20ac \u20ac \u20ac
This is stated after charging
Depreciation of property, plant and equipment2,065,889 1,856,398 6,950 6,897
Depreciation of right-of-use assets350,860 354,737 - -
Amortisation 40,337 39,353 - -
Utilities, maintenance, transport and other operating costs1,667,558 1,572,376 - -
Professional and legal fees 1,572,115 1,277,080 54,141 59,764
Fuel, lubricants, spare parts and other materials
1,294,664 1,274,922 - -
6,991,423 6,374,866 61,091 66,661
The amount that is payable to the auditor is as follows:
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Total remuneration payable to the parent company's auditors for the audit of the financial statements26,000 23,500 3,000 3,000
Total fees payable to other auditors 37,750 36,070 - -
Total fees payable for other assurance services Total fees payable to the parent company's auditors for non-audit services other than other assurance services6,900 6,500 6,900 6,500
- tax compliance 1,610 1,610 1,610 1,610
72,260 67,680 11,510 11,110
11. Key management personnel compensation
Group GroupHolding CompanyHolding Company
2025 2024 20252024
\u20ac \u20ac\u20ac\u20ac
Directors' compensation
Short-term benefits:
Fees10,000 10,000 10,000 10,000
Other key management personnel:Short-term benefits:
Management remuneration 775,649 796,083 --
785,649 806,083 10,000 10,000
12. Staff costs and employee information
Group GroupHolding CompanyHolding Company
2025 2024 2025 2024
\u20ac \u20ac \u20ac \u20ac
Staff costs:
Wages and salaries 4,127,736 4,011,937 - -
Social security costs 926,685 929,609 - -
5,054,421 4,941,546 - -
The average number of persons employed during the year, including executive directors, was made up as follows:
Group 2025 Group2024Holding Company 2025Holding Company 2024
Operations 161 164 - -
Administration 13 10 - -
174 174 - -
13. Income tax expense
Group2025 GroupHolding CompanyHolding Company 2024
2024 2025
\u20ac \u20ac \u20ac \u20ac
Current tax expense 529,403 422,303 7,907 8,219
Deferred tax expense (note 26) (25,000) - - -
504,403 422,303 7,907 8,219
Tax applying the statutory domestic income tax rate and the income tax expense for the year are reconciled as follows:
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac\u20ac \u20ac
Profit before tax 6,065,643 6,024,457 8,625,826 9,754,168
Tax at the applicable rate of 35% 2,122,975 2,108,560 3,019,039 3,413,959
Tax effect of:
Disallowed expenditure 793,443 836,822 92,091 115,584
Unremitted earnings earmarked for future distribution(25,000) - - -
Income subject to lower tax rates (28,940) (36,582) (28,940) (36,582)
Dividend income participation exemption - - (2,937,994)(3,145,555)
Different tax rates of subsidiaries operating in other jurisdictions(2,221,786) (2,147,310) - -
Income not subject to tax (136,289) (120,087) (136,289) (120,087)
Revaluation of property - (219,100) - (219,100)
Income tax expense for the year 504,403 422,303 7,907 8,219
Based on the Corporate Income tax law of the Republic of Latvia, corporate income tax (\u201cCIT\u201d) is applicable to distributed profits and several transactions that would be treated as profit distribution. In case of reinvestment of profit CIT shall not be applied. In Latvia undistributed profits are not subject to CIT. The effective CIT rate in Latvia is 25% on distributed profits. Nonetheless, BCT avails itself of a discounted rate equivalent to 5% in accordance with the provisions of the Law 'On the Application of Taxes in Free Ports and Special Economic Zones. The Company is being charged tax in Malta on its profit before tax at the applicable rate of 35%. This contributes to an insignificant component of the total income tax expense of the Group at year-end. 15. Property, plant and equipment Group
Land and buildings Plant and equipment Furniture, fittings and equipment Fixed assets under construction Total
\u20ac \u20ac \u20ac \u20ac \u20ac
Cost or valuation
At 01.01.2024 54,994,890 16,690,716 1,544,002 3,220,764 76,450,372
Additions 62,387 152,988 90,531 4,222,417 4,528,323
Disposals - (37,548) (850) - (38,398)
Revaluation 5,192,561 - - - 5,192,561
Reclassification 4,159,295 397,106 7,846 (4,564,247) -
At 31.12.2024 64,409,133 17,203,262 1,641,529 2,878,934 86,132,858
Additions - 3,620 89,525 3,285,865 3,379,010
Revaluation 2,437,500 - - - 2,437,500
Disposals - (544,050) (49,478) - (593,528)
Reclassification 4,757,461 1,087,856 193,430 (6,038,747) -
At 31.12.2025 71,604,094 17,750,688 1,875,006 126,052 91,355,840
Accumulated depreciation
At 01.01.2024 14,385,583 12,610,461 1,105,368 - 28,101,412
Provision for the year 1,220,305 509,269 126,824 - 1,856,398
Eliminated on disposal - (33,519) (850) - (34,369)
Revaluation 1,489,441 - - - 1,489,441
At 31.12.2024 17,095,329 13,086,211 1,231,342 - 31,412,882
Revaluation 771,413 - - - 771,413
Provision for the year 1,368,935 529,011 167,943 - 2,065,889
Eliminated on disposal - (544,050) (49,478) - (593,528)
At 31.12.2025 19,235,677 13,071,172 1,349,807 - 33,656,656
Carrying amount
At 31.12.2024 47,313,804 4,117,051 410,187 2,878,934 54,719,976
At 31.12.2025 52,368,417 4,679,516 525,199 126,052 57,699,184
16. Intangible assets Group
Computer Software
\u20ac
Cost
At 01.01.2024 969,665
Additions 17,520
At 31.12.2024 987,185
Additions 19,613
At 31.12.2025 1,006,798
Accumulated Depreciation
At 01.01.2024 531,126
Provision for the year 39,353
At 31.12.2024 570,479
Provision for the year 40,337
At 31.12.2025 610,816
Carrying amount
At 31.12.2024 416,706
At 31.12.2025 395,982
18. Right-Of-Use assets
Land Piers Container Crane Total
\u20ac \u20ac \u20ac \u20ac
Cost
At 01.01.2024 1,513,114 1,118,441 5,838,974 8,470,529
Modification of land lease 651,610 - - 651,610
At 31.12.2024 2,164,724 1,118,441 5,838,974 9,122,139
Remeasurement of land lease (498,232) - - (498,232)
At 31.12.2025 1,666,492 1,118,441 5,838,974 8,623,907
Accumulated depreciation
At 01.01.2024 267,810 197,956 720,136 1,185,902
Provision for the year 81,588 39,590 233,559 354,737
At 31.12.2024 349,398 237,546 953,695 1,540,639
Provision for the year 77,710 39,591 233,559 350,860
At 31.12.2025 427,108 277,137 1,187,254 1,891,499
Carrying amount
At 31.12.2024 1,815,326 880,895 4,885,279 7,581,500
At 31.12.2025 1,239,384 841,304 4,651,720 6,732,408
20. Inventories The amount of inventories recognised as an expense during the year amounted to \u20ac 1,294,664 (2024: \u20ac1,274,922). During the current year, the Group recognised a provision of slow-moving inventory amounting to \u20ac 21,132 (2024: provision of \u20ac 632), presented in the statement of profit or loss and other comprehensive income within cost of sales. 31. Related party disclosures Group
2025 2024
Related party activity Total activity Related party activity Total activity
\u20ac \u20ac % \u20ac \u20ac %
Administrative expenses
Related party transactions with:
Parent 1,148,661 2,970,449 39 1,134,531 2,761,664 41
Investment income Related party transactions with:
Other related party 73,382 284,591 26 69,066 1,261,926 5
Parent company 211,145 284,591 74 566,780 1,261,926 45
No expense has been recognised during the year arising from bad and doubtful debts in respect of amounts due by related parties. 33.Financial risk management Credit riskProvision matrix The table below details the risk profile of trade receivables based on the Group\u2019s provision matrix. Days past due \u2013 simplified approach
Not past due <45 45 \u2013 90 >90 Total
\u20ac \u20ac \u20ac \u20ac \u20ac
2025
Trade receivables tested collectively
Estimated total gross carrying amount at default 1,136,156 226,673 54,637 63,754 1,481,220
Lifetime ECL at 31 December 2025 (19)
Net carrying amount at 31 December 2025 1,481,201
Days past due \u2013 simplified approach
2024 Not past due <45 45 \u2013 90 >90 Total
\u20ac \u20ac \u20ac \u20ac \u20ac
Trade receivables tested collectively
Estimated total gross carrying amount at default 1,090,564 267,593 84,833 65,427 1,508,417
Lifetime ECL at 31 December 2024 (16,864)
Net carrying amount at 31 December 2024 1,491,553
The following table shows the movement in lifetime ECLs that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9:
Lifetime ECL (not credit-impaired) Lifetime ECL (not credit-impaired) Trade receivables No SFC Lifetime ECL (credit-impaired but not POCI) Trade receivables No SFC Lifetime ECL (credit-impaired but not POCI) Trade receivables No SFC
Trade receivables No SFC
\u20ac \u20ac \u20ac \u20ac
Opening balance at 1 January 2025 16,864 - - -
Reversal during the year (16,845) - - -
Closing balance 31 December 2025 19 - - -
Opening balance at 1 January 2024 27,094 - - -
Reversal during the year (10,230) - - -
Closing balance 31 December 2024 16,864 - - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37492": { "value": "9. Finance costs
Group2025Group2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Interest on bank loans and overdraft 651,590 557,606 - -
Interest on lease liabilities 173,944 300,505 - -
Interest on debt securities in issue 1,846,490 2,318,962 1,846,490 2,318,962
Loss from interest rate swap 34,336 - - -
2,706,360 3,177,073 1,846,490 2,318,962
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37491": { "value": "9. Finance costs
Group2025Group2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Interest on bank loans and overdraft 651,590 557,606 - -
Interest on lease liabilities 173,944 300,505 - -
Interest on debt securities in issue 1,846,490 2,318,962 1,846,490 2,318,962
Loss from interest rate swap 34,336 - - -
2,706,360 3,177,073 1,846,490 2,318,962
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37490": { "value": "9. Finance costs
Group2025Group2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Interest on bank loans and overdraft 651,590 557,606 - -
Interest on lease liabilities 173,944 300,505 - -
Interest on debt securities in issue 1,846,490 2,318,962 1,846,490 2,318,962
Loss from interest rate swap 34,336 - - -
2,706,360 3,177,073 1,846,490 2,318,962
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37813": { "value": "10. Profit before tax
Group2025 GroupHolding CompanyHolding Company
2024 2025 2024
\u20ac \u20ac \u20ac \u20ac
This is stated after charging
Depreciation of property, plant and equipment2,065,889 1,856,398 6,950 6,897
Depreciation of right-of-use assets350,860 354,737 - -
Amortisation 40,337 39,353 - -
Utilities, maintenance, transport and other operating costs1,667,558 1,572,376 - -
Professional and legal fees 1,572,115 1,277,080 54,141 59,764
Fuel, lubricants, spare parts and other materials
1,294,664 1,274,922 - -
6,991,423 6,374,866 61,091 66,661
15. Property, plant and equipment Group
Land and buildings Plant and equipment Furniture, fittings and equipment Fixed assets under construction Total
\u20ac \u20ac \u20ac \u20ac \u20ac
Cost or valuation
At 01.01.2024 54,994,890 16,690,716 1,544,002 3,220,764 76,450,372
Additions 62,387 152,988 90,531 4,222,417 4,528,323
Disposals - (37,548) (850) - (38,398)
Revaluation 5,192,561 - - - 5,192,561
Reclassification 4,159,295 397,106 7,846 (4,564,247) -
At 31.12.2024 64,409,133 17,203,262 1,641,529 2,878,934 86,132,858
Additions - 3,620 89,525 3,285,865 3,379,010
Revaluation 2,437,500 - - - 2,437,500
Disposals - (544,050) (49,478) - (593,528)
Reclassification 4,757,461 1,087,856 193,430 (6,038,747) -
At 31.12.2025 71,604,094 17,750,688 1,875,006 126,052 91,355,840
Accumulated depreciation
At 01.01.2024 14,385,583 12,610,461 1,105,368 - 28,101,412
Provision for the year 1,220,305 509,269 126,824 - 1,856,398
Eliminated on disposal - (33,519) (850) - (34,369)
Revaluation 1,489,441 - - - 1,489,441
At 31.12.2024 17,095,329 13,086,211 1,231,342 - 31,412,882
Revaluation 771,413 - - - 771,413
Provision for the year 1,368,935 529,011 167,943 - 2,065,889
Eliminated on disposal - (544,050) (49,478) - (593,528)
At 31.12.2025 19,235,677 13,071,172 1,349,807 - 33,656,656
Carrying amount
At 31.12.2024 47,313,804 4,117,051 410,187 2,878,934 54,719,976
At 31.12.2025 52,368,417 4,679,516 525,199 126,052 57,699,184
16. Intangible assets Group
Computer Software
\u20ac
Cost
At 01.01.2024 969,665
Additions 17,520
At 31.12.2024 987,185
Additions 19,613
At 31.12.2025 1,006,798
Accumulated Depreciation
At 01.01.2024 531,126
Provision for the year 39,353
At 31.12.2024 570,479
Provision for the year 40,337
At 31.12.2025 610,816
Carrying amount
At 31.12.2024 416,706
At 31.12.2025 395,982
The amortisation expenses on intangible assets have been included in the line item \u201cAdministrative expenses\u201d in the statement of profit or loss and other comprehensive income. 18. Right-Of-Use assets
Land Piers Container Crane Total
\u20ac \u20ac \u20ac \u20ac
Cost
At 01.01.2024 1,513,114 1,118,441 5,838,974 8,470,529
Modification of land lease 651,610 - - 651,610
At 31.12.2024 2,164,724 1,118,441 5,838,974 9,122,139
Remeasurement of land lease (498,232) - - (498,232)
At 31.12.2025 1,666,492 1,118,441 5,838,974 8,623,907
Accumulated depreciation
At 01.01.2024 267,810 197,956 720,136 1,185,902
Provision for the year 81,588 39,590 233,559 354,737
At 31.12.2024 349,398 237,546 953,695 1,540,639
Provision for the year 77,710 39,591 233,559 350,860
At 31.12.2025 427,108 277,137 1,187,254 1,891,499
Carrying amount
At 31.12.2024 1,815,326 880,895 4,885,279 7,581,500
At 31.12.2025 1,239,384 841,304 4,651,720 6,732,408
2025 2024
\u20ac \u20ac
Amounts recognised in profit and loss:
Depreciation expense on right-of-use assets 350,860 354,736
Interest expense on lease liabilities 173,944 300,505
524,804 655,241
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37812": { "value": "10. Profit before tax The amount that is payable to the auditor is as follows:
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Total remuneration payable to the parent company's auditors for the audit of the financial statements26,000 23,500 3,000 3,000
Total fees payable to other auditors 37,750 36,070 - -
Total fees payable for other assurance services Total fees payable to the parent company's auditors for non-audit services other than other assurance services6,900 6,500 6,900 6,500
- tax compliance 1,610 1,610 1,610 1,610
72,260 67,680 11,510 11,110
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37493": { "value": "11. Key management personnel compensation
Group GroupHolding CompanyHolding Company
2025 2024 20252024
\u20ac \u20ac\u20ac\u20ac
Directors' compensation
Short-term benefits:
Fees10,000 10,000 10,000 10,000
Other key management personnel:Short-term benefits:
Management remuneration 775,649 796,083 --
785,649 806,083 10,000 10,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37447": { "value": "11. Key management personnel compensation
Group GroupHolding CompanyHolding Company
2025 2024 20252024
\u20ac \u20ac\u20ac\u20ac
Directors' compensation
Short-term benefits:
Fees10,000 10,000 10,000 10,000
Other key management personnel:Short-term benefits:
Management remuneration 775,649 796,083 --
785,649 806,083 10,000 10,000
19. Financial assets Investments in subsidiaries The Company's proportion of ownership interest in subsidiaries at 31 December 2025 and their principal activities are as follows:
Proportion of ownership interest Principal activities
%
Mariner Finance Baltic SIA100 (2024 - 100%) Holding Company
Baltic Container Terminals SIA (indirectly through Mariner
Finance Baltic SIA)100 (2024 - 100%) Maritime operations
The registered offices of the following subsidiaries are: Baltic Container Terminals SIA - 32, Uriekstes iela, Riga, LV-1005, Latvia Mariner Finance Baltic SIA - 1, Merkela Street, Riga, LV-1050, LatviaLoans receivable
Group Holding Company
Loan to parent Related party loans Other loans Total Loan to parent Loan to subsidiaries Total
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
Amortised cost
At 31.12.2024 37,921,515 2,473,446 200 40,395,161 30,516,303 34,261,916 64,778,219
Less: Amount expected to be settled within 12 months (shown under current assets) 7,847,963 453,017 - 8,300,980 7,397,250 491,916 7,889,166
Amount expected to be settled after 12 months 30,073,552 2,020,429 200 32,094,181 23,119,053 33,770,000 56,889,053
Amortised cost at 31.12.2025 41,314,551 2,487,648 - 43,802,199 33,712,428 34,261,916 67,974,344
Less: Amount expected to be settled within 12 months (shown under current assets) 8,105,142 408,731 - 8,513,873 5,600,000 491,916 6,091,916
Amount expected to be settled after 12 months 33,209,409 2,078,917 - 35,288,326 28,112,428 33,770,000 61,882,428
Group Holding Company
Loan to parent Related party loans Other loans Total Loan to parent Loan to subsidiaries Total
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
Amortised cost
At 01.01.2024 47,932,925 2,231,881 5,100 50,169,906 40,739,437 37,454,257 78,193,694
Advances and interest charged 12,830,385 1,164,565 200 13,995,150 12,218,661 1,998,340 14,217,001
Dividend (5,600,000) - - (5,600,000) (5,600,000) - (5,600,000)
Repayments (17,241,795) (923,000) (5,100) (18,169,895) (16,841,795) (5,190,681) (22,032,476)
At 31.12.2024 37,921,515 2,473,446 200 40,395,161 30,516,303 34,261,916 64,778,219
Advances and interest charged 11,369,770 473,381 - 11,843,151 10,758,625 1,951,625 12,710,250
Dividend (5,600,000) - - (5,600,000) (5,600,000) - (5,600,000)
Repayments (2,376,734) (459,179) (200) (2,836,113) (1,962,500) (1,951,625) (3,914,125)
At 31.12.2025 41,314,551 2,487,648 - 43,802,199 33,712,428 34,261,916 67,974,344
All the above loans are denominated in Euro (\u20ac). Loan to subsidiaries and related party As of 31 December 2025, the Group had three outstanding loan agreements with Mariner Logistics SIA for the nominal amount of \u20ac 1,648,150 (2024: \u20ac 1,648,150), \u20ac 150,000 (2024: nil), and \u20ac 250,000 (2024: nil). The interest rate for all loans is 3.5% (2024: 3.5%) per annum. The loans are unsecured. The repayment date of the loans is on 27 February 2034, 31 August 2026 and 18 March 2026 respectively. Moreover, loans amounting to \u20ac 240,437 and \u20ac 172,500 were repaid on 1 March 2025 and 11 September 2025 respectively. Accrued interest as at 31 December 2025 amounted to \u20ac 439,498 (2024: \u20ac 412,360). Loan to parent \ue627\ue78c\ue77d\ue7b5\ue789: As of 31 December 2025, the Group additionally had several outstanding loan agreements with Mariner Capital Limited for the nominal amounts of \u20ac 1,700,000, \u20ac 2,250,000, \u20ac 1,600,000, and \u20ac 400,000 respectively. The loans issued fall due for repayment by 31 December 2030, 19 June 2027, 31 July 2026 and 24 February 2026, respectively. A loan amounting to \u20ac 400,000 was repaid on 28 February 2025. All loans are unsecured and carry an interest rate of 3.5% per annum. As at 31 December 2025, the Group had accrued interest receivable from Mariner Capital on the loans and receivables amounting to \u20ac 1,652,123 (2024: \u20ac1,455,212). This accrued interest is repayable on demand, however it is not expected to be repaid within twelve months after the end of the reporting period. During the year, the management reclassified the accrued interest income of the Group and the Company amounting to Eur1,097,250 and Eur1,589,166, respectively, as at 31 December 2024, from trade and other receivables to loans receivable within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity or profit for the year. 21. Trade and other receivables
Group2025Group2024Holding CompanyHolding Company 2024
2025
\u20ac \u20ac \u20ac \u20ac
Trade receivables 3,807,540 3,995,955 28,775 10,485
Other receivables 86,853 45,077 36,727 33,786
Prepayments 75,777 100,986 24,044 27,580
3,970,170 4,142,018 89,546 71,851
Trade and other receivables are unsecured, interest free and repayable on demand. 31. Related party disclosures The parent and ultimate parent company of the Group are Mariner Capital Limited and MEH Holdings Limited, respectively, which are both incorporated in Malta. The registered address of both Mariner Capital Limited and MEH Holdings Limited is 37, Censu Tabone Street, St. Julians STJ 1218, Malta. Both Mariner Capital Limited and MEH Holdings Limited prepare consolidated financial statements which may be obtained from the Malta Business Registry. The directors consider the ultimate controlling party to be Marin Hili who indirectly owns 60% (2024: 60%) of Mariner Finance p.l.c. During the year the Group and Company paid remuneration to key management personnel as disclosed in note 11. During the year under review, the Group and Company entered into transactions with related parties as set out below. Group
2025 2024
Related party activity Total activity Related party activity Total activity
\u20ac \u20ac % \u20ac \u20ac %
Administrative expenses
Related party transactions with:
Parent 1,148,661 2,970,449 39 1,134,531 2,761,664 41
Investment income Related party transactions with:
Other related party 73,382 284,591 26 69,066 1,261,926 5
Parent company 211,145 284,591 74 566,780 1,261,926 45
Related party activity 2025 2024
Total activity Related party activity Total activity
\u20ac \u20ac % \u20ac \u20ac %
Administrative expenses
Related party transactions with:
Parent 60,000 233,698 26 60,000 278,728 22
Investment income Related party transactions with:
Parent Company - 10,345,959 - 355,056 12,060,202 3
Subsidiaries 10,345,894 10,345,959 100 11,079,066 12,060,202 92
Other related party is Mariner Logistics SIA, which is a wholly-owned subsidiary of the Group's parent Company. No expense has been recognised during the year arising from bad and doubtful debts in respect of amounts due by related parties. The terms and conditions of amounts owed by/to parent and related parties are disclosed in note 19, 21 and 29. These amounts are unsecured and no guarantees were given/received. The terms and conditions in respect of these amounts do not specify the nature of the consideration to be provided in settlement. 35. Cash flow information The Group and the Company had a material non-cash investing activity-related transaction for the years ended 31 December 2025 and 2024 for the dividend amounting to \u20ac 5,600,000 (2024: \u20ac 5,600,000) that was declared to parent company and that was set-off against the Group and the Company's receivables balance due from parent company as disclosed in Note 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37507": { "value": "12. Staff costs and employee information
Group GroupHolding CompanyHolding Company
2025 2024 2025 2024
\u20ac \u20ac \u20ac \u20ac
Staff costs:
Wages and salaries 4,127,736 4,011,937 - -
Social security costs 926,685 929,609 - -
5,054,421 4,941,546 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37505": { "value": "12. Staff costs and employee information The average number of persons employed during the year, including executive directors, was made up as follows:
Group 2025 Group2024Holding Company 2025Holding Company 2024
Operations 161 164 - -
Administration 13 10 - -
174 174 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37796": { "value": "13. Income tax expense
Group2025 GroupHolding CompanyHolding Company 2024
2024 2025
\u20ac \u20ac \u20ac \u20ac
Current tax expense 529,403 422,303 7,907 8,219
Deferred tax expense (note 26) (25,000) - - -
504,403 422,303 7,907 8,219
Tax applying the statutory domestic income tax rate and the income tax expense for the year are reconciled as follows:
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac\u20ac \u20ac
Profit before tax 6,065,643 6,024,457 8,625,826 9,754,168
Tax at the applicable rate of 35% 2,122,975 2,108,560 3,019,039 3,413,959
Tax effect of:
Disallowed expenditure 793,443 836,822 92,091 115,584
Unremitted earnings earmarked for future distribution(25,000) - - -
Income subject to lower tax rates (28,940) (36,582) (28,940) (36,582)
Dividend income participation exemption - - (2,937,994)(3,145,555)
Different tax rates of subsidiaries operating in other jurisdictions(2,221,786) (2,147,310) - -
Income not subject to tax (136,289) (120,087) (136,289) (120,087)
Revaluation of property - (219,100) - (219,100)
Income tax expense for the year 504,403 422,303 7,907 8,219
Based on the Corporate Income tax law of the Republic of Latvia, corporate income tax (\u201cCIT\u201d) is applicable to distributed profits and several transactions that would be treated as profit distribution. In case of reinvestment of profit CIT shall not be applied. In Latvia undistributed profits are not subject to CIT. The effective CIT rate in Latvia is 25% on distributed profits. Nonetheless, BCT avails itself of a discounted rate equivalent to 5% in accordance with the provisions of the Law 'On the Application of Taxes in Free Ports and Special Economic Zones. The Company is being charged tax in Malta on its profit before tax at the applicable rate of 35%. This contributes to an insignificant component of the total income tax expense of the Group at year-end. 26. Deferred taxation
Opening balance Recognised in profit or loss Closing balance
\u20ac \u20ac \u20ac
2025
Arising on:
Unremitted earnings earmarked for future distribution 350,000 (25,000) 325,000
350,000 (25,000) 325,000
2024
Arising on:
Unremitted earnings earmarked for future distribution 350,000 - 350,000
350,000 - 350,000
Taxation in Latvia Corporate income tax (CIT) is applicable to distributed profits and several expenses that would be treated as profit distribution. In case of reinvestment of profit CIT shall not be applied. The applicable CIT rate is 20%. The Company has rights to apply direct tax relief expiring on 31 December 2035 and reduce calculated tax amount by 80%. Under International Accounting Standard 12, if Income taxes are payable at a higher or lower rate if part or all of the net profit or retained earnings is paid out as a dividend to shareholders of the entity then current and deferred tax assets and liabilities are measured at the tax rate applicable to undistributed profits. In Latvia, the applicable rate for undistributed profits is 0%. Therefore, in the consolidated financial statements the deferred tax assets and liabilities are released to the income statement except for any deferred tax assets and liabilities related to the items accounted directly to the equity which are reversed through equity. At 31 December 2025, the Group had unused tax credits in Baltic Container Terminal SIA of \u20ac 802,063 (2024 \u2013 \u20ac 1,166,355). The expiry date of the unutilised tax credit is 2035 as per currently enacted Latvian law on corporate income tax. The aggregate amount of temporary differences associated with investments in subsidiaries for which no deferred tax liabilities have been recognised amounts to \u20ac 14,546,433 (2024 - \u20ac 16,228,386). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37795": { "value": "13. Income tax expense
Group2025 GroupHolding CompanyHolding Company 2024
2024 2025
\u20ac \u20ac \u20ac \u20ac
Current tax expense 529,403 422,303 7,907 8,219
Deferred tax expense (note 26) (25,000) - - -
504,403 422,303 7,907 8,219
Tax applying the statutory domestic income tax rate and the income tax expense for the year are reconciled as follows:
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac\u20ac \u20ac
Profit before tax 6,065,643 6,024,457 8,625,826 9,754,168
Tax at the applicable rate of 35% 2,122,975 2,108,560 3,019,039 3,413,959
Tax effect of:
Disallowed expenditure 793,443 836,822 92,091 115,584
Unremitted earnings earmarked for future distribution(25,000) - - -
Income subject to lower tax rates (28,940) (36,582) (28,940) (36,582)
Dividend income participation exemption - - (2,937,994)(3,145,555)
Different tax rates of subsidiaries operating in other jurisdictions(2,221,786) (2,147,310) - -
Income not subject to tax (136,289) (120,087) (136,289) (120,087)
Revaluation of property - (219,100) - (219,100)
Income tax expense for the year 504,403 422,303 7,907 8,219
Based on the Corporate Income tax law of the Republic of Latvia, corporate income tax (\u201cCIT\u201d) is applicable to distributed profits and several transactions that would be treated as profit distribution. In case of reinvestment of profit CIT shall not be applied. In Latvia undistributed profits are not subject to CIT. The effective CIT rate in Latvia is 25% on distributed profits. Nonetheless, BCT avails itself of a discounted rate equivalent to 5% in accordance with the provisions of the Law 'On the Application of Taxes in Free Ports and Special Economic Zones. The Company is being charged tax in Malta on its profit before tax at the applicable rate of 35%. This contributes to an insignificant component of the total income tax expense of the Group at year-end26. Deferred taxation
Opening balance Recognised in profit or loss Closing balance
\u20ac \u20ac \u20ac
2025
Arising on:
Unremitted earnings earmarked for future distribution 350,000 (25,000) 325,000
350,000 (25,000) 325,000
2024
Arising on:
Unremitted earnings earmarked for future distribution 350,000 - 350,000
350,000 - 350,000
Taxation in Latvia Corporate income tax (CIT) is applicable to distributed profits and several expenses that would be treated as profit distribution. In case of reinvestment of profit CIT shall not be applied. The applicable CIT rate is 20%. The Company has rights to apply direct tax relief expiring on 31 December 2035 and reduce calculated tax amount by 80%. Under International Accounting Standard 12, if Income taxes are payable at a higher or lower rate if part or all of the net profit or retained earnings is paid out as a dividend to shareholders of the entity then current and deferred tax assets and liabilities are measured at the tax rate applicable to undistributed profits. In Latvia, the applicable rate for undistributed profits is 0%. Therefore, in the consolidated financial statements the deferred tax assets and liabilities are released to the income statement except for any deferred tax assets and liabilities related to the items accounted directly to the equity which are reversed through equity. At 31 December 2025, the Group had unused tax credits in Baltic Container Terminal SIA of \u20ac 802,063 (2024 \u2013 \u20ac 1,166,355). The expiry date of the unutilised tax credit is 2035 as per currently enacted Latvian law on corporate income tax. The aggregate amount of temporary differences associated with investments in subsidiaries for which no deferred tax liabilities have been recognised amounts to \u20ac 14,546,433 (2024 - \u20ac 16,228,386). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37809": { "value": "14.Dividend A dividend of \u20ac 5,600,000 was declared by the Company and Group for the year ended 31 December 2025 (2024: \u20ac 5,600,000), being a dividend per share of \u20ac 112 (2024: \u20ac 112", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38170": { "value": "112.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "ISO4217:EUR/xbrli:shares" } }, "mapping_38171": { "value": "112.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:485100UWC0VRB3D40532", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "ISO4217:EUR/xbrli:shares" } }, "mapping_37821": { "value": "15. Property, plant and equipment Group
Land and buildings Plant and equipment Furniture, fittings and equipment Fixed assets under construction Total
\u20ac \u20ac \u20ac \u20ac \u20ac
Cost or valuation
At 01.01.2024 54,994,890 16,690,716 1,544,002 3,220,764 76,450,372
Additions 62,387 152,988 90,531 4,222,417 4,528,323
Disposals - (37,548) (850) - (38,398)
Revaluation 5,192,561 - - - 5,192,561
Reclassification 4,159,295 397,106 7,846 (4,564,247) -
At 31.12.2024 64,409,133 17,203,262 1,641,529 2,878,934 86,132,858
Additions - 3,620 89,525 3,285,865 3,379,010
Revaluation 2,437,500 - - - 2,437,500
Disposals - (544,050) (49,478) - (593,528)
Reclassification 4,757,461 1,087,856 193,430 (6,038,747) -
At 31.12.2025 71,604,094 17,750,688 1,875,006 126,052 91,355,840
Accumulated depreciation
At 01.01.2024 14,385,583 12,610,461 1,105,368 - 28,101,412
Provision for the year 1,220,305 509,269 126,824 - 1,856,398
Eliminated on disposal - (33,519) (850) - (34,369)
Revaluation 1,489,441 - - - 1,489,441
At 31.12.2024 17,095,329 13,086,211 1,231,342 - 31,412,882
Revaluation 771,413 - - - 771,413
Provision for the year 1,368,935 529,011 167,943 - 2,065,889
Eliminated on disposal - (544,050) (49,478) - (593,528)
At 31.12.2025 19,235,677 13,071,172 1,349,807 - 33,656,656
Carrying amount
At 31.12.2024 47,313,804 4,117,051 410,187 2,878,934 54,719,976
At 31.12.2025 52,368,417 4,679,516 525,199 126,052 57,699,184
The Group applies the revaluation model for the real estate, which includes warehouse complex, administration buildings, open areas for cargo storage, access roads to railway and warehouse building. The latest valuation report was made by independent certified expert dated 30 January 2026. The valuation cash flows include revenue from storage and related on-shore handling fees, taking into consideration the location of the property in the port area and access to the other assets owned by the Group. According to the latest valuation report the fair value of the property is \u20ac 51,084,000 which exceeded the net carrying value of the real estate of \u20ac 49,417,913. As a result of revaluation, the fair value of the revalued property was increased by \u20ac 1,666,087 as of 31 December 2025. The Company has chosen to restate gross carrying amount and accumulated depreciation of the asset proportionally to the change in carrying amount. The fair value was determined based on an income approach. The valuation corresponds to Level 3 of fair value determination hierarchy as per IFRS 13. The main Level 3 inputs used by the Group are discount rates, capitalisation rates, and expected utilisation rate estimated by an external certified valuator based on comparable transactions and industry data. The following table summarises the key quantitative information about the significant unobservable inputs used in recurring Level 3 fair value measurements as of 31 December 2025.
Unobservable inputs Amount Relationship of unobservable inputs to fair value
Discount rate 8.9% - 11.2% The higher the discount rate and
Capitalisation rate 6.97% - 8% capitalisation rate, the lower the fair value
Expected utilisation rate 69.5% - 85.74% The higher the utilisation rate, the higher the fair value
17. Investment property Group and Holding Company
Group and Holding Company
\u20ac
Fair value
At 01.01.2024 4,469,000
Fair value movement 626,000
At 31.12.2024 5,095,000
At 31.12.2025 5,095,000
Carrying amount
At 31.12.2024 5,095,000
At 31.12.2025 5,095,000
The fair value of investment properties has been arrived at on the basis of recent valuations carried out by independent professionally qualified valuators on the basis set out below. In estimating the fair values of properties, the highest and best use of the properties was used. The fair value of the Group's investment property has been arrived at using Level 3 (2024 - Level 3) inputs as defined in IFRS. The expenses incurred in operating the investment property amounted to \u20ac 138,722 (2024 - \u20ac 151,519). Investment property carried at \u20ac 5,010,000 The investment property represents a building in Riga, Latvia. The fair value has been determined based on an independent certified expert's valuation dated 4th April 2025. The valuer used the income approach whereby the valuer adopted a discounted cash flow method to value the net expected cash inflows. The free cashflows over 5 years were estimated and the terminal free cash flow was based on the cash inflows of the year 5 cash flows. The WACC has been estimated to be 9%, whereas the capitalisation rate has been estimated to be 7%. The WACC was modelled based on similar experience for real estate valuation in Latvia. The exit capitalisation rate has been estimated to be 7%. The Group\u2019s management evaluated whether there have been significant changes in the fair value of the investment property since April 2025 and concluded that the fair value approximates the carrying amount. Investment property carried at \u20ac 85,000 The investment property represents a land in the territory of Latvia. The fair value has been determined based on an independent certified expert's valuation dated 23 February 2024. The fair value has been determined based on the market approach, whereby the valuer compared recent transactions of undeveloped land plots in agricultural use zone within close neighbourhoods. The Group's management evaluated whether there have been significant changes in the fair value of investment property since February 2024 and concluded that the fair value approximates the carrying amount. 27. Debt securities in issue
Group and Holding Company
2025 2024
\u20ac \u20ac
Non-current
5% bonds redeemable 2032 36,427,179 36,368,518
36,427,179 36,368,518
The quoted market price as at 31 December 2025 for the 2032 5% bonds was \u20ac 100.5 (\u20ac2024: \u20ac 102.01). The market value of debt securities on the last trading day before the statement of financial position date was \u20ac37,114,449 (2024: \u20ac 37,672,089) for the 5% Bonds. 32. Fair value of financial assets and financial liabilities The fair values offinancial assets and financial liabilities included in level 2 and level 3 categories below, other than debt securities, have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects a market interest rate plus the credit risk of counter parties. The fair value of debt securities is disclosed in note 27. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety. For assets and liabilities that are measured in the financial statements at fair value on a recurring basis, the Company determines when transfers are deemed to have occurred between Levels in the hierarchy at the end of each reporting period. The following tables provide an analysis of financial instruments, other than investments in subsidiaries that are not measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3, excluding those instruments whose carrying amount is a reasonable approximation of fair value. Group Fair value measurement at end of the reporting period using:
Level 1 Level 2 Level 3 Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac
2025
Financial assets
Loans and receivables
Loans to parent - 41,314,551 - 41,314,551 41,314,551
Loans to other related parties - 2,487,648 - 2,487,648 2,487,648
- 43,802,199 - 43,802,199 43,802,199
Level 1 Level 2 Level 3 Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac
2025
Financial liabilities at amortised cost
Debt securities - 37,114,449 - 37,114,449 36,427,179
- 37,114,449 - 37,114,449 36,427,179
Level 1 Level 2 Level 3 Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac
2024
Financial assets
Loans and receivables
Loans to parent - 37,921,515 - 37,921,515 37,921,515
Loans to other related parties - 2,473,446 - 2,473,446 2,473,446
Other loans - 200 - 200 200
- 40,395,161 - 40,395,161 40,395,161
Level 1 Level 2 Level 3 Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac
2024
Financial liabilities at amortised cost
Debt securities - 37,672,089 - 37,672,089 36,368,518
- 37,672,089 - 37,672,089 36,368,518
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37488": { "value": "16. Intangible assets Group
Computer Software
\u20ac
Cost
At 01.01.2024 969,665
Additions 17,520
At 31.12.2024 987,185
Additions 19,613
At 31.12.2025 1,006,798
Accumulated Depreciation
At 01.01.2024 531,126
Provision for the year 39,353
At 31.12.2024 570,479
Provision for the year 40,337
At 31.12.2025 610,816
Carrying amount
At 31.12.2024 416,706
At 31.12.2025 395,982
Computer software pertains to the terminal operating software used to control and manage the operations throughout the terminal. The amortisation expenses on intangible assets have been included in the line item \u201cAdministrative expenses\u201d in the statement of profit or loss and other comprehensive income. Included within the Group's software is an item with a carrying amount of \u20ac 351,971 (2024: \u20ac 399,186) and will be fully amortised in 11 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38134": { "value": "17. Investment property Group and Holding Company Operating leases - as Lessor At the end of the reporting period, the respective lessees had outstanding commitments under non-cancellable undiscounted lease payments for operating leases, which fall due as follows:
Group and Holding Company2025Group and Holding Company 2024
\u20ac \u20ac
Within less than 1 year 228,424 215,936
Between 2 and 3 years 165,945 189,654
394,369 405,590
23. Bank loans and overdraft
Group2025Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac\u20ac
Bank loans16,785,523 4,315,256- -
Bank overdrafts 3,124,003 10,945,305 - -
Less: amount due for settlement within 12 months (shown under current liabilities)(4,646,719) (11,224,770) - -
Amount due for settlement after 12 months15,262,807 4,035,791- -
The Group has an agreement with a Latvian commercial bank to finance the yard extension and the construction and extension of quay KS 34. Total amount used as at 31 December 2025 was \u20ac 5,291,505. The average interest rate for the loan in 2025 was 6% (2024: 6%). The maturity date of the loan is 7 August 2029. As at 31 December 2024, the Group had a credit line with a Latvian commercial bank with the limit of \u20ac12,000,000. In 2025, the Group has refinanced the credit line to loan agreement for the amount of \u20ac 12,000,000 and signed amendments in credit line agreement. As a result, the new credit line amounted to \u20ac 8,000,000. The overdraft balance as at 31 December 2025 amounted to \u20ac 3,124,003. The maturity date of the credit line is 31 January 2026. The average interest rate for the overdraft and credit line in 2025 was 6% (2024: 4%). In the beginning of the year 2026, the Group signed an amendment in credit line agreement amending the maturity date of the credit line to 31 January 2027. The maturity date of the loan is 28 February 2028. 25. Lease Liabilities Lease liabilities consist of land lease and quay amounting to \u20ac 2,446,545 (2024: \u20ac 3,001,892), and equipment amounting to \u20ac 1,381,112 (2024: \u20ac 1,973,016). The Group has a land lease and piers agreement with the Riga Freeport Authority which is valid until 22 March 2047. The annual rent charge is \u20ac 106,692 (2024: \u20ac 164,558) and \u20ac 67,397 (2024: \u20ac 70,792) for land lease and piers, respectively. Lease interest for equipment consists of a fixed portion 1.75% and a variable element of 3-month EURIBOR. The maturity of the equipment lease is 15 April 2026. The leased asset with net book value of \u20ac 4,651,716 as of 31 December 2025 (2024: \u20ac 4,885,275) serves as a collateral for the lease. 34. Capital Commitments As at 31 December 2025, the Group did not have any future payment commitments for capital expenditure contracted for at the end of the reporting year, but not yet incurred (2024: \u20ac 1,628,221). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38131": { "value": "17. Investment property Group and Holding Company Operating leases - as Lessor At the end of the reporting period, the respective lessees had outstanding commitments under non-cancellable undiscounted lease payments for operating leases, which fall due as follows:
Group and Holding Company2025Group and Holding Company 2024
\u20ac \u20ac
Within less than 1 year 228,424 215,936
Between 2 and 3 years 165,945 189,654
394,369 405,590
23. Bank loans and overdraft
Group2025Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac\u20ac
Bank loans16,785,523 4,315,256- -
Bank overdrafts 3,124,003 10,945,305 - -
Less: amount due for settlement within 12 months (shown under current liabilities)(4,646,719) (11,224,770) - -
Amount due for settlement after 12 months15,262,807 4,035,791- -
The Group has an agreement with a Latvian commercial bank to finance the yard extension and the construction and extension of quay KS 34. Total amount used as at 31 December 2025 was \u20ac 5,291,505. The average interest rate for the loan in 2025 was 6% (2024: 6%). The maturity date of the loan is 7 August 2029. As at 31 December 2024, the Group had a credit line with a Latvian commercial bank with the limit of \u20ac12,000,000. In 2025, the Group has refinanced the credit line to loan agreement for the amount of \u20ac 12,000,000 and signed amendments in credit line agreement. As a result, the new credit line amounted to \u20ac 8,000,000. The overdraft balance as at 31 December 2025 amounted to \u20ac 3,124,003. The maturity date of the credit line is 31 January 2026. The average interest rate for the overdraft and credit line in 2025 was 6% (2024: 4%). In the beginning of the year 2026, the Group signed an amendment in credit line agreement amending the maturity date of the credit line to 31 January 2027. The maturity date of the loan is 28 February 2028. 25. Lease Liabilities Lease liabilities consist of land lease and quay amounting to \u20ac 2,446,545 (2024: \u20ac 3,001,892), and equipment amounting to \u20ac 1,381,112 (2024: \u20ac 1,973,016). The Group has a land lease and piers agreement with the Riga Freeport Authority which is valid until 22 March 2047. The annual rent charge is \u20ac 106,692 (2024: \u20ac 164,558) and \u20ac 67,397 (2024: \u20ac 70,792) for land lease and piers, respectively. Lease interest for equipment consists of a fixed portion 1.75% and a variable element of 3-month EURIBOR. The maturity of the equipment lease is 15 April 2026. The leased asset with net book value of \u20ac 4,651,716 as of 31 December 2025 (2024: \u20ac 4,885,275) serves as a collateral for the lease. 34. Capital Commitments As at 31 December 2025, the Group did not have any future payment commitments for capital expenditure contracted for at the end of the reporting year, but not yet incurred (2024: \u20ac 1,628,221). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37589": { "value": "17. Investment property Group and Holding Company
Group and Holding Company
\u20ac
Fair value
At 01.01.2024 4,469,000
Fair value movement 626,000
At 31.12.2024 5,095,000
At 31.12.2025 5,095,000
Carrying amount
At 31.12.2024 5,095,000
At 31.12.2025 5,095,000
The fair value of investment properties has been arrived at on the basis of recent valuations carried out by independent professionally qualified valuators on the basis set out below. In estimating the fair values of properties, the highest and best use of the properties was used. The fair value of the Group's investment property has been arrived at using Level 3 (2024 - Level 3) inputs as defined in IFRS. The expenses incurred in operating the investment property amounted to \u20ac 138,722 (2024 - \u20ac 151,519). Investment property carried at \u20ac 5,010,000 The investment property represents a building in Riga, Latvia. The fair value has been determined based on an independent certified expert's valuation dated 4th April 2025. The valuer used the income approach whereby the valuer adopted a discounted cash flow method to value the net expected cash inflows. The free cashflows over 5 years were estimated and the terminal free cash flow was based on the cash inflows of the year 5 cash flows. The WACC has been estimated to be 9%, whereas the capitalisation rate has been estimated to be 7%. The WACC was modelled based on similar experience for real estate valuation in Latvia. The exit capitalisation rate has been estimated to be 7%. The Group\u2019s management evaluated whether there have been significant changes in the fair value of the investment property since April 2025 and concluded that the fair value approximates the carrying amount. Investment property carried at \u20ac 85,000 The investment property represents a land in the territory of Latvia. The fair value has been determined based on an independent certified expert's valuation dated 23 February 2024. The fair value has been determined based on the market approach, whereby the valuer compared recent transactions of undeveloped land plots in agricultural use zone within close neighbourhoods. The Group's management evaluated whether there have been significant changes in the fair value of investment property since February 2024 and concluded that the fair value approximates the carrying amount. Operating leases - as Lessor Operating leases related to investment property owned by the Company with lease terms of between 2-15 years (2024: 2-15 years). The rental income earned by the Group under operating leases amounted to \u20ac 483,021 (2024 - \u20ac 435,962). Direct operating expenses incurred by the Group are \u20ac 138,722 (2024 - \u20ac 151,519) in relation to the investment property during the year. In 2025, the income relating to variable lease payments to the Company that do not depend on an index or a rate amounted to \u20ac 272,117 (2024 - \u20ac 268,812). The unguaranteed residual values do not represent a significant risk for the Company, as they relate to property which is located in a location with a stable value over the last few years. The Company did not identify any indications that this situation will change. At the end of the reporting period, the respective lessees had outstanding commitments under non-cancellable undiscounted lease payments for operating leases, which fall due as follows:
Group and Holding Company2025Group and Holding Company 2024
\u20ac \u20ac
Within less than 1 year 228,424 215,936
Between 2 and 3 years 165,945 189,654
394,369 405,590
19. Financial assetsLoans receivable
Group Holding Company
Loan to parent Related party loans Other loans Total Loan to parent Loan to subsidiaries Total
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
Amortised cost
At 31.12.2024 37,921,515 2,473,446 200 40,395,161 30,516,303 34,261,916 64,778,219
Less: Amount expected to be settled within 12 months (shown under current assets) 7,847,963 453,017 - 8,300,980 7,397,250 491,916 7,889,166
Amount expected to be settled after 12 months 30,073,552 2,020,429 200 32,094,181 23,119,053 33,770,000 56,889,053
Amortised cost at 31.12.2025 41,314,551 2,487,648 - 43,802,199 33,712,428 34,261,916 67,974,344
Less: Amount expected to be settled within 12 months (shown under current assets) 8,105,142 408,731 - 8,513,873 5,600,000 491,916 6,091,916
Amount expected to be settled after 12 months 33,209,409 2,078,917 - 35,288,326 28,112,428 33,770,000 61,882,428
Group Holding Company
Loan to parent Related party loans Other loans Total Loan to parent Loan to subsidiaries Total
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
Amortised cost
At 01.01.2024 47,932,925 2,231,881 5,100 50,169,906 40,739,437 37,454,257 78,193,694
Advances and interest charged 12,830,385 1,164,565 200 13,995,150 12,218,661 1,998,340 14,217,001
Dividend (5,600,000) - - (5,600,000) (5,600,000) - (5,600,000)
Repayments (17,241,795) (923,000) (5,100) (18,169,895) (16,841,795) (5,190,681) (22,032,476)
At 31.12.2024 37,921,515 2,473,446 200 40,395,161 30,516,303 34,261,916 64,778,219
Advances and interest charged 11,369,770 473,381 - 11,843,151 10,758,625 1,951,625 12,710,250
Dividend (5,600,000) - - (5,600,000) (5,600,000) - (5,600,000)
Repayments (2,376,734) (459,179) (200) (2,836,113) (1,962,500) (1,951,625) (3,914,125)
At 31.12.2025 41,314,551 2,487,648 - 43,802,199 33,712,428 34,261,916 67,974,344
All the above loans are denominated in Euro (\u20ac). Loan to subsidiaries and related party \ue627\ue78c\ue77d\ue7b5\ue789: As of 31 December 2025, the Group had three outstanding loan agreements with Mariner Logistics SIA for the nominal amount of \u20ac 1,648,150 (2024: \u20ac 1,648,150), \u20ac 150,000 (2024: nil), and \u20ac 250,000 (2024: nil). The interest rate for all loans is 3.5% (2024: 3.5%) per annum. The loans are unsecured. The repayment date of the loans is on 27 February 2034, 31 August 2026 and 18 March 2026 respectively. Moreover, loans amounting to \u20ac 240,437 and \u20ac 172,500 were repaid on 1 March 2025 and 11 September 2025 respectively. Accrued interest as at 31 December 2025 amounted to \u20ac 439,498 (2024: \u20ac 412,360). Loan to parent \ue627\ue78c\ue77d\ue7b5\ue789: As of 31 December 2025, the Group additionally had several outstanding loan agreements with Mariner Capital Limited for the nominal amounts of \u20ac 1,700,000, \u20ac 2,250,000, \u20ac 1,600,000, and \u20ac 400,000 respectively. The loans issued fall due for repayment by 31 December 2030, 19 June 2027, 31 July 2026 and 24 February 2026, respectively. A loan amounting to \u20ac 400,000 was repaid on 28 February 2025. All loans are unsecured and carry an interest rate of 3.5% per annum. As at 31 December 2025, the Group had accrued interest receivable from Mariner Capital on the loans and receivables amounting to \u20ac 1,652,123 (2024: \u20ac1,455,212). This accrued interest is repayable on demand, however it is not expected to be repaid within twelve months after the end of the reporting period. During the year, the management reclassified the accrued interest income of the Group and the Company amounting to Eur1,097,250 and Eur1,589,166, respectively, as at 31 December 2024, from trade and other receivables to loans receivable within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity or profit for the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38069": { "value": "19. Financial assets Loan to parent \ue627\ue78c\ue77d\ue7b5\ue789: During the year, the management reclassified the accrued interest income of the Group and the Company amounting to Eur1,097,250 and Eur1,589,166, respectively, as at 31 December 2024, from trade and other receivables to loans receivable within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity or profit for the year. 21. Trade and other receivables During the year, the management reclassified the accrued interest income of the Group and the Company amounting to Eur1,097,250 and Eur1,589,166, respectively, as at 31 December 2024, from trade and other receivables to loans receivable within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity or profit for the year. The Group has an agreement with a Latvian commercial bank to finance the yard extension and the construction and extension of quay KS 34. Total amount used as at 31 December 2025 was \u20ac 5,291,505. The average interest rate for the loan in 2025 was 6% (2024: 6%). The maturity date of the loan is 7 August 2029. As at 31 December 2024, the Group had a credit line with a Latvian commercial bank with the limit of \u20ac12,000,000. In 2025, the Group has refinanced the credit line to loan agreement for the amount of \u20ac 12,000,000 and signed amendments in credit line agreement. As a result, the new credit line amounted to \u20ac 8,000,000. The overdraft balance as at 31 December 2025 amounted to \u20ac 3,124,003. The maturity date of the credit line is 31 January 2026. The average interest rate for the overdraft and credit line in 2025 was 6% (2024: 4%). In the beginning of the year 2026, the Group signed an amendment in credit line agreement amending the maturity date of the credit line to 31 January 2027. The maturity date of the loan is 28 February 2028. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37601": { "value": "19. Financial assets Investments in subsidiaries The Company's proportion of ownership interest in subsidiaries at 31 December 2025 and their principal activities are as follows:
Proportion of ownership interest Principal activities
%
Mariner Finance Baltic SIA100 (2024 - 100%) Holding Company
Baltic Container Terminals SIA (indirectly through Mariner
Finance Baltic SIA)100 (2024 - 100%) Maritime operations
The registered offices of the following subsidiaries are: Baltic Container Terminals SIA - 32, Uriekstes iela, Riga, LV-1005, Latvia Mariner Finance Baltic SIA - 1, Merkela Street, Riga, LV-1050, Latvia", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37656": { "value": "19. Financial assets Investments in subsidiaries The Company's proportion of ownership interest in subsidiaries at 31 December 2025 and their principal activities are as follows:
Proportion of ownership interest Principal activities
%
Mariner Finance Baltic SIA100 (2024 - 100%) Holding Company
Baltic Container Terminals SIA (indirectly through Mariner
Finance Baltic SIA)100 (2024 - 100%) Maritime operations
The registered offices of the following subsidiaries are:
2025 2024
\u20ac \u20ac
Capital and reserves:
Mariner Finance Baltic SIA 32,794,963 32,943,269
Baltic Container Terminals SIA 55,055,031 56,322,317
Profit or loss:
Mariner Finance Baltic SIA 8,245,962 6,219,933
Baltic Container Terminals SIA 7,316,360 6,904,234
Baltic Container Terminals SIA - 32, Uriekstes iela, Riga, LV-1005, Latvia Mariner Finance Baltic SIA - 1, Merkela Street, Riga, LV-1050, Latvia", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37830": { "value": "19. Financial assetsLoans receivable
Group Holding Company
Loan to parent Related party loans Other loans Total Loan to parent Loan to subsidiaries Total
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
Amortised cost
At 31.12.2024 37,921,515 2,473,446 200 40,395,161 30,516,303 34,261,916 64,778,219
Less: Amount expected to be settled within 12 months (shown under current assets) 7,847,963 453,017 - 8,300,980 7,397,250 491,916 7,889,166
Amount expected to be settled after 12 months 30,073,552 2,020,429 200 32,094,181 23,119,053 33,770,000 56,889,053
Amortised cost at 31.12.2025 41,314,551 2,487,648 - 43,802,199 33,712,428 34,261,916 67,974,344
Less: Amount expected to be settled within 12 months (shown under current assets) 8,105,142 408,731 - 8,513,873 5,600,000 491,916 6,091,916
Amount expected to be settled after 12 months 33,209,409 2,078,917 - 35,288,326 28,112,428 33,770,000 61,882,428
Group Holding Company
Loan to parent Related party loans Other loans Total Loan to parent Loan to subsidiaries Total
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
Amortised cost
At 01.01.2024 47,932,925 2,231,881 5,100 50,169,906 40,739,437 37,454,257 78,193,694
Advances and interest charged 12,830,385 1,164,565 200 13,995,150 12,218,661 1,998,340 14,217,001
Dividend (5,600,000) - - (5,600,000) (5,600,000) - (5,600,000)
Repayments (17,241,795) (923,000) (5,100) (18,169,895) (16,841,795) (5,190,681) (22,032,476)
At 31.12.2024 37,921,515 2,473,446 200 40,395,161 30,516,303 34,261,916 64,778,219
Advances and interest charged 11,369,770 473,381 - 11,843,151 10,758,625 1,951,625 12,710,250
Dividend (5,600,000) - - (5,600,000) (5,600,000) - (5,600,000)
Repayments (2,376,734) (459,179) (200) (2,836,113) (1,962,500) (1,951,625) (3,914,125)
At 31.12.2025 41,314,551 2,487,648 - 43,802,199 33,712,428 34,261,916 67,974,344
All the above loans are denominated in Euro (\u20ac). Loan to subsidiaries and related party \ue627\ue78c\ue77d\ue7b5\ue789: As of 31 December 2025, the Group had three outstanding loan agreements with Mariner Logistics SIA for the nominal amount of \u20ac 1,648,150 (2024: \u20ac 1,648,150), \u20ac 150,000 (2024: nil), and \u20ac 250,000 (2024: nil). The interest rate for all loans is 3.5% (2024: 3.5%) per annum. The loans are unsecured. The repayment date of the loans is on 27 February 2034, 31 August 2026 and 18 March 2026 respectively. Moreover, loans amounting to \u20ac 240,437 and \u20ac 172,500 were repaid on 1 March 2025 and 11 September 2025 respectively. Accrued interest as at 31 December 2025 amounted to \u20ac 439,498 (2024: \u20ac 412,360). Loan to parent \ue627\ue78c\ue77d\ue7b5\ue789: As of 31 December 2025, the Group additionally had several outstanding loan agreements with Mariner Capital Limited for the nominal amounts of \u20ac 1,700,000, \u20ac 2,250,000, \u20ac 1,600,000, and \u20ac 400,000 respectively. The loans issued fall due for repayment by 31 December 2030, 19 June 2027, 31 July 2026 and 24 February 2026, respectively. A loan amounting to \u20ac 400,000 was repaid on 28 February 2025. All loans are unsecured and carry an interest rate of 3.5% per annum. As at 31 December 2025, the Group had accrued interest receivable from Mariner Capital on the loans and receivables amounting to \u20ac 1,652,123 (2024: \u20ac1,455,212). This accrued interest is repayable on demand, however it is not expected to be repaid within twelve months after the end of the reporting period. During the year, the management reclassified the accrued interest income of the Group and the Company amounting to Eur1,097,250 and Eur1,589,166, respectively, as at 31 December 2024, from trade and other receivables to loans receivable within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity or profit for the year. 27. Debt securities in issue
Group and Holding Company
2025 2024
\u20ac \u20ac
Non-current
5% bonds redeemable 2032 36,427,179 36,368,518
36,427,179 36,368,518
The bonds which are measured at amortised cost, are analysed below between their face value and the amount of unamortised issue costs.
Face value of bonds36,929,800 36,929,800
Issue costs 561,282617,023
Accumulated amortisation (58,661) (55,741)
Unamortised issue costs 502,621 561,282
Amortised cost 36,427,179 36,368,518
In June 2014, the Company issued an aggregate principal amount of \u20ac 35 million in Bonds, having nominal value of \u20ac 100 each, bearing interest at the rate of 5.3% per annum, payable in arrears. These bonds are unsecured pursuant and subject to terms and conditions in the prospectus dated 2 June 2014, were redeemable at their nominal value in July 2024. \u20ac 17,316,200 out of this amount were exchanged to the new 5% bond issued in December 2022. A premium of \u20ac1.50 per existing bond surrendered was paid by the Company to the existing bond holders who took up option to exchange existing bonds for the new bonds. The remaining bonds were redeemed in July 2024. In December 2022 the Company issued \u20ac 36,929,800 5% unsecured bonds comprising of 369,298 bonds of Euro 100 each and are also pursuant and subject to terms and conditions in the prospectus. The bonds are to be redeemed by the Company on the 16th December 2032. Interest on bonds is due and payable annually in arrears on the 16th December of each year. The 2032 Bond was admitted to listing on the Official List of the Malta stock Exchange on 3 January 2023. The quoted market price as at 31 December 2025 for the 2032 5% bonds was \u20ac 100.5 (\u20ac2024: \u20ac 102.01). The market value of debt securities on the last trading day before the statement of financial position date was \u20ac37,114,449 (2024: \u20ac 37,672,089) for the 5% Bonds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38044": { "value": "19. Financial assetsLoan to parent \ue627\ue78c\ue77d\ue7b5\ue789: During the year, the management reclassified the accrued interest income of the Group and the Company amounting to Eur1,097,250 and Eur1,589,166, respectively, as at 31 December 2024, from trade and other receivables to loans receivable within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity or profit for the year. 21. Trade and other receivables
Group2025Group2024Holding CompanyHolding Company 2024
2025
\u20ac \u20ac \u20ac \u20ac
Trade receivables 3,807,540 3,995,955 28,775 10,485
Other receivables 86,853 45,077 36,727 33,786
Prepayments 75,777 100,986 24,044 27,580
3,970,170 4,142,018 89,546 71,851
Trade and other receivables are unsecured, interest free and repayable on demand. During the year, the management reclassified the accrued interest income of the Group and the Company amounting to Eur1,097,250 and Eur1,589,166, respectively, as at 31 December 2024, from trade and other receivables to loans receivable within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity or profit for the year. 33.Financial risk management Credit risk Provision matrix The table below details the risk profile of trade receivables based on the Group\u2019s provision matrix. Days past due \u2013 simplified approach
Not past due <45 45 \u2013 90 >90 Total
\u20ac \u20ac \u20ac \u20ac \u20ac
2025
Trade receivables tested collectively
Estimated total gross carrying amount at default 1,136,156 226,673 54,637 63,754 1,481,220
Lifetime ECL at 31 December 2025 (19)
Net carrying amount at 31 December 2025 1,481,201
Days past due \u2013 simplified approach
2024 Not past due <45 45 \u2013 90 >90 Total
\u20ac \u20ac \u20ac \u20ac \u20ac
Trade receivables tested collectively
Estimated total gross carrying amount at default 1,090,564 267,593 84,833 65,427 1,508,417
Lifetime ECL at 31 December 2024 (16,864)
Net carrying amount at 31 December 2024 1,491,553
The following table shows the movement in lifetime ECLs that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9:
Lifetime ECL (not credit-impaired) Lifetime ECL (not credit-impaired) Trade receivables No SFC Lifetime ECL (credit-impaired but not POCI) Trade receivables No SFC Lifetime ECL (credit-impaired but not POCI) Trade receivables No SFC
Trade receivables No SFC
\u20ac \u20ac \u20ac \u20ac
Opening balance at 1 January 2025 16,864 - - -
Reversal during the year (16,845) - - -
Closing balance 31 December 2025 19 - - -
Opening balance at 1 January 2024 27,094 - - -
Reversal during the year (10,230) - - -
Closing balance 31 December 2024 16,864 - - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37480": { "value": "20. Inventories
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Spare parts 222,412 205,667 - -
Raw materials 95,467 66,244 - -
Fuel 21,686 19,785 - -
Other 43,760 35,684 - -
Advance payments for inventory 17,137 3,888 - -
400,462 331,268 - -
The amount of inventories recognised as an expense during the year amounted to \u20ac 1,294,664 (2024: \u20ac1,274,922). During the current year, the Group recognised a provision of slow-moving inventory amounting to \u20ac 21,132 (2024: provision of \u20ac 632), presented in the statement of profit or loss and other comprehensive income within cost of sales. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37653": { "value": "21. Trade and other receivables
Group2025Group2024Holding CompanyHolding Company 2024
2025
\u20ac \u20ac \u20ac \u20ac
Trade receivables 3,807,540 3,995,955 28,775 10,485
Other receivables 86,853 45,077 36,727 33,786
Prepayments 75,777 100,986 24,044 27,580
3,970,170 4,142,018 89,546 71,851
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37613": { "value": "22.Trade and other payables
Group2025 Group 2024Holding Company 2025Holding Company2024
\u20ac \u20ac \u20ac \u20ac
Trade payables 305,986 950,793 4,9415,634
Other payables 485,022 540,080 9,3238,506
Accrued interest 306,961 348,931 306,961348,931
Other accruals673,035 887,480 67,578 69,423
Bond exchange premium 75 75 75 75
1,771,079 2,727,359 388,878 432,569
Current 1,771,079 2,622,589 388,878 432,569
Non-Current - 104,770 - -
No interest is charged on trade and other payables and are generally settled between 30 and 90 days terms. 24. Other liabilities
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Other loans 93,017 62,111 8,327 8,389
Deferred income 1,919,515 1,016,507 - -
2,012,532 1,078,618 8,327 8,389
Amount due for settlement within 12 months (shown under current liabilities)(58,694) (41,352) --
Amount due for settlement after 12 months 1,953,838 1,037,266 8,327 8,389
Deferred income refers to an EU grant which was received by a subsidiary of the Group. In 2023 the subsidiary started the reconstruction and extension of the berth KS 34 by 57.3 meters in Latvia. The total available grant for construction works amounts to \u20ac 2,092,192. In 2025, the Group received additional grant for the amount of \u20ac 944,216, and \u20ac 41,207 (2024: \u20ac 21,434) has been released to profit and loss and recorded within cost of sales. The construction was finished during the reporting year. 27. Debt securities in issue
Group and Holding Company
2025 2024
\u20ac \u20ac
Non-current
5% bonds redeemable 2032 36,427,179 36,368,518
36,427,179 36,368,518
The bonds which are measured at amortised cost, are analysed below between their face value and the amount of unamortised issue costs.
Face value of bonds36,929,800 36,929,800
Issue costs 561,282617,023
Accumulated amortisation (58,661) (55,741)
Unamortised issue costs 502,621 561,282
Amortised cost 36,427,179 36,368,518
In June 2014, the Company issued an aggregate principal amount of \u20ac 35 million in Bonds, having nominal value of \u20ac 100 each, bearing interest at the rate of 5.3% per annum, payable in arrears. These bonds are unsecured pursuant and subject to terms and conditions in the prospectus dated 2 June 2014, were redeemable at their nominal value in July 2024. \u20ac 17,316,200 out of this amount were exchanged to the new 5% bond issued in December 2022. A premium of \u20ac1.50 per existing bond surrendered was paid by the Company to the existing bond holders who took up option to exchange existing bonds for the new bonds. The remaining bonds were redeemed in July 2024. In December 2022 the Company issued \u20ac 36,929,800 5% unsecured bonds comprising of 369,298 bonds of Euro 100 each and are also pursuant and subject to terms and conditions in the prospectus. The bonds are to be redeemed by the Company on the 16th December 2032. Interest on bonds is due and payable annually in arrears on the 16th December of each year. The 2032 Bond was admitted to listing on the Official List of the Malta stock Exchange on 3 January 2023. The quoted market price as at 31 December 2025 for the 2032 5% bonds was \u20ac 100.5 (\u20ac2024: \u20ac 102.01). The market value of debt securities on the last trading day before the statement of financial position date was \u20ac37,114,449 (2024: \u20ac 37,672,089) for the 5% Bonds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37494": { "value": "22.Trade and other payables
Group2025 Group 2024Holding Company 2025Holding Company2024
\u20ac \u20ac \u20ac \u20ac
Trade payables 305,986 950,793 4,9415,634
Other payables 485,022 540,080 9,3238,506
Accrued interest 306,961 348,931 306,961348,931
Other accruals673,035 887,480 67,578 69,423
Bond exchange premium 75 75 75 75
1,771,079 2,727,359 388,878 432,569
Current 1,771,079 2,622,589 388,878 432,569
Non-Current - 104,770 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37486": { "value": "22.Trade and other payables
Group2025 Group 2024Holding Company 2025Holding Company2024
\u20ac \u20ac \u20ac \u20ac
Trade payables 305,986 950,793 4,9415,634
Other payables 485,022 540,080 9,3238,506
Accrued interest 306,961 348,931 306,961348,931
Other accruals673,035 887,480 67,578 69,423
Bond exchange premium 75 75 75 75
1,771,079 2,727,359 388,878 432,569
Current 1,771,079 2,622,589 388,878 432,569
Non-Current - 104,770 - -
No interest is charged on trade and other payables and are generally settled between 30 and 90 days terms. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37787": { "value": "23. Bank loans and overdraft
Group2025Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac\u20ac
Bank loans16,785,523 4,315,256- -
Bank overdrafts 3,124,003 10,945,305 - -
Less: amount due for settlement within 12 months (shown under current liabilities)(4,646,719) (11,224,770) - -
Amount due for settlement after 12 months15,262,807 4,035,791- -
The borrowings from credit institutions are secured by the following agreements: mortgage collaterals and commercial pledge agreement which in total amount to \u20ac 26,000,000, and which includes all movable property owned by the Group as of date of signing of the pledge agreement and in the future, cession agreement on receivables. 25. Lease Liabilities The leased asset with net book value of \u20ac 4,651,716 as of 31 December 2025 (2024: \u20ac 4,885,275) serves as a collateral for the lease. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37717": { "value": "23. Bank loans and overdraft
Group2025Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac\u20ac
Bank loans16,785,523 4,315,256- -
Bank overdrafts 3,124,003 10,945,305 - -
Less: amount due for settlement within 12 months (shown under current liabilities)(4,646,719) (11,224,770) - -
Amount due for settlement after 12 months15,262,807 4,035,791- -
The bank loans and overdrafts are repayable as follows:
Group2025 Group2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
On demand or within one year 4,646,719 11,224,770 - -
In the second year 1,428,698 546,313 --
In the third year 10,498,563546,313 - -
In the fourth year 3,335,546 546,313 - -
5 years and over - 2,396,852 - -
19,909,526 15,260,561 - -
The Group has an agreement with a Latvian commercial bank to finance the yard extension and the construction and extension of quay KS 34. Total amount used as at 31 December 2025 was \u20ac 5,291,505. The average interest rate for the loan in 2025 was 6% (2024: 6%). The maturity date of the loan is 7 August 2029. As at 31 December 2024, the Group had a credit line with a Latvian commercial bank with the limit of \u20ac12,000,000. In 2025, the Group has refinanced the credit line to loan agreement for the amount of \u20ac 12,000,000 and signed amendments in credit line agreement. As a result, the new credit line amounted to \u20ac 8,000,000. The overdraft balance as at 31 December 2025 amounted to \u20ac 3,124,003. The maturity date of the credit line is 31 January 2026. The average interest rate for the overdraft and credit line in 2025 was 6% (2024: 4%). In the beginning of the year 2026, the Group signed an amendment in credit line agreement amending the maturity date of the credit line to 31 January 2027. The maturity date of the loan is 28 February 2028. The borrowings from credit institutions are secured by the following agreements: mortgage collaterals and commercial pledge agreement which in total amount to \u20ac 26,000,000, and which includes all movable property owned by the Group as of date of signing of the pledge agreement and in the future, cession agreement on receivables. At the end of the reporting year the Group has fulfilled all loan covenants set in the contracts with credit institutions. All bank loans and facilities pertaining to the Group are denominated in Euro (\u20ac). 27. Debt securities in issue
Group and Holding Company
2025 2024
\u20ac \u20ac
Non-current
5% bonds redeemable 2032 36,427,179 36,368,518
36,427,179 36,368,518
The bonds which are measured at amortised cost, are analysed below between their face value and the amount of unamortised issue costs.
Face value of bonds36,929,800 36,929,800
Issue costs 561,282617,023
Accumulated amortisation (58,661) (55,741)
Unamortised issue costs 502,621 561,282
Amortised cost 36,427,179 36,368,518
In June 2014, the Company issued an aggregate principal amount of \u20ac 35 million in Bonds, having nominal value of \u20ac 100 each, bearing interest at the rate of 5.3% per annum, payable in arrears. These bonds are unsecured pursuant and subject to terms and conditions in the prospectus dated 2 June 2014, were redeemable at their nominal value in July 2024. \u20ac 17,316,200 out of this amount were exchanged to the new 5% bond issued in December 2022. A premium of \u20ac1.50 per existing bond surrendered was paid by the Company to the existing bond holders who took up option to exchange existing bonds for the new bonds. The remaining bonds were redeemed in July 2024. In December 2022 the Company issued \u20ac 36,929,800 5% unsecured bonds comprising of 369,298 bonds of Euro 100 each and are also pursuant and subject to terms and conditions in the prospectus. The bonds are to be redeemed by the Company on the 16th December 2032. Interest on bonds is due and payable annually in arrears on the 16th December of each year. The 2032 Bond was admitted to listing on the Official List of the Malta stock Exchange on 3 January 2023. The quoted market price as at 31 December 2025 for the 2032 5% bonds was \u20ac 100.5 (\u20ac2024: \u20ac 102.01). The market value of debt securities on the last trading day before the statement of financial position date was \u20ac37,114,449 (2024: \u20ac 37,672,089) for the 5% Bonds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38184": { "value": "24. Other liabilities
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Other loans 93,017 62,111 8,327 8,389
Deferred income 1,919,515 1,016,507 - -
2,012,532 1,078,618 8,327 8,389
Amount due for settlement within 12 months (shown under current liabilities)(58,694) (41,352) --
Amount due for settlement after 12 months 1,953,838 1,037,266 8,327 8,389
Deferred income refers to an EU grant which was received by a subsidiary of the Group. In 2023 the subsidiary started the reconstruction and extension of the berth KS 34 by 57.3 meters in Latvia. The total available grant for construction works amounts to \u20ac 2,092,192. In 2025, the Group received additional grant for the amount of \u20ac 944,216, and \u20ac 41,207 (2024: \u20ac 21,434) has been released to profit and loss and recorded within cost of sales. The construction was finished during the reporting year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38180": { "value": "24. Other liabilities
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Other loans 93,017 62,111 8,327 8,389
Deferred income 1,919,515 1,016,507 - -
2,012,532 1,078,618 8,327 8,389
Amount due for settlement within 12 months (shown under current liabilities)(58,694) (41,352) --
Amount due for settlement after 12 months 1,953,838 1,037,266 8,327 8,389
Deferred income refers to an EU grant which was received by a subsidiary of the Group. In 2023 the subsidiary started the reconstruction and extension of the berth KS 34 by 57.3 meters in Latvia. The total available grant for construction works amounts to \u20ac 2,092,192. In 2025, the Group received additional grant for the amount of \u20ac 944,216, and \u20ac 41,207 (2024: \u20ac 21,434) has been released to profit and loss and recorded within cost of sales. The construction was finished during the reporting year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37496": { "value": "24. Other liabilities
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Other loans 93,017 62,111 8,327 8,389
Deferred income 1,919,515 1,016,507 - -
2,012,532 1,078,618 8,327 8,389
Amount due for settlement within 12 months (shown under current liabilities)(58,694) (41,352) --
Amount due for settlement after 12 months 1,953,838 1,037,266 8,327 8,389
Deferred income refers to an EU grant which was received by a subsidiary of the Group. In 2023 the subsidiary started the reconstruction and extension of the berth KS 34 by 57.3 meters in Latvia. The total available grant for construction works amounts to \u20ac 2,092,192. In 2025, the Group received additional grant for the amount of \u20ac 944,216, and \u20ac 41,207 (2024: \u20ac 21,434) has been released to profit and loss and recorded within cost of sales. The construction was finished during the reporting year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37484": { "value": "24. Other liabilities
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Other loans 93,017 62,111 8,327 8,389
Deferred income 1,919,515 1,016,507 - -
2,012,532 1,078,618 8,327 8,389
Amount due for settlement within 12 months (shown under current liabilities)(58,694) (41,352) --
Amount due for settlement after 12 months 1,953,838 1,037,266 8,327 8,389
Deferred income refers to an EU grant which was received by a subsidiary of the Group. In 2023 the subsidiary started the reconstruction and extension of the berth KS 34 by 57.3 meters in Latvia. The total available grant for construction works amounts to \u20ac 2,092,192. In 2025, the Group received additional grant for the amount of \u20ac 944,216, and \u20ac 41,207 (2024: \u20ac 21,434) has been released to profit and loss and recorded within cost of sales. The construction was finished during the reporting year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37482": { "value": "24. Other liabilities
Group2025 Group 2024Holding Company 2025Holding Company 2024
\u20ac \u20ac \u20ac \u20ac
Other loans 93,017 62,111 8,327 8,389
Deferred income 1,919,515 1,016,507 - -
2,012,532 1,078,618 8,327 8,389
Amount due for settlement within 12 months (shown under current liabilities)(58,694) (41,352) --
Amount due for settlement after 12 months 1,953,838 1,037,266 8,327 8,389
Deferred income refers to an EU grant which was received by a subsidiary of the Group. In 2023 the subsidiary started the reconstruction and extension of the berth KS 34 by 57.3 meters in Latvia. The total available grant for construction works amounts to \u20ac 2,092,192. In 2025, the Group received additional grant for the amount of \u20ac 944,216, and \u20ac 41,207 (2024: \u20ac 21,434) has been released to profit and loss and recorded within cost of sales. The construction was finished during the reporting year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37478": { "value": "28. Share capital
2025 and 2024
Authorised Issued and called up
\u20ac \u20ac
50,000 ordinary shares of \u20ac 10 each, all of which have been issued and called up500,000 500,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37476": { "value": "28. Share capital
2025 and 2024
Authorised Issued and called up
\u20ac \u20ac
50,000 ordinary shares of \u20ac 10 each, all of which have been issued and called up500,000 500,000
29. Reserves Other equity This represents a contribution of \u20ac 10,000,000 from the parent, Mariner Capital Limited. This amount is interest free, unsecured and carries no fixed date of repayment. This amount was recognised directly in equity since there is no contractual obligation to repay this amount prior to the liquidation of the Company. Revaluation reserve This represents the revaluation of the Group's land and buildings consisting of the following: - the increase in the revaluation reserve in 2017 resulting from the reversal of the deferred tax liability; - the increase in the revaluation reserve in 2019, 2022, 2024 and 2025 resulting from the increase in fair value of the Group's land and buildings. According to Latvian Commercial Law requirements, the revaluation reserve cannot be distributed to shareholders. Other reserves These represent the effect on other equity recognised on acquisition of subsidiaries in 2013 and cross border merger of Mariner Baltic Holdings SIA in 2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37700": { "value": "29. Reserves Other equity This represents a contribution of \u20ac 10,000,000 from the parent, Mariner Capital Limited. This amount is interest free, unsecured and carries no fixed date of repayment. This amount was recognised directly in equity since there is no contractual obligation to repay this amount prior to the liquidation of the Company. Revaluation reserve This represents the revaluation of the Group's land and buildings consisting of the following: - the increase in the revaluation reserve in 2017 resulting from the reversal of the deferred tax liability; - the increase in the revaluation reserve in 2019, 2022, 2024 and 2025 resulting from the increase in fair value of the Group's land and buildings. According to Latvian Commercial Law requirements, the revaluation reserve cannot be distributed to shareholders. Other reserves These represent the effect on other equity recognised on acquisition of subsidiaries in 2013 and cross border merger of Mariner Baltic Holdings SIA in 2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37703": { "value": "30. Cash and cash equivalents
Group GroupHolding CompanyHolding Company
2025 2024 2025 2024
\u20ac \u20ac \u20ac \u20ac
Cash at bank 497,294 748,065 384,085 558,440
Cash at bank earns interest at floating rates based on deposit rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37702": { "value": "30. Cash and cash equivalents
Group GroupHolding CompanyHolding Company
2025 2024 2025 2024
\u20ac \u20ac \u20ac \u20ac
Cash at bank 497,294 748,065 384,085 558,440
Cash at bank earns interest at floating rates based on deposit rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37707": { "value": "32. Fair value of financial assets and financial liabilities At 31 December 2025 and 31 December 2024 the carrying amounts of financial assets and financial liabilitiesclassified with current assets and current liabilities respectively approximated the fair values due to the short-term maturities of these assets and liabilities. The fair values of non-current financial assets that are notmeasured at fair value, other than investments in subsidiaries, and the fair values of non-current bank loans arenot materially different from their carrying amounts due to their current rates of interest. The fair values of financial assets and financial liabilities included in level 2 and level 3 categories below, other than debtsecurities, have been determined in accordance with generally accepted pricing models based on a discountedcash flow analysis, with the most significant inputs being the discount rate that reflects a market interest rateplus the credit risk of counter parties. The fair value of debt securities is disclosed in note 27. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety. For assets and liabilities that are measured in the financial statements at fair value on a recurring basis, the Company determines when transfers are deemed to have occurred between Levels in the hierarchy at the end of each reporting period. The following tables provide an analysis of financial instruments, other than investments in subsidiaries that are not measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3, excluding those instruments whose carrying amount is a reasonable approximation of fair value. Group Fair value measurement at end of the reporting period using:
Level 1 Level 2 Level 3 Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac
2025
Financial assets
Loans and receivables
Loans to parent - 41,314,551 - 41,314,551 41,314,551
Loans to other related parties - 2,487,648 - 2,487,648 2,487,648
- 43,802,199 - 43,802,199 43,802,199
Level 1 Level 2 Level 3 Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac
2025
Financial liabilities at amortised cost
Debt securities - 37,114,449 - 37,114,449 36,427,179
- 37,114,449 - 37,114,449 36,427,179
Level 1 Level 2 Level 3 Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac
2024
Financial assets
Loans and receivables
Loans to parent - 37,921,515 - 37,921,515 37,921,515
Loans to other related parties - 2,473,446 - 2,473,446 2,473,446
Other loans - 200 - 200 200
- 40,395,161 - 40,395,161 40,395,161
Level 1 Level 2 Level 3 Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac
2024
Financial liabilities at amortised cost
Debt securities - 37,672,089 - 37,672,089 36,368,518
- 37,672,089 - 37,672,089 36,368,518
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37643": { "value": "33.Financial risk management Credit risk Financial assets which potentially subject the Company and Group to concentrations of credit risk consist principally of loans receivable, trade receivables, and cash at bank which are measured at amortised cost. Credit risk with respect to trade receivables is limited due to credit control procedures. There is significant credit risk concentration in respect of two customers, who comprise 61% (2024: 63%) of the Group's trade receivables as of end of 2025. There is no significant going concern risk to any of the Group's largest customer that the Group is aware of. Credit risk in relation to the loans and receivables due from related parties is also limited given the cash flows generated by the underlying subsidiary. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Company\u2019s maximum exposure to credit risk. The tables below detail, by credit risk rating grades, the gross carrying amount of financial assets.
Group2025 12m ECL Group 202412m ECL Holding 202512m ECL Holding 202412m ECL
\u20ac \u20ac \u20ac \u20ac
Bank balances
External rating grades
AA- to A- 232,151 450,592 123,852 261,622
BBB- 259,615 296,800 259,615 296,800
Unrated 5,528 673 618 18
Gross/net carrying amount 497,294 748,065 384,085 558,440
Cash at bank is placed with reliable financial institutions. The credit rating of the major financial institutions, representing 100% (2024: 100%) of the total cash at bank at the end of the reporting period using Fitch credit rating symbols was AA- to BBB- (2024 - AA- to BBB-). The remaining cash and at bank balance is held with financial institutions which are unrated.
Group2025 12m ECL Group 2024 12m ECL Holding 2025 12m ECL Holding 2024 12m ECL
\u20ac \u20ac \u20ac \u20ac
Loans to related partiesInternal rating grades
Performing (i) 43,802,198 40,395,161 67,974,344 64,778,219
Gross/net carrying amount 43,802,198 40,395,161 67,974,344 64,778,219
i) Performing - The counterparty has a low risk of default and does not have any past due amounts (12m ECL). Group 2025 2024
Lifetime ECL (not credit impaired) Lifetime ECL (not credit impaired)
\u20ac \u20ac
Trade receivables tested individuallyInternal rating grades
Performing (i)2,326,339 2,504,402
Gross / net carrying amount at 31 December2,326,339 2,504,402
i) Performing - The amounts are not credit-impaired. Lifetime ECLs apply under the simplified model. 61% (2024: 63%) of the Group's trade receivables as at year-end arises from two customers operating in the shipping industry. Provision matrix The table below details the risk profile of trade receivables based on the Group\u2019s provision matrix. Days past due \u2013 simplified approach
Not past due <45 45 \u2013 90 >90 Total
\u20ac \u20ac \u20ac \u20ac \u20ac
2025
Trade receivables tested collectively
Estimated total gross carrying amount at default 1,136,156 226,673 54,637 63,754 1,481,220
Lifetime ECL at 31 December 2025 (19)
Net carrying amount at 31 December 2025 1,481,201
Days past due \u2013 simplified approach
2024 Not past due <45 45 \u2013 90 >90 Total
\u20ac \u20ac \u20ac \u20ac \u20ac
Trade receivables tested collectively
Estimated total gross carrying amount at default 1,090,564 267,593 84,833 65,427 1,508,417
Lifetime ECL at 31 December 2024 (16,864)
Net carrying amount at 31 December 2024 1,491,553
The following table shows the movement in lifetime ECLs that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9:
Lifetime ECL (not credit-impaired) Lifetime ECL (not credit-impaired) Trade receivables No SFC Lifetime ECL (credit-impaired but not POCI) Trade receivables No SFC Lifetime ECL (credit-impaired but not POCI) Trade receivables No SFC
Trade receivables No SFC
\u20ac \u20ac \u20ac \u20ac
Opening balance at 1 January 2025 16,864 - - -
Reversal during the year (16,845) - - -
Closing balance 31 December 2025 19 - - -
Opening balance at 1 January 2024 27,094 - - -
Reversal during the year (10,230) - - -
Closing balance 31 December 2024 16,864 - - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37791": { "value": "33.Financial risk management The Group's activities are exposed to a variety of financial risks including foreign currency, liquidity, interest rate risk and credit risk. The Group's management seeks to minimize its potential adverse effects of financial risks on the Group's financial performance. The exposures to risk and the way risks arise, together with the Group's and the Company\u2019s objectives, policies and processes for managing and measuring these risks are disclosed in more detail below. The objectives, policies and processes for managing financial risks and the methods used to measure such risks are subject to continual improvement and development. Where applicable, any significant changes in the Company\u2019s exposure to financial risks or the manner in which the Company manages and measures these risks are disclosed below. Where possible, the Company and the Group aim to reduce and control risk concentrations. Concentrations of financial risk arise when financial instruments with similar characteristics are influenced in the same way by changes in economic or other factors. The amount of the risk exposure associated with financial instruments sharing similar characteristics is disclosed in more detail in the notes to the financial statements. Credit risk Financial assets which potentially subject the Company and Group to concentrations of credit risk consist principally of loans receivable, trade receivables, and cash at bank which are measured at amortised cost. Credit risk with respect to trade receivables is limited due to credit control procedures. There is significant credit risk concentration in respect of two customers, who comprise 61% (2024: 63%) of the Group's trade receivables as of end of 2025. There is no significant going concern risk to any of the Group's largest customer that the Group is aware of. Credit risk in relation to the loans and receivables due from related parties is also limited given the cash flows generated by the underlying subsidiary. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Company\u2019s maximum exposure to credit risk. The tables below detail, by credit risk rating grades, the gross carrying amount of financial assets.
Group2025 12m ECL Group 202412m ECL Holding 202512m ECL Holding 202412m ECL
\u20ac \u20ac \u20ac \u20ac
Bank balances
External rating grades
AA- to A- 232,151 450,592 123,852 261,622
BBB- 259,615 296,800 259,615 296,800
Unrated 5,528 673 618 18
Gross/net carrying amount 497,294 748,065 384,085 558,440
Cash at bank is placed with reliable financial institutions. The credit rating of the major financial institutions, representing 100% (2024: 100%) of the total cash at bank at the end of the reporting period using Fitch credit rating symbols was AA- to BBB- (2024 - AA- to BBB-). The remaining cash and at bank balance is held with financial institutions which are unrated.
Group2025 12m ECL Group 2024 12m ECL Holding 2025 12m ECL Holding 2024 12m ECL
\u20ac \u20ac \u20ac \u20ac
Loans to related partiesInternal rating grades
Performing (i) 43,802,198 40,395,161 67,974,344 64,778,219
Gross/net carrying amount 43,802,198 40,395,161 67,974,344 64,778,219
i) Performing - The counterparty has a low risk of default and does not have any past due amounts (12m ECL). Group 2025 2024
Lifetime ECL (not credit impaired) Lifetime ECL (not credit impaired)
\u20ac \u20ac
Trade receivables tested individuallyInternal rating grades
Performing (i)2,326,339 2,504,402
Gross / net carrying amount at 31 December2,326,339 2,504,402
i) Performing - The amounts are not credit-impaired. Lifetime ECLs apply under the simplified model. 61% (2024: 63%) of the Group's trade receivables as at year-end arises from two customers operating in the shipping industry. Provision matrix The table below details the risk profile of trade receivables based on the Group\u2019s provision matrix. Days past due \u2013 simplified approach
Not past due <45 45 \u2013 90 >90 Total
\u20ac \u20ac \u20ac \u20ac \u20ac
2025
Trade receivables tested collectively
Estimated total gross carrying amount at default 1,136,156 226,673 54,637 63,754 1,481,220
Lifetime ECL at 31 December 2025 (19)
Net carrying amount at 31 December 2025 1,481,201
Days past due \u2013 simplified approach
2024 Not past due <45 45 \u2013 90 >90 Total
\u20ac \u20ac \u20ac \u20ac \u20ac
Trade receivables tested collectively
Estimated total gross carrying amount at default 1,090,564 267,593 84,833 65,427 1,508,417
Lifetime ECL at 31 December 2024 (16,864)
Net carrying amount at 31 December 2024 1,491,553
The following table shows the movement in lifetime ECLs that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9:
Lifetime ECL (not credit-impaired) Lifetime ECL (not credit-impaired) Trade receivables No SFC Lifetime ECL (credit-impaired but not POCI) Trade receivables No SFC Lifetime ECL (credit-impaired but not POCI) Trade receivables No SFC
Trade receivables No SFC
\u20ac \u20ac \u20ac \u20ac
Opening balance at 1 January 2025 16,864 - - -
Reversal during the year (16,845) - - -
Closing balance 31 December 2025 19 - - -
Opening balance at 1 January 2024 27,094 - - -
Reversal during the year (10,230) - - -
Closing balance 31 December 2024 16,864 - - -
Currency risk Foreign currency transactions arise when the Group buys or sells goods or services whose price is denominated in a foreign currency, borrows or lends funds when the amount payable or receivable are denominated in a foreign currency, acquires or disposes of assets or incurs or settles a liability denominated in a foreign currency. Foreign currency transactions comprise mainly transactions in USD. The risk arising from foreign currency transactions is managed by regular monitoring of the relevant exchange rates and directors\u2019 reaction to material movements thereto. The Group is exposed to foreign currency risk arising from the below financial assets:
Foreign currency riskUSD and USD pegged currencies2025USD and USD pegged currencies 2024
Trade and other receivables 1,113,374 851,403
Balance sheet exposure 1,113,374 851,403
The EUR/USD spot-rate as at 31 December 2025 is 1.1750 (2024: 1.0389). A reasonably possible strengthening/ (weakening) of the Euro against the USD at 31 December would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.
Changes in USD rate (basis points)Group and HoldingProfit or lossGroup and Holding
Equity
\u20ac \u20ac
2025 +100 86,141 86,141
-100 (94,755) (94,755)
2024 +100 74,502 74,502
-100 (81,952) (81,952)
Interest rate risk The Company and Group have taken out bank and debt securities to finance its operations as disclosed in notes 23 and 27. The carrying amount of the debt securities amounts to \u20ac 36,427,179 (2024: \u20ac 36,368,518). The interest rates thereon are at fixed rate. The loans receivable with interest bearing as disclosed in Note 19 are at a fixed rate. Cash at bank earns interest at floating interest rates as disclosed in Note 30. Bank loans and overdraft with a carrying amount of \u20ac 19,909,526 (2024: \u20ac 15,260,561) bear interest at a variable rate, as disclosed in note 23. Management monitors the movement in interest rates and, where possible, reacts to material movements in such rates by adjusting its selling prices or by restructuring its financing structure. The Group is exposed to fair value interest rate risk on borrowings, debt instruments and loans receivable carrying a fixed interest rate to the extent that they are measured at fair value, however since these are measured at amortised cost there is no impact in the financial statements. Sensitivity analysis on cash with a floating interest rate is disclosed below. The following table demonstrates the sensitivity analysis in relation to cash flow interest rate risk to a reasonably possible change in interest rates, with all other variables held constant, of the Group's and Company's profit before tax. The Group and Company consider the reasonably possible changes in interest rates to be a change in 100 basis points.
Increase or decrease (basis points)Group Holding
\u20ac \u20ac
2025+100 (194,122)3,841
-100 194,122(3,841)
2024+100 (145,125) 5,584
-100 145,125 (5,584)
Liquidity risk The Company monitors and manages its risk to a shortage of funds by maintaining sufficient cash, by matching the maturity of both its financial assets and financial liabilities and by monitoring the availability of raising funds to meet commitments associated with financial instruments. The following maturity analysis for financial liabilities shows the remaining contractual maturities using the contractual undiscounted cash flows on the basis of the earliest date on which the Group and Company can be required to pay. The analysis includes both interest and principal cash flows. Fixed rate instruments pertain to bond securities in issue and bank loans. Non-interest bearing are the trade and other payables, excluding accrued interest. Group
Within 1 year 2 years 3 years 4 years 5 years and over Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
2025
Non-derivative financial liabilities
Non-interest bearing 1,557,135 - - - - 1,557,135 1,557,135
Fixed rate instruments 1,846,490 1,846,490 1,846,490 1,846,490 42,469,270 49,855,230 36,427,179
Variable rate instruments 5,276,309 1,980,878 10,691,902 3,475,620 - 21,424,709 19,909,526
Lease liabilities 1,582,944 174,088 174,088 174,088 3,003,022 5,108,230 3,827,657
10,262,878 4,001,456 12,712,480 5,496,198 45,472,292 77,945,304 61,721,497
Within 1 year 2 years 3 years 4 years 5 years and over Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
2024
Non-derivative financial liabilities
Non-interest bearing 2,335,769 - - 104,770 - 2,440,539 2,440,539
Fixed rate instruments 1,846,490 1,846,490 1,846,490 1,846,490 44,315,760 51,701,720 36,368,518
Variable rate instruments 11,483,890 719,966 697,756 676,276 2,465,327 16,043,215 15,260,561
Lease liabilities 916,483 1,700,364 235,350 235,350 4,295,138 7,382,685 4,974,908
16,582,632 4,266,820 2,779,596 2,862,886 51,076,225 77,568,159 59,044,526
Undrawn facilities are described in note 23. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37940": { "value": "33. Financial risk managementCredit riskProvision matrix The table below details the risk profile of trade receivables based on the Group\u2019s provision matrix. Days past due \u2013 simplified approach
Not past due <45 45 \u2013 90 >90 Total
\u20ac \u20ac \u20ac \u20ac \u20ac
2025
Trade receivables tested collectively
Estimated total gross carrying amount at default 1,136,156 226,673 54,637 63,754 1,481,220
Lifetime ECL at 31 December 2025 (19)
Net carrying amount at 31 December 2025 1,481,201
Days past due \u2013 simplified approach
2024 Not past due <45 45 \u2013 90 >90 Total
\u20ac \u20ac \u20ac \u20ac \u20ac
Trade receivables tested collectively
Estimated total gross carrying amount at default 1,090,564 267,593 84,833 65,427 1,508,417
Lifetime ECL at 31 December 2024 (16,864)
Net carrying amount at 31 December 2024 1,491,553
The following table shows the movement in lifetime ECLs that has been recognised for trade receivables in accordance with the simplified approach set out in IFRS 9:
Lifetime ECL (not credit-impaired) Lifetime ECL (not credit-impaired) Trade receivables No SFC Lifetime ECL (credit-impaired but not POCI) Trade receivables No SFC Lifetime ECL (credit-impaired but not POCI) Trade receivables No SFC
Trade receivables No SFC
\u20ac \u20ac \u20ac \u20ac
Opening balance at 1 January 2025 16,864 - - -
Reversal during the year (16,845) - - -
Closing balance 31 December 2025 19 - - -
Opening balance at 1 January 2024 27,094 - - -
Reversal during the year (10,230) - - -
Closing balance 31 December 2024 16,864 - - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37892": { "value": "33. Financial risk managementCurrency risk Foreign currency transactions arise when the Group buys or sells goods or services whose price is denominated in a foreign currency, borrows or lends funds when the amount payable or receivable are denominated in a foreign currency, acquires or disposes of assets or incurs or settles a liability denominated in a foreign currency. Foreign currency transactions comprise mainly transactions in USD. The risk arising from foreign currency transactions is managed by regular monitoring of the relevant exchange rates and directors\u2019 reaction to material movements thereto. The Group is exposed to foreign currency risk arising from the below financial assets:
Foreign currency riskUSD and USD pegged currencies2025USD and USD pegged currencies 2024
Trade and other receivables 1,113,374 851,403
Balance sheet exposure 1,113,374 851,403
The EUR/USD spot-rate as at 31 December 2025 is 1.1750 (2024: 1.0389). A reasonably possible strengthening/ (weakening) of the Euro against the USD at 31 December would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.
Changes in USD rate (basis points)Group and HoldingProfit or lossGroup and Holding
Equity
\u20ac \u20ac
2025 +100 86,141 86,141
-100 (94,755) (94,755)
2024 +100 74,502 74,502
-100 (81,952) (81,952)
Interest rate risk The Company and Group have taken out bank and debt securities to finance its operations as disclosed in notes 23 and 27. The carrying amount of the debt securities amounts to \u20ac 36,427,179 (2024: \u20ac 36,368,518). The interest rates thereon are at fixed rate. The loans receivable with interest bearing as disclosed in Note 19 are at a fixed rate. Cash at bank earns interest at floating interest rates as disclosed in Note 30. Bank loans and overdraft with a carrying amount of \u20ac 19,909,526 (2024: \u20ac 15,260,561) bear interest at a variable rate, as disclosed in note 23. Management monitors the movement in interest rates and, where possible, reacts to material movements in such rates by adjusting its selling prices or by restructuring its financing structure. The Group is exposed to fair value interest rate risk on borrowings, debt instruments and loans receivable carrying a fixed interest rate to the extent that they are measured at fair value, however since these are measured at amortised cost there is no impact in the financial statements. Sensitivity analysis on cash with a floating interest rate is disclosed below. The following table demonstrates the sensitivity analysis in relation to cash flow interest rate risk to a reasonably possible change in interest rates, with all other variables held constant, of the Group's and Company's profit before tax. The Group and Company consider the reasonably possible changes in interest rates to be a change in 100 basis points.
Increase or decrease (basis points)Group Holding
\u20ac \u20ac
2025+100 (194,122)3,841
-100 194,122(3,841)
2024+100 (145,125) 5,584
-100 145,125 (5,584)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37896": { "value": "33. Financial risk managementLiquidity risk The Company monitors and manages its risk to a shortage of funds by maintaining sufficient cash, by matching the maturity of both its financial assets and financial liabilities and by monitoring the availability of raising funds to meet commitments associated with financial instruments. The following maturity analysis for financial liabilities shows the remaining contractual maturities using the contractual undiscounted cash flows on the basis of the earliest date on which the Group and Company can be required to pay. The analysis includes both interest and principal cash flows. Fixed rate instruments pertain to bond securities in issue and bank loans. Non-interest bearing are the trade and other payables, excluding accrued interest. Group
Within 1 year 2 years 3 years 4 years 5 years and over Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
2025
Non-derivative financial liabilities
Non-interest bearing 1,557,135 - - - - 1,557,135 1,557,135
Fixed rate instruments 1,846,490 1,846,490 1,846,490 1,846,490 42,469,270 49,855,230 36,427,179
Variable rate instruments 5,276,309 1,980,878 10,691,902 3,475,620 - 21,424,709 19,909,526
Lease liabilities 1,582,944 174,088 174,088 174,088 3,003,022 5,108,230 3,827,657
10,262,878 4,001,456 12,712,480 5,496,198 45,472,292 77,945,304 61,721,497
Within 1 year 2 years 3 years 4 years 5 years and over Total Carrying amount
\u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac
2024
Non-derivative financial liabilities
Non-interest bearing 2,335,769 - - 104,770 - 2,440,539 2,440,539
Fixed rate instruments 1,846,490 1,846,490 1,846,490 1,846,490 44,315,760 51,701,720 36,368,518
Variable rate instruments 11,483,890 719,966 697,756 676,276 2,465,327 16,043,215 15,260,561
Lease liabilities 916,483 1,700,364 235,350 235,350 4,295,138 7,382,685 4,974,908
16,582,632 4,266,820 2,779,596 2,862,886 51,076,225 77,568,159 59,044,526
Undrawn facilities are described in note 23. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_37523": { "value": "33. Financial risk managementCapital risk management The Company\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern and to maximise the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Company consists of bank loans in the amount of \u20ac 16,785,523 (2024: \u20ac 4,315,255), other liabilities amounting to \u20ac 2,012,532 (2024: \u20ac 1,078,618) and debt securities amounting to \u20ac 36,427,179 (2024: \u20ac 36,368,518) as included in notes 23, 24 and 27 respectively, and items presented within equity net of cash at bank balances. The Company\u2019s directors manage the Company\u2019s capital structure and make adjustments to it, in light of changes in economic conditions. The capital structure is reviewed on an ongoing basis. Based on recommendations of the directors, the Company balances its overall capital structure through the payment of dividends, the issue of new debt or the redemption of existing debt. The Company's overall strategy remains unchanged from the prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mapping_38004": { "value": "36. Post balance sheet events Since 28 February 2026, the geopolitical situation in the Middle East has escalated with various ramifications. Further details have been described in note 1. There is currently no indication that there will be a significant impact on the Group\u2019s financial performance, financial position and cash flows. The situation continues to be closely monitored by management to ensure that the interests of all its stakeholders are safeguarded. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:485100UWC0VRB3D40532", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }