International Hotel\nInvestments p.l.c. (the \u2018Company\u2019) is a public limited\nliability company incorporated and domiciled in Malta.\u00a0 The\naddress of the Company\u2019s registered office and principal\nplace of business is 22, Europa Centre, Floriana FRN 1400,\nMalta.\u00a0 The ultimate parent company is CPHCL Company Limited\n(CPHCL) with the same registered office address.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "upuhjKdQz0": { "value": "1.\u00a0 General\ninformation\n\u00a0\nInternational Hotel\nInvestments p.l.c. (the \u2018Company\u2019) is a public limited\nliability company incorporated and domiciled in Malta.\u00a0 The\naddress of the Company\u2019s registered office and principal\nplace of business is 22, Europa Centre, Floriana FRN 1400,\nMalta.\u00a0 The ultimate parent company is CPHCL Company Limited\n(CPHCL) with the same registered office address.", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "BwXxcxGgK.": { "value": "1.\u00a0 General\ninformation\n\u00a0\nInternational Hotel\nInvestments p.l.c. (the \u2018Company\u2019) is a public limited\nliability company incorporated and domiciled in Malta.\u00a0 The\naddress of the Company\u2019s registered office and principal\nplace of business is 22, Europa Centre, Floriana FRN 1400,\nMalta.\u00a0 The ultimate parent company is CPHCL Company Limited\n(CPHCL) with the same registered office address.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "kVwMj8_MmQ": { "value": "1.\u00a0 General\ninformation\n\u00a0\nInternational Hotel\nInvestments p.l.c. (the \u2018Company\u2019) is a public limited\nliability company incorporated and domiciled in Malta.\u00a0 The\naddress of the Company\u2019s registered office and principal\nplace of business is 22, Europa Centre, Floriana FRN 1400,\nMalta.\u00a0 The ultimate parent company is CPHCL Company Limited\n(CPHCL) with the same registered office address.", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "QucfaCBfeM": { "value": "1.\u00a0 General\ninformation\n\u00a0\nInternational Hotel\nInvestments p.l.c. (the \u2018Company\u2019) is a public limited\nliability company incorporated and domiciled in Malta.\u00a0 The\naddress of the Company\u2019s registered office and principal\nplace of business is 22, Europa Centre, Floriana FRN 1400,\nMalta.\u00a0 The ultimate parent company is CPHCL Company Limited\n(CPHCL) with the same registered office address.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "YsLn8rgSU.": { "value": "1.\u00a0 General\ninformation\n\u00a0\nInternational Hotel\nInvestments p.l.c. (the \u2018Company\u2019) is a public limited\nliability company incorporated and domiciled in Malta.\u00a0 The\naddress of the Company\u2019s registered office and principal\nplace of business is 22, Europa Centre, Floriana FRN 1400,\nMalta.\u00a0 The ultimate parent company is CPHCL Company Limited\n(CPHCL) with the same registered office address.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "oCyl.nWOSb": { "value": "1.\u00a0 General\ninformation\n\u00a0\nInternational Hotel\nInvestments p.l.c. (the \u2018Company\u2019) is a public limited\nliability company incorporated and domiciled in Malta.\u00a0 The\naddress of the Company\u2019s registered office and principal\nplace of business is 22, Europa Centre, Floriana FRN 1400,\nMalta.\u00a0 The ultimate parent company is CPHCL Company Limited\n(CPHCL) with the same registered office address.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "QGx4ag01W1": { "value": "2.\u00a0 Nature of\noperations\n\u00a0\nInternational Hotel\nInvestments p.l.c. and its subsidiaries\u2019 (the\n\u2018Group\u2019 or \u2018IHI\u2019) principal activities\ninclude the ownership, development and operation of hotels, leisure\nfacilities and other activities related to the tourism industry and\ncommercial centres.\u00a0 The Group is also actively engaged in the\nprovision of residential accommodation and project management\nservices.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "MXN_L.0wIw": { "value": "This note provides a\nlist of the material accounting policies adopted in the preparation\nof these consolidated financial statements.\u00a0 These policies\nhave been consistently applied to all the years presented, unless\notherwise stated.
\nThe consolidated\nfinancial statements of the Group have been prepared in accordance\nwith the requirements of International Financial Reporting\nStandards (IFRS) as adopted by the European Union (EU) in\naccordance with Companies Act, Cap 386 of the Laws of\nMalta.
\n\u00a0
\nThe financial statements\nhave been prepared on a historical cost basis, except for financial\nassets and financial liabilities classified at fair value through\nprofit or loss (FVTPL), financial assets at fair value through\nother comprehensive income (FVOCI), the land and buildings class\nwithin property, plant and equipment and investment property\n\u2013 which are measured at fair value.
\nThe preparation of\nconsolidated financial statements in conformity with IFRSs as\nadopted by the EU requires the use of certain accounting\nestimates.\u00a0 It also requires the directors to exercise their\njudgement in the process of applying the Group\u2019s and the\nCompany\u2019s accounting policies (see Note 4 - Critical\naccounting estimates, judgements and errors).\u00a0 As explained\nfurther in this note, the Group has secured financing and taken\nother measures to improve the Group\u2019s liquidity and to enable\nthe Group to settle its short-term obligations as and when they\nfall due. Accordingly, these consolidated financial statements have\nbeen prepared on a going concern basis.
\n\u00a0
\nGoing\nconcern
\n\u00a0
\nIn 2025, the Group\nrecorded an operating result before depreciation and fair value\nadjustments of \u20ac61.9 million, after one-off preopening costs\nof \u20ac2.2 million, compared to \u20ac62.4 million the previous\nyear. The Group is projecting that consolidated revenue levels will\ncontinue to improve during 2026 and beyond, as the hotels that\nopened recently, together with the new openings in 2026, come into\nplay.
\n\u00a0
\nThe Group\u2019s\nliquidity situation is being kept under constant review,\nparticularly in view of increased interest costs and certain\nprojects and commitments that the Group is currently engaged\nin.
\n\u00a0
\nAt 31 December 2025, the\nGroup had access to \u20ac133.2 million, comprising \u20ac33.3\nmillion undrawn committed facilities, \u20ac7.4 million unutilised\nbank overdrafts and \u20ac92.5 million cash balances. This\nliquidity position enables the Group to sustain its operations as\nwell as meet its capital commitments. Overall, the Group\u2019s\nbalance sheet position remains robust.
\n\u00a0
\nAccordingly, the\nDirectors and senior management consider the going concern\nassumption in the preparation of the Group\u2019s financial\nstatements as appropriate as at the date of authorisation for issue\nof the 2025 financial statements.\u00a0 In their view, as at that\ndate, there were no material uncertainties that may cast\nsignificant doubt on the Group\u2019s ability to continue\noperating as a going concern.
\n\u00a0
\nThe board of directors\nand senior management remain vigilant on developments and will take\nappropriate measures as and when necessary to ensure the continued\nviability of the Group.
\n\u00a0
\nWorking capital\nposition
\n\u00a0
\nThe Group\u2019s\nworking capital position as at the end of December 2025 reflects a\ndeficit of \u20ac18.4 million (2024: surplus of \u20ac105.1\nmillion). As disclosed in Note\n23 , the Corinthia Lisbon\nvalued at \u20ac145.9 million was reclassified to assets held for\nsale in 2024 and is thus included with current assets. The sale of\nthis hotel was finalised in April 2026. The 2025 current\nliabilities include two bonds amounting to \u20ac114.8 million\nwhich are due for redemption in July and December 2026 respectively\nas well as the bank loan secured on the Lisbon property amounting\nto \u20ac44.9 million. The Group is working on refinancing these\nbonds, whilst the Lisbon bank loan was settled upon finalization of\nthe sale transaction.
\n\u00a0
\nApart from the surplus\ncashflows generated from the Group\u2019s operations, the Group\nmaintains a policy of supplementing cash available for its working\ncapital requirements with various financing initiatives and, when\nmarket conditions permit the disposal of non-core assets.\n\u00a0
\n\u00a0
\nFurther disclosures on\nliquidity risk are included in Note\n41.2 .
\n\u00a0
\n\u00a0
\nIn 2025, the company\nadopted amendments to existing standards that are mandatory for the\nGroup and Company\u2019s accounting period beginning on 1 January\n2025. The adoption of these revisions to the requirements of IFRSs\nas adopted by the EU did not result in changes to the\ncompany\u2019s accounting policies impacting the financial\nperformance and position.
\n\u00a0
\n\u00a0
\nCertain new standards,\namendments and interpretations to existing standards have been\npublished by the date of authorisation for issue of these financial\nstatements but are mandatory for accounting periods beginning 1\nJanuary 2026 and after. The Group and the Company have not early\nadopted these revisions to the requirements of IFRSs as adopted by\nthe EU and the directors are of the opinion that there are no\nrequirements that will have a possible significant impact on the\nGroup\u2019s and the Company\u2019s current or future reporting\nperiods and on foreseeable future transactions, other than what is\ndescribed below.
\nIFRS 18\n\u2018Presentation and Disclosure in Financial Statements\u2019\n(effective for annual periods beginning on or after 1 January\n2027
\nIFRS 18 (issued on 9\nApril 2024) was endorsed for use in the European Union on 16\nFebruary 2026 and is set to replace IAS 1 Presentation of Financial\nStatements, introducing new requirements that will help to achieve\ncomparability of the financial performance of similar entities and\nprovide more relevant information and transparency to users. Even\nthough IFRS 18 will not impact the recognition or measurement of\nitems in the financial statements, its impacts on presentation and\ndisclosure are expected to be pervasive, particularly those related\nto the statement of financial performance. IFRS 18 will also\nrequire the disclosure of management-defined performance measures\nwithin the financial statements.
\nManagement is\ncurrently assessing the implications of applying IFRS 18 on the\nGroup and Company\u2019s financial statements.
\nThe new standard will\nbe applicable from its mandatory effective date of 1 January 2027,\nwith retrospective application, meaning that comparative\ninformation will be restated to reflect the new presentation and\ndisclosure requirements introduced.
\n\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nSubsidiaries
\n\u00a0
\nSubsidiaries are all\nentities (including structured entities) over which the Group has\ncontrol.\u00a0The Group controls an entity when the Group is\nexposed to, or has rights to, variable returns from its involvement\nwith the entity and has the ability to affect those returns through\nits power to direct the activities of the entity.\u00a0\nSubsidiaries are fully consolidated from the date on which control\nis transferred to the Group.\u00a0 They are deconsolidated from the\ndate that control ceases.
\n\u00a0
\nIntercompany\ntransactions, balances and unrealised gains on transactions between\nGroup companies are eliminated. Unrealised losses are also\neliminated unless the transaction provides evidence of an\nimpairment of the transferred asset. Accounting policies of\nsubsidiaries have been changed where necessary to ensure\nconsistency with the policies adopted by the Group.
\n\u00a0
\nNon-controlling\ninterests in the results and equity of subsidiaries are shown\nseparately in the consolidated income statement, statement of\ncomprehensive income, statement of changes in equity and statement\nof financial position respectively.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAssociates
\n\u00a0
\nAssociates are all\nentities over which the Group has significant influence but not\ncontrol or joint control. This is generally the case where the\nGroup holds between 20% and 50% of the voting rights.\u00a0 In the\nGroup\u2019s consolidated financial statements, investments in\nassociates are accounted for using the equity method of accounting\n(see (iii) below), after initially being recognised at\ncost.
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nEquity method
\n\u00a0
\nUnder the equity method\nof accounting, the investments are initially recognised at cost and\nadjusted thereafter to recognise the Group\u2019s share of the\npost-acquisition profits or losses of the investee in profit or\nloss, and the Group\u2019s share of movements in other\ncomprehensive income of the investee in other comprehensive income.\nDividends received or receivable from associates and joint ventures\nare recognised as a reduction in the carrying amount of the\ninvestment.
\n\u00a0
\nWhen the Group\u2019s\nshare of losses in an equity-accounted investment equals or exceeds\nits interest in the entity, including any other unsecured long-term\nreceivables, the Group does not recognise further losses, unless it\nhas incurred obligations or made payments on behalf of the other\nentity.
\n\u00a0
\nThe Group determines at\neach reporting date whether there is an objective evidence that the\ninvestment in the associate is impaired. If this is the case, the\nGroup calculates the amount of the impairment as the difference\nbetween the recoverable amount of the associate and its carrying\nvalue and recognises the amount adjacent to 'share of net loss of\nassociate' in the statement of comprehensive income.
\n\u00a0
\nUnrealised gains on\ntransactions between the Group and its associates and joint\nventures are eliminated to the extent of the Group\u2019s interest\nin these entities.\u00a0 Unrealised losses are also eliminated\nunless the transaction provides evidence of an impairment of the\nasset transferred. Accounting policies of equity accounted\ninvestees have been changed where necessary to ensure consistency\nwith the policies adopted by the Group.
\n\u00a0
\nThe carrying amount of\nequity-accounted investments is tested for impairment in accordance\nwith the policy described in Note\n3.10 .
\n\u00a0
\n\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries,\nassociates and joint ventures are accounted for in accordance with\nIFRS 9\u2019s requirements for equity investments.\u00a0 The\nCompany elects, on an instrument-by-instrument basis, whether its\ninvestments will be measured at fair value, with fair value\nmovements in other comprehensive income.\u00a0 Management has\nadopted the FVOCI election for all of its investments in\nsubsidiaries, associates and joint ventures.\u00a0 The fair value\nof investments in subsidiaries, associates and joint ventures is\nestablished by using valuation techniques, in most cases by\nreference to the net asset backing of the investee taking\ncognisance of the fair values of the underlying assets.
\n\u00a0
\nAdditional detail on the\nsubsequent measurement and impairment requirements for FVOCI assets\nis disclosed in Note\n3.10.
\n\u00a0
\n\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nFunctional and presentation\ncurrency
\n\u00a0
\nItems included in the\nfinancial statements of each of the Group\u2019s entities are\nmeasured using the currency of the primary economic environment in\nwhich the entity operates (\u2018the functional\ncurrency\u2019).\u00a0 The consolidated and company financial\nstatements are presented in euro, which is IHI\u2019s functional\nand presentation currency.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nTransactions and balances
\n\u00a0
\nForeign currency\ntransactions are translated into the functional currency using the\nexchange rates at the dates of the transactions. Foreign exchange\ngains and losses resulting from the settlement of such transactions\nand from the translation of monetary assets and liabilities\ndenominated in foreign currencies at year end exchange rates, are\ngenerally recognised in profit or loss.\u00a0 They are deferred in\nequity if they relate to part of the net investment in a foreign\noperation.
\n\u00a0
\nForeign exchange gains\nand losses that relate to borrowings and cash balances are\npresented in the income statement, within finance costs. All other\nforeign exchange gains and losses are presented in the income\nstatement on a net basis within results from operating activities,\nas a separate line item.\u00a0
\n\u00a0
\nNon-monetary items that\nare measured at fair value in a foreign currency are translated\nusing the exchange rates at the date when the fair value was\ndetermined. Translation differences on assets and liabilities\ncarried at fair value are reported as part of the fair value gain\nor loss.
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nGroup companies
\n\u00a0
\nThe results and\nfinancial position of foreign operations that have a functional\ncurrency different from the presentation currency are translated\ninto the presentation currency as follows:
\n\u00a0
\n| \n - \n | \n\n assets and liabilities\nfor each statement of financial position presented are translated\nat the closing rate at the date of that statement of financial\nposition; \n | \n
| \n - \n | \n\n income and expenses for\neach income statement and statement of comprehensive income are\ntranslated at average exchange rates or a monthly weighted average\nrate when there are significant fluctuations in the currency during\nthe year (unless these are not a reasonable approximation of the\ncumulative effect of the rates prevailing on the transaction dates,\nin which case income and expenses are translated at the dates of\nthe transactions); and \n | \n
| \n - \n | \n\n all resulting exchange\ndifferences are recognised in other comprehensive\nincome. \n | \n
\u00a0
\nOn consolidation,\nexchange differences arising from the translation of any net\ninvestment in foreign entities are recognised in other\ncomprehensive income. When a foreign operation is sold or any\nborrowings forming part of the net investment are repaid, the\nassociated exchange differences are reclassified to profit or loss,\nas part of the gain or loss on sale.
\n\u00a0
\nGoodwill and fair value\nadjustments arising on the acquisition of a foreign operation are\ntreated as assets and liabilities of the foreign operation and\ntranslated at the closing rate.
\n\u00a0
\n\u00a0
\nAll property, plant and\nequipment is initially recorded at historical cost.\u00a0 Land and\nbuildings are subsequently shown at fair value, based on periodic\nvaluations by professional valuers, less subsequent depreciation\nfor buildings.\u00a0 Valuations are carried out on a regular basis\nsuch that the carrying amount of property does not differ\nmaterially from that which would be determined using fair values at\nthe end of the reporting period.\u00a0 Any accumulated depreciation\nat the date of revaluation is eliminated against the gross carrying\namount of the asset, and the net amount is restated to the revalued\namount of the asset. All other property, plant and equipment is\nsubsequently stated at historical cost less depreciation and\nimpairment losses. Historical cost includes expenditure that is\ndirectly attributable to the acquisition of the\nitems.\u00a0
\n\u00a0
\nBorrowing costs which\nare incurred for the purpose of acquiring or constructing a\nqualifying asset are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0 Capitalisation of borrowing costs is ceased once\nthe asset is substantially complete and is suspended if the\ndevelopment of the asset is suspended.
\n\u00a0
\nSubsequent costs are\nincluded in the asset\u2019s carrying amount or recognised as a\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\nGroup and the cost of the item can be measured reliably. All other\nrepairs and maintenance are charged to profit or loss during the\nfinancial period in which they are incurred.
\n\u00a0
\nIncreases in the\ncarrying amount arising on revaluation of land and buildings are\ncredited to other comprehensive income and shown as a revaluation\nreserve in shareholders' equity.\u00a0 However, the increase shall\nbe recognised in profit or loss to the extent that it reverses a\nrevaluation decrease of the same asset previously recognised in\nprofit or loss.\u00a0\u00a0 Decreases that offset previous\nincreases of the same asset are charged in other comprehensive\nincome and debited against the revaluation reserve; all other\ndecreases are charged to profit or loss.
\n\u00a0
\nDepreciation is\ncalculated using the straight-line method to allocate the cost or\nrevalued amounts of the assets to their residual values over their\nestimated useful lives, as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Freehold\nbuildings \n | \n\n 33-150 \n | \n
| \n \u00a0\u00a0 Plant and\nequipment \n | \n\n 2-15 \n | \n
| \n \u00a0\u00a0\nFurniture, fixture and fittings \n | \n\n 3-10 \n | \n
| \n \u00a0\u00a0 Motor\nvehicles \n | \n\n 5 \n | \n
\u00a0
\nFreehold land is not\ndepreciated as it is deemed to have an indefinite life.\u00a0\nAssets in the course of construction and payments on account are\nnot depreciated.
\n\u00a0
\nThe assets\u2019\nresidual values and useful lives are reviewed, and adjusted if\nappropriate, at the end of each reporting period.
\n\u00a0
\nProperty, plant and\nequipment is reviewed for impairment whenever events or changes in\ncircumstances indicate that the carrying amount may not be\nrecoverable (refer to Note\n3.10 ). An asset\u2019s\ncarrying amount is written down immediately to its recoverable\namount if the asset\u2019s carrying amount is greater than its\nestimated recoverable amount. An impairment loss is recognised for\nthe amount by which the asset\u2019s carrying amount exceeds its\nrecoverable amount.\u00a0 Property, plant and equipment that\nsuffered an impairment is reviewed for possible reversal of the\nimpairment at the end of each reporting period.
\n\u00a0
\nGains and losses on\ndisposals of property, plant and equipment are determined by\ncomparing proceeds with carrying amount and are recognised in\nprofit or loss.\u00a0 When revalued assets are disposed of, the\namounts included in the revaluation reserve relating to the assets\nare transferred to retained earnings.
\n\u00a0
\nProperty that is held\nfor long-term rental yields or for capital appreciation or both,\nand that is not occupied by entities forming part of the Group is\nclassified as investment property. Investment property also\nincludes property that is being constructed or developed for future\nuse as investment property, when such identification is made.\nInvestment property principally comprises land and\nbuildings.
\n\u00a0
\nInvestment property is\nmeasured initially at its historical cost, including related\ntransaction costs and borrowing costs. Borrowing costs which are\nincurred for the purpose of acquiring or constructing a qualifying\ninvestment property are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0Capitalisation of borrowing costs is ceased once the\nasset is substantially complete and is suspended if the development\nof the asset is suspended.\u00a0 After initial recognition,\ninvestment property is carried at fair value, representing open\nmarket value determined annually.
\n\u00a0
\nThese fair valuations\nare reviewed regularly by a professional valuer.\u00a0 The fair\nvalue of investment property generally reflects, among other\nthings, rental income from current leases and assumptions about\nrental income from future leases in the light of current market\nconditions. The fair value also reflects, on a similar basis, any\ncash outflows that could be expected in respect of the\nproperty.
\n\u00a0
\nSubsequent expenditure\nis capitalised to the asset\u2019s carrying amount only when it is\nprobable that future economic benefits associated with the\nexpenditure will flow to the Group and the cost of the item can be\nmeasured reliably. All other repairs and maintenance costs are\ncharged to profit or loss during the financial period in which they\nare incurred.\u00a0 When part of an investment property is\nreplaced, the carrying amount of the replaced part is\nderecognised.
\n\u00a0
\nChanges in fair values\nare recognised in profit or loss.\u00a0 Investment properties are\nderecognised either when they have been disposed of or when the\ninvestment property is permanently withdrawn from use and no future\neconomic benefit is expected from its disposal.
\n\u00a0
\nIf an investment\nproperty becomes owner-occupied, it is reclassified as property,\nplant and equipment. Its fair value at the date of the\nreclassification becomes its cost for subsequent accounting\npurposes.\u00a0
\n\u00a0
\nIf an item of property,\nplant and equipment becomes an investment property because its use\nhas changed, any difference resulting between the carrying amount\nand the fair value of this item at the date of transfer is treated\nin the same way as a revaluation surplus under IAS\n16.\u00a0
\n\u00a0
\n\u00a0
\n(a)\u00a0\u00a0\u00a0\u00a0 Goodwill
\n\u00a0
\nGoodwill represents the\nexcess of the cost of an acquisition over the fair value of the\nGroup\u2019s share of the net identifiable assets of the acquired\nsubsidiary or associate at the date of acquisition. Goodwill on\nacquisitions of subsidiaries is included in \u2018Intangible\nassets\u2019. Goodwill on acquisitions of associates is included\nwithin the carrying amount of the investments.\u00a0 Separately\nrecognised goodwill is not amortised, but it is tested annually for\nimpairment, or more frequently if events or changes in\ncircumstances indicate that it might be impaired, and is carried at\ncost less accumulated impairment losses. Impairment losses on\ngoodwill are not reversed.\u00a0 Gains and losses on the disposal\nof an entity include the carrying amount of goodwill relating to\nthe entity sold.
\n\u00a0
\nGoodwill is allocated to\ncash-generating units for the purpose of impairment testing. The\nallocation is made to those cash-generating units or groups of\ncash-generating units that are expected to benefit from the\nbusiness combination in which the goodwill arose. The units or\ngroups of units are identified at the lowest level at which\ngoodwill is monitored for internal management purposes, being the\noperating segments ( Note\n6 ).
\n\u00a0
\n(b)\u00a0\u00a0\u00a0\u00a0 Brands
\n\u00a0
\nThe brands mainly\ncomprise the \u2018Corinthia\u2019 brand name relating to\nhospitality and catering.\u00a0 The \u2018Corinthia\u2019 brand\nwas acquired from the Group\u2019s parent, CPHCL, and represents\nthe consideration paid on its acquisition.\u00a0
\n\u00a0
\nThe brands do not have a\nfinite life and are measured at cost less accumulated impairment\nlosses.\u00a0 The brands are regarded as having an indefinite life,\nin view of their longevity, customer recognition and strong market\nposition. There is no foreseeable limit to the period over which\nthe assets can legally be used and over which they are expected to\ngenerate cash inflows. Brand marketing and the signing of third\nparty hotel management agreements further supports this\nconclusion.
\n\u00a0
\n(c)\u00a0\u00a0\u00a0\u00a0 Other intangible\nassets
\n\u00a0
\nSeparately acquired\nintangible assets, such as purchased computer software are shown at\nhistorical cost. Customer contracts acquired in a business\ncombination are recognised at fair value at the acquisition date.\nThese intangible assets have a finite useful life and are\nsubsequently carried at cost less accumulated amortisation and\nimpairment losses.
\n\u00a0
\nSubsequent expenditure\nis capitalised only when it increases the future economic benefits\nembodied in the specific asset to which it related.\u00a0 All other\nexpenditure including costs incurred in the ongoing maintenance of\nsoftware, is recognised in profit or loss as\nincurred.\u00a0
\n\u00a0
\nIntangible assets\ninclude intangibles with finite lives, which are amortised, on a\nstraight-line basis over their estimated useful lives.\u00a0\nEstimated useful life is the lower of legal duration and expected\nuseful life.\u00a0 The estimated useful lives are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Brand\ndesign fee and other rights \n | \n\n 5 - 10 \n | \n
| \n \u00a0\u00a0\nConcessions \n | \n\n 2 - 10 \n | \n
| \n \u00a0\u00a0 Operating\ncontracts \n | \n\n 20 \n | \n
| \n \u00a0\u00a0\nOthers \n | \n\n 3 \n | \n
\u00a0
\n\u00a0
\nFinancial instruments\nare recognised when the Group has become a party to the contractual\nprovisions of the instrument. Financial instruments include\ninvestments in listed equity securities, derivative financial\ninstruments, loans receivable, trade and other receivables, cash\nand cash equivalents, interest-bearing borrowings, loans payable\nand trade and other payables.
\n\u00a0
\nFinancial instruments\nare initially recognised at fair value including transaction costs,\nexcept for those measured at fair value through profit or loss, for\nwhich transaction costs are recognised in profit or loss as part of\nadministrative and other expenses.
\n\u00a0
\nTrade receivables are\ninitially recognised at the amount of consideration that is\nunconditional unless they contain significant financing components,\nwhen they are recognized at fair value.
\n\u00a0
\nDerivatives are\nrecognised initially at fair value at the date the derivative\ncontract are entered into. Directly attributable transaction costs\nare recognised in profit or loss when incurred.
\n\u00a0
\nSubsequent to initial\nrecognition, these financial instruments are classified and\nmeasured as detailed below.
\n\u00a0
\n3.10.1\u00a0\u00a0\u00a0\nClassification of financial assets
\n\u00a0
\nThe Group classifies its\nfinancial assets in the following measurement\ncategories:
\n\u00a0
\n| \n \u2022 \n | \n\n those to be measured\nsubsequently at fair value (either through OCI or through profit or\nloss), and \n | \n
| \n \u2022 \n | \n\n those to be measured at\namortised cost. \n | \n
\u00a0
\nThe classification depends on the\nentity\u2019s business model for managing the financial assets and\nthe contractual terms of the cash flows.
\n\u00a0
\nFor assets measured at fair\nvalue, gains and losses will either be recorded in profit or loss\nor OCI.\u00a0 For investments in equity instruments that are not\nheld for trading, this will depend on whether the Group has made an\nirrevocable election at the time of initial recognition to account\nfor the equity investment at fair value through other comprehensive\nincome (FVOCI).
\n\u00a0
\nThe Group reclassifies debt\ninvestments when and only when its business model for managing\nthose assets changes.
\n\u00a0
\n3.10.2\u00a0\u00a0 Recognition\nand derecognition of financial assets
\n\u00a0
\nRegular way purchases and sales\nof financial assets are recognised on settlement date, which is the\ndate on which an asset is delivered to or by the Group.\u00a0 Any\nchange in fair value for the asset to be received, is recognised\nbetween the trade date and settlement date in respect of assets\nwhich are carried at fair value in accordance with the measurement\nrules applicable to the respective financial assets.
\n\u00a0
\nFinancial assets are derecognised\nwhen the rights to receive cash flows from the financial assets\nhave expired or have been transferred and the Group has transferred\nsubstantially all the risks and rewards of ownership.
\n\u00a0
\n3.10.3\u00a0\u00a0\u00a0\nSubsequent measurement of financial assets
\n\u00a0
\nDebt\ninstruments
\n\u00a0
\nSubsequent measurement of debt\ninstruments depends on the Group\u2019s business model for\nmanaging the asset and the cash flow characteristics of the\nasset.\u00a0 The Group\u2019s and the Company\u2019s debt\ninstruments principally comprise loans and advances to other\nundertakings and investments in bonds.\u00a0 The Group also holds\ninvestments in mutual funds; management has assessed that such\ninvestments do not meet the definition of equity in accordance with\nIAS 32 from the issuer\u2019s perspective since the Group can sell\nits holding back to the fund in return for cash. Accordingly, these\ninvestments are considered to be debt instruments from the\nGroup\u2019s perspective.
\n\u00a0
\nThere are two measurement\ncategories into which the Group classifies its debt\ninstruments:
\n\u00a0
\n| \n \u2022 \n | \n\n Amortised cost:\nFinancial assets that are held for collection of contractual cash\nflows where those cash flows represent solely payments of principal\nand interest are measured at amortised cost. Interest income from\nthese financial assets is included in finance income using the\neffective interest rate method. Any gain or loss arising on\nderecognition is recognised directly in profit or loss and\npresented in other operating expenses together with foreign\nexchange gains and losses. Impairment losses are presented under\nnet movements in credit losses on loans receivable in the income\nstatement. \n | \n
| \n \u2022 \n | \n\n FVTPL: Financial\nassets that do not meet the criteria for amortised cost or FVOCI\nare measured at FVTPL.\u00a0 A gain or loss on a debt investment\nthat is subsequently measured at FVTPL is recognised in profit or\nloss and presented net within net changes in fair value of\nfinancial assets in the period in which it arises.\u00a0 The Group\nclassified its investments in mutual funds in this category, on the\nbasis that such investments fail to meet the \u2018solely payments\nof principal and interest\u2019 test. \n | \n
\u00a0
\nEquity\ninstruments
\n\u00a0
\nThe Group subsequently measures\nall its financial assets in equity investments at fair value. Where\nthe Group\u2019s management has elected to present fair value\ngains and losses on equity investments in OCI, there is no\nsubsequent reclassification of fair value gains and losses to\nprofit or loss following the derecognition of the investment.\u00a0\nDividends from such investments continue to be recognised in profit\nor loss as investment income, when the entity\u2019s right to\nreceive payments is established.
\n\u00a0
\nChanges in the fair value of\nfinancial assets at FVTPL are shown separately within net changes\nin fair value of financial assets through profit or loss in the\nincome statement.
\n\u00a0
\n3.10.4\u00a0\u00a0 Trade\nreceivables
\n\u00a0
\nTrade receivables comprise\namounts due from customers for goods sold or services performed in\nthe ordinary course of business. If collection is expected in one\nyear or less (or in the normal operating cycle of the business if\nlonger), they are classified as current assets. If not, they are\npresented as non-current assets.
\n\u00a0
\nTrade and other receivables are\nsubsequently measured at amortised cost using the effective\ninterest method, less loss allowance.\u00a0 The Group holds the\ntrade receivables with the objective to collect the contractual\ncash flows and therefore measures them subsequently at amortised\ncost using the effective interest method. Details about the\nGroup\u2019s impairment policies and the calculation of the loss\nallowance are provided in Note 41\n.
\n\u00a0
\n3.10.5\u00a0\u00a0 Cash and\ncash equivalents
\n\u00a0
\nFor the purpose of presentation\nin the statement of cash flows, cash and cash equivalents includes\ncash on hand, deposits held at call with financial institutions,\nother short-term, highly liquid investments with original\nmaturities of three months or less that are readily convertible to\nknown amounts of cash and which are subject to an insignificant\nrisk of changes in value, and bank overdrafts.\u00a0 Bank\noverdrafts are shown within borrowings in current liabilities in\nthe statement of financial position. Cash and cash equivalents are\ncarried at amortised costs.
\n\u00a0
\n3.10.6\u00a0\u00a0 Impairment\nof financial assets
\n\u00a0
\nThe Group assesses the expected\ncredit losses associated with its debt instruments carried at\namortised cost on a forward-looking basis.\u00a0 The impairment\nmethodology applied depends on whether there has been a significant\nincrease in credit risk.
\n\u00a0
\nFor trade receivables the Group\napplies the simplified approach permitted by IFRS 9, which requires\nexpected lifetime losses to be recognised from initial recognition\nof the receivables, see Note 41.1\nfor further details.
\n\u00a0
\n3.10.7\u00a0\u00a0\nClassification, recognition and derecognition of financial\nliabilities
\n\u00a0
\nThe Group\u2019s financial\nliabilities, other than derivative financial instruments, are\nclassified as financial liabilities which are not at fair value\nthrough profit or loss (classified as \u2018Other\nliabilities\u2019) under IFRS 9.\u00a0 Financial liabilities not\nat fair value through profit or loss are recognised initially at\nfair value, being the fair value of consideration received, net of\ntransaction costs that are directly attributable to the acquisition\nor the issue of the financial liability. Financial liabilities held\nat fair value through profit or loss would be initially recognised\nat fair value through profit or loss with transaction costs\nexpensed in profit or loss. The Group derecognises a financial\nliability from its statement of financial position when the\nobligation specified in the contract or arrangement is discharged,\nis cancelled or expires.
\n\u00a0
\n3.10.8\u00a0\u00a0 Subsequent\nmeasurement of financial liabilities
\n\u00a0
\nFinancial liabilities held at\nfair value through profit or loss would be subsequently measured at\nfair value. Other financial liabilities are subsequently measured\nat amortised cost.
\n\u00a0
\n3.10.9\u00a0\u00a0 Trade and\nother payables
\n\u00a0
\nThese amounts represent\nliabilities for goods and services provided to the Group prior to\nthe end of the financial year which are unpaid.\u00a0 Trade and\nother payables are presented as current liabilities unless payment\nis not due within 12 months after the reporting period.\u00a0 They\nare recognised initially at their fair value and subsequently\nmeasured at amortised cost using the effective interest\nmethod.
\n\u00a0
\n3.10.10\u00a0\u00a0\nBorrowings
\n\u00a0
\nBorrowings are initially\nrecognised at fair value, net of transaction costs incurred.\nBorrowings are subsequently measured at amortised cost. Any\ndifference between the proceeds (net of transaction costs) and the\nredemption amount is recognised in profit or loss over the period\nof the borrowings using the effective interest method. Fees paid on\nthe establishment of loan facilities are recognised as transaction\ncosts of the loan to the extent that it is probable that some or\nall of the facility will be drawn down. In this case, the fee is\ndeferred until the draw down occurs.\u00a0 To the extent there is\nno evidence that it is probable that some or all of the facility\nwill be drawn down, the fee is capitalised as a prepayment for\nliquidity services and amortised over the period of the facility to\nwhich it relates.
\n\u00a0
\nBorrowings are removed from the\nstatement of financial position when the obligation specified in\nthe contract is discharged, cancelled or expired. The difference\nbetween the carrying amount of a financial liability that has been\nextinguished or transferred to another party and the consideration\npaid, including any non-cash asset transferred or liabilities\nassumed, is recognized in profit or loss as other income or finance\ncosts.
\n\u00a0
\nBorrowings are classified as\ncurrent liabilities unless the Group has an unconditional right to\ndefer settlement of the liability for at least 12 months after the\nreporting period.
\n\u00a0
\n3.10.11\u00a0\u00a0 Offsetting\nfinancial instruments
\n\u00a0
\nFinancial assets and liabilities\nare offset and the net amount reported in the statement of\nfinancial position when there is a legally enforceable right to set\noff the recognised amounts and there is an intention to settle on a\nnet basis, or realise the asset and settle the liability\nsimultaneously.
\n\u00a0
\n3.11\u00a0\u00a0\nInventories
\n\u00a0
\nInventories are stated at the\nlower of cost and net realisable value.\u00a0 Costs are assigned to\nindividual items of inventory on the basis of weighted average\ncosts. The cost of inventories comprises the invoice value of goods\nand, in general, includes transport and handling costs.\u00a0 Costs\nof purchased inventory are determined after deducting rebates and\ndiscounts. Net realisable value is the estimated selling price in\nthe ordinary course of business less the estimated costs necessary\nto make the sale.
\n\u00a0
\n\u00a0
\nThe income tax expense\nfor the period is the tax payable on the current period\u2019s\ntaxable income based on the applicable income tax rate for each\njurisdiction adjusted by changes in deferred tax assets and\nliabilities attributable to temporary differences and to unused tax\nlosses.
\n\u00a0
\nThe current income tax\ncharge is calculated on the basis of the tax laws enacted or\nsubstantively enacted at the end of the reporting period in the\ncountries where the company\u2019s subsidiaries and associates\noperate and generate taxable income. Management periodically\nevaluates positions taken in tax returns with respect to situations\nin which applicable tax regulation is subject to interpretation. It\nestablishes provisions where appropriate on the basis of amounts\nexpected to be paid to the tax authorities.
\n\u00a0
\nDeferred tax is\nprovided in full, using the liability method, on temporary\ndifferences arising between the tax bases of assets and liabilities\nand their carrying amounts in the consolidated financial\nstatements. However, deferred tax liabilities are not recognised if\nthey arise from the initial recognition of goodwill. Deferred tax\nis also not accounted for if it arises from initial recognition of\nan asset or liability in a transaction other than a business\ncombination that at the time of the transaction affects neither\naccounting nor taxable profit or loss.\u00a0 Deferred tax is\ndetermined using tax rates (and laws) that have been enacted or\nsubstantially enacted by the end of the reporting period and are\nexpected to apply when the related deferred tax asset is realised\nor the deferred tax liability is settled.
\n\u00a0
\nThe deferred tax\nliability in relation to investment property that is measured at\nfair value is determined assuming the property will be recovered\nentirely through sale.
\n\u00a0
\nDeferred tax\nliabilities and assets are not recognised for temporary differences\nbetween the carrying amount and tax bases of investments in foreign\noperations where the company is able to control the timing of the\nreversal of the temporary differences and it is probable that the\ndifferences will not reverse in the foreseeable future.
\n\u00a0
\nDeferred tax assets\nand liabilities are offset when there is a legally enforceable\nright to offset current tax assets and liabilities and when the\ndeferred tax balances relate to the same taxation authority.\nCurrent tax assets and tax liabilities are offset where the entity\nhas a legally enforceable right to offset and intends either to\nsettle on a net basis, or to realise the asset and settle the\nliability simultaneously.
\n\u00a0
\nCurrent and deferred\ntax is recognised in profit or loss, except to the extent that it\nrelates to items recognised in other comprehensive income or\ndirectly in equity. In this case, the tax is also recognised in\nother comprehensive income or directly in equity,\nrespectively.
\n\u00a0
\nDeferred tax assets\nare recognised only if it is probable that future taxable amounts\nwill be available to utilise those temporary differences and\nlosses.
\n\u00a0
\n\u00a0
\nProvisions for legal\nclaims and other obligations are recognised when the Group has a\npresent legal or constructive obligation as a result of past\nevents, it is probable that an outflow of resources will be\nrequired to settle the obligation and the amount can be reliably\nestimated. Provisions are not recognised for future operating\nlosses.
\n\u00a0
\nProvisions are\nmeasured at the present value of management\u2019s best estimate\nof the expenditure required to settle the present obligation at the\nend of the reporting period. The discount rate used to determine\nthe present value is a pre-tax rate that reflects current market\nassessments of the time value of money and the risks specific to\nthe liability. The increase in the provision due to the passage of\ntime is recognised as interest expense.
\n\u00a0
\n\u00a0
\nContingent liabilities\nare possible obligations that arise from past events whose\nexistence will be confirmed only by occurrence, or non-occurrence,\nof one or more uncertain future event not wholly within the control\nof the Group; or are present obligations that have arisen from past\nevents but are not recognised because it is not probable that\nsettlement will require the outflow of economic benefits, or\nbecause the amount of the obligations cannot be reliably\nmeasured.\u00a0 Contingent liabilities are not recognised in the\nfinancial statements but are disclosed unless the probability of\nsettlement is remote.
\n\u00a0
\n\u00a0
\nRevenue includes all\nrevenues from the ordinary course of business activities. Ordinary\nactivities do not only refer to the core business but also to other\nrecurring sale of goods or rendering of services. Revenues are\nrecorded net of value added tax.
\n\u00a0
\n(a)\n\u00a0\u00a0\u00a0\u00a0\u00a0\n\u00a0Revenue from hotel operations
\n\u00a0
\nRevenue from hotel\noperations includes revenue from accommodation, food and beverage\nservices, and other ancillary services.\u00a0 The substantial\nmajority of services are provided to customers during their stays\nin one of the Group\u2019s hotels, and, depending on the type of\nbooking, some services would generally be amalgamated into one\n\u2018contract\u2019 (for example, bed and breakfast).
\n\u00a0
\nEach of the services\nrendered is assessed to be a distinct performance obligation, and\nif applicable, the Group allocates the transaction price to each of\nthe services rendered to the customer on a relative basis, based on\ntheir stand-alone selling price.\u00a0 Revenue from such operations\nis recognised over time since the customer benefits as the Group is\nperforming; the majority of revenue relates to accommodation (i.e.\nthe amount allocated to such performance obligation is recognised\nover the customer\u2019s stay at the respective hotel).
\n\u00a0
\n(b)\n\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0Catering services
\n\u00a0
\nThe Group provides\nservices in the catering industry.\u00a0 The transaction price\ncomprises a fixed amount agreed with the respective customer.\u00a0\nAny upfront payments are deferred as contract liabilities, and\nrevenue is recognised in the period that the services are provided\nto the customer.
\n\u00a0
\n(c)\n\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0Project management services
\n\u00a0
\nThe Group provides a\nwide range of project management services, some of which may span\nover multiple accounting periods.\u00a0 Some contracts require the\nprovision of multiple services, and the Group assesses whether\nthese constitute distinct performance obligations in the context of\nthe arrangement.\u00a0 In any case, revenue from such performance\nobligations is recognised over time, using an input method of\nprogress to calculate the stage of completion.\u00a0
\n\u00a0
\nThe consideration for\nproject management services is based on the expected number of\nhours that the Group expects to be required for the project to be\ncompleted.\u00a0 Revenue and contract costs are recognised over the\nperiod of the contract, respectively, as revenue and\nexpenses.\u00a0 When it is probable that total contract costs will\nexceed total contract revenue, the expected loss is recognised as\nan expense immediately.
\n\u00a0
\nThe stage of\ncompletion is measured by reference to the proportion of contract\ncosts incurred for work performed up to the end of the reporting\nperiod in relation to the estimated total costs for the contract.\nCosts incurred during the year that relate to future activity on a\ncontract are excluded from contract costs in determining the stage\nof completion and are shown as contract assets.
\n\u00a0
\nThe aggregate of the\ncosts incurred and the profit or loss recognised on each contract\nis compared against the progress billings up to the end of the\nreporting period.\u00a0 The Group presents as a contract asset the\ngross amount due from customers for contract work for all contracts\nin progress for which costs incurred plus recognised profits (less\nrecognised losses) exceed progress billings, within trade and other\nreceivables.\u00a0 The Group presents as a contract liability the\ngross amount due to customers for contract work for all contracts\nin progress for which progress billings exceed costs incurred plus\nrecognised profits (less recognised losses), within trade and other\npayables.
\n\u00a0
\n(d)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Hotel management\nagreements
\n\u00a0
\nThe Group enters into\nhotel management agreements with hotel property owners and under\nthese agreements, the Group\u2019s performance obligation is to\nprovide hotel management services and a license to use\nCorinthia\u2019s brand.\u00a0 Base and incentive management fees\nare typically charged.\u00a0 Base management fees are typically a\npercentage of total hotel operating revenues and incentive fees are\ngenerally based on the hotel\u2019s operating profits.\u00a0 Both\nare treated as variable consideration.\u00a0 Base management fees\nare recognised as the underlying hotel revenues occur.\u00a0\nIncentive management fees are recognised when the contracted\nperformance criteria for each annual period is deemed to be met,\nprovided there is no expectation of a subsequent reversal of the\nrevenue.\u00a0 Costs incurred to enter into a contract are expensed\nas incurred unless they are incremental in obtaining the\ncontract.
\n\u00a0
\nContract\nassets
\n\u00a0
\nAmounts paid to hotel\nowners to secure hotel management agreements (\u2018key\nmoney\u2019\u00a0) are treated as consideration payable to a\ncustomer.\u00a0 A contract asset is recorded and eventually\nrecognised as a deduction against revenue generated over the term\nof the contract.\u00a0 Contract assets are not financial assets as\nthey represent amounts paid by the Group at the beginning of a\ncontract and accordingly, are tested for impairment based on value\nin use.\u00a0 Contract assets are reviewed for impairment when\nevents or changes in circumstances indicate that the carrying value\nmay not be recoverable.
\n\u00a0
\n\u00a0
\nThe Group\u2019s\nlease accounting policy where the Group is the lessee is disclosed\nin Note\n16.
\n\u00a0
\n\u00a0
\nLease income from\noperating leases where the Group is a lessor is recognised in\nincome on a straight-line basis over the lease term.\u00a0 Initial\ndirect costs incurred in obtaining an operating lease are added to\nthe carrying amount of the underlying asset and recognised as\nexpense over the lease term on the same basis as lease\nincome.\u00a0 The respective leased assets are included in the\nstatement of financial position based on their nature.
\n\u00a0
\n\u00a0
\n(a)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nShort-term obligations
\n\u00a0
\nLiabilities for wages\nand salaries, including non-monetary benefits and accumulating\nleave that are expected to be settled wholly within 12 months after\nthe end of the period in which the employees render the related\nservice are recognised in respect of employees\u2019 services up\nto the end of the reporting period and are measured at the amounts\nexpected to be paid when the liabilities are settled. The\nliabilities are presented as current employee benefit obligations\nin the statement of financial position.
\n\u00a0
\n(b)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nBonus plans
\n\u00a0
\nThe Group recognises a\nliability and an expense for bonuses based on a formula that takes\ninto consideration the profit attributable to the company\u2019s\nshareholders after certain adjustments. The Group recognises a\nprovision where contractually obliged or where there is a past\npractice that has created a constructive obligation.
\n\u00a0
\n(c)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nContributions to defined contribution pension\nplans
\n\u00a0
\nThe Group contributes\ntowards the State defined contribution pension plan in accordance\nwith local legislation in exchange for services rendered by\nemployees and to which it has no commitment beyond the payment of\nfixed contributions.\u00a0 Obligation for contributions are\nrecognised as an employee benefit in profit or loss in the periods\nduring which services are rendered by employees.
\n\u00a0
\n\u00a0
\nGrants are recognised\nwhen there is reasonable assurance that all the conditions attached\nto them are complied with and the grants will be received.\u00a0\nGrants related to income are recognized in the profit or loss over\nthe periods necessary to match them with the related costs which\nthey are intended to compensate.\u00a0 Such grants are presented as\npart of profit or loss, by deducting them from the related\nexpense.\u00a0 Grants related to assets are deducted from the\nasset\u2019s carrying amount. The accounting policy for grants\nrelated to assets was changed in the reporting period and no change\nwas required in this regard to the comparative figures.
\n\u00a0
\n3.19\u00a0\u00a0\nAssets held for sale
\n\u00a0
\nNon-current assets (or\ndisposal groups) are classified as held for sale if their carrying\namount will be recovered principally through a sale transaction\nrather than through continuing use and a sale is considered highly\nprobable. They are measured at the lower of their carrying amount\nand fair value less costs to sell, except for assets such as\ndeferred tax assets, assets arising from employee benefits,\nfinancial assets and investment property that are carried at fair\nvalue.
\n\u00a0
\n\u00a03.20\u00a0\u00a0 Earnings per share
\n\u00a0
\nBasic earnings per\nshare
\n\u00a0
\nBasic earnings per\nshare is calculated by dividing:
\n\u00a0
\n| \n \u2022 \n | \n\n the profit\nattributable to owners of the Group, \n | \n
| \n \u2022 \n | \n\n by the weighted\naverage number of ordinary shares outstanding during the financial\nyear. \n | \n
\u00a0
\n\u00a0
\nOperating segments are\nreported in a manner consistent with the internal reporting\nprovided to the chief operating decision maker.
\n\u00a0
\nThe board of IHI\ntogether with its committees assesses the financial performance and\nposition of the Group and makes strategic decisions and accordingly\nhas been identified as being the chief operating decision\nmaker.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TPoAPFRd5J": { "value": "This note provides a\nlist of the material accounting policies adopted in the preparation\nof these consolidated financial statements.\u00a0 These policies\nhave been consistently applied to all the years presented, unless\notherwise stated.
\nThe consolidated\nfinancial statements of the Group have been prepared in accordance\nwith the requirements of International Financial Reporting\nStandards (IFRS) as adopted by the European Union (EU) in\naccordance with Companies Act, Cap 386 of the Laws of\nMalta.
\n\u00a0
\nThe financial statements\nhave been prepared on a historical cost basis, except for financial\nassets and financial liabilities classified at fair value through\nprofit or loss (FVTPL), financial assets at fair value through\nother comprehensive income (FVOCI), the land and buildings class\nwithin property, plant and equipment and investment property\n\u2013 which are measured at fair value.
\nThe preparation of\nconsolidated financial statements in conformity with IFRSs as\nadopted by the EU requires the use of certain accounting\nestimates.\u00a0 It also requires the directors to exercise their\njudgement in the process of applying the Group\u2019s and the\nCompany\u2019s accounting policies (see Note 4 - Critical\naccounting estimates, judgements and errors).\u00a0 As explained\nfurther in this note, the Group has secured financing and taken\nother measures to improve the Group\u2019s liquidity and to enable\nthe Group to settle its short-term obligations as and when they\nfall due. Accordingly, these consolidated financial statements have\nbeen prepared on a going concern basis.
\n\u00a0
\nGoing\nconcern
\n\u00a0
\nIn 2025, the Group\nrecorded an operating result before depreciation and fair value\nadjustments of \u20ac61.9 million, after one-off preopening costs\nof \u20ac2.2 million, compared to \u20ac62.4 million the previous\nyear. The Group is projecting that consolidated revenue levels will\ncontinue to improve during 2026 and beyond, as the hotels that\nopened recently, together with the new openings in 2026, come into\nplay.
\n\u00a0
\nThe Group\u2019s\nliquidity situation is being kept under constant review,\nparticularly in view of increased interest costs and certain\nprojects and commitments that the Group is currently engaged\nin.
\n\u00a0
\nAt 31 December 2025, the\nGroup had access to \u20ac133.2 million, comprising \u20ac33.3\nmillion undrawn committed facilities, \u20ac7.4 million unutilised\nbank overdrafts and \u20ac92.5 million cash balances. This\nliquidity position enables the Group to sustain its operations as\nwell as meet its capital commitments. Overall, the Group\u2019s\nbalance sheet position remains robust.
\n\u00a0
\nAccordingly, the\nDirectors and senior management consider the going concern\nassumption in the preparation of the Group\u2019s financial\nstatements as appropriate as at the date of authorisation for issue\nof the 2025 financial statements.\u00a0 In their view, as at that\ndate, there were no material uncertainties that may cast\nsignificant doubt on the Group\u2019s ability to continue\noperating as a going concern.
\n\u00a0
\nThe board of directors\nand senior management remain vigilant on developments and will take\nappropriate measures as and when necessary to ensure the continued\nviability of the Group.
\n\u00a0
\nWorking capital\nposition
\n\u00a0
\nThe Group\u2019s\nworking capital position as at the end of December 2025 reflects a\ndeficit of \u20ac18.4 million (2024: surplus of \u20ac105.1\nmillion). As disclosed in Note\n23 , the Corinthia Lisbon\nvalued at \u20ac145.9 million was reclassified to assets held for\nsale in 2024 and is thus included with current assets. The sale of\nthis hotel was finalised in April 2026. The 2025 current\nliabilities include two bonds amounting to \u20ac114.8 million\nwhich are due for redemption in July and December 2026 respectively\nas well as the bank loan secured on the Lisbon property amounting\nto \u20ac44.9 million. The Group is working on refinancing these\nbonds, whilst the Lisbon bank loan was settled upon finalization of\nthe sale transaction.
\n\u00a0
\nApart from the surplus\ncashflows generated from the Group\u2019s operations, the Group\nmaintains a policy of supplementing cash available for its working\ncapital requirements with various financing initiatives and, when\nmarket conditions permit the disposal of non-core assets.\n\u00a0
\n\u00a0
\nFurther disclosures on\nliquidity risk are included in Note\n41.2 .
\n\u00a0
\n\u00a0
\nIn 2025, the company\nadopted amendments to existing standards that are mandatory for the\nGroup and Company\u2019s accounting period beginning on 1 January\n2025. The adoption of these revisions to the requirements of IFRSs\nas adopted by the EU did not result in changes to the\ncompany\u2019s accounting policies impacting the financial\nperformance and position.
\n\u00a0
\n\u00a0
\nCertain new standards,\namendments and interpretations to existing standards have been\npublished by the date of authorisation for issue of these financial\nstatements but are mandatory for accounting periods beginning 1\nJanuary 2026 and after. The Group and the Company have not early\nadopted these revisions to the requirements of IFRSs as adopted by\nthe EU and the directors are of the opinion that there are no\nrequirements that will have a possible significant impact on the\nGroup\u2019s and the Company\u2019s current or future reporting\nperiods and on foreseeable future transactions, other than what is\ndescribed below.
\nIFRS 18\n\u2018Presentation and Disclosure in Financial Statements\u2019\n(effective for annual periods beginning on or after 1 January\n2027
\nIFRS 18 (issued on 9\nApril 2024) was endorsed for use in the European Union on 16\nFebruary 2026 and is set to replace IAS 1 Presentation of Financial\nStatements, introducing new requirements that will help to achieve\ncomparability of the financial performance of similar entities and\nprovide more relevant information and transparency to users. Even\nthough IFRS 18 will not impact the recognition or measurement of\nitems in the financial statements, its impacts on presentation and\ndisclosure are expected to be pervasive, particularly those related\nto the statement of financial performance. IFRS 18 will also\nrequire the disclosure of management-defined performance measures\nwithin the financial statements.
\nManagement is\ncurrently assessing the implications of applying IFRS 18 on the\nGroup and Company\u2019s financial statements.
\nThe new standard will\nbe applicable from its mandatory effective date of 1 January 2027,\nwith retrospective application, meaning that comparative\ninformation will be restated to reflect the new presentation and\ndisclosure requirements introduced.
\n\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nSubsidiaries
\n\u00a0
\nSubsidiaries are all\nentities (including structured entities) over which the Group has\ncontrol.\u00a0The Group controls an entity when the Group is\nexposed to, or has rights to, variable returns from its involvement\nwith the entity and has the ability to affect those returns through\nits power to direct the activities of the entity.\u00a0\nSubsidiaries are fully consolidated from the date on which control\nis transferred to the Group.\u00a0 They are deconsolidated from the\ndate that control ceases.
\n\u00a0
\nIntercompany\ntransactions, balances and unrealised gains on transactions between\nGroup companies are eliminated. Unrealised losses are also\neliminated unless the transaction provides evidence of an\nimpairment of the transferred asset. Accounting policies of\nsubsidiaries have been changed where necessary to ensure\nconsistency with the policies adopted by the Group.
\n\u00a0
\nNon-controlling\ninterests in the results and equity of subsidiaries are shown\nseparately in the consolidated income statement, statement of\ncomprehensive income, statement of changes in equity and statement\nof financial position respectively.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAssociates
\n\u00a0
\nAssociates are all\nentities over which the Group has significant influence but not\ncontrol or joint control. This is generally the case where the\nGroup holds between 20% and 50% of the voting rights.\u00a0 In the\nGroup\u2019s consolidated financial statements, investments in\nassociates are accounted for using the equity method of accounting\n(see (iii) below), after initially being recognised at\ncost.
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nEquity method
\n\u00a0
\nUnder the equity method\nof accounting, the investments are initially recognised at cost and\nadjusted thereafter to recognise the Group\u2019s share of the\npost-acquisition profits or losses of the investee in profit or\nloss, and the Group\u2019s share of movements in other\ncomprehensive income of the investee in other comprehensive income.\nDividends received or receivable from associates and joint ventures\nare recognised as a reduction in the carrying amount of the\ninvestment.
\n\u00a0
\nWhen the Group\u2019s\nshare of losses in an equity-accounted investment equals or exceeds\nits interest in the entity, including any other unsecured long-term\nreceivables, the Group does not recognise further losses, unless it\nhas incurred obligations or made payments on behalf of the other\nentity.
\n\u00a0
\nThe Group determines at\neach reporting date whether there is an objective evidence that the\ninvestment in the associate is impaired. If this is the case, the\nGroup calculates the amount of the impairment as the difference\nbetween the recoverable amount of the associate and its carrying\nvalue and recognises the amount adjacent to 'share of net loss of\nassociate' in the statement of comprehensive income.
\n\u00a0
\nUnrealised gains on\ntransactions between the Group and its associates and joint\nventures are eliminated to the extent of the Group\u2019s interest\nin these entities.\u00a0 Unrealised losses are also eliminated\nunless the transaction provides evidence of an impairment of the\nasset transferred. Accounting policies of equity accounted\ninvestees have been changed where necessary to ensure consistency\nwith the policies adopted by the Group.
\n\u00a0
\nThe carrying amount of\nequity-accounted investments is tested for impairment in accordance\nwith the policy described in Note\n3.10 .
\n\u00a0
\n\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries,\nassociates and joint ventures are accounted for in accordance with\nIFRS 9\u2019s requirements for equity investments.\u00a0 The\nCompany elects, on an instrument-by-instrument basis, whether its\ninvestments will be measured at fair value, with fair value\nmovements in other comprehensive income.\u00a0 Management has\nadopted the FVOCI election for all of its investments in\nsubsidiaries, associates and joint ventures.\u00a0 The fair value\nof investments in subsidiaries, associates and joint ventures is\nestablished by using valuation techniques, in most cases by\nreference to the net asset backing of the investee taking\ncognisance of the fair values of the underlying assets.
\n\u00a0
\nAdditional detail on the\nsubsequent measurement and impairment requirements for FVOCI assets\nis disclosed in Note\n3.10.
\n\u00a0
\n\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nFunctional and presentation\ncurrency
\n\u00a0
\nItems included in the\nfinancial statements of each of the Group\u2019s entities are\nmeasured using the currency of the primary economic environment in\nwhich the entity operates (\u2018the functional\ncurrency\u2019).\u00a0 The consolidated and company financial\nstatements are presented in euro, which is IHI\u2019s functional\nand presentation currency.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nTransactions and balances
\n\u00a0
\nForeign currency\ntransactions are translated into the functional currency using the\nexchange rates at the dates of the transactions. Foreign exchange\ngains and losses resulting from the settlement of such transactions\nand from the translation of monetary assets and liabilities\ndenominated in foreign currencies at year end exchange rates, are\ngenerally recognised in profit or loss.\u00a0 They are deferred in\nequity if they relate to part of the net investment in a foreign\noperation.
\n\u00a0
\nForeign exchange gains\nand losses that relate to borrowings and cash balances are\npresented in the income statement, within finance costs. All other\nforeign exchange gains and losses are presented in the income\nstatement on a net basis within results from operating activities,\nas a separate line item.\u00a0
\n\u00a0
\nNon-monetary items that\nare measured at fair value in a foreign currency are translated\nusing the exchange rates at the date when the fair value was\ndetermined. Translation differences on assets and liabilities\ncarried at fair value are reported as part of the fair value gain\nor loss.
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nGroup companies
\n\u00a0
\nThe results and\nfinancial position of foreign operations that have a functional\ncurrency different from the presentation currency are translated\ninto the presentation currency as follows:
\n\u00a0
\n| \n - \n | \n\n assets and liabilities\nfor each statement of financial position presented are translated\nat the closing rate at the date of that statement of financial\nposition; \n | \n
| \n - \n | \n\n income and expenses for\neach income statement and statement of comprehensive income are\ntranslated at average exchange rates or a monthly weighted average\nrate when there are significant fluctuations in the currency during\nthe year (unless these are not a reasonable approximation of the\ncumulative effect of the rates prevailing on the transaction dates,\nin which case income and expenses are translated at the dates of\nthe transactions); and \n | \n
| \n - \n | \n\n all resulting exchange\ndifferences are recognised in other comprehensive\nincome. \n | \n
\u00a0
\nOn consolidation,\nexchange differences arising from the translation of any net\ninvestment in foreign entities are recognised in other\ncomprehensive income. When a foreign operation is sold or any\nborrowings forming part of the net investment are repaid, the\nassociated exchange differences are reclassified to profit or loss,\nas part of the gain or loss on sale.
\n\u00a0
\nGoodwill and fair value\nadjustments arising on the acquisition of a foreign operation are\ntreated as assets and liabilities of the foreign operation and\ntranslated at the closing rate.
\n\u00a0
\n\u00a0
\nAll property, plant and\nequipment is initially recorded at historical cost.\u00a0 Land and\nbuildings are subsequently shown at fair value, based on periodic\nvaluations by professional valuers, less subsequent depreciation\nfor buildings.\u00a0 Valuations are carried out on a regular basis\nsuch that the carrying amount of property does not differ\nmaterially from that which would be determined using fair values at\nthe end of the reporting period.\u00a0 Any accumulated depreciation\nat the date of revaluation is eliminated against the gross carrying\namount of the asset, and the net amount is restated to the revalued\namount of the asset. All other property, plant and equipment is\nsubsequently stated at historical cost less depreciation and\nimpairment losses. Historical cost includes expenditure that is\ndirectly attributable to the acquisition of the\nitems.\u00a0
\n\u00a0
\nBorrowing costs which\nare incurred for the purpose of acquiring or constructing a\nqualifying asset are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0 Capitalisation of borrowing costs is ceased once\nthe asset is substantially complete and is suspended if the\ndevelopment of the asset is suspended.
\n\u00a0
\nSubsequent costs are\nincluded in the asset\u2019s carrying amount or recognised as a\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\nGroup and the cost of the item can be measured reliably. All other\nrepairs and maintenance are charged to profit or loss during the\nfinancial period in which they are incurred.
\n\u00a0
\nIncreases in the\ncarrying amount arising on revaluation of land and buildings are\ncredited to other comprehensive income and shown as a revaluation\nreserve in shareholders' equity.\u00a0 However, the increase shall\nbe recognised in profit or loss to the extent that it reverses a\nrevaluation decrease of the same asset previously recognised in\nprofit or loss.\u00a0\u00a0 Decreases that offset previous\nincreases of the same asset are charged in other comprehensive\nincome and debited against the revaluation reserve; all other\ndecreases are charged to profit or loss.
\n\u00a0
\nDepreciation is\ncalculated using the straight-line method to allocate the cost or\nrevalued amounts of the assets to their residual values over their\nestimated useful lives, as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Freehold\nbuildings \n | \n\n 33-150 \n | \n
| \n \u00a0\u00a0 Plant and\nequipment \n | \n\n 2-15 \n | \n
| \n \u00a0\u00a0\nFurniture, fixture and fittings \n | \n\n 3-10 \n | \n
| \n \u00a0\u00a0 Motor\nvehicles \n | \n\n 5 \n | \n
\u00a0
\nFreehold land is not\ndepreciated as it is deemed to have an indefinite life.\u00a0\nAssets in the course of construction and payments on account are\nnot depreciated.
\n\u00a0
\nThe assets\u2019\nresidual values and useful lives are reviewed, and adjusted if\nappropriate, at the end of each reporting period.
\n\u00a0
\nProperty, plant and\nequipment is reviewed for impairment whenever events or changes in\ncircumstances indicate that the carrying amount may not be\nrecoverable (refer to Note\n3.10 ). An asset\u2019s\ncarrying amount is written down immediately to its recoverable\namount if the asset\u2019s carrying amount is greater than its\nestimated recoverable amount. An impairment loss is recognised for\nthe amount by which the asset\u2019s carrying amount exceeds its\nrecoverable amount.\u00a0 Property, plant and equipment that\nsuffered an impairment is reviewed for possible reversal of the\nimpairment at the end of each reporting period.
\n\u00a0
\nGains and losses on\ndisposals of property, plant and equipment are determined by\ncomparing proceeds with carrying amount and are recognised in\nprofit or loss.\u00a0 When revalued assets are disposed of, the\namounts included in the revaluation reserve relating to the assets\nare transferred to retained earnings.
\n\u00a0
\nProperty that is held\nfor long-term rental yields or for capital appreciation or both,\nand that is not occupied by entities forming part of the Group is\nclassified as investment property. Investment property also\nincludes property that is being constructed or developed for future\nuse as investment property, when such identification is made.\nInvestment property principally comprises land and\nbuildings.
\n\u00a0
\nInvestment property is\nmeasured initially at its historical cost, including related\ntransaction costs and borrowing costs. Borrowing costs which are\nincurred for the purpose of acquiring or constructing a qualifying\ninvestment property are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0Capitalisation of borrowing costs is ceased once the\nasset is substantially complete and is suspended if the development\nof the asset is suspended.\u00a0 After initial recognition,\ninvestment property is carried at fair value, representing open\nmarket value determined annually.
\n\u00a0
\nThese fair valuations\nare reviewed regularly by a professional valuer.\u00a0 The fair\nvalue of investment property generally reflects, among other\nthings, rental income from current leases and assumptions about\nrental income from future leases in the light of current market\nconditions. The fair value also reflects, on a similar basis, any\ncash outflows that could be expected in respect of the\nproperty.
\n\u00a0
\nSubsequent expenditure\nis capitalised to the asset\u2019s carrying amount only when it is\nprobable that future economic benefits associated with the\nexpenditure will flow to the Group and the cost of the item can be\nmeasured reliably. All other repairs and maintenance costs are\ncharged to profit or loss during the financial period in which they\nare incurred.\u00a0 When part of an investment property is\nreplaced, the carrying amount of the replaced part is\nderecognised.
\n\u00a0
\nChanges in fair values\nare recognised in profit or loss.\u00a0 Investment properties are\nderecognised either when they have been disposed of or when the\ninvestment property is permanently withdrawn from use and no future\neconomic benefit is expected from its disposal.
\n\u00a0
\nIf an investment\nproperty becomes owner-occupied, it is reclassified as property,\nplant and equipment. Its fair value at the date of the\nreclassification becomes its cost for subsequent accounting\npurposes.\u00a0
\n\u00a0
\nIf an item of property,\nplant and equipment becomes an investment property because its use\nhas changed, any difference resulting between the carrying amount\nand the fair value of this item at the date of transfer is treated\nin the same way as a revaluation surplus under IAS\n16.\u00a0
\n\u00a0
\n\u00a0
\n(a)\u00a0\u00a0\u00a0\u00a0 Goodwill
\n\u00a0
\nGoodwill represents the\nexcess of the cost of an acquisition over the fair value of the\nGroup\u2019s share of the net identifiable assets of the acquired\nsubsidiary or associate at the date of acquisition. Goodwill on\nacquisitions of subsidiaries is included in \u2018Intangible\nassets\u2019. Goodwill on acquisitions of associates is included\nwithin the carrying amount of the investments.\u00a0 Separately\nrecognised goodwill is not amortised, but it is tested annually for\nimpairment, or more frequently if events or changes in\ncircumstances indicate that it might be impaired, and is carried at\ncost less accumulated impairment losses. Impairment losses on\ngoodwill are not reversed.\u00a0 Gains and losses on the disposal\nof an entity include the carrying amount of goodwill relating to\nthe entity sold.
\n\u00a0
\nGoodwill is allocated to\ncash-generating units for the purpose of impairment testing. The\nallocation is made to those cash-generating units or groups of\ncash-generating units that are expected to benefit from the\nbusiness combination in which the goodwill arose. The units or\ngroups of units are identified at the lowest level at which\ngoodwill is monitored for internal management purposes, being the\noperating segments ( Note\n6 ).
\n\u00a0
\n(b)\u00a0\u00a0\u00a0\u00a0 Brands
\n\u00a0
\nThe brands mainly\ncomprise the \u2018Corinthia\u2019 brand name relating to\nhospitality and catering.\u00a0 The \u2018Corinthia\u2019 brand\nwas acquired from the Group\u2019s parent, CPHCL, and represents\nthe consideration paid on its acquisition.\u00a0
\n\u00a0
\nThe brands do not have a\nfinite life and are measured at cost less accumulated impairment\nlosses.\u00a0 The brands are regarded as having an indefinite life,\nin view of their longevity, customer recognition and strong market\nposition. There is no foreseeable limit to the period over which\nthe assets can legally be used and over which they are expected to\ngenerate cash inflows. Brand marketing and the signing of third\nparty hotel management agreements further supports this\nconclusion.
\n\u00a0
\n(c)\u00a0\u00a0\u00a0\u00a0 Other intangible\nassets
\n\u00a0
\nSeparately acquired\nintangible assets, such as purchased computer software are shown at\nhistorical cost. Customer contracts acquired in a business\ncombination are recognised at fair value at the acquisition date.\nThese intangible assets have a finite useful life and are\nsubsequently carried at cost less accumulated amortisation and\nimpairment losses.
\n\u00a0
\nSubsequent expenditure\nis capitalised only when it increases the future economic benefits\nembodied in the specific asset to which it related.\u00a0 All other\nexpenditure including costs incurred in the ongoing maintenance of\nsoftware, is recognised in profit or loss as\nincurred.\u00a0
\n\u00a0
\nIntangible assets\ninclude intangibles with finite lives, which are amortised, on a\nstraight-line basis over their estimated useful lives.\u00a0\nEstimated useful life is the lower of legal duration and expected\nuseful life.\u00a0 The estimated useful lives are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Brand\ndesign fee and other rights \n | \n\n 5 - 10 \n | \n
| \n \u00a0\u00a0\nConcessions \n | \n\n 2 - 10 \n | \n
| \n \u00a0\u00a0 Operating\ncontracts \n | \n\n 20 \n | \n
| \n \u00a0\u00a0\nOthers \n | \n\n 3 \n | \n
\u00a0
\n\u00a0
\nFinancial instruments\nare recognised when the Group has become a party to the contractual\nprovisions of the instrument. Financial instruments include\ninvestments in listed equity securities, derivative financial\ninstruments, loans receivable, trade and other receivables, cash\nand cash equivalents, interest-bearing borrowings, loans payable\nand trade and other payables.
\n\u00a0
\nFinancial instruments\nare initially recognised at fair value including transaction costs,\nexcept for those measured at fair value through profit or loss, for\nwhich transaction costs are recognised in profit or loss as part of\nadministrative and other expenses.
\n\u00a0
\nTrade receivables are\ninitially recognised at the amount of consideration that is\nunconditional unless they contain significant financing components,\nwhen they are recognized at fair value.
\n\u00a0
\nDerivatives are\nrecognised initially at fair value at the date the derivative\ncontract are entered into. Directly attributable transaction costs\nare recognised in profit or loss when incurred.
\n\u00a0
\nSubsequent to initial\nrecognition, these financial instruments are classified and\nmeasured as detailed below.
\n\u00a0
\n3.10.1\u00a0\u00a0\u00a0\nClassification of financial assets
\n\u00a0
\nThe Group classifies its\nfinancial assets in the following measurement\ncategories:
\n\u00a0
\n| \n \u2022 \n | \n\n those to be measured\nsubsequently at fair value (either through OCI or through profit or\nloss), and \n | \n
| \n \u2022 \n | \n\n those to be measured at\namortised cost. \n | \n
\u00a0
\nThe classification depends on the\nentity\u2019s business model for managing the financial assets and\nthe contractual terms of the cash flows.
\n\u00a0
\nFor assets measured at fair\nvalue, gains and losses will either be recorded in profit or loss\nor OCI.\u00a0 For investments in equity instruments that are not\nheld for trading, this will depend on whether the Group has made an\nirrevocable election at the time of initial recognition to account\nfor the equity investment at fair value through other comprehensive\nincome (FVOCI).
\n\u00a0
\nThe Group reclassifies debt\ninvestments when and only when its business model for managing\nthose assets changes.
\n\u00a0
\n3.10.2\u00a0\u00a0 Recognition\nand derecognition of financial assets
\n\u00a0
\nRegular way purchases and sales\nof financial assets are recognised on settlement date, which is the\ndate on which an asset is delivered to or by the Group.\u00a0 Any\nchange in fair value for the asset to be received, is recognised\nbetween the trade date and settlement date in respect of assets\nwhich are carried at fair value in accordance with the measurement\nrules applicable to the respective financial assets.
\n\u00a0
\nFinancial assets are derecognised\nwhen the rights to receive cash flows from the financial assets\nhave expired or have been transferred and the Group has transferred\nsubstantially all the risks and rewards of ownership.
\n\u00a0
\n3.10.3\u00a0\u00a0\u00a0\nSubsequent measurement of financial assets
\n\u00a0
\nDebt\ninstruments
\n\u00a0
\nSubsequent measurement of debt\ninstruments depends on the Group\u2019s business model for\nmanaging the asset and the cash flow characteristics of the\nasset.\u00a0 The Group\u2019s and the Company\u2019s debt\ninstruments principally comprise loans and advances to other\nundertakings and investments in bonds.\u00a0 The Group also holds\ninvestments in mutual funds; management has assessed that such\ninvestments do not meet the definition of equity in accordance with\nIAS 32 from the issuer\u2019s perspective since the Group can sell\nits holding back to the fund in return for cash. Accordingly, these\ninvestments are considered to be debt instruments from the\nGroup\u2019s perspective.
\n\u00a0
\nThere are two measurement\ncategories into which the Group classifies its debt\ninstruments:
\n\u00a0
\n| \n \u2022 \n | \n\n Amortised cost:\nFinancial assets that are held for collection of contractual cash\nflows where those cash flows represent solely payments of principal\nand interest are measured at amortised cost. Interest income from\nthese financial assets is included in finance income using the\neffective interest rate method. Any gain or loss arising on\nderecognition is recognised directly in profit or loss and\npresented in other operating expenses together with foreign\nexchange gains and losses. Impairment losses are presented under\nnet movements in credit losses on loans receivable in the income\nstatement. \n | \n
| \n \u2022 \n | \n\n FVTPL: Financial\nassets that do not meet the criteria for amortised cost or FVOCI\nare measured at FVTPL.\u00a0 A gain or loss on a debt investment\nthat is subsequently measured at FVTPL is recognised in profit or\nloss and presented net within net changes in fair value of\nfinancial assets in the period in which it arises.\u00a0 The Group\nclassified its investments in mutual funds in this category, on the\nbasis that such investments fail to meet the \u2018solely payments\nof principal and interest\u2019 test. \n | \n
\u00a0
\nEquity\ninstruments
\n\u00a0
\nThe Group subsequently measures\nall its financial assets in equity investments at fair value. Where\nthe Group\u2019s management has elected to present fair value\ngains and losses on equity investments in OCI, there is no\nsubsequent reclassification of fair value gains and losses to\nprofit or loss following the derecognition of the investment.\u00a0\nDividends from such investments continue to be recognised in profit\nor loss as investment income, when the entity\u2019s right to\nreceive payments is established.
\n\u00a0
\nChanges in the fair value of\nfinancial assets at FVTPL are shown separately within net changes\nin fair value of financial assets through profit or loss in the\nincome statement.
\n\u00a0
\n3.10.4\u00a0\u00a0 Trade\nreceivables
\n\u00a0
\nTrade receivables comprise\namounts due from customers for goods sold or services performed in\nthe ordinary course of business. If collection is expected in one\nyear or less (or in the normal operating cycle of the business if\nlonger), they are classified as current assets. If not, they are\npresented as non-current assets.
\n\u00a0
\nTrade and other receivables are\nsubsequently measured at amortised cost using the effective\ninterest method, less loss allowance.\u00a0 The Group holds the\ntrade receivables with the objective to collect the contractual\ncash flows and therefore measures them subsequently at amortised\ncost using the effective interest method. Details about the\nGroup\u2019s impairment policies and the calculation of the loss\nallowance are provided in Note 41\n.
\n\u00a0
\n3.10.5\u00a0\u00a0 Cash and\ncash equivalents
\n\u00a0
\nFor the purpose of presentation\nin the statement of cash flows, cash and cash equivalents includes\ncash on hand, deposits held at call with financial institutions,\nother short-term, highly liquid investments with original\nmaturities of three months or less that are readily convertible to\nknown amounts of cash and which are subject to an insignificant\nrisk of changes in value, and bank overdrafts.\u00a0 Bank\noverdrafts are shown within borrowings in current liabilities in\nthe statement of financial position. Cash and cash equivalents are\ncarried at amortised costs.
\n\u00a0
\n3.10.6\u00a0\u00a0 Impairment\nof financial assets
\n\u00a0
\nThe Group assesses the expected\ncredit losses associated with its debt instruments carried at\namortised cost on a forward-looking basis.\u00a0 The impairment\nmethodology applied depends on whether there has been a significant\nincrease in credit risk.
\n\u00a0
\nFor trade receivables the Group\napplies the simplified approach permitted by IFRS 9, which requires\nexpected lifetime losses to be recognised from initial recognition\nof the receivables, see Note 41.1\nfor further details.
\n\u00a0
\n3.10.7\u00a0\u00a0\nClassification, recognition and derecognition of financial\nliabilities
\n\u00a0
\nThe Group\u2019s financial\nliabilities, other than derivative financial instruments, are\nclassified as financial liabilities which are not at fair value\nthrough profit or loss (classified as \u2018Other\nliabilities\u2019) under IFRS 9.\u00a0 Financial liabilities not\nat fair value through profit or loss are recognised initially at\nfair value, being the fair value of consideration received, net of\ntransaction costs that are directly attributable to the acquisition\nor the issue of the financial liability. Financial liabilities held\nat fair value through profit or loss would be initially recognised\nat fair value through profit or loss with transaction costs\nexpensed in profit or loss. The Group derecognises a financial\nliability from its statement of financial position when the\nobligation specified in the contract or arrangement is discharged,\nis cancelled or expires.
\n\u00a0
\n3.10.8\u00a0\u00a0 Subsequent\nmeasurement of financial liabilities
\n\u00a0
\nFinancial liabilities held at\nfair value through profit or loss would be subsequently measured at\nfair value. Other financial liabilities are subsequently measured\nat amortised cost.
\n\u00a0
\n3.10.9\u00a0\u00a0 Trade and\nother payables
\n\u00a0
\nThese amounts represent\nliabilities for goods and services provided to the Group prior to\nthe end of the financial year which are unpaid.\u00a0 Trade and\nother payables are presented as current liabilities unless payment\nis not due within 12 months after the reporting period.\u00a0 They\nare recognised initially at their fair value and subsequently\nmeasured at amortised cost using the effective interest\nmethod.
\n\u00a0
\n3.10.10\u00a0\u00a0\nBorrowings
\n\u00a0
\nBorrowings are initially\nrecognised at fair value, net of transaction costs incurred.\nBorrowings are subsequently measured at amortised cost. Any\ndifference between the proceeds (net of transaction costs) and the\nredemption amount is recognised in profit or loss over the period\nof the borrowings using the effective interest method. Fees paid on\nthe establishment of loan facilities are recognised as transaction\ncosts of the loan to the extent that it is probable that some or\nall of the facility will be drawn down. In this case, the fee is\ndeferred until the draw down occurs.\u00a0 To the extent there is\nno evidence that it is probable that some or all of the facility\nwill be drawn down, the fee is capitalised as a prepayment for\nliquidity services and amortised over the period of the facility to\nwhich it relates.
\n\u00a0
\nBorrowings are removed from the\nstatement of financial position when the obligation specified in\nthe contract is discharged, cancelled or expired. The difference\nbetween the carrying amount of a financial liability that has been\nextinguished or transferred to another party and the consideration\npaid, including any non-cash asset transferred or liabilities\nassumed, is recognized in profit or loss as other income or finance\ncosts.
\n\u00a0
\nBorrowings are classified as\ncurrent liabilities unless the Group has an unconditional right to\ndefer settlement of the liability for at least 12 months after the\nreporting period.
\n\u00a0
\n3.10.11\u00a0\u00a0 Offsetting\nfinancial instruments
\n\u00a0
\nFinancial assets and liabilities\nare offset and the net amount reported in the statement of\nfinancial position when there is a legally enforceable right to set\noff the recognised amounts and there is an intention to settle on a\nnet basis, or realise the asset and settle the liability\nsimultaneously.
\n\u00a0
\n3.11\u00a0\u00a0\nInventories
\n\u00a0
\nInventories are stated at the\nlower of cost and net realisable value.\u00a0 Costs are assigned to\nindividual items of inventory on the basis of weighted average\ncosts. The cost of inventories comprises the invoice value of goods\nand, in general, includes transport and handling costs.\u00a0 Costs\nof purchased inventory are determined after deducting rebates and\ndiscounts. Net realisable value is the estimated selling price in\nthe ordinary course of business less the estimated costs necessary\nto make the sale.
\n\u00a0
\n\u00a0
\nThe income tax expense\nfor the period is the tax payable on the current period\u2019s\ntaxable income based on the applicable income tax rate for each\njurisdiction adjusted by changes in deferred tax assets and\nliabilities attributable to temporary differences and to unused tax\nlosses.
\n\u00a0
\nThe current income tax\ncharge is calculated on the basis of the tax laws enacted or\nsubstantively enacted at the end of the reporting period in the\ncountries where the company\u2019s subsidiaries and associates\noperate and generate taxable income. Management periodically\nevaluates positions taken in tax returns with respect to situations\nin which applicable tax regulation is subject to interpretation. It\nestablishes provisions where appropriate on the basis of amounts\nexpected to be paid to the tax authorities.
\n\u00a0
\nDeferred tax is\nprovided in full, using the liability method, on temporary\ndifferences arising between the tax bases of assets and liabilities\nand their carrying amounts in the consolidated financial\nstatements. However, deferred tax liabilities are not recognised if\nthey arise from the initial recognition of goodwill. Deferred tax\nis also not accounted for if it arises from initial recognition of\nan asset or liability in a transaction other than a business\ncombination that at the time of the transaction affects neither\naccounting nor taxable profit or loss.\u00a0 Deferred tax is\ndetermined using tax rates (and laws) that have been enacted or\nsubstantially enacted by the end of the reporting period and are\nexpected to apply when the related deferred tax asset is realised\nor the deferred tax liability is settled.
\n\u00a0
\nThe deferred tax\nliability in relation to investment property that is measured at\nfair value is determined assuming the property will be recovered\nentirely through sale.
\n\u00a0
\nDeferred tax\nliabilities and assets are not recognised for temporary differences\nbetween the carrying amount and tax bases of investments in foreign\noperations where the company is able to control the timing of the\nreversal of the temporary differences and it is probable that the\ndifferences will not reverse in the foreseeable future.
\n\u00a0
\nDeferred tax assets\nand liabilities are offset when there is a legally enforceable\nright to offset current tax assets and liabilities and when the\ndeferred tax balances relate to the same taxation authority.\nCurrent tax assets and tax liabilities are offset where the entity\nhas a legally enforceable right to offset and intends either to\nsettle on a net basis, or to realise the asset and settle the\nliability simultaneously.
\n\u00a0
\nCurrent and deferred\ntax is recognised in profit or loss, except to the extent that it\nrelates to items recognised in other comprehensive income or\ndirectly in equity. In this case, the tax is also recognised in\nother comprehensive income or directly in equity,\nrespectively.
\n\u00a0
\nDeferred tax assets\nare recognised only if it is probable that future taxable amounts\nwill be available to utilise those temporary differences and\nlosses.
\n\u00a0
\n\u00a0
\nProvisions for legal\nclaims and other obligations are recognised when the Group has a\npresent legal or constructive obligation as a result of past\nevents, it is probable that an outflow of resources will be\nrequired to settle the obligation and the amount can be reliably\nestimated. Provisions are not recognised for future operating\nlosses.
\n\u00a0
\nProvisions are\nmeasured at the present value of management\u2019s best estimate\nof the expenditure required to settle the present obligation at the\nend of the reporting period. The discount rate used to determine\nthe present value is a pre-tax rate that reflects current market\nassessments of the time value of money and the risks specific to\nthe liability. The increase in the provision due to the passage of\ntime is recognised as interest expense.
\n\u00a0
\n\u00a0
\nContingent liabilities\nare possible obligations that arise from past events whose\nexistence will be confirmed only by occurrence, or non-occurrence,\nof one or more uncertain future event not wholly within the control\nof the Group; or are present obligations that have arisen from past\nevents but are not recognised because it is not probable that\nsettlement will require the outflow of economic benefits, or\nbecause the amount of the obligations cannot be reliably\nmeasured.\u00a0 Contingent liabilities are not recognised in the\nfinancial statements but are disclosed unless the probability of\nsettlement is remote.
\n\u00a0
\n\u00a0
\nRevenue includes all\nrevenues from the ordinary course of business activities. Ordinary\nactivities do not only refer to the core business but also to other\nrecurring sale of goods or rendering of services. Revenues are\nrecorded net of value added tax.
\n\u00a0
\n(a)\n\u00a0\u00a0\u00a0\u00a0\u00a0\n\u00a0Revenue from hotel operations
\n\u00a0
\nRevenue from hotel\noperations includes revenue from accommodation, food and beverage\nservices, and other ancillary services.\u00a0 The substantial\nmajority of services are provided to customers during their stays\nin one of the Group\u2019s hotels, and, depending on the type of\nbooking, some services would generally be amalgamated into one\n\u2018contract\u2019 (for example, bed and breakfast).
\n\u00a0
\nEach of the services\nrendered is assessed to be a distinct performance obligation, and\nif applicable, the Group allocates the transaction price to each of\nthe services rendered to the customer on a relative basis, based on\ntheir stand-alone selling price.\u00a0 Revenue from such operations\nis recognised over time since the customer benefits as the Group is\nperforming; the majority of revenue relates to accommodation (i.e.\nthe amount allocated to such performance obligation is recognised\nover the customer\u2019s stay at the respective hotel).
\n\u00a0
\n(b)\n\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0Catering services
\n\u00a0
\nThe Group provides\nservices in the catering industry.\u00a0 The transaction price\ncomprises a fixed amount agreed with the respective customer.\u00a0\nAny upfront payments are deferred as contract liabilities, and\nrevenue is recognised in the period that the services are provided\nto the customer.
\n\u00a0
\n(c)\n\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0Project management services
\n\u00a0
\nThe Group provides a\nwide range of project management services, some of which may span\nover multiple accounting periods.\u00a0 Some contracts require the\nprovision of multiple services, and the Group assesses whether\nthese constitute distinct performance obligations in the context of\nthe arrangement.\u00a0 In any case, revenue from such performance\nobligations is recognised over time, using an input method of\nprogress to calculate the stage of completion.\u00a0
\n\u00a0
\nThe consideration for\nproject management services is based on the expected number of\nhours that the Group expects to be required for the project to be\ncompleted.\u00a0 Revenue and contract costs are recognised over the\nperiod of the contract, respectively, as revenue and\nexpenses.\u00a0 When it is probable that total contract costs will\nexceed total contract revenue, the expected loss is recognised as\nan expense immediately.
\n\u00a0
\nThe stage of\ncompletion is measured by reference to the proportion of contract\ncosts incurred for work performed up to the end of the reporting\nperiod in relation to the estimated total costs for the contract.\nCosts incurred during the year that relate to future activity on a\ncontract are excluded from contract costs in determining the stage\nof completion and are shown as contract assets.
\n\u00a0
\nThe aggregate of the\ncosts incurred and the profit or loss recognised on each contract\nis compared against the progress billings up to the end of the\nreporting period.\u00a0 The Group presents as a contract asset the\ngross amount due from customers for contract work for all contracts\nin progress for which costs incurred plus recognised profits (less\nrecognised losses) exceed progress billings, within trade and other\nreceivables.\u00a0 The Group presents as a contract liability the\ngross amount due to customers for contract work for all contracts\nin progress for which progress billings exceed costs incurred plus\nrecognised profits (less recognised losses), within trade and other\npayables.
\n\u00a0
\n(d)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Hotel management\nagreements
\n\u00a0
\nThe Group enters into\nhotel management agreements with hotel property owners and under\nthese agreements, the Group\u2019s performance obligation is to\nprovide hotel management services and a license to use\nCorinthia\u2019s brand.\u00a0 Base and incentive management fees\nare typically charged.\u00a0 Base management fees are typically a\npercentage of total hotel operating revenues and incentive fees are\ngenerally based on the hotel\u2019s operating profits.\u00a0 Both\nare treated as variable consideration.\u00a0 Base management fees\nare recognised as the underlying hotel revenues occur.\u00a0\nIncentive management fees are recognised when the contracted\nperformance criteria for each annual period is deemed to be met,\nprovided there is no expectation of a subsequent reversal of the\nrevenue.\u00a0 Costs incurred to enter into a contract are expensed\nas incurred unless they are incremental in obtaining the\ncontract.
\n\u00a0
\nContract\nassets
\n\u00a0
\nAmounts paid to hotel\nowners to secure hotel management agreements (\u2018key\nmoney\u2019\u00a0) are treated as consideration payable to a\ncustomer.\u00a0 A contract asset is recorded and eventually\nrecognised as a deduction against revenue generated over the term\nof the contract.\u00a0 Contract assets are not financial assets as\nthey represent amounts paid by the Group at the beginning of a\ncontract and accordingly, are tested for impairment based on value\nin use.\u00a0 Contract assets are reviewed for impairment when\nevents or changes in circumstances indicate that the carrying value\nmay not be recoverable.
\n\u00a0
\n\u00a0
\nThe Group\u2019s\nlease accounting policy where the Group is the lessee is disclosed\nin Note\n16.
\n\u00a0
\n\u00a0
\nLease income from\noperating leases where the Group is a lessor is recognised in\nincome on a straight-line basis over the lease term.\u00a0 Initial\ndirect costs incurred in obtaining an operating lease are added to\nthe carrying amount of the underlying asset and recognised as\nexpense over the lease term on the same basis as lease\nincome.\u00a0 The respective leased assets are included in the\nstatement of financial position based on their nature.
\n\u00a0
\n\u00a0
\n(a)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nShort-term obligations
\n\u00a0
\nLiabilities for wages\nand salaries, including non-monetary benefits and accumulating\nleave that are expected to be settled wholly within 12 months after\nthe end of the period in which the employees render the related\nservice are recognised in respect of employees\u2019 services up\nto the end of the reporting period and are measured at the amounts\nexpected to be paid when the liabilities are settled. The\nliabilities are presented as current employee benefit obligations\nin the statement of financial position.
\n\u00a0
\n(b)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nBonus plans
\n\u00a0
\nThe Group recognises a\nliability and an expense for bonuses based on a formula that takes\ninto consideration the profit attributable to the company\u2019s\nshareholders after certain adjustments. The Group recognises a\nprovision where contractually obliged or where there is a past\npractice that has created a constructive obligation.
\n\u00a0
\n(c)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nContributions to defined contribution pension\nplans
\n\u00a0
\nThe Group contributes\ntowards the State defined contribution pension plan in accordance\nwith local legislation in exchange for services rendered by\nemployees and to which it has no commitment beyond the payment of\nfixed contributions.\u00a0 Obligation for contributions are\nrecognised as an employee benefit in profit or loss in the periods\nduring which services are rendered by employees.
\n\u00a0
\n\u00a0
\nGrants are recognised\nwhen there is reasonable assurance that all the conditions attached\nto them are complied with and the grants will be received.\u00a0\nGrants related to income are recognized in the profit or loss over\nthe periods necessary to match them with the related costs which\nthey are intended to compensate.\u00a0 Such grants are presented as\npart of profit or loss, by deducting them from the related\nexpense.\u00a0 Grants related to assets are deducted from the\nasset\u2019s carrying amount. The accounting policy for grants\nrelated to assets was changed in the reporting period and no change\nwas required in this regard to the comparative figures.
\n\u00a0
\n3.19\u00a0\u00a0\nAssets held for sale
\n\u00a0
\nNon-current assets (or\ndisposal groups) are classified as held for sale if their carrying\namount will be recovered principally through a sale transaction\nrather than through continuing use and a sale is considered highly\nprobable. They are measured at the lower of their carrying amount\nand fair value less costs to sell, except for assets such as\ndeferred tax assets, assets arising from employee benefits,\nfinancial assets and investment property that are carried at fair\nvalue.
\n\u00a0
\n\u00a03.20\u00a0\u00a0 Earnings per share
\n\u00a0
\nBasic earnings per\nshare
\n\u00a0
\nBasic earnings per\nshare is calculated by dividing:
\n\u00a0
\n| \n \u2022 \n | \n\n the profit\nattributable to owners of the Group, \n | \n
| \n \u2022 \n | \n\n by the weighted\naverage number of ordinary shares outstanding during the financial\nyear. \n | \n
\u00a0
\n\u00a0
\nOperating segments are\nreported in a manner consistent with the internal reporting\nprovided to the chief operating decision maker.
\n\u00a0
\nThe board of IHI\ntogether with its committees assesses the financial performance and\nposition of the Group and makes strategic decisions and accordingly\nhas been identified as being the chief operating decision\nmaker.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Q2G7Ie8ZaO": { "value": "The consolidated\nfinancial statements of the Group have been prepared in accordance\nwith the requirements of International Financial Reporting\nStandards (IFRS) as adopted by the European Union (EU) in\naccordance with Companies Act, Cap 386 of the Laws of\nMalta.
\n\u00a0
\nThe financial statements\nhave been prepared on a historical cost basis, except for financial\nassets and financial liabilities classified at fair value through\nprofit or loss (FVTPL), financial assets at fair value through\nother comprehensive income (FVOCI), the land and buildings class\nwithin property, plant and equipment and investment property\n\u2013 which are measured at fair value.
\nThe preparation of\nconsolidated financial statements in conformity with IFRSs as\nadopted by the EU requires the use of certain accounting\nestimates.\u00a0 It also requires the directors to exercise their\njudgement in the process of applying the Group\u2019s and the\nCompany\u2019s accounting policies (see Note 4 - Critical\naccounting estimates, judgements and errors).\u00a0 As explained\nfurther in this note, the Group has secured financing and taken\nother measures to improve the Group\u2019s liquidity and to enable\nthe Group to settle its short-term obligations as and when they\nfall due. Accordingly, these consolidated financial statements have\nbeen prepared on a going concern basis.
\n\u00a0
\nGoing\nconcern
\n\u00a0
\nIn 2025, the Group\nrecorded an operating result before depreciation and fair value\nadjustments of \u20ac61.9 million, after one-off preopening costs\nof \u20ac2.2 million, compared to \u20ac62.4 million the previous\nyear. The Group is projecting that consolidated revenue levels will\ncontinue to improve during 2026 and beyond, as the hotels that\nopened recently, together with the new openings in 2026, come into\nplay.
\n\u00a0
\nThe Group\u2019s\nliquidity situation is being kept under constant review,\nparticularly in view of increased interest costs and certain\nprojects and commitments that the Group is currently engaged\nin.
\n\u00a0
\nAt 31 December 2025, the\nGroup had access to \u20ac133.2 million, comprising \u20ac33.3\nmillion undrawn committed facilities, \u20ac7.4 million unutilised\nbank overdrafts and \u20ac92.5 million cash balances. This\nliquidity position enables the Group to sustain its operations as\nwell as meet its capital commitments. Overall, the Group\u2019s\nbalance sheet position remains robust.
\n\u00a0
\nAccordingly, the\nDirectors and senior management consider the going concern\nassumption in the preparation of the Group\u2019s financial\nstatements as appropriate as at the date of authorisation for issue\nof the 2025 financial statements.\u00a0 In their view, as at that\ndate, there were no material uncertainties that may cast\nsignificant doubt on the Group\u2019s ability to continue\noperating as a going concern.
\n\u00a0
\nThe board of directors\nand senior management remain vigilant on developments and will take\nappropriate measures as and when necessary to ensure the continued\nviability of the Group.
\n\u00a0
\nWorking capital\nposition
\n\u00a0
\nThe Group\u2019s\nworking capital position as at the end of December 2025 reflects a\ndeficit of \u20ac18.4 million (2024: surplus of \u20ac105.1\nmillion). As disclosed in Note\n23 , the Corinthia Lisbon\nvalued at \u20ac145.9 million was reclassified to assets held for\nsale in 2024 and is thus included with current assets. The sale of\nthis hotel was finalised in April 2026. The 2025 current\nliabilities include two bonds amounting to \u20ac114.8 million\nwhich are due for redemption in July and December 2026 respectively\nas well as the bank loan secured on the Lisbon property amounting\nto \u20ac44.9 million. The Group is working on refinancing these\nbonds, whilst the Lisbon bank loan was settled upon finalization of\nthe sale transaction.
\n\u00a0
\nApart from the surplus\ncashflows generated from the Group\u2019s operations, the Group\nmaintains a policy of supplementing cash available for its working\ncapital requirements with various financing initiatives and, when\nmarket conditions permit the disposal of non-core assets.\n\u00a0
\n\u00a0
\nFurther disclosures on\nliquidity risk are included in Note\n41.2 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "g2i29hp-KT": { "value": "The consolidated\nfinancial statements of the Group have been prepared in accordance\nwith the requirements of International Financial Reporting\nStandards (IFRS) as adopted by the European Union (EU) in\naccordance with Companies Act, Cap 386 of the Laws of\nMalta.
\n\u00a0
\nThe financial statements\nhave been prepared on a historical cost basis, except for financial\nassets and financial liabilities classified at fair value through\nprofit or loss (FVTPL), financial assets at fair value through\nother comprehensive income (FVOCI), the land and buildings class\nwithin property, plant and equipment and investment property\n\u2013 which are measured at fair value.
\nThe preparation of\nconsolidated financial statements in conformity with IFRSs as\nadopted by the EU requires the use of certain accounting\nestimates.\u00a0 It also requires the directors to exercise their\njudgement in the process of applying the Group\u2019s and the\nCompany\u2019s accounting policies (see Note 4 - Critical\naccounting estimates, judgements and errors).\u00a0 As explained\nfurther in this note, the Group has secured financing and taken\nother measures to improve the Group\u2019s liquidity and to enable\nthe Group to settle its short-term obligations as and when they\nfall due. Accordingly, these consolidated financial statements have\nbeen prepared on a going concern basis.
\n\u00a0
\nGoing\nconcern
\n\u00a0
\nIn 2025, the Group\nrecorded an operating result before depreciation and fair value\nadjustments of \u20ac61.9 million, after one-off preopening costs\nof \u20ac2.2 million, compared to \u20ac62.4 million the previous\nyear. The Group is projecting that consolidated revenue levels will\ncontinue to improve during 2026 and beyond, as the hotels that\nopened recently, together with the new openings in 2026, come into\nplay.
\n\u00a0
\nThe Group\u2019s\nliquidity situation is being kept under constant review,\nparticularly in view of increased interest costs and certain\nprojects and commitments that the Group is currently engaged\nin.
\n\u00a0
\nAt 31 December 2025, the\nGroup had access to \u20ac133.2 million, comprising \u20ac33.3\nmillion undrawn committed facilities, \u20ac7.4 million unutilised\nbank overdrafts and \u20ac92.5 million cash balances. This\nliquidity position enables the Group to sustain its operations as\nwell as meet its capital commitments. Overall, the Group\u2019s\nbalance sheet position remains robust.
\n\u00a0
\nAccordingly, the\nDirectors and senior management consider the going concern\nassumption in the preparation of the Group\u2019s financial\nstatements as appropriate as at the date of authorisation for issue\nof the 2025 financial statements.\u00a0 In their view, as at that\ndate, there were no material uncertainties that may cast\nsignificant doubt on the Group\u2019s ability to continue\noperating as a going concern.
\n\u00a0
\nThe board of directors\nand senior management remain vigilant on developments and will take\nappropriate measures as and when necessary to ensure the continued\nviability of the Group.
\n\u00a0
\nWorking capital\nposition
\n\u00a0
\nThe Group\u2019s\nworking capital position as at the end of December 2025 reflects a\ndeficit of \u20ac18.4 million (2024: surplus of \u20ac105.1\nmillion). As disclosed in Note\n23 , the Corinthia Lisbon\nvalued at \u20ac145.9 million was reclassified to assets held for\nsale in 2024 and is thus included with current assets. The sale of\nthis hotel was finalised in April 2026. The 2025 current\nliabilities include two bonds amounting to \u20ac114.8 million\nwhich are due for redemption in July and December 2026 respectively\nas well as the bank loan secured on the Lisbon property amounting\nto \u20ac44.9 million. The Group is working on refinancing these\nbonds, whilst the Lisbon bank loan was settled upon finalization of\nthe sale transaction.
\n\u00a0
\nApart from the surplus\ncashflows generated from the Group\u2019s operations, the Group\nmaintains a policy of supplementing cash available for its working\ncapital requirements with various financing initiatives and, when\nmarket conditions permit the disposal of non-core assets.\n\u00a0
\n\u00a0
\nFurther disclosures on\nliquidity risk are included in Note\n41.2 .
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "EkNc7JZ07L": { "value": "Going\nconcern
\n\u00a0
\nIn 2025, the Group\nrecorded an operating result before depreciation and fair value\nadjustments of \u20ac61.9 million, after one-off preopening costs\nof \u20ac2.2 million, compared to \u20ac62.4 million the previous\nyear. The Group is projecting that consolidated revenue levels will\ncontinue to improve during 2026 and beyond, as the hotels that\nopened recently, together with the new openings in 2026, come into\nplay.
\n\u00a0
\nThe Group\u2019s\nliquidity situation is being kept under constant review,\nparticularly in view of increased interest costs and certain\nprojects and commitments that the Group is currently engaged\nin.
\n\u00a0
\nAt 31 December 2025, the\nGroup had access to \u20ac133.2 million, comprising \u20ac33.3\nmillion undrawn committed facilities, \u20ac7.4 million unutilised\nbank overdrafts and \u20ac92.5 million cash balances. This\nliquidity position enables the Group to sustain its operations as\nwell as meet its capital commitments. Overall, the Group\u2019s\nbalance sheet position remains robust.
\n\u00a0
\nAccordingly, the\nDirectors and senior management consider the going concern\nassumption in the preparation of the Group\u2019s financial\nstatements as appropriate as at the date of authorisation for issue\nof the 2025 financial statements.\u00a0 In their view, as at that\ndate, there were no material uncertainties that may cast\nsignificant doubt on the Group\u2019s ability to continue\noperating as a going concern.
\n\u00a0
\nThe board of directors\nand senior management remain vigilant on developments and will take\nappropriate measures as and when necessary to ensure the continued\nviability of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "xA4_WOG3Bh": { "value": "\u00a0
\nIn 2025, the company\nadopted amendments to existing standards that are mandatory for the\nGroup and Company\u2019s accounting period beginning on 1 January\n2025. The adoption of these revisions to the requirements of IFRSs\nas adopted by the EU did not result in changes to the\ncompany\u2019s accounting policies impacting the financial\nperformance and position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "FnkGviIE5P": { "value": "\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nSubsidiaries
\n\u00a0
\nSubsidiaries are all\nentities (including structured entities) over which the Group has\ncontrol.\u00a0The Group controls an entity when the Group is\nexposed to, or has rights to, variable returns from its involvement\nwith the entity and has the ability to affect those returns through\nits power to direct the activities of the entity.\u00a0\nSubsidiaries are fully consolidated from the date on which control\nis transferred to the Group.\u00a0 They are deconsolidated from the\ndate that control ceases.
\n\u00a0
\nIntercompany\ntransactions, balances and unrealised gains on transactions between\nGroup companies are eliminated. Unrealised losses are also\neliminated unless the transaction provides evidence of an\nimpairment of the transferred asset. Accounting policies of\nsubsidiaries have been changed where necessary to ensure\nconsistency with the policies adopted by the Group.
\n\u00a0
\nNon-controlling\ninterests in the results and equity of subsidiaries are shown\nseparately in the consolidated income statement, statement of\ncomprehensive income, statement of changes in equity and statement\nof financial position respectively.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAssociates
\n\u00a0
\nAssociates are all\nentities over which the Group has significant influence but not\ncontrol or joint control. This is generally the case where the\nGroup holds between 20% and 50% of the voting rights.\u00a0 In the\nGroup\u2019s consolidated financial statements, investments in\nassociates are accounted for using the equity method of accounting\n(see (iii) below), after initially being recognised at\ncost.
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nEquity method
\n\u00a0
\nUnder the equity method\nof accounting, the investments are initially recognised at cost and\nadjusted thereafter to recognise the Group\u2019s share of the\npost-acquisition profits or losses of the investee in profit or\nloss, and the Group\u2019s share of movements in other\ncomprehensive income of the investee in other comprehensive income.\nDividends received or receivable from associates and joint ventures\nare recognised as a reduction in the carrying amount of the\ninvestment.
\n\u00a0
\nWhen the Group\u2019s\nshare of losses in an equity-accounted investment equals or exceeds\nits interest in the entity, including any other unsecured long-term\nreceivables, the Group does not recognise further losses, unless it\nhas incurred obligations or made payments on behalf of the other\nentity.
\n\u00a0
\nThe Group determines at\neach reporting date whether there is an objective evidence that the\ninvestment in the associate is impaired. If this is the case, the\nGroup calculates the amount of the impairment as the difference\nbetween the recoverable amount of the associate and its carrying\nvalue and recognises the amount adjacent to 'share of net loss of\nassociate' in the statement of comprehensive income.
\n\u00a0
\nUnrealised gains on\ntransactions between the Group and its associates and joint\nventures are eliminated to the extent of the Group\u2019s interest\nin these entities.\u00a0 Unrealised losses are also eliminated\nunless the transaction provides evidence of an impairment of the\nasset transferred. Accounting policies of equity accounted\ninvestees have been changed where necessary to ensure consistency\nwith the policies adopted by the Group.
\n\u00a0
\nThe carrying amount of\nequity-accounted investments is tested for impairment in accordance\nwith the policy described in Note\n3.10 .
\n\u00a0
\n\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries,\nassociates and joint ventures are accounted for in accordance with\nIFRS 9\u2019s requirements for equity investments.\u00a0 The\nCompany elects, on an instrument-by-instrument basis, whether its\ninvestments will be measured at fair value, with fair value\nmovements in other comprehensive income.\u00a0 Management has\nadopted the FVOCI election for all of its investments in\nsubsidiaries, associates and joint ventures.\u00a0 The fair value\nof investments in subsidiaries, associates and joint ventures is\nestablished by using valuation techniques, in most cases by\nreference to the net asset backing of the investee taking\ncognisance of the fair values of the underlying assets.
\n\u00a0
\nAdditional detail on the\nsubsequent measurement and impairment requirements for FVOCI assets\nis disclosed in Note\n3.10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "j.zvB0XzkJ": { "value": "\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nSubsidiaries
\n\u00a0
\nSubsidiaries are all\nentities (including structured entities) over which the Group has\ncontrol.\u00a0The Group controls an entity when the Group is\nexposed to, or has rights to, variable returns from its involvement\nwith the entity and has the ability to affect those returns through\nits power to direct the activities of the entity.\u00a0\nSubsidiaries are fully consolidated from the date on which control\nis transferred to the Group.\u00a0 They are deconsolidated from the\ndate that control ceases.
\n\u00a0
\nIntercompany\ntransactions, balances and unrealised gains on transactions between\nGroup companies are eliminated. Unrealised losses are also\neliminated unless the transaction provides evidence of an\nimpairment of the transferred asset. Accounting policies of\nsubsidiaries have been changed where necessary to ensure\nconsistency with the policies adopted by the Group.
\n\u00a0
\nNon-controlling\ninterests in the results and equity of subsidiaries are shown\nseparately in the consolidated income statement, statement of\ncomprehensive income, statement of changes in equity and statement\nof financial position respectively.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAssociates
\n\u00a0
\nAssociates are all\nentities over which the Group has significant influence but not\ncontrol or joint control. This is generally the case where the\nGroup holds between 20% and 50% of the voting rights.\u00a0 In the\nGroup\u2019s consolidated financial statements, investments in\nassociates are accounted for using the equity method of accounting\n(see (iii) below), after initially being recognised at\ncost.
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nEquity method
\n\u00a0
\nUnder the equity method\nof accounting, the investments are initially recognised at cost and\nadjusted thereafter to recognise the Group\u2019s share of the\npost-acquisition profits or losses of the investee in profit or\nloss, and the Group\u2019s share of movements in other\ncomprehensive income of the investee in other comprehensive income.\nDividends received or receivable from associates and joint ventures\nare recognised as a reduction in the carrying amount of the\ninvestment.
\n\u00a0
\nWhen the Group\u2019s\nshare of losses in an equity-accounted investment equals or exceeds\nits interest in the entity, including any other unsecured long-term\nreceivables, the Group does not recognise further losses, unless it\nhas incurred obligations or made payments on behalf of the other\nentity.
\n\u00a0
\nThe Group determines at\neach reporting date whether there is an objective evidence that the\ninvestment in the associate is impaired. If this is the case, the\nGroup calculates the amount of the impairment as the difference\nbetween the recoverable amount of the associate and its carrying\nvalue and recognises the amount adjacent to 'share of net loss of\nassociate' in the statement of comprehensive income.
\n\u00a0
\nUnrealised gains on\ntransactions between the Group and its associates and joint\nventures are eliminated to the extent of the Group\u2019s interest\nin these entities.\u00a0 Unrealised losses are also eliminated\nunless the transaction provides evidence of an impairment of the\nasset transferred. Accounting policies of equity accounted\ninvestees have been changed where necessary to ensure consistency\nwith the policies adopted by the Group.
\n\u00a0
\nThe carrying amount of\nequity-accounted investments is tested for impairment in accordance\nwith the policy described in Note\n3.10 .
\n\u00a0
\n\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries,\nassociates and joint ventures are accounted for in accordance with\nIFRS 9\u2019s requirements for equity investments.\u00a0 The\nCompany elects, on an instrument-by-instrument basis, whether its\ninvestments will be measured at fair value, with fair value\nmovements in other comprehensive income.\u00a0 Management has\nadopted the FVOCI election for all of its investments in\nsubsidiaries, associates and joint ventures.\u00a0 The fair value\nof investments in subsidiaries, associates and joint ventures is\nestablished by using valuation techniques, in most cases by\nreference to the net asset backing of the investee taking\ncognisance of the fair values of the underlying assets.
\n\u00a0
\nAdditional detail on the\nsubsequent measurement and impairment requirements for FVOCI assets\nis disclosed in Note\n3.10.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "LzMt6aO.aj": { "value": "\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nSubsidiaries
\n\u00a0
\nSubsidiaries are all\nentities (including structured entities) over which the Group has\ncontrol.\u00a0The Group controls an entity when the Group is\nexposed to, or has rights to, variable returns from its involvement\nwith the entity and has the ability to affect those returns through\nits power to direct the activities of the entity.\u00a0\nSubsidiaries are fully consolidated from the date on which control\nis transferred to the Group.\u00a0 They are deconsolidated from the\ndate that control ceases.
\n\u00a0
\nIntercompany\ntransactions, balances and unrealised gains on transactions between\nGroup companies are eliminated. Unrealised losses are also\neliminated unless the transaction provides evidence of an\nimpairment of the transferred asset. Accounting policies of\nsubsidiaries have been changed where necessary to ensure\nconsistency with the policies adopted by the Group.
\n\u00a0
\nNon-controlling\ninterests in the results and equity of subsidiaries are shown\nseparately in the consolidated income statement, statement of\ncomprehensive income, statement of changes in equity and statement\nof financial position respectively.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAssociates
\n\u00a0
\nAssociates are all\nentities over which the Group has significant influence but not\ncontrol or joint control. This is generally the case where the\nGroup holds between 20% and 50% of the voting rights.\u00a0 In the\nGroup\u2019s consolidated financial statements, investments in\nassociates are accounted for using the equity method of accounting\n(see (iii) below), after initially being recognised at\ncost.
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nEquity method
\n\u00a0
\nUnder the equity method\nof accounting, the investments are initially recognised at cost and\nadjusted thereafter to recognise the Group\u2019s share of the\npost-acquisition profits or losses of the investee in profit or\nloss, and the Group\u2019s share of movements in other\ncomprehensive income of the investee in other comprehensive income.\nDividends received or receivable from associates and joint ventures\nare recognised as a reduction in the carrying amount of the\ninvestment.
\n\u00a0
\nWhen the Group\u2019s\nshare of losses in an equity-accounted investment equals or exceeds\nits interest in the entity, including any other unsecured long-term\nreceivables, the Group does not recognise further losses, unless it\nhas incurred obligations or made payments on behalf of the other\nentity.
\n\u00a0
\nThe Group determines at\neach reporting date whether there is an objective evidence that the\ninvestment in the associate is impaired. If this is the case, the\nGroup calculates the amount of the impairment as the difference\nbetween the recoverable amount of the associate and its carrying\nvalue and recognises the amount adjacent to 'share of net loss of\nassociate' in the statement of comprehensive income.
\n\u00a0
\nUnrealised gains on\ntransactions between the Group and its associates and joint\nventures are eliminated to the extent of the Group\u2019s interest\nin these entities.\u00a0 Unrealised losses are also eliminated\nunless the transaction provides evidence of an impairment of the\nasset transferred. Accounting policies of equity accounted\ninvestees have been changed where necessary to ensure consistency\nwith the policies adopted by the Group.
\n\u00a0
\nThe carrying amount of\nequity-accounted investments is tested for impairment in accordance\nwith the policy described in Note\n3.10 .
\n\u00a0
\n\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries,\nassociates and joint ventures are accounted for in accordance with\nIFRS 9\u2019s requirements for equity investments.\u00a0 The\nCompany elects, on an instrument-by-instrument basis, whether its\ninvestments will be measured at fair value, with fair value\nmovements in other comprehensive income.\u00a0 Management has\nadopted the FVOCI election for all of its investments in\nsubsidiaries, associates and joint ventures.\u00a0 The fair value\nof investments in subsidiaries, associates and joint ventures is\nestablished by using valuation techniques, in most cases by\nreference to the net asset backing of the investee taking\ncognisance of the fair values of the underlying assets.
\n\u00a0
\nAdditional detail on the\nsubsequent measurement and impairment requirements for FVOCI assets\nis disclosed in Note\n3.10.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "HFQBqoghy6": { "value": "\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nSubsidiaries
\n\u00a0
\nSubsidiaries are all\nentities (including structured entities) over which the Group has\ncontrol.\u00a0The Group controls an entity when the Group is\nexposed to, or has rights to, variable returns from its involvement\nwith the entity and has the ability to affect those returns through\nits power to direct the activities of the entity.\u00a0\nSubsidiaries are fully consolidated from the date on which control\nis transferred to the Group.\u00a0 They are deconsolidated from the\ndate that control ceases.
\n\u00a0
\nIntercompany\ntransactions, balances and unrealised gains on transactions between\nGroup companies are eliminated. Unrealised losses are also\neliminated unless the transaction provides evidence of an\nimpairment of the transferred asset. Accounting policies of\nsubsidiaries have been changed where necessary to ensure\nconsistency with the policies adopted by the Group.
\n\u00a0
\nNon-controlling\ninterests in the results and equity of subsidiaries are shown\nseparately in the consolidated income statement, statement of\ncomprehensive income, statement of changes in equity and statement\nof financial position respectively.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAssociates
\n\u00a0
\nAssociates are all\nentities over which the Group has significant influence but not\ncontrol or joint control. This is generally the case where the\nGroup holds between 20% and 50% of the voting rights.\u00a0 In the\nGroup\u2019s consolidated financial statements, investments in\nassociates are accounted for using the equity method of accounting\n(see (iii) below), after initially being recognised at\ncost.
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nEquity method
\n\u00a0
\nUnder the equity method\nof accounting, the investments are initially recognised at cost and\nadjusted thereafter to recognise the Group\u2019s share of the\npost-acquisition profits or losses of the investee in profit or\nloss, and the Group\u2019s share of movements in other\ncomprehensive income of the investee in other comprehensive income.\nDividends received or receivable from associates and joint ventures\nare recognised as a reduction in the carrying amount of the\ninvestment.
\n\u00a0
\nWhen the Group\u2019s\nshare of losses in an equity-accounted investment equals or exceeds\nits interest in the entity, including any other unsecured long-term\nreceivables, the Group does not recognise further losses, unless it\nhas incurred obligations or made payments on behalf of the other\nentity.
\n\u00a0
\nThe Group determines at\neach reporting date whether there is an objective evidence that the\ninvestment in the associate is impaired. If this is the case, the\nGroup calculates the amount of the impairment as the difference\nbetween the recoverable amount of the associate and its carrying\nvalue and recognises the amount adjacent to 'share of net loss of\nassociate' in the statement of comprehensive income.
\n\u00a0
\nUnrealised gains on\ntransactions between the Group and its associates and joint\nventures are eliminated to the extent of the Group\u2019s interest\nin these entities.\u00a0 Unrealised losses are also eliminated\nunless the transaction provides evidence of an impairment of the\nasset transferred. Accounting policies of equity accounted\ninvestees have been changed where necessary to ensure consistency\nwith the policies adopted by the Group.
\n\u00a0
\nThe carrying amount of\nequity-accounted investments is tested for impairment in accordance\nwith the policy described in Note\n3.10 .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tlCfji7ioz": { "value": "\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nSubsidiaries
\n\u00a0
\nSubsidiaries are all\nentities (including structured entities) over which the Group has\ncontrol.\u00a0The Group controls an entity when the Group is\nexposed to, or has rights to, variable returns from its involvement\nwith the entity and has the ability to affect those returns through\nits power to direct the activities of the entity.\u00a0\nSubsidiaries are fully consolidated from the date on which control\nis transferred to the Group.\u00a0 They are deconsolidated from the\ndate that control ceases.
\n\u00a0
\nIntercompany\ntransactions, balances and unrealised gains on transactions between\nGroup companies are eliminated. Unrealised losses are also\neliminated unless the transaction provides evidence of an\nimpairment of the transferred asset. Accounting policies of\nsubsidiaries have been changed where necessary to ensure\nconsistency with the policies adopted by the Group.
\n\u00a0
\nNon-controlling\ninterests in the results and equity of subsidiaries are shown\nseparately in the consolidated income statement, statement of\ncomprehensive income, statement of changes in equity and statement\nof financial position respectively.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAssociates
\n\u00a0
\nAssociates are all\nentities over which the Group has significant influence but not\ncontrol or joint control. This is generally the case where the\nGroup holds between 20% and 50% of the voting rights.\u00a0 In the\nGroup\u2019s consolidated financial statements, investments in\nassociates are accounted for using the equity method of accounting\n(see (iii) below), after initially being recognised at\ncost.
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nEquity method
\n\u00a0
\nUnder the equity method\nof accounting, the investments are initially recognised at cost and\nadjusted thereafter to recognise the Group\u2019s share of the\npost-acquisition profits or losses of the investee in profit or\nloss, and the Group\u2019s share of movements in other\ncomprehensive income of the investee in other comprehensive income.\nDividends received or receivable from associates and joint ventures\nare recognised as a reduction in the carrying amount of the\ninvestment.
\n\u00a0
\nWhen the Group\u2019s\nshare of losses in an equity-accounted investment equals or exceeds\nits interest in the entity, including any other unsecured long-term\nreceivables, the Group does not recognise further losses, unless it\nhas incurred obligations or made payments on behalf of the other\nentity.
\n\u00a0
\nThe Group determines at\neach reporting date whether there is an objective evidence that the\ninvestment in the associate is impaired. If this is the case, the\nGroup calculates the amount of the impairment as the difference\nbetween the recoverable amount of the associate and its carrying\nvalue and recognises the amount adjacent to 'share of net loss of\nassociate' in the statement of comprehensive income.
\n\u00a0
\nUnrealised gains on\ntransactions between the Group and its associates and joint\nventures are eliminated to the extent of the Group\u2019s interest\nin these entities.\u00a0 Unrealised losses are also eliminated\nunless the transaction provides evidence of an impairment of the\nasset transferred. Accounting policies of equity accounted\ninvestees have been changed where necessary to ensure consistency\nwith the policies adopted by the Group.
\n\u00a0
\nThe carrying amount of\nequity-accounted investments is tested for impairment in accordance\nwith the policy described in Note\n3.10 .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "bP27kD3DdE": { "value": "\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries,\nassociates and joint ventures are accounted for in accordance with\nIFRS 9\u2019s requirements for equity investments.\u00a0 The\nCompany elects, on an instrument-by-instrument basis, whether its\ninvestments will be measured at fair value, with fair value\nmovements in other comprehensive income.\u00a0 Management has\nadopted the FVOCI election for all of its investments in\nsubsidiaries, associates and joint ventures.\u00a0 The fair value\nof investments in subsidiaries, associates and joint ventures is\nestablished by using valuation techniques, in most cases by\nreference to the net asset backing of the investee taking\ncognisance of the fair values of the underlying assets.
\n\u00a0
\nAdditional detail on the\nsubsequent measurement and impairment requirements for FVOCI assets\nis disclosed in Note\n3.10.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "bMoBsqsykO": { "value": "\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries,\nassociates and joint ventures are accounted for in accordance with\nIFRS 9\u2019s requirements for equity investments.\u00a0 The\nCompany elects, on an instrument-by-instrument basis, whether its\ninvestments will be measured at fair value, with fair value\nmovements in other comprehensive income.\u00a0 Management has\nadopted the FVOCI election for all of its investments in\nsubsidiaries, associates and joint ventures.\u00a0 The fair value\nof investments in subsidiaries, associates and joint ventures is\nestablished by using valuation techniques, in most cases by\nreference to the net asset backing of the investee taking\ncognisance of the fair values of the underlying assets.
\n\u00a0
\nAdditional detail on the\nsubsequent measurement and impairment requirements for FVOCI assets\nis disclosed in Note\n3.10.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "HD53newhG-": { "value": "\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries,\nassociates and joint ventures are accounted for in accordance with\nIFRS 9\u2019s requirements for equity investments.\u00a0 The\nCompany elects, on an instrument-by-instrument basis, whether its\ninvestments will be measured at fair value, with fair value\nmovements in other comprehensive income.\u00a0 Management has\nadopted the FVOCI election for all of its investments in\nsubsidiaries, associates and joint ventures.\u00a0 The fair value\nof investments in subsidiaries, associates and joint ventures is\nestablished by using valuation techniques, in most cases by\nreference to the net asset backing of the investee taking\ncognisance of the fair values of the underlying assets.
\n\u00a0
\nAdditional detail on the\nsubsequent measurement and impairment requirements for FVOCI assets\nis disclosed in Note\n3.10.
\u00a0
\nAll property, plant and\nequipment is initially recorded at historical cost.\u00a0 Land and\nbuildings are subsequently shown at fair value, based on periodic\nvaluations by professional valuers, less subsequent depreciation\nfor buildings.\u00a0 Valuations are carried out on a regular basis\nsuch that the carrying amount of property does not differ\nmaterially from that which would be determined using fair values at\nthe end of the reporting period.\u00a0 Any accumulated depreciation\nat the date of revaluation is eliminated against the gross carrying\namount of the asset, and the net amount is restated to the revalued\namount of the asset. All other property, plant and equipment is\nsubsequently stated at historical cost less depreciation and\nimpairment losses. Historical cost includes expenditure that is\ndirectly attributable to the acquisition of the\nitems.\u00a0
\n\u00a0
\nBorrowing costs which\nare incurred for the purpose of acquiring or constructing a\nqualifying asset are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0 Capitalisation of borrowing costs is ceased once\nthe asset is substantially complete and is suspended if the\ndevelopment of the asset is suspended.
\n\u00a0
\nSubsequent costs are\nincluded in the asset\u2019s carrying amount or recognised as a\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\nGroup and the cost of the item can be measured reliably. All other\nrepairs and maintenance are charged to profit or loss during the\nfinancial period in which they are incurred.
\n\u00a0
\nIncreases in the\ncarrying amount arising on revaluation of land and buildings are\ncredited to other comprehensive income and shown as a revaluation\nreserve in shareholders' equity.\u00a0 However, the increase shall\nbe recognised in profit or loss to the extent that it reverses a\nrevaluation decrease of the same asset previously recognised in\nprofit or loss.\u00a0\u00a0 Decreases that offset previous\nincreases of the same asset are charged in other comprehensive\nincome and debited against the revaluation reserve; all other\ndecreases are charged to profit or loss.
\n\u00a0
\nDepreciation is\ncalculated using the straight-line method to allocate the cost or\nrevalued amounts of the assets to their residual values over their\nestimated useful lives, as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Freehold\nbuildings \n | \n\n 33-150 \n | \n
| \n \u00a0\u00a0 Plant and\nequipment \n | \n\n 2-15 \n | \n
| \n \u00a0\u00a0\nFurniture, fixture and fittings \n | \n\n 3-10 \n | \n
| \n \u00a0\u00a0 Motor\nvehicles \n | \n\n 5 \n | \n
\u00a0
\nFreehold land is not\ndepreciated as it is deemed to have an indefinite life.\u00a0\nAssets in the course of construction and payments on account are\nnot depreciated.
\n\u00a0
\nThe assets\u2019\nresidual values and useful lives are reviewed, and adjusted if\nappropriate, at the end of each reporting period.
\n\u00a0
\nProperty, plant and\nequipment is reviewed for impairment whenever events or changes in\ncircumstances indicate that the carrying amount may not be\nrecoverable (refer to Note\n3.10 ). An asset\u2019s\ncarrying amount is written down immediately to its recoverable\namount if the asset\u2019s carrying amount is greater than its\nestimated recoverable amount. An impairment loss is recognised for\nthe amount by which the asset\u2019s carrying amount exceeds its\nrecoverable amount.\u00a0 Property, plant and equipment that\nsuffered an impairment is reviewed for possible reversal of the\nimpairment at the end of each reporting period.
\n\u00a0
\nGains and losses on\ndisposals of property, plant and equipment are determined by\ncomparing proceeds with carrying amount and are recognised in\nprofit or loss.\u00a0 When revalued assets are disposed of, the\namounts included in the revaluation reserve relating to the assets\nare transferred to retained earnings.
\n\u00a0
\nProperty that is held\nfor long-term rental yields or for capital appreciation or both,\nand that is not occupied by entities forming part of the Group is\nclassified as investment property. Investment property also\nincludes property that is being constructed or developed for future\nuse as investment property, when such identification is made.\nInvestment property principally comprises land and\nbuildings.
\n\u00a0
\nInvestment property is\nmeasured initially at its historical cost, including related\ntransaction costs and borrowing costs. Borrowing costs which are\nincurred for the purpose of acquiring or constructing a qualifying\ninvestment property are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0Capitalisation of borrowing costs is ceased once the\nasset is substantially complete and is suspended if the development\nof the asset is suspended.\u00a0 After initial recognition,\ninvestment property is carried at fair value, representing open\nmarket value determined annually.
\n\u00a0
\nThese fair valuations\nare reviewed regularly by a professional valuer.\u00a0 The fair\nvalue of investment property generally reflects, among other\nthings, rental income from current leases and assumptions about\nrental income from future leases in the light of current market\nconditions. The fair value also reflects, on a similar basis, any\ncash outflows that could be expected in respect of the\nproperty.
\n\u00a0
\nSubsequent expenditure\nis capitalised to the asset\u2019s carrying amount only when it is\nprobable that future economic benefits associated with the\nexpenditure will flow to the Group and the cost of the item can be\nmeasured reliably. All other repairs and maintenance costs are\ncharged to profit or loss during the financial period in which they\nare incurred.\u00a0 When part of an investment property is\nreplaced, the carrying amount of the replaced part is\nderecognised.
\n\u00a0
\nChanges in fair values\nare recognised in profit or loss.\u00a0 Investment properties are\nderecognised either when they have been disposed of or when the\ninvestment property is permanently withdrawn from use and no future\neconomic benefit is expected from its disposal.
\n\u00a0
\nIf an investment\nproperty becomes owner-occupied, it is reclassified as property,\nplant and equipment. Its fair value at the date of the\nreclassification becomes its cost for subsequent accounting\npurposes.\u00a0
\n\u00a0
\nIf an item of property,\nplant and equipment becomes an investment property because its use\nhas changed, any difference resulting between the carrying amount\nand the fair value of this item at the date of transfer is treated\nin the same way as a revaluation surplus under IAS\n16.\u00a0
\n\u00a0
\n\u00a0
\n(a)\u00a0\u00a0\u00a0\u00a0 Goodwill
\n\u00a0
\nGoodwill represents the\nexcess of the cost of an acquisition over the fair value of the\nGroup\u2019s share of the net identifiable assets of the acquired\nsubsidiary or associate at the date of acquisition. Goodwill on\nacquisitions of subsidiaries is included in \u2018Intangible\nassets\u2019. Goodwill on acquisitions of associates is included\nwithin the carrying amount of the investments.\u00a0 Separately\nrecognised goodwill is not amortised, but it is tested annually for\nimpairment, or more frequently if events or changes in\ncircumstances indicate that it might be impaired, and is carried at\ncost less accumulated impairment losses. Impairment losses on\ngoodwill are not reversed.\u00a0 Gains and losses on the disposal\nof an entity include the carrying amount of goodwill relating to\nthe entity sold.
\n\u00a0
\nGoodwill is allocated to\ncash-generating units for the purpose of impairment testing. The\nallocation is made to those cash-generating units or groups of\ncash-generating units that are expected to benefit from the\nbusiness combination in which the goodwill arose. The units or\ngroups of units are identified at the lowest level at which\ngoodwill is monitored for internal management purposes, being the\noperating segments ( Note\n6 ).
\n\u00a0
\n(b)\u00a0\u00a0\u00a0\u00a0 Brands
\n\u00a0
\nThe brands mainly\ncomprise the \u2018Corinthia\u2019 brand name relating to\nhospitality and catering.\u00a0 The \u2018Corinthia\u2019 brand\nwas acquired from the Group\u2019s parent, CPHCL, and represents\nthe consideration paid on its acquisition.\u00a0
\n\u00a0
\nThe brands do not have a\nfinite life and are measured at cost less accumulated impairment\nlosses.\u00a0 The brands are regarded as having an indefinite life,\nin view of their longevity, customer recognition and strong market\nposition. There is no foreseeable limit to the period over which\nthe assets can legally be used and over which they are expected to\ngenerate cash inflows. Brand marketing and the signing of third\nparty hotel management agreements further supports this\nconclusion.
\n\u00a0
\n(c)\u00a0\u00a0\u00a0\u00a0 Other intangible\nassets
\n\u00a0
\nSeparately acquired\nintangible assets, such as purchased computer software are shown at\nhistorical cost. Customer contracts acquired in a business\ncombination are recognised at fair value at the acquisition date.\nThese intangible assets have a finite useful life and are\nsubsequently carried at cost less accumulated amortisation and\nimpairment losses.
\n\u00a0
\nSubsequent expenditure\nis capitalised only when it increases the future economic benefits\nembodied in the specific asset to which it related.\u00a0 All other\nexpenditure including costs incurred in the ongoing maintenance of\nsoftware, is recognised in profit or loss as\nincurred.\u00a0
\n\u00a0
\nIntangible assets\ninclude intangibles with finite lives, which are amortised, on a\nstraight-line basis over their estimated useful lives.\u00a0\nEstimated useful life is the lower of legal duration and expected\nuseful life.\u00a0 The estimated useful lives are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Brand\ndesign fee and other rights \n | \n\n 5 - 10 \n | \n
| \n \u00a0\u00a0\nConcessions \n | \n\n 2 - 10 \n | \n
| \n \u00a0\u00a0 Operating\ncontracts \n | \n\n 20 \n | \n
| \n \u00a0\u00a0\nOthers \n | \n\n 3 \n | \n
3.10.6\u00a0\u00a0 Impairment\nof financial assets
\n\u00a0
\nThe Group assesses the expected\ncredit losses associated with its debt instruments carried at\namortised cost on a forward-looking basis.\u00a0 The impairment\nmethodology applied depends on whether there has been a significant\nincrease in credit risk.
\n\u00a0
\nFor trade receivables the Group\napplies the simplified approach permitted by IFRS 9, which requires\nexpected lifetime losses to be recognised from initial recognition\nof the receivables, see Note 41.1\nfor further details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mq1rYktA-Y": { "value": "\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries,\nassociates and joint ventures are accounted for in accordance with\nIFRS 9\u2019s requirements for equity investments.\u00a0 The\nCompany elects, on an instrument-by-instrument basis, whether its\ninvestments will be measured at fair value, with fair value\nmovements in other comprehensive income.\u00a0 Management has\nadopted the FVOCI election for all of its investments in\nsubsidiaries, associates and joint ventures.\u00a0 The fair value\nof investments in subsidiaries, associates and joint ventures is\nestablished by using valuation techniques, in most cases by\nreference to the net asset backing of the investee taking\ncognisance of the fair values of the underlying assets.
\n\u00a0
\nAdditional detail on the\nsubsequent measurement and impairment requirements for FVOCI assets\nis disclosed in Note\n3.10.
\u00a0
\nAll property, plant and\nequipment is initially recorded at historical cost.\u00a0 Land and\nbuildings are subsequently shown at fair value, based on periodic\nvaluations by professional valuers, less subsequent depreciation\nfor buildings.\u00a0 Valuations are carried out on a regular basis\nsuch that the carrying amount of property does not differ\nmaterially from that which would be determined using fair values at\nthe end of the reporting period.\u00a0 Any accumulated depreciation\nat the date of revaluation is eliminated against the gross carrying\namount of the asset, and the net amount is restated to the revalued\namount of the asset. All other property, plant and equipment is\nsubsequently stated at historical cost less depreciation and\nimpairment losses. Historical cost includes expenditure that is\ndirectly attributable to the acquisition of the\nitems.\u00a0
\n\u00a0
\nBorrowing costs which\nare incurred for the purpose of acquiring or constructing a\nqualifying asset are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0 Capitalisation of borrowing costs is ceased once\nthe asset is substantially complete and is suspended if the\ndevelopment of the asset is suspended.
\n\u00a0
\nSubsequent costs are\nincluded in the asset\u2019s carrying amount or recognised as a\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\nGroup and the cost of the item can be measured reliably. All other\nrepairs and maintenance are charged to profit or loss during the\nfinancial period in which they are incurred.
\n\u00a0
\nIncreases in the\ncarrying amount arising on revaluation of land and buildings are\ncredited to other comprehensive income and shown as a revaluation\nreserve in shareholders' equity.\u00a0 However, the increase shall\nbe recognised in profit or loss to the extent that it reverses a\nrevaluation decrease of the same asset previously recognised in\nprofit or loss.\u00a0\u00a0 Decreases that offset previous\nincreases of the same asset are charged in other comprehensive\nincome and debited against the revaluation reserve; all other\ndecreases are charged to profit or loss.
\n\u00a0
\nDepreciation is\ncalculated using the straight-line method to allocate the cost or\nrevalued amounts of the assets to their residual values over their\nestimated useful lives, as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Freehold\nbuildings \n | \n\n 33-150 \n | \n
| \n \u00a0\u00a0 Plant and\nequipment \n | \n\n 2-15 \n | \n
| \n \u00a0\u00a0\nFurniture, fixture and fittings \n | \n\n 3-10 \n | \n
| \n \u00a0\u00a0 Motor\nvehicles \n | \n\n 5 \n | \n
\u00a0
\nFreehold land is not\ndepreciated as it is deemed to have an indefinite life.\u00a0\nAssets in the course of construction and payments on account are\nnot depreciated.
\n\u00a0
\nThe assets\u2019\nresidual values and useful lives are reviewed, and adjusted if\nappropriate, at the end of each reporting period.
\n\u00a0
\nProperty, plant and\nequipment is reviewed for impairment whenever events or changes in\ncircumstances indicate that the carrying amount may not be\nrecoverable (refer to Note\n3.10 ). An asset\u2019s\ncarrying amount is written down immediately to its recoverable\namount if the asset\u2019s carrying amount is greater than its\nestimated recoverable amount. An impairment loss is recognised for\nthe amount by which the asset\u2019s carrying amount exceeds its\nrecoverable amount.\u00a0 Property, plant and equipment that\nsuffered an impairment is reviewed for possible reversal of the\nimpairment at the end of each reporting period.
\n\u00a0
\nGains and losses on\ndisposals of property, plant and equipment are determined by\ncomparing proceeds with carrying amount and are recognised in\nprofit or loss.\u00a0 When revalued assets are disposed of, the\namounts included in the revaluation reserve relating to the assets\nare transferred to retained earnings.
\n\u00a0
\nProperty that is held\nfor long-term rental yields or for capital appreciation or both,\nand that is not occupied by entities forming part of the Group is\nclassified as investment property. Investment property also\nincludes property that is being constructed or developed for future\nuse as investment property, when such identification is made.\nInvestment property principally comprises land and\nbuildings.
\n\u00a0
\nInvestment property is\nmeasured initially at its historical cost, including related\ntransaction costs and borrowing costs. Borrowing costs which are\nincurred for the purpose of acquiring or constructing a qualifying\ninvestment property are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0Capitalisation of borrowing costs is ceased once the\nasset is substantially complete and is suspended if the development\nof the asset is suspended.\u00a0 After initial recognition,\ninvestment property is carried at fair value, representing open\nmarket value determined annually.
\n\u00a0
\nThese fair valuations\nare reviewed regularly by a professional valuer.\u00a0 The fair\nvalue of investment property generally reflects, among other\nthings, rental income from current leases and assumptions about\nrental income from future leases in the light of current market\nconditions. The fair value also reflects, on a similar basis, any\ncash outflows that could be expected in respect of the\nproperty.
\n\u00a0
\nSubsequent expenditure\nis capitalised to the asset\u2019s carrying amount only when it is\nprobable that future economic benefits associated with the\nexpenditure will flow to the Group and the cost of the item can be\nmeasured reliably. All other repairs and maintenance costs are\ncharged to profit or loss during the financial period in which they\nare incurred.\u00a0 When part of an investment property is\nreplaced, the carrying amount of the replaced part is\nderecognised.
\n\u00a0
\nChanges in fair values\nare recognised in profit or loss.\u00a0 Investment properties are\nderecognised either when they have been disposed of or when the\ninvestment property is permanently withdrawn from use and no future\neconomic benefit is expected from its disposal.
\n\u00a0
\nIf an investment\nproperty becomes owner-occupied, it is reclassified as property,\nplant and equipment. Its fair value at the date of the\nreclassification becomes its cost for subsequent accounting\npurposes.\u00a0
\n\u00a0
\nIf an item of property,\nplant and equipment becomes an investment property because its use\nhas changed, any difference resulting between the carrying amount\nand the fair value of this item at the date of transfer is treated\nin the same way as a revaluation surplus under IAS\n16.\u00a0
\n\u00a0
\n\u00a0
\n(a)\u00a0\u00a0\u00a0\u00a0 Goodwill
\n\u00a0
\nGoodwill represents the\nexcess of the cost of an acquisition over the fair value of the\nGroup\u2019s share of the net identifiable assets of the acquired\nsubsidiary or associate at the date of acquisition. Goodwill on\nacquisitions of subsidiaries is included in \u2018Intangible\nassets\u2019. Goodwill on acquisitions of associates is included\nwithin the carrying amount of the investments.\u00a0 Separately\nrecognised goodwill is not amortised, but it is tested annually for\nimpairment, or more frequently if events or changes in\ncircumstances indicate that it might be impaired, and is carried at\ncost less accumulated impairment losses. Impairment losses on\ngoodwill are not reversed.\u00a0 Gains and losses on the disposal\nof an entity include the carrying amount of goodwill relating to\nthe entity sold.
\n\u00a0
\nGoodwill is allocated to\ncash-generating units for the purpose of impairment testing. The\nallocation is made to those cash-generating units or groups of\ncash-generating units that are expected to benefit from the\nbusiness combination in which the goodwill arose. The units or\ngroups of units are identified at the lowest level at which\ngoodwill is monitored for internal management purposes, being the\noperating segments ( Note\n6 ).
\n\u00a0
\n(b)\u00a0\u00a0\u00a0\u00a0 Brands
\n\u00a0
\nThe brands mainly\ncomprise the \u2018Corinthia\u2019 brand name relating to\nhospitality and catering.\u00a0 The \u2018Corinthia\u2019 brand\nwas acquired from the Group\u2019s parent, CPHCL, and represents\nthe consideration paid on its acquisition.\u00a0
\n\u00a0
\nThe brands do not have a\nfinite life and are measured at cost less accumulated impairment\nlosses.\u00a0 The brands are regarded as having an indefinite life,\nin view of their longevity, customer recognition and strong market\nposition. There is no foreseeable limit to the period over which\nthe assets can legally be used and over which they are expected to\ngenerate cash inflows. Brand marketing and the signing of third\nparty hotel management agreements further supports this\nconclusion.
\n\u00a0
\n(c)\u00a0\u00a0\u00a0\u00a0 Other intangible\nassets
\n\u00a0
\nSeparately acquired\nintangible assets, such as purchased computer software are shown at\nhistorical cost. Customer contracts acquired in a business\ncombination are recognised at fair value at the acquisition date.\nThese intangible assets have a finite useful life and are\nsubsequently carried at cost less accumulated amortisation and\nimpairment losses.
\n\u00a0
\nSubsequent expenditure\nis capitalised only when it increases the future economic benefits\nembodied in the specific asset to which it related.\u00a0 All other\nexpenditure including costs incurred in the ongoing maintenance of\nsoftware, is recognised in profit or loss as\nincurred.\u00a0
\n\u00a0
\nIntangible assets\ninclude intangibles with finite lives, which are amortised, on a\nstraight-line basis over their estimated useful lives.\u00a0\nEstimated useful life is the lower of legal duration and expected\nuseful life.\u00a0 The estimated useful lives are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Brand\ndesign fee and other rights \n | \n\n 5 - 10 \n | \n
| \n \u00a0\u00a0\nConcessions \n | \n\n 2 - 10 \n | \n
| \n \u00a0\u00a0 Operating\ncontracts \n | \n\n 20 \n | \n
| \n \u00a0\u00a0\nOthers \n | \n\n 3 \n | \n
\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries,\nassociates and joint ventures are accounted for in accordance with\nIFRS 9\u2019s requirements for equity investments.\u00a0 The\nCompany elects, on an instrument-by-instrument basis, whether its\ninvestments will be measured at fair value, with fair value\nmovements in other comprehensive income.\u00a0 Management has\nadopted the FVOCI election for all of its investments in\nsubsidiaries, associates and joint ventures.\u00a0 The fair value\nof investments in subsidiaries, associates and joint ventures is\nestablished by using valuation techniques, in most cases by\nreference to the net asset backing of the investee taking\ncognisance of the fair values of the underlying assets.
\n\u00a0
\nAdditional detail on the\nsubsequent measurement and impairment requirements for FVOCI assets\nis disclosed in Note\n3.10.
\u00a0
\nAll property, plant and\nequipment is initially recorded at historical cost.\u00a0 Land and\nbuildings are subsequently shown at fair value, based on periodic\nvaluations by professional valuers, less subsequent depreciation\nfor buildings.\u00a0 Valuations are carried out on a regular basis\nsuch that the carrying amount of property does not differ\nmaterially from that which would be determined using fair values at\nthe end of the reporting period.\u00a0 Any accumulated depreciation\nat the date of revaluation is eliminated against the gross carrying\namount of the asset, and the net amount is restated to the revalued\namount of the asset. All other property, plant and equipment is\nsubsequently stated at historical cost less depreciation and\nimpairment losses. Historical cost includes expenditure that is\ndirectly attributable to the acquisition of the\nitems.\u00a0
\n\u00a0
\nBorrowing costs which\nare incurred for the purpose of acquiring or constructing a\nqualifying asset are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0 Capitalisation of borrowing costs is ceased once\nthe asset is substantially complete and is suspended if the\ndevelopment of the asset is suspended.
\n\u00a0
\nSubsequent costs are\nincluded in the asset\u2019s carrying amount or recognised as a\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\nGroup and the cost of the item can be measured reliably. All other\nrepairs and maintenance are charged to profit or loss during the\nfinancial period in which they are incurred.
\n\u00a0
\nIncreases in the\ncarrying amount arising on revaluation of land and buildings are\ncredited to other comprehensive income and shown as a revaluation\nreserve in shareholders' equity.\u00a0 However, the increase shall\nbe recognised in profit or loss to the extent that it reverses a\nrevaluation decrease of the same asset previously recognised in\nprofit or loss.\u00a0\u00a0 Decreases that offset previous\nincreases of the same asset are charged in other comprehensive\nincome and debited against the revaluation reserve; all other\ndecreases are charged to profit or loss.
\n\u00a0
\nDepreciation is\ncalculated using the straight-line method to allocate the cost or\nrevalued amounts of the assets to their residual values over their\nestimated useful lives, as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Freehold\nbuildings \n | \n\n 33-150 \n | \n
| \n \u00a0\u00a0 Plant and\nequipment \n | \n\n 2-15 \n | \n
| \n \u00a0\u00a0\nFurniture, fixture and fittings \n | \n\n 3-10 \n | \n
| \n \u00a0\u00a0 Motor\nvehicles \n | \n\n 5 \n | \n
\u00a0
\nFreehold land is not\ndepreciated as it is deemed to have an indefinite life.\u00a0\nAssets in the course of construction and payments on account are\nnot depreciated.
\n\u00a0
\nThe assets\u2019\nresidual values and useful lives are reviewed, and adjusted if\nappropriate, at the end of each reporting period.
\n\u00a0
\nProperty, plant and\nequipment is reviewed for impairment whenever events or changes in\ncircumstances indicate that the carrying amount may not be\nrecoverable (refer to Note\n3.10 ). An asset\u2019s\ncarrying amount is written down immediately to its recoverable\namount if the asset\u2019s carrying amount is greater than its\nestimated recoverable amount. An impairment loss is recognised for\nthe amount by which the asset\u2019s carrying amount exceeds its\nrecoverable amount.\u00a0 Property, plant and equipment that\nsuffered an impairment is reviewed for possible reversal of the\nimpairment at the end of each reporting period.
\n\u00a0
\nGains and losses on\ndisposals of property, plant and equipment are determined by\ncomparing proceeds with carrying amount and are recognised in\nprofit or loss.\u00a0 When revalued assets are disposed of, the\namounts included in the revaluation reserve relating to the assets\nare transferred to retained earnings.
\n\u00a0
\nProperty that is held\nfor long-term rental yields or for capital appreciation or both,\nand that is not occupied by entities forming part of the Group is\nclassified as investment property. Investment property also\nincludes property that is being constructed or developed for future\nuse as investment property, when such identification is made.\nInvestment property principally comprises land and\nbuildings.
\n\u00a0
\nInvestment property is\nmeasured initially at its historical cost, including related\ntransaction costs and borrowing costs. Borrowing costs which are\nincurred for the purpose of acquiring or constructing a qualifying\ninvestment property are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0Capitalisation of borrowing costs is ceased once the\nasset is substantially complete and is suspended if the development\nof the asset is suspended.\u00a0 After initial recognition,\ninvestment property is carried at fair value, representing open\nmarket value determined annually.
\n\u00a0
\nThese fair valuations\nare reviewed regularly by a professional valuer.\u00a0 The fair\nvalue of investment property generally reflects, among other\nthings, rental income from current leases and assumptions about\nrental income from future leases in the light of current market\nconditions. The fair value also reflects, on a similar basis, any\ncash outflows that could be expected in respect of the\nproperty.
\n\u00a0
\nSubsequent expenditure\nis capitalised to the asset\u2019s carrying amount only when it is\nprobable that future economic benefits associated with the\nexpenditure will flow to the Group and the cost of the item can be\nmeasured reliably. All other repairs and maintenance costs are\ncharged to profit or loss during the financial period in which they\nare incurred.\u00a0 When part of an investment property is\nreplaced, the carrying amount of the replaced part is\nderecognised.
\n\u00a0
\nChanges in fair values\nare recognised in profit or loss.\u00a0 Investment properties are\nderecognised either when they have been disposed of or when the\ninvestment property is permanently withdrawn from use and no future\neconomic benefit is expected from its disposal.
\n\u00a0
\nIf an investment\nproperty becomes owner-occupied, it is reclassified as property,\nplant and equipment. Its fair value at the date of the\nreclassification becomes its cost for subsequent accounting\npurposes.\u00a0
\n\u00a0
\nIf an item of property,\nplant and equipment becomes an investment property because its use\nhas changed, any difference resulting between the carrying amount\nand the fair value of this item at the date of transfer is treated\nin the same way as a revaluation surplus under IAS\n16.\u00a0
\n\u00a0
\n\u00a0
\n(a)\u00a0\u00a0\u00a0\u00a0 Goodwill
\n\u00a0
\nGoodwill represents the\nexcess of the cost of an acquisition over the fair value of the\nGroup\u2019s share of the net identifiable assets of the acquired\nsubsidiary or associate at the date of acquisition. Goodwill on\nacquisitions of subsidiaries is included in \u2018Intangible\nassets\u2019. Goodwill on acquisitions of associates is included\nwithin the carrying amount of the investments.\u00a0 Separately\nrecognised goodwill is not amortised, but it is tested annually for\nimpairment, or more frequently if events or changes in\ncircumstances indicate that it might be impaired, and is carried at\ncost less accumulated impairment losses. Impairment losses on\ngoodwill are not reversed.\u00a0 Gains and losses on the disposal\nof an entity include the carrying amount of goodwill relating to\nthe entity sold.
\n\u00a0
\nGoodwill is allocated to\ncash-generating units for the purpose of impairment testing. The\nallocation is made to those cash-generating units or groups of\ncash-generating units that are expected to benefit from the\nbusiness combination in which the goodwill arose. The units or\ngroups of units are identified at the lowest level at which\ngoodwill is monitored for internal management purposes, being the\noperating segments ( Note\n6 ).
\n\u00a0
\n(b)\u00a0\u00a0\u00a0\u00a0 Brands
\n\u00a0
\nThe brands mainly\ncomprise the \u2018Corinthia\u2019 brand name relating to\nhospitality and catering.\u00a0 The \u2018Corinthia\u2019 brand\nwas acquired from the Group\u2019s parent, CPHCL, and represents\nthe consideration paid on its acquisition.\u00a0
\n\u00a0
\nThe brands do not have a\nfinite life and are measured at cost less accumulated impairment\nlosses.\u00a0 The brands are regarded as having an indefinite life,\nin view of their longevity, customer recognition and strong market\nposition. There is no foreseeable limit to the period over which\nthe assets can legally be used and over which they are expected to\ngenerate cash inflows. Brand marketing and the signing of third\nparty hotel management agreements further supports this\nconclusion.
\n\u00a0
\n(c)\u00a0\u00a0\u00a0\u00a0 Other intangible\nassets
\n\u00a0
\nSeparately acquired\nintangible assets, such as purchased computer software are shown at\nhistorical cost. Customer contracts acquired in a business\ncombination are recognised at fair value at the acquisition date.\nThese intangible assets have a finite useful life and are\nsubsequently carried at cost less accumulated amortisation and\nimpairment losses.
\n\u00a0
\nSubsequent expenditure\nis capitalised only when it increases the future economic benefits\nembodied in the specific asset to which it related.\u00a0 All other\nexpenditure including costs incurred in the ongoing maintenance of\nsoftware, is recognised in profit or loss as\nincurred.\u00a0
\n\u00a0
\nIntangible assets\ninclude intangibles with finite lives, which are amortised, on a\nstraight-line basis over their estimated useful lives.\u00a0\nEstimated useful life is the lower of legal duration and expected\nuseful life.\u00a0 The estimated useful lives are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Brand\ndesign fee and other rights \n | \n\n 5 - 10 \n | \n
| \n \u00a0\u00a0\nConcessions \n | \n\n 2 - 10 \n | \n
| \n \u00a0\u00a0 Operating\ncontracts \n | \n\n 20 \n | \n
| \n \u00a0\u00a0\nOthers \n | \n\n 3 \n | \n
\u00a0
\n\u00a0
\nFinancial instruments\nare recognised when the Group has become a party to the contractual\nprovisions of the instrument. Financial instruments include\ninvestments in listed equity securities, derivative financial\ninstruments, loans receivable, trade and other receivables, cash\nand cash equivalents, interest-bearing borrowings, loans payable\nand trade and other payables.
\n\u00a0
\nFinancial instruments\nare initially recognised at fair value including transaction costs,\nexcept for those measured at fair value through profit or loss, for\nwhich transaction costs are recognised in profit or loss as part of\nadministrative and other expenses.
\n\u00a0
\nTrade receivables are\ninitially recognised at the amount of consideration that is\nunconditional unless they contain significant financing components,\nwhen they are recognized at fair value.
\n\u00a0
\nDerivatives are\nrecognised initially at fair value at the date the derivative\ncontract are entered into. Directly attributable transaction costs\nare recognised in profit or loss when incurred.
\n\u00a0
\nSubsequent to initial\nrecognition, these financial instruments are classified and\nmeasured as detailed below.
\n\u00a0
\n3.10.1\u00a0\u00a0\u00a0\nClassification of financial assets
\n\u00a0
\nThe Group classifies its\nfinancial assets in the following measurement\ncategories:
\n\u00a0
\n| \n \u2022 \n | \n\n those to be measured\nsubsequently at fair value (either through OCI or through profit or\nloss), and \n | \n
| \n \u2022 \n | \n\n those to be measured at\namortised cost. \n | \n
\u00a0
\nThe classification depends on the\nentity\u2019s business model for managing the financial assets and\nthe contractual terms of the cash flows.
\n\u00a0
\nFor assets measured at fair\nvalue, gains and losses will either be recorded in profit or loss\nor OCI.\u00a0 For investments in equity instruments that are not\nheld for trading, this will depend on whether the Group has made an\nirrevocable election at the time of initial recognition to account\nfor the equity investment at fair value through other comprehensive\nincome (FVOCI).
\n\u00a0
\nThe Group reclassifies debt\ninvestments when and only when its business model for managing\nthose assets changes.
\n\u00a0
\n3.10.2\u00a0\u00a0 Recognition\nand derecognition of financial assets
\n\u00a0
\nRegular way purchases and sales\nof financial assets are recognised on settlement date, which is the\ndate on which an asset is delivered to or by the Group.\u00a0 Any\nchange in fair value for the asset to be received, is recognised\nbetween the trade date and settlement date in respect of assets\nwhich are carried at fair value in accordance with the measurement\nrules applicable to the respective financial assets.
\n\u00a0
\nFinancial assets are derecognised\nwhen the rights to receive cash flows from the financial assets\nhave expired or have been transferred and the Group has transferred\nsubstantially all the risks and rewards of ownership.
\n\u00a0
\n3.10.3\u00a0\u00a0\u00a0\nSubsequent measurement of financial assets
\n\u00a0
\nDebt\ninstruments
\n\u00a0
\nSubsequent measurement of debt\ninstruments depends on the Group\u2019s business model for\nmanaging the asset and the cash flow characteristics of the\nasset.\u00a0 The Group\u2019s and the Company\u2019s debt\ninstruments principally comprise loans and advances to other\nundertakings and investments in bonds.\u00a0 The Group also holds\ninvestments in mutual funds; management has assessed that such\ninvestments do not meet the definition of equity in accordance with\nIAS 32 from the issuer\u2019s perspective since the Group can sell\nits holding back to the fund in return for cash. Accordingly, these\ninvestments are considered to be debt instruments from the\nGroup\u2019s perspective.
\n\u00a0
\nThere are two measurement\ncategories into which the Group classifies its debt\ninstruments:
\n\u00a0
\n| \n \u2022 \n | \n\n Amortised cost:\nFinancial assets that are held for collection of contractual cash\nflows where those cash flows represent solely payments of principal\nand interest are measured at amortised cost. Interest income from\nthese financial assets is included in finance income using the\neffective interest rate method. Any gain or loss arising on\nderecognition is recognised directly in profit or loss and\npresented in other operating expenses together with foreign\nexchange gains and losses. Impairment losses are presented under\nnet movements in credit losses on loans receivable in the income\nstatement. \n | \n
| \n \u2022 \n | \n\n FVTPL: Financial\nassets that do not meet the criteria for amortised cost or FVOCI\nare measured at FVTPL.\u00a0 A gain or loss on a debt investment\nthat is subsequently measured at FVTPL is recognised in profit or\nloss and presented net within net changes in fair value of\nfinancial assets in the period in which it arises.\u00a0 The Group\nclassified its investments in mutual funds in this category, on the\nbasis that such investments fail to meet the \u2018solely payments\nof principal and interest\u2019 test. \n | \n
\u00a0
\nEquity\ninstruments
\n\u00a0
\nThe Group subsequently measures\nall its financial assets in equity investments at fair value. Where\nthe Group\u2019s management has elected to present fair value\ngains and losses on equity investments in OCI, there is no\nsubsequent reclassification of fair value gains and losses to\nprofit or loss following the derecognition of the investment.\u00a0\nDividends from such investments continue to be recognised in profit\nor loss as investment income, when the entity\u2019s right to\nreceive payments is established.
\n\u00a0
\nChanges in the fair value of\nfinancial assets at FVTPL are shown separately within net changes\nin fair value of financial assets through profit or loss in the\nincome statement.
\n\u00a0
\n3.10.4\u00a0\u00a0 Trade\nreceivables
\n\u00a0
\nTrade receivables comprise\namounts due from customers for goods sold or services performed in\nthe ordinary course of business. If collection is expected in one\nyear or less (or in the normal operating cycle of the business if\nlonger), they are classified as current assets. If not, they are\npresented as non-current assets.
\n\u00a0
\nTrade and other receivables are\nsubsequently measured at amortised cost using the effective\ninterest method, less loss allowance.\u00a0 The Group holds the\ntrade receivables with the objective to collect the contractual\ncash flows and therefore measures them subsequently at amortised\ncost using the effective interest method. Details about the\nGroup\u2019s impairment policies and the calculation of the loss\nallowance are provided in Note 41\n.
\n\u00a0
\n3.10.5\u00a0\u00a0 Cash and\ncash equivalents
\n\u00a0
\nFor the purpose of presentation\nin the statement of cash flows, cash and cash equivalents includes\ncash on hand, deposits held at call with financial institutions,\nother short-term, highly liquid investments with original\nmaturities of three months or less that are readily convertible to\nknown amounts of cash and which are subject to an insignificant\nrisk of changes in value, and bank overdrafts.\u00a0 Bank\noverdrafts are shown within borrowings in current liabilities in\nthe statement of financial position. Cash and cash equivalents are\ncarried at amortised costs.
\n\u00a0
\n3.10.6\u00a0\u00a0 Impairment\nof financial assets
\n\u00a0
\nThe Group assesses the expected\ncredit losses associated with its debt instruments carried at\namortised cost on a forward-looking basis.\u00a0 The impairment\nmethodology applied depends on whether there has been a significant\nincrease in credit risk.
\n\u00a0
\nFor trade receivables the Group\napplies the simplified approach permitted by IFRS 9, which requires\nexpected lifetime losses to be recognised from initial recognition\nof the receivables, see Note 41.1\nfor further details.
\n\u00a0
\n3.10.7\u00a0\u00a0\nClassification, recognition and derecognition of financial\nliabilities
\n\u00a0
\nThe Group\u2019s financial\nliabilities, other than derivative financial instruments, are\nclassified as financial liabilities which are not at fair value\nthrough profit or loss (classified as \u2018Other\nliabilities\u2019) under IFRS 9.\u00a0 Financial liabilities not\nat fair value through profit or loss are recognised initially at\nfair value, being the fair value of consideration received, net of\ntransaction costs that are directly attributable to the acquisition\nor the issue of the financial liability. Financial liabilities held\nat fair value through profit or loss would be initially recognised\nat fair value through profit or loss with transaction costs\nexpensed in profit or loss. The Group derecognises a financial\nliability from its statement of financial position when the\nobligation specified in the contract or arrangement is discharged,\nis cancelled or expires.
\n\u00a0
\n3.10.8\u00a0\u00a0 Subsequent\nmeasurement of financial liabilities
\n\u00a0
\nFinancial liabilities held at\nfair value through profit or loss would be subsequently measured at\nfair value. Other financial liabilities are subsequently measured\nat amortised cost.
\n\u00a0
\n3.10.9\u00a0\u00a0 Trade and\nother payables
\n\u00a0
\nThese amounts represent\nliabilities for goods and services provided to the Group prior to\nthe end of the financial year which are unpaid.\u00a0 Trade and\nother payables are presented as current liabilities unless payment\nis not due within 12 months after the reporting period.\u00a0 They\nare recognised initially at their fair value and subsequently\nmeasured at amortised cost using the effective interest\nmethod.
\n\u00a0
\n3.10.10\u00a0\u00a0\nBorrowings
\n\u00a0
\nBorrowings are initially\nrecognised at fair value, net of transaction costs incurred.\nBorrowings are subsequently measured at amortised cost. Any\ndifference between the proceeds (net of transaction costs) and the\nredemption amount is recognised in profit or loss over the period\nof the borrowings using the effective interest method. Fees paid on\nthe establishment of loan facilities are recognised as transaction\ncosts of the loan to the extent that it is probable that some or\nall of the facility will be drawn down. In this case, the fee is\ndeferred until the draw down occurs.\u00a0 To the extent there is\nno evidence that it is probable that some or all of the facility\nwill be drawn down, the fee is capitalised as a prepayment for\nliquidity services and amortised over the period of the facility to\nwhich it relates.
\n\u00a0
\nBorrowings are removed from the\nstatement of financial position when the obligation specified in\nthe contract is discharged, cancelled or expired. The difference\nbetween the carrying amount of a financial liability that has been\nextinguished or transferred to another party and the consideration\npaid, including any non-cash asset transferred or liabilities\nassumed, is recognized in profit or loss as other income or finance\ncosts.
\n\u00a0
\nBorrowings are classified as\ncurrent liabilities unless the Group has an unconditional right to\ndefer settlement of the liability for at least 12 months after the\nreporting period.
\n\u00a0
\n3.10.11\u00a0\u00a0 Offsetting\nfinancial instruments
\n\u00a0
\nFinancial assets and liabilities\nare offset and the net amount reported in the statement of\nfinancial position when there is a legally enforceable right to set\noff the recognised amounts and there is an intention to settle on a\nnet basis, or realise the asset and settle the liability\nsimultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "rV0mzdNFTJ": { "value": "\u00a0
\nIn the Company\u2019s\nseparate financial statements, investments in subsidiaries,\nassociates and joint ventures are accounted for in accordance with\nIFRS 9\u2019s requirements for equity investments.\u00a0 The\nCompany elects, on an instrument-by-instrument basis, whether its\ninvestments will be measured at fair value, with fair value\nmovements in other comprehensive income.\u00a0 Management has\nadopted the FVOCI election for all of its investments in\nsubsidiaries, associates and joint ventures.\u00a0 The fair value\nof investments in subsidiaries, associates and joint ventures is\nestablished by using valuation techniques, in most cases by\nreference to the net asset backing of the investee taking\ncognisance of the fair values of the underlying assets.
\n\u00a0
\nAdditional detail on the\nsubsequent measurement and impairment requirements for FVOCI assets\nis disclosed in Note\n3.10.
\u00a0
\nAll property, plant and\nequipment is initially recorded at historical cost.\u00a0 Land and\nbuildings are subsequently shown at fair value, based on periodic\nvaluations by professional valuers, less subsequent depreciation\nfor buildings.\u00a0 Valuations are carried out on a regular basis\nsuch that the carrying amount of property does not differ\nmaterially from that which would be determined using fair values at\nthe end of the reporting period.\u00a0 Any accumulated depreciation\nat the date of revaluation is eliminated against the gross carrying\namount of the asset, and the net amount is restated to the revalued\namount of the asset. All other property, plant and equipment is\nsubsequently stated at historical cost less depreciation and\nimpairment losses. Historical cost includes expenditure that is\ndirectly attributable to the acquisition of the\nitems.\u00a0
\n\u00a0
\nBorrowing costs which\nare incurred for the purpose of acquiring or constructing a\nqualifying asset are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0 Capitalisation of borrowing costs is ceased once\nthe asset is substantially complete and is suspended if the\ndevelopment of the asset is suspended.
\n\u00a0
\nSubsequent costs are\nincluded in the asset\u2019s carrying amount or recognised as a\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\nGroup and the cost of the item can be measured reliably. All other\nrepairs and maintenance are charged to profit or loss during the\nfinancial period in which they are incurred.
\n\u00a0
\nIncreases in the\ncarrying amount arising on revaluation of land and buildings are\ncredited to other comprehensive income and shown as a revaluation\nreserve in shareholders' equity.\u00a0 However, the increase shall\nbe recognised in profit or loss to the extent that it reverses a\nrevaluation decrease of the same asset previously recognised in\nprofit or loss.\u00a0\u00a0 Decreases that offset previous\nincreases of the same asset are charged in other comprehensive\nincome and debited against the revaluation reserve; all other\ndecreases are charged to profit or loss.
\n\u00a0
\nDepreciation is\ncalculated using the straight-line method to allocate the cost or\nrevalued amounts of the assets to their residual values over their\nestimated useful lives, as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Freehold\nbuildings \n | \n\n 33-150 \n | \n
| \n \u00a0\u00a0 Plant and\nequipment \n | \n\n 2-15 \n | \n
| \n \u00a0\u00a0\nFurniture, fixture and fittings \n | \n\n 3-10 \n | \n
| \n \u00a0\u00a0 Motor\nvehicles \n | \n\n 5 \n | \n
\u00a0
\nFreehold land is not\ndepreciated as it is deemed to have an indefinite life.\u00a0\nAssets in the course of construction and payments on account are\nnot depreciated.
\n\u00a0
\nThe assets\u2019\nresidual values and useful lives are reviewed, and adjusted if\nappropriate, at the end of each reporting period.
\n\u00a0
\nProperty, plant and\nequipment is reviewed for impairment whenever events or changes in\ncircumstances indicate that the carrying amount may not be\nrecoverable (refer to Note\n3.10 ). An asset\u2019s\ncarrying amount is written down immediately to its recoverable\namount if the asset\u2019s carrying amount is greater than its\nestimated recoverable amount. An impairment loss is recognised for\nthe amount by which the asset\u2019s carrying amount exceeds its\nrecoverable amount.\u00a0 Property, plant and equipment that\nsuffered an impairment is reviewed for possible reversal of the\nimpairment at the end of each reporting period.
\n\u00a0
\nGains and losses on\ndisposals of property, plant and equipment are determined by\ncomparing proceeds with carrying amount and are recognised in\nprofit or loss.\u00a0 When revalued assets are disposed of, the\namounts included in the revaluation reserve relating to the assets\nare transferred to retained earnings.
Property that is held\nfor long-term rental yields or for capital appreciation or both,\nand that is not occupied by entities forming part of the Group is\nclassified as investment property. Investment property also\nincludes property that is being constructed or developed for future\nuse as investment property, when such identification is made.\nInvestment property principally comprises land and\nbuildings.
\n\u00a0
\nInvestment property is\nmeasured initially at its historical cost, including related\ntransaction costs and borrowing costs. Borrowing costs which are\nincurred for the purpose of acquiring or constructing a qualifying\ninvestment property are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0Capitalisation of borrowing costs is ceased once the\nasset is substantially complete and is suspended if the development\nof the asset is suspended.\u00a0 After initial recognition,\ninvestment property is carried at fair value, representing open\nmarket value determined annually.
\n\u00a0
\nThese fair valuations\nare reviewed regularly by a professional valuer.\u00a0 The fair\nvalue of investment property generally reflects, among other\nthings, rental income from current leases and assumptions about\nrental income from future leases in the light of current market\nconditions. The fair value also reflects, on a similar basis, any\ncash outflows that could be expected in respect of the\nproperty.
\n\u00a0
\nSubsequent expenditure\nis capitalised to the asset\u2019s carrying amount only when it is\nprobable that future economic benefits associated with the\nexpenditure will flow to the Group and the cost of the item can be\nmeasured reliably. All other repairs and maintenance costs are\ncharged to profit or loss during the financial period in which they\nare incurred.\u00a0 When part of an investment property is\nreplaced, the carrying amount of the replaced part is\nderecognised.
\n\u00a0
\nChanges in fair values\nare recognised in profit or loss.\u00a0 Investment properties are\nderecognised either when they have been disposed of or when the\ninvestment property is permanently withdrawn from use and no future\neconomic benefit is expected from its disposal.
\n\u00a0
\nIf an investment\nproperty becomes owner-occupied, it is reclassified as property,\nplant and equipment. Its fair value at the date of the\nreclassification becomes its cost for subsequent accounting\npurposes.\u00a0
\n\u00a0
\nIf an item of property,\nplant and equipment becomes an investment property because its use\nhas changed, any difference resulting between the carrying amount\nand the fair value of this item at the date of transfer is treated\nin the same way as a revaluation surplus under IAS\n16.\u00a0
\u00a0
\nFinancial instruments\nare recognised when the Group has become a party to the contractual\nprovisions of the instrument. Financial instruments include\ninvestments in listed equity securities, derivative financial\ninstruments, loans receivable, trade and other receivables, cash\nand cash equivalents, interest-bearing borrowings, loans payable\nand trade and other payables.
\n\u00a0
\nFinancial instruments\nare initially recognised at fair value including transaction costs,\nexcept for those measured at fair value through profit or loss, for\nwhich transaction costs are recognised in profit or loss as part of\nadministrative and other expenses.
\n\u00a0
\nTrade receivables are\ninitially recognised at the amount of consideration that is\nunconditional unless they contain significant financing components,\nwhen they are recognized at fair value.
\n\u00a0
\nDerivatives are\nrecognised initially at fair value at the date the derivative\ncontract are entered into. Directly attributable transaction costs\nare recognised in profit or loss when incurred.
\n\u00a0
\nSubsequent to initial\nrecognition, these financial instruments are classified and\nmeasured as detailed below.
\n\u00a0
\n3.10.1\u00a0\u00a0\u00a0\nClassification of financial assets
\n\u00a0
\nThe Group classifies its\nfinancial assets in the following measurement\ncategories:
\n\u00a0
\n| \n \u2022 \n | \n\n those to be measured\nsubsequently at fair value (either through OCI or through profit or\nloss), and \n | \n
| \n \u2022 \n | \n\n those to be measured at\namortised cost. \n | \n
\u00a0
\nThe classification depends on the\nentity\u2019s business model for managing the financial assets and\nthe contractual terms of the cash flows.
\n\u00a0
\nFor assets measured at fair\nvalue, gains and losses will either be recorded in profit or loss\nor OCI.\u00a0 For investments in equity instruments that are not\nheld for trading, this will depend on whether the Group has made an\nirrevocable election at the time of initial recognition to account\nfor the equity investment at fair value through other comprehensive\nincome (FVOCI).
\n\u00a0
\nThe Group reclassifies debt\ninvestments when and only when its business model for managing\nthose assets changes.
\n\u00a0
\n3.10.2\u00a0\u00a0 Recognition\nand derecognition of financial assets
\n\u00a0
\nRegular way purchases and sales\nof financial assets are recognised on settlement date, which is the\ndate on which an asset is delivered to or by the Group.\u00a0 Any\nchange in fair value for the asset to be received, is recognised\nbetween the trade date and settlement date in respect of assets\nwhich are carried at fair value in accordance with the measurement\nrules applicable to the respective financial assets.
\n\u00a0
\nFinancial assets are derecognised\nwhen the rights to receive cash flows from the financial assets\nhave expired or have been transferred and the Group has transferred\nsubstantially all the risks and rewards of ownership.
\n\u00a0
\n3.10.3\u00a0\u00a0\u00a0\nSubsequent measurement of financial assets
\n\u00a0
\nDebt\ninstruments
\n\u00a0
\nSubsequent measurement of debt\ninstruments depends on the Group\u2019s business model for\nmanaging the asset and the cash flow characteristics of the\nasset.\u00a0 The Group\u2019s and the Company\u2019s debt\ninstruments principally comprise loans and advances to other\nundertakings and investments in bonds.\u00a0 The Group also holds\ninvestments in mutual funds; management has assessed that such\ninvestments do not meet the definition of equity in accordance with\nIAS 32 from the issuer\u2019s perspective since the Group can sell\nits holding back to the fund in return for cash. Accordingly, these\ninvestments are considered to be debt instruments from the\nGroup\u2019s perspective.
\n\u00a0
\nThere are two measurement\ncategories into which the Group classifies its debt\ninstruments:
\n\u00a0
\n| \n \u2022 \n | \n\n Amortised cost:\nFinancial assets that are held for collection of contractual cash\nflows where those cash flows represent solely payments of principal\nand interest are measured at amortised cost. Interest income from\nthese financial assets is included in finance income using the\neffective interest rate method. Any gain or loss arising on\nderecognition is recognised directly in profit or loss and\npresented in other operating expenses together with foreign\nexchange gains and losses. Impairment losses are presented under\nnet movements in credit losses on loans receivable in the income\nstatement. \n | \n
| \n \u2022 \n | \n\n FVTPL: Financial\nassets that do not meet the criteria for amortised cost or FVOCI\nare measured at FVTPL.\u00a0 A gain or loss on a debt investment\nthat is subsequently measured at FVTPL is recognised in profit or\nloss and presented net within net changes in fair value of\nfinancial assets in the period in which it arises.\u00a0 The Group\nclassified its investments in mutual funds in this category, on the\nbasis that such investments fail to meet the \u2018solely payments\nof principal and interest\u2019 test. \n | \n
\u00a0
\nEquity\ninstruments
\n\u00a0
\nThe Group subsequently measures\nall its financial assets in equity investments at fair value. Where\nthe Group\u2019s management has elected to present fair value\ngains and losses on equity investments in OCI, there is no\nsubsequent reclassification of fair value gains and losses to\nprofit or loss following the derecognition of the investment.\u00a0\nDividends from such investments continue to be recognised in profit\nor loss as investment income, when the entity\u2019s right to\nreceive payments is established.
\n\u00a0
\nChanges in the fair value of\nfinancial assets at FVTPL are shown separately within net changes\nin fair value of financial assets through profit or loss in the\nincome statement.
\n\u00a0
\n3.10.4\u00a0\u00a0 Trade\nreceivables
\n\u00a0
\nTrade receivables comprise\namounts due from customers for goods sold or services performed in\nthe ordinary course of business. If collection is expected in one\nyear or less (or in the normal operating cycle of the business if\nlonger), they are classified as current assets. If not, they are\npresented as non-current assets.
\n\u00a0
\nTrade and other receivables are\nsubsequently measured at amortised cost using the effective\ninterest method, less loss allowance.\u00a0 The Group holds the\ntrade receivables with the objective to collect the contractual\ncash flows and therefore measures them subsequently at amortised\ncost using the effective interest method. Details about the\nGroup\u2019s impairment policies and the calculation of the loss\nallowance are provided in Note 41\n.
\n\u00a0
\n3.10.5\u00a0\u00a0 Cash and\ncash equivalents
\n\u00a0
\nFor the purpose of presentation\nin the statement of cash flows, cash and cash equivalents includes\ncash on hand, deposits held at call with financial institutions,\nother short-term, highly liquid investments with original\nmaturities of three months or less that are readily convertible to\nknown amounts of cash and which are subject to an insignificant\nrisk of changes in value, and bank overdrafts.\u00a0 Bank\noverdrafts are shown within borrowings in current liabilities in\nthe statement of financial position. Cash and cash equivalents are\ncarried at amortised costs.
\n\u00a0
\n3.10.6\u00a0\u00a0 Impairment\nof financial assets
\n\u00a0
\nThe Group assesses the expected\ncredit losses associated with its debt instruments carried at\namortised cost on a forward-looking basis.\u00a0 The impairment\nmethodology applied depends on whether there has been a significant\nincrease in credit risk.
\n\u00a0
\nFor trade receivables the Group\napplies the simplified approach permitted by IFRS 9, which requires\nexpected lifetime losses to be recognised from initial recognition\nof the receivables, see Note 41.1\nfor further details.
\n\u00a0
\n3.10.7\u00a0\u00a0\nClassification, recognition and derecognition of financial\nliabilities
\n\u00a0
\nThe Group\u2019s financial\nliabilities, other than derivative financial instruments, are\nclassified as financial liabilities which are not at fair value\nthrough profit or loss (classified as \u2018Other\nliabilities\u2019) under IFRS 9.\u00a0 Financial liabilities not\nat fair value through profit or loss are recognised initially at\nfair value, being the fair value of consideration received, net of\ntransaction costs that are directly attributable to the acquisition\nor the issue of the financial liability. Financial liabilities held\nat fair value through profit or loss would be initially recognised\nat fair value through profit or loss with transaction costs\nexpensed in profit or loss. The Group derecognises a financial\nliability from its statement of financial position when the\nobligation specified in the contract or arrangement is discharged,\nis cancelled or expires.
\n\u00a0
\n3.10.8\u00a0\u00a0 Subsequent\nmeasurement of financial liabilities
\n\u00a0
\nFinancial liabilities held at\nfair value through profit or loss would be subsequently measured at\nfair value. Other financial liabilities are subsequently measured\nat amortised cost.
\n\u00a0
\n3.10.9\u00a0\u00a0 Trade and\nother payables
\n\u00a0
\nThese amounts represent\nliabilities for goods and services provided to the Group prior to\nthe end of the financial year which are unpaid.\u00a0 Trade and\nother payables are presented as current liabilities unless payment\nis not due within 12 months after the reporting period.\u00a0 They\nare recognised initially at their fair value and subsequently\nmeasured at amortised cost using the effective interest\nmethod.
\n\u00a0
\n3.10.10\u00a0\u00a0\nBorrowings
\n\u00a0
\nBorrowings are initially\nrecognised at fair value, net of transaction costs incurred.\nBorrowings are subsequently measured at amortised cost. Any\ndifference between the proceeds (net of transaction costs) and the\nredemption amount is recognised in profit or loss over the period\nof the borrowings using the effective interest method. Fees paid on\nthe establishment of loan facilities are recognised as transaction\ncosts of the loan to the extent that it is probable that some or\nall of the facility will be drawn down. In this case, the fee is\ndeferred until the draw down occurs.\u00a0 To the extent there is\nno evidence that it is probable that some or all of the facility\nwill be drawn down, the fee is capitalised as a prepayment for\nliquidity services and amortised over the period of the facility to\nwhich it relates.
\n\u00a0
\nBorrowings are removed from the\nstatement of financial position when the obligation specified in\nthe contract is discharged, cancelled or expired. The difference\nbetween the carrying amount of a financial liability that has been\nextinguished or transferred to another party and the consideration\npaid, including any non-cash asset transferred or liabilities\nassumed, is recognized in profit or loss as other income or finance\ncosts.
\n\u00a0
\nBorrowings are classified as\ncurrent liabilities unless the Group has an unconditional right to\ndefer settlement of the liability for at least 12 months after the\nreporting period.
\n\u00a0
\n3.10.11\u00a0\u00a0 Offsetting\nfinancial instruments
\n\u00a0
\nFinancial assets and liabilities\nare offset and the net amount reported in the statement of\nfinancial position when there is a legally enforceable right to set\noff the recognised amounts and there is an intention to settle on a\nnet basis, or realise the asset and settle the liability\nsimultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "k8YvPSwWx.": { "value": "\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nFunctional and presentation\ncurrency
\n\u00a0
\nItems included in the\nfinancial statements of each of the Group\u2019s entities are\nmeasured using the currency of the primary economic environment in\nwhich the entity operates (\u2018the functional\ncurrency\u2019).\u00a0 The consolidated and company financial\nstatements are presented in euro, which is IHI\u2019s functional\nand presentation currency.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nTransactions and balances
\n\u00a0
\nForeign currency\ntransactions are translated into the functional currency using the\nexchange rates at the dates of the transactions. Foreign exchange\ngains and losses resulting from the settlement of such transactions\nand from the translation of monetary assets and liabilities\ndenominated in foreign currencies at year end exchange rates, are\ngenerally recognised in profit or loss.\u00a0 They are deferred in\nequity if they relate to part of the net investment in a foreign\noperation.
\n\u00a0
\nForeign exchange gains\nand losses that relate to borrowings and cash balances are\npresented in the income statement, within finance costs. All other\nforeign exchange gains and losses are presented in the income\nstatement on a net basis within results from operating activities,\nas a separate line item.\u00a0
\n\u00a0
\nNon-monetary items that\nare measured at fair value in a foreign currency are translated\nusing the exchange rates at the date when the fair value was\ndetermined. Translation differences on assets and liabilities\ncarried at fair value are reported as part of the fair value gain\nor loss.
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nGroup companies
\n\u00a0
\nThe results and\nfinancial position of foreign operations that have a functional\ncurrency different from the presentation currency are translated\ninto the presentation currency as follows:
\n\u00a0
\n| \n - \n | \n\n assets and liabilities\nfor each statement of financial position presented are translated\nat the closing rate at the date of that statement of financial\nposition; \n | \n
| \n - \n | \n\n income and expenses for\neach income statement and statement of comprehensive income are\ntranslated at average exchange rates or a monthly weighted average\nrate when there are significant fluctuations in the currency during\nthe year (unless these are not a reasonable approximation of the\ncumulative effect of the rates prevailing on the transaction dates,\nin which case income and expenses are translated at the dates of\nthe transactions); and \n | \n
| \n - \n | \n\n all resulting exchange\ndifferences are recognised in other comprehensive\nincome. \n | \n
\u00a0
\nOn consolidation,\nexchange differences arising from the translation of any net\ninvestment in foreign entities are recognised in other\ncomprehensive income. When a foreign operation is sold or any\nborrowings forming part of the net investment are repaid, the\nassociated exchange differences are reclassified to profit or loss,\nas part of the gain or loss on sale.
\n\u00a0
\nGoodwill and fair value\nadjustments arising on the acquisition of a foreign operation are\ntreated as assets and liabilities of the foreign operation and\ntranslated at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "y58RgTNvJC": { "value": "\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nFunctional and presentation\ncurrency
\n\u00a0
\nItems included in the\nfinancial statements of each of the Group\u2019s entities are\nmeasured using the currency of the primary economic environment in\nwhich the entity operates (\u2018the functional\ncurrency\u2019).\u00a0 The consolidated and company financial\nstatements are presented in euro, which is IHI\u2019s functional\nand presentation currency.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nTransactions and balances
\n\u00a0
\nForeign currency\ntransactions are translated into the functional currency using the\nexchange rates at the dates of the transactions. Foreign exchange\ngains and losses resulting from the settlement of such transactions\nand from the translation of monetary assets and liabilities\ndenominated in foreign currencies at year end exchange rates, are\ngenerally recognised in profit or loss.\u00a0 They are deferred in\nequity if they relate to part of the net investment in a foreign\noperation.
\n\u00a0
\nForeign exchange gains\nand losses that relate to borrowings and cash balances are\npresented in the income statement, within finance costs. All other\nforeign exchange gains and losses are presented in the income\nstatement on a net basis within results from operating activities,\nas a separate line item.\u00a0
\n\u00a0
\nNon-monetary items that\nare measured at fair value in a foreign currency are translated\nusing the exchange rates at the date when the fair value was\ndetermined. Translation differences on assets and liabilities\ncarried at fair value are reported as part of the fair value gain\nor loss.
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nGroup companies
\n\u00a0
\nThe results and\nfinancial position of foreign operations that have a functional\ncurrency different from the presentation currency are translated\ninto the presentation currency as follows:
\n\u00a0
\n| \n - \n | \n\n assets and liabilities\nfor each statement of financial position presented are translated\nat the closing rate at the date of that statement of financial\nposition; \n | \n
| \n - \n | \n\n income and expenses for\neach income statement and statement of comprehensive income are\ntranslated at average exchange rates or a monthly weighted average\nrate when there are significant fluctuations in the currency during\nthe year (unless these are not a reasonable approximation of the\ncumulative effect of the rates prevailing on the transaction dates,\nin which case income and expenses are translated at the dates of\nthe transactions); and \n | \n
| \n - \n | \n\n all resulting exchange\ndifferences are recognised in other comprehensive\nincome. \n | \n
\u00a0
\nOn consolidation,\nexchange differences arising from the translation of any net\ninvestment in foreign entities are recognised in other\ncomprehensive income. When a foreign operation is sold or any\nborrowings forming part of the net investment are repaid, the\nassociated exchange differences are reclassified to profit or loss,\nas part of the gain or loss on sale.
\n\u00a0
\nGoodwill and fair value\nadjustments arising on the acquisition of a foreign operation are\ntreated as assets and liabilities of the foreign operation and\ntranslated at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "GUUxm8htTB": { "value": "\u00a0
\nAll property, plant and\nequipment is initially recorded at historical cost.\u00a0 Land and\nbuildings are subsequently shown at fair value, based on periodic\nvaluations by professional valuers, less subsequent depreciation\nfor buildings.\u00a0 Valuations are carried out on a regular basis\nsuch that the carrying amount of property does not differ\nmaterially from that which would be determined using fair values at\nthe end of the reporting period.\u00a0 Any accumulated depreciation\nat the date of revaluation is eliminated against the gross carrying\namount of the asset, and the net amount is restated to the revalued\namount of the asset. All other property, plant and equipment is\nsubsequently stated at historical cost less depreciation and\nimpairment losses. Historical cost includes expenditure that is\ndirectly attributable to the acquisition of the\nitems.\u00a0
\n\u00a0
\nBorrowing costs which\nare incurred for the purpose of acquiring or constructing a\nqualifying asset are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0 Capitalisation of borrowing costs is ceased once\nthe asset is substantially complete and is suspended if the\ndevelopment of the asset is suspended.
\n\u00a0
\nSubsequent costs are\nincluded in the asset\u2019s carrying amount or recognised as a\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\nGroup and the cost of the item can be measured reliably. All other\nrepairs and maintenance are charged to profit or loss during the\nfinancial period in which they are incurred.
\n\u00a0
\nIncreases in the\ncarrying amount arising on revaluation of land and buildings are\ncredited to other comprehensive income and shown as a revaluation\nreserve in shareholders' equity.\u00a0 However, the increase shall\nbe recognised in profit or loss to the extent that it reverses a\nrevaluation decrease of the same asset previously recognised in\nprofit or loss.\u00a0\u00a0 Decreases that offset previous\nincreases of the same asset are charged in other comprehensive\nincome and debited against the revaluation reserve; all other\ndecreases are charged to profit or loss.
\n\u00a0
\nDepreciation is\ncalculated using the straight-line method to allocate the cost or\nrevalued amounts of the assets to their residual values over their\nestimated useful lives, as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Freehold\nbuildings \n | \n\n 33-150 \n | \n
| \n \u00a0\u00a0 Plant and\nequipment \n | \n\n 2-15 \n | \n
| \n \u00a0\u00a0\nFurniture, fixture and fittings \n | \n\n 3-10 \n | \n
| \n \u00a0\u00a0 Motor\nvehicles \n | \n\n 5 \n | \n
\u00a0
\nFreehold land is not\ndepreciated as it is deemed to have an indefinite life.\u00a0\nAssets in the course of construction and payments on account are\nnot depreciated.
\n\u00a0
\nThe assets\u2019\nresidual values and useful lives are reviewed, and adjusted if\nappropriate, at the end of each reporting period.
\n\u00a0
\nProperty, plant and\nequipment is reviewed for impairment whenever events or changes in\ncircumstances indicate that the carrying amount may not be\nrecoverable (refer to Note\n3.10 ). An asset\u2019s\ncarrying amount is written down immediately to its recoverable\namount if the asset\u2019s carrying amount is greater than its\nestimated recoverable amount. An impairment loss is recognised for\nthe amount by which the asset\u2019s carrying amount exceeds its\nrecoverable amount.\u00a0 Property, plant and equipment that\nsuffered an impairment is reviewed for possible reversal of the\nimpairment at the end of each reporting period.
\n\u00a0
\nGains and losses on\ndisposals of property, plant and equipment are determined by\ncomparing proceeds with carrying amount and are recognised in\nprofit or loss.\u00a0 When revalued assets are disposed of, the\namounts included in the revaluation reserve relating to the assets\nare transferred to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "VWzjUlzwxn": { "value": "\u00a0
\nAll property, plant and\nequipment is initially recorded at historical cost.\u00a0 Land and\nbuildings are subsequently shown at fair value, based on periodic\nvaluations by professional valuers, less subsequent depreciation\nfor buildings.\u00a0 Valuations are carried out on a regular basis\nsuch that the carrying amount of property does not differ\nmaterially from that which would be determined using fair values at\nthe end of the reporting period.\u00a0 Any accumulated depreciation\nat the date of revaluation is eliminated against the gross carrying\namount of the asset, and the net amount is restated to the revalued\namount of the asset. All other property, plant and equipment is\nsubsequently stated at historical cost less depreciation and\nimpairment losses. Historical cost includes expenditure that is\ndirectly attributable to the acquisition of the\nitems.\u00a0
\n\u00a0
\nBorrowing costs which\nare incurred for the purpose of acquiring or constructing a\nqualifying asset are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0 Capitalisation of borrowing costs is ceased once\nthe asset is substantially complete and is suspended if the\ndevelopment of the asset is suspended.
\n\u00a0
\nSubsequent costs are\nincluded in the asset\u2019s carrying amount or recognised as a\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\nGroup and the cost of the item can be measured reliably. All other\nrepairs and maintenance are charged to profit or loss during the\nfinancial period in which they are incurred.
\n\u00a0
\nIncreases in the\ncarrying amount arising on revaluation of land and buildings are\ncredited to other comprehensive income and shown as a revaluation\nreserve in shareholders' equity.\u00a0 However, the increase shall\nbe recognised in profit or loss to the extent that it reverses a\nrevaluation decrease of the same asset previously recognised in\nprofit or loss.\u00a0\u00a0 Decreases that offset previous\nincreases of the same asset are charged in other comprehensive\nincome and debited against the revaluation reserve; all other\ndecreases are charged to profit or loss.
\n\u00a0
\nDepreciation is\ncalculated using the straight-line method to allocate the cost or\nrevalued amounts of the assets to their residual values over their\nestimated useful lives, as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Freehold\nbuildings \n | \n\n 33-150 \n | \n
| \n \u00a0\u00a0 Plant and\nequipment \n | \n\n 2-15 \n | \n
| \n \u00a0\u00a0\nFurniture, fixture and fittings \n | \n\n 3-10 \n | \n
| \n \u00a0\u00a0 Motor\nvehicles \n | \n\n 5 \n | \n
\u00a0
\nFreehold land is not\ndepreciated as it is deemed to have an indefinite life.\u00a0\nAssets in the course of construction and payments on account are\nnot depreciated.
\n\u00a0
\nThe assets\u2019\nresidual values and useful lives are reviewed, and adjusted if\nappropriate, at the end of each reporting period.
\n\u00a0
\nProperty, plant and\nequipment is reviewed for impairment whenever events or changes in\ncircumstances indicate that the carrying amount may not be\nrecoverable (refer to Note\n3.10 ). An asset\u2019s\ncarrying amount is written down immediately to its recoverable\namount if the asset\u2019s carrying amount is greater than its\nestimated recoverable amount. An impairment loss is recognised for\nthe amount by which the asset\u2019s carrying amount exceeds its\nrecoverable amount.\u00a0 Property, plant and equipment that\nsuffered an impairment is reviewed for possible reversal of the\nimpairment at the end of each reporting period.
\n\u00a0
\nGains and losses on\ndisposals of property, plant and equipment are determined by\ncomparing proceeds with carrying amount and are recognised in\nprofit or loss.\u00a0 When revalued assets are disposed of, the\namounts included in the revaluation reserve relating to the assets\nare transferred to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "uedPpv1O6c": { "value": "\u00a0
\nAll property, plant and\nequipment is initially recorded at historical cost.\u00a0 Land and\nbuildings are subsequently shown at fair value, based on periodic\nvaluations by professional valuers, less subsequent depreciation\nfor buildings.\u00a0 Valuations are carried out on a regular basis\nsuch that the carrying amount of property does not differ\nmaterially from that which would be determined using fair values at\nthe end of the reporting period.\u00a0 Any accumulated depreciation\nat the date of revaluation is eliminated against the gross carrying\namount of the asset, and the net amount is restated to the revalued\namount of the asset. All other property, plant and equipment is\nsubsequently stated at historical cost less depreciation and\nimpairment losses. Historical cost includes expenditure that is\ndirectly attributable to the acquisition of the\nitems.\u00a0
\n\u00a0
\nBorrowing costs which\nare incurred for the purpose of acquiring or constructing a\nqualifying asset are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0 Capitalisation of borrowing costs is ceased once\nthe asset is substantially complete and is suspended if the\ndevelopment of the asset is suspended.
\n\u00a0
\nSubsequent costs are\nincluded in the asset\u2019s carrying amount or recognised as a\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\nGroup and the cost of the item can be measured reliably. All other\nrepairs and maintenance are charged to profit or loss during the\nfinancial period in which they are incurred.
\n\u00a0
\nIncreases in the\ncarrying amount arising on revaluation of land and buildings are\ncredited to other comprehensive income and shown as a revaluation\nreserve in shareholders' equity.\u00a0 However, the increase shall\nbe recognised in profit or loss to the extent that it reverses a\nrevaluation decrease of the same asset previously recognised in\nprofit or loss.\u00a0\u00a0 Decreases that offset previous\nincreases of the same asset are charged in other comprehensive\nincome and debited against the revaluation reserve; all other\ndecreases are charged to profit or loss.
\n\u00a0
\nDepreciation is\ncalculated using the straight-line method to allocate the cost or\nrevalued amounts of the assets to their residual values over their\nestimated useful lives, as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Freehold\nbuildings \n | \n\n 33-150 \n | \n
| \n \u00a0\u00a0 Plant and\nequipment \n | \n\n 2-15 \n | \n
| \n \u00a0\u00a0\nFurniture, fixture and fittings \n | \n\n 3-10 \n | \n
| \n \u00a0\u00a0 Motor\nvehicles \n | \n\n 5 \n | \n
\u00a0
\nFreehold land is not\ndepreciated as it is deemed to have an indefinite life.\u00a0\nAssets in the course of construction and payments on account are\nnot depreciated.
\n\u00a0
\nThe assets\u2019\nresidual values and useful lives are reviewed, and adjusted if\nappropriate, at the end of each reporting period.
\n\u00a0
\nProperty, plant and\nequipment is reviewed for impairment whenever events or changes in\ncircumstances indicate that the carrying amount may not be\nrecoverable (refer to Note\n3.10 ). An asset\u2019s\ncarrying amount is written down immediately to its recoverable\namount if the asset\u2019s carrying amount is greater than its\nestimated recoverable amount. An impairment loss is recognised for\nthe amount by which the asset\u2019s carrying amount exceeds its\nrecoverable amount.\u00a0 Property, plant and equipment that\nsuffered an impairment is reviewed for possible reversal of the\nimpairment at the end of each reporting period.
\n\u00a0
\nGains and losses on\ndisposals of property, plant and equipment are determined by\ncomparing proceeds with carrying amount and are recognised in\nprofit or loss.\u00a0 When revalued assets are disposed of, the\namounts included in the revaluation reserve relating to the assets\nare transferred to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "wGWJwwmKfQ": { "value": "Borrowing costs which\nare incurred for the purpose of acquiring or constructing a\nqualifying asset are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0 Capitalisation of borrowing costs is ceased once\nthe asset is substantially complete and is suspended if the\ndevelopment of the asset is suspended.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TY_wBE05z6": { "value": "Property that is held\nfor long-term rental yields or for capital appreciation or both,\nand that is not occupied by entities forming part of the Group is\nclassified as investment property. Investment property also\nincludes property that is being constructed or developed for future\nuse as investment property, when such identification is made.\nInvestment property principally comprises land and\nbuildings.
\n\u00a0
\nInvestment property is\nmeasured initially at its historical cost, including related\ntransaction costs and borrowing costs. Borrowing costs which are\nincurred for the purpose of acquiring or constructing a qualifying\ninvestment property are capitalised as part of its cost. Borrowing\ncosts are capitalised while acquisition or construction is actively\nunderway.\u00a0Capitalisation of borrowing costs is ceased once the\nasset is substantially complete and is suspended if the development\nof the asset is suspended.\u00a0 After initial recognition,\ninvestment property is carried at fair value, representing open\nmarket value determined annually.
\n\u00a0
\nThese fair valuations\nare reviewed regularly by a professional valuer.\u00a0 The fair\nvalue of investment property generally reflects, among other\nthings, rental income from current leases and assumptions about\nrental income from future leases in the light of current market\nconditions. The fair value also reflects, on a similar basis, any\ncash outflows that could be expected in respect of the\nproperty.
\n\u00a0
\nSubsequent expenditure\nis capitalised to the asset\u2019s carrying amount only when it is\nprobable that future economic benefits associated with the\nexpenditure will flow to the Group and the cost of the item can be\nmeasured reliably. All other repairs and maintenance costs are\ncharged to profit or loss during the financial period in which they\nare incurred.\u00a0 When part of an investment property is\nreplaced, the carrying amount of the replaced part is\nderecognised.
\n\u00a0
\nChanges in fair values\nare recognised in profit or loss.\u00a0 Investment properties are\nderecognised either when they have been disposed of or when the\ninvestment property is permanently withdrawn from use and no future\neconomic benefit is expected from its disposal.
\n\u00a0
\nIf an investment\nproperty becomes owner-occupied, it is reclassified as property,\nplant and equipment. Its fair value at the date of the\nreclassification becomes its cost for subsequent accounting\npurposes.\u00a0
\n\u00a0
\nIf an item of property,\nplant and equipment becomes an investment property because its use\nhas changed, any difference resulting between the carrying amount\nand the fair value of this item at the date of transfer is treated\nin the same way as a revaluation surplus under IAS\n16.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ixaqpiaX02": { "value": "\u00a0
\n(a)\u00a0\u00a0\u00a0\u00a0 Goodwill
\n\u00a0
\nGoodwill represents the\nexcess of the cost of an acquisition over the fair value of the\nGroup\u2019s share of the net identifiable assets of the acquired\nsubsidiary or associate at the date of acquisition. Goodwill on\nacquisitions of subsidiaries is included in \u2018Intangible\nassets\u2019. Goodwill on acquisitions of associates is included\nwithin the carrying amount of the investments.\u00a0 Separately\nrecognised goodwill is not amortised, but it is tested annually for\nimpairment, or more frequently if events or changes in\ncircumstances indicate that it might be impaired, and is carried at\ncost less accumulated impairment losses. Impairment losses on\ngoodwill are not reversed.\u00a0 Gains and losses on the disposal\nof an entity include the carrying amount of goodwill relating to\nthe entity sold.
\n\u00a0
\nGoodwill is allocated to\ncash-generating units for the purpose of impairment testing. The\nallocation is made to those cash-generating units or groups of\ncash-generating units that are expected to benefit from the\nbusiness combination in which the goodwill arose. The units or\ngroups of units are identified at the lowest level at which\ngoodwill is monitored for internal management purposes, being the\noperating segments ( Note\n6 ).
\n\u00a0
\n(b)\u00a0\u00a0\u00a0\u00a0 Brands
\n\u00a0
\nThe brands mainly\ncomprise the \u2018Corinthia\u2019 brand name relating to\nhospitality and catering.\u00a0 The \u2018Corinthia\u2019 brand\nwas acquired from the Group\u2019s parent, CPHCL, and represents\nthe consideration paid on its acquisition.\u00a0
\n\u00a0
\nThe brands do not have a\nfinite life and are measured at cost less accumulated impairment\nlosses.\u00a0 The brands are regarded as having an indefinite life,\nin view of their longevity, customer recognition and strong market\nposition. There is no foreseeable limit to the period over which\nthe assets can legally be used and over which they are expected to\ngenerate cash inflows. Brand marketing and the signing of third\nparty hotel management agreements further supports this\nconclusion.
\n\u00a0
\n(c)\u00a0\u00a0\u00a0\u00a0 Other intangible\nassets
\n\u00a0
\nSeparately acquired\nintangible assets, such as purchased computer software are shown at\nhistorical cost. Customer contracts acquired in a business\ncombination are recognised at fair value at the acquisition date.\nThese intangible assets have a finite useful life and are\nsubsequently carried at cost less accumulated amortisation and\nimpairment losses.
\n\u00a0
\nSubsequent expenditure\nis capitalised only when it increases the future economic benefits\nembodied in the specific asset to which it related.\u00a0 All other\nexpenditure including costs incurred in the ongoing maintenance of\nsoftware, is recognised in profit or loss as\nincurred.\u00a0
\n\u00a0
\nIntangible assets\ninclude intangibles with finite lives, which are amortised, on a\nstraight-line basis over their estimated useful lives.\u00a0\nEstimated useful life is the lower of legal duration and expected\nuseful life.\u00a0 The estimated useful lives are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Brand\ndesign fee and other rights \n | \n\n 5 - 10 \n | \n
| \n \u00a0\u00a0\nConcessions \n | \n\n 2 - 10 \n | \n
| \n \u00a0\u00a0 Operating\ncontracts \n | \n\n 20 \n | \n
| \n \u00a0\u00a0\nOthers \n | \n\n 3 \n | \n
\u00a0
\n(a)\u00a0\u00a0\u00a0\u00a0 Goodwill
\n\u00a0
\nGoodwill represents the\nexcess of the cost of an acquisition over the fair value of the\nGroup\u2019s share of the net identifiable assets of the acquired\nsubsidiary or associate at the date of acquisition. Goodwill on\nacquisitions of subsidiaries is included in \u2018Intangible\nassets\u2019. Goodwill on acquisitions of associates is included\nwithin the carrying amount of the investments.\u00a0 Separately\nrecognised goodwill is not amortised, but it is tested annually for\nimpairment, or more frequently if events or changes in\ncircumstances indicate that it might be impaired, and is carried at\ncost less accumulated impairment losses. Impairment losses on\ngoodwill are not reversed.\u00a0 Gains and losses on the disposal\nof an entity include the carrying amount of goodwill relating to\nthe entity sold.
\n\u00a0
\nGoodwill is allocated to\ncash-generating units for the purpose of impairment testing. The\nallocation is made to those cash-generating units or groups of\ncash-generating units that are expected to benefit from the\nbusiness combination in which the goodwill arose. The units or\ngroups of units are identified at the lowest level at which\ngoodwill is monitored for internal management purposes, being the\noperating segments ( Note\n6 ).
\n\u00a0
\n(b)\u00a0\u00a0\u00a0\u00a0 Brands
\n\u00a0
\nThe brands mainly\ncomprise the \u2018Corinthia\u2019 brand name relating to\nhospitality and catering.\u00a0 The \u2018Corinthia\u2019 brand\nwas acquired from the Group\u2019s parent, CPHCL, and represents\nthe consideration paid on its acquisition.\u00a0
\n\u00a0
\nThe brands do not have a\nfinite life and are measured at cost less accumulated impairment\nlosses.\u00a0 The brands are regarded as having an indefinite life,\nin view of their longevity, customer recognition and strong market\nposition. There is no foreseeable limit to the period over which\nthe assets can legally be used and over which they are expected to\ngenerate cash inflows. Brand marketing and the signing of third\nparty hotel management agreements further supports this\nconclusion.
\n\u00a0
\n(c)\u00a0\u00a0\u00a0\u00a0 Other intangible\nassets
\n\u00a0
\nSeparately acquired\nintangible assets, such as purchased computer software are shown at\nhistorical cost. Customer contracts acquired in a business\ncombination are recognised at fair value at the acquisition date.\nThese intangible assets have a finite useful life and are\nsubsequently carried at cost less accumulated amortisation and\nimpairment losses.
\n\u00a0
\nSubsequent expenditure\nis capitalised only when it increases the future economic benefits\nembodied in the specific asset to which it related.\u00a0 All other\nexpenditure including costs incurred in the ongoing maintenance of\nsoftware, is recognised in profit or loss as\nincurred.\u00a0
\n\u00a0
\nIntangible assets\ninclude intangibles with finite lives, which are amortised, on a\nstraight-line basis over their estimated useful lives.\u00a0\nEstimated useful life is the lower of legal duration and expected\nuseful life.\u00a0 The estimated useful lives are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Brand\ndesign fee and other rights \n | \n\n 5 - 10 \n | \n
| \n \u00a0\u00a0\nConcessions \n | \n\n 2 - 10 \n | \n
| \n \u00a0\u00a0 Operating\ncontracts \n | \n\n 20 \n | \n
| \n \u00a0\u00a0\nOthers \n | \n\n 3 \n | \n
\u00a0
\n(a)\u00a0\u00a0\u00a0\u00a0 Goodwill
\n\u00a0
\nGoodwill represents the\nexcess of the cost of an acquisition over the fair value of the\nGroup\u2019s share of the net identifiable assets of the acquired\nsubsidiary or associate at the date of acquisition. Goodwill on\nacquisitions of subsidiaries is included in \u2018Intangible\nassets\u2019. Goodwill on acquisitions of associates is included\nwithin the carrying amount of the investments.\u00a0 Separately\nrecognised goodwill is not amortised, but it is tested annually for\nimpairment, or more frequently if events or changes in\ncircumstances indicate that it might be impaired, and is carried at\ncost less accumulated impairment losses. Impairment losses on\ngoodwill are not reversed.\u00a0 Gains and losses on the disposal\nof an entity include the carrying amount of goodwill relating to\nthe entity sold.
\n\u00a0
\nGoodwill is allocated to\ncash-generating units for the purpose of impairment testing. The\nallocation is made to those cash-generating units or groups of\ncash-generating units that are expected to benefit from the\nbusiness combination in which the goodwill arose. The units or\ngroups of units are identified at the lowest level at which\ngoodwill is monitored for internal management purposes, being the\noperating segments ( Note\n6 ).
\n\u00a0
\n(b)\u00a0\u00a0\u00a0\u00a0 Brands
\n\u00a0
\nThe brands mainly\ncomprise the \u2018Corinthia\u2019 brand name relating to\nhospitality and catering.\u00a0 The \u2018Corinthia\u2019 brand\nwas acquired from the Group\u2019s parent, CPHCL, and represents\nthe consideration paid on its acquisition.\u00a0
\n\u00a0
\nThe brands do not have a\nfinite life and are measured at cost less accumulated impairment\nlosses.\u00a0 The brands are regarded as having an indefinite life,\nin view of their longevity, customer recognition and strong market\nposition. There is no foreseeable limit to the period over which\nthe assets can legally be used and over which they are expected to\ngenerate cash inflows. Brand marketing and the signing of third\nparty hotel management agreements further supports this\nconclusion.
\n\u00a0
\n(c)\u00a0\u00a0\u00a0\u00a0 Other intangible\nassets
\n\u00a0
\nSeparately acquired\nintangible assets, such as purchased computer software are shown at\nhistorical cost. Customer contracts acquired in a business\ncombination are recognised at fair value at the acquisition date.\nThese intangible assets have a finite useful life and are\nsubsequently carried at cost less accumulated amortisation and\nimpairment losses.
\n\u00a0
\nSubsequent expenditure\nis capitalised only when it increases the future economic benefits\nembodied in the specific asset to which it related.\u00a0 All other\nexpenditure including costs incurred in the ongoing maintenance of\nsoftware, is recognised in profit or loss as\nincurred.\u00a0
\n\u00a0
\nIntangible assets\ninclude intangibles with finite lives, which are amortised, on a\nstraight-line basis over their estimated useful lives.\u00a0\nEstimated useful life is the lower of legal duration and expected\nuseful life.\u00a0 The estimated useful lives are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Brand\ndesign fee and other rights \n | \n\n 5 - 10 \n | \n
| \n \u00a0\u00a0\nConcessions \n | \n\n 2 - 10 \n | \n
| \n \u00a0\u00a0 Operating\ncontracts \n | \n\n 20 \n | \n
| \n \u00a0\u00a0\nOthers \n | \n\n 3 \n | \n
\u00a0
\n(a)\u00a0\u00a0\u00a0\u00a0 Goodwill
\n\u00a0
\nGoodwill represents the\nexcess of the cost of an acquisition over the fair value of the\nGroup\u2019s share of the net identifiable assets of the acquired\nsubsidiary or associate at the date of acquisition. Goodwill on\nacquisitions of subsidiaries is included in \u2018Intangible\nassets\u2019. Goodwill on acquisitions of associates is included\nwithin the carrying amount of the investments.\u00a0 Separately\nrecognised goodwill is not amortised, but it is tested annually for\nimpairment, or more frequently if events or changes in\ncircumstances indicate that it might be impaired, and is carried at\ncost less accumulated impairment losses. Impairment losses on\ngoodwill are not reversed.\u00a0 Gains and losses on the disposal\nof an entity include the carrying amount of goodwill relating to\nthe entity sold.
\n\u00a0
\nGoodwill is allocated to\ncash-generating units for the purpose of impairment testing. The\nallocation is made to those cash-generating units or groups of\ncash-generating units that are expected to benefit from the\nbusiness combination in which the goodwill arose. The units or\ngroups of units are identified at the lowest level at which\ngoodwill is monitored for internal management purposes, being the\noperating segments ( Note\n6 ).
\n\u00a0
\n(b)\u00a0\u00a0\u00a0\u00a0 Brands
\n\u00a0
\nThe brands mainly\ncomprise the \u2018Corinthia\u2019 brand name relating to\nhospitality and catering.\u00a0 The \u2018Corinthia\u2019 brand\nwas acquired from the Group\u2019s parent, CPHCL, and represents\nthe consideration paid on its acquisition.\u00a0
\n\u00a0
\nThe brands do not have a\nfinite life and are measured at cost less accumulated impairment\nlosses.\u00a0 The brands are regarded as having an indefinite life,\nin view of their longevity, customer recognition and strong market\nposition. There is no foreseeable limit to the period over which\nthe assets can legally be used and over which they are expected to\ngenerate cash inflows. Brand marketing and the signing of third\nparty hotel management agreements further supports this\nconclusion.
\n\u00a0
\n(c)\u00a0\u00a0\u00a0\u00a0 Other intangible\nassets
\n\u00a0
\nSeparately acquired\nintangible assets, such as purchased computer software are shown at\nhistorical cost. Customer contracts acquired in a business\ncombination are recognised at fair value at the acquisition date.\nThese intangible assets have a finite useful life and are\nsubsequently carried at cost less accumulated amortisation and\nimpairment losses.
\n\u00a0
\nSubsequent expenditure\nis capitalised only when it increases the future economic benefits\nembodied in the specific asset to which it related.\u00a0 All other\nexpenditure including costs incurred in the ongoing maintenance of\nsoftware, is recognised in profit or loss as\nincurred.\u00a0
\n\u00a0
\nIntangible assets\ninclude intangibles with finite lives, which are amortised, on a\nstraight-line basis over their estimated useful lives.\u00a0\nEstimated useful life is the lower of legal duration and expected\nuseful life.\u00a0 The estimated useful lives are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Years \n | \n
| \n \u00a0\u00a0 Brand\ndesign fee and other rights \n | \n\n 5 - 10 \n | \n
| \n \u00a0\u00a0\nConcessions \n | \n\n 2 - 10 \n | \n
| \n \u00a0\u00a0 Operating\ncontracts \n | \n\n 20 \n | \n
| \n \u00a0\u00a0\nOthers \n | \n\n 3 \n | \n
\u00a0
\nFinancial instruments\nare recognised when the Group has become a party to the contractual\nprovisions of the instrument. Financial instruments include\ninvestments in listed equity securities, derivative financial\ninstruments, loans receivable, trade and other receivables, cash\nand cash equivalents, interest-bearing borrowings, loans payable\nand trade and other payables.
\n\u00a0
\nFinancial instruments\nare initially recognised at fair value including transaction costs,\nexcept for those measured at fair value through profit or loss, for\nwhich transaction costs are recognised in profit or loss as part of\nadministrative and other expenses.
\n\u00a0
\nTrade receivables are\ninitially recognised at the amount of consideration that is\nunconditional unless they contain significant financing components,\nwhen they are recognized at fair value.
\n\u00a0
\nDerivatives are\nrecognised initially at fair value at the date the derivative\ncontract are entered into. Directly attributable transaction costs\nare recognised in profit or loss when incurred.
\n\u00a0
\nSubsequent to initial\nrecognition, these financial instruments are classified and\nmeasured as detailed below.
\n\u00a0
\n3.10.1\u00a0\u00a0\u00a0\nClassification of financial assets
\n\u00a0
\nThe Group classifies its\nfinancial assets in the following measurement\ncategories:
\n\u00a0
\n| \n \u2022 \n | \n\n those to be measured\nsubsequently at fair value (either through OCI or through profit or\nloss), and \n | \n
| \n \u2022 \n | \n\n those to be measured at\namortised cost. \n | \n
\u00a0
\nThe classification depends on the\nentity\u2019s business model for managing the financial assets and\nthe contractual terms of the cash flows.
\n\u00a0
\nFor assets measured at fair\nvalue, gains and losses will either be recorded in profit or loss\nor OCI.\u00a0 For investments in equity instruments that are not\nheld for trading, this will depend on whether the Group has made an\nirrevocable election at the time of initial recognition to account\nfor the equity investment at fair value through other comprehensive\nincome (FVOCI).
\n\u00a0
\nThe Group reclassifies debt\ninvestments when and only when its business model for managing\nthose assets changes.
\n\u00a0
\n3.10.2\u00a0\u00a0 Recognition\nand derecognition of financial assets
\n\u00a0
\nRegular way purchases and sales\nof financial assets are recognised on settlement date, which is the\ndate on which an asset is delivered to or by the Group.\u00a0 Any\nchange in fair value for the asset to be received, is recognised\nbetween the trade date and settlement date in respect of assets\nwhich are carried at fair value in accordance with the measurement\nrules applicable to the respective financial assets.
\n\u00a0
\nFinancial assets are derecognised\nwhen the rights to receive cash flows from the financial assets\nhave expired or have been transferred and the Group has transferred\nsubstantially all the risks and rewards of ownership.
\n\u00a0
\n3.10.3\u00a0\u00a0\u00a0\nSubsequent measurement of financial assets
\n\u00a0
\nDebt\ninstruments
\n\u00a0
\nSubsequent measurement of debt\ninstruments depends on the Group\u2019s business model for\nmanaging the asset and the cash flow characteristics of the\nasset.\u00a0 The Group\u2019s and the Company\u2019s debt\ninstruments principally comprise loans and advances to other\nundertakings and investments in bonds.\u00a0 The Group also holds\ninvestments in mutual funds; management has assessed that such\ninvestments do not meet the definition of equity in accordance with\nIAS 32 from the issuer\u2019s perspective since the Group can sell\nits holding back to the fund in return for cash. Accordingly, these\ninvestments are considered to be debt instruments from the\nGroup\u2019s perspective.
\n\u00a0
\nThere are two measurement\ncategories into which the Group classifies its debt\ninstruments:
\n\u00a0
\n| \n \u2022 \n | \n\n Amortised cost:\nFinancial assets that are held for collection of contractual cash\nflows where those cash flows represent solely payments of principal\nand interest are measured at amortised cost. Interest income from\nthese financial assets is included in finance income using the\neffective interest rate method. Any gain or loss arising on\nderecognition is recognised directly in profit or loss and\npresented in other operating expenses together with foreign\nexchange gains and losses. Impairment losses are presented under\nnet movements in credit losses on loans receivable in the income\nstatement. \n | \n
| \n \u2022 \n | \n\n FVTPL: Financial\nassets that do not meet the criteria for amortised cost or FVOCI\nare measured at FVTPL.\u00a0 A gain or loss on a debt investment\nthat is subsequently measured at FVTPL is recognised in profit or\nloss and presented net within net changes in fair value of\nfinancial assets in the period in which it arises.\u00a0 The Group\nclassified its investments in mutual funds in this category, on the\nbasis that such investments fail to meet the \u2018solely payments\nof principal and interest\u2019 test. \n | \n
\u00a0
\nEquity\ninstruments
\n\u00a0
\nThe Group subsequently measures\nall its financial assets in equity investments at fair value. Where\nthe Group\u2019s management has elected to present fair value\ngains and losses on equity investments in OCI, there is no\nsubsequent reclassification of fair value gains and losses to\nprofit or loss following the derecognition of the investment.\u00a0\nDividends from such investments continue to be recognised in profit\nor loss as investment income, when the entity\u2019s right to\nreceive payments is established.
\n\u00a0
\nChanges in the fair value of\nfinancial assets at FVTPL are shown separately within net changes\nin fair value of financial assets through profit or loss in the\nincome statement.
\n\u00a0
\n3.10.4\u00a0\u00a0 Trade\nreceivables
\n\u00a0
\nTrade receivables comprise\namounts due from customers for goods sold or services performed in\nthe ordinary course of business. If collection is expected in one\nyear or less (or in the normal operating cycle of the business if\nlonger), they are classified as current assets. If not, they are\npresented as non-current assets.
\n\u00a0
\nTrade and other receivables are\nsubsequently measured at amortised cost using the effective\ninterest method, less loss allowance.\u00a0 The Group holds the\ntrade receivables with the objective to collect the contractual\ncash flows and therefore measures them subsequently at amortised\ncost using the effective interest method. Details about the\nGroup\u2019s impairment policies and the calculation of the loss\nallowance are provided in Note 41\n.
\n\u00a0
\n3.10.5\u00a0\u00a0 Cash and\ncash equivalents
\n\u00a0
\nFor the purpose of presentation\nin the statement of cash flows, cash and cash equivalents includes\ncash on hand, deposits held at call with financial institutions,\nother short-term, highly liquid investments with original\nmaturities of three months or less that are readily convertible to\nknown amounts of cash and which are subject to an insignificant\nrisk of changes in value, and bank overdrafts.\u00a0 Bank\noverdrafts are shown within borrowings in current liabilities in\nthe statement of financial position. Cash and cash equivalents are\ncarried at amortised costs.
\n\u00a0
\n3.10.6\u00a0\u00a0 Impairment\nof financial assets
\n\u00a0
\nThe Group assesses the expected\ncredit losses associated with its debt instruments carried at\namortised cost on a forward-looking basis.\u00a0 The impairment\nmethodology applied depends on whether there has been a significant\nincrease in credit risk.
\n\u00a0
\nFor trade receivables the Group\napplies the simplified approach permitted by IFRS 9, which requires\nexpected lifetime losses to be recognised from initial recognition\nof the receivables, see Note 41.1\nfor further details.
\n\u00a0
\n3.10.7\u00a0\u00a0\nClassification, recognition and derecognition of financial\nliabilities
\n\u00a0
\nThe Group\u2019s financial\nliabilities, other than derivative financial instruments, are\nclassified as financial liabilities which are not at fair value\nthrough profit or loss (classified as \u2018Other\nliabilities\u2019) under IFRS 9.\u00a0 Financial liabilities not\nat fair value through profit or loss are recognised initially at\nfair value, being the fair value of consideration received, net of\ntransaction costs that are directly attributable to the acquisition\nor the issue of the financial liability. Financial liabilities held\nat fair value through profit or loss would be initially recognised\nat fair value through profit or loss with transaction costs\nexpensed in profit or loss. The Group derecognises a financial\nliability from its statement of financial position when the\nobligation specified in the contract or arrangement is discharged,\nis cancelled or expires.
\n\u00a0
\n3.10.8\u00a0\u00a0 Subsequent\nmeasurement of financial liabilities
\n\u00a0
\nFinancial liabilities held at\nfair value through profit or loss would be subsequently measured at\nfair value. Other financial liabilities are subsequently measured\nat amortised cost.
\n\u00a0
\n3.10.9\u00a0\u00a0 Trade and\nother payables
\n\u00a0
\nThese amounts represent\nliabilities for goods and services provided to the Group prior to\nthe end of the financial year which are unpaid.\u00a0 Trade and\nother payables are presented as current liabilities unless payment\nis not due within 12 months after the reporting period.\u00a0 They\nare recognised initially at their fair value and subsequently\nmeasured at amortised cost using the effective interest\nmethod.
\n\u00a0
\n3.10.10\u00a0\u00a0\nBorrowings
\n\u00a0
\nBorrowings are initially\nrecognised at fair value, net of transaction costs incurred.\nBorrowings are subsequently measured at amortised cost. Any\ndifference between the proceeds (net of transaction costs) and the\nredemption amount is recognised in profit or loss over the period\nof the borrowings using the effective interest method. Fees paid on\nthe establishment of loan facilities are recognised as transaction\ncosts of the loan to the extent that it is probable that some or\nall of the facility will be drawn down. In this case, the fee is\ndeferred until the draw down occurs.\u00a0 To the extent there is\nno evidence that it is probable that some or all of the facility\nwill be drawn down, the fee is capitalised as a prepayment for\nliquidity services and amortised over the period of the facility to\nwhich it relates.
\n\u00a0
\nBorrowings are removed from the\nstatement of financial position when the obligation specified in\nthe contract is discharged, cancelled or expired. The difference\nbetween the carrying amount of a financial liability that has been\nextinguished or transferred to another party and the consideration\npaid, including any non-cash asset transferred or liabilities\nassumed, is recognized in profit or loss as other income or finance\ncosts.
\n\u00a0
\nBorrowings are classified as\ncurrent liabilities unless the Group has an unconditional right to\ndefer settlement of the liability for at least 12 months after the\nreporting period.
\n\u00a0
\n3.10.11\u00a0\u00a0 Offsetting\nfinancial instruments
\n\u00a0
\nFinancial assets and liabilities\nare offset and the net amount reported in the statement of\nfinancial position when there is a legally enforceable right to set\noff the recognised amounts and there is an intention to settle on a\nnet basis, or realise the asset and settle the liability\nsimultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "qR9LLdl04P": { "value": "\u00a0
\nFinancial instruments\nare recognised when the Group has become a party to the contractual\nprovisions of the instrument. Financial instruments include\ninvestments in listed equity securities, derivative financial\ninstruments, loans receivable, trade and other receivables, cash\nand cash equivalents, interest-bearing borrowings, loans payable\nand trade and other payables.
\n\u00a0
\nFinancial instruments\nare initially recognised at fair value including transaction costs,\nexcept for those measured at fair value through profit or loss, for\nwhich transaction costs are recognised in profit or loss as part of\nadministrative and other expenses.
\n\u00a0
\nTrade receivables are\ninitially recognised at the amount of consideration that is\nunconditional unless they contain significant financing components,\nwhen they are recognized at fair value.
\n\u00a0
\nDerivatives are\nrecognised initially at fair value at the date the derivative\ncontract are entered into. Directly attributable transaction costs\nare recognised in profit or loss when incurred.
\n\u00a0
\nSubsequent to initial\nrecognition, these financial instruments are classified and\nmeasured as detailed below.
\n\u00a0
\n3.10.1\u00a0\u00a0\u00a0\nClassification of financial assets
\n\u00a0
\nThe Group classifies its\nfinancial assets in the following measurement\ncategories:
\n\u00a0
\n| \n \u2022 \n | \n\n those to be measured\nsubsequently at fair value (either through OCI or through profit or\nloss), and \n | \n
| \n \u2022 \n | \n\n those to be measured at\namortised cost. \n | \n
\u00a0
\nThe classification depends on the\nentity\u2019s business model for managing the financial assets and\nthe contractual terms of the cash flows.
\n\u00a0
\nFor assets measured at fair\nvalue, gains and losses will either be recorded in profit or loss\nor OCI.\u00a0 For investments in equity instruments that are not\nheld for trading, this will depend on whether the Group has made an\nirrevocable election at the time of initial recognition to account\nfor the equity investment at fair value through other comprehensive\nincome (FVOCI).
\n\u00a0
\nThe Group reclassifies debt\ninvestments when and only when its business model for managing\nthose assets changes.
\n\u00a0
\n3.10.2\u00a0\u00a0 Recognition\nand derecognition of financial assets
\n\u00a0
\nRegular way purchases and sales\nof financial assets are recognised on settlement date, which is the\ndate on which an asset is delivered to or by the Group.\u00a0 Any\nchange in fair value for the asset to be received, is recognised\nbetween the trade date and settlement date in respect of assets\nwhich are carried at fair value in accordance with the measurement\nrules applicable to the respective financial assets.
\n\u00a0
\nFinancial assets are derecognised\nwhen the rights to receive cash flows from the financial assets\nhave expired or have been transferred and the Group has transferred\nsubstantially all the risks and rewards of ownership.
\n\u00a0
\n3.10.3\u00a0\u00a0\u00a0\nSubsequent measurement of financial assets
\n\u00a0
\nDebt\ninstruments
\n\u00a0
\nSubsequent measurement of debt\ninstruments depends on the Group\u2019s business model for\nmanaging the asset and the cash flow characteristics of the\nasset.\u00a0 The Group\u2019s and the Company\u2019s debt\ninstruments principally comprise loans and advances to other\nundertakings and investments in bonds.\u00a0 The Group also holds\ninvestments in mutual funds; management has assessed that such\ninvestments do not meet the definition of equity in accordance with\nIAS 32 from the issuer\u2019s perspective since the Group can sell\nits holding back to the fund in return for cash. Accordingly, these\ninvestments are considered to be debt instruments from the\nGroup\u2019s perspective.
\n\u00a0
\nThere are two measurement\ncategories into which the Group classifies its debt\ninstruments:
\n\u00a0
\n| \n \u2022 \n | \n\n Amortised cost:\nFinancial assets that are held for collection of contractual cash\nflows where those cash flows represent solely payments of principal\nand interest are measured at amortised cost. Interest income from\nthese financial assets is included in finance income using the\neffective interest rate method. Any gain or loss arising on\nderecognition is recognised directly in profit or loss and\npresented in other operating expenses together with foreign\nexchange gains and losses. Impairment losses are presented under\nnet movements in credit losses on loans receivable in the income\nstatement. \n | \n
| \n \u2022 \n | \n\n FVTPL: Financial\nassets that do not meet the criteria for amortised cost or FVOCI\nare measured at FVTPL.\u00a0 A gain or loss on a debt investment\nthat is subsequently measured at FVTPL is recognised in profit or\nloss and presented net within net changes in fair value of\nfinancial assets in the period in which it arises.\u00a0 The Group\nclassified its investments in mutual funds in this category, on the\nbasis that such investments fail to meet the \u2018solely payments\nof principal and interest\u2019 test. \n | \n
\u00a0
\nEquity\ninstruments
\n\u00a0
\nThe Group subsequently measures\nall its financial assets in equity investments at fair value. Where\nthe Group\u2019s management has elected to present fair value\ngains and losses on equity investments in OCI, there is no\nsubsequent reclassification of fair value gains and losses to\nprofit or loss following the derecognition of the investment.\u00a0\nDividends from such investments continue to be recognised in profit\nor loss as investment income, when the entity\u2019s right to\nreceive payments is established.
\n\u00a0
\nChanges in the fair value of\nfinancial assets at FVTPL are shown separately within net changes\nin fair value of financial assets through profit or loss in the\nincome statement.
\n\u00a0
\n3.10.4\u00a0\u00a0 Trade\nreceivables
\n\u00a0
\nTrade receivables comprise\namounts due from customers for goods sold or services performed in\nthe ordinary course of business. If collection is expected in one\nyear or less (or in the normal operating cycle of the business if\nlonger), they are classified as current assets. If not, they are\npresented as non-current assets.
\n\u00a0
\nTrade and other receivables are\nsubsequently measured at amortised cost using the effective\ninterest method, less loss allowance.\u00a0 The Group holds the\ntrade receivables with the objective to collect the contractual\ncash flows and therefore measures them subsequently at amortised\ncost using the effective interest method. Details about the\nGroup\u2019s impairment policies and the calculation of the loss\nallowance are provided in Note 41\n.
\n\u00a0
\n3.10.5\u00a0\u00a0 Cash and\ncash equivalents
\n\u00a0
\nFor the purpose of presentation\nin the statement of cash flows, cash and cash equivalents includes\ncash on hand, deposits held at call with financial institutions,\nother short-term, highly liquid investments with original\nmaturities of three months or less that are readily convertible to\nknown amounts of cash and which are subject to an insignificant\nrisk of changes in value, and bank overdrafts.\u00a0 Bank\noverdrafts are shown within borrowings in current liabilities in\nthe statement of financial position. Cash and cash equivalents are\ncarried at amortised costs.
\n\u00a0
\n3.10.6\u00a0\u00a0 Impairment\nof financial assets
\n\u00a0
\nThe Group assesses the expected\ncredit losses associated with its debt instruments carried at\namortised cost on a forward-looking basis.\u00a0 The impairment\nmethodology applied depends on whether there has been a significant\nincrease in credit risk.
\n\u00a0
\nFor trade receivables the Group\napplies the simplified approach permitted by IFRS 9, which requires\nexpected lifetime losses to be recognised from initial recognition\nof the receivables, see Note 41.1\nfor further details.
\n\u00a0
\n3.10.7\u00a0\u00a0\nClassification, recognition and derecognition of financial\nliabilities
\n\u00a0
\nThe Group\u2019s financial\nliabilities, other than derivative financial instruments, are\nclassified as financial liabilities which are not at fair value\nthrough profit or loss (classified as \u2018Other\nliabilities\u2019) under IFRS 9.\u00a0 Financial liabilities not\nat fair value through profit or loss are recognised initially at\nfair value, being the fair value of consideration received, net of\ntransaction costs that are directly attributable to the acquisition\nor the issue of the financial liability. Financial liabilities held\nat fair value through profit or loss would be initially recognised\nat fair value through profit or loss with transaction costs\nexpensed in profit or loss. The Group derecognises a financial\nliability from its statement of financial position when the\nobligation specified in the contract or arrangement is discharged,\nis cancelled or expires.
\n\u00a0
\n3.10.8\u00a0\u00a0 Subsequent\nmeasurement of financial liabilities
\n\u00a0
\nFinancial liabilities held at\nfair value through profit or loss would be subsequently measured at\nfair value. Other financial liabilities are subsequently measured\nat amortised cost.
\n\u00a0
\n3.10.9\u00a0\u00a0 Trade and\nother payables
\n\u00a0
\nThese amounts represent\nliabilities for goods and services provided to the Group prior to\nthe end of the financial year which are unpaid.\u00a0 Trade and\nother payables are presented as current liabilities unless payment\nis not due within 12 months after the reporting period.\u00a0 They\nare recognised initially at their fair value and subsequently\nmeasured at amortised cost using the effective interest\nmethod.
\n\u00a0
\n3.10.10\u00a0\u00a0\nBorrowings
\n\u00a0
\nBorrowings are initially\nrecognised at fair value, net of transaction costs incurred.\nBorrowings are subsequently measured at amortised cost. Any\ndifference between the proceeds (net of transaction costs) and the\nredemption amount is recognised in profit or loss over the period\nof the borrowings using the effective interest method. Fees paid on\nthe establishment of loan facilities are recognised as transaction\ncosts of the loan to the extent that it is probable that some or\nall of the facility will be drawn down. In this case, the fee is\ndeferred until the draw down occurs.\u00a0 To the extent there is\nno evidence that it is probable that some or all of the facility\nwill be drawn down, the fee is capitalised as a prepayment for\nliquidity services and amortised over the period of the facility to\nwhich it relates.
\n\u00a0
\nBorrowings are removed from the\nstatement of financial position when the obligation specified in\nthe contract is discharged, cancelled or expired. The difference\nbetween the carrying amount of a financial liability that has been\nextinguished or transferred to another party and the consideration\npaid, including any non-cash asset transferred or liabilities\nassumed, is recognized in profit or loss as other income or finance\ncosts.
\n\u00a0
\nBorrowings are classified as\ncurrent liabilities unless the Group has an unconditional right to\ndefer settlement of the liability for at least 12 months after the\nreporting period.
\n\u00a0
\n3.10.11\u00a0\u00a0 Offsetting\nfinancial instruments
\n\u00a0
\nFinancial assets and liabilities\nare offset and the net amount reported in the statement of\nfinancial position when there is a legally enforceable right to set\noff the recognised amounts and there is an intention to settle on a\nnet basis, or realise the asset and settle the liability\nsimultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "CzYJnDgfT9": { "value": "\u00a0
\nFinancial instruments\nare recognised when the Group has become a party to the contractual\nprovisions of the instrument. Financial instruments include\ninvestments in listed equity securities, derivative financial\ninstruments, loans receivable, trade and other receivables, cash\nand cash equivalents, interest-bearing borrowings, loans payable\nand trade and other payables.
\n\u00a0
\nFinancial instruments\nare initially recognised at fair value including transaction costs,\nexcept for those measured at fair value through profit or loss, for\nwhich transaction costs are recognised in profit or loss as part of\nadministrative and other expenses.
\n\u00a0
\nTrade receivables are\ninitially recognised at the amount of consideration that is\nunconditional unless they contain significant financing components,\nwhen they are recognized at fair value.
\n\u00a0
\nDerivatives are\nrecognised initially at fair value at the date the derivative\ncontract are entered into. Directly attributable transaction costs\nare recognised in profit or loss when incurred.
\n\u00a0
\nSubsequent to initial\nrecognition, these financial instruments are classified and\nmeasured as detailed below.
\n\u00a0
\n3.10.1\u00a0\u00a0\u00a0\nClassification of financial assets
\n\u00a0
\nThe Group classifies its\nfinancial assets in the following measurement\ncategories:
\n\u00a0
\n| \n \u2022 \n | \n\n those to be measured\nsubsequently at fair value (either through OCI or through profit or\nloss), and \n | \n
| \n \u2022 \n | \n\n those to be measured at\namortised cost. \n | \n
\u00a0
\nThe classification depends on the\nentity\u2019s business model for managing the financial assets and\nthe contractual terms of the cash flows.
\n\u00a0
\nFor assets measured at fair\nvalue, gains and losses will either be recorded in profit or loss\nor OCI.\u00a0 For investments in equity instruments that are not\nheld for trading, this will depend on whether the Group has made an\nirrevocable election at the time of initial recognition to account\nfor the equity investment at fair value through other comprehensive\nincome (FVOCI).
\n\u00a0
\nThe Group reclassifies debt\ninvestments when and only when its business model for managing\nthose assets changes.
\n\u00a0
\n3.10.2\u00a0\u00a0 Recognition\nand derecognition of financial assets
\n\u00a0
\nRegular way purchases and sales\nof financial assets are recognised on settlement date, which is the\ndate on which an asset is delivered to or by the Group.\u00a0 Any\nchange in fair value for the asset to be received, is recognised\nbetween the trade date and settlement date in respect of assets\nwhich are carried at fair value in accordance with the measurement\nrules applicable to the respective financial assets.
\n\u00a0
\nFinancial assets are derecognised\nwhen the rights to receive cash flows from the financial assets\nhave expired or have been transferred and the Group has transferred\nsubstantially all the risks and rewards of ownership.
\n\u00a0
\n3.10.3\u00a0\u00a0\u00a0\nSubsequent measurement of financial assets
\n\u00a0
\nDebt\ninstruments
\n\u00a0
\nSubsequent measurement of debt\ninstruments depends on the Group\u2019s business model for\nmanaging the asset and the cash flow characteristics of the\nasset.\u00a0 The Group\u2019s and the Company\u2019s debt\ninstruments principally comprise loans and advances to other\nundertakings and investments in bonds.\u00a0 The Group also holds\ninvestments in mutual funds; management has assessed that such\ninvestments do not meet the definition of equity in accordance with\nIAS 32 from the issuer\u2019s perspective since the Group can sell\nits holding back to the fund in return for cash. Accordingly, these\ninvestments are considered to be debt instruments from the\nGroup\u2019s perspective.
\n\u00a0
\nThere are two measurement\ncategories into which the Group classifies its debt\ninstruments:
\n\u00a0
\n| \n \u2022 \n | \n\n Amortised cost:\nFinancial assets that are held for collection of contractual cash\nflows where those cash flows represent solely payments of principal\nand interest are measured at amortised cost. Interest income from\nthese financial assets is included in finance income using the\neffective interest rate method. Any gain or loss arising on\nderecognition is recognised directly in profit or loss and\npresented in other operating expenses together with foreign\nexchange gains and losses. Impairment losses are presented under\nnet movements in credit losses on loans receivable in the income\nstatement. \n | \n
| \n \u2022 \n | \n\n FVTPL: Financial\nassets that do not meet the criteria for amortised cost or FVOCI\nare measured at FVTPL.\u00a0 A gain or loss on a debt investment\nthat is subsequently measured at FVTPL is recognised in profit or\nloss and presented net within net changes in fair value of\nfinancial assets in the period in which it arises.\u00a0 The Group\nclassified its investments in mutual funds in this category, on the\nbasis that such investments fail to meet the \u2018solely payments\nof principal and interest\u2019 test. \n | \n
\u00a0
\nEquity\ninstruments
\n\u00a0
\nThe Group subsequently measures\nall its financial assets in equity investments at fair value. Where\nthe Group\u2019s management has elected to present fair value\ngains and losses on equity investments in OCI, there is no\nsubsequent reclassification of fair value gains and losses to\nprofit or loss following the derecognition of the investment.\u00a0\nDividends from such investments continue to be recognised in profit\nor loss as investment income, when the entity\u2019s right to\nreceive payments is established.
\n\u00a0
\nChanges in the fair value of\nfinancial assets at FVTPL are shown separately within net changes\nin fair value of financial assets through profit or loss in the\nincome statement.
\n\u00a0
\n3.10.4\u00a0\u00a0 Trade\nreceivables
\n\u00a0
\nTrade receivables comprise\namounts due from customers for goods sold or services performed in\nthe ordinary course of business. If collection is expected in one\nyear or less (or in the normal operating cycle of the business if\nlonger), they are classified as current assets. If not, they are\npresented as non-current assets.
\n\u00a0
\nTrade and other receivables are\nsubsequently measured at amortised cost using the effective\ninterest method, less loss allowance.\u00a0 The Group holds the\ntrade receivables with the objective to collect the contractual\ncash flows and therefore measures them subsequently at amortised\ncost using the effective interest method. Details about the\nGroup\u2019s impairment policies and the calculation of the loss\nallowance are provided in Note 41\n.
\n\u00a0
\n3.10.5\u00a0\u00a0 Cash and\ncash equivalents
\n\u00a0
\nFor the purpose of presentation\nin the statement of cash flows, cash and cash equivalents includes\ncash on hand, deposits held at call with financial institutions,\nother short-term, highly liquid investments with original\nmaturities of three months or less that are readily convertible to\nknown amounts of cash and which are subject to an insignificant\nrisk of changes in value, and bank overdrafts.\u00a0 Bank\noverdrafts are shown within borrowings in current liabilities in\nthe statement of financial position. Cash and cash equivalents are\ncarried at amortised costs.
\n\u00a0
\n3.10.6\u00a0\u00a0 Impairment\nof financial assets
\n\u00a0
\nThe Group assesses the expected\ncredit losses associated with its debt instruments carried at\namortised cost on a forward-looking basis.\u00a0 The impairment\nmethodology applied depends on whether there has been a significant\nincrease in credit risk.
\n\u00a0
\nFor trade receivables the Group\napplies the simplified approach permitted by IFRS 9, which requires\nexpected lifetime losses to be recognised from initial recognition\nof the receivables, see Note 41.1\nfor further details.
\n\u00a0
\n3.10.7\u00a0\u00a0\nClassification, recognition and derecognition of financial\nliabilities
\n\u00a0
\nThe Group\u2019s financial\nliabilities, other than derivative financial instruments, are\nclassified as financial liabilities which are not at fair value\nthrough profit or loss (classified as \u2018Other\nliabilities\u2019) under IFRS 9.\u00a0 Financial liabilities not\nat fair value through profit or loss are recognised initially at\nfair value, being the fair value of consideration received, net of\ntransaction costs that are directly attributable to the acquisition\nor the issue of the financial liability. Financial liabilities held\nat fair value through profit or loss would be initially recognised\nat fair value through profit or loss with transaction costs\nexpensed in profit or loss. The Group derecognises a financial\nliability from its statement of financial position when the\nobligation specified in the contract or arrangement is discharged,\nis cancelled or expires.
\n\u00a0
\n3.10.8\u00a0\u00a0 Subsequent\nmeasurement of financial liabilities
\n\u00a0
\nFinancial liabilities held at\nfair value through profit or loss would be subsequently measured at\nfair value. Other financial liabilities are subsequently measured\nat amortised cost.
\n\u00a0
\n3.10.9\u00a0\u00a0 Trade and\nother payables
\n\u00a0
\nThese amounts represent\nliabilities for goods and services provided to the Group prior to\nthe end of the financial year which are unpaid.\u00a0 Trade and\nother payables are presented as current liabilities unless payment\nis not due within 12 months after the reporting period.\u00a0 They\nare recognised initially at their fair value and subsequently\nmeasured at amortised cost using the effective interest\nmethod.
\n\u00a0
\n3.10.10\u00a0\u00a0\nBorrowings
\n\u00a0
\nBorrowings are initially\nrecognised at fair value, net of transaction costs incurred.\nBorrowings are subsequently measured at amortised cost. Any\ndifference between the proceeds (net of transaction costs) and the\nredemption amount is recognised in profit or loss over the period\nof the borrowings using the effective interest method. Fees paid on\nthe establishment of loan facilities are recognised as transaction\ncosts of the loan to the extent that it is probable that some or\nall of the facility will be drawn down. In this case, the fee is\ndeferred until the draw down occurs.\u00a0 To the extent there is\nno evidence that it is probable that some or all of the facility\nwill be drawn down, the fee is capitalised as a prepayment for\nliquidity services and amortised over the period of the facility to\nwhich it relates.
\n\u00a0
\nBorrowings are removed from the\nstatement of financial position when the obligation specified in\nthe contract is discharged, cancelled or expired. The difference\nbetween the carrying amount of a financial liability that has been\nextinguished or transferred to another party and the consideration\npaid, including any non-cash asset transferred or liabilities\nassumed, is recognized in profit or loss as other income or finance\ncosts.
\n\u00a0
\nBorrowings are classified as\ncurrent liabilities unless the Group has an unconditional right to\ndefer settlement of the liability for at least 12 months after the\nreporting period.
\n\u00a0
\n3.10.11\u00a0\u00a0 Offsetting\nfinancial instruments
\n\u00a0
\nFinancial assets and liabilities\nare offset and the net amount reported in the statement of\nfinancial position when there is a legally enforceable right to set\noff the recognised amounts and there is an intention to settle on a\nnet basis, or realise the asset and settle the liability\nsimultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ygsvzzdsCJ": { "value": "3.10.2\u00a0\u00a0 Recognition\nand derecognition of financial assets
\n\u00a0
\nRegular way purchases and sales\nof financial assets are recognised on settlement date, which is the\ndate on which an asset is delivered to or by the Group.\u00a0 Any\nchange in fair value for the asset to be received, is recognised\nbetween the trade date and settlement date in respect of assets\nwhich are carried at fair value in accordance with the measurement\nrules applicable to the respective financial assets.
\n\u00a0
\nFinancial assets are derecognised\nwhen the rights to receive cash flows from the financial assets\nhave expired or have been transferred and the Group has transferred\nsubstantially all the risks and rewards of ownership.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "vupnngmnwj": { "value": "3.10.4\u00a0\u00a0 Trade\nreceivables
\n\u00a0
\nTrade receivables comprise\namounts due from customers for goods sold or services performed in\nthe ordinary course of business. If collection is expected in one\nyear or less (or in the normal operating cycle of the business if\nlonger), they are classified as current assets. If not, they are\npresented as non-current assets.
\n\u00a0
\nTrade and other receivables are\nsubsequently measured at amortised cost using the effective\ninterest method, less loss allowance.\u00a0 The Group holds the\ntrade receivables with the objective to collect the contractual\ncash flows and therefore measures them subsequently at amortised\ncost using the effective interest method. Details about the\nGroup\u2019s impairment policies and the calculation of the loss\nallowance are provided in Note 41\n.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mZHuem6Dav": { "value": "3.10.5\u00a0\u00a0 Cash and\ncash equivalents
\n\u00a0
\nFor the purpose of presentation\nin the statement of cash flows, cash and cash equivalents includes\ncash on hand, deposits held at call with financial institutions,\nother short-term, highly liquid investments with original\nmaturities of three months or less that are readily convertible to\nknown amounts of cash and which are subject to an insignificant\nrisk of changes in value, and bank overdrafts.\u00a0 Bank\noverdrafts are shown within borrowings in current liabilities in\nthe statement of financial position. Cash and cash equivalents are\ncarried at amortised costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "hyJ97wCz8A": { "value": "3.10.5\u00a0\u00a0 Cash and\ncash equivalents
\n\u00a0
\nFor the purpose of presentation\nin the statement of cash flows, cash and cash equivalents includes\ncash on hand, deposits held at call with financial institutions,\nother short-term, highly liquid investments with original\nmaturities of three months or less that are readily convertible to\nknown amounts of cash and which are subject to an insignificant\nrisk of changes in value, and bank overdrafts.\u00a0 Bank\noverdrafts are shown within borrowings in current liabilities in\nthe statement of financial position. Cash and cash equivalents are\ncarried at amortised costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "hbFY8_Fh2u": { "value": "3.10.6\u00a0\u00a0 Impairment\nof financial assets
\n\u00a0
\nThe Group assesses the expected\ncredit losses associated with its debt instruments carried at\namortised cost on a forward-looking basis.\u00a0 The impairment\nmethodology applied depends on whether there has been a significant\nincrease in credit risk.
\n\u00a0
\nFor trade receivables the Group\napplies the simplified approach permitted by IFRS 9, which requires\nexpected lifetime losses to be recognised from initial recognition\nof the receivables, see Note 41.1\nfor further details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TS6D6O5LO-": { "value": "3.10.7\u00a0\u00a0\nClassification, recognition and derecognition of financial\nliabilities
\n\u00a0
\nThe Group\u2019s financial\nliabilities, other than derivative financial instruments, are\nclassified as financial liabilities which are not at fair value\nthrough profit or loss (classified as \u2018Other\nliabilities\u2019) under IFRS 9.\u00a0 Financial liabilities not\nat fair value through profit or loss are recognised initially at\nfair value, being the fair value of consideration received, net of\ntransaction costs that are directly attributable to the acquisition\nor the issue of the financial liability. Financial liabilities held\nat fair value through profit or loss would be initially recognised\nat fair value through profit or loss with transaction costs\nexpensed in profit or loss. The Group derecognises a financial\nliability from its statement of financial position when the\nobligation specified in the contract or arrangement is discharged,\nis cancelled or expires.
\n\u00a0
\n3.10.8\u00a0\u00a0 Subsequent\nmeasurement of financial liabilities
\n\u00a0
\nFinancial liabilities held at\nfair value through profit or loss would be subsequently measured at\nfair value. Other financial liabilities are subsequently measured\nat amortised cost.
\n\u00a0
\n3.10.9\u00a0\u00a0 Trade and\nother payables
\n\u00a0
\nThese amounts represent\nliabilities for goods and services provided to the Group prior to\nthe end of the financial year which are unpaid.\u00a0 Trade and\nother payables are presented as current liabilities unless payment\nis not due within 12 months after the reporting period.\u00a0 They\nare recognised initially at their fair value and subsequently\nmeasured at amortised cost using the effective interest\nmethod.
\n\u00a0
\n3.10.10\u00a0\u00a0\nBorrowings
\n\u00a0
\nBorrowings are initially\nrecognised at fair value, net of transaction costs incurred.\nBorrowings are subsequently measured at amortised cost. Any\ndifference between the proceeds (net of transaction costs) and the\nredemption amount is recognised in profit or loss over the period\nof the borrowings using the effective interest method. Fees paid on\nthe establishment of loan facilities are recognised as transaction\ncosts of the loan to the extent that it is probable that some or\nall of the facility will be drawn down. In this case, the fee is\ndeferred until the draw down occurs.\u00a0 To the extent there is\nno evidence that it is probable that some or all of the facility\nwill be drawn down, the fee is capitalised as a prepayment for\nliquidity services and amortised over the period of the facility to\nwhich it relates.
\n\u00a0
\nBorrowings are removed from the\nstatement of financial position when the obligation specified in\nthe contract is discharged, cancelled or expired. The difference\nbetween the carrying amount of a financial liability that has been\nextinguished or transferred to another party and the consideration\npaid, including any non-cash asset transferred or liabilities\nassumed, is recognized in profit or loss as other income or finance\ncosts.
\n\u00a0
\nBorrowings are classified as\ncurrent liabilities unless the Group has an unconditional right to\ndefer settlement of the liability for at least 12 months after the\nreporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "OhfiRFZqUM": { "value": "3.10.9\u00a0\u00a0 Trade and\nother payables
\n\u00a0
\nThese amounts represent\nliabilities for goods and services provided to the Group prior to\nthe end of the financial year which are unpaid.\u00a0 Trade and\nother payables are presented as current liabilities unless payment\nis not due within 12 months after the reporting period.\u00a0 They\nare recognised initially at their fair value and subsequently\nmeasured at amortised cost using the effective interest\nmethod.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "IkG0w2cK6v": { "value": "3.10.10\u00a0\u00a0\nBorrowings
\n\u00a0
\nBorrowings are initially\nrecognised at fair value, net of transaction costs incurred.\nBorrowings are subsequently measured at amortised cost. Any\ndifference between the proceeds (net of transaction costs) and the\nredemption amount is recognised in profit or loss over the period\nof the borrowings using the effective interest method. Fees paid on\nthe establishment of loan facilities are recognised as transaction\ncosts of the loan to the extent that it is probable that some or\nall of the facility will be drawn down. In this case, the fee is\ndeferred until the draw down occurs.\u00a0 To the extent there is\nno evidence that it is probable that some or all of the facility\nwill be drawn down, the fee is capitalised as a prepayment for\nliquidity services and amortised over the period of the facility to\nwhich it relates.
\n\u00a0
\nBorrowings are removed from the\nstatement of financial position when the obligation specified in\nthe contract is discharged, cancelled or expired. The difference\nbetween the carrying amount of a financial liability that has been\nextinguished or transferred to another party and the consideration\npaid, including any non-cash asset transferred or liabilities\nassumed, is recognized in profit or loss as other income or finance\ncosts.
\n\u00a0
\nBorrowings are classified as\ncurrent liabilities unless the Group has an unconditional right to\ndefer settlement of the liability for at least 12 months after the\nreporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "V2lwTXziJ8": { "value": "3.10.10\u00a0\u00a0\nBorrowings
\n\u00a0
\nBorrowings are initially\nrecognised at fair value, net of transaction costs incurred.\nBorrowings are subsequently measured at amortised cost. Any\ndifference between the proceeds (net of transaction costs) and the\nredemption amount is recognised in profit or loss over the period\nof the borrowings using the effective interest method. Fees paid on\nthe establishment of loan facilities are recognised as transaction\ncosts of the loan to the extent that it is probable that some or\nall of the facility will be drawn down. In this case, the fee is\ndeferred until the draw down occurs.\u00a0 To the extent there is\nno evidence that it is probable that some or all of the facility\nwill be drawn down, the fee is capitalised as a prepayment for\nliquidity services and amortised over the period of the facility to\nwhich it relates.
\n\u00a0
\nBorrowings are removed from the\nstatement of financial position when the obligation specified in\nthe contract is discharged, cancelled or expired. The difference\nbetween the carrying amount of a financial liability that has been\nextinguished or transferred to another party and the consideration\npaid, including any non-cash asset transferred or liabilities\nassumed, is recognized in profit or loss as other income or finance\ncosts.
\n\u00a0
\nBorrowings are classified as\ncurrent liabilities unless the Group has an unconditional right to\ndefer settlement of the liability for at least 12 months after the\nreporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "MXl365V7cG": { "value": "3.10.10\u00a0\u00a0\nBorrowings
\n\u00a0
\nBorrowings are initially\nrecognised at fair value, net of transaction costs incurred.\nBorrowings are subsequently measured at amortised cost. Any\ndifference between the proceeds (net of transaction costs) and the\nredemption amount is recognised in profit or loss over the period\nof the borrowings using the effective interest method. Fees paid on\nthe establishment of loan facilities are recognised as transaction\ncosts of the loan to the extent that it is probable that some or\nall of the facility will be drawn down. In this case, the fee is\ndeferred until the draw down occurs.\u00a0 To the extent there is\nno evidence that it is probable that some or all of the facility\nwill be drawn down, the fee is capitalised as a prepayment for\nliquidity services and amortised over the period of the facility to\nwhich it relates.
\n\u00a0
\nBorrowings are removed from the\nstatement of financial position when the obligation specified in\nthe contract is discharged, cancelled or expired. The difference\nbetween the carrying amount of a financial liability that has been\nextinguished or transferred to another party and the consideration\npaid, including any non-cash asset transferred or liabilities\nassumed, is recognized in profit or loss as other income or finance\ncosts.
\n\u00a0
\nBorrowings are classified as\ncurrent liabilities unless the Group has an unconditional right to\ndefer settlement of the liability for at least 12 months after the\nreporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "zNg78FYNoT": { "value": "3.10.11\u00a0\u00a0 Offsetting\nfinancial instruments
\n\u00a0
\nFinancial assets and liabilities\nare offset and the net amount reported in the statement of\nfinancial position when there is a legally enforceable right to set\noff the recognised amounts and there is an intention to settle on a\nnet basis, or realise the asset and settle the liability\nsimultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "_2UHFP5Bj4": { "value": "3.11\u00a0\u00a0\nInventories
\n\u00a0
\nInventories are stated at the\nlower of cost and net realisable value.\u00a0 Costs are assigned to\nindividual items of inventory on the basis of weighted average\ncosts. The cost of inventories comprises the invoice value of goods\nand, in general, includes transport and handling costs.\u00a0 Costs\nof purchased inventory are determined after deducting rebates and\ndiscounts. Net realisable value is the estimated selling price in\nthe ordinary course of business less the estimated costs necessary\nto make the sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "dOVyyIMGWs": { "value": "\u00a0
\nThe income tax expense\nfor the period is the tax payable on the current period\u2019s\ntaxable income based on the applicable income tax rate for each\njurisdiction adjusted by changes in deferred tax assets and\nliabilities attributable to temporary differences and to unused tax\nlosses.
\n\u00a0
\nThe current income tax\ncharge is calculated on the basis of the tax laws enacted or\nsubstantively enacted at the end of the reporting period in the\ncountries where the company\u2019s subsidiaries and associates\noperate and generate taxable income. Management periodically\nevaluates positions taken in tax returns with respect to situations\nin which applicable tax regulation is subject to interpretation. It\nestablishes provisions where appropriate on the basis of amounts\nexpected to be paid to the tax authorities.
\n\u00a0
\nDeferred tax is\nprovided in full, using the liability method, on temporary\ndifferences arising between the tax bases of assets and liabilities\nand their carrying amounts in the consolidated financial\nstatements. However, deferred tax liabilities are not recognised if\nthey arise from the initial recognition of goodwill. Deferred tax\nis also not accounted for if it arises from initial recognition of\nan asset or liability in a transaction other than a business\ncombination that at the time of the transaction affects neither\naccounting nor taxable profit or loss.\u00a0 Deferred tax is\ndetermined using tax rates (and laws) that have been enacted or\nsubstantially enacted by the end of the reporting period and are\nexpected to apply when the related deferred tax asset is realised\nor the deferred tax liability is settled.
\n\u00a0
\nThe deferred tax\nliability in relation to investment property that is measured at\nfair value is determined assuming the property will be recovered\nentirely through sale.
\n\u00a0
\nDeferred tax\nliabilities and assets are not recognised for temporary differences\nbetween the carrying amount and tax bases of investments in foreign\noperations where the company is able to control the timing of the\nreversal of the temporary differences and it is probable that the\ndifferences will not reverse in the foreseeable future.
\n\u00a0
\nDeferred tax assets\nand liabilities are offset when there is a legally enforceable\nright to offset current tax assets and liabilities and when the\ndeferred tax balances relate to the same taxation authority.\nCurrent tax assets and tax liabilities are offset where the entity\nhas a legally enforceable right to offset and intends either to\nsettle on a net basis, or to realise the asset and settle the\nliability simultaneously.
\n\u00a0
\nCurrent and deferred\ntax is recognised in profit or loss, except to the extent that it\nrelates to items recognised in other comprehensive income or\ndirectly in equity. In this case, the tax is also recognised in\nother comprehensive income or directly in equity,\nrespectively.
\n\u00a0
\nDeferred tax assets\nare recognised only if it is probable that future taxable amounts\nwill be available to utilise those temporary differences and\nlosses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Pl0Ny4yq1j": { "value": "\u00a0
\nThe income tax expense\nfor the period is the tax payable on the current period\u2019s\ntaxable income based on the applicable income tax rate for each\njurisdiction adjusted by changes in deferred tax assets and\nliabilities attributable to temporary differences and to unused tax\nlosses.
\n\u00a0
\nThe current income tax\ncharge is calculated on the basis of the tax laws enacted or\nsubstantively enacted at the end of the reporting period in the\ncountries where the company\u2019s subsidiaries and associates\noperate and generate taxable income. Management periodically\nevaluates positions taken in tax returns with respect to situations\nin which applicable tax regulation is subject to interpretation. It\nestablishes provisions where appropriate on the basis of amounts\nexpected to be paid to the tax authorities.
\n\u00a0
\nDeferred tax is\nprovided in full, using the liability method, on temporary\ndifferences arising between the tax bases of assets and liabilities\nand their carrying amounts in the consolidated financial\nstatements. However, deferred tax liabilities are not recognised if\nthey arise from the initial recognition of goodwill. Deferred tax\nis also not accounted for if it arises from initial recognition of\nan asset or liability in a transaction other than a business\ncombination that at the time of the transaction affects neither\naccounting nor taxable profit or loss.\u00a0 Deferred tax is\ndetermined using tax rates (and laws) that have been enacted or\nsubstantially enacted by the end of the reporting period and are\nexpected to apply when the related deferred tax asset is realised\nor the deferred tax liability is settled.
\n\u00a0
\nThe deferred tax\nliability in relation to investment property that is measured at\nfair value is determined assuming the property will be recovered\nentirely through sale.
\n\u00a0
\nDeferred tax\nliabilities and assets are not recognised for temporary differences\nbetween the carrying amount and tax bases of investments in foreign\noperations where the company is able to control the timing of the\nreversal of the temporary differences and it is probable that the\ndifferences will not reverse in the foreseeable future.
\n\u00a0
\nDeferred tax assets\nand liabilities are offset when there is a legally enforceable\nright to offset current tax assets and liabilities and when the\ndeferred tax balances relate to the same taxation authority.\nCurrent tax assets and tax liabilities are offset where the entity\nhas a legally enforceable right to offset and intends either to\nsettle on a net basis, or to realise the asset and settle the\nliability simultaneously.
\n\u00a0
\nCurrent and deferred\ntax is recognised in profit or loss, except to the extent that it\nrelates to items recognised in other comprehensive income or\ndirectly in equity. In this case, the tax is also recognised in\nother comprehensive income or directly in equity,\nrespectively.
\n\u00a0
\nDeferred tax assets\nare recognised only if it is probable that future taxable amounts\nwill be available to utilise those temporary differences and\nlosses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "WNNa._AkpI": { "value": "\u00a0
\nProvisions for legal\nclaims and other obligations are recognised when the Group has a\npresent legal or constructive obligation as a result of past\nevents, it is probable that an outflow of resources will be\nrequired to settle the obligation and the amount can be reliably\nestimated. Provisions are not recognised for future operating\nlosses.
\n\u00a0
\nProvisions are\nmeasured at the present value of management\u2019s best estimate\nof the expenditure required to settle the present obligation at the\nend of the reporting period. The discount rate used to determine\nthe present value is a pre-tax rate that reflects current market\nassessments of the time value of money and the risks specific to\nthe liability. The increase in the provision due to the passage of\ntime is recognised as interest expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "kJZh3NfF8P": { "value": "\u00a0
\nContingent liabilities\nare possible obligations that arise from past events whose\nexistence will be confirmed only by occurrence, or non-occurrence,\nof one or more uncertain future event not wholly within the control\nof the Group; or are present obligations that have arisen from past\nevents but are not recognised because it is not probable that\nsettlement will require the outflow of economic benefits, or\nbecause the amount of the obligations cannot be reliably\nmeasured.\u00a0 Contingent liabilities are not recognised in the\nfinancial statements but are disclosed unless the probability of\nsettlement is remote.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "oQKKCpBxtc": { "value": "\u00a0
\nRevenue includes all\nrevenues from the ordinary course of business activities. Ordinary\nactivities do not only refer to the core business but also to other\nrecurring sale of goods or rendering of services. Revenues are\nrecorded net of value added tax.
\n\u00a0
\n(a)\n\u00a0\u00a0\u00a0\u00a0\u00a0\n\u00a0Revenue from hotel operations
\n\u00a0
\nRevenue from hotel\noperations includes revenue from accommodation, food and beverage\nservices, and other ancillary services.\u00a0 The substantial\nmajority of services are provided to customers during their stays\nin one of the Group\u2019s hotels, and, depending on the type of\nbooking, some services would generally be amalgamated into one\n\u2018contract\u2019 (for example, bed and breakfast).
\n\u00a0
\nEach of the services\nrendered is assessed to be a distinct performance obligation, and\nif applicable, the Group allocates the transaction price to each of\nthe services rendered to the customer on a relative basis, based on\ntheir stand-alone selling price.\u00a0 Revenue from such operations\nis recognised over time since the customer benefits as the Group is\nperforming; the majority of revenue relates to accommodation (i.e.\nthe amount allocated to such performance obligation is recognised\nover the customer\u2019s stay at the respective hotel).
\n\u00a0
\n(b)\n\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0Catering services
\n\u00a0
\nThe Group provides\nservices in the catering industry.\u00a0 The transaction price\ncomprises a fixed amount agreed with the respective customer.\u00a0\nAny upfront payments are deferred as contract liabilities, and\nrevenue is recognised in the period that the services are provided\nto the customer.
\n\u00a0
\n(c)\n\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0Project management services
\n\u00a0
\nThe Group provides a\nwide range of project management services, some of which may span\nover multiple accounting periods.\u00a0 Some contracts require the\nprovision of multiple services, and the Group assesses whether\nthese constitute distinct performance obligations in the context of\nthe arrangement.\u00a0 In any case, revenue from such performance\nobligations is recognised over time, using an input method of\nprogress to calculate the stage of completion.\u00a0
\n\u00a0
\nThe consideration for\nproject management services is based on the expected number of\nhours that the Group expects to be required for the project to be\ncompleted.\u00a0 Revenue and contract costs are recognised over the\nperiod of the contract, respectively, as revenue and\nexpenses.\u00a0 When it is probable that total contract costs will\nexceed total contract revenue, the expected loss is recognised as\nan expense immediately.
\n\u00a0
\nThe stage of\ncompletion is measured by reference to the proportion of contract\ncosts incurred for work performed up to the end of the reporting\nperiod in relation to the estimated total costs for the contract.\nCosts incurred during the year that relate to future activity on a\ncontract are excluded from contract costs in determining the stage\nof completion and are shown as contract assets.
\n\u00a0
\nThe aggregate of the\ncosts incurred and the profit or loss recognised on each contract\nis compared against the progress billings up to the end of the\nreporting period.\u00a0 The Group presents as a contract asset the\ngross amount due from customers for contract work for all contracts\nin progress for which costs incurred plus recognised profits (less\nrecognised losses) exceed progress billings, within trade and other\nreceivables.\u00a0 The Group presents as a contract liability the\ngross amount due to customers for contract work for all contracts\nin progress for which progress billings exceed costs incurred plus\nrecognised profits (less recognised losses), within trade and other\npayables.
\n\u00a0
\n(d)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Hotel management\nagreements
\n\u00a0
\nThe Group enters into\nhotel management agreements with hotel property owners and under\nthese agreements, the Group\u2019s performance obligation is to\nprovide hotel management services and a license to use\nCorinthia\u2019s brand.\u00a0 Base and incentive management fees\nare typically charged.\u00a0 Base management fees are typically a\npercentage of total hotel operating revenues and incentive fees are\ngenerally based on the hotel\u2019s operating profits.\u00a0 Both\nare treated as variable consideration.\u00a0 Base management fees\nare recognised as the underlying hotel revenues occur.\u00a0\nIncentive management fees are recognised when the contracted\nperformance criteria for each annual period is deemed to be met,\nprovided there is no expectation of a subsequent reversal of the\nrevenue.\u00a0 Costs incurred to enter into a contract are expensed\nas incurred unless they are incremental in obtaining the\ncontract.
\n\u00a0
\nContract\nassets
\n\u00a0
\nAmounts paid to hotel\nowners to secure hotel management agreements (\u2018key\nmoney\u2019\u00a0) are treated as consideration payable to a\ncustomer.\u00a0 A contract asset is recorded and eventually\nrecognised as a deduction against revenue generated over the term\nof the contract.\u00a0 Contract assets are not financial assets as\nthey represent amounts paid by the Group at the beginning of a\ncontract and accordingly, are tested for impairment based on value\nin use.\u00a0 Contract assets are reviewed for impairment when\nevents or changes in circumstances indicate that the carrying value\nmay not be recoverable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "sYJBqbg50Q": { "value": "\u00a0
\nThe Group\u2019s\nlease accounting policy where the Group is the lessee is disclosed\nin Note\n16.
\n\u00a0
\n\u00a0
\nLease income from\noperating leases where the Group is a lessor is recognised in\nincome on a straight-line basis over the lease term.\u00a0 Initial\ndirect costs incurred in obtaining an operating lease are added to\nthe carrying amount of the underlying asset and recognised as\nexpense over the lease term on the same basis as lease\nincome.\u00a0 The respective leased assets are included in the\nstatement of financial position based on their nature.
\n\u00a0
\n\u00a0
\n(a)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nShort-term obligations
\n\u00a0
\nLiabilities for wages\nand salaries, including non-monetary benefits and accumulating\nleave that are expected to be settled wholly within 12 months after\nthe end of the period in which the employees render the related\nservice are recognised in respect of employees\u2019 services up\nto the end of the reporting period and are measured at the amounts\nexpected to be paid when the liabilities are settled. The\nliabilities are presented as current employee benefit obligations\nin the statement of financial position.
\n\u00a0
\n(b)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nBonus plans
\n\u00a0
\nThe Group recognises a\nliability and an expense for bonuses based on a formula that takes\ninto consideration the profit attributable to the company\u2019s\nshareholders after certain adjustments. The Group recognises a\nprovision where contractually obliged or where there is a past\npractice that has created a constructive obligation.
\n\u00a0
\n(c)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nContributions to defined contribution pension\nplans
\n\u00a0
\nThe Group contributes\ntowards the State defined contribution pension plan in accordance\nwith local legislation in exchange for services rendered by\nemployees and to which it has no commitment beyond the payment of\nfixed contributions.\u00a0 Obligation for contributions are\nrecognised as an employee benefit in profit or loss in the periods\nduring which services are rendered by employees.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tJIDKyzI0q": { "value": "\u00a0
\nThe Group\u2019s\nlease accounting policy where the Group is the lessee is disclosed\nin Note\n16.
\n\u00a0
\n\u00a0
\nLease income from\noperating leases where the Group is a lessor is recognised in\nincome on a straight-line basis over the lease term.\u00a0 Initial\ndirect costs incurred in obtaining an operating lease are added to\nthe carrying amount of the underlying asset and recognised as\nexpense over the lease term on the same basis as lease\nincome.\u00a0 The respective leased assets are included in the\nstatement of financial position based on their nature.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ivCOHu.WNW": { "value": "\u00a0
\n(a)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nShort-term obligations
\n\u00a0
\nLiabilities for wages\nand salaries, including non-monetary benefits and accumulating\nleave that are expected to be settled wholly within 12 months after\nthe end of the period in which the employees render the related\nservice are recognised in respect of employees\u2019 services up\nto the end of the reporting period and are measured at the amounts\nexpected to be paid when the liabilities are settled. The\nliabilities are presented as current employee benefit obligations\nin the statement of financial position.
\n\u00a0
\n(b)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nBonus plans
\n\u00a0
\nThe Group recognises a\nliability and an expense for bonuses based on a formula that takes\ninto consideration the profit attributable to the company\u2019s\nshareholders after certain adjustments. The Group recognises a\nprovision where contractually obliged or where there is a past\npractice that has created a constructive obligation.
\n\u00a0
\n(c)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nContributions to defined contribution pension\nplans
\n\u00a0
\nThe Group contributes\ntowards the State defined contribution pension plan in accordance\nwith local legislation in exchange for services rendered by\nemployees and to which it has no commitment beyond the payment of\nfixed contributions.\u00a0 Obligation for contributions are\nrecognised as an employee benefit in profit or loss in the periods\nduring which services are rendered by employees.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ZcP5_6mVYy": { "value": "\u00a0
\nGrants are recognised\nwhen there is reasonable assurance that all the conditions attached\nto them are complied with and the grants will be received.\u00a0\nGrants related to income are recognized in the profit or loss over\nthe periods necessary to match them with the related costs which\nthey are intended to compensate.\u00a0 Such grants are presented as\npart of profit or loss, by deducting them from the related\nexpense.\u00a0 Grants related to assets are deducted from the\nasset\u2019s carrying amount. The accounting policy for grants\nrelated to assets was changed in the reporting period and no change\nwas required in this regard to the comparative figures.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "zwmmhqMXYx": { "value": "3.19\u00a0\u00a0\nAssets held for sale
\n\u00a0
\nNon-current assets (or\ndisposal groups) are classified as held for sale if their carrying\namount will be recovered principally through a sale transaction\nrather than through continuing use and a sale is considered highly\nprobable. They are measured at the lower of their carrying amount\nand fair value less costs to sell, except for assets such as\ndeferred tax assets, assets arising from employee benefits,\nfinancial assets and investment property that are carried at fair\nvalue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "EcilVmhnYk": { "value": "\u00a03.20\u00a0\u00a0 Earnings per share
\n\u00a0
\nBasic earnings per\nshare
\n\u00a0
\nBasic earnings per\nshare is calculated by dividing:
\n\u00a0
\n| \n \u2022 \n | \n\n the profit\nattributable to owners of the Group, \n | \n
| \n \u2022 \n | \n\n by the weighted\naverage number of ordinary shares outstanding during the financial\nyear. \n | \n
\u00a0
\nOperating segments are\nreported in a manner consistent with the internal reporting\nprovided to the chief operating decision maker.
\n\u00a0
\nThe board of IHI\ntogether with its committees assesses the financial performance and\nposition of the Group and makes strategic decisions and accordingly\nhas been identified as being the chief operating decision\nmaker.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "RNgJjfXDhC": { "value": "\u00a0
\n\u00a0
\nManagement makes\nestimates and assumptions concerning the future.\u00a0 The\nresulting accounting estimates will, by definition, seldom equal\nactual results.\u00a0 The estimates, assumptions and management\njudgements that have a significant risk of causing a material\nadjustment to the carrying amounts of assets and liabilities within\nthe next financial year.
\n\u00a0
\nThe fair value of\nproperty, plant and equipment and investment properties is\ndetermined by using valuation techniques.\u00a0 Further details of\nthe judgements and assumptions made are disclosed in\nNote\n15 . This Note highlights\ninformation about the fair value estimation of land and buildings\nand investment property, together with a sensitivity analysis of\nthe effects of shifts in unobservable inputs used in determining\nthese fair values.\u00a0 Additionally, the significant estimates\nand uncertainties arising from the Group\u2019s operations in\nLibya and Russia are disclosed in Note\n5.
\n\u00a0
\nEstimations,\nuncertainties and judgements made in determining the lease term in\nrelation to lease accounting are disclosed in Note\n16 .
\n\u00a0
\nDeferred tax assets\nare recognised for unused tax losses to the extent that it is\nprobable that taxable profit will be available against which the\nlosses can be utilised. Significant management judgement is\nrequired to determine the amount of deferred tax assets that can be\nrecognised, based upon the likely timing and the level of taxable\nprofits, together with future tax planning strategies.\u00a0\nAdditional information on the unrecognised deferred tax assets is\nincluded in Note\n34 .
\n\u00a0
\nThe Company\u2019s\ncritical estimates pertain to the fair valuation of its investments\nin subsidiaries, associates and joint ventures.\u00a0 Refer\nto Note\n17.3.1 and\n\nNote 41.6 for more information.
\n\u00a0
\nIn the opinion of the\ndirectors, with the exception to those listed above, the accounting\nestimates and judgements made in the course of preparing these\nfinancial statements are, with the exception of the fair valuation\nof property, not difficult, subjective or complex to a degree which\nwould warrant their description as critical in terms of the\nrequirements of IAS 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NFOElAyFrE": { "value": " 4.\u00a0\u00a0\u00a0\u00a0 Critical accounting estimates,\njudgements and errors\n\u00a0\n4.1\u00a0\u00a0\u00a0\nSignificant estimates and judgements\n\u00a0\nManagement makes\nestimates and assumptions concerning the future.\u00a0 The\nresulting accounting estimates will, by definition, seldom equal\nactual results.\u00a0 The estimates, assumptions and management\njudgements that have a significant risk of causing a material\nadjustment to the carrying amounts of assets and liabilities within\nthe next financial year.\n\u00a0\nThe fair value of\nproperty, plant and equipment and investment properties is\ndetermined by using valuation techniques.\u00a0 Further details of\nthe judgements and assumptions made are disclosed in\nNote\n15 . This Note highlights\ninformation about the fair value estimation of land and buildings\nand investment property, together with a sensitivity analysis of\nthe effects of shifts in unobservable inputs used in determining\nthese fair values.\u00a0 Additionally, the significant estimates\nand uncertainties arising from the Group\u2019s operations in\nLibya and Russia are disclosed in Note\n5.\n\u00a0\nEstimations,\nuncertainties and judgements made in determining the lease term in\nrelation to lease accounting are disclosed in Note\n16 .\n\u00a0\nDeferred tax assets\nare recognised for unused tax losses to the extent that it is\nprobable that taxable profit will be available against which the\nlosses can be utilised. Significant management judgement is\nrequired to determine the amount of deferred tax assets that can be\nrecognised, based upon the likely timing and the level of taxable\nprofits, together with future tax planning strategies.\u00a0\nAdditional information on the unrecognised deferred tax assets is\nincluded in Note\n34 .\n\u00a0\nThe Company\u2019s\ncritical estimates pertain to the fair valuation of its investments\nin subsidiaries, associates and joint ventures.\u00a0 Refer\nto Note\n17.3.1 and\n\nNote 41.6 for more information.\n\u00a0\nIn the opinion of the\ndirectors, with the exception to those listed above, the accounting\nestimates and judgements made in the course of preparing these\nfinancial statements are, with the exception of the fair valuation\nof property, not difficult, subjective or complex to a degree which\nwould warrant their description as critical in terms of the\nrequirements of IAS 1.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "dSrncrujQ2": { "value": "\u00a0
\n\u00a0
\nManagement makes\nestimates and assumptions concerning the future.\u00a0 The\nresulting accounting estimates will, by definition, seldom equal\nactual results.\u00a0 The estimates, assumptions and management\njudgements that have a significant risk of causing a material\nadjustment to the carrying amounts of assets and liabilities within\nthe next financial year.
\n\u00a0
\nThe fair value of\nproperty, plant and equipment and investment properties is\ndetermined by using valuation techniques.\u00a0 Further details of\nthe judgements and assumptions made are disclosed in\nNote\n15 . This Note highlights\ninformation about the fair value estimation of land and buildings\nand investment property, together with a sensitivity analysis of\nthe effects of shifts in unobservable inputs used in determining\nthese fair values.\u00a0 Additionally, the significant estimates\nand uncertainties arising from the Group\u2019s operations in\nLibya and Russia are disclosed in Note\n5.
\n\u00a0
\nEstimations,\nuncertainties and judgements made in determining the lease term in\nrelation to lease accounting are disclosed in Note\n16 .
\n\u00a0
\nDeferred tax assets\nare recognised for unused tax losses to the extent that it is\nprobable that taxable profit will be available against which the\nlosses can be utilised. Significant management judgement is\nrequired to determine the amount of deferred tax assets that can be\nrecognised, based upon the likely timing and the level of taxable\nprofits, together with future tax planning strategies.\u00a0\nAdditional information on the unrecognised deferred tax assets is\nincluded in Note\n34 .
\n\u00a0
\nThe Company\u2019s\ncritical estimates pertain to the fair valuation of its investments\nin subsidiaries, associates and joint ventures.\u00a0 Refer\nto Note\n17.3.1 and\n\nNote 41.6 for more information.
\n\u00a0
\nIn the opinion of the\ndirectors, with the exception to those listed above, the accounting\nestimates and judgements made in the course of preparing these\nfinancial statements are, with the exception of the fair valuation\nof property, not difficult, subjective or complex to a degree which\nwould warrant their description as critical in terms of the\nrequirements of IAS 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "CvrKqLwX.A": { "value": "\u00a0
\nThe standard requires\na \u201cmanagement approach\u201d under which segment information\nis presented on the same basis as that used for internal reporting\npurposes. The chief operating decision maker, who is responsible\nfor allocating resources and assessing performance of the operating\nsegments, has been identified as the Group\u2019s board of\ndirectors.
\nAn operating segment\nis a group of assets and operations engaged in providing services\nthat are subject to risks and returns that are different from that\nof other segments. Each hotel is considered to be an operating\nsegment.
\nHotel ownership,\ndevelopment and operations is the dominant source of the\nGroup\u2019s risks and returns.\u00a0 The Group is also engaged in\nthe ownership and leasing of its investment property. \u00a0Malta\nis the jurisdiction of the parent and management\ncompanies.
\n\nThe board of directors\nassesses performance based on the measure of operating results\nbefore depreciation and fair value of each hotel.
\n\u00a0
\nThe Group is not\nrequired to report a measure of total assets and liabilities for\neach reportable segment since such amounts are not regularly\nprovided to the chief operating decision maker. However, in\naccordance with IFRS 8, non-current assets (other than financial\ninstruments, investments accounted for using the equity method and\ndeferred tax assets) are divided into geographical\nareas.
Information about\nreportable segments
\n| \n Hotels \n | \n\n Malta \n | \n\n Lisbon \n | \n\n Budapest \n | \n\n St.\nPetersburg \n | \n\n Prague \n | \n\n London \n | \n\n Brussels \n | \n\n Beverly\nHills \n | \n\n Tripoli \n | \n\n Total \n | \n\n \u00a0 \n | \n||||||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Segment\nrevenue \n | \n\n 77,230 \n | \n\n 74,782 \n | \n\n 39,157 \n | \n\n 38,005 \n | \n\n 28,908 \n | \n\n 26,936 \n | \n\n 17,735 \n | \n\n 14,157 \n | \n\n - \n | \n\n 2,815 \n | \n\n 88,795 \n | \n\n 95,774 \n | \n\n 14,946 \n | \n\n - \n | \n\n 5,537 \n | \n\n - \n | \n\n 8,482 \n | \n\n 9,408 \n | \n\n 280,790 \n | \n\n 261,877 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Operating results\nbefore depreciation and fair value gains/(losses) \n | \n\n 19,276 \n | \n\n 16,149 \n | \n\n 11,444 \n | \n\n 10,187 \n | \n\n 6,177 \n | \n\n 5,944 \n | \n\n 6,707 \n | \n\n 4,719 \n | \n\n - \n | \n\n (824) \n | \n\n 21,204 \n | \n\n 22,757 \n | \n\n (10,522) \n | \n\n - \n | \n\n 1,363 \n | \n\n - \n | \n\n 1,771 \n | \n\n 2,620 \n | \n\n 57,420 \n | \n\n 61,552 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Depreciation and\namortisation \n | \n\n (7,183) \n | \n\n (6,969) \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n- \n | \n\n (4,247) \n | \n\n (1,996) \n | \n\n (1,458) \n | \n\n (1,652) \n | \n\n (1,643) \n | \n\n - \n | \n\n (418) \n | \n\n (2,369) \n | \n\n (1,719) \n | \n\n (3,767) \n | \n\n - \n | \n\n (1,957) \n | \n\n - \n | \n\n (1,687) \n | \n\n (1,731) \n | \n\n (20,611) \n | \n\n (18,185) \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Segment profit or\nloss \n | \n\n 12,093 \n | \n\n 9,180 \n | \n\n 11,444 \n | \n\n 5,940 \n | \n\n 4,181 \n | \n\n 4,486 \n | \n\n 5,055 \n | \n\n 3,076 \n | \n\n - \n | \n\n (1,242) \n | \n\n 18,835 \n | \n\n 21,038 \n | \n\n (14,289) \n | \n\n - \n | \n\n (594) \n | \n\n - \n | \n\n 84 \n | \n\n 889 \n | \n\n 36,809 \n | \n\n 43,367 \n | \n\n \u00a0 \n | \n
HOTELS1
\n| \n Hotels \n | \n\n Total \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Segment\nrevenue \n | \n\n 280,790 \n | \n\n 261,877 \n | \n
| \n Rental income from\ninvestment property \n | \n\n 15,651 \n | \n\n 12,940 \n | \n
| \n Hotel management company\nrevenue \n | \n\n 19,045 \n | \n\n 19,471 \n | \n
| \n Catering business\nrevenue \n | \n\n 20,861 \n | \n\n 19,650 \n | \n
| \n Project management\nrevenue \n | \n\n 13,261 \n | \n\n 10,180 \n | \n
| \n Development\nrevenue \n | \n\n 78 \n | \n\n 61 \n | \n
| \n Holding company\nrevenue \n | \n\n 4,190 \n | \n\n 4,429 \n | \n
| \n Elimination of\nintra-group revenue \n | \n\n (18,536) \n | \n\n (21,820) \n | \n
| \n Group\nrevenue \n | \n\n 335,340 \n | \n\n 306,788 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Segment profit or\nloss \n | \n\n 36,809 \n | \n\n 43,367 \n | \n
| \n Net rental income from\ninvestment property \n | \n\n 13,675 \n | \n\n 10,611 \n | \n
| \n Change in fair value of\ninvestment property \n | \n\n 17,643 \n | \n\n 6,219 \n | \n
| \n Change in fair value of\nproperty, plant and equipment \n | \n\n 731 \n | \n\n 6,214 \n | \n
| \n Movement in fair value\nof tax indemnity \n | \n\n (968) \n | \n\n - \n | \n
| \n Catering business\nresult \n | \n\n 585 \n | \n\n 796 \n | \n
| \n Project management\nbusiness result \n | \n\n 2,555 \n | \n\n 1,890 \n | \n
| \n Development business\nresult \n | \n\n (1,980) \n | \n\n (2,284) \n | \n
| \n Corporate office\noperating loss \n | \n\n (8,880) \n | \n\n (5,167) \n | \n
| \n Hotel management company\noperating (loss)/ profit \n | \n\n (992) \n | \n\n 609 \n | \n
| \n Depreciation \n | \n\n (7,167) \n | \n\n (8,489) \n | \n
| \n Amortisation \n | \n\n (2,013) \n | \n\n (1,793) \n | \n
| \n Unallocated\nitems \n | \n\n (1,794) \n | \n\n (6,582) \n | \n
| \n Consolidation\nadjustments \n | \n\n 1,760 \n | \n\n 1,767 \n | \n
| \n Results from\noperating activities \n | \n\n 49,964 \n | \n\n 47,158 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Share of results from\nequity accounted investments \n | \n\n 332 \n | \n\n (15) \n | \n
| \n Finance\nincome \n | \n\n 2,346 \n | \n\n 1,693 \n | \n
| \n Finance costs \n | \n\n (44,442) \n | \n\n (44,382) \n | \n
| \n Foreign\nexchange \n | \n\n 2,454 \n | \n\n (2,586) \n | \n
| \n Other exceptional\ngains/(losses) \n | \n\n (1,401) \n | \n\n 474 \n | \n
| \n Profit before\ntax \n | \n\n 9,253 \n | \n\n 2,342 \n | \n
| \n | \n | \n |
| \n | \n | \n |
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
NONCURRENTASSETS
\n| \n Non-current\nassets \n | \n\n Malta \n | \n\n Lisbon \n | \n\n Budapest \n | \n\n St.\nPetersburg \n | \n\n London \n | \n\n Brussels \n | \n\n Beverly\nHills \n | \n\n Tripoli \n | \n\n Total \n | \n|||||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotels \n | \n\n 265,683 \n | \n\n 253,820 \n | \n\n 234 \n | \n\n 173 \n | \n\n 111,371 \n | \n\n 112,545 \n | \n\n 69,379 \n | \n\n 57,333 \n | \n\n 534,350 \n | \n\n 580,477 \n | \n\n 129,419 \n | \n\n - \n | \n\n 9,427 \n | \n\n - \n | \n\n 69,255 \n | \n\n 70,888 \n | \n\n 1,189,118 \n | \n\n 1,075,236 \n | \n
| \n Investment\nproperties \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 276,620 \n | \n\n 253,492 \n | \n
| \n Hotel\nmanagement \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 40,607 \n | \n\n 42,457 \n | \n
| \n Catering\nbusiness \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 8,236 \n | \n\n 10,217 \n | \n
| \n Project management\nbusiness \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 3,167 \n | \n\n 2,991 \n | \n
| \n Holding\ncompany \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 78,032 \n | \n\n 190,479 \n | \n
| \n Unallocated\nitems \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 59,891 \n | \n\n 71,064 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 1,655,671 \n | \n\n 1,645,936 \n | \n
During the current and\ncomparative year there were no material inter-segment sale\ntransactions. \u00a0During the previous year, the Prague hotel was\nleased out to third parties and revenue generated by this entity as\nfrom quarter 2 2024 is now presented within rental income from\ninvestment property. Likewise, the asset was transferred from\nproperty, plant and equipment to investment property.
\nThe Hotel segment\nincludes two new sub-segments relating to Brussels and Beverly\nHills. This follows the opening of Corinthia Hotel Brussels in\nearly 2025 and the leasing of two hotels in Beverly\nHills.
\nOn 1st April 2026, the\nGroup concluded the sale of the Lisbon property as well as the\nrelated operation (Note 43). The Corinthia Hotel Lisbon was\nreclassified from property, plant and equipment to assets held for\nsale at the end of 2024 ( Note\n23 ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "w4eRK81FUM": { "value": "\u00a0
\nThe standard requires\na \u201cmanagement approach\u201d under which segment information\nis presented on the same basis as that used for internal reporting\npurposes. The chief operating decision maker, who is responsible\nfor allocating resources and assessing performance of the operating\nsegments, has been identified as the Group\u2019s board of\ndirectors.
\nAn operating segment\nis a group of assets and operations engaged in providing services\nthat are subject to risks and returns that are different from that\nof other segments. Each hotel is considered to be an operating\nsegment.
\nHotel ownership,\ndevelopment and operations is the dominant source of the\nGroup\u2019s risks and returns.\u00a0 The Group is also engaged in\nthe ownership and leasing of its investment property. \u00a0Malta\nis the jurisdiction of the parent and management\ncompanies.
\n\nThe board of directors\nassesses performance based on the measure of operating results\nbefore depreciation and fair value of each hotel.
\n\u00a0
\nThe Group is not\nrequired to report a measure of total assets and liabilities for\neach reportable segment since such amounts are not regularly\nprovided to the chief operating decision maker. However, in\naccordance with IFRS 8, non-current assets (other than financial\ninstruments, investments accounted for using the equity method and\ndeferred tax assets) are divided into geographical\nareas.
Information about\nreportable segments
\n| \n Hotels \n | \n\n Malta \n | \n\n Lisbon \n | \n\n Budapest \n | \n\n St.\nPetersburg \n | \n\n Prague \n | \n\n London \n | \n\n Brussels \n | \n\n Beverly\nHills \n | \n\n Tripoli \n | \n\n Total \n | \n\n \u00a0 \n | \n||||||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Segment\nrevenue \n | \n\n 77,230 \n | \n\n 74,782 \n | \n\n 39,157 \n | \n\n 38,005 \n | \n\n 28,908 \n | \n\n 26,936 \n | \n\n 17,735 \n | \n\n 14,157 \n | \n\n - \n | \n\n 2,815 \n | \n\n 88,795 \n | \n\n 95,774 \n | \n\n 14,946 \n | \n\n - \n | \n\n 5,537 \n | \n\n - \n | \n\n 8,482 \n | \n\n 9,408 \n | \n\n 280,790 \n | \n\n 261,877 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Operating results\nbefore depreciation and fair value gains/(losses) \n | \n\n 19,276 \n | \n\n 16,149 \n | \n\n 11,444 \n | \n\n 10,187 \n | \n\n 6,177 \n | \n\n 5,944 \n | \n\n 6,707 \n | \n\n 4,719 \n | \n\n - \n | \n\n (824) \n | \n\n 21,204 \n | \n\n 22,757 \n | \n\n (10,522) \n | \n\n - \n | \n\n 1,363 \n | \n\n - \n | \n\n 1,771 \n | \n\n 2,620 \n | \n\n 57,420 \n | \n\n 61,552 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Depreciation and\namortisation \n | \n\n (7,183) \n | \n\n (6,969) \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n- \n | \n\n (4,247) \n | \n\n (1,996) \n | \n\n (1,458) \n | \n\n (1,652) \n | \n\n (1,643) \n | \n\n - \n | \n\n (418) \n | \n\n (2,369) \n | \n\n (1,719) \n | \n\n (3,767) \n | \n\n - \n | \n\n (1,957) \n | \n\n - \n | \n\n (1,687) \n | \n\n (1,731) \n | \n\n (20,611) \n | \n\n (18,185) \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Segment profit or\nloss \n | \n\n 12,093 \n | \n\n 9,180 \n | \n\n 11,444 \n | \n\n 5,940 \n | \n\n 4,181 \n | \n\n 4,486 \n | \n\n 5,055 \n | \n\n 3,076 \n | \n\n - \n | \n\n (1,242) \n | \n\n 18,835 \n | \n\n 21,038 \n | \n\n (14,289) \n | \n\n - \n | \n\n (594) \n | \n\n - \n | \n\n 84 \n | \n\n 889 \n | \n\n 36,809 \n | \n\n 43,367 \n | \n\n \u00a0 \n | \n
HOTELS1
\n| \n Hotels \n | \n\n Total \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Segment\nrevenue \n | \n\n 280,790 \n | \n\n 261,877 \n | \n
| \n Rental income from\ninvestment property \n | \n\n 15,651 \n | \n\n 12,940 \n | \n
| \n Hotel management company\nrevenue \n | \n\n 19,045 \n | \n\n 19,471 \n | \n
| \n Catering business\nrevenue \n | \n\n 20,861 \n | \n\n 19,650 \n | \n
| \n Project management\nrevenue \n | \n\n 13,261 \n | \n\n 10,180 \n | \n
| \n Development\nrevenue \n | \n\n 78 \n | \n\n 61 \n | \n
| \n Holding company\nrevenue \n | \n\n 4,190 \n | \n\n 4,429 \n | \n
| \n Elimination of\nintra-group revenue \n | \n\n (18,536) \n | \n\n (21,820) \n | \n
| \n Group\nrevenue \n | \n\n 335,340 \n | \n\n 306,788 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Segment profit or\nloss \n | \n\n 36,809 \n | \n\n 43,367 \n | \n
| \n Net rental income from\ninvestment property \n | \n\n 13,675 \n | \n\n 10,611 \n | \n
| \n Change in fair value of\ninvestment property \n | \n\n 17,643 \n | \n\n 6,219 \n | \n
| \n Change in fair value of\nproperty, plant and equipment \n | \n\n 731 \n | \n\n 6,214 \n | \n
| \n Movement in fair value\nof tax indemnity \n | \n\n (968) \n | \n\n - \n | \n
| \n Catering business\nresult \n | \n\n 585 \n | \n\n 796 \n | \n
| \n Project management\nbusiness result \n | \n\n 2,555 \n | \n\n 1,890 \n | \n
| \n Development business\nresult \n | \n\n (1,980) \n | \n\n (2,284) \n | \n
| \n Corporate office\noperating loss \n | \n\n (8,880) \n | \n\n (5,167) \n | \n
| \n Hotel management company\noperating (loss)/ profit \n | \n\n (992) \n | \n\n 609 \n | \n
| \n Depreciation \n | \n\n (7,167) \n | \n\n (8,489) \n | \n
| \n Amortisation \n | \n\n (2,013) \n | \n\n (1,793) \n | \n
| \n Unallocated\nitems \n | \n\n (1,794) \n | \n\n (6,582) \n | \n
| \n Consolidation\nadjustments \n | \n\n 1,760 \n | \n\n 1,767 \n | \n
| \n Results from\noperating activities \n | \n\n 49,964 \n | \n\n 47,158 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Share of results from\nequity accounted investments \n | \n\n 332 \n | \n\n (15) \n | \n
| \n Finance\nincome \n | \n\n 2,346 \n | \n\n 1,693 \n | \n
| \n Finance costs \n | \n\n (44,442) \n | \n\n (44,382) \n | \n
| \n Foreign\nexchange \n | \n\n 2,454 \n | \n\n (2,586) \n | \n
| \n Other exceptional\ngains/(losses) \n | \n\n (1,401) \n | \n\n 474 \n | \n
| \n Profit before\ntax \n | \n\n 9,253 \n | \n\n 2,342 \n | \n
| \n | \n | \n |
| \n | \n | \n |
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
NONCURRENTASSETS
\n| \n Non-current\nassets \n | \n\n Malta \n | \n\n Lisbon \n | \n\n Budapest \n | \n\n St.\nPetersburg \n | \n\n London \n | \n\n Brussels \n | \n\n Beverly\nHills \n | \n\n Tripoli \n | \n\n Total \n | \n|||||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotels \n | \n\n 265,683 \n | \n\n 253,820 \n | \n\n 234 \n | \n\n 173 \n | \n\n 111,371 \n | \n\n 112,545 \n | \n\n 69,379 \n | \n\n 57,333 \n | \n\n 534,350 \n | \n\n 580,477 \n | \n\n 129,419 \n | \n\n - \n | \n\n 9,427 \n | \n\n - \n | \n\n 69,255 \n | \n\n 70,888 \n | \n\n 1,189,118 \n | \n\n 1,075,236 \n | \n
| \n Investment\nproperties \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 276,620 \n | \n\n 253,492 \n | \n
| \n Hotel\nmanagement \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 40,607 \n | \n\n 42,457 \n | \n
| \n Catering\nbusiness \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 8,236 \n | \n\n 10,217 \n | \n
| \n Project management\nbusiness \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 3,167 \n | \n\n 2,991 \n | \n
| \n Holding\ncompany \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 78,032 \n | \n\n 190,479 \n | \n
| \n Unallocated\nitems \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 59,891 \n | \n\n 71,064 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 1,655,671 \n | \n\n 1,645,936 \n | \n
During the current and\ncomparative year there were no material inter-segment sale\ntransactions. \u00a0During the previous year, the Prague hotel was\nleased out to third parties and revenue generated by this entity as\nfrom quarter 2 2024 is now presented within rental income from\ninvestment property. Likewise, the asset was transferred from\nproperty, plant and equipment to investment property.
\nThe Hotel segment\nincludes two new sub-segments relating to Brussels and Beverly\nHills. This follows the opening of Corinthia Hotel Brussels in\nearly 2025 and the leasing of two hotels in Beverly\nHills.
\nOn 1st April 2026, the\nGroup concluded the sale of the Lisbon property as well as the\nrelated operation (Note 43). The Corinthia Hotel Lisbon was\nreclassified from property, plant and equipment to assets held for\nsale at the end of 2024 ( Note\n23 ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "xJn9Owoatu": { "value": "\u00a0
\nThe standard requires\na \u201cmanagement approach\u201d under which segment information\nis presented on the same basis as that used for internal reporting\npurposes. The chief operating decision maker, who is responsible\nfor allocating resources and assessing performance of the operating\nsegments, has been identified as the Group\u2019s board of\ndirectors.
\nAn operating segment\nis a group of assets and operations engaged in providing services\nthat are subject to risks and returns that are different from that\nof other segments. Each hotel is considered to be an operating\nsegment.
\nHotel ownership,\ndevelopment and operations is the dominant source of the\nGroup\u2019s risks and returns.\u00a0 The Group is also engaged in\nthe ownership and leasing of its investment property. \u00a0Malta\nis the jurisdiction of the parent and management\ncompanies.
\n\nThe board of directors\nassesses performance based on the measure of operating results\nbefore depreciation and fair value of each hotel.
\n\u00a0
\nThe Group is not\nrequired to report a measure of total assets and liabilities for\neach reportable segment since such amounts are not regularly\nprovided to the chief operating decision maker. However, in\naccordance with IFRS 8, non-current assets (other than financial\ninstruments, investments accounted for using the equity method and\ndeferred tax assets) are divided into geographical\nareas.
Information about\nreportable segments
\n| \n Hotels \n | \n\n Malta \n | \n\n Lisbon \n | \n\n Budapest \n | \n\n St.\nPetersburg \n | \n\n Prague \n | \n\n London \n | \n\n Brussels \n | \n\n Beverly\nHills \n | \n\n Tripoli \n | \n\n Total \n | \n\n \u00a0 \n | \n||||||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Segment\nrevenue \n | \n\n 77,230 \n | \n\n 74,782 \n | \n\n 39,157 \n | \n\n 38,005 \n | \n\n 28,908 \n | \n\n 26,936 \n | \n\n 17,735 \n | \n\n 14,157 \n | \n\n - \n | \n\n 2,815 \n | \n\n 88,795 \n | \n\n 95,774 \n | \n\n 14,946 \n | \n\n - \n | \n\n 5,537 \n | \n\n - \n | \n\n 8,482 \n | \n\n 9,408 \n | \n\n 280,790 \n | \n\n 261,877 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Operating results\nbefore depreciation and fair value gains/(losses) \n | \n\n 19,276 \n | \n\n 16,149 \n | \n\n 11,444 \n | \n\n 10,187 \n | \n\n 6,177 \n | \n\n 5,944 \n | \n\n 6,707 \n | \n\n 4,719 \n | \n\n - \n | \n\n (824) \n | \n\n 21,204 \n | \n\n 22,757 \n | \n\n (10,522) \n | \n\n - \n | \n\n 1,363 \n | \n\n - \n | \n\n 1,771 \n | \n\n 2,620 \n | \n\n 57,420 \n | \n\n 61,552 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Depreciation and\namortisation \n | \n\n (7,183) \n | \n\n (6,969) \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n- \n | \n\n (4,247) \n | \n\n (1,996) \n | \n\n (1,458) \n | \n\n (1,652) \n | \n\n (1,643) \n | \n\n - \n | \n\n (418) \n | \n\n (2,369) \n | \n\n (1,719) \n | \n\n (3,767) \n | \n\n - \n | \n\n (1,957) \n | \n\n - \n | \n\n (1,687) \n | \n\n (1,731) \n | \n\n (20,611) \n | \n\n (18,185) \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Segment profit or\nloss \n | \n\n 12,093 \n | \n\n 9,180 \n | \n\n 11,444 \n | \n\n 5,940 \n | \n\n 4,181 \n | \n\n 4,486 \n | \n\n 5,055 \n | \n\n 3,076 \n | \n\n - \n | \n\n (1,242) \n | \n\n 18,835 \n | \n\n 21,038 \n | \n\n (14,289) \n | \n\n - \n | \n\n (594) \n | \n\n - \n | \n\n 84 \n | \n\n 889 \n | \n\n 36,809 \n | \n\n 43,367 \n | \n\n \u00a0 \n | \n
HOTELS1
\n| \n Hotels \n | \n\n Total \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Segment\nrevenue \n | \n\n 280,790 \n | \n\n 261,877 \n | \n
| \n Rental income from\ninvestment property \n | \n\n 15,651 \n | \n\n 12,940 \n | \n
| \n Hotel management company\nrevenue \n | \n\n 19,045 \n | \n\n 19,471 \n | \n
| \n Catering business\nrevenue \n | \n\n 20,861 \n | \n\n 19,650 \n | \n
| \n Project management\nrevenue \n | \n\n 13,261 \n | \n\n 10,180 \n | \n
| \n Development\nrevenue \n | \n\n 78 \n | \n\n 61 \n | \n
| \n Holding company\nrevenue \n | \n\n 4,190 \n | \n\n 4,429 \n | \n
| \n Elimination of\nintra-group revenue \n | \n\n (18,536) \n | \n\n (21,820) \n | \n
| \n Group\nrevenue \n | \n\n 335,340 \n | \n\n 306,788 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Segment profit or\nloss \n | \n\n 36,809 \n | \n\n 43,367 \n | \n
| \n Net rental income from\ninvestment property \n | \n\n 13,675 \n | \n\n 10,611 \n | \n
| \n Change in fair value of\ninvestment property \n | \n\n 17,643 \n | \n\n 6,219 \n | \n
| \n Change in fair value of\nproperty, plant and equipment \n | \n\n 731 \n | \n\n 6,214 \n | \n
| \n Movement in fair value\nof tax indemnity \n | \n\n (968) \n | \n\n - \n | \n
| \n Catering business\nresult \n | \n\n 585 \n | \n\n 796 \n | \n
| \n Project management\nbusiness result \n | \n\n 2,555 \n | \n\n 1,890 \n | \n
| \n Development business\nresult \n | \n\n (1,980) \n | \n\n (2,284) \n | \n
| \n Corporate office\noperating loss \n | \n\n (8,880) \n | \n\n (5,167) \n | \n
| \n Hotel management company\noperating (loss)/ profit \n | \n\n (992) \n | \n\n 609 \n | \n
| \n Depreciation \n | \n\n (7,167) \n | \n\n (8,489) \n | \n
| \n Amortisation \n | \n\n (2,013) \n | \n\n (1,793) \n | \n
| \n Unallocated\nitems \n | \n\n (1,794) \n | \n\n (6,582) \n | \n
| \n Consolidation\nadjustments \n | \n\n 1,760 \n | \n\n 1,767 \n | \n
| \n Results from\noperating activities \n | \n\n 49,964 \n | \n\n 47,158 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Share of results from\nequity accounted investments \n | \n\n 332 \n | \n\n (15) \n | \n
| \n Finance\nincome \n | \n\n 2,346 \n | \n\n 1,693 \n | \n
| \n Finance costs \n | \n\n (44,442) \n | \n\n (44,382) \n | \n
| \n Foreign\nexchange \n | \n\n 2,454 \n | \n\n (2,586) \n | \n
| \n Other exceptional\ngains/(losses) \n | \n\n (1,401) \n | \n\n 474 \n | \n
| \n Profit before\ntax \n | \n\n 9,253 \n | \n\n 2,342 \n | \n
| \n | \n | \n |
| \n | \n | \n |
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
NONCURRENTASSETS
\n| \n Non-current\nassets \n | \n\n Malta \n | \n\n Lisbon \n | \n\n Budapest \n | \n\n St.\nPetersburg \n | \n\n London \n | \n\n Brussels \n | \n\n Beverly\nHills \n | \n\n Tripoli \n | \n\n Total \n | \n|||||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotels \n | \n\n 265,683 \n | \n\n 253,820 \n | \n\n 234 \n | \n\n 173 \n | \n\n 111,371 \n | \n\n 112,545 \n | \n\n 69,379 \n | \n\n 57,333 \n | \n\n 534,350 \n | \n\n 580,477 \n | \n\n 129,419 \n | \n\n - \n | \n\n 9,427 \n | \n\n - \n | \n\n 69,255 \n | \n\n 70,888 \n | \n\n 1,189,118 \n | \n\n 1,075,236 \n | \n
| \n Investment\nproperties \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 276,620 \n | \n\n 253,492 \n | \n
| \n Hotel\nmanagement \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 40,607 \n | \n\n 42,457 \n | \n
| \n Catering\nbusiness \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 8,236 \n | \n\n 10,217 \n | \n
| \n Project management\nbusiness \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 3,167 \n | \n\n 2,991 \n | \n
| \n Holding\ncompany \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 78,032 \n | \n\n 190,479 \n | \n
| \n Unallocated\nitems \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 59,891 \n | \n\n 71,064 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 1,655,671 \n | \n\n 1,645,936 \n | \n
During the current and\ncomparative year there were no material inter-segment sale\ntransactions. \u00a0During the previous year, the Prague hotel was\nleased out to third parties and revenue generated by this entity as\nfrom quarter 2 2024 is now presented within rental income from\ninvestment property. Likewise, the asset was transferred from\nproperty, plant and equipment to investment property.
\nThe Hotel segment\nincludes two new sub-segments relating to Brussels and Beverly\nHills. This follows the opening of Corinthia Hotel Brussels in\nearly 2025 and the leasing of two hotels in Beverly\nHills.
\nOn 1st April 2026, the\nGroup concluded the sale of the Lisbon property as well as the\nrelated operation (Note 43). The Corinthia Hotel Lisbon was\nreclassified from property, plant and equipment to assets held for\nsale at the end of 2024 ( Note\n23 ).
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Subsidiary\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 3,910 \n | \n\n 7,027 \n | \n
| \n Other\nreceivables \n | \n\n 22 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Financial\nassets \n | \n\n 22 \n | \n\n - \n | \n\n 3,910 \n | \n\n 7,027 \n | \n
| \n Contract\nassets \n | \n\n 9,328 \n | \n\n 11,012 \n | \n\n - \n | \n\n - \n | \n
| \n Total receivables -\nnon-current \n | \n\n 9,350 \n | \n\n 11,012 \n | \n\n 3,910 \n | \n\n 7,027 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Trade\nreceivables \n | \n\n \u00a029,079 \n | \n\n 31,286 \n | \n\n - \n | \n\n - \n | \n
| \n Credit loss\nallowances \n | \n\n (4,017) \n | \n\n (4,695) \n | \n\n - \n | \n\n - \n | \n
| \n Amounts owed\nby: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Parent\ncompany \n | \n\n \u00a07,555 \n | \n\n 6,597 \n | \n\n - \n | \n\n 165 \n | \n
| \n Subsidiary\ncompanies \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n - \n | \n\n 62,756 \n | \n\n 63,665 \n | \n
| \n Associate\ncompanies \n | \n\n \u00a01,230 \n | \n\n 16 \n | \n\n 1,212 \n | \n\n - \n | \n
| \n Joint\nventures \n | \n\n \u00a0201 \n | \n\n 201 \n | \n\n 201 \n | \n\n 201 \n | \n
| \n Other related\ncompanies \n | \n\n \u00a03,175 \n | \n\n 8,590 \n | \n\n 611 \n | \n\n 640 \n | \n
| \n Other\nreceivables \n | \n\n \u00a06,185 \n | \n\n 6,130 \n | \n\n 102 \n | \n\n 1,503 \n | \n
| \n Financial\nassets \n | \n\n \u00a043,408 \n | \n\n 48,125 \n | \n\n 64,882 \n | \n\n 66,174 \n | \n
| \n Contract\nassets \n | \n\n \u00a04,737 \n | \n\n 3,076 \n | \n\n 2,452 \n | \n\n 3,730 \n | \n
| \n Advance payments in\nrespect of capital creditors \n | \n\n \u00a0 \n3,073 \n | \n\n 299 \n | \n\n - \n | \n\n - \n | \n
| \n Statutory\nreceivables \n | \n\n \u00a02,978 \n | \n\n 2,064 \n | \n\n - \n | \n\n - \n | \n
| \n Prepayments \n | \n\n \u00a05,741 \n | \n\n 4,652 \n | \n\n 273 \n | \n\n 393 \n | \n
| \n Total receivables -\ncurrent \n | \n\n \u00a0\u00a0\u00a0\u00a0 59,937 \n | \n\n \u00a0\u00a0\u00a0\u00a0 58,216 \n | \n\n 67,607 \n | \n\n 70,297 \n | \n
\u00a0
\nAmounts owed by\nrelated parties are unsecured, interest free and are repayable on\ndemand.
\n\u00a0
\nDisclosure in respect\nof the fair value of trade and other receivables is presented\nwithin Note\n41.7 .
\n\u00a0
\nInformation about the\nimpairment of trade receivables and the Group\u2019s and the\nCompany\u2019s exposure to credit risk, foreign currency risk and\ninterest rate risk can be found in Note\n41 .
\n\u00a0
\nThe Group\u2019s\ncontract assets classified as current primarily comprise of\nbalances from services in relation to project management for which\nthe Group would not yet have an unconditional right to receive\npayment.\u00a0 The Company\u2019s contract assets relate to\nmanagement services provided during the year, which the Company had\nnot yet invoiced.\u00a0 These contract assets are subject to the\nexpected credit loss model in accordance with IFRS 9 as disclosed\nin Note\n41.1 .
\n\u00a0
\nThe Group\u2019s\ncontract assets classified as non-current comprise of key money\npaid upon entering into a hotel management service agreement.\u00a0\nThis contract asset does not expose the Group to credit risk and\naccordingly, it is subject to the impairment model under IAS\n36.
\n\u00a0
\nThe Group assesses\nwhether there is any indication that the non-current contract\nassets require an impairment assessment, by analysing the\nperformance of the hotel management agreement, as well as\nmonitoring any adverse changes in the economic environment that may\nimpact the cash generating asset. Where indicators are identified,\nan impairment assessment is carried out to determine the\nrecoverable amount.
\n\u00a0
\nNo impairment\nassessment was needed during the year under review.
\n\u00a0
\nDuring the year, key\nmoney amounting to \u20ac0.43 million (2024: \u20ac0.07 million)\nwas amortised and recognised as a deduction against hotel\nmanagement fee revenue. The movements on contract assets for the\nyear are as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a011,011 \n | \n\n 452 \n | \n
| \n Additions \n | \n\n - \n | \n\n 10,181 \n | \n
| \n Amortisation \n | \n\n \u00a0(425) \n | \n\n (74) \n | \n
| \n Exchange\nmovements \n | \n\n \u00a0(1,258) \n | \n\n 452 \n | \n
| \n At 31\nDecember \n | \n\n \u00a09,328 \n | \n\n 11,011 \n | \n
\u00a0
\n| \n Current\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a03,076 \n | \n\n 2,973 \n | \n
| \n Additions revenue\nrecognized \n | \n\n 3,085 \n | \n\n 443 \n | \n
| \n Reductions amounts\ninvoiced/written off \n | \n\n \u00a0(1,371) \n | \n\n (359) \n | \n
| \n Other exchange\nmovements \n | \n\n \u00a0(53) \n | \n\n 19 \n | \n
| \n At 31\nDecember \n | \n\n \u00a04,737 \n | \n\n 3,076 \n | \n
\u00a0
\nThe standard requires\na \u201cmanagement approach\u201d under which segment information\nis presented on the same basis as that used for internal reporting\npurposes. The chief operating decision maker, who is responsible\nfor allocating resources and assessing performance of the operating\nsegments, has been identified as the Group\u2019s board of\ndirectors.
\nAn operating segment\nis a group of assets and operations engaged in providing services\nthat are subject to risks and returns that are different from that\nof other segments. Each hotel is considered to be an operating\nsegment.
\nHotel ownership,\ndevelopment and operations is the dominant source of the\nGroup\u2019s risks and returns.\u00a0 The Group is also engaged in\nthe ownership and leasing of its investment property. \u00a0Malta\nis the jurisdiction of the parent and management\ncompanies.
\n\nThe board of directors\nassesses performance based on the measure of operating results\nbefore depreciation and fair value of each hotel.
\n\u00a0
\nThe Group is not\nrequired to report a measure of total assets and liabilities for\neach reportable segment since such amounts are not regularly\nprovided to the chief operating decision maker. However, in\naccordance with IFRS 8, non-current assets (other than financial\ninstruments, investments accounted for using the equity method and\ndeferred tax assets) are divided into geographical\nareas.
Information about\nreportable segments
\n| \n Hotels \n | \n\n Malta \n | \n\n Lisbon \n | \n\n Budapest \n | \n\n St.\nPetersburg \n | \n\n Prague \n | \n\n London \n | \n\n Brussels \n | \n\n Beverly\nHills \n | \n\n Tripoli \n | \n\n Total \n | \n\n \u00a0 \n | \n||||||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Segment\nrevenue \n | \n\n 77,230 \n | \n\n 74,782 \n | \n\n 39,157 \n | \n\n 38,005 \n | \n\n 28,908 \n | \n\n 26,936 \n | \n\n 17,735 \n | \n\n 14,157 \n | \n\n - \n | \n\n 2,815 \n | \n\n 88,795 \n | \n\n 95,774 \n | \n\n 14,946 \n | \n\n - \n | \n\n 5,537 \n | \n\n - \n | \n\n 8,482 \n | \n\n 9,408 \n | \n\n 280,790 \n | \n\n 261,877 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Operating results\nbefore depreciation and fair value gains/(losses) \n | \n\n 19,276 \n | \n\n 16,149 \n | \n\n 11,444 \n | \n\n 10,187 \n | \n\n 6,177 \n | \n\n 5,944 \n | \n\n 6,707 \n | \n\n 4,719 \n | \n\n - \n | \n\n (824) \n | \n\n 21,204 \n | \n\n 22,757 \n | \n\n (10,522) \n | \n\n - \n | \n\n 1,363 \n | \n\n - \n | \n\n 1,771 \n | \n\n 2,620 \n | \n\n 57,420 \n | \n\n 61,552 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Depreciation and\namortisation \n | \n\n (7,183) \n | \n\n (6,969) \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n- \n | \n\n (4,247) \n | \n\n (1,996) \n | \n\n (1,458) \n | \n\n (1,652) \n | \n\n (1,643) \n | \n\n - \n | \n\n (418) \n | \n\n (2,369) \n | \n\n (1,719) \n | \n\n (3,767) \n | \n\n - \n | \n\n (1,957) \n | \n\n - \n | \n\n (1,687) \n | \n\n (1,731) \n | \n\n (20,611) \n | \n\n (18,185) \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Segment profit or\nloss \n | \n\n 12,093 \n | \n\n 9,180 \n | \n\n 11,444 \n | \n\n 5,940 \n | \n\n 4,181 \n | \n\n 4,486 \n | \n\n 5,055 \n | \n\n 3,076 \n | \n\n - \n | \n\n (1,242) \n | \n\n 18,835 \n | \n\n 21,038 \n | \n\n (14,289) \n | \n\n - \n | \n\n (594) \n | \n\n - \n | \n\n 84 \n | \n\n 889 \n | \n\n 36,809 \n | \n\n 43,367 \n | \n\n \u00a0 \n | \n
HOTELS1
\n| \n Hotels \n | \n\n Total \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Segment\nrevenue \n | \n\n 280,790 \n | \n\n 261,877 \n | \n
| \n Rental income from\ninvestment property \n | \n\n 15,651 \n | \n\n 12,940 \n | \n
| \n Hotel management company\nrevenue \n | \n\n 19,045 \n | \n\n 19,471 \n | \n
| \n Catering business\nrevenue \n | \n\n 20,861 \n | \n\n 19,650 \n | \n
| \n Project management\nrevenue \n | \n\n 13,261 \n | \n\n 10,180 \n | \n
| \n Development\nrevenue \n | \n\n 78 \n | \n\n 61 \n | \n
| \n Holding company\nrevenue \n | \n\n 4,190 \n | \n\n 4,429 \n | \n
| \n Elimination of\nintra-group revenue \n | \n\n (18,536) \n | \n\n (21,820) \n | \n
| \n Group\nrevenue \n | \n\n 335,340 \n | \n\n 306,788 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Segment profit or\nloss \n | \n\n 36,809 \n | \n\n 43,367 \n | \n
| \n Net rental income from\ninvestment property \n | \n\n 13,675 \n | \n\n 10,611 \n | \n
| \n Change in fair value of\ninvestment property \n | \n\n 17,643 \n | \n\n 6,219 \n | \n
| \n Change in fair value of\nproperty, plant and equipment \n | \n\n 731 \n | \n\n 6,214 \n | \n
| \n Movement in fair value\nof tax indemnity \n | \n\n (968) \n | \n\n - \n | \n
| \n Catering business\nresult \n | \n\n 585 \n | \n\n 796 \n | \n
| \n Project management\nbusiness result \n | \n\n 2,555 \n | \n\n 1,890 \n | \n
| \n Development business\nresult \n | \n\n (1,980) \n | \n\n (2,284) \n | \n
| \n Corporate office\noperating loss \n | \n\n (8,880) \n | \n\n (5,167) \n | \n
| \n Hotel management company\noperating (loss)/ profit \n | \n\n (992) \n | \n\n 609 \n | \n
| \n Depreciation \n | \n\n (7,167) \n | \n\n (8,489) \n | \n
| \n Amortisation \n | \n\n (2,013) \n | \n\n (1,793) \n | \n
| \n Unallocated\nitems \n | \n\n (1,794) \n | \n\n (6,582) \n | \n
| \n Consolidation\nadjustments \n | \n\n 1,760 \n | \n\n 1,767 \n | \n
| \n Results from\noperating activities \n | \n\n 49,964 \n | \n\n 47,158 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Share of results from\nequity accounted investments \n | \n\n 332 \n | \n\n (15) \n | \n
| \n Finance\nincome \n | \n\n 2,346 \n | \n\n 1,693 \n | \n
| \n Finance costs \n | \n\n (44,442) \n | \n\n (44,382) \n | \n
| \n Foreign\nexchange \n | \n\n 2,454 \n | \n\n (2,586) \n | \n
| \n Other exceptional\ngains/(losses) \n | \n\n (1,401) \n | \n\n 474 \n | \n
| \n Profit before\ntax \n | \n\n 9,253 \n | \n\n 2,342 \n | \n
| \n | \n | \n |
| \n | \n | \n |
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
NONCURRENTASSETS
\n| \n Non-current\nassets \n | \n\n Malta \n | \n\n Lisbon \n | \n\n Budapest \n | \n\n St.\nPetersburg \n | \n\n London \n | \n\n Brussels \n | \n\n Beverly\nHills \n | \n\n Tripoli \n | \n\n Total \n | \n|||||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotels \n | \n\n 265,683 \n | \n\n 253,820 \n | \n\n 234 \n | \n\n 173 \n | \n\n 111,371 \n | \n\n 112,545 \n | \n\n 69,379 \n | \n\n 57,333 \n | \n\n 534,350 \n | \n\n 580,477 \n | \n\n 129,419 \n | \n\n - \n | \n\n 9,427 \n | \n\n - \n | \n\n 69,255 \n | \n\n 70,888 \n | \n\n 1,189,118 \n | \n\n 1,075,236 \n | \n
| \n Investment\nproperties \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 276,620 \n | \n\n 253,492 \n | \n
| \n Hotel\nmanagement \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 40,607 \n | \n\n 42,457 \n | \n
| \n Catering\nbusiness \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 8,236 \n | \n\n 10,217 \n | \n
| \n Project management\nbusiness \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 3,167 \n | \n\n 2,991 \n | \n
| \n Holding\ncompany \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 78,032 \n | \n\n 190,479 \n | \n
| \n Unallocated\nitems \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 59,891 \n | \n\n 71,064 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 1,655,671 \n | \n\n 1,645,936 \n | \n
During the current and\ncomparative year there were no material inter-segment sale\ntransactions. \u00a0During the previous year, the Prague hotel was\nleased out to third parties and revenue generated by this entity as\nfrom quarter 2 2024 is now presented within rental income from\ninvestment property. Likewise, the asset was transferred from\nproperty, plant and equipment to investment property.
\nThe Hotel segment\nincludes two new sub-segments relating to Brussels and Beverly\nHills. This follows the opening of Corinthia Hotel Brussels in\nearly 2025 and the leasing of two hotels in Beverly\nHills.
\nOn 1st April 2026, the\nGroup concluded the sale of the Lisbon property as well as the\nrelated operation (Note 43). The Corinthia Hotel Lisbon was\nreclassified from property, plant and equipment to assets held for\nsale at the end of 2024 ( Note\n23 ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ILVAcZevz4": { "value": "\u00a0
\nThe major items\nincluded within profit or loss are included below:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loss on disposal of\nproperty, plant and equipment \n | \n\n 8 \n | \n\n 573 \n | \n\n - \n | \n\n - \n | \n|
| \n Depreciation of\nproperty, plant and equipment ( Note\n15 ) \n | \n\n 23,261 \n | \n\n 24,163 \n | \n\n \u00a042 \n | \n\n \u00a039 \n | \n|
| \n Depreciation of\nright-of-use assets ( Note\n16 ) \n | \n\n 4,516 \n | \n\n 2,512 \n | \n\n \u00a0235 \n | \n\n \u00a0234 \n | \n|
| \n Amortisation of\nintangible assets ( Note\n12 ) \n | \n\n 2,014 \n | \n\n 1,793 \n | \n\n \u00a05 \n | \n\n \u00a07 \n | \n|
| \n Professional\nfees \n | \n\n 6,767 \n | \n\n 8,263 \n | \n\n \u00a01,596 \n | \n\n \u00a01,230 \n | \n|
| \n Cost of goods\nsold \n | \n\n 27,627 \n | \n\n 25,992 \n | \n\n \u00a0-\u00a0 \n | \n\n \u00a0-\u00a0 \n | \n|
| \n Energy\nutilities \n | \n\n 10,745 \n | \n\n 10,607 \n | \n\n \u00a010 \n | \n\n \u00a012 \n | \n|
| \n Employee benefit\nexpenses ( Note\n8 ) \n | \n\n 113,318 \n | \n\n 98,070 \n | \n\n \u00a05,361 \n | \n\n \u00a04,215 \n | \n|
| \n Property\ntaxes \n | \n\n 4,510 \n | \n\n 4,259 \n | \n\n - \n | \n\n - \n | \n|
| \n Repairs and\nmaintenance \n | \n\n 7,473 \n | \n\n 7,440 \n | \n\n - \n | \n\n - \n | \n|
| \n Pre-opening\nexpenses \n | \n\n 2,229 \n | \n\n 6,115 \n | \n\n - \n | \n\n - \n | \n|
| \n Net movements in credit\nlosses on receivables and other assets balances \n | \n\n (55) \n | \n\n 612 \n | \n\n 7,733 \n | \n\n 4,890 \n | \n|
| \n | \n | \n | \n | \n | \n |
\u00a0
\nBoard and committee fees\ncharged in the income statement in 2025 amounted to \u20ac0.9\nmillion (2024: \u20ac0.9 million). Additional director\u2019s\nremuneration comprising of a fixed portion of \u20ac0.9 million\n(2024: \u20ac0.9 million) and a variable portion of \u20ac0.7\nmillion (2024: \u20ac0.7 million) was also charged in the income\nstatement.
\n\u00a0
\n\u00a0
\nFees charged by the\nauditor (including fees charged by other network firms) for\nservices rendered during the financial years ended 31 December 2025\nand 31 December 2024 are shown in the table below.\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Annual statutory\naudit \n | \n\n 917 \n | \n\n 902 \n | \n\n 146 \n | \n\n 146 \n | \n
| \n Tax compliance and\nadvisory fees \n | \n\n 101 \n | \n\n 64 \n | \n\n 73 \n | \n\n 43 \n | \n
| \n Other non-audit\nservices \n | \n\n 155 \n | \n\n 109 \n | \n\n 155 \n | \n\n 109 \n | \n
| \n \u00a0 \n | \n\n 1,173 \n | \n\n 1,075 \n | \n\n 374 \n | \n\n 298 \n | \n
\u00a0
\nFees charged by the\nparent company auditor for services rendered during the financial\nyear ended 31 December 2025 to the Group relating to the annual\nstatutory audit amounted to \u20ac410,000 (2024: \u20ac394,000).\nFees charged by connected undertakings of the company\u2019s\nparent auditor to the group relating to tax compliance and advisory\nfees amounted to \u20ac256,000 (2024: \u20ac173,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "sPusQ4dQlK": { "value": "\u00a0
\nThe major items\nincluded within profit or loss are included below:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loss on disposal of\nproperty, plant and equipment \n | \n\n 8 \n | \n\n 573 \n | \n\n - \n | \n\n - \n | \n|
| \n Depreciation of\nproperty, plant and equipment ( Note\n15 ) \n | \n\n 23,261 \n | \n\n 24,163 \n | \n\n \u00a042 \n | \n\n \u00a039 \n | \n|
| \n Depreciation of\nright-of-use assets ( Note\n16 ) \n | \n\n 4,516 \n | \n\n 2,512 \n | \n\n \u00a0235 \n | \n\n \u00a0234 \n | \n|
| \n Amortisation of\nintangible assets ( Note\n12 ) \n | \n\n 2,014 \n | \n\n 1,793 \n | \n\n \u00a05 \n | \n\n \u00a07 \n | \n|
| \n Professional\nfees \n | \n\n 6,767 \n | \n\n 8,263 \n | \n\n \u00a01,596 \n | \n\n \u00a01,230 \n | \n|
| \n Cost of goods\nsold \n | \n\n 27,627 \n | \n\n 25,992 \n | \n\n \u00a0-\u00a0 \n | \n\n \u00a0-\u00a0 \n | \n|
| \n Energy\nutilities \n | \n\n 10,745 \n | \n\n 10,607 \n | \n\n \u00a010 \n | \n\n \u00a012 \n | \n|
| \n Employee benefit\nexpenses ( Note\n8 ) \n | \n\n 113,318 \n | \n\n 98,070 \n | \n\n \u00a05,361 \n | \n\n \u00a04,215 \n | \n|
| \n Property\ntaxes \n | \n\n 4,510 \n | \n\n 4,259 \n | \n\n - \n | \n\n - \n | \n|
| \n Repairs and\nmaintenance \n | \n\n 7,473 \n | \n\n 7,440 \n | \n\n - \n | \n\n - \n | \n|
| \n Pre-opening\nexpenses \n | \n\n 2,229 \n | \n\n 6,115 \n | \n\n - \n | \n\n - \n | \n|
| \n Net movements in credit\nlosses on receivables and other assets balances \n | \n\n (55) \n | \n\n 612 \n | \n\n 7,733 \n | \n\n 4,890 \n | \n|
| \n | \n | \n | \n | \n | \n |
\u00a0
\nBoard and committee fees\ncharged in the income statement in 2025 amounted to \u20ac0.9\nmillion (2024: \u20ac0.9 million). Additional director\u2019s\nremuneration comprising of a fixed portion of \u20ac0.9 million\n(2024: \u20ac0.9 million) and a variable portion of \u20ac0.7\nmillion (2024: \u20ac0.7 million) was also charged in the income\nstatement.
\n\u00a0
\n\u00a0
\nFees charged by the\nauditor (including fees charged by other network firms) for\nservices rendered during the financial years ended 31 December 2025\nand 31 December 2024 are shown in the table below.\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Annual statutory\naudit \n | \n\n 917 \n | \n\n 902 \n | \n\n 146 \n | \n\n 146 \n | \n
| \n Tax compliance and\nadvisory fees \n | \n\n 101 \n | \n\n 64 \n | \n\n 73 \n | \n\n 43 \n | \n
| \n Other non-audit\nservices \n | \n\n 155 \n | \n\n 109 \n | \n\n 155 \n | \n\n 109 \n | \n
| \n \u00a0 \n | \n\n 1,173 \n | \n\n 1,075 \n | \n\n 374 \n | \n\n 298 \n | \n
\u00a0
\nFees charged by the\nparent company auditor for services rendered during the financial\nyear ended 31 December 2025 to the Group relating to the annual\nstatutory audit amounted to \u20ac410,000 (2024: \u20ac394,000).\nFees charged by connected undertakings of the company\u2019s\nparent auditor to the group relating to tax compliance and advisory\nfees amounted to \u20ac256,000 (2024: \u20ac173,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "E.ySXU6zwh": { "value": "\u00a0
\nThe major items\nincluded within profit or loss are included below:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loss on disposal of\nproperty, plant and equipment \n | \n\n 8 \n | \n\n 573 \n | \n\n - \n | \n\n - \n | \n|
| \n Depreciation of\nproperty, plant and equipment ( Note\n15 ) \n | \n\n 23,261 \n | \n\n 24,163 \n | \n\n \u00a042 \n | \n\n \u00a039 \n | \n|
| \n Depreciation of\nright-of-use assets ( Note\n16 ) \n | \n\n 4,516 \n | \n\n 2,512 \n | \n\n \u00a0235 \n | \n\n \u00a0234 \n | \n|
| \n Amortisation of\nintangible assets ( Note\n12 ) \n | \n\n 2,014 \n | \n\n 1,793 \n | \n\n \u00a05 \n | \n\n \u00a07 \n | \n|
| \n Professional\nfees \n | \n\n 6,767 \n | \n\n 8,263 \n | \n\n \u00a01,596 \n | \n\n \u00a01,230 \n | \n|
| \n Cost of goods\nsold \n | \n\n 27,627 \n | \n\n 25,992 \n | \n\n \u00a0-\u00a0 \n | \n\n \u00a0-\u00a0 \n | \n|
| \n Energy\nutilities \n | \n\n 10,745 \n | \n\n 10,607 \n | \n\n \u00a010 \n | \n\n \u00a012 \n | \n|
| \n Employee benefit\nexpenses ( Note\n8 ) \n | \n\n 113,318 \n | \n\n 98,070 \n | \n\n \u00a05,361 \n | \n\n \u00a04,215 \n | \n|
| \n Property\ntaxes \n | \n\n 4,510 \n | \n\n 4,259 \n | \n\n - \n | \n\n - \n | \n|
| \n Repairs and\nmaintenance \n | \n\n 7,473 \n | \n\n 7,440 \n | \n\n - \n | \n\n - \n | \n|
| \n Pre-opening\nexpenses \n | \n\n 2,229 \n | \n\n 6,115 \n | \n\n - \n | \n\n - \n | \n|
| \n Net movements in credit\nlosses on receivables and other assets balances \n | \n\n (55) \n | \n\n 612 \n | \n\n 7,733 \n | \n\n 4,890 \n | \n|
| \n | \n | \n | \n | \n | \n |
\u00a0
\nBoard and committee fees\ncharged in the income statement in 2025 amounted to \u20ac0.9\nmillion (2024: \u20ac0.9 million). Additional director\u2019s\nremuneration comprising of a fixed portion of \u20ac0.9 million\n(2024: \u20ac0.9 million) and a variable portion of \u20ac0.7\nmillion (2024: \u20ac0.7 million) was also charged in the income\nstatement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "i7Ai_zwfP.": { "value": "\u00a0
\nThe major items\nincluded within profit or loss are included below:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loss on disposal of\nproperty, plant and equipment \n | \n\n 8 \n | \n\n 573 \n | \n\n - \n | \n\n - \n | \n|
| \n Depreciation of\nproperty, plant and equipment ( Note\n15 ) \n | \n\n 23,261 \n | \n\n 24,163 \n | \n\n \u00a042 \n | \n\n \u00a039 \n | \n|
| \n Depreciation of\nright-of-use assets ( Note\n16 ) \n | \n\n 4,516 \n | \n\n 2,512 \n | \n\n \u00a0235 \n | \n\n \u00a0234 \n | \n|
| \n Amortisation of\nintangible assets ( Note\n12 ) \n | \n\n 2,014 \n | \n\n 1,793 \n | \n\n \u00a05 \n | \n\n \u00a07 \n | \n|
| \n Professional\nfees \n | \n\n 6,767 \n | \n\n 8,263 \n | \n\n \u00a01,596 \n | \n\n \u00a01,230 \n | \n|
| \n Cost of goods\nsold \n | \n\n 27,627 \n | \n\n 25,992 \n | \n\n \u00a0-\u00a0 \n | \n\n \u00a0-\u00a0 \n | \n|
| \n Energy\nutilities \n | \n\n 10,745 \n | \n\n 10,607 \n | \n\n \u00a010 \n | \n\n \u00a012 \n | \n|
| \n Employee benefit\nexpenses ( Note\n8 ) \n | \n\n 113,318 \n | \n\n 98,070 \n | \n\n \u00a05,361 \n | \n\n \u00a04,215 \n | \n|
| \n Property\ntaxes \n | \n\n 4,510 \n | \n\n 4,259 \n | \n\n - \n | \n\n - \n | \n|
| \n Repairs and\nmaintenance \n | \n\n 7,473 \n | \n\n 7,440 \n | \n\n - \n | \n\n - \n | \n|
| \n Pre-opening\nexpenses \n | \n\n 2,229 \n | \n\n 6,115 \n | \n\n - \n | \n\n - \n | \n|
| \n Net movements in credit\nlosses on receivables and other assets balances \n | \n\n (55) \n | \n\n 612 \n | \n\n 7,733 \n | \n\n 4,890 \n | \n|
| \n | \n | \n | \n | \n | \n |
\u00a0
\nBoard and committee fees\ncharged in the income statement in 2025 amounted to \u20ac0.9\nmillion (2024: \u20ac0.9 million). Additional director\u2019s\nremuneration comprising of a fixed portion of \u20ac0.9 million\n(2024: \u20ac0.9 million) and a variable portion of \u20ac0.7\nmillion (2024: \u20ac0.7 million) was also charged in the income\nstatement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Ru4RUhjjhm": { "value": "\u00a0
\nThe major items\nincluded within profit or loss are included below:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loss on disposal of\nproperty, plant and equipment \n | \n\n 8 \n | \n\n 573 \n | \n\n - \n | \n\n - \n | \n|
| \n Depreciation of\nproperty, plant and equipment ( Note\n15 ) \n | \n\n 23,261 \n | \n\n 24,163 \n | \n\n \u00a042 \n | \n\n \u00a039 \n | \n|
| \n Depreciation of\nright-of-use assets ( Note\n16 ) \n | \n\n 4,516 \n | \n\n 2,512 \n | \n\n \u00a0235 \n | \n\n \u00a0234 \n | \n|
| \n Amortisation of\nintangible assets ( Note\n12 ) \n | \n\n 2,014 \n | \n\n 1,793 \n | \n\n \u00a05 \n | \n\n \u00a07 \n | \n|
| \n Professional\nfees \n | \n\n 6,767 \n | \n\n 8,263 \n | \n\n \u00a01,596 \n | \n\n \u00a01,230 \n | \n|
| \n Cost of goods\nsold \n | \n\n 27,627 \n | \n\n 25,992 \n | \n\n \u00a0-\u00a0 \n | \n\n \u00a0-\u00a0 \n | \n|
| \n Energy\nutilities \n | \n\n 10,745 \n | \n\n 10,607 \n | \n\n \u00a010 \n | \n\n \u00a012 \n | \n|
| \n Employee benefit\nexpenses ( Note\n8 ) \n | \n\n 113,318 \n | \n\n 98,070 \n | \n\n \u00a05,361 \n | \n\n \u00a04,215 \n | \n|
| \n Property\ntaxes \n | \n\n 4,510 \n | \n\n 4,259 \n | \n\n - \n | \n\n - \n | \n|
| \n Repairs and\nmaintenance \n | \n\n 7,473 \n | \n\n 7,440 \n | \n\n - \n | \n\n - \n | \n|
| \n Pre-opening\nexpenses \n | \n\n 2,229 \n | \n\n 6,115 \n | \n\n - \n | \n\n - \n | \n|
| \n Net movements in credit\nlosses on receivables and other assets balances \n | \n\n (55) \n | \n\n 612 \n | \n\n 7,733 \n | \n\n 4,890 \n | \n|
| \n | \n | \n | \n | \n | \n |
\u00a0
\nBoard and committee fees\ncharged in the income statement in 2025 amounted to \u20ac0.9\nmillion (2024: \u20ac0.9 million). Additional director\u2019s\nremuneration comprising of a fixed portion of \u20ac0.9 million\n(2024: \u20ac0.9 million) and a variable portion of \u20ac0.7\nmillion (2024: \u20ac0.7 million) was also charged in the income\nstatement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "aGZvBD39tQ": { "value": "\u00a0
\nThe major items\nincluded within profit or loss are included below:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loss on disposal of\nproperty, plant and equipment \n | \n\n 8 \n | \n\n 573 \n | \n\n - \n | \n\n - \n | \n|
| \n Depreciation of\nproperty, plant and equipment ( Note\n15 ) \n | \n\n 23,261 \n | \n\n 24,163 \n | \n\n \u00a042 \n | \n\n \u00a039 \n | \n|
| \n Depreciation of\nright-of-use assets ( Note\n16 ) \n | \n\n 4,516 \n | \n\n 2,512 \n | \n\n \u00a0235 \n | \n\n \u00a0234 \n | \n|
| \n Amortisation of\nintangible assets ( Note\n12 ) \n | \n\n 2,014 \n | \n\n 1,793 \n | \n\n \u00a05 \n | \n\n \u00a07 \n | \n|
| \n Professional\nfees \n | \n\n 6,767 \n | \n\n 8,263 \n | \n\n \u00a01,596 \n | \n\n \u00a01,230 \n | \n|
| \n Cost of goods\nsold \n | \n\n 27,627 \n | \n\n 25,992 \n | \n\n \u00a0-\u00a0 \n | \n\n \u00a0-\u00a0 \n | \n|
| \n Energy\nutilities \n | \n\n 10,745 \n | \n\n 10,607 \n | \n\n \u00a010 \n | \n\n \u00a012 \n | \n|
| \n Employee benefit\nexpenses ( Note\n8 ) \n | \n\n 113,318 \n | \n\n 98,070 \n | \n\n \u00a05,361 \n | \n\n \u00a04,215 \n | \n|
| \n Property\ntaxes \n | \n\n 4,510 \n | \n\n 4,259 \n | \n\n - \n | \n\n - \n | \n|
| \n Repairs and\nmaintenance \n | \n\n 7,473 \n | \n\n 7,440 \n | \n\n - \n | \n\n - \n | \n|
| \n Pre-opening\nexpenses \n | \n\n 2,229 \n | \n\n 6,115 \n | \n\n - \n | \n\n - \n | \n|
| \n Net movements in credit\nlosses on receivables and other assets balances \n | \n\n (55) \n | \n\n 612 \n | \n\n 7,733 \n | \n\n 4,890 \n | \n|
| \n | \n | \n | \n | \n | \n |
\u00a0
\nBoard and committee fees\ncharged in the income statement in 2025 amounted to \u20ac0.9\nmillion (2024: \u20ac0.9 million). Additional director\u2019s\nremuneration comprising of a fixed portion of \u20ac0.9 million\n(2024: \u20ac0.9 million) and a variable portion of \u20ac0.7\nmillion (2024: \u20ac0.7 million) was also charged in the income\nstatement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "hV4pYoPbA3": { "value": "\u00a0
\nFees charged by the\nauditor (including fees charged by other network firms) for\nservices rendered during the financial years ended 31 December 2025\nand 31 December 2024 are shown in the table below.\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Annual statutory\naudit \n | \n\n 917 \n | \n\n 902 \n | \n\n 146 \n | \n\n 146 \n | \n
| \n Tax compliance and\nadvisory fees \n | \n\n 101 \n | \n\n 64 \n | \n\n 73 \n | \n\n 43 \n | \n
| \n Other non-audit\nservices \n | \n\n 155 \n | \n\n 109 \n | \n\n 155 \n | \n\n 109 \n | \n
| \n \u00a0 \n | \n\n 1,173 \n | \n\n 1,075 \n | \n\n 374 \n | \n\n 298 \n | \n
\u00a0
\nFees charged by the\nparent company auditor for services rendered during the financial\nyear ended 31 December 2025 to the Group relating to the annual\nstatutory audit amounted to \u20ac410,000 (2024: \u20ac394,000).\nFees charged by connected undertakings of the company\u2019s\nparent auditor to the group relating to tax compliance and advisory\nfees amounted to \u20ac256,000 (2024: \u20ac173,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "SjntxY7y8h": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Wages and\nsalaries \n | \n\n 96,497 \n | \n\n 83,952 \n | \n\n 5,210 \n | \n\n 4,053 \n | \n
| \n Social security\ncontributions \n | \n\n 11,096 \n | \n\n 8,572 \n | \n\n 48 \n | \n\n 61 \n | \n
| \n Other staff\ncosts \n | \n\n 5,725 \n | \n\n 5,546 \n | \n\n 103 \n | \n\n 101 \n | \n
| \n \u00a0 \n | \n\n 113,318 \n | \n\n 98,070 \n | \n\n 5,361 \n | \n\n 4,215 \n | \n
\u00a0
\nWeekly average number\nof employees:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n No. \n | \n\n No. \n | \n\n No. \n | \n\n No. \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Management and\nadministrative \n | \n\n 717 \n | \n\n 637 \n | \n\n 31 \n | \n\n 31 \n | \n|
| \n Operating \n | \n\n 2,290 \n | \n\n 1,832 \n | \n\n - \n | \n\n - \n | \n|
| \n \u00a0 \n | \n\n 3,007 \n | \n\n 2,469 \n | \n\n 31 \n | \n\n 31 \n | \n|
| \n | \n | \n | \n | \n | \n |
\u00a0
\nIn addition to the\namounts shown in the above table, the Group also incurred\noutsourced labour costs amounting to \u20ac21.17 million (2024:\n\u20ac19.02 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Aybv0qk53u": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Wages and\nsalaries \n | \n\n 96,497 \n | \n\n 83,952 \n | \n\n 5,210 \n | \n\n 4,053 \n | \n
| \n Social security\ncontributions \n | \n\n 11,096 \n | \n\n 8,572 \n | \n\n 48 \n | \n\n 61 \n | \n
| \n Other staff\ncosts \n | \n\n 5,725 \n | \n\n 5,546 \n | \n\n 103 \n | \n\n 101 \n | \n
| \n \u00a0 \n | \n\n 113,318 \n | \n\n 98,070 \n | \n\n 5,361 \n | \n\n 4,215 \n | \n
\u00a0
\nWeekly average number\nof employees:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n No. \n | \n\n No. \n | \n\n No. \n | \n\n No. \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Management and\nadministrative \n | \n\n 717 \n | \n\n 637 \n | \n\n 31 \n | \n\n 31 \n | \n|
| \n Operating \n | \n\n 2,290 \n | \n\n 1,832 \n | \n\n - \n | \n\n - \n | \n|
| \n \u00a0 \n | \n\n 3,007 \n | \n\n 2,469 \n | \n\n 31 \n | \n\n 31 \n | \n|
| \n | \n | \n | \n | \n | \n |
\u00a0
\nIn addition to the\namounts shown in the above table, the Group also incurred\noutsourced labour costs amounting to \u20ac21.17 million (2024:\n\u20ac19.02 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "_I_5uoX8N0": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\nincome: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest income\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loans advanced to\nrelated companies \n | \n\n 10 \n | \n\n 256 \n | \n|
| \n Loans advanced to other\ninvestee \n | \n\n 209 \n | \n\n 243 \n | \n|
| \n Other\nbalances \n | \n\n 15 \n | \n\n 532 \n | \n|
| \n Bank deposits \n | \n\n 2,112 \n | \n\n 662 \n | \n|
| \n Finance\nincome \n | \n\n 2,346 \n | \n\n 1,693 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\ncosts: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest expense\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Bank\nborrowings \n | \n\n (26,273) \n | \n\n (26,343) \n | \n|
| \n Bonds \n | \n\n (13,258) \n | \n\n (13,933) \n | \n|
| \n Amortisation of\ntransaction costs on borrowings \n | \n\n (1,631) \n | \n\n (1,267) \n | \n|
| \n Lease liabilities\n( Note\n16 ) \n | \n\n (1,611) \n | \n\n (763) \n | \n|
| \n Related\ncompanies \n | \n\n (335) \n | \n\n - \n | \n|
| \n Other costs \n | \n\n (1,334) \n | \n\n (2,076) \n | \n|
| \n Net exchange\ndifferences \n | \n\n 2,454 \n | \n\n (2,586) \n | \n|
| \n Finance\ncosts \n | \n\n (41,988) \n | \n\n (46,968) \n | \n|
| \n | \n | \n | \n |
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\nincome: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest income\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loans advanced to\nrelated companies \n | \n\n 10 \n | \n\n 256 \n | \n|
| \n Loans advanced to other\ninvestee \n | \n\n 209 \n | \n\n 243 \n | \n|
| \n Other\nbalances \n | \n\n 15 \n | \n\n 532 \n | \n|
| \n Bank deposits \n | \n\n 2,112 \n | \n\n 662 \n | \n|
| \n Finance\nincome \n | \n\n 2,346 \n | \n\n 1,693 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\ncosts: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest expense\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Bank\nborrowings \n | \n\n (26,273) \n | \n\n (26,343) \n | \n|
| \n Bonds \n | \n\n (13,258) \n | \n\n (13,933) \n | \n|
| \n Amortisation of\ntransaction costs on borrowings \n | \n\n (1,631) \n | \n\n (1,267) \n | \n|
| \n Lease liabilities\n( Note\n16 ) \n | \n\n (1,611) \n | \n\n (763) \n | \n|
| \n Related\ncompanies \n | \n\n (335) \n | \n\n - \n | \n|
| \n Other costs \n | \n\n (1,334) \n | \n\n (2,076) \n | \n|
| \n Net exchange\ndifferences \n | \n\n 2,454 \n | \n\n (2,586) \n | \n|
| \n Finance\ncosts \n | \n\n (41,988) \n | \n\n (46,968) \n | \n|
| \n | \n | \n | \n |
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\nincome: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest income\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loans advanced to\nrelated companies \n | \n\n 10 \n | \n\n 256 \n | \n|
| \n Loans advanced to other\ninvestee \n | \n\n 209 \n | \n\n 243 \n | \n|
| \n Other\nbalances \n | \n\n 15 \n | \n\n 532 \n | \n|
| \n Bank deposits \n | \n\n 2,112 \n | \n\n 662 \n | \n|
| \n Finance\nincome \n | \n\n 2,346 \n | \n\n 1,693 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\ncosts: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest expense\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Bank\nborrowings \n | \n\n (26,273) \n | \n\n (26,343) \n | \n|
| \n Bonds \n | \n\n (13,258) \n | \n\n (13,933) \n | \n|
| \n Amortisation of\ntransaction costs on borrowings \n | \n\n (1,631) \n | \n\n (1,267) \n | \n|
| \n Lease liabilities\n( Note\n16 ) \n | \n\n (1,611) \n | \n\n (763) \n | \n|
| \n Related\ncompanies \n | \n\n (335) \n | \n\n - \n | \n|
| \n Other costs \n | \n\n (1,334) \n | \n\n (2,076) \n | \n|
| \n Net exchange\ndifferences \n | \n\n 2,454 \n | \n\n (2,586) \n | \n|
| \n Finance\ncosts \n | \n\n (41,988) \n | \n\n (46,968) \n | \n|
| \n | \n | \n | \n |
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\nincome: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest income\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loans advanced to\nrelated companies \n | \n\n 10 \n | \n\n 256 \n | \n|
| \n Loans advanced to other\ninvestee \n | \n\n 209 \n | \n\n 243 \n | \n|
| \n Other\nbalances \n | \n\n 15 \n | \n\n 532 \n | \n|
| \n Bank deposits \n | \n\n 2,112 \n | \n\n 662 \n | \n|
| \n Finance\nincome \n | \n\n 2,346 \n | \n\n 1,693 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\ncosts: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest expense\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Bank\nborrowings \n | \n\n (26,273) \n | \n\n (26,343) \n | \n|
| \n Bonds \n | \n\n (13,258) \n | \n\n (13,933) \n | \n|
| \n Amortisation of\ntransaction costs on borrowings \n | \n\n (1,631) \n | \n\n (1,267) \n | \n|
| \n Lease liabilities\n( Note\n16 ) \n | \n\n (1,611) \n | \n\n (763) \n | \n|
| \n Related\ncompanies \n | \n\n (335) \n | \n\n - \n | \n|
| \n Other costs \n | \n\n (1,334) \n | \n\n (2,076) \n | \n|
| \n Net exchange\ndifferences \n | \n\n 2,454 \n | \n\n (2,586) \n | \n|
| \n Finance\ncosts \n | \n\n (41,988) \n | \n\n (46,968) \n | \n|
| \n | \n | \n | \n |
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\nincome: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest income\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loans advanced to\nrelated companies \n | \n\n 10 \n | \n\n 256 \n | \n|
| \n Loans advanced to other\ninvestee \n | \n\n 209 \n | \n\n 243 \n | \n|
| \n Other\nbalances \n | \n\n 15 \n | \n\n 532 \n | \n|
| \n Bank deposits \n | \n\n 2,112 \n | \n\n 662 \n | \n|
| \n Finance\nincome \n | \n\n 2,346 \n | \n\n 1,693 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\ncosts: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest expense\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Bank\nborrowings \n | \n\n (26,273) \n | \n\n (26,343) \n | \n|
| \n Bonds \n | \n\n (13,258) \n | \n\n (13,933) \n | \n|
| \n Amortisation of\ntransaction costs on borrowings \n | \n\n (1,631) \n | \n\n (1,267) \n | \n|
| \n Lease liabilities\n( Note\n16 ) \n | \n\n (1,611) \n | \n\n (763) \n | \n|
| \n Related\ncompanies \n | \n\n (335) \n | \n\n - \n | \n|
| \n Other costs \n | \n\n (1,334) \n | \n\n (2,076) \n | \n|
| \n Net exchange\ndifferences \n | \n\n 2,454 \n | \n\n (2,586) \n | \n|
| \n Finance\ncosts \n | \n\n (41,988) \n | \n\n (46,968) \n | \n|
| \n | \n | \n | \n |
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\nincome: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest income\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loans advanced to\nrelated companies \n | \n\n 10 \n | \n\n 256 \n | \n|
| \n Loans advanced to other\ninvestee \n | \n\n 209 \n | \n\n 243 \n | \n|
| \n Other\nbalances \n | \n\n 15 \n | \n\n 532 \n | \n|
| \n Bank deposits \n | \n\n 2,112 \n | \n\n 662 \n | \n|
| \n Finance\nincome \n | \n\n 2,346 \n | \n\n 1,693 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\ncosts: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest expense\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Bank\nborrowings \n | \n\n (26,273) \n | \n\n (26,343) \n | \n|
| \n Bonds \n | \n\n (13,258) \n | \n\n (13,933) \n | \n|
| \n Amortisation of\ntransaction costs on borrowings \n | \n\n (1,631) \n | \n\n (1,267) \n | \n|
| \n Lease liabilities\n( Note\n16 ) \n | \n\n (1,611) \n | \n\n (763) \n | \n|
| \n Related\ncompanies \n | \n\n (335) \n | \n\n - \n | \n|
| \n Other costs \n | \n\n (1,334) \n | \n\n (2,076) \n | \n|
| \n Net exchange\ndifferences \n | \n\n 2,454 \n | \n\n (2,586) \n | \n|
| \n Finance\ncosts \n | \n\n (41,988) \n | \n\n (46,968) \n | \n|
| \n | \n | \n | \n |
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\nincome: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest income\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loans advanced to\nrelated companies \n | \n\n 10 \n | \n\n 256 \n | \n|
| \n Loans advanced to other\ninvestee \n | \n\n 209 \n | \n\n 243 \n | \n|
| \n Other\nbalances \n | \n\n 15 \n | \n\n 532 \n | \n|
| \n Bank deposits \n | \n\n 2,112 \n | \n\n 662 \n | \n|
| \n Finance\nincome \n | \n\n 2,346 \n | \n\n 1,693 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Finance\ncosts: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Interest expense\non: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Bank\nborrowings \n | \n\n (26,273) \n | \n\n (26,343) \n | \n|
| \n Bonds \n | \n\n (13,258) \n | \n\n (13,933) \n | \n|
| \n Amortisation of\ntransaction costs on borrowings \n | \n\n (1,631) \n | \n\n (1,267) \n | \n|
| \n Lease liabilities\n( Note\n16 ) \n | \n\n (1,611) \n | \n\n (763) \n | \n|
| \n Related\ncompanies \n | \n\n (335) \n | \n\n - \n | \n|
| \n Other costs \n | \n\n (1,334) \n | \n\n (2,076) \n | \n|
| \n Net exchange\ndifferences \n | \n\n 2,454 \n | \n\n (2,586) \n | \n|
| \n Finance\ncosts \n | \n\n (41,988) \n | \n\n (46,968) \n | \n|
| \n | \n | \n | \n |
\u00a0
\nThe (expense)/credit\nfor income tax on profits/(losses) derived from local and foreign\noperations has been calculated at the applicable tax\nrates.
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current\ntaxation: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - Current year tax\n(expense) \n | \n\n (6,214) \n | \n\n (3,104) \n | \n\n (327) \n | \n\n 166 \n | \n
| \n Deferred\ntaxation: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - \u00a0 Deferred tax income/\n(expense) \n | \n\n 8,168 \n | \n\n (484) \n | \n\n 8,803 \n | \n\n 6,584 \n | \n
| \n \u00a0 \n | \n\n 1,954 \n | \n\n (3,588) \n | \n\n 8,476 \n | \n\n 6,750 \n | \n
\u00a0
\nRefer to\nNote\n34 for information on the\ndeferred tax assets and liabilities.
\n\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Loss before\ntax \n | \n\n 9,253 \n | \n\n 2,342 \n | \n\n (17,677) \n | \n\n (18,715) \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Income tax using the\nCompany\u2019s domestic tax rate of 35% \n | \n\n (3,239) \n | \n\n (820) \n | \n\n 6,187 \n | \n\n 6,550 \n | \n|
| \n Effect of\nincome/(losses) subject to foreign/different tax rates \n | \n\n \u00a05,532 \n | \n\n 4,330 \n | \n\n - \n | \n\n - \n | \n|
| \n Effect of reduction in\ntax rate on opening temporary difference \n | \n\n \u00a0\u00a0\n(452) \n | \n\n (280) \n | \n\n 3 \n | \n\n 25 \n | \n|
| \n Non-tax deductible\nexpenses \n | \n\n (1,266) \n | \n\n (585) \n | \n\n - \n | \n\n (12) \n | \n|
| \n Non taxable\nincome \n | \n\n - \n | \n\n 248 \n | \n\n - \n | \n\n - \n | \n|
| \n Over/(under) provision\nin respect of previous years \n | \n\n 9,580 \n | \n\n (2,319) \n | \n\n - \n | \n\n - \n | \n|
| \n Movement in unrecognised\ntemporary differences \n | \n\n (3,909) \n | \n\n (4,487) \n | \n\n 2,286 \n | \n\n 20 \n | \n|
| \n Effect of Group\u2019s\nshare of profit and loss of investments recognised using the equity\nmethod \n | \n\n (434) \n | \n\n (64) \n | \n\n - \n | \n\n - \n | \n|
| \n Other \n | \n\n (3,858) \n | \n\n 389 \n | \n\n - \n | \n\n 167 \n | \n|
| \n Tax\ncredit/(expense) \n | \n\n 1,954 \n | \n\n (3,588) \n | \n\n 8,476 \n | \n\n 6,750 \n | \n|
| \n | \n | \n | \n | \n | \n |
\u00a0
\nMovement in unrecognised\ntemporary differences principally arise from current year tax\nlosses and other temporary differences in jurisdictions where the\ncriteria for recognition of deferred tax assets are not\nmet.
\n\u00a0
\n\u00a0
\nThe tax impacts which\nare entirely attributable to deferred taxation, relating to\ncomponents of other comprehensive income and accordingly presented\ndirectly in equity are as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n Before \n | \n\n Tax \n | \n\n Net\nof \n | \n\n Before \n | \n\n Tax \n | \n\n Net\nof \n | \n||
| \n \u00a0 \n | \n\n tax \n | \n\n charge \n | \n\n tax \n | \n\n tax \n | \n\n charge \n | \n\n tax \n | \n||
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n||
| \n Group \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||
| \n Fair valuation of land and\nbuildings \n | \n\n 8,403 \n | \n\n 6,952 \n | \n\n 15,355 \n | \n\n 75,894 \n | \n\n (17,697) \n | \n\n 58,197 \n | \n\n \u00a0 \n | \n|
| \n Hedging \n | \n\n 148 \n | \n\n (33) \n | \n\n 115 \n | \n\n (148) \n | \n\n 33 \n | \n\n (115) \n | \n\n \u00a0 \n | \n|
| \n Currency translation\ndifferences \n | \n\n (10,296) \n | \n\n (6,611) \n | \n\n (16,907) \n | \n\n 15,051 \n | \n\n 1,953 \n | \n\n 17,004 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n (1,745) \n | \n\n 308 \n | \n\n (1,437) \n | \n\n 90,797 \n | \n\n (15,711) \n | \n\n 75,086 \n | \n\n \u00a0 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||
| \n Company \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||
| \n Fair value movements on\ninvestments in subsidiaries, associates and joint\nventures \n | \n\n 40,442 \n | \n\n (9,769) \n | \n\n 30,673 \n | \n\n 246,991 \n | \n\n (31,722) \n | \n\n 215,269 \n | \n||
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0
\nBasic earnings per share\nis calculated by dividing loss attributable to equity holders of\nIHI by the weighted average number of ordinary shares in issue\nduring the year.
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Profit from operations\nattributable to the owners of the parent \n | \n\n 20,784 \n | \n\n 4,367 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n |
| \n Number of\nshares: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January and 31\nDecember \n | \n\n 615,685 \n | \n\n 615,685 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Weighted average\nnumber of shares: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January and 31\nDecember \n | \n\n 615,685 \n | \n\n 615,685 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n |
| \n Earnings per\nshare \n | \n\n 0.03 \n | \n\n 0.01 \n | \n
\u00a0
\nAs at 31 December 2025\nand 2024, the Group did not have any dilutive shares. Accordingly,\nthe diluted earnings per share disclosure which would have\notherwise been required by IAS 33, is not presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "rz6BQM8ZaK": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||||||
| \n \u00a0 \n | \n\n Goodwill \n | \n\n Brands \n | \n\n Brand design fee\nand other rights \n | \n\n Concessions \n | \n\n Operating\ncontracts \n | \n\n Others \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 37,608 \n | \n\n 25,121 \n | \n\n 9,154 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,302 \n | \n\n 99,982 \n | \n
| \n Additions \n | \n\n - \n | \n\n 606 \n | \n\n 12 \n | \n\n - \n | \n\n - \n | \n\n 733 \n | \n\n 1,351 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (223) \n | \n\n (223) \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n 19 \n | \n\n 2 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 21 \n | \n
| \n At 31 December\n2024 \n | \n\n 37,608 \n | \n\n 25,746 \n | \n\n 9,168 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,812 \n | \n\n 101,131 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 37,608 \n | \n\n 25,746 \n | \n\n 9,168 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,812 \n | \n\n 101,131 \n | \n
| \n Additions \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 144 \n | \n\n 144 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n (58) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (58) \n | \n
| \n Transfer from \nProperty,plant and\nequipment \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 1,263 \n | \n\n 1,263 \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n (56) \n | \n\n (3) \n | \n\n - \n | \n\n - \n | \n\n (16) \n | \n\n (75) \n | \n
| \n At 31 December\n2025 \n | \n\n 37,608 \n | \n\n 25,690 \n | \n\n 9,107 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 6,203 \n | \n\n 102,405 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amortisation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,080 \n | \n\n 463 \n | \n\n 20,179 \n | \n\n 3,190 \n | \n\n 53,587 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n - \n | \n\n 22 \n | \n\n - \n | \n\n 1,167 \n | \n\n 604 \n | \n\n 1,793 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (223) \n | \n\n (223) \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n - \n | \n\n 2 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 2 \n | \n
| \n At 31 December\n2024 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,104 \n | \n\n 463 \n | \n\n 21,346 \n | \n\n 3,571 \n | \n\n 55,159 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,104 \n | \n\n 463 \n | \n\n 21,346 \n | \n\n 3,571 \n | \n\n 55,159 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 22 \n | \n\n 14 \n | \n\n - \n | \n\n 1,167 \n | \n\n 811 \n | \n\n 2,014 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n (54) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (54) \n | \n
| \n Transfer from \nProperty,plant and\nequipment \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 817 \n | \n\n 817 \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n (1) \n | \n\n (3) \n | \n\n - \n | \n\n - \n | \n\n (15) \n | \n\n (19) \n | \n
| \n At 31 December\n2025 \n | \n\n 17,482 \n | \n\n 3,214 \n | \n\n 9,061 \n | \n\n 463 \n | \n\n 22,513 \n | \n\n 5,184 \n | \n\n 57,917 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Carrying\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 20,126 \n | \n\n 21,928 \n | \n\n 74 \n | \n\n - \n | \n\n 3,155 \n | \n\n 1,112 \n | \n\n 46,395 \n | \n
| \n At 31 December\n2024 \n | \n\n 20,126 \n | \n\n 22,553 \n | \n\n 64 \n | \n\n - \n | \n\n 1,988 \n | \n\n 1,241 \n | \n\n 45,972 \n | \n
| \n At 31 December\n2025 \n | \n\n 20,126 \n | \n\n 22,476 \n | \n\n 46 \n | \n\n - \n | \n\n 821 \n | \n\n 1,019 \n | \n\n 44,488 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n Brand \n | \n\n Others \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 2,400 \n | \n\n 111 \n | \n\n 2,511 \n | \n
| \n Additions \n | \n\n - \n | \n\n 10 \n | \n\n 10 \n | \n
| \n At 31 December\n2024 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n Additions \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n At 31 December\n2025 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amortisation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n - \n | \n\n 103 \n | \n\n 103 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 7 \n | \n\n 7 \n | \n
| \n At 31 December\n2024 \n | \n\n - \n | \n\n 110 \n | \n\n 110 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n - \n | \n\n 110 \n | \n\n 110 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 5 \n | \n\n 5 \n | \n
| \n At 31 December\n2025 \n | \n\n - \n | \n\n 115 \n | \n\n 115 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Carrying\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 2,400 \n | \n\n 8 \n | \n\n 2,408 \n | \n
| \n At 31 December\n2024 \n | \n\n 2,400 \n | \n\n 11 \n | \n\n 2,411 \n | \n
| \n At 31 December\n2025 \n | \n\n 2,400 \n | \n\n 6 \n | \n\n 2,406 \n | \n
\u00a0
\nBrand
\n\u00a0
\nIn December 2010, the\nCompany purchased the Corinthia brand from its parent company\n(CPHCL) for \u20ac19.6 million. \u00a0This value was determined by\nindependent valuers on the basis of the projected income statements\nof existing hotels as at the end of 2009 and was subject to an\nadjustment following a similar valuation exercise based on 2010\nfigures.\u00a0
\n\u00a0
\nDuring 2018, the Company\nsold the Corinthia brand to CHL for an amount of \u20ac35.0\nmillion, recognising a profit on disposal of \u20ac15.4\nmillion.\u00a0 Although the intra-group profit was eliminated at\nGroup level, the tax base from use of the brand from a Group\nperspective increased from \u20ac19.6 million to \u20ac35.0\nmillion, and a deferred tax asset was recognised in this\nrespect.
\n\u00a0
\nDuring 2019, the Group,\nthrough IHI p.l.c., acquired rights to use the Corinthia brand in\nall respects.\u00a0 The rights acquired during the year are in\naddition to the rights previously held by the Group on the\nacquisition of the Corinthia brand in 2010.\u00a0
\n\u00a0
\nSimultaneously with the\nacquisition of the brand, IHI p.l.c. also acquired investments in\nCatermax Limited and Corinthia Caterers Limited.\u00a0 These were\nassessed as one business combination from a Group perspective on\nwhich goodwill of \u20ac1.1 million was recognised.\n\u00a0
\n\u00a0
\nOther\nintangible assets arising from hotel\nmanagement\u00a0
\n\u00a0
\nOn the acquisition of\nCorinthia Hotels Limited in 2006, the Group recognised goodwill\namounting to \u20ac9.7 million, and operating contracts, amounting\nto \u20ac23.3 million, representing the assumed value attributable\nto the operation of hotel properties.
\n\u00a0
\nIn prior years, the\nGroup recognized goodwill on the acquisition of Prague and IHI\nMalta which as at 31 December 2025 were fully amortised.
\n\u00a0
\nThe goodwill, operating contracts and the Corinthia brand\nwere subject to an internal impairment assessment on the basis that\nthese intangibles comprise one cash-generating unit.\u00a0 The\nindicative valuation is based on the discounted cash flows derived\nfrom hotel operating projections as prepared by specialists in\nhotel consulting, and confirm that no impairment charge is required\nas at 31 December 2025 and 2024.
\n\u00a0
\nThe discounted cash flow\ncalculation was determined by discounting the forecast future\npost-tax cash flows generated by CHL for a ten-year explicit period\n2025 \u2013 2034, followed by a terminal-value (also refer\nto Note\n3.1 ) .\u00a0 The following are the key assumptions underlying the\nvaluations:
\n\u00a0
\n| \n - \n | \n\n revenue from existing\nand signed management agreements is based on revenue projections\nfrom currently operating hotels and forecast revenue from hotels\nexpected to start operating shortly; \n | \n
| \n - \n | \n\n revenue from unconfirmed\nhotel management agreements is based on revenue projections from\nhotels which are not yet announced or signed, but are expected to\nbe achieved in the short to medium term (by 2032); \n | \n
| \n - \n | \n\n subsequent to the\nten-year projection period, revenue is assumed to grow at a rate of\n2% p.a. in perpetuity; and \n | \n
| \n - \n | \n\n a post-tax discount rate\nof 10.6% was applied to the post-tax free cash flows of\nCHL. \n | \n
\u00a0
\nGoodwill on the acquisition of the IHGH Group
\n\u00a0
\nDuring the year ended\n31 December 2015, IHI acquired the IHGH Group.\u00a0 The goodwill\narising on this major acquisition was of \u20ac1.4 million.\u00a0\nThe goodwill is attributable to cost synergies expected from\ncombining the operations of IHGH Group and the Group.\u00a0\nRelative to the Group\u2019s total asset base, the goodwill\narising on this acquisition is not material to warrant the\ndisclosures that would have otherwise been required by IAS\n36.
\n\u00a0
\nGoodwill on the acquisition of QPM Limited
\n\u00a0
\nDuring the year ended\n31 December 2016, the Group acquired QPM Limited and its\nsubsidiaries, as a result of which, the Group recognised goodwill\namounting to \u20ac2.5 million.\u00a0 Relative to the Group\u2019s\ntotal asset base, the goodwill arising on this acquisition is not\nmaterial to warrant the disclosures that would have otherwise been\nrequired by IAS 36.
\n\u00a0
\nGoodwill on the acquisition of Golden Sands Resort\nLtd
\n\u00a0
\nDuring the year ended\n31 December 2021, the Group acquired the remaining 50% in Golden\nSands Resort Ltd. This gave rise to a goodwill of \u20ac5.41\nmillion.\u00a0
\n\u00a0
\nRelative to the\nGroup\u2019s total asset base, the goodwill arising on these\nacquisitions are not material to warrant the disclosures that would\nhave otherwise been required by IAS 36.
\n\u00a0
\nBrand\ndesign fee and other rights
\n\u00a0
\nThe Group has franchise\nagreements with Costa International Limited to develop and operate\nthe Costa Coffee brand in the Maltese Islands. These intangibles\narise from the acquisition of the IHGH Group in 2015. \u00a0The\ntotal amount of brand design fees and other rights recognised on\nacquisition amounted to \u20ac2.6 million.
\n\u00a0
\nIn 2024, the Group also\npurchased the rights, title and interest in the Henry J.\nBean\u2019s trademark and fifty per cent of the rights, title and\ninterest in The Surrey trademark.
\n\u00a0
\nCosta Coffee\nMalta
\n\u00a0
\nThis cash-generating\nunit includes the operation of the Costa Coffee retail brand in\nMalta.\u00a0 At 31 December 2025, the Group operated twelve outlets\n(2024: fifteen) each enjoying a strategic location in areas popular\nfor retail operations. The carrying amount of the Brand design fees\nand other rights for Costa Coffee Malta amounted to \u20ac0.1\nmillion (2024: \u20ac0.1 million).
\n\u00a0
\nHenry J.\nBean\u2019s
\n\u00a0
\nThis cash-generating\nunit includes the operation of the Henry J. Bean\u2019s trademark.\nThe rights, title and interest in this trademark were acquired in\nquarter 2 of 2024 at a cost of \u20ac0.1 million.
\n\u00a0
\nThe\nSurrey
\n\u00a0
\nThe Group acquired 50%\nof the title, rights and interest in The Surrey trademark during\nthe year 2024 for an amount of \u20ac0.5 million.
\n\u00a0
\nOthers
\n\u00a0
\nOther intangible assets\nrepresent web-site development costs, a lease premium fee and\nlicences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "A6Opvjzmt0": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||||||
| \n \u00a0 \n | \n\n Goodwill \n | \n\n Brands \n | \n\n Brand design fee\nand other rights \n | \n\n Concessions \n | \n\n Operating\ncontracts \n | \n\n Others \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 37,608 \n | \n\n 25,121 \n | \n\n 9,154 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,302 \n | \n\n 99,982 \n | \n
| \n Additions \n | \n\n - \n | \n\n 606 \n | \n\n 12 \n | \n\n - \n | \n\n - \n | \n\n 733 \n | \n\n 1,351 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (223) \n | \n\n (223) \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n 19 \n | \n\n 2 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 21 \n | \n
| \n At 31 December\n2024 \n | \n\n 37,608 \n | \n\n 25,746 \n | \n\n 9,168 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,812 \n | \n\n 101,131 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 37,608 \n | \n\n 25,746 \n | \n\n 9,168 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,812 \n | \n\n 101,131 \n | \n
| \n Additions \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 144 \n | \n\n 144 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n (58) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (58) \n | \n
| \n Transfer from \nProperty,plant and\nequipment \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 1,263 \n | \n\n 1,263 \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n (56) \n | \n\n (3) \n | \n\n - \n | \n\n - \n | \n\n (16) \n | \n\n (75) \n | \n
| \n At 31 December\n2025 \n | \n\n 37,608 \n | \n\n 25,690 \n | \n\n 9,107 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 6,203 \n | \n\n 102,405 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amortisation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,080 \n | \n\n 463 \n | \n\n 20,179 \n | \n\n 3,190 \n | \n\n 53,587 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n - \n | \n\n 22 \n | \n\n - \n | \n\n 1,167 \n | \n\n 604 \n | \n\n 1,793 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (223) \n | \n\n (223) \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n - \n | \n\n 2 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 2 \n | \n
| \n At 31 December\n2024 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,104 \n | \n\n 463 \n | \n\n 21,346 \n | \n\n 3,571 \n | \n\n 55,159 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,104 \n | \n\n 463 \n | \n\n 21,346 \n | \n\n 3,571 \n | \n\n 55,159 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 22 \n | \n\n 14 \n | \n\n - \n | \n\n 1,167 \n | \n\n 811 \n | \n\n 2,014 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n (54) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (54) \n | \n
| \n Transfer from \nProperty,plant and\nequipment \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 817 \n | \n\n 817 \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n (1) \n | \n\n (3) \n | \n\n - \n | \n\n - \n | \n\n (15) \n | \n\n (19) \n | \n
| \n At 31 December\n2025 \n | \n\n 17,482 \n | \n\n 3,214 \n | \n\n 9,061 \n | \n\n 463 \n | \n\n 22,513 \n | \n\n 5,184 \n | \n\n 57,917 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Carrying\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 20,126 \n | \n\n 21,928 \n | \n\n 74 \n | \n\n - \n | \n\n 3,155 \n | \n\n 1,112 \n | \n\n 46,395 \n | \n
| \n At 31 December\n2024 \n | \n\n 20,126 \n | \n\n 22,553 \n | \n\n 64 \n | \n\n - \n | \n\n 1,988 \n | \n\n 1,241 \n | \n\n 45,972 \n | \n
| \n At 31 December\n2025 \n | \n\n 20,126 \n | \n\n 22,476 \n | \n\n 46 \n | \n\n - \n | \n\n 821 \n | \n\n 1,019 \n | \n\n 44,488 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n Brand \n | \n\n Others \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 2,400 \n | \n\n 111 \n | \n\n 2,511 \n | \n
| \n Additions \n | \n\n - \n | \n\n 10 \n | \n\n 10 \n | \n
| \n At 31 December\n2024 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n Additions \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n At 31 December\n2025 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amortisation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n - \n | \n\n 103 \n | \n\n 103 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 7 \n | \n\n 7 \n | \n
| \n At 31 December\n2024 \n | \n\n - \n | \n\n 110 \n | \n\n 110 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n - \n | \n\n 110 \n | \n\n 110 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 5 \n | \n\n 5 \n | \n
| \n At 31 December\n2025 \n | \n\n - \n | \n\n 115 \n | \n\n 115 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Carrying\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 2,400 \n | \n\n 8 \n | \n\n 2,408 \n | \n
| \n At 31 December\n2024 \n | \n\n 2,400 \n | \n\n 11 \n | \n\n 2,411 \n | \n
| \n At 31 December\n2025 \n | \n\n 2,400 \n | \n\n 6 \n | \n\n 2,406 \n | \n
\u00a0
\nBrand
\n\u00a0
\nIn December 2010, the\nCompany purchased the Corinthia brand from its parent company\n(CPHCL) for \u20ac19.6 million. \u00a0This value was determined by\nindependent valuers on the basis of the projected income statements\nof existing hotels as at the end of 2009 and was subject to an\nadjustment following a similar valuation exercise based on 2010\nfigures.\u00a0
\n\u00a0
\nDuring 2018, the Company\nsold the Corinthia brand to CHL for an amount of \u20ac35.0\nmillion, recognising a profit on disposal of \u20ac15.4\nmillion.\u00a0 Although the intra-group profit was eliminated at\nGroup level, the tax base from use of the brand from a Group\nperspective increased from \u20ac19.6 million to \u20ac35.0\nmillion, and a deferred tax asset was recognised in this\nrespect.
\n\u00a0
\nDuring 2019, the Group,\nthrough IHI p.l.c., acquired rights to use the Corinthia brand in\nall respects.\u00a0 The rights acquired during the year are in\naddition to the rights previously held by the Group on the\nacquisition of the Corinthia brand in 2010.\u00a0
\n\u00a0
\nSimultaneously with the\nacquisition of the brand, IHI p.l.c. also acquired investments in\nCatermax Limited and Corinthia Caterers Limited.\u00a0 These were\nassessed as one business combination from a Group perspective on\nwhich goodwill of \u20ac1.1 million was recognised.\n\u00a0
\n\u00a0
\nOther\nintangible assets arising from hotel\nmanagement\u00a0
\n\u00a0
\nOn the acquisition of\nCorinthia Hotels Limited in 2006, the Group recognised goodwill\namounting to \u20ac9.7 million, and operating contracts, amounting\nto \u20ac23.3 million, representing the assumed value attributable\nto the operation of hotel properties.
\n\u00a0
\nIn prior years, the\nGroup recognized goodwill on the acquisition of Prague and IHI\nMalta which as at 31 December 2025 were fully amortised.
\n\u00a0
\nThe goodwill, operating contracts and the Corinthia brand\nwere subject to an internal impairment assessment on the basis that\nthese intangibles comprise one cash-generating unit.\u00a0 The\nindicative valuation is based on the discounted cash flows derived\nfrom hotel operating projections as prepared by specialists in\nhotel consulting, and confirm that no impairment charge is required\nas at 31 December 2025 and 2024.
\n\u00a0
\nThe discounted cash flow\ncalculation was determined by discounting the forecast future\npost-tax cash flows generated by CHL for a ten-year explicit period\n2025 \u2013 2034, followed by a terminal-value (also refer\nto Note\n3.1 ) .\u00a0 The following are the key assumptions underlying the\nvaluations:
\n\u00a0
\n| \n - \n | \n\n revenue from existing\nand signed management agreements is based on revenue projections\nfrom currently operating hotels and forecast revenue from hotels\nexpected to start operating shortly; \n | \n
| \n - \n | \n\n revenue from unconfirmed\nhotel management agreements is based on revenue projections from\nhotels which are not yet announced or signed, but are expected to\nbe achieved in the short to medium term (by 2032); \n | \n
| \n - \n | \n\n subsequent to the\nten-year projection period, revenue is assumed to grow at a rate of\n2% p.a. in perpetuity; and \n | \n
| \n - \n | \n\n a post-tax discount rate\nof 10.6% was applied to the post-tax free cash flows of\nCHL. \n | \n
\u00a0
\nGoodwill on the acquisition of the IHGH Group
\n\u00a0
\nDuring the year ended\n31 December 2015, IHI acquired the IHGH Group.\u00a0 The goodwill\narising on this major acquisition was of \u20ac1.4 million.\u00a0\nThe goodwill is attributable to cost synergies expected from\ncombining the operations of IHGH Group and the Group.\u00a0\nRelative to the Group\u2019s total asset base, the goodwill\narising on this acquisition is not material to warrant the\ndisclosures that would have otherwise been required by IAS\n36.
\n\u00a0
\nGoodwill on the acquisition of QPM Limited
\n\u00a0
\nDuring the year ended\n31 December 2016, the Group acquired QPM Limited and its\nsubsidiaries, as a result of which, the Group recognised goodwill\namounting to \u20ac2.5 million.\u00a0 Relative to the Group\u2019s\ntotal asset base, the goodwill arising on this acquisition is not\nmaterial to warrant the disclosures that would have otherwise been\nrequired by IAS 36.
\n\u00a0
\nGoodwill on the acquisition of Golden Sands Resort\nLtd
\n\u00a0
\nDuring the year ended\n31 December 2021, the Group acquired the remaining 50% in Golden\nSands Resort Ltd. This gave rise to a goodwill of \u20ac5.41\nmillion.\u00a0
\n\u00a0
\nRelative to the\nGroup\u2019s total asset base, the goodwill arising on these\nacquisitions are not material to warrant the disclosures that would\nhave otherwise been required by IAS 36.
\n\u00a0
\nBrand\ndesign fee and other rights
\n\u00a0
\nThe Group has franchise\nagreements with Costa International Limited to develop and operate\nthe Costa Coffee brand in the Maltese Islands. These intangibles\narise from the acquisition of the IHGH Group in 2015. \u00a0The\ntotal amount of brand design fees and other rights recognised on\nacquisition amounted to \u20ac2.6 million.
\n\u00a0
\nIn 2024, the Group also\npurchased the rights, title and interest in the Henry J.\nBean\u2019s trademark and fifty per cent of the rights, title and\ninterest in The Surrey trademark.
\n\u00a0
\nCosta Coffee\nMalta
\n\u00a0
\nThis cash-generating\nunit includes the operation of the Costa Coffee retail brand in\nMalta.\u00a0 At 31 December 2025, the Group operated twelve outlets\n(2024: fifteen) each enjoying a strategic location in areas popular\nfor retail operations. The carrying amount of the Brand design fees\nand other rights for Costa Coffee Malta amounted to \u20ac0.1\nmillion (2024: \u20ac0.1 million).
\n\u00a0
\nHenry J.\nBean\u2019s
\n\u00a0
\nThis cash-generating\nunit includes the operation of the Henry J. Bean\u2019s trademark.\nThe rights, title and interest in this trademark were acquired in\nquarter 2 of 2024 at a cost of \u20ac0.1 million.
\n\u00a0
\nThe\nSurrey
\n\u00a0
\nThe Group acquired 50%\nof the title, rights and interest in The Surrey trademark during\nthe year 2024 for an amount of \u20ac0.5 million.
\n\u00a0
\nOthers
\n\u00a0
\nOther intangible assets\nrepresent web-site development costs, a lease premium fee and\nlicences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "B78VfyxxDI": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||||||
| \n \u00a0 \n | \n\n Goodwill \n | \n\n Brands \n | \n\n Brand design fee\nand other rights \n | \n\n Concessions \n | \n\n Operating\ncontracts \n | \n\n Others \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 37,608 \n | \n\n 25,121 \n | \n\n 9,154 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,302 \n | \n\n 99,982 \n | \n
| \n Additions \n | \n\n - \n | \n\n 606 \n | \n\n 12 \n | \n\n - \n | \n\n - \n | \n\n 733 \n | \n\n 1,351 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (223) \n | \n\n (223) \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n 19 \n | \n\n 2 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 21 \n | \n
| \n At 31 December\n2024 \n | \n\n 37,608 \n | \n\n 25,746 \n | \n\n 9,168 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,812 \n | \n\n 101,131 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 37,608 \n | \n\n 25,746 \n | \n\n 9,168 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,812 \n | \n\n 101,131 \n | \n
| \n Additions \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 144 \n | \n\n 144 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n (58) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (58) \n | \n
| \n Transfer from \nProperty,plant and\nequipment \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 1,263 \n | \n\n 1,263 \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n (56) \n | \n\n (3) \n | \n\n - \n | \n\n - \n | \n\n (16) \n | \n\n (75) \n | \n
| \n At 31 December\n2025 \n | \n\n 37,608 \n | \n\n 25,690 \n | \n\n 9,107 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 6,203 \n | \n\n 102,405 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amortisation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,080 \n | \n\n 463 \n | \n\n 20,179 \n | \n\n 3,190 \n | \n\n 53,587 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n - \n | \n\n 22 \n | \n\n - \n | \n\n 1,167 \n | \n\n 604 \n | \n\n 1,793 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (223) \n | \n\n (223) \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n - \n | \n\n 2 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 2 \n | \n
| \n At 31 December\n2024 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,104 \n | \n\n 463 \n | \n\n 21,346 \n | \n\n 3,571 \n | \n\n 55,159 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,104 \n | \n\n 463 \n | \n\n 21,346 \n | \n\n 3,571 \n | \n\n 55,159 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 22 \n | \n\n 14 \n | \n\n - \n | \n\n 1,167 \n | \n\n 811 \n | \n\n 2,014 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n (54) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (54) \n | \n
| \n Transfer from \nProperty,plant and\nequipment \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 817 \n | \n\n 817 \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n (1) \n | \n\n (3) \n | \n\n - \n | \n\n - \n | \n\n (15) \n | \n\n (19) \n | \n
| \n At 31 December\n2025 \n | \n\n 17,482 \n | \n\n 3,214 \n | \n\n 9,061 \n | \n\n 463 \n | \n\n 22,513 \n | \n\n 5,184 \n | \n\n 57,917 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Carrying\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 20,126 \n | \n\n 21,928 \n | \n\n 74 \n | \n\n - \n | \n\n 3,155 \n | \n\n 1,112 \n | \n\n 46,395 \n | \n
| \n At 31 December\n2024 \n | \n\n 20,126 \n | \n\n 22,553 \n | \n\n 64 \n | \n\n - \n | \n\n 1,988 \n | \n\n 1,241 \n | \n\n 45,972 \n | \n
| \n At 31 December\n2025 \n | \n\n 20,126 \n | \n\n 22,476 \n | \n\n 46 \n | \n\n - \n | \n\n 821 \n | \n\n 1,019 \n | \n\n 44,488 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n Brand \n | \n\n Others \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 2,400 \n | \n\n 111 \n | \n\n 2,511 \n | \n
| \n Additions \n | \n\n - \n | \n\n 10 \n | \n\n 10 \n | \n
| \n At 31 December\n2024 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n Additions \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n At 31 December\n2025 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amortisation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n - \n | \n\n 103 \n | \n\n 103 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 7 \n | \n\n 7 \n | \n
| \n At 31 December\n2024 \n | \n\n - \n | \n\n 110 \n | \n\n 110 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n - \n | \n\n 110 \n | \n\n 110 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 5 \n | \n\n 5 \n | \n
| \n At 31 December\n2025 \n | \n\n - \n | \n\n 115 \n | \n\n 115 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Carrying\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 2,400 \n | \n\n 8 \n | \n\n 2,408 \n | \n
| \n At 31 December\n2024 \n | \n\n 2,400 \n | \n\n 11 \n | \n\n 2,411 \n | \n
| \n At 31 December\n2025 \n | \n\n 2,400 \n | \n\n 6 \n | \n\n 2,406 \n | \n
\u00a0
\nBrand
\n\u00a0
\nIn December 2010, the\nCompany purchased the Corinthia brand from its parent company\n(CPHCL) for \u20ac19.6 million. \u00a0This value was determined by\nindependent valuers on the basis of the projected income statements\nof existing hotels as at the end of 2009 and was subject to an\nadjustment following a similar valuation exercise based on 2010\nfigures.\u00a0
\n\u00a0
\nDuring 2018, the Company\nsold the Corinthia brand to CHL for an amount of \u20ac35.0\nmillion, recognising a profit on disposal of \u20ac15.4\nmillion.\u00a0 Although the intra-group profit was eliminated at\nGroup level, the tax base from use of the brand from a Group\nperspective increased from \u20ac19.6 million to \u20ac35.0\nmillion, and a deferred tax asset was recognised in this\nrespect.
\n\u00a0
\nDuring 2019, the Group,\nthrough IHI p.l.c., acquired rights to use the Corinthia brand in\nall respects.\u00a0 The rights acquired during the year are in\naddition to the rights previously held by the Group on the\nacquisition of the Corinthia brand in 2010.\u00a0
\n\u00a0
\nSimultaneously with the\nacquisition of the brand, IHI p.l.c. also acquired investments in\nCatermax Limited and Corinthia Caterers Limited.\u00a0 These were\nassessed as one business combination from a Group perspective on\nwhich goodwill of \u20ac1.1 million was recognised.\n\u00a0
\n\u00a0
\nOther\nintangible assets arising from hotel\nmanagement\u00a0
\n\u00a0
\nOn the acquisition of\nCorinthia Hotels Limited in 2006, the Group recognised goodwill\namounting to \u20ac9.7 million, and operating contracts, amounting\nto \u20ac23.3 million, representing the assumed value attributable\nto the operation of hotel properties.
\n\u00a0
\nIn prior years, the\nGroup recognized goodwill on the acquisition of Prague and IHI\nMalta which as at 31 December 2025 were fully amortised.
\n\u00a0
\nThe goodwill, operating contracts and the Corinthia brand\nwere subject to an internal impairment assessment on the basis that\nthese intangibles comprise one cash-generating unit.\u00a0 The\nindicative valuation is based on the discounted cash flows derived\nfrom hotel operating projections as prepared by specialists in\nhotel consulting, and confirm that no impairment charge is required\nas at 31 December 2025 and 2024.
\n\u00a0
\nThe discounted cash flow\ncalculation was determined by discounting the forecast future\npost-tax cash flows generated by CHL for a ten-year explicit period\n2025 \u2013 2034, followed by a terminal-value (also refer\nto Note\n3.1 ) .\u00a0 The following are the key assumptions underlying the\nvaluations:
\n\u00a0
\n| \n - \n | \n\n revenue from existing\nand signed management agreements is based on revenue projections\nfrom currently operating hotels and forecast revenue from hotels\nexpected to start operating shortly; \n | \n
| \n - \n | \n\n revenue from unconfirmed\nhotel management agreements is based on revenue projections from\nhotels which are not yet announced or signed, but are expected to\nbe achieved in the short to medium term (by 2032); \n | \n
| \n - \n | \n\n subsequent to the\nten-year projection period, revenue is assumed to grow at a rate of\n2% p.a. in perpetuity; and \n | \n
| \n - \n | \n\n a post-tax discount rate\nof 10.6% was applied to the post-tax free cash flows of\nCHL. \n | \n
\u00a0
\nGoodwill on the acquisition of the IHGH Group
\n\u00a0
\nDuring the year ended\n31 December 2015, IHI acquired the IHGH Group.\u00a0 The goodwill\narising on this major acquisition was of \u20ac1.4 million.\u00a0\nThe goodwill is attributable to cost synergies expected from\ncombining the operations of IHGH Group and the Group.\u00a0\nRelative to the Group\u2019s total asset base, the goodwill\narising on this acquisition is not material to warrant the\ndisclosures that would have otherwise been required by IAS\n36.
\n\u00a0
\nGoodwill on the acquisition of QPM Limited
\n\u00a0
\nDuring the year ended\n31 December 2016, the Group acquired QPM Limited and its\nsubsidiaries, as a result of which, the Group recognised goodwill\namounting to \u20ac2.5 million.\u00a0 Relative to the Group\u2019s\ntotal asset base, the goodwill arising on this acquisition is not\nmaterial to warrant the disclosures that would have otherwise been\nrequired by IAS 36.
\n\u00a0
\nGoodwill on the acquisition of Golden Sands Resort\nLtd
\n\u00a0
\nDuring the year ended\n31 December 2021, the Group acquired the remaining 50% in Golden\nSands Resort Ltd. This gave rise to a goodwill of \u20ac5.41\nmillion.\u00a0
\n\u00a0
\nRelative to the\nGroup\u2019s total asset base, the goodwill arising on these\nacquisitions are not material to warrant the disclosures that would\nhave otherwise been required by IAS 36.
\n\u00a0
\nBrand\ndesign fee and other rights
\n\u00a0
\nThe Group has franchise\nagreements with Costa International Limited to develop and operate\nthe Costa Coffee brand in the Maltese Islands. These intangibles\narise from the acquisition of the IHGH Group in 2015. \u00a0The\ntotal amount of brand design fees and other rights recognised on\nacquisition amounted to \u20ac2.6 million.
\n\u00a0
\nIn 2024, the Group also\npurchased the rights, title and interest in the Henry J.\nBean\u2019s trademark and fifty per cent of the rights, title and\ninterest in The Surrey trademark.
\n\u00a0
\nCosta Coffee\nMalta
\n\u00a0
\nThis cash-generating\nunit includes the operation of the Costa Coffee retail brand in\nMalta.\u00a0 At 31 December 2025, the Group operated twelve outlets\n(2024: fifteen) each enjoying a strategic location in areas popular\nfor retail operations. The carrying amount of the Brand design fees\nand other rights for Costa Coffee Malta amounted to \u20ac0.1\nmillion (2024: \u20ac0.1 million).
\n\u00a0
\nHenry J.\nBean\u2019s
\n\u00a0
\nThis cash-generating\nunit includes the operation of the Henry J. Bean\u2019s trademark.\nThe rights, title and interest in this trademark were acquired in\nquarter 2 of 2024 at a cost of \u20ac0.1 million.
\n\u00a0
\nThe\nSurrey
\n\u00a0
\nThe Group acquired 50%\nof the title, rights and interest in The Surrey trademark during\nthe year 2024 for an amount of \u20ac0.5 million.
\n\u00a0
\nOthers
\n\u00a0
\nOther intangible assets\nrepresent web-site development costs, a lease premium fee and\nlicences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Bt22UhkspP": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||||||
| \n \u00a0 \n | \n\n Goodwill \n | \n\n Brands \n | \n\n Brand design fee\nand other rights \n | \n\n Concessions \n | \n\n Operating\ncontracts \n | \n\n Others \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 37,608 \n | \n\n 25,121 \n | \n\n 9,154 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,302 \n | \n\n 99,982 \n | \n
| \n Additions \n | \n\n - \n | \n\n 606 \n | \n\n 12 \n | \n\n - \n | \n\n - \n | \n\n 733 \n | \n\n 1,351 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (223) \n | \n\n (223) \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n 19 \n | \n\n 2 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 21 \n | \n
| \n At 31 December\n2024 \n | \n\n 37,608 \n | \n\n 25,746 \n | \n\n 9,168 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,812 \n | \n\n 101,131 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 37,608 \n | \n\n 25,746 \n | \n\n 9,168 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,812 \n | \n\n 101,131 \n | \n
| \n Additions \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 144 \n | \n\n 144 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n (58) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (58) \n | \n
| \n Transfer from \nProperty,plant and\nequipment \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 1,263 \n | \n\n 1,263 \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n (56) \n | \n\n (3) \n | \n\n - \n | \n\n - \n | \n\n (16) \n | \n\n (75) \n | \n
| \n At 31 December\n2025 \n | \n\n 37,608 \n | \n\n 25,690 \n | \n\n 9,107 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 6,203 \n | \n\n 102,405 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amortisation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,080 \n | \n\n 463 \n | \n\n 20,179 \n | \n\n 3,190 \n | \n\n 53,587 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n - \n | \n\n 22 \n | \n\n - \n | \n\n 1,167 \n | \n\n 604 \n | \n\n 1,793 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (223) \n | \n\n (223) \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n - \n | \n\n 2 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 2 \n | \n
| \n At 31 December\n2024 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,104 \n | \n\n 463 \n | \n\n 21,346 \n | \n\n 3,571 \n | \n\n 55,159 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,104 \n | \n\n 463 \n | \n\n 21,346 \n | \n\n 3,571 \n | \n\n 55,159 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 22 \n | \n\n 14 \n | \n\n - \n | \n\n 1,167 \n | \n\n 811 \n | \n\n 2,014 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n (54) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (54) \n | \n
| \n Transfer from \nProperty,plant and\nequipment \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 817 \n | \n\n 817 \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n (1) \n | \n\n (3) \n | \n\n - \n | \n\n - \n | \n\n (15) \n | \n\n (19) \n | \n
| \n At 31 December\n2025 \n | \n\n 17,482 \n | \n\n 3,214 \n | \n\n 9,061 \n | \n\n 463 \n | \n\n 22,513 \n | \n\n 5,184 \n | \n\n 57,917 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Carrying\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 20,126 \n | \n\n 21,928 \n | \n\n 74 \n | \n\n - \n | \n\n 3,155 \n | \n\n 1,112 \n | \n\n 46,395 \n | \n
| \n At 31 December\n2024 \n | \n\n 20,126 \n | \n\n 22,553 \n | \n\n 64 \n | \n\n - \n | \n\n 1,988 \n | \n\n 1,241 \n | \n\n 45,972 \n | \n
| \n At 31 December\n2025 \n | \n\n 20,126 \n | \n\n 22,476 \n | \n\n 46 \n | \n\n - \n | \n\n 821 \n | \n\n 1,019 \n | \n\n 44,488 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n Brand \n | \n\n Others \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 2,400 \n | \n\n 111 \n | \n\n 2,511 \n | \n
| \n Additions \n | \n\n - \n | \n\n 10 \n | \n\n 10 \n | \n
| \n At 31 December\n2024 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n Additions \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n At 31 December\n2025 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amortisation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n - \n | \n\n 103 \n | \n\n 103 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 7 \n | \n\n 7 \n | \n
| \n At 31 December\n2024 \n | \n\n - \n | \n\n 110 \n | \n\n 110 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n - \n | \n\n 110 \n | \n\n 110 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 5 \n | \n\n 5 \n | \n
| \n At 31 December\n2025 \n | \n\n - \n | \n\n 115 \n | \n\n 115 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Carrying\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 2,400 \n | \n\n 8 \n | \n\n 2,408 \n | \n
| \n At 31 December\n2024 \n | \n\n 2,400 \n | \n\n 11 \n | \n\n 2,411 \n | \n
| \n At 31 December\n2025 \n | \n\n 2,400 \n | \n\n 6 \n | \n\n 2,406 \n | \n
\u00a0
\nBrand
\n\u00a0
\nIn December 2010, the\nCompany purchased the Corinthia brand from its parent company\n(CPHCL) for \u20ac19.6 million. \u00a0This value was determined by\nindependent valuers on the basis of the projected income statements\nof existing hotels as at the end of 2009 and was subject to an\nadjustment following a similar valuation exercise based on 2010\nfigures.\u00a0
\n\u00a0
\nDuring 2018, the Company\nsold the Corinthia brand to CHL for an amount of \u20ac35.0\nmillion, recognising a profit on disposal of \u20ac15.4\nmillion.\u00a0 Although the intra-group profit was eliminated at\nGroup level, the tax base from use of the brand from a Group\nperspective increased from \u20ac19.6 million to \u20ac35.0\nmillion, and a deferred tax asset was recognised in this\nrespect.
\n\u00a0
\nDuring 2019, the Group,\nthrough IHI p.l.c., acquired rights to use the Corinthia brand in\nall respects.\u00a0 The rights acquired during the year are in\naddition to the rights previously held by the Group on the\nacquisition of the Corinthia brand in 2010.\u00a0
\n\u00a0
\nSimultaneously with the\nacquisition of the brand, IHI p.l.c. also acquired investments in\nCatermax Limited and Corinthia Caterers Limited.\u00a0 These were\nassessed as one business combination from a Group perspective on\nwhich goodwill of \u20ac1.1 million was recognised.\n\u00a0
\n\u00a0
\nOther\nintangible assets arising from hotel\nmanagement\u00a0
\n\u00a0
\nOn the acquisition of\nCorinthia Hotels Limited in 2006, the Group recognised goodwill\namounting to \u20ac9.7 million, and operating contracts, amounting\nto \u20ac23.3 million, representing the assumed value attributable\nto the operation of hotel properties.
\n\u00a0
\nIn prior years, the\nGroup recognized goodwill on the acquisition of Prague and IHI\nMalta which as at 31 December 2025 were fully amortised.
\n\u00a0
\nThe goodwill, operating contracts and the Corinthia brand\nwere subject to an internal impairment assessment on the basis that\nthese intangibles comprise one cash-generating unit.\u00a0 The\nindicative valuation is based on the discounted cash flows derived\nfrom hotel operating projections as prepared by specialists in\nhotel consulting, and confirm that no impairment charge is required\nas at 31 December 2025 and 2024.
\n\u00a0
\nThe discounted cash flow\ncalculation was determined by discounting the forecast future\npost-tax cash flows generated by CHL for a ten-year explicit period\n2025 \u2013 2034, followed by a terminal-value (also refer\nto Note\n3.1 ) .\u00a0 The following are the key assumptions underlying the\nvaluations:
\n\u00a0
\n| \n - \n | \n\n revenue from existing\nand signed management agreements is based on revenue projections\nfrom currently operating hotels and forecast revenue from hotels\nexpected to start operating shortly; \n | \n
| \n - \n | \n\n revenue from unconfirmed\nhotel management agreements is based on revenue projections from\nhotels which are not yet announced or signed, but are expected to\nbe achieved in the short to medium term (by 2032); \n | \n
| \n - \n | \n\n subsequent to the\nten-year projection period, revenue is assumed to grow at a rate of\n2% p.a. in perpetuity; and \n | \n
| \n - \n | \n\n a post-tax discount rate\nof 10.6% was applied to the post-tax free cash flows of\nCHL. \n | \n
\u00a0
\nGoodwill on the acquisition of the IHGH Group
\n\u00a0
\nDuring the year ended\n31 December 2015, IHI acquired the IHGH Group.\u00a0 The goodwill\narising on this major acquisition was of \u20ac1.4 million.\u00a0\nThe goodwill is attributable to cost synergies expected from\ncombining the operations of IHGH Group and the Group.\u00a0\nRelative to the Group\u2019s total asset base, the goodwill\narising on this acquisition is not material to warrant the\ndisclosures that would have otherwise been required by IAS\n36.
\n\u00a0
\nGoodwill on the acquisition of QPM Limited
\n\u00a0
\nDuring the year ended\n31 December 2016, the Group acquired QPM Limited and its\nsubsidiaries, as a result of which, the Group recognised goodwill\namounting to \u20ac2.5 million.\u00a0 Relative to the Group\u2019s\ntotal asset base, the goodwill arising on this acquisition is not\nmaterial to warrant the disclosures that would have otherwise been\nrequired by IAS 36.
\n\u00a0
\nGoodwill on the acquisition of Golden Sands Resort\nLtd
\n\u00a0
\nDuring the year ended\n31 December 2021, the Group acquired the remaining 50% in Golden\nSands Resort Ltd. This gave rise to a goodwill of \u20ac5.41\nmillion.\u00a0
\n\u00a0
\nRelative to the\nGroup\u2019s total asset base, the goodwill arising on these\nacquisitions are not material to warrant the disclosures that would\nhave otherwise been required by IAS 36.
\n\u00a0
\nBrand\ndesign fee and other rights
\n\u00a0
\nThe Group has franchise\nagreements with Costa International Limited to develop and operate\nthe Costa Coffee brand in the Maltese Islands. These intangibles\narise from the acquisition of the IHGH Group in 2015. \u00a0The\ntotal amount of brand design fees and other rights recognised on\nacquisition amounted to \u20ac2.6 million.
\n\u00a0
\nIn 2024, the Group also\npurchased the rights, title and interest in the Henry J.\nBean\u2019s trademark and fifty per cent of the rights, title and\ninterest in The Surrey trademark.
\n\u00a0
\nCosta Coffee\nMalta
\n\u00a0
\nThis cash-generating\nunit includes the operation of the Costa Coffee retail brand in\nMalta.\u00a0 At 31 December 2025, the Group operated twelve outlets\n(2024: fifteen) each enjoying a strategic location in areas popular\nfor retail operations. The carrying amount of the Brand design fees\nand other rights for Costa Coffee Malta amounted to \u20ac0.1\nmillion (2024: \u20ac0.1 million).
\n\u00a0
\nHenry J.\nBean\u2019s
\n\u00a0
\nThis cash-generating\nunit includes the operation of the Henry J. Bean\u2019s trademark.\nThe rights, title and interest in this trademark were acquired in\nquarter 2 of 2024 at a cost of \u20ac0.1 million.
\n\u00a0
\nThe\nSurrey
\n\u00a0
\nThe Group acquired 50%\nof the title, rights and interest in The Surrey trademark during\nthe year 2024 for an amount of \u20ac0.5 million.
\n\u00a0
\nOthers
\n\u00a0
\nOther intangible assets\nrepresent web-site development costs, a lease premium fee and\nlicences.
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n 253,492 \n | \n\n 161,635 \n | \n
| \n Change in fair\nvalue \n | \n\n 17,643 \n | \n\n 6,219 \n | \n
| \n Additions \n | \n\n 96 \n | \n\n 518 \n | \n
| \n Disposals \n | \n\n - \n | \n\n (3,021) \n | \n
| \n Transfer (to)/from\nproperty, plant and equipment ( Note\n15 ) \n | \n\n (6) \n | \n\n 93,775 \n | \n
| \n Transfer to assets\nclassified as held for sale ( Note\n23 ) \n | \n\n - \n | \n\n (3,342) \n | \n
| \n Currency translation\ndifferences \n | \n\n 5,397 \n | \n\n (2,292) \n | \n
| \n At 31\nDecember \n | \n\n 276,622 \n | \n\n 253,492 \n | \n
\u00a0
\nDuring 2024, the\nproperty in Prague, with a carrying amount of \u20ac94 million, was\ntransferred from property, plant and equipment following the\nleasing out of the hotel to a third party. The 2024 figure also\nincludes an amount of \u20ac0.2 million transferred to property,\nplant and equipment.
\n\u00a0
\nThe transfer to assets\nheld for sale relates to the apartment block in Lisbon. The\napartments were put on the market in 2024 with a number of them\nbeing sold during 2024 and the remaining being transferred to\nassets held for sale as disclosed in Note\n23 .
\n\u00a0
\n| \n a) \n | \n\n The Group investment\nproperties are valued annually on 31 December at fair value, by\nindependent professionally qualified valuers having appropriate\nrecognised professional qualifications and experience in the\nlocation and category of the property being valued. \n\u00a0 \nDisclosures required in\nterms of IFRS 13 in relation to fair value measurements\nattributable to investment property are presented in\nNote\n15.1 . \n\u00a0 \nThe carrying amount of\neach investment property is as follows: \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Investment\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Commercial Centre in St\nPetersburg \n | \n\n 42,432 \n | \n\n 36,829 \n | \n
| \n Commercial Centre in\nTripoli \n | \n\n 90,300 \n | \n\n 86,300 \n | \n
| \n Site in\nTripoli \n | \n\n 29,500 \n | \n\n 29,500 \n | \n
| \n IHI Towers\nsro \n | \n\n 109,959 \n | \n\n 96,563 \n | \n
| \n Office block in\nLondon \n | \n\n 4,431 \n | \n\n 4,300 \n | \n
| \n | \n 276,622 \n | \n\n 253,492 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\n| \n b) \n | \n\n Investment properties\nare hypothecated with a carrying amount of \u20ac234.2 million\n(2024: \u20ac216.7 million) in favour of the Group\u2019s bankers\nas collateral for amounts borrowed as stated in\nNote\n31 . \n | \n
| \n c) \n | \n\n Rental income earned by\nthe Group for the period from investment property amounted to\n\u20ac15.7 million (2024: \u20ac12.9 million) and direct expenses\namounted to \u20ac1.7 million (2024: \u20ac2.1 million). \n | \n
| \n d) \n | \n\n Direct operating\nexpenses in relation to investment properties that did not generate\nrental income amounted to \u20ac0.3 million (2024: \u20ac0.2\nmillion).\u00a0 \n | \n
| \n e) \n | \n\n All investment property\nis leased out under operating leases with rentals payable\nmonthly.\u00a0 Lease payments for some contracts include Consumer\nPrice Index (CPI) increases.\u00a0 Where considered necessary to\nreduce credit risk, the Group may obtain bank guarantees for the\nterm of the lease. \n | \n
\u00a0
\nAlthough the Group is\nexposed to changes in the residual value at the end of the current\nleases, the Group typically enters into new operating leases and\ntherefore will not immediately realise any reduction in residual\nvalue at the end of these leases.\u00a0 Expectations about the\nfuture residual values are reflected in the fair value of the\nproperties.
\n\u00a0
\nThe minimum lease\npayments receivable in accordance with IFRS 16 are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Within 1 year \n | \n\n 15,801 \n | \n\n 14,554 \n | \n
| \n Between 1 and 2\nyears \n | \n\n 15,136 \n | \n\n 14,094 \n | \n
| \n Between 2 and 3\nyears \n | \n\n 12,439 \n | \n\n 12,875 \n | \n
| \n Between 3 and 4\nyears \n | \n\n 4,003 \n | \n\n 11,320 \n | \n
| \n Between 4 and 5\nyears \n | \n\n 1,179 \n | \n\n 3,173 \n | \n
| \n \u00a0 \n | \n\n 48,558 \n | \n\n 56,016 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|||||
| \n \u00a0 \n | \n\n Land and\nbuildings \n | \n\n Plant and\nequipment \n | \n\n Furniture, fixtures\nand fittings \n | \n\n Motor\nvehicles \n | \n\n Assets in the\ncourse of construction \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost/revalued\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2024 \n | \n\n 1,407,539 \n | \n\n 137,701 \n | \n\n 123,131 \n | \n\n 1,129 \n | \n\n 124,463 \n | \n\n 1,793,963 \n | \n
| \n Revaluation \n | \n\n 75,894 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 75,894 \n | \n
| \n Revaluation adjustment\n* \n | \n\n (33,870) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (33,870) \n | \n
| \n Additions \n | \n\n 20,631 \n | \n\n 2,515 \n | \n\n 2,895 \n | \n\n 40 \n | \n\n 52,730 \n | \n\n 78,811 \n | \n
| \n Reallocations \n | \n\n 1,880 \n | \n\n 2,763 \n | \n\n 2,997 \n | \n\n - \n | \n\n (7,640) \n | \n\n - \n | \n
| \n Disposals \n | \n\n - \n | \n\n (1,242) \n | \n\n (135) \n | \n\n (269) \n | \n\n (606) \n | \n\n (2,252) \n | \n
| \n Other\nmovements \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (114) \n | \n\n (114) \n | \n
| \n Transfer to investment\nproperty \n | \n\n (134,867) \n | \n\n (4,862) \n | \n\n - \n | \n\n (12) \n | \n\n (42) \n | \n\n (139,783) \n | \n
| \n Transfer to assets\nclassified as held for sale \n | \n\n (132,378) \n | \n\n (38,259) \n | \n\n (12,706) \n | \n\n (160) \n | \n\n (389) \n | \n\n (183,892) \n | \n
| \n Currency translation\ndifferences \n | \n\n 22,210 \n | \n\n 2,125 \n | \n\n 2,308 \n | \n\n (4) \n | \n\n 235 \n | \n\n 26,874 \n | \n
| \n Balance at 31 December\n2024 \n | \n\n 1,227,039 \n | \n\n 100,741 \n | \n\n 118,490 \n | \n\n 724 \n | \n\n 168,637 \n | \n\n 1,615,631 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Balance at 1 January\n2025 \n | \n\n 1,227,039 \n | \n\n 100,741 \n | \n\n 118,490 \n | \n\n 724 \n | \n\n 168,637 \n | \n\n 1,615,631 \n | \n
| \n Revaluation\nsurplus \n | \n\n 28,065 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 28,065 \n | \n
| \n Revaluation adjustment\n* \n | \n\n (2,835) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (2,835) \n | \n
| \n Additions \n | \n\n 343 \n | \n\n 2,495 \n | \n\n 849 \n | \n\n 15 \n | \n\n 21,620 \n | \n\n 25,322 \n | \n
| \n Reallocations \n | \n\n 93,198 \n | \n\n 31,032 \n | \n\n 11,944 \n | \n\n - \n | \n\n (136,174) \n | \n\n - \n | \n
| \n Reallocations \u2013\nCost to Depreciation \n | \n\n 19,390 \n | \n\n 186 \n | \n\n 197 \n | \n\n - \n | \n\n - \n | \n\n 19,773 \n | \n
| \n Disposals \n | \n\n (74) \n | \n\n (215) \n | \n\n (462) \n | \n\n - \n | \n\n (143) \n | \n\n (894) \n | \n
| \n Transfer to Intangible\nAssets \n | \n\n - \n | \n\n (1,263) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (1,263) \n | \n
| \n Transfer to investment\nproperty \n | \n\n 6 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 6 \n | \n
| \n Currency translation\ndifferences \n | \n\n (20,335) \n | \n\n (1,934) \n | \n\n (2,113) \n | \n\n 65 \n | \n\n (672) \n | \n\n (24,989) \n | \n
| \n Balance at 31\nDecember 2025 \n | \n\n 1,344,797 \n | \n\n 131,042 \n | \n\n 128,905 \n | \n\n 804 \n | \n\n 53,268 \n | \n\n 1,658,816 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Depreciation and\nimpairment losses \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2024 \n | \n\n 226,535 \n | \n\n 116,198 \n | \n\n 108,656 \n | \n\n 729 \n | \n\n - \n | \n\n 452,118 \n | \n
| \n Depreciation for the\nyear \n | \n\n 16,035 \n | \n\n 4,745 \n | \n\n 3,317 \n | \n\n 66 \n | \n\n - \n | \n\n 24,163 \n | \n
| \n Net impairment\nlosses \n | \n\n (6,329) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (6,329) \n | \n
| \n Revaluation adjustment\n* \n | \n\n (33,870) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (33,870) \n | \n
| \n Reallocations \n | \n\n (307) \n | \n\n (145) \n | \n\n 455 \n | \n\n (3) \n | \n\n - \n | \n\n - \n | \n
| \n Disposals \n | \n\n - \n | \n\n (1,120) \n | \n\n (80) \n | \n\n (255) \n | \n\n - \n | \n\n (1,455) \n | \n
| \n Transfer to investment\nproperty \n | \n\n (41,348) \n | \n\n (4,647) \n | \n\n - \n | \n\n (13) \n | \n\n - \n | \n\n (46,008) \n | \n
| \n Transfer to assets\nclassified as held for sale \n | \n\n - \n | \n\n (27,356) \n | \n\n (12,391) \n | \n\n (157) \n | \n\n - \n | \n\n (39,904) \n | \n
| \n Currency translation\ndifferences \n | \n\n 28 \n | \n\n 1,972 \n | \n\n 2,112 \n | \n\n (3) \n | \n\n - \n | \n\n 4,109 \n | \n
| \n Balance at 31\nDecember 2024 \n | \n\n 160,744 \n | \n\n 89,647 \n | \n\n 102,069 \n | \n\n 364 \n | \n\n - \n | \n\n 352,824 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Balance at 1 January\n2025 \n | \n\n \u00a0 \n\u00a0160,744 \n | \n\n \u00a0 \n89,647 \n | \n\n \u00a0 \n102,069 \n | \n\n \u00a0 \n\u00a0364 \n | \n\n \u00a0 \n\u00a0-\u00a0\u00a0 \n | \n\n \u00a0 \n\u00a0352,824 \n | \n
| \n Depreciation for the\nyear \n | \n\n \u00a0 \n13,876 \n | \n\n \u00a0 \n4,792 \n | \n\n \u00a0 \n\u00a04,541 \n | \n\n \u00a0 \n52 \n | \n\n \u00a0 \n-\u00a0\u00a0 \n | \n\n \u00a0 \n23,261 \n | \n
| \n Net revaluation\nlosses \n | \n\n 19,930 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 19,930 \n | \n
| \n Revaluation adjustment\n* \n | \n\n (2,835) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (2,835) \n | \n
| \n Reallocations \n | \n\n (598) \n | \n\n 1,606 \n | \n\n (1,008) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Reallocations \u2013\nCost to Depreciation \n | \n\n 19,390 \n | \n\n 186 \n | \n\n 197 \n | \n\n - \n | \n\n - \n | \n\n 19,773 \n | \n
| \n Transfer to intangible\nassets \n | \n\n - \n | \n\n (817) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (817) \n | \n
| \n Disposals \n | \n\n (15) \n | \n\n (199) \n | \n\n (396) \n | \n\n - \n | \n\n - \n | \n\n (610) \n | \n
| \n Currency translation\ndifferences \n | \n\n \u00a0 \n(150) \n | \n\n \u00a0 \n(1,802) \n | \n\n \u00a0 \n(1,933) \n | \n\n \u00a0 \n\u00a062 \n | \n\n \u00a0 \n- \n | \n\n \u00a0 \n(3,823) \n | \n
| \n Balance at 31\nDecember 2025 \n | \n\n 210,342 \n | \n\n 93,413 \n | \n\n 103,470 \n | \n\n 478 \n | \n\n - \n | \n\n 407,703 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Carrying\namounts \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 1,181,004 \n | \n\n 21,503 \n | \n\n 14,475 \n | \n\n 400 \n | \n\n 124,463 \n | \n\n 1,341,845 \n | \n
| \n At 31 December\n2024 \n | \n\n 1,066,295 \n | \n\n 11,094 \n | \n\n 16,421 \n | \n\n 360 \n | \n\n 168,637 \n | \n\n 1,262,807 \n | \n
| \n At 31 December\n2025 \n | \n\n 1,134,455 \n | \n\n \u00a037,629 \n | \n\n 25,435 \n | \n\n 326 \n | \n\n 53,268 \n | \n\n 1,251,113 \n | \n
\u00a0
\n* Revaluation\nadjustments relate to the cumulative depreciation eliminated\nagainst the cost upon revaluation of the property during the\nprevious year.\u00a0 \u00a0
\n\u00a0
\nChanges in fair value\nduring 2025 in respect of the Group\u2019s properties amounting to\n\u20ac7.4 million have been recognised within other comprehensive\nincome.\u00a0 These fair value movements relate to an uplift to\nRadisson blu Resort, Corinthia Hotel St. Petersburg and Corinthia\nOasis Malta, and a fair value loss on the Corinthia Hotel London.\nIn 2024, changes in fair value in respect of the Group\u2019s\nproperties amounting to \u20ac75.9 million have been recognised\nwithin other comprehensive income. These fair value movements\nrelate to an uplift to Corinthia Hotel Lisbon, Corinthia Hotel\nLondon, Golden Sands Resort Hotel, Corinthia Oasis and Corinthia\nHotel St. Petersburg, and a fair value loss on the Corinthia Hotel\nBudapest.
\n\u00a0
\nDuring the year an\namount of \u20ac0.7 million was recognised in the profit and loss\naccount in relation to an impairment reversal on the office block\nin London. In 2024, an amount of \u20ac6.5 million was also\nrecognised in the profit and loss account in relation to an\nimpairment reversal on the Corinthia Hotel Tripoli. This was\npartially offset by an impairment of \u20ac0.2 million on the\noffice block in London.
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nCompany \n | \n||||
| \n \u00a0 \n | \n\n Land and\nbuildings \n | \n\n Plant and\nequipment \n | \n\n Furniture, fixtures\nand fittings \n | \n\n Motor\nvehicles \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2024 \n | \n\n 4 \n | \n\n 318 \n | \n\n 230 \n | \n\n 42 \n | \n\n 594 \n | \n
| \n Additions \n | \n\n 14 \n | \n\n 21 \n | \n\n 57 \n | \n\n - \n | \n\n 92 \n | \n
| \n Balance at 31 December\n2024 \n | \n\n 18 \n | \n\n 339 \n | \n\n 287 \n | \n\n 42 \n | \n\n 686 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2025 \n | \n\n 18 \n | \n\n 339 \n | \n\n 287 \n | \n\n 42 \n | \n\n 686 \n | \n
| \n Additions \n | \n\n 3 \n | \n\n 23 \n | \n\n 12 \n | \n\n - \n | \n\n 38 \n | \n
| \n Disposal \n | \n\n - \n | \n\n (1) \n | \n\n - \n | \n\n - \n | \n\n (1) \n | \n
| \n Balance at 31\nDecember 2025 \n | \n\n 21 \n | \n\n 361 \n | \n\n 299 \n | \n\n 42 \n | \n\n 723 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Depreciation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2024 \n | \n\n 1 \n | \n\n 261 \n | \n\n 150 \n | \n\n 42 \n | \n\n 454 \n | \n
| \n Depreciation for the\nyear \n | \n\n 1 \n | \n\n 24 \n | \n\n 14 \n | \n\n - \n | \n\n 39 \n | \n
| \n Balance at 31 December\n2024 \n | \n\n 2 \n | \n\n 285 \n | \n\n 164 \n | \n\n 42 \n | \n\n 493 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2025 \n | \n\n 2 \n | \n\n 285 \n | \n\n 164 \n | \n\n 42 \n | \n\n 493 \n | \n
| \n Depreciation for the\nyear \n | \n\n 2 \n | \n\n 21 \n | \n\n 19 \n | \n\n - \n | \n\n 42 \n | \n
| \n Balance at 31\nDecember 2025 \n | \n\n 4 \n | \n\n 306 \n | \n\n 183 \n | \n\n 42 \n | \n\n 535 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Carrying\namounts \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 3 \n | \n\n 57 \n | \n\n 80 \n | \n\n - \n | \n\n 140 \n | \n
| \n At 31 December\n2024 \n | \n\n 16 \n | \n\n 54 \n | \n\n 123 \n | \n\n - \n | \n\n 193 \n | \n
| \n At 31 December\n2025 \n | \n\n 17 \n | \n\n 55 \n | \n\n 116 \n | \n\n - \n | \n\n 188 \n | \n
\u00a0
\n\u00a0
\nThe valuations\nreflected in the statement of financial position at reporting date\ntake into account conditions existing at year end and do not\nreflect any subsequent developments.
\nIn 2025, the directors\nappointed independent professionally qualified property valuers\nhaving appropriate recognised professional qualifications and the\nnecessary experience.\u00a0 Where a valuation resulted in an amount\nthat was significantly different than the carrying amount of the\nrespective property, the book value of the property was adjusted as\nat the respective year end date, as the directors had reviewed the\ncarrying amount of the properties on the basis of assessments by\nthe property valuers. \u00a0
\nIn addition to the\nrevaluations carried out on hotel properties, the Group\u2019s\ninvestment properties are measured at fair value on an annual basis\nas required by IAS 40.
\n\u00a0
\nThe resultant shift in\nvalue, net of applicable deferred income taxes, was reflected\nwithin the revaluation reserve in shareholders\u2019 equity\n( Note\n26 ) or in profit or loss in\naccordance with the Group\u2019s accounting policies.\u00a0\nAdjustments to the carrying amounts of the properties are disclosed\nin the tables below.
\n\u00a0
\nThe Group is required\nto analyse non-financial assets carried at fair value by level of\nthe fair value hierarchy within which, the recurring fair value\nmeasurements are categorised in their entirety (Level 1, 2 or 3).\nThe different levels of the fair value hierarchy have been defined\nas fair value measurements using:
\n\u00a0
\n| \n \u2022 \n | \n\n Quoted prices\n(unadjusted) in active markets for identical assets (Level\n1); \n | \n
| \n \u2022 \n | \n\n Inputs other than quoted\nprices included within Level 1 that are observable for the asset,\neither directly (that is, as prices) or indirectly (that is,\nderived from prices) (Level 2); \n | \n
| \n \u2022 \n | \n\n Inputs for the asset\nthat are not based on observable market data (that is, unobservable\ninputs) (Level 3). \n | \n
\u00a0
\nThe Group\u2019s land\nand buildings, within property, plant and equipment, consists\nprincipally of hotel and other properties that are owned and\nmanaged by companies forming part of the Group. The Group\u2019s\ninvestment property comprises property that is held for long-term\nrental yields or for capital appreciation or both, and principally\ncomprise the Commercial Centre in St Petersburg, the Commercial\nCentre in Tripoli and a site forming part of the grounds of the\nCorinthia Hotel in Tripoli, the hotel in Prague as from quarter 2\n2024, and an office block in London. All the recurring property\nfair value measurements at 31 December 2025 and 2024, as\napplicable, use significant unobservable inputs and are accordingly\ncategorised within Level 3 of the fair valuation\nhierarchy.
\n\u00a0
\nThe Group\u2019s\npolicy is to recognise transfers into and out of fair value\nhierarchy levels as of the beginning of the reporting period.\u00a0\nThere were no transfers between different levels of the fair value\nhierarchy during the current and preceding financial\nyears.
\n\u00a0
\nA reconciliation from\nthe opening balance to the closing balance of property for\nrecurring fair value measurements categorised within Level 3 of the\nfair value hierarchy, for the current and preceding financial\nyears, is reflected in the table above and in Note\n14 for investment property.
\n\u00a0
\nValuation\nprocesses
\n\u00a0
\nThe Group assesses\nwhether the carrying amount of properties differs materially from\nfair value. This assessment is based on both quantitative and\nqualitative factors including changes in asset specific performance\nor use, macro-economic conditions in relevant jurisdictions and\nmarket based indicators.
\n\u00a0
\nThis framework is\napplied consistently across the Group\u2019s portfolio and where\nmanagement, through its assessment, concludes that the fair value\nof properties differs materially from its carrying amount, an\nindependent valuation report prepared by third party qualified\nvaluers, is performed. These reports are based on both:
\n\u00a0
\n| \n \u2022 \n | \n\n information provided\nby the Group which is derived from the respective company\u2019s\nfinancial systems and is subject to the company\u2019s overall\ncontrol environment; and \n | \n
| \n \u2022 \n | \n\n assumptions and\nvaluation models used by the valuers, with assumptions being\ntypically market related and based on professional judgement and\nmarket observation.\u00a0 \n | \n
\u00a0
\nThe information\nprovided to the valuers, together with the assumptions and the\nvaluation models used by the valuers, are reviewed by designated\nofficers within the Group.\u00a0 This includes a review of fair\nvalue movements over the period.\u00a0 When the designated officers\nconsider that the valuation report is appropriate, the valuation\nreport is recommended to the Audit Committee and Board of\ndirectors.\u00a0 The Audit Committee and Board then consider the\nvaluation report as part of their overall\nresponsibilities.
\n\u00a0
\nThe external\nvaluations of the Level 3 property as at 31 December 2025 and 2024,\nas applicable, have been performed using a multi-criteria approach,\nwith every property being valued utilising the valuation technique\nconsidered by the external valuer to be the most appropriate for\nthe respective property.
\nIn view of a limited\nnumber of similar or comparable properties and property\ntransactions, comprising sales or rentals in the respective market\nin which the properties are located, the valuations have been\nperformed using unobservable inputs. The significant inputs to the\napproaches used are generally those described below:
\nIncome capitalisation\nor discounted cash flow (\u201cDCF\u201d) approach: considers the\nfree cash flows arising from the projected income streams expected\nto be derived from the operation of the property, discounted to\npresent value using an estimate of the weighted average cost of\ncapital that would be available to finance such an operation.\u00a0\nThe significant unobservable inputs utilised with this technique\ninclude:
\n\u00a0
\n| \n Operating results before\ndepreciation and fair value gains/(losses) \n | \n\n based on projected\nincome streams less operating expenditure necessary to operate the\nproperty, but prior to depreciation and financing\ncharges; \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Growth rate \n | \n\n based on\nmanagement\u2019s estimated average growth of operating results\nbefore depreciation and fair value gains/(losses) levels, mainly\ndetermined by projected growth in income streams; \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Discount rate \n | \n\n reflecting the current\nmarket assessment of the uncertainty in the amount and timing of\nprojected cash flows. The discount rate reflects the estimated\nweighted average cost of capital that would be available for\nfinancing such an operation.\u00a0 The discount rate is based on an\nassumed debt to equity ratio; estimation of cost of equity is based\non risk free interest rates adjusted for country risk and equity\nrisk premium adjusted for entity-specific risk factor. Estimation\nof cost of debt is based on risk free interest rates adjusted for\ncountry risk and assumed credit spread. \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Capitalisation\nrate \n | \n\n mainly a function of the\nWACC rate and taking into consideration the assumed stabilised\ngrowth rate for the remaining life of the asset \n | \n
\u00a0
\nAdjusted sales\ncomparison approach: a sales price per square metre or per room\nrelated to transactions in comparable properties located in\nproximity to the respective property, with adjustments for\ndifferences in the size, age, exact location and condition of the\nproperty.
\n\u00a0
\nThe table below includes\ninformation about fair value measurements of hotel properties\n(classified within property, plant and equipment) and investment\nproperties using significant unobservable inputs (Level 3).\u00a0\nFor hotel properties, where, following management\u2019s\nassessment or an independent valuation, the fair value of the\nrespective property did not differ materially from its carrying\namount as at year-end, the fair value inputs disclosed for that\nrespective property are those that were used in the last valuation\nthat gave rise to a revaluation.
Information about\nfair value measurements using significant unobservable inputs\n(Level 3) as at 31 December 2025
\n| \n \u00a0 \n | \n\n Fair value\nat \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Description by\nclass based on highest and best use \n | \n\n \u20ac\u2019000\u00a0 \n | \n\n \u20ac\u2019000\u00a0 \n | \n\n \u00a0 \n | \n\n Valuation\ntechnique \n | \n\n Significant\nunobservable inputs \n | \n|||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Current use as\nhotel/other properties (classified as property,\u00a0 plant and\nequipment): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Income\ncapitalisation approach (DCF) \n | \n\n Evolution of\noperating results before depreciation and fair value gains/(losses)\nover initial projected five-year period \n | \n\n Pre-tax rate\n(WACC) \n | \n\n Growth\nrate \n | \n\n Capitalisation\nrate \n | \n||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n||||||
| \n Marina Hotel, St.\nGeorge\u2019s Bay, Malta \n | \n\n 33,758 \n | \n\n 34,239 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 10.34 \n | \n\n 9.98 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 8.34 \n | \n\n 7.98 \n | \n||||||
| \n \u20ac2.6m -\n\u20ac2.8m \n | \n\n \u20ac2.6m -\n\u20ac2.8m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel, St.\nGeorge\u2019s Bay, Malta \n | \n\n 54,598 \n | \n\n 55,562 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 9.65 \n | \n\n 9.27 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 7.65 \n | \n\n 7.27 \n | \n||||||
| \n \u20ac3.5m -\n\u20ac4.4m \n | \n\n \u20ac3.9m -\n\u20ac4.2m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel St\nPetersburg \u00a0 \n | \n\n 68,018 \n | \n\n 56,945 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 13.50 \n | \n\n 14.25 \n | \n\n 4.00 \n | \n\n 4.50 \n | \n\n 9.50 \n | \n\n 9.75 \n | \n||||||
| \n RUB718.7m \u2013\nRUB859.8m \n | \n\n RUB656.5m \u2013\nRUB819.7m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel\nTripoli \n | \n\n 69,255 \n | \n\n 70,888 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 15.21 \n | \n\n 15.60 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 13.21 \n | \n\n 13.60 \n | \n||||||
| \n \u20ac2.0m -\n\u20ac5.9m \n | \n\n \u20ac2.9m -\n\u20ac6.3m \n | \n|||||||||||||||||
| \n \u00a0 \n\u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n||||||||||||||||||
| \n \u00a0 \n | \n||||||||||||||||||
| \n \u00a0 \n | \n\n Fair value\nat \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Description by\nclass based on highest and best use \n | \n\n \u20ac\u2018000 \n | \n\n \u20ac\u2018000 \n | \n\n \u00a0 \n | \n\n Valuation\ntechnique \n | \n\n Significant\nunobservable inputs \n | \n|||||||||||||
| \n Current use as\nhotel/other properties (classified as property,\u00a0plant and\nequipment): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Income\ncapitalisation approach (DCF) \n | \n\n Evolution of\noperating results before depreciation and fair value gains/(losses)\nover initial projected five-year period \n | \n\n Pre-tax rate\n(WACC) \n | \n\n Growth\nrate \n | \n\n Capitalisation\nrate \n | \n||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n||||||
| \n Radisson Blu Resort,\nMalta \n | \n\n 55,999 \n | \n\n 45,069 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 10.31 \n | \n\n 10.66 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 8.31 \n | \n\n 8.66 \n | \n||||||
| \n \u20ac4.0m -\n\u20ac4.9m \n | \n\n \u20ac3.7m -\n\u20ac4.0m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel\nLondon \n | \n\n 534,036 \n | \n\n 580,091 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 7.70 \n | \n\n 7.90 \n | \n\n 3.70 \n | \n\n \u00a0 \n3.90 \n | \n\n 4.00 \n | \n\n 4.00 \n | \n||||||
| \n \u00a327.7m -\n\u00a336.4m \n | \n\n \u00a323.2m -\n\u00a328.9m \n | \n|||||||||||||||||
| \n Corinthia Grand Hotel\nAstoria, Brussels \n | \n\n 130,121 \n | \n\n 124,709 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nFY25-FY29 | \n\n 7.00 \n | \n\n 7.00 \n | \n\n 2.75 \n | \n\n 2.75 \n | \n\n 4.25 \n | \n\n 4.25 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n IHI Palace Hotel\nCompany Limited, Malta \n | \n\n 31,179 \n | \n\n 31,223 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 9.82 \n | \n\n 11.60 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 7.82 \n | \n\n 9.60 \n | \n||||||
| \n \u20ac0.7m -\n\u20ac3.2m \n | \n\n -\u20ac0.4m -\n\u20ac3.2m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Golden Sands Resort,\nMalta \n | \n\n 90,308 \n | \n\n 91,001 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 10.21 \n | \n\n 9.31 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 8.21 \n | \n\n 7.31 \n | \n||||||
| \n \u20ac6.5m -\n\u20ac7.3m \n | \n\n \u20ac5.4m -\n\u20ac6.9m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel\nBudapest \n | \n\n 111,426 \n | \n\n 112,600 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 9.83 \n | \n\n 9.48 \n | \n\n 3.00 \n | \n\n 2.00 \n | \n\n 6.83 \n | \n\n 7.48 \n | \n||||||
| \n \u20ac4.8m -\n\u20ac10.4m \n | \n\n \u20ac6.3m -\n\u20ac8.9m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n||||||||||||||||||
| \n \u00a0 \n | \n\n Fair value\nat \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Description by\nclass based on highest and best use \n | \n\n \u20ac\u2018000 \n | \n\n \u20ac\u2018000 \n | \n\n \u00a0 \n | \n\n Valuation\ntechnique \n | \n\n Significant\nunobservable inputs \n | \n|||||||||||||
| \n Current use as\nhotel/other properties (classified as property,\u00a0plant and\nequipment): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Adjusted\nsales-comparison approach \n | \n\n Sales price per\nsquare meter \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Office block in\nLondon \n | \n\n 7,602 \n | \n\n 7,375 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a311,291 \n | \n\n \u00a310,398 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Oasis\nMalta \n | \n\n 60,484 \n | \n\n 48,200 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac\n753 \n | \n\n \u20ac\n595 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Current property for\ncommercial use (classified as investment property): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Income\ncapitalisation approach (DCF) \n | \n\n Evolution of\noperating results before depreciation and fair value gains/(losses)\nover initial projected five-year period \n | \n\n Pre-tax rate\n(WACC) \n | \n\n Growth\nrate \n | \n\n Capitalisation\nrate \n | \n||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n||||||
| \n Commercial Centre in St\nPetersburg \n | \n\n 42,432 \n | \n\n 36,829 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 13.75 \n | \n\n 13.62 \n | \n\n 4.00 \n | \n\n 4.00 \n | \n\n 9.75 \n | \n\n 9.62 \n | \n||||||
| \n RUB75.9m \u2013\nRUB472.6m \n | \n\n RUB81.1m \u2013\nRUB466.8m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Commercial Centre in\nTripoli \n | \n\n 90,300 \n | \n\n 86,300 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 7.90 \n | \n\n 7.72 \n | \n\n 0.00 \n | \n\n 0.00 \n | \n\n 7.90 \n | \n\n 7.72 \n | \n||||||
| \n \u20ac5.0m -\n\u20ac7.1m \n | \n\n \u20ac4.6m -\n\u20ac6.3m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Grand Hotel Prague\nTowers* \n | \n\n 109,959 \n | \n\n 96,563 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n\u20ac5.5m -\n\u20ac8.2m \n | \n\n FY25-FY29 \n\u20ac5.5m -\n\u20ac4.6m \n | \n\n 9.03 \n | \n\n 8.43 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 7.03 \n | \n\n 6.43 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n *Corinthia Hotel\nPrague was transferred to investment property as disclosed\nin Note 14\n. \n | \n||||||||||||||||||
| \n Current property for\ncommercial use (classified as investment property): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Adjusted\nsales-comparison approach \n | \n\n Sales price per\nsquare meter \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Site in\nTripoli \n | \n\n 29,500 \n | \n\n 29,500 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac\n2,300 \n | \n\n \u20ac\n2,300 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Office block in\nLondon \n | \n\n 4,431 \n | \n\n 4,300 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a311,291 \n | \n\n \u00a311,398 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
In relation to the DCF\napproach, an increase in the projected level of operating results\nbefore depreciation and fair value and growth rate would result in\nan increased fair value of the property, whereas a higher discount\nrate would give rise to a lower fair value.\u00a0 With respect to\nthe adjusted sales comparison approach, the higher the sales price\nper square metre, the higher the resultant fair\nvaluation.
\n\u00a0
\nDuring the current year,\nuplifts were recognized for Radisson Blu Resort, Corinthia Hotel St\nPetersburg, Corinthia Oasis Malta and a fair value loss on\nCorinthia Hotel London.
\n\u00a0
\nIn 2024, the Group\nrecognized a significant fair value uplift in respect to Corinthia\nHotel Lisbon using the market value approach (refer also to\nNote\n23 ). Fair value increases were\nalso recognised for, Corinthia Hotel London, Golden Sands Resort\nHotel, Corinthia Oasis and Corinthia Hotel St. Petersburg, against\na fair value loss on the Corinthia Hotel Budapest.The shift in the\ncarrying amounts of the Corinthia Hotel St. Petersburg and\nCorinthia Hotel London in 2025 and 2024 were also affected by\ntranslating the financial position of the respective subsidiaries\nthat own these properties from their functional currencies (RUB and\nGBP respectively) into the Group\u2019s presentation currency\n(EUR) at year end.
\n\u00a0
\nAs evidenced in the\ntables above, the highest and best use of the Group properties is\nequivalent to their current use as at 31 December 2025.
\n\u00a0\u00a0
\nThe sensitivity of the\nproperty valuations to possible shifts in key assumptions is\nillustrated in the table below:
\n\u00a0
\n| \n \u00a0 \n | \n\n Shift in discount\nrate \n | \n\n Shift in cash flows\n(operating results before depreciation and fair value) (+/-\n5%) \n | \n|||
| \n \u00a0 \n | \n\n +/-\n1% \n | \n\n +/-\n1% \n | \n\n \u00a0 \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 202 4 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n\n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Corinthia Hotel &\nSpa Lisbon* \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n|
| \n Corinthia Hotel\nBudapest \n | \n\n -16,986 to\n+22,891 \n | \n\n -13,076 to\n+17,111 \n | \n\n +/-\n5,575 \n | \n\n +/- 5,627 \n | \n|
| \n Corinthia Hotel\nPrague \n | \n\n -13,594 to\n+18,108 \n | \n\n -11,515 to\n+15,757 \n | \n\n +/-\n5,500 \n | \n\n +/- 4,515 \n | \n|
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n -3,593 to\n+4,574 \n | \n\n -3,695 to\n+4,753 \n | \n\n +/-\n1,700 \n | \n\n +/- 1,722 \n | \n|
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n -6,232 to\n+8,110 \n | \n\n -6,526 to\n+8,606 \n | \n\n +/-\n2,729 \n | \n\n +/- 2,791 \n | \n|
| \n Corinthia Hotel St\nPetersburg \n | \n\n -5,750 to\n+7,078 \n | \n\n -4,574 to\n+5,591 \n | \n\n +/-\n1,560 \n | \n\n +/- 2,847 \n | \n|
| \n Corinthia Hotel\nTripoli \n | \n\n -6,615 to\n+7,822 \n | \n\n -6,553 to\n+7,718 \n | \n\n +/-\n3,465 \n | \n\n +/- 3,545 \n | \n|
| \n Commercial Centre in St\nPetersburg \n | \n\n -4,115 to\n+5,067 \n | \n\n -3,623 to\n+4,475 \n | \n\n +/-\n2,122 \n | \n\n +/- 1,841 \n | \n|
| \n Commercial Centre in\nTripoli \n | \n\n -10,538 to\n+13,629 \n | \n\n -11,515 to\n+15,757 \n | \n\n +/-\n4,491 \n | \n\n +/- 4,315 \n | \n|
| \n Radisson Blu Resort,\nMalta \n | \n\n -5,866\nto+7,473 \n | \n\n -4,495\nto+5,668 \n | \n\n +/-\n2,795 \n | \n\n +/- 2,258 \n | \n|
| \n Corinthia Hotel\nLondon \n | \n\n -88,167 to\n+142,554 \n | \n\n -47,990 to\n+43,601 \n | \n\n +/-\n23,300 \n | \n\n +/- 29,565 \n | \n|
| \n Corinthia Palace Hotel\nand Spa, Malta \n | \n\n -4,265 to\n+5,536 \n | \n\n -2,802 to\n+3,475 \n | \n\n +/-\n1,559 \n | \n\n +/- 1,173 \n | \n|
| \n Golden Sands Resort,\nMalta \n | \n\n -9,966 to\n+12,839 \n | \n\n -10,611 to\n+13,972 \n | \n\n +/-3,419 \n | \n\n +/-4,500 \n | \n|
| \n Corinthia Grand Hotel\nAstoria, Brussels \n | \n\n -24,106 to\n+36,865 \n | \n\n -11,854 to\n+10,749 \n | \n\n +/-6,506 \n | \n\n +/-6,799 \n | \n|
| \n | \n | \n | \n | \n | \n |
\u00a0
\n*Corinthia Hotel &\nSpa Lisbon was transferred to assets held for sale as disclosed\nin Note\n23 .
\n\u00a0
\n\u00a0
\nRevaluation surplus and\nimpairment charges recognised in other comprehensive income (within\nrevaluation reserve), gross of deferred tax:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n At 1 January\n2025 \n | \n\n Movement \n | \n\n At 31 December\n2025 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 27,275 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a027,275 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 74,798 \n | \n\n \u00a01,000\u00a0\u00a0 \n | \n\n \u00a075,798 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 24,121 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a024,121 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 17,610 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a017,610 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n 126,797 \n | \n\n (20,662) \n | \n\n \u00a0106,135 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 15,189 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a015,189 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 12,417 \n | \n\n \u00a03,955 \n | \n\n \u00a016,372 \n | \n
| \n Radisson Blu Resort,\nMalta \n | \n\n 16,985 \n | \n\n \u00a012,110 \n | \n\n \u00a029,095 \n | \n
| \n Golden Sands Resort,\nMalta \n | \n\n 15,690 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a015,690 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n 9,264 \n | \n\n \u00a012,000\u00a0\u00a0 \n | \n\n \u00a021,264 \n | \n
| \n \u00a0 \n | \n\n 340,146 \n | \n\n 8,403 \n | \n\n 348,549 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n At 1 January\n2024 \n | \n\n Movement \n | \n\n At 31 December\n2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 27,275 \n | \n\n - \n | \n\n 27,275 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 47,111 \n | \n\n 27,687 \n | \n\n 74,798 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 17,857 \n | \n\n 6,264 \n | \n\n 24,121 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 20,629 \n | \n\n (3,019) \n | \n\n 17,610 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n 111,433 \n | \n\n 15,364 \n | \n\n 126,797 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 15,189 \n | \n\n - \n | \n\n 15,189 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 4,069 \n | \n\n 8,348 \n | \n\n 12,417 \n | \n
| \n Radisson Blu Resort,\nMalta \n | \n\n 16,985 \n | \n\n - \n | \n\n 16,985 \n | \n
| \n Golden Sands\nResort \n | \n\n 3,704 \n | \n\n 11,986 \n | \n\n 15,690 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n - \n | \n\n 9,264 \n | \n\n 9,264 \n | \n
| \n \u00a0 \n | \n\n 264,252 \n | \n\n 75,894 \n | \n\n 340,146 \n | \n
\u00a0
\nImpairment charges\nrecognised in profit or loss, gross of deferred tax:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n At 1 January\n2025 \n | \n\n Movement \n | \n\n At 31 December\n2025 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel and other\nproperties \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 522 \n | \n\n - \n | \n\n \u00a0522 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 1,068 \n | \n\n - \n | \n\n \u00a01,068 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 3,642 \n | \n\n - \n | \n\n \u00a03,642 \n | \n
| \n Corinthia Hotel\nTripoli \n | \n\n 1,554 \n | \n\n - \n | \n\n \u00a01,554 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 1,628 \n | \n\n - \n | \n\n \u00a01,628 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 340 \n | \n\n - \n | \n\n \u00a0340 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 121 \n | \n\n - \n | \n\n \u00a0121 \n | \n
| \n Office block in\nLondon \n | \n\n 1,087 \n | \n\n (731) \n | \n\n \u00a0356 \n | \n
| \n \u00a0 \n | \n\n 9,962 \n | \n\n (731) \n | \n\n \u00a09,231 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n At 1 January\n2024 \n | \n\n Movement \n | \n\n At 31 December\n2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 522 \n | \n\n - \n | \n\n 522 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 1,068 \n | \n\n - \n | \n\n 1,068 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 3,642 \n | \n\n - \n | \n\n 3,642 \n | \n
| \n Corinthia Hotel\nTripoli \n | \n\n 8,038 \n | \n\n (6,484) \n | \n\n 1,554 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 1,628 \n | \n\n - \n | \n\n 1,628 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 340 \n | \n\n - \n | \n\n 340 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 121 \n | \n\n - \n | \n\n 121 \n | \n
| \n Office block in\nLondon \n | \n\n 932 \n | \n\n 155 \n | \n\n 1,087 \n | \n
| \n \u00a0 \n | \n\n 16,291 \n | \n\n (6,329) \n | \n\n 9,962 \n | \n
\u00a0
\nThe description of the\nhotel and other properties in the above tables indicate the segment\nto which each hotel property pertains.
\n\u00a0
\nThe shifts in fair value\ndetermined in 2025 and 2024, reflected in the above tables, are\nprincipally attributable to changes in the projected financial\nperformance and net operating cash inflows of the hotel properties\nand commercial center\u2019s except for the Corinthia Hotel Lisbon\nas explained earlier in
Note\n15.1 .\u00a0
\u00a0
\nThe impairment charges\nrecognized are attributable to reductions in the carrying amount of\nproperty so as to reflect the recoverable amount based on computing\nvalue in use determined at individual asset level.
\n\u00a0
\n\u00a0
\nFollowing the\nadjustments to revision of the hotel property carrying amounts to\nreflect the outcome of the fair valuation process referred to above\nat each reporting period, the carrying amount of each hotel\nproperty is as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel and other\nproperties \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 54,598 \n | \n\n 55,562 \n | \n
| \n Corinthia Hotel\nTripoli \n | \n\n 69,255 \n | \n\n 70,888 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 111,426 \n | \n\n 112,600 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 68,018 \n | \n\n 56,945 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n 534,036 \n | \n\n 580,091 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 33,758 \n | \n\n 34,239 \n | \n
| \n Radisson Blu Resort,\nMalta \n | \n\n 55,999 \n | \n\n 45,069 \n | \n
| \n Golden Sands Resort\nLimited \n | \n\n 90,308 \n | \n\n 91,001 \n | \n
| \n Corinthia Palace Hotel\nand Spa, Malta \n | \n\n 31,179 \n | \n\n 31,223 \n | \n
| \n Office block in\nLondon \n | \n\n 7,602 \n | \n\n 7,375 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n 60,484 \n | \n\n 48,200 \n | \n
| \n Corinthia Grand Hotel\nAstoria, Brussels \n | \n\n 130,121 \n | \n\n 124,709 \n | \n
| \n \u00a0 \n | \n\n 1,246,784 \n | \n\n 1,257,902 \n | \n
\u00a0
\n\u00a0
\nIf the cost model had\nbeen used, the carrying amounts of the revalued land and buildings\nwould be \u20ac788 million (2024: \u20ac710 million). The revalued\namounts include a revaluation surplus of \u20ac348.5 million before\ntax (2024: \u20ac340.1 million), which is not available for\ndistribution to the shareholders of IHI.
\n\u00a0
\n\u00a0
\nAll tangible fixed\nassets owned by the Group, except for Corinthia Hotel &\ncommercial centre in St. Petersburg and the Corinthia Oasis land,\nare hypothecated in favour of the Group\u2019s bankers as\ncollateral for amounts borrowed as stated in Note\n31 . \u00a0 The Corinthia Hotel Budapest is hypothecated in favour\nof a bond as stated in Note\n32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "zsmskTimx0": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||||||
| \n \u00a0 \n | \n\n Goodwill \n | \n\n Brands \n | \n\n Brand design fee\nand other rights \n | \n\n Concessions \n | \n\n Operating\ncontracts \n | \n\n Others \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 37,608 \n | \n\n 25,121 \n | \n\n 9,154 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,302 \n | \n\n 99,982 \n | \n
| \n Additions \n | \n\n - \n | \n\n 606 \n | \n\n 12 \n | \n\n - \n | \n\n - \n | \n\n 733 \n | \n\n 1,351 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (223) \n | \n\n (223) \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n 19 \n | \n\n 2 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 21 \n | \n
| \n At 31 December\n2024 \n | \n\n 37,608 \n | \n\n 25,746 \n | \n\n 9,168 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,812 \n | \n\n 101,131 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 37,608 \n | \n\n 25,746 \n | \n\n 9,168 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 4,812 \n | \n\n 101,131 \n | \n
| \n Additions \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 144 \n | \n\n 144 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n (58) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (58) \n | \n
| \n Transfer from \nProperty,plant and\nequipment \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 1,263 \n | \n\n 1,263 \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n (56) \n | \n\n (3) \n | \n\n - \n | \n\n - \n | \n\n (16) \n | \n\n (75) \n | \n
| \n At 31 December\n2025 \n | \n\n 37,608 \n | \n\n 25,690 \n | \n\n 9,107 \n | \n\n 463 \n | \n\n 23,334 \n | \n\n 6,203 \n | \n\n 102,405 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amortisation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,080 \n | \n\n 463 \n | \n\n 20,179 \n | \n\n 3,190 \n | \n\n 53,587 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n - \n | \n\n 22 \n | \n\n - \n | \n\n 1,167 \n | \n\n 604 \n | \n\n 1,793 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (223) \n | \n\n (223) \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n - \n | \n\n 2 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 2 \n | \n
| \n At 31 December\n2024 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,104 \n | \n\n 463 \n | \n\n 21,346 \n | \n\n 3,571 \n | \n\n 55,159 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 17,482 \n | \n\n 3,193 \n | \n\n 9,104 \n | \n\n 463 \n | \n\n 21,346 \n | \n\n 3,571 \n | \n\n 55,159 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 22 \n | \n\n 14 \n | \n\n - \n | \n\n 1,167 \n | \n\n 811 \n | \n\n 2,014 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n (54) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (54) \n | \n
| \n Transfer from \nProperty,plant and\nequipment \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 817 \n | \n\n 817 \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n (1) \n | \n\n (3) \n | \n\n - \n | \n\n - \n | \n\n (15) \n | \n\n (19) \n | \n
| \n At 31 December\n2025 \n | \n\n 17,482 \n | \n\n 3,214 \n | \n\n 9,061 \n | \n\n 463 \n | \n\n 22,513 \n | \n\n 5,184 \n | \n\n 57,917 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Carrying\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 20,126 \n | \n\n 21,928 \n | \n\n 74 \n | \n\n - \n | \n\n 3,155 \n | \n\n 1,112 \n | \n\n 46,395 \n | \n
| \n At 31 December\n2024 \n | \n\n 20,126 \n | \n\n 22,553 \n | \n\n 64 \n | \n\n - \n | \n\n 1,988 \n | \n\n 1,241 \n | \n\n 45,972 \n | \n
| \n At 31 December\n2025 \n | \n\n 20,126 \n | \n\n 22,476 \n | \n\n 46 \n | \n\n - \n | \n\n 821 \n | \n\n 1,019 \n | \n\n 44,488 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n Brand \n | \n\n Others \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 2,400 \n | \n\n 111 \n | \n\n 2,511 \n | \n
| \n Additions \n | \n\n - \n | \n\n 10 \n | \n\n 10 \n | \n
| \n At 31 December\n2024 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n Additions \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n At 31 December\n2025 \n | \n\n 2,400 \n | \n\n 121 \n | \n\n 2,521 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amortisation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n - \n | \n\n 103 \n | \n\n 103 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 7 \n | \n\n 7 \n | \n
| \n At 31 December\n2024 \n | \n\n - \n | \n\n 110 \n | \n\n 110 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2025 \n | \n\n - \n | \n\n 110 \n | \n\n 110 \n | \n
| \n Amortisation for the\nyear \n | \n\n - \n | \n\n 5 \n | \n\n 5 \n | \n
| \n At 31 December\n2025 \n | \n\n - \n | \n\n 115 \n | \n\n 115 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Carrying\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 2,400 \n | \n\n 8 \n | \n\n 2,408 \n | \n
| \n At 31 December\n2024 \n | \n\n 2,400 \n | \n\n 11 \n | \n\n 2,411 \n | \n
| \n At 31 December\n2025 \n | \n\n 2,400 \n | \n\n 6 \n | \n\n 2,406 \n | \n
\u00a0
\nBrand
\n\u00a0
\nIn December 2010, the\nCompany purchased the Corinthia brand from its parent company\n(CPHCL) for \u20ac19.6 million. \u00a0This value was determined by\nindependent valuers on the basis of the projected income statements\nof existing hotels as at the end of 2009 and was subject to an\nadjustment following a similar valuation exercise based on 2010\nfigures.\u00a0
\n\u00a0
\nDuring 2018, the Company\nsold the Corinthia brand to CHL for an amount of \u20ac35.0\nmillion, recognising a profit on disposal of \u20ac15.4\nmillion.\u00a0 Although the intra-group profit was eliminated at\nGroup level, the tax base from use of the brand from a Group\nperspective increased from \u20ac19.6 million to \u20ac35.0\nmillion, and a deferred tax asset was recognised in this\nrespect.
\n\u00a0
\nDuring 2019, the Group,\nthrough IHI p.l.c., acquired rights to use the Corinthia brand in\nall respects.\u00a0 The rights acquired during the year are in\naddition to the rights previously held by the Group on the\nacquisition of the Corinthia brand in 2010.\u00a0
\n\u00a0
\nSimultaneously with the\nacquisition of the brand, IHI p.l.c. also acquired investments in\nCatermax Limited and Corinthia Caterers Limited.\u00a0 These were\nassessed as one business combination from a Group perspective on\nwhich goodwill of \u20ac1.1 million was recognised.\n\u00a0
\n\u00a0
\nOther\nintangible assets arising from hotel\nmanagement\u00a0
\n\u00a0
\nOn the acquisition of\nCorinthia Hotels Limited in 2006, the Group recognised goodwill\namounting to \u20ac9.7 million, and operating contracts, amounting\nto \u20ac23.3 million, representing the assumed value attributable\nto the operation of hotel properties.
\n\u00a0
\nIn prior years, the\nGroup recognized goodwill on the acquisition of Prague and IHI\nMalta which as at 31 December 2025 were fully amortised.
\n\u00a0
\nThe goodwill, operating contracts and the Corinthia brand\nwere subject to an internal impairment assessment on the basis that\nthese intangibles comprise one cash-generating unit.\u00a0 The\nindicative valuation is based on the discounted cash flows derived\nfrom hotel operating projections as prepared by specialists in\nhotel consulting, and confirm that no impairment charge is required\nas at 31 December 2025 and 2024.
\n\u00a0
\nThe discounted cash flow\ncalculation was determined by discounting the forecast future\npost-tax cash flows generated by CHL for a ten-year explicit period\n2025 \u2013 2034, followed by a terminal-value (also refer\nto Note\n3.1 ) .\u00a0 The following are the key assumptions underlying the\nvaluations:
\n\u00a0
\n| \n - \n | \n\n revenue from existing\nand signed management agreements is based on revenue projections\nfrom currently operating hotels and forecast revenue from hotels\nexpected to start operating shortly; \n | \n
| \n - \n | \n\n revenue from unconfirmed\nhotel management agreements is based on revenue projections from\nhotels which are not yet announced or signed, but are expected to\nbe achieved in the short to medium term (by 2032); \n | \n
| \n - \n | \n\n subsequent to the\nten-year projection period, revenue is assumed to grow at a rate of\n2% p.a. in perpetuity; and \n | \n
| \n - \n | \n\n a post-tax discount rate\nof 10.6% was applied to the post-tax free cash flows of\nCHL. \n | \n
\u00a0
\nGoodwill on the acquisition of the IHGH Group
\n\u00a0
\nDuring the year ended\n31 December 2015, IHI acquired the IHGH Group.\u00a0 The goodwill\narising on this major acquisition was of \u20ac1.4 million.\u00a0\nThe goodwill is attributable to cost synergies expected from\ncombining the operations of IHGH Group and the Group.\u00a0\nRelative to the Group\u2019s total asset base, the goodwill\narising on this acquisition is not material to warrant the\ndisclosures that would have otherwise been required by IAS\n36.
\n\u00a0
\nGoodwill on the acquisition of QPM Limited
\n\u00a0
\nDuring the year ended\n31 December 2016, the Group acquired QPM Limited and its\nsubsidiaries, as a result of which, the Group recognised goodwill\namounting to \u20ac2.5 million.\u00a0 Relative to the Group\u2019s\ntotal asset base, the goodwill arising on this acquisition is not\nmaterial to warrant the disclosures that would have otherwise been\nrequired by IAS 36.
\n\u00a0
\nGoodwill on the acquisition of Golden Sands Resort\nLtd
\n\u00a0
\nDuring the year ended\n31 December 2021, the Group acquired the remaining 50% in Golden\nSands Resort Ltd. This gave rise to a goodwill of \u20ac5.41\nmillion.\u00a0
\n\u00a0
\nRelative to the\nGroup\u2019s total asset base, the goodwill arising on these\nacquisitions are not material to warrant the disclosures that would\nhave otherwise been required by IAS 36.
\n\u00a0
\nBrand\ndesign fee and other rights
\n\u00a0
\nThe Group has franchise\nagreements with Costa International Limited to develop and operate\nthe Costa Coffee brand in the Maltese Islands. These intangibles\narise from the acquisition of the IHGH Group in 2015. \u00a0The\ntotal amount of brand design fees and other rights recognised on\nacquisition amounted to \u20ac2.6 million.
\n\u00a0
\nIn 2024, the Group also\npurchased the rights, title and interest in the Henry J.\nBean\u2019s trademark and fifty per cent of the rights, title and\ninterest in The Surrey trademark.
\n\u00a0
\nCosta Coffee\nMalta
\n\u00a0
\nThis cash-generating\nunit includes the operation of the Costa Coffee retail brand in\nMalta.\u00a0 At 31 December 2025, the Group operated twelve outlets\n(2024: fifteen) each enjoying a strategic location in areas popular\nfor retail operations. The carrying amount of the Brand design fees\nand other rights for Costa Coffee Malta amounted to \u20ac0.1\nmillion (2024: \u20ac0.1 million).
\n\u00a0
\nHenry J.\nBean\u2019s
\n\u00a0
\nThis cash-generating\nunit includes the operation of the Henry J. Bean\u2019s trademark.\nThe rights, title and interest in this trademark were acquired in\nquarter 2 of 2024 at a cost of \u20ac0.1 million.
\n\u00a0
\nThe\nSurrey
\n\u00a0
\nThe Group acquired 50%\nof the title, rights and interest in The Surrey trademark during\nthe year 2024 for an amount of \u20ac0.5 million.
\n\u00a0
\nOthers
\n\u00a0
\nOther intangible assets\nrepresent web-site development costs, a lease premium fee and\nlicences.
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|||||
| \n \u00a0 \n | \n\n Land and\nbuildings \n | \n\n Plant and\nequipment \n | \n\n Furniture, fixtures\nand fittings \n | \n\n Motor\nvehicles \n | \n\n Assets in the\ncourse of construction \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost/revalued\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2024 \n | \n\n 1,407,539 \n | \n\n 137,701 \n | \n\n 123,131 \n | \n\n 1,129 \n | \n\n 124,463 \n | \n\n 1,793,963 \n | \n
| \n Revaluation \n | \n\n 75,894 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 75,894 \n | \n
| \n Revaluation adjustment\n* \n | \n\n (33,870) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (33,870) \n | \n
| \n Additions \n | \n\n 20,631 \n | \n\n 2,515 \n | \n\n 2,895 \n | \n\n 40 \n | \n\n 52,730 \n | \n\n 78,811 \n | \n
| \n Reallocations \n | \n\n 1,880 \n | \n\n 2,763 \n | \n\n 2,997 \n | \n\n - \n | \n\n (7,640) \n | \n\n - \n | \n
| \n Disposals \n | \n\n - \n | \n\n (1,242) \n | \n\n (135) \n | \n\n (269) \n | \n\n (606) \n | \n\n (2,252) \n | \n
| \n Other\nmovements \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (114) \n | \n\n (114) \n | \n
| \n Transfer to investment\nproperty \n | \n\n (134,867) \n | \n\n (4,862) \n | \n\n - \n | \n\n (12) \n | \n\n (42) \n | \n\n (139,783) \n | \n
| \n Transfer to assets\nclassified as held for sale \n | \n\n (132,378) \n | \n\n (38,259) \n | \n\n (12,706) \n | \n\n (160) \n | \n\n (389) \n | \n\n (183,892) \n | \n
| \n Currency translation\ndifferences \n | \n\n 22,210 \n | \n\n 2,125 \n | \n\n 2,308 \n | \n\n (4) \n | \n\n 235 \n | \n\n 26,874 \n | \n
| \n Balance at 31 December\n2024 \n | \n\n 1,227,039 \n | \n\n 100,741 \n | \n\n 118,490 \n | \n\n 724 \n | \n\n 168,637 \n | \n\n 1,615,631 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Balance at 1 January\n2025 \n | \n\n 1,227,039 \n | \n\n 100,741 \n | \n\n 118,490 \n | \n\n 724 \n | \n\n 168,637 \n | \n\n 1,615,631 \n | \n
| \n Revaluation\nsurplus \n | \n\n 28,065 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 28,065 \n | \n
| \n Revaluation adjustment\n* \n | \n\n (2,835) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (2,835) \n | \n
| \n Additions \n | \n\n 343 \n | \n\n 2,495 \n | \n\n 849 \n | \n\n 15 \n | \n\n 21,620 \n | \n\n 25,322 \n | \n
| \n Reallocations \n | \n\n 93,198 \n | \n\n 31,032 \n | \n\n 11,944 \n | \n\n - \n | \n\n (136,174) \n | \n\n - \n | \n
| \n Reallocations \u2013\nCost to Depreciation \n | \n\n 19,390 \n | \n\n 186 \n | \n\n 197 \n | \n\n - \n | \n\n - \n | \n\n 19,773 \n | \n
| \n Disposals \n | \n\n (74) \n | \n\n (215) \n | \n\n (462) \n | \n\n - \n | \n\n (143) \n | \n\n (894) \n | \n
| \n Transfer to Intangible\nAssets \n | \n\n - \n | \n\n (1,263) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (1,263) \n | \n
| \n Transfer to investment\nproperty \n | \n\n 6 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 6 \n | \n
| \n Currency translation\ndifferences \n | \n\n (20,335) \n | \n\n (1,934) \n | \n\n (2,113) \n | \n\n 65 \n | \n\n (672) \n | \n\n (24,989) \n | \n
| \n Balance at 31\nDecember 2025 \n | \n\n 1,344,797 \n | \n\n 131,042 \n | \n\n 128,905 \n | \n\n 804 \n | \n\n 53,268 \n | \n\n 1,658,816 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Depreciation and\nimpairment losses \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2024 \n | \n\n 226,535 \n | \n\n 116,198 \n | \n\n 108,656 \n | \n\n 729 \n | \n\n - \n | \n\n 452,118 \n | \n
| \n Depreciation for the\nyear \n | \n\n 16,035 \n | \n\n 4,745 \n | \n\n 3,317 \n | \n\n 66 \n | \n\n - \n | \n\n 24,163 \n | \n
| \n Net impairment\nlosses \n | \n\n (6,329) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (6,329) \n | \n
| \n Revaluation adjustment\n* \n | \n\n (33,870) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (33,870) \n | \n
| \n Reallocations \n | \n\n (307) \n | \n\n (145) \n | \n\n 455 \n | \n\n (3) \n | \n\n - \n | \n\n - \n | \n
| \n Disposals \n | \n\n - \n | \n\n (1,120) \n | \n\n (80) \n | \n\n (255) \n | \n\n - \n | \n\n (1,455) \n | \n
| \n Transfer to investment\nproperty \n | \n\n (41,348) \n | \n\n (4,647) \n | \n\n - \n | \n\n (13) \n | \n\n - \n | \n\n (46,008) \n | \n
| \n Transfer to assets\nclassified as held for sale \n | \n\n - \n | \n\n (27,356) \n | \n\n (12,391) \n | \n\n (157) \n | \n\n - \n | \n\n (39,904) \n | \n
| \n Currency translation\ndifferences \n | \n\n 28 \n | \n\n 1,972 \n | \n\n 2,112 \n | \n\n (3) \n | \n\n - \n | \n\n 4,109 \n | \n
| \n Balance at 31\nDecember 2024 \n | \n\n 160,744 \n | \n\n 89,647 \n | \n\n 102,069 \n | \n\n 364 \n | \n\n - \n | \n\n 352,824 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Balance at 1 January\n2025 \n | \n\n \u00a0 \n\u00a0160,744 \n | \n\n \u00a0 \n89,647 \n | \n\n \u00a0 \n102,069 \n | \n\n \u00a0 \n\u00a0364 \n | \n\n \u00a0 \n\u00a0-\u00a0\u00a0 \n | \n\n \u00a0 \n\u00a0352,824 \n | \n
| \n Depreciation for the\nyear \n | \n\n \u00a0 \n13,876 \n | \n\n \u00a0 \n4,792 \n | \n\n \u00a0 \n\u00a04,541 \n | \n\n \u00a0 \n52 \n | \n\n \u00a0 \n-\u00a0\u00a0 \n | \n\n \u00a0 \n23,261 \n | \n
| \n Net revaluation\nlosses \n | \n\n 19,930 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 19,930 \n | \n
| \n Revaluation adjustment\n* \n | \n\n (2,835) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (2,835) \n | \n
| \n Reallocations \n | \n\n (598) \n | \n\n 1,606 \n | \n\n (1,008) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Reallocations \u2013\nCost to Depreciation \n | \n\n 19,390 \n | \n\n 186 \n | \n\n 197 \n | \n\n - \n | \n\n - \n | \n\n 19,773 \n | \n
| \n Transfer to intangible\nassets \n | \n\n - \n | \n\n (817) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (817) \n | \n
| \n Disposals \n | \n\n (15) \n | \n\n (199) \n | \n\n (396) \n | \n\n - \n | \n\n - \n | \n\n (610) \n | \n
| \n Currency translation\ndifferences \n | \n\n \u00a0 \n(150) \n | \n\n \u00a0 \n(1,802) \n | \n\n \u00a0 \n(1,933) \n | \n\n \u00a0 \n\u00a062 \n | \n\n \u00a0 \n- \n | \n\n \u00a0 \n(3,823) \n | \n
| \n Balance at 31\nDecember 2025 \n | \n\n 210,342 \n | \n\n 93,413 \n | \n\n 103,470 \n | \n\n 478 \n | \n\n - \n | \n\n 407,703 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Carrying\namounts \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 1,181,004 \n | \n\n 21,503 \n | \n\n 14,475 \n | \n\n 400 \n | \n\n 124,463 \n | \n\n 1,341,845 \n | \n
| \n At 31 December\n2024 \n | \n\n 1,066,295 \n | \n\n 11,094 \n | \n\n 16,421 \n | \n\n 360 \n | \n\n 168,637 \n | \n\n 1,262,807 \n | \n
| \n At 31 December\n2025 \n | \n\n 1,134,455 \n | \n\n \u00a037,629 \n | \n\n 25,435 \n | \n\n 326 \n | \n\n 53,268 \n | \n\n 1,251,113 \n | \n
\u00a0
\n* Revaluation\nadjustments relate to the cumulative depreciation eliminated\nagainst the cost upon revaluation of the property during the\nprevious year.\u00a0 \u00a0
\n\u00a0
\nChanges in fair value\nduring 2025 in respect of the Group\u2019s properties amounting to\n\u20ac7.4 million have been recognised within other comprehensive\nincome.\u00a0 These fair value movements relate to an uplift to\nRadisson blu Resort, Corinthia Hotel St. Petersburg and Corinthia\nOasis Malta, and a fair value loss on the Corinthia Hotel London.\nIn 2024, changes in fair value in respect of the Group\u2019s\nproperties amounting to \u20ac75.9 million have been recognised\nwithin other comprehensive income. These fair value movements\nrelate to an uplift to Corinthia Hotel Lisbon, Corinthia Hotel\nLondon, Golden Sands Resort Hotel, Corinthia Oasis and Corinthia\nHotel St. Petersburg, and a fair value loss on the Corinthia Hotel\nBudapest.
\n\u00a0
\nDuring the year an\namount of \u20ac0.7 million was recognised in the profit and loss\naccount in relation to an impairment reversal on the office block\nin London. In 2024, an amount of \u20ac6.5 million was also\nrecognised in the profit and loss account in relation to an\nimpairment reversal on the Corinthia Hotel Tripoli. This was\npartially offset by an impairment of \u20ac0.2 million on the\noffice block in London.
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nCompany \n | \n||||
| \n \u00a0 \n | \n\n Land and\nbuildings \n | \n\n Plant and\nequipment \n | \n\n Furniture, fixtures\nand fittings \n | \n\n Motor\nvehicles \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2024 \n | \n\n 4 \n | \n\n 318 \n | \n\n 230 \n | \n\n 42 \n | \n\n 594 \n | \n
| \n Additions \n | \n\n 14 \n | \n\n 21 \n | \n\n 57 \n | \n\n - \n | \n\n 92 \n | \n
| \n Balance at 31 December\n2024 \n | \n\n 18 \n | \n\n 339 \n | \n\n 287 \n | \n\n 42 \n | \n\n 686 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2025 \n | \n\n 18 \n | \n\n 339 \n | \n\n 287 \n | \n\n 42 \n | \n\n 686 \n | \n
| \n Additions \n | \n\n 3 \n | \n\n 23 \n | \n\n 12 \n | \n\n - \n | \n\n 38 \n | \n
| \n Disposal \n | \n\n - \n | \n\n (1) \n | \n\n - \n | \n\n - \n | \n\n (1) \n | \n
| \n Balance at 31\nDecember 2025 \n | \n\n 21 \n | \n\n 361 \n | \n\n 299 \n | \n\n 42 \n | \n\n 723 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Depreciation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2024 \n | \n\n 1 \n | \n\n 261 \n | \n\n 150 \n | \n\n 42 \n | \n\n 454 \n | \n
| \n Depreciation for the\nyear \n | \n\n 1 \n | \n\n 24 \n | \n\n 14 \n | \n\n - \n | \n\n 39 \n | \n
| \n Balance at 31 December\n2024 \n | \n\n 2 \n | \n\n 285 \n | \n\n 164 \n | \n\n 42 \n | \n\n 493 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2025 \n | \n\n 2 \n | \n\n 285 \n | \n\n 164 \n | \n\n 42 \n | \n\n 493 \n | \n
| \n Depreciation for the\nyear \n | \n\n 2 \n | \n\n 21 \n | \n\n 19 \n | \n\n - \n | \n\n 42 \n | \n
| \n Balance at 31\nDecember 2025 \n | \n\n 4 \n | \n\n 306 \n | \n\n 183 \n | \n\n 42 \n | \n\n 535 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Carrying\namounts \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 3 \n | \n\n 57 \n | \n\n 80 \n | \n\n - \n | \n\n 140 \n | \n
| \n At 31 December\n2024 \n | \n\n 16 \n | \n\n 54 \n | \n\n 123 \n | \n\n - \n | \n\n 193 \n | \n
| \n At 31 December\n2025 \n | \n\n 17 \n | \n\n 55 \n | \n\n 116 \n | \n\n - \n | \n\n 188 \n | \n
\u00a0
\n\u00a0
\nThe valuations\nreflected in the statement of financial position at reporting date\ntake into account conditions existing at year end and do not\nreflect any subsequent developments.
\nIn 2025, the directors\nappointed independent professionally qualified property valuers\nhaving appropriate recognised professional qualifications and the\nnecessary experience.\u00a0 Where a valuation resulted in an amount\nthat was significantly different than the carrying amount of the\nrespective property, the book value of the property was adjusted as\nat the respective year end date, as the directors had reviewed the\ncarrying amount of the properties on the basis of assessments by\nthe property valuers. \u00a0
\nIn addition to the\nrevaluations carried out on hotel properties, the Group\u2019s\ninvestment properties are measured at fair value on an annual basis\nas required by IAS 40.
\n\u00a0
\nThe resultant shift in\nvalue, net of applicable deferred income taxes, was reflected\nwithin the revaluation reserve in shareholders\u2019 equity\n( Note\n26 ) or in profit or loss in\naccordance with the Group\u2019s accounting policies.\u00a0\nAdjustments to the carrying amounts of the properties are disclosed\nin the tables below.
\n\u00a0
\nThe Group is required\nto analyse non-financial assets carried at fair value by level of\nthe fair value hierarchy within which, the recurring fair value\nmeasurements are categorised in their entirety (Level 1, 2 or 3).\nThe different levels of the fair value hierarchy have been defined\nas fair value measurements using:
\n\u00a0
\n| \n \u2022 \n | \n\n Quoted prices\n(unadjusted) in active markets for identical assets (Level\n1); \n | \n
| \n \u2022 \n | \n\n Inputs other than quoted\nprices included within Level 1 that are observable for the asset,\neither directly (that is, as prices) or indirectly (that is,\nderived from prices) (Level 2); \n | \n
| \n \u2022 \n | \n\n Inputs for the asset\nthat are not based on observable market data (that is, unobservable\ninputs) (Level 3). \n | \n
\u00a0
\nThe Group\u2019s land\nand buildings, within property, plant and equipment, consists\nprincipally of hotel and other properties that are owned and\nmanaged by companies forming part of the Group. The Group\u2019s\ninvestment property comprises property that is held for long-term\nrental yields or for capital appreciation or both, and principally\ncomprise the Commercial Centre in St Petersburg, the Commercial\nCentre in Tripoli and a site forming part of the grounds of the\nCorinthia Hotel in Tripoli, the hotel in Prague as from quarter 2\n2024, and an office block in London. All the recurring property\nfair value measurements at 31 December 2025 and 2024, as\napplicable, use significant unobservable inputs and are accordingly\ncategorised within Level 3 of the fair valuation\nhierarchy.
\n\u00a0
\nThe Group\u2019s\npolicy is to recognise transfers into and out of fair value\nhierarchy levels as of the beginning of the reporting period.\u00a0\nThere were no transfers between different levels of the fair value\nhierarchy during the current and preceding financial\nyears.
\n\u00a0
\nA reconciliation from\nthe opening balance to the closing balance of property for\nrecurring fair value measurements categorised within Level 3 of the\nfair value hierarchy, for the current and preceding financial\nyears, is reflected in the table above and in Note\n14 for investment property.
\n\u00a0
\nValuation\nprocesses
\n\u00a0
\nThe Group assesses\nwhether the carrying amount of properties differs materially from\nfair value. This assessment is based on both quantitative and\nqualitative factors including changes in asset specific performance\nor use, macro-economic conditions in relevant jurisdictions and\nmarket based indicators.
\n\u00a0
\nThis framework is\napplied consistently across the Group\u2019s portfolio and where\nmanagement, through its assessment, concludes that the fair value\nof properties differs materially from its carrying amount, an\nindependent valuation report prepared by third party qualified\nvaluers, is performed. These reports are based on both:
\n\u00a0
\n| \n \u2022 \n | \n\n information provided\nby the Group which is derived from the respective company\u2019s\nfinancial systems and is subject to the company\u2019s overall\ncontrol environment; and \n | \n
| \n \u2022 \n | \n\n assumptions and\nvaluation models used by the valuers, with assumptions being\ntypically market related and based on professional judgement and\nmarket observation.\u00a0 \n | \n
\u00a0
\nThe information\nprovided to the valuers, together with the assumptions and the\nvaluation models used by the valuers, are reviewed by designated\nofficers within the Group.\u00a0 This includes a review of fair\nvalue movements over the period.\u00a0 When the designated officers\nconsider that the valuation report is appropriate, the valuation\nreport is recommended to the Audit Committee and Board of\ndirectors.\u00a0 The Audit Committee and Board then consider the\nvaluation report as part of their overall\nresponsibilities.
\n\u00a0
\nThe external\nvaluations of the Level 3 property as at 31 December 2025 and 2024,\nas applicable, have been performed using a multi-criteria approach,\nwith every property being valued utilising the valuation technique\nconsidered by the external valuer to be the most appropriate for\nthe respective property.
\nIn view of a limited\nnumber of similar or comparable properties and property\ntransactions, comprising sales or rentals in the respective market\nin which the properties are located, the valuations have been\nperformed using unobservable inputs. The significant inputs to the\napproaches used are generally those described below:
\nIncome capitalisation\nor discounted cash flow (\u201cDCF\u201d) approach: considers the\nfree cash flows arising from the projected income streams expected\nto be derived from the operation of the property, discounted to\npresent value using an estimate of the weighted average cost of\ncapital that would be available to finance such an operation.\u00a0\nThe significant unobservable inputs utilised with this technique\ninclude:
\n\u00a0
\n| \n Operating results before\ndepreciation and fair value gains/(losses) \n | \n\n based on projected\nincome streams less operating expenditure necessary to operate the\nproperty, but prior to depreciation and financing\ncharges; \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Growth rate \n | \n\n based on\nmanagement\u2019s estimated average growth of operating results\nbefore depreciation and fair value gains/(losses) levels, mainly\ndetermined by projected growth in income streams; \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Discount rate \n | \n\n reflecting the current\nmarket assessment of the uncertainty in the amount and timing of\nprojected cash flows. The discount rate reflects the estimated\nweighted average cost of capital that would be available for\nfinancing such an operation.\u00a0 The discount rate is based on an\nassumed debt to equity ratio; estimation of cost of equity is based\non risk free interest rates adjusted for country risk and equity\nrisk premium adjusted for entity-specific risk factor. Estimation\nof cost of debt is based on risk free interest rates adjusted for\ncountry risk and assumed credit spread. \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Capitalisation\nrate \n | \n\n mainly a function of the\nWACC rate and taking into consideration the assumed stabilised\ngrowth rate for the remaining life of the asset \n | \n
\u00a0
\nAdjusted sales\ncomparison approach: a sales price per square metre or per room\nrelated to transactions in comparable properties located in\nproximity to the respective property, with adjustments for\ndifferences in the size, age, exact location and condition of the\nproperty.
\n\u00a0
\nThe table below includes\ninformation about fair value measurements of hotel properties\n(classified within property, plant and equipment) and investment\nproperties using significant unobservable inputs (Level 3).\u00a0\nFor hotel properties, where, following management\u2019s\nassessment or an independent valuation, the fair value of the\nrespective property did not differ materially from its carrying\namount as at year-end, the fair value inputs disclosed for that\nrespective property are those that were used in the last valuation\nthat gave rise to a revaluation.
Information about\nfair value measurements using significant unobservable inputs\n(Level 3) as at 31 December 2025
\n| \n \u00a0 \n | \n\n Fair value\nat \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Description by\nclass based on highest and best use \n | \n\n \u20ac\u2019000\u00a0 \n | \n\n \u20ac\u2019000\u00a0 \n | \n\n \u00a0 \n | \n\n Valuation\ntechnique \n | \n\n Significant\nunobservable inputs \n | \n|||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Current use as\nhotel/other properties (classified as property,\u00a0 plant and\nequipment): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Income\ncapitalisation approach (DCF) \n | \n\n Evolution of\noperating results before depreciation and fair value gains/(losses)\nover initial projected five-year period \n | \n\n Pre-tax rate\n(WACC) \n | \n\n Growth\nrate \n | \n\n Capitalisation\nrate \n | \n||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n||||||
| \n Marina Hotel, St.\nGeorge\u2019s Bay, Malta \n | \n\n 33,758 \n | \n\n 34,239 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 10.34 \n | \n\n 9.98 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 8.34 \n | \n\n 7.98 \n | \n||||||
| \n \u20ac2.6m -\n\u20ac2.8m \n | \n\n \u20ac2.6m -\n\u20ac2.8m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel, St.\nGeorge\u2019s Bay, Malta \n | \n\n 54,598 \n | \n\n 55,562 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 9.65 \n | \n\n 9.27 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 7.65 \n | \n\n 7.27 \n | \n||||||
| \n \u20ac3.5m -\n\u20ac4.4m \n | \n\n \u20ac3.9m -\n\u20ac4.2m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel St\nPetersburg \u00a0 \n | \n\n 68,018 \n | \n\n 56,945 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 13.50 \n | \n\n 14.25 \n | \n\n 4.00 \n | \n\n 4.50 \n | \n\n 9.50 \n | \n\n 9.75 \n | \n||||||
| \n RUB718.7m \u2013\nRUB859.8m \n | \n\n RUB656.5m \u2013\nRUB819.7m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel\nTripoli \n | \n\n 69,255 \n | \n\n 70,888 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 15.21 \n | \n\n 15.60 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 13.21 \n | \n\n 13.60 \n | \n||||||
| \n \u20ac2.0m -\n\u20ac5.9m \n | \n\n \u20ac2.9m -\n\u20ac6.3m \n | \n|||||||||||||||||
| \n \u00a0 \n\u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n||||||||||||||||||
| \n \u00a0 \n | \n||||||||||||||||||
| \n \u00a0 \n | \n\n Fair value\nat \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Description by\nclass based on highest and best use \n | \n\n \u20ac\u2018000 \n | \n\n \u20ac\u2018000 \n | \n\n \u00a0 \n | \n\n Valuation\ntechnique \n | \n\n Significant\nunobservable inputs \n | \n|||||||||||||
| \n Current use as\nhotel/other properties (classified as property,\u00a0plant and\nequipment): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Income\ncapitalisation approach (DCF) \n | \n\n Evolution of\noperating results before depreciation and fair value gains/(losses)\nover initial projected five-year period \n | \n\n Pre-tax rate\n(WACC) \n | \n\n Growth\nrate \n | \n\n Capitalisation\nrate \n | \n||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n||||||
| \n Radisson Blu Resort,\nMalta \n | \n\n 55,999 \n | \n\n 45,069 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 10.31 \n | \n\n 10.66 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 8.31 \n | \n\n 8.66 \n | \n||||||
| \n \u20ac4.0m -\n\u20ac4.9m \n | \n\n \u20ac3.7m -\n\u20ac4.0m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel\nLondon \n | \n\n 534,036 \n | \n\n 580,091 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 7.70 \n | \n\n 7.90 \n | \n\n 3.70 \n | \n\n \u00a0 \n3.90 \n | \n\n 4.00 \n | \n\n 4.00 \n | \n||||||
| \n \u00a327.7m -\n\u00a336.4m \n | \n\n \u00a323.2m -\n\u00a328.9m \n | \n|||||||||||||||||
| \n Corinthia Grand Hotel\nAstoria, Brussels \n | \n\n 130,121 \n | \n\n 124,709 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nFY25-FY29 | \n\n 7.00 \n | \n\n 7.00 \n | \n\n 2.75 \n | \n\n 2.75 \n | \n\n 4.25 \n | \n\n 4.25 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n IHI Palace Hotel\nCompany Limited, Malta \n | \n\n 31,179 \n | \n\n 31,223 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 9.82 \n | \n\n 11.60 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 7.82 \n | \n\n 9.60 \n | \n||||||
| \n \u20ac0.7m -\n\u20ac3.2m \n | \n\n -\u20ac0.4m -\n\u20ac3.2m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Golden Sands Resort,\nMalta \n | \n\n 90,308 \n | \n\n 91,001 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 10.21 \n | \n\n 9.31 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 8.21 \n | \n\n 7.31 \n | \n||||||
| \n \u20ac6.5m -\n\u20ac7.3m \n | \n\n \u20ac5.4m -\n\u20ac6.9m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel\nBudapest \n | \n\n 111,426 \n | \n\n 112,600 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 9.83 \n | \n\n 9.48 \n | \n\n 3.00 \n | \n\n 2.00 \n | \n\n 6.83 \n | \n\n 7.48 \n | \n||||||
| \n \u20ac4.8m -\n\u20ac10.4m \n | \n\n \u20ac6.3m -\n\u20ac8.9m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n||||||||||||||||||
| \n \u00a0 \n | \n\n Fair value\nat \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Description by\nclass based on highest and best use \n | \n\n \u20ac\u2018000 \n | \n\n \u20ac\u2018000 \n | \n\n \u00a0 \n | \n\n Valuation\ntechnique \n | \n\n Significant\nunobservable inputs \n | \n|||||||||||||
| \n Current use as\nhotel/other properties (classified as property,\u00a0plant and\nequipment): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Adjusted\nsales-comparison approach \n | \n\n Sales price per\nsquare meter \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Office block in\nLondon \n | \n\n 7,602 \n | \n\n 7,375 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a311,291 \n | \n\n \u00a310,398 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Oasis\nMalta \n | \n\n 60,484 \n | \n\n 48,200 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac\n753 \n | \n\n \u20ac\n595 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Current property for\ncommercial use (classified as investment property): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Income\ncapitalisation approach (DCF) \n | \n\n Evolution of\noperating results before depreciation and fair value gains/(losses)\nover initial projected five-year period \n | \n\n Pre-tax rate\n(WACC) \n | \n\n Growth\nrate \n | \n\n Capitalisation\nrate \n | \n||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n||||||
| \n Commercial Centre in St\nPetersburg \n | \n\n 42,432 \n | \n\n 36,829 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 13.75 \n | \n\n 13.62 \n | \n\n 4.00 \n | \n\n 4.00 \n | \n\n 9.75 \n | \n\n 9.62 \n | \n||||||
| \n RUB75.9m \u2013\nRUB472.6m \n | \n\n RUB81.1m \u2013\nRUB466.8m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Commercial Centre in\nTripoli \n | \n\n 90,300 \n | \n\n 86,300 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 7.90 \n | \n\n 7.72 \n | \n\n 0.00 \n | \n\n 0.00 \n | \n\n 7.90 \n | \n\n 7.72 \n | \n||||||
| \n \u20ac5.0m -\n\u20ac7.1m \n | \n\n \u20ac4.6m -\n\u20ac6.3m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Grand Hotel Prague\nTowers* \n | \n\n 109,959 \n | \n\n 96,563 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n\u20ac5.5m -\n\u20ac8.2m \n | \n\n FY25-FY29 \n\u20ac5.5m -\n\u20ac4.6m \n | \n\n 9.03 \n | \n\n 8.43 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 7.03 \n | \n\n 6.43 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n *Corinthia Hotel\nPrague was transferred to investment property as disclosed\nin Note 14\n. \n | \n||||||||||||||||||
| \n Current property for\ncommercial use (classified as investment property): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Adjusted\nsales-comparison approach \n | \n\n Sales price per\nsquare meter \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Site in\nTripoli \n | \n\n 29,500 \n | \n\n 29,500 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac\n2,300 \n | \n\n \u20ac\n2,300 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Office block in\nLondon \n | \n\n 4,431 \n | \n\n 4,300 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a311,291 \n | \n\n \u00a311,398 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
In relation to the DCF\napproach, an increase in the projected level of operating results\nbefore depreciation and fair value and growth rate would result in\nan increased fair value of the property, whereas a higher discount\nrate would give rise to a lower fair value.\u00a0 With respect to\nthe adjusted sales comparison approach, the higher the sales price\nper square metre, the higher the resultant fair\nvaluation.
\n\u00a0
\nDuring the current year,\nuplifts were recognized for Radisson Blu Resort, Corinthia Hotel St\nPetersburg, Corinthia Oasis Malta and a fair value loss on\nCorinthia Hotel London.
\n\u00a0
\nIn 2024, the Group\nrecognized a significant fair value uplift in respect to Corinthia\nHotel Lisbon using the market value approach (refer also to\nNote\n23 ). Fair value increases were\nalso recognised for, Corinthia Hotel London, Golden Sands Resort\nHotel, Corinthia Oasis and Corinthia Hotel St. Petersburg, against\na fair value loss on the Corinthia Hotel Budapest.The shift in the\ncarrying amounts of the Corinthia Hotel St. Petersburg and\nCorinthia Hotel London in 2025 and 2024 were also affected by\ntranslating the financial position of the respective subsidiaries\nthat own these properties from their functional currencies (RUB and\nGBP respectively) into the Group\u2019s presentation currency\n(EUR) at year end.
\n\u00a0
\nAs evidenced in the\ntables above, the highest and best use of the Group properties is\nequivalent to their current use as at 31 December 2025.
\n\u00a0\u00a0
\nThe sensitivity of the\nproperty valuations to possible shifts in key assumptions is\nillustrated in the table below:
\n\u00a0
\n| \n \u00a0 \n | \n\n Shift in discount\nrate \n | \n\n Shift in cash flows\n(operating results before depreciation and fair value) (+/-\n5%) \n | \n|||
| \n \u00a0 \n | \n\n +/-\n1% \n | \n\n +/-\n1% \n | \n\n \u00a0 \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 202 4 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n\n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Corinthia Hotel &\nSpa Lisbon* \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n|
| \n Corinthia Hotel\nBudapest \n | \n\n -16,986 to\n+22,891 \n | \n\n -13,076 to\n+17,111 \n | \n\n +/-\n5,575 \n | \n\n +/- 5,627 \n | \n|
| \n Corinthia Hotel\nPrague \n | \n\n -13,594 to\n+18,108 \n | \n\n -11,515 to\n+15,757 \n | \n\n +/-\n5,500 \n | \n\n +/- 4,515 \n | \n|
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n -3,593 to\n+4,574 \n | \n\n -3,695 to\n+4,753 \n | \n\n +/-\n1,700 \n | \n\n +/- 1,722 \n | \n|
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n -6,232 to\n+8,110 \n | \n\n -6,526 to\n+8,606 \n | \n\n +/-\n2,729 \n | \n\n +/- 2,791 \n | \n|
| \n Corinthia Hotel St\nPetersburg \n | \n\n -5,750 to\n+7,078 \n | \n\n -4,574 to\n+5,591 \n | \n\n +/-\n1,560 \n | \n\n +/- 2,847 \n | \n|
| \n Corinthia Hotel\nTripoli \n | \n\n -6,615 to\n+7,822 \n | \n\n -6,553 to\n+7,718 \n | \n\n +/-\n3,465 \n | \n\n +/- 3,545 \n | \n|
| \n Commercial Centre in St\nPetersburg \n | \n\n -4,115 to\n+5,067 \n | \n\n -3,623 to\n+4,475 \n | \n\n +/-\n2,122 \n | \n\n +/- 1,841 \n | \n|
| \n Commercial Centre in\nTripoli \n | \n\n -10,538 to\n+13,629 \n | \n\n -11,515 to\n+15,757 \n | \n\n +/-\n4,491 \n | \n\n +/- 4,315 \n | \n|
| \n Radisson Blu Resort,\nMalta \n | \n\n -5,866\nto+7,473 \n | \n\n -4,495\nto+5,668 \n | \n\n +/-\n2,795 \n | \n\n +/- 2,258 \n | \n|
| \n Corinthia Hotel\nLondon \n | \n\n -88,167 to\n+142,554 \n | \n\n -47,990 to\n+43,601 \n | \n\n +/-\n23,300 \n | \n\n +/- 29,565 \n | \n|
| \n Corinthia Palace Hotel\nand Spa, Malta \n | \n\n -4,265 to\n+5,536 \n | \n\n -2,802 to\n+3,475 \n | \n\n +/-\n1,559 \n | \n\n +/- 1,173 \n | \n|
| \n Golden Sands Resort,\nMalta \n | \n\n -9,966 to\n+12,839 \n | \n\n -10,611 to\n+13,972 \n | \n\n +/-3,419 \n | \n\n +/-4,500 \n | \n|
| \n Corinthia Grand Hotel\nAstoria, Brussels \n | \n\n -24,106 to\n+36,865 \n | \n\n -11,854 to\n+10,749 \n | \n\n +/-6,506 \n | \n\n +/-6,799 \n | \n|
| \n | \n | \n | \n | \n | \n |
\u00a0
\n*Corinthia Hotel &\nSpa Lisbon was transferred to assets held for sale as disclosed\nin Note\n23 .
\n\u00a0
\n\u00a0
\nRevaluation surplus and\nimpairment charges recognised in other comprehensive income (within\nrevaluation reserve), gross of deferred tax:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n At 1 January\n2025 \n | \n\n Movement \n | \n\n At 31 December\n2025 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 27,275 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a027,275 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 74,798 \n | \n\n \u00a01,000\u00a0\u00a0 \n | \n\n \u00a075,798 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 24,121 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a024,121 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 17,610 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a017,610 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n 126,797 \n | \n\n (20,662) \n | \n\n \u00a0106,135 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 15,189 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a015,189 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 12,417 \n | \n\n \u00a03,955 \n | \n\n \u00a016,372 \n | \n
| \n Radisson Blu Resort,\nMalta \n | \n\n 16,985 \n | \n\n \u00a012,110 \n | \n\n \u00a029,095 \n | \n
| \n Golden Sands Resort,\nMalta \n | \n\n 15,690 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a015,690 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n 9,264 \n | \n\n \u00a012,000\u00a0\u00a0 \n | \n\n \u00a021,264 \n | \n
| \n \u00a0 \n | \n\n 340,146 \n | \n\n 8,403 \n | \n\n 348,549 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n At 1 January\n2024 \n | \n\n Movement \n | \n\n At 31 December\n2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 27,275 \n | \n\n - \n | \n\n 27,275 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 47,111 \n | \n\n 27,687 \n | \n\n 74,798 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 17,857 \n | \n\n 6,264 \n | \n\n 24,121 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 20,629 \n | \n\n (3,019) \n | \n\n 17,610 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n 111,433 \n | \n\n 15,364 \n | \n\n 126,797 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 15,189 \n | \n\n - \n | \n\n 15,189 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 4,069 \n | \n\n 8,348 \n | \n\n 12,417 \n | \n
| \n Radisson Blu Resort,\nMalta \n | \n\n 16,985 \n | \n\n - \n | \n\n 16,985 \n | \n
| \n Golden Sands\nResort \n | \n\n 3,704 \n | \n\n 11,986 \n | \n\n 15,690 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n - \n | \n\n 9,264 \n | \n\n 9,264 \n | \n
| \n \u00a0 \n | \n\n 264,252 \n | \n\n 75,894 \n | \n\n 340,146 \n | \n
\u00a0
\nImpairment charges\nrecognised in profit or loss, gross of deferred tax:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n At 1 January\n2025 \n | \n\n Movement \n | \n\n At 31 December\n2025 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel and other\nproperties \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 522 \n | \n\n - \n | \n\n \u00a0522 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 1,068 \n | \n\n - \n | \n\n \u00a01,068 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 3,642 \n | \n\n - \n | \n\n \u00a03,642 \n | \n
| \n Corinthia Hotel\nTripoli \n | \n\n 1,554 \n | \n\n - \n | \n\n \u00a01,554 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 1,628 \n | \n\n - \n | \n\n \u00a01,628 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 340 \n | \n\n - \n | \n\n \u00a0340 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 121 \n | \n\n - \n | \n\n \u00a0121 \n | \n
| \n Office block in\nLondon \n | \n\n 1,087 \n | \n\n (731) \n | \n\n \u00a0356 \n | \n
| \n \u00a0 \n | \n\n 9,962 \n | \n\n (731) \n | \n\n \u00a09,231 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n At 1 January\n2024 \n | \n\n Movement \n | \n\n At 31 December\n2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 522 \n | \n\n - \n | \n\n 522 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 1,068 \n | \n\n - \n | \n\n 1,068 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 3,642 \n | \n\n - \n | \n\n 3,642 \n | \n
| \n Corinthia Hotel\nTripoli \n | \n\n 8,038 \n | \n\n (6,484) \n | \n\n 1,554 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 1,628 \n | \n\n - \n | \n\n 1,628 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 340 \n | \n\n - \n | \n\n 340 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 121 \n | \n\n - \n | \n\n 121 \n | \n
| \n Office block in\nLondon \n | \n\n 932 \n | \n\n 155 \n | \n\n 1,087 \n | \n
| \n \u00a0 \n | \n\n 16,291 \n | \n\n (6,329) \n | \n\n 9,962 \n | \n
\u00a0
\nThe description of the\nhotel and other properties in the above tables indicate the segment\nto which each hotel property pertains.
\n\u00a0
\nThe shifts in fair value\ndetermined in 2025 and 2024, reflected in the above tables, are\nprincipally attributable to changes in the projected financial\nperformance and net operating cash inflows of the hotel properties\nand commercial center\u2019s except for the Corinthia Hotel Lisbon\nas explained earlier in
Note\n15.1 .\u00a0
\u00a0
\nThe impairment charges\nrecognized are attributable to reductions in the carrying amount of\nproperty so as to reflect the recoverable amount based on computing\nvalue in use determined at individual asset level.
\n\u00a0
\n\u00a0
\nFollowing the\nadjustments to revision of the hotel property carrying amounts to\nreflect the outcome of the fair valuation process referred to above\nat each reporting period, the carrying amount of each hotel\nproperty is as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel and other\nproperties \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 54,598 \n | \n\n 55,562 \n | \n
| \n Corinthia Hotel\nTripoli \n | \n\n 69,255 \n | \n\n 70,888 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 111,426 \n | \n\n 112,600 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 68,018 \n | \n\n 56,945 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n 534,036 \n | \n\n 580,091 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 33,758 \n | \n\n 34,239 \n | \n
| \n Radisson Blu Resort,\nMalta \n | \n\n 55,999 \n | \n\n 45,069 \n | \n
| \n Golden Sands Resort\nLimited \n | \n\n 90,308 \n | \n\n 91,001 \n | \n
| \n Corinthia Palace Hotel\nand Spa, Malta \n | \n\n 31,179 \n | \n\n 31,223 \n | \n
| \n Office block in\nLondon \n | \n\n 7,602 \n | \n\n 7,375 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n 60,484 \n | \n\n 48,200 \n | \n
| \n Corinthia Grand Hotel\nAstoria, Brussels \n | \n\n 130,121 \n | \n\n 124,709 \n | \n
| \n \u00a0 \n | \n\n 1,246,784 \n | \n\n 1,257,902 \n | \n
\u00a0
\n\u00a0
\nIf the cost model had\nbeen used, the carrying amounts of the revalued land and buildings\nwould be \u20ac788 million (2024: \u20ac710 million). The revalued\namounts include a revaluation surplus of \u20ac348.5 million before\ntax (2024: \u20ac340.1 million), which is not available for\ndistribution to the shareholders of IHI.
\n\u00a0
\n\u00a0
\nAll tangible fixed\nassets owned by the Group, except for Corinthia Hotel &\ncommercial centre in St. Petersburg and the Corinthia Oasis land,\nare hypothecated in favour of the Group\u2019s bankers as\ncollateral for amounts borrowed as stated in Note\n31 . \u00a0 The Corinthia Hotel Budapest is hypothecated in favour\nof a bond as stated in Note\n32.
\u00a0
\nThis note provides\ninformation for leases where the Group is a lessee. For leases\nwhere the Group is a lessor, see Note\n14 . \u00a0
\n\u00a0\n\u00a0\u00a0
\ni. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAmounts recognised in the statement of\nfinancial position
\n\u00a0
\nThe statement of\nfinancial position shows the following amounts relating to\nleases:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Right-of-use\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Land and\nbuildings \n | \n\n \u00a018,431 \n | \n\n \u00a010,720 \n | \n\n 649 \n | \n\n 866 \n | \n
| \n Plant and\nequipment \n | \n\n \u00a04,615 \n | \n\n \u00a01,550 \n | \n\n - \n | \n\n - \n | \n
| \n Motor\nvehicles \n | \n\n \u00a0511 \n | \n\n \u00a0331 \n | \n\n 44 \n | \n\n 63 \n | \n
| \n \u00a0 \n | \n\n \u00a023,557 \n | \n\n 12,601 \n | \n\n 693 \n | \n\n 929 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n |
| \n Lease\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a04,303 \n | \n\n 2,174 \n | \n\n 234 \n | \n\n 225 \n | \n
| \n Non-current \n | \n\n \u00a021,302 \n | \n\n 11,582 \n | \n\n 541 \n | \n\n 776 \n | \n
| \n \u00a0 \n | \n\n \u00a025,605 \n | \n\n 13,756 \n | \n\n 775 \n | \n\n 1,001 \n | \n
\u00a0
\nAdditions to the\nGroup\u2019s and the Company\u2019s right-of-use assets during\nthe 2025 financial year were
\n\u20ac16.8 million and Nil respectively (2024 were \u20ac0.8\nmillion and \u20ac0.1 million respectively). Movement during the\nyear also includes \u20ac1.0 million (2024: \u20ac0.5 million) in\nrelation to disposals and other movements.
\u00a0
\nii.\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAmounts recognised in the statement of profit\nor loss
\n\u00a0
\nThe statement of\nprofit or loss shows the following amounts relating to\nleases:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Depreciation charge\nof right-of-use assets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0\u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Land and\nbuildings \n | \n\n 3,651 \n | \n\n 1,804 \n | \n\n 216 \n | \n\n 217 \n | \n
| \n Plant and\nequipment \n | \n\n 735 \n | \n\n 577 \n | \n\n - \n | \n\n - \n | \n
| \n Motor\nvehicles \n | \n\n 130 \n | \n\n 131 \n | \n\n 19 \n | \n\n 17 \n | \n
| \n \u00a0 \n | \n\n 4,516 \n | \n\n 2,512 \n | \n\n 235 \n | \n\n 234 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Interest expense\n(included in finance cost) \n | \n\n 1,611 \n | \n\n 763 \n | \n\n 44 \n | \n\n 54 \n | \n
| \n Expense relating to\nvariable lease payments not included in lease\nliabilities \n | \n\n 726 \n | \n\n 403 \n | \n\n - \n | \n\n - \n | \n
\u00a0
\nThe total cash outflow\nfor leases in 2025 was \u20ac6.1 million (2024: \u20ac4.0 million)\nfor the Group and \u20ac0.2 million (2024: \u20ac0.3 million) for\nthe Company.\u00a0
\n\u00a0
\niii.\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nThe Group\u2019s leasing activities and how\nthese are accounted for
\n\u00a0
\nThe Group leases\nvarious offices, land, retail outlets, plant and equipment and\nmotor vehicles.\u00a0 Emphyteutical grants from the government\npertaining to land on which the Group\u2019s hotel properties are\nbuilt are typically made for fixed periods of up to 99 years. Other\ncontracts are made for periods up to 10 years and may include\nextension options as described further below.\u00a0 The\nCompany\u2019s leases pertain to offices used for administration\npurposes and motor vehicles, and are typically made for periods of\nup to 6 years.\u00a0
\n\u00a0
\nLease terms are\nnegotiated on an individual basis and contain a wide range of\ndifferent terms and conditions.\u00a0 The lease agreements do not\nimpose any covenants other than the security interests in the\nleased assets that are held by the lessor.\u00a0 Leased assets may\nnot be used as security for borrowing purposes.
\n\u00a0
\nAssets and liabilities\narising from a lease are initially measured on a present value\nbasis.\u00a0 Lease liabilities include the net present value of the\nfollowing lease payments:
\n\u00a0
\n| \n \u2022 \n | \n\n fixed payments\n(including in-substance fixed payments), less any lease incentives\nreceivable \n | \n
| \n \u2022 \n | \n\n variable lease payment\nthat are based on an index or a rate, initially measured using the\nindex or rate as at the commencement date \n | \n
| \n \u2022 \n | \n\n amounts expected to be\npayable by the Group under residual value guarantees,\nand \n | \n
| \n \u2022 \n | \n\n the exercise price of\na purchase option if the Group is reasonably certain to exercise\nthat option.\u00a0 \n | \n
\u00a0
\nLease payments to be\nmade under reasonably certain extension options are also included\nin the measurement of the liability.
\n\u00a0
\nThe lease payments are\ndiscounted using the interest rate implicit in the lease.\u00a0 If\nthat rate cannot be readily determined, which is generally the case\nfor leases in the Group, the incremental borrowing rate is used,\nbeing the rate that the individual lessee would have to pay to\nborrow the funds necessary to obtain an asset of similar value to\nthe right-of-use asset in a similar economic environment with\nsimilar terms, security and conditions.
\n\u00a0
\nTo determine the\nincremental borrowing rate, the Group uses recent third-party\nfinancing received by the individual lessee as a starting point,\nadjusted to reflect changes in financing conditions since third\nparty financing was received, and for other items specific to the\nleased asset.\u00a0
\n\u00a0
\nThe Group is exposed\nto potential future increases in variable lease payments based on\nan index or rate, which are not included in the lease liability\nuntil they take effect.\u00a0 When adjustments to lease payments\nbased on an index or rate take effect, the lease liability is\nreassessed and adjusted against the right-of-use asset.
\n\u00a0
\nLease payments are\nallocated between principal and finance cost.\u00a0 The finance\ncost is charged to profit or loss over the lease period so as to\nproduce a constant periodic rate of interest on the remaining\nbalance of the liability for each period.
\n\u00a0
\nRight-of-use assets\nare measured at cost comprising the amount of the initial\nmeasurement of lease liability.\u00a0 Right-of-use assets are\ngenerally depreciated over the shorter of the asset's useful life\nand the lease term on a straight-line basis.\u00a0 If the Group is\nreasonably certain to exercise a purchase option, the right-of-use\nasset is depreciated over the underlying asset\u2019s useful\nlife.\u00a0 While the Group revalues its land and buildings that\nare presented within property, plant and equipment, it has chosen\nnot to do so for the right-of-use buildings held by the\nGroup.
\n\u00a0
\niv.\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nVariable lease payments
\n\u00a0
\nVariable payment terms\nare used for a variety of reasons including minimising the fixed\ncosts base for newly established stores.
\n\u00a0
\nSome property leases\ncontain variable payment terms that are linked to sales generated\nfrom retails stores, and which range from 10.0% to 24.5% of sales.\nAn increase of \u20ac1.0 million in sales per store in the Group\nwith such variable lease contracts would increase variable lease\npayments by approximately \u20ac0.1 million (12%).
\n\u00a0
\nOther property leases\ncontain variable payment terms that are linked to sales generated\nfrom catering establishments. Variable payment on such leases range\nfrom 13.0% to 15% of sales. An increase of
\n\u20ac1.0 million in sales per catering establishment in the Group\nwith such variable lease contracts would increase total lease\npayments by approximately \u20ac0.1 million (14%).
\u00a0
\nThe variable lease\npayments element for the year ended 31 December 2025 amounts to\n\u20ac0.7 million (2024: \u20ac0.5 million). Variable lease\npayments that depend on sales are excluded from the measurement of\nthe lease liability and are recognised in profit or loss in the\nperiod in which the condition that triggers those payments\noccurs.\u00a0
\n\u00a0
\nv. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nExtension and termination options
\n\u00a0
\nExtension and\ntermination options are included in a number of property and\nequipment leases across the Group.\u00a0 These are used to maximise\noperational flexibility in terms of managing the assets used in the\nGroup\u2019s operations.\u00a0
\n\u00a0
\nJudgements in\ndetermining the lease term
\n\u00a0
\nIn determining the\nlease term, management considers all facts and circumstances that\ncreate an economic incentive to exercise an extension option, or\nnot exercise a termination option. Extension options (or periods\nafter termination options) are only included in the lease term if\nthe lease is reasonably certain to be extended (or not\nterminated).
\n\u00a0
\nFor leases of retail\noutlets, the following factors are normally the most\nrelevant:
\n\u00a0
\n| \n \u2022 \n | \n\n If there are\nsignificant penalties to terminate (or not extend), the Group is\ntypically reasonably certain to extend (or not\nterminate). \n | \n
| \n \u2022 \n | \n\n If any leasehold\nimprovements are expected to have a significant remaining value,\nthe group is typically reasonably certain to extend (or not\nterminate). \n | \n
| \n \u2022 \n | \n\n Otherwise, the Group\nconsiders other factors including historical lease durations and\nthe costs and business disruption required to replace the leased\nasset. \n | \n
\u00a0
\nMost extension options\nin offices and motor vehicles leases have not been included in the\nlease liability, because the Group could replace the assets without\nsignificant cost or business disruption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Ee8Pu_VpFW": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n As at 1\nJanuary \n | \n\n 17,168 \n | \n\n 17,168 \n | \n\n 1,997 \n | \n\n 1,997 \n | \n
| \n Movement during the\nyear \n | \n\n (2,195) \n | \n\n - \n | \n\n (1,227) \n | \n\n - \n | \n
| \n As at 31\nDecember \n | \n\n 14,973 \n | \n\n 17,168 \n | \n\n 770 \n | \n\n 1,997 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nIn view of Group tax\nrelief provisions applicable in Malta, any tax due by CPHCL Company\nLimited (\u201cCPHCL\u201d) on the transfer of the shares in IHI\nTowers s.r.o (\u201cIHIT\u201d) and Corinthia Towers Tripoli\nLimited (\u201cCTTL\u201d) to IHI effected in 2007 was deferred.\nThis tax will only become due in the eventuality that IHI sells the\nshares in IHIT and/or CTTL and/or their underlying properties\noutside the Group. In accordance with the indemnity agreement\nentered into at the time of the acquisitions, CPHCL has indemnified\nthe Group for future tax it may incur should the Group sell the\nshares or the underlying properties outside the Group. This\nindemnity will be equivalent to the tax that will be due by IHI on\nthe gain that was untaxed in the hands of CPHCL.\u00a0 The\nindemnity has no time limit and has a maximum value of \u20ac45.0\nmillion.
\n\u00a0
\nThe indemnity\nagreement provides that in the event of a sale of the shares in\nIHIT and/or CTTL and/or their underlying properties outside the\nGroup, CPHCL will be liable for the tax that will be due on the\ngain that was exempt in the hands of CPHCL at the time of the\nsale.\u00a0 Since it is certain that indemnification will be\nreceived from CPHCL if IHI settles the tax obligation, the\nindemnification assets have been recognised and treated as separate\nassets. During 2021 the asset relating to CTTL was reduced by\n\u20ac6.2 million to reflect the lower tax rate that would be\nchargeable in the event of a sale. During the current year this was\nfurther reduced by \u20ac1 million due to the changes in tax rate\nand to align to the hotels carrying amount.
\nOn the sale of its\nshares in QP Management Limited (\u201cQPM\u201d) during the year\nended 31 December 2016, CPHCL provided a tax indemnity to IHI. The\nsales contract was exempt from taxation on the basis that CPHCL and\nIHI form part of the same ultimate group for tax purposes. Should\nIHI dispose of the shares, it may become liable to tax that it\nwould not have become liable to pay had CPHCL not been a related\nparty. The indemnity has been recognised as a separate asset of\n\u20ac1.9 million, representing the tax that will be due by IHI on\nthe gain that was untaxed in the hands of CPHCL. During the current\nyear the asset relating to QPM was reduced by \u20ac1.2 million to\nalign to future deferred tax that may arise.
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Group\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 137,491 \n | \n\n 162,016 \n | \n
| \n Other\ninvestees \n | \n\n - \n | \n\n 6,396 \n | \n\n - \n | \n\n - \n | \n
| \n Total non-current\nloans receivable \n | \n\n - \n | \n\n 6,396 \n | \n\n 137,491 \n | \n\n 162,016 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate parent\ncompany \n | \n\n - \n | \n\n - \n | \n\n 1,038 \n | \n\n - \n | \n
| \n Other \n | \n\n 68 \n | \n\n 86 \n | \n\n - \n | \n\n - \n | \n
| \n Total current loans\nreceivable \n | \n\n 68 \n | \n\n 86 \n | \n\n 1,038 \n | \n\n - \n | \n
\u00a0
\nDisclosure in respect of\nthe fair value of the above financial assets is presented\nwithin Note\n41.7 .
\n\u00a0
\nInformation about the\nimpairment of financial assets at amortised cost and the\nGroup\u2019s and the Company\u2019s exposure to credit risk,\nforeign currency risk and interest rate risk can be found in\nNote\n41 .
\n\u00a0
\n\nNon-current
\n\u00a0
\n\u20ac5.3 million (2024:\n\u20ac6.0 million) of the Company\u2019s loans to Group companies\nare unsecured, bear interest at 4.00% and are repayable not later\nthan December 2027.
\n\u00a0
\n\u20ac82.3 million\n(2024: \u20ac89.1 million) of the Company\u2019s loans to Group\ncompanies are unsecured, bear interest at Euribor + 3.25% and are\nsubordinated to bank loans and are repayable not later than
\nMay 2027.
\u00a0
\n\u00a0\u20ac25.9 million\n(2024: \u20ac25.9 million) of the Company\u2019s loans to Group\ncompanies are unsecured, bear interest at 4.00%, are subordinated\nto bank loans and are repayable not later than December\n2028.
\n\u00a0
\n\u20ac1.2 million (2024:\n\u20ac1.2 million) of the Company\u2019s loans to Group companies\nare unsecured, bear interest at 3% (2024: 3%) and are subordinated\nto bank loans and are repayable not later than December\n2029.
\n\u00a0
\nNil (2024: \u20ac6.1\nmillion) of the Company\u2019s loans to Group companies are\nunsecured, bear interest at 4.00% and are repayable not later than\nMay 2032.
\n\u00a0
\n\u20ac13.1 million\n(2024: \u20ac10.1 million) of the Company\u2019s loans to Group\ncompanies are unsecured, bear interest at 3.00% and are repayable\nnot later than December 2029.
\n\u00a0
\n\u20ac9.7 million (2024:\n\u20ac13.7 million) of the Company\u2019s loans to Group companies\nare unsecured, bear interest at Euribor + 2.75% and are repayable\nnot later than September 2033.
\n\u00a0
\nNil (2024: \u20ac10.0\nmillion) of the Company\u2019s loans to Group companies are\nunsecured, bear interest at 4.00% and are repayable not later than\nApril 2033.
\n\u00a0
\nNil (2024: \u20ac6.4\nmillion) of the Group\u2019s loans to other investees are\nunsecured, bear interest at 4% and are repayable not later than\nJune 2029.
\n\u00a0
\nCurrent
\n\u00a0
\n\u20ac0.68 million\n(2024: \u20ac0.87 million) of the Group\u2019s loans to others are\nunsecured and interest-free.
\n\u00a0
\n\u20ac1.0 million (2024:\nNil) of the Company\u2019s loans to Group companies, unsecured,\nbear interest at 5% and repayable by February 2030. The receivable\nis classified as current as management expects settlement within\ntwelve months based on the debtor\u2019s stated\nintention.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "cHalf6yLYz": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n 253,492 \n | \n\n 161,635 \n | \n
| \n Change in fair\nvalue \n | \n\n 17,643 \n | \n\n 6,219 \n | \n
| \n Additions \n | \n\n 96 \n | \n\n 518 \n | \n
| \n Disposals \n | \n\n - \n | \n\n (3,021) \n | \n
| \n Transfer (to)/from\nproperty, plant and equipment ( Note\n15 ) \n | \n\n (6) \n | \n\n 93,775 \n | \n
| \n Transfer to assets\nclassified as held for sale ( Note\n23 ) \n | \n\n - \n | \n\n (3,342) \n | \n
| \n Currency translation\ndifferences \n | \n\n 5,397 \n | \n\n (2,292) \n | \n
| \n At 31\nDecember \n | \n\n 276,622 \n | \n\n 253,492 \n | \n
\u00a0
\nDuring 2024, the\nproperty in Prague, with a carrying amount of \u20ac94 million, was\ntransferred from property, plant and equipment following the\nleasing out of the hotel to a third party. The 2024 figure also\nincludes an amount of \u20ac0.2 million transferred to property,\nplant and equipment.
\n\u00a0
\nThe transfer to assets\nheld for sale relates to the apartment block in Lisbon. The\napartments were put on the market in 2024 with a number of them\nbeing sold during 2024 and the remaining being transferred to\nassets held for sale as disclosed in Note\n23 .
\n\u00a0
\n| \n a) \n | \n\n The Group investment\nproperties are valued annually on 31 December at fair value, by\nindependent professionally qualified valuers having appropriate\nrecognised professional qualifications and experience in the\nlocation and category of the property being valued. \n\u00a0 \nDisclosures required in\nterms of IFRS 13 in relation to fair value measurements\nattributable to investment property are presented in\nNote\n15.1 . \n\u00a0 \nThe carrying amount of\neach investment property is as follows: \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Investment\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Commercial Centre in St\nPetersburg \n | \n\n 42,432 \n | \n\n 36,829 \n | \n
| \n Commercial Centre in\nTripoli \n | \n\n 90,300 \n | \n\n 86,300 \n | \n
| \n Site in\nTripoli \n | \n\n 29,500 \n | \n\n 29,500 \n | \n
| \n IHI Towers\nsro \n | \n\n 109,959 \n | \n\n 96,563 \n | \n
| \n Office block in\nLondon \n | \n\n 4,431 \n | \n\n 4,300 \n | \n
| \n | \n 276,622 \n | \n\n 253,492 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\n| \n b) \n | \n\n Investment properties\nare hypothecated with a carrying amount of \u20ac234.2 million\n(2024: \u20ac216.7 million) in favour of the Group\u2019s bankers\nas collateral for amounts borrowed as stated in\nNote\n31 . \n | \n
| \n c) \n | \n\n Rental income earned by\nthe Group for the period from investment property amounted to\n\u20ac15.7 million (2024: \u20ac12.9 million) and direct expenses\namounted to \u20ac1.7 million (2024: \u20ac2.1 million). \n | \n
| \n d) \n | \n\n Direct operating\nexpenses in relation to investment properties that did not generate\nrental income amounted to \u20ac0.3 million (2024: \u20ac0.2\nmillion).\u00a0 \n | \n
| \n e) \n | \n\n All investment property\nis leased out under operating leases with rentals payable\nmonthly.\u00a0 Lease payments for some contracts include Consumer\nPrice Index (CPI) increases.\u00a0 Where considered necessary to\nreduce credit risk, the Group may obtain bank guarantees for the\nterm of the lease. \n | \n
\u00a0
\nAlthough the Group is\nexposed to changes in the residual value at the end of the current\nleases, the Group typically enters into new operating leases and\ntherefore will not immediately realise any reduction in residual\nvalue at the end of these leases.\u00a0 Expectations about the\nfuture residual values are reflected in the fair value of the\nproperties.
\n\u00a0
\nThe minimum lease\npayments receivable in accordance with IFRS 16 are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Within 1 year \n | \n\n 15,801 \n | \n\n 14,554 \n | \n
| \n Between 1 and 2\nyears \n | \n\n 15,136 \n | \n\n 14,094 \n | \n
| \n Between 2 and 3\nyears \n | \n\n 12,439 \n | \n\n 12,875 \n | \n
| \n Between 3 and 4\nyears \n | \n\n 4,003 \n | \n\n 11,320 \n | \n
| \n Between 4 and 5\nyears \n | \n\n 1,179 \n | \n\n 3,173 \n | \n
| \n \u00a0 \n | \n\n 48,558 \n | \n\n 56,016 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|||||
| \n \u00a0 \n | \n\n Land and\nbuildings \n | \n\n Plant and\nequipment \n | \n\n Furniture, fixtures\nand fittings \n | \n\n Motor\nvehicles \n | \n\n Assets in the\ncourse of construction \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost/revalued\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2024 \n | \n\n 1,407,539 \n | \n\n 137,701 \n | \n\n 123,131 \n | \n\n 1,129 \n | \n\n 124,463 \n | \n\n 1,793,963 \n | \n
| \n Revaluation \n | \n\n 75,894 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 75,894 \n | \n
| \n Revaluation adjustment\n* \n | \n\n (33,870) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (33,870) \n | \n
| \n Additions \n | \n\n 20,631 \n | \n\n 2,515 \n | \n\n 2,895 \n | \n\n 40 \n | \n\n 52,730 \n | \n\n 78,811 \n | \n
| \n Reallocations \n | \n\n 1,880 \n | \n\n 2,763 \n | \n\n 2,997 \n | \n\n - \n | \n\n (7,640) \n | \n\n - \n | \n
| \n Disposals \n | \n\n - \n | \n\n (1,242) \n | \n\n (135) \n | \n\n (269) \n | \n\n (606) \n | \n\n (2,252) \n | \n
| \n Other\nmovements \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (114) \n | \n\n (114) \n | \n
| \n Transfer to investment\nproperty \n | \n\n (134,867) \n | \n\n (4,862) \n | \n\n - \n | \n\n (12) \n | \n\n (42) \n | \n\n (139,783) \n | \n
| \n Transfer to assets\nclassified as held for sale \n | \n\n (132,378) \n | \n\n (38,259) \n | \n\n (12,706) \n | \n\n (160) \n | \n\n (389) \n | \n\n (183,892) \n | \n
| \n Currency translation\ndifferences \n | \n\n 22,210 \n | \n\n 2,125 \n | \n\n 2,308 \n | \n\n (4) \n | \n\n 235 \n | \n\n 26,874 \n | \n
| \n Balance at 31 December\n2024 \n | \n\n 1,227,039 \n | \n\n 100,741 \n | \n\n 118,490 \n | \n\n 724 \n | \n\n 168,637 \n | \n\n 1,615,631 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Balance at 1 January\n2025 \n | \n\n 1,227,039 \n | \n\n 100,741 \n | \n\n 118,490 \n | \n\n 724 \n | \n\n 168,637 \n | \n\n 1,615,631 \n | \n
| \n Revaluation\nsurplus \n | \n\n 28,065 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 28,065 \n | \n
| \n Revaluation adjustment\n* \n | \n\n (2,835) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (2,835) \n | \n
| \n Additions \n | \n\n 343 \n | \n\n 2,495 \n | \n\n 849 \n | \n\n 15 \n | \n\n 21,620 \n | \n\n 25,322 \n | \n
| \n Reallocations \n | \n\n 93,198 \n | \n\n 31,032 \n | \n\n 11,944 \n | \n\n - \n | \n\n (136,174) \n | \n\n - \n | \n
| \n Reallocations \u2013\nCost to Depreciation \n | \n\n 19,390 \n | \n\n 186 \n | \n\n 197 \n | \n\n - \n | \n\n - \n | \n\n 19,773 \n | \n
| \n Disposals \n | \n\n (74) \n | \n\n (215) \n | \n\n (462) \n | \n\n - \n | \n\n (143) \n | \n\n (894) \n | \n
| \n Transfer to Intangible\nAssets \n | \n\n - \n | \n\n (1,263) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (1,263) \n | \n
| \n Transfer to investment\nproperty \n | \n\n 6 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 6 \n | \n
| \n Currency translation\ndifferences \n | \n\n (20,335) \n | \n\n (1,934) \n | \n\n (2,113) \n | \n\n 65 \n | \n\n (672) \n | \n\n (24,989) \n | \n
| \n Balance at 31\nDecember 2025 \n | \n\n 1,344,797 \n | \n\n 131,042 \n | \n\n 128,905 \n | \n\n 804 \n | \n\n 53,268 \n | \n\n 1,658,816 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Depreciation and\nimpairment losses \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2024 \n | \n\n 226,535 \n | \n\n 116,198 \n | \n\n 108,656 \n | \n\n 729 \n | \n\n - \n | \n\n 452,118 \n | \n
| \n Depreciation for the\nyear \n | \n\n 16,035 \n | \n\n 4,745 \n | \n\n 3,317 \n | \n\n 66 \n | \n\n - \n | \n\n 24,163 \n | \n
| \n Net impairment\nlosses \n | \n\n (6,329) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (6,329) \n | \n
| \n Revaluation adjustment\n* \n | \n\n (33,870) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (33,870) \n | \n
| \n Reallocations \n | \n\n (307) \n | \n\n (145) \n | \n\n 455 \n | \n\n (3) \n | \n\n - \n | \n\n - \n | \n
| \n Disposals \n | \n\n - \n | \n\n (1,120) \n | \n\n (80) \n | \n\n (255) \n | \n\n - \n | \n\n (1,455) \n | \n
| \n Transfer to investment\nproperty \n | \n\n (41,348) \n | \n\n (4,647) \n | \n\n - \n | \n\n (13) \n | \n\n - \n | \n\n (46,008) \n | \n
| \n Transfer to assets\nclassified as held for sale \n | \n\n - \n | \n\n (27,356) \n | \n\n (12,391) \n | \n\n (157) \n | \n\n - \n | \n\n (39,904) \n | \n
| \n Currency translation\ndifferences \n | \n\n 28 \n | \n\n 1,972 \n | \n\n 2,112 \n | \n\n (3) \n | \n\n - \n | \n\n 4,109 \n | \n
| \n Balance at 31\nDecember 2024 \n | \n\n 160,744 \n | \n\n 89,647 \n | \n\n 102,069 \n | \n\n 364 \n | \n\n - \n | \n\n 352,824 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Balance at 1 January\n2025 \n | \n\n \u00a0 \n\u00a0160,744 \n | \n\n \u00a0 \n89,647 \n | \n\n \u00a0 \n102,069 \n | \n\n \u00a0 \n\u00a0364 \n | \n\n \u00a0 \n\u00a0-\u00a0\u00a0 \n | \n\n \u00a0 \n\u00a0352,824 \n | \n
| \n Depreciation for the\nyear \n | \n\n \u00a0 \n13,876 \n | \n\n \u00a0 \n4,792 \n | \n\n \u00a0 \n\u00a04,541 \n | \n\n \u00a0 \n52 \n | \n\n \u00a0 \n-\u00a0\u00a0 \n | \n\n \u00a0 \n23,261 \n | \n
| \n Net revaluation\nlosses \n | \n\n 19,930 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 19,930 \n | \n
| \n Revaluation adjustment\n* \n | \n\n (2,835) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (2,835) \n | \n
| \n Reallocations \n | \n\n (598) \n | \n\n 1,606 \n | \n\n (1,008) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Reallocations \u2013\nCost to Depreciation \n | \n\n 19,390 \n | \n\n 186 \n | \n\n 197 \n | \n\n - \n | \n\n - \n | \n\n 19,773 \n | \n
| \n Transfer to intangible\nassets \n | \n\n - \n | \n\n (817) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (817) \n | \n
| \n Disposals \n | \n\n (15) \n | \n\n (199) \n | \n\n (396) \n | \n\n - \n | \n\n - \n | \n\n (610) \n | \n
| \n Currency translation\ndifferences \n | \n\n \u00a0 \n(150) \n | \n\n \u00a0 \n(1,802) \n | \n\n \u00a0 \n(1,933) \n | \n\n \u00a0 \n\u00a062 \n | \n\n \u00a0 \n- \n | \n\n \u00a0 \n(3,823) \n | \n
| \n Balance at 31\nDecember 2025 \n | \n\n 210,342 \n | \n\n 93,413 \n | \n\n 103,470 \n | \n\n 478 \n | \n\n - \n | \n\n 407,703 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Carrying\namounts \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 1,181,004 \n | \n\n 21,503 \n | \n\n 14,475 \n | \n\n 400 \n | \n\n 124,463 \n | \n\n 1,341,845 \n | \n
| \n At 31 December\n2024 \n | \n\n 1,066,295 \n | \n\n 11,094 \n | \n\n 16,421 \n | \n\n 360 \n | \n\n 168,637 \n | \n\n 1,262,807 \n | \n
| \n At 31 December\n2025 \n | \n\n 1,134,455 \n | \n\n \u00a037,629 \n | \n\n 25,435 \n | \n\n 326 \n | \n\n 53,268 \n | \n\n 1,251,113 \n | \n
\u00a0
\n* Revaluation\nadjustments relate to the cumulative depreciation eliminated\nagainst the cost upon revaluation of the property during the\nprevious year.\u00a0 \u00a0
\n\u00a0
\nChanges in fair value\nduring 2025 in respect of the Group\u2019s properties amounting to\n\u20ac7.4 million have been recognised within other comprehensive\nincome.\u00a0 These fair value movements relate to an uplift to\nRadisson blu Resort, Corinthia Hotel St. Petersburg and Corinthia\nOasis Malta, and a fair value loss on the Corinthia Hotel London.\nIn 2024, changes in fair value in respect of the Group\u2019s\nproperties amounting to \u20ac75.9 million have been recognised\nwithin other comprehensive income. These fair value movements\nrelate to an uplift to Corinthia Hotel Lisbon, Corinthia Hotel\nLondon, Golden Sands Resort Hotel, Corinthia Oasis and Corinthia\nHotel St. Petersburg, and a fair value loss on the Corinthia Hotel\nBudapest.
\n\u00a0
\nDuring the year an\namount of \u20ac0.7 million was recognised in the profit and loss\naccount in relation to an impairment reversal on the office block\nin London. In 2024, an amount of \u20ac6.5 million was also\nrecognised in the profit and loss account in relation to an\nimpairment reversal on the Corinthia Hotel Tripoli. This was\npartially offset by an impairment of \u20ac0.2 million on the\noffice block in London.
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nCompany \n | \n||||
| \n \u00a0 \n | \n\n Land and\nbuildings \n | \n\n Plant and\nequipment \n | \n\n Furniture, fixtures\nand fittings \n | \n\n Motor\nvehicles \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2024 \n | \n\n 4 \n | \n\n 318 \n | \n\n 230 \n | \n\n 42 \n | \n\n 594 \n | \n
| \n Additions \n | \n\n 14 \n | \n\n 21 \n | \n\n 57 \n | \n\n - \n | \n\n 92 \n | \n
| \n Balance at 31 December\n2024 \n | \n\n 18 \n | \n\n 339 \n | \n\n 287 \n | \n\n 42 \n | \n\n 686 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2025 \n | \n\n 18 \n | \n\n 339 \n | \n\n 287 \n | \n\n 42 \n | \n\n 686 \n | \n
| \n Additions \n | \n\n 3 \n | \n\n 23 \n | \n\n 12 \n | \n\n - \n | \n\n 38 \n | \n
| \n Disposal \n | \n\n - \n | \n\n (1) \n | \n\n - \n | \n\n - \n | \n\n (1) \n | \n
| \n Balance at 31\nDecember 2025 \n | \n\n 21 \n | \n\n 361 \n | \n\n 299 \n | \n\n 42 \n | \n\n 723 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Depreciation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2024 \n | \n\n 1 \n | \n\n 261 \n | \n\n 150 \n | \n\n 42 \n | \n\n 454 \n | \n
| \n Depreciation for the\nyear \n | \n\n 1 \n | \n\n 24 \n | \n\n 14 \n | \n\n - \n | \n\n 39 \n | \n
| \n Balance at 31 December\n2024 \n | \n\n 2 \n | \n\n 285 \n | \n\n 164 \n | \n\n 42 \n | \n\n 493 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 1 January\n2025 \n | \n\n 2 \n | \n\n 285 \n | \n\n 164 \n | \n\n 42 \n | \n\n 493 \n | \n
| \n Depreciation for the\nyear \n | \n\n 2 \n | \n\n 21 \n | \n\n 19 \n | \n\n - \n | \n\n 42 \n | \n
| \n Balance at 31\nDecember 2025 \n | \n\n 4 \n | \n\n 306 \n | \n\n 183 \n | \n\n 42 \n | \n\n 535 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Carrying\namounts \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January\n2024 \n | \n\n 3 \n | \n\n 57 \n | \n\n 80 \n | \n\n - \n | \n\n 140 \n | \n
| \n At 31 December\n2024 \n | \n\n 16 \n | \n\n 54 \n | \n\n 123 \n | \n\n - \n | \n\n 193 \n | \n
| \n At 31 December\n2025 \n | \n\n 17 \n | \n\n 55 \n | \n\n 116 \n | \n\n - \n | \n\n 188 \n | \n
\u00a0
\n\u00a0
\nThe valuations\nreflected in the statement of financial position at reporting date\ntake into account conditions existing at year end and do not\nreflect any subsequent developments.
\nIn 2025, the directors\nappointed independent professionally qualified property valuers\nhaving appropriate recognised professional qualifications and the\nnecessary experience.\u00a0 Where a valuation resulted in an amount\nthat was significantly different than the carrying amount of the\nrespective property, the book value of the property was adjusted as\nat the respective year end date, as the directors had reviewed the\ncarrying amount of the properties on the basis of assessments by\nthe property valuers. \u00a0
\nIn addition to the\nrevaluations carried out on hotel properties, the Group\u2019s\ninvestment properties are measured at fair value on an annual basis\nas required by IAS 40.
\n\u00a0
\nThe resultant shift in\nvalue, net of applicable deferred income taxes, was reflected\nwithin the revaluation reserve in shareholders\u2019 equity\n( Note\n26 ) or in profit or loss in\naccordance with the Group\u2019s accounting policies.\u00a0\nAdjustments to the carrying amounts of the properties are disclosed\nin the tables below.
\n\u00a0
\nThe Group is required\nto analyse non-financial assets carried at fair value by level of\nthe fair value hierarchy within which, the recurring fair value\nmeasurements are categorised in their entirety (Level 1, 2 or 3).\nThe different levels of the fair value hierarchy have been defined\nas fair value measurements using:
\n\u00a0
\n| \n \u2022 \n | \n\n Quoted prices\n(unadjusted) in active markets for identical assets (Level\n1); \n | \n
| \n \u2022 \n | \n\n Inputs other than quoted\nprices included within Level 1 that are observable for the asset,\neither directly (that is, as prices) or indirectly (that is,\nderived from prices) (Level 2); \n | \n
| \n \u2022 \n | \n\n Inputs for the asset\nthat are not based on observable market data (that is, unobservable\ninputs) (Level 3). \n | \n
\u00a0
\nThe Group\u2019s land\nand buildings, within property, plant and equipment, consists\nprincipally of hotel and other properties that are owned and\nmanaged by companies forming part of the Group. The Group\u2019s\ninvestment property comprises property that is held for long-term\nrental yields or for capital appreciation or both, and principally\ncomprise the Commercial Centre in St Petersburg, the Commercial\nCentre in Tripoli and a site forming part of the grounds of the\nCorinthia Hotel in Tripoli, the hotel in Prague as from quarter 2\n2024, and an office block in London. All the recurring property\nfair value measurements at 31 December 2025 and 2024, as\napplicable, use significant unobservable inputs and are accordingly\ncategorised within Level 3 of the fair valuation\nhierarchy.
\n\u00a0
\nThe Group\u2019s\npolicy is to recognise transfers into and out of fair value\nhierarchy levels as of the beginning of the reporting period.\u00a0\nThere were no transfers between different levels of the fair value\nhierarchy during the current and preceding financial\nyears.
\n\u00a0
\nA reconciliation from\nthe opening balance to the closing balance of property for\nrecurring fair value measurements categorised within Level 3 of the\nfair value hierarchy, for the current and preceding financial\nyears, is reflected in the table above and in Note\n14 for investment property.
\n\u00a0
\nValuation\nprocesses
\n\u00a0
\nThe Group assesses\nwhether the carrying amount of properties differs materially from\nfair value. This assessment is based on both quantitative and\nqualitative factors including changes in asset specific performance\nor use, macro-economic conditions in relevant jurisdictions and\nmarket based indicators.
\n\u00a0
\nThis framework is\napplied consistently across the Group\u2019s portfolio and where\nmanagement, through its assessment, concludes that the fair value\nof properties differs materially from its carrying amount, an\nindependent valuation report prepared by third party qualified\nvaluers, is performed. These reports are based on both:
\n\u00a0
\n| \n \u2022 \n | \n\n information provided\nby the Group which is derived from the respective company\u2019s\nfinancial systems and is subject to the company\u2019s overall\ncontrol environment; and \n | \n
| \n \u2022 \n | \n\n assumptions and\nvaluation models used by the valuers, with assumptions being\ntypically market related and based on professional judgement and\nmarket observation.\u00a0 \n | \n
\u00a0
\nThe information\nprovided to the valuers, together with the assumptions and the\nvaluation models used by the valuers, are reviewed by designated\nofficers within the Group.\u00a0 This includes a review of fair\nvalue movements over the period.\u00a0 When the designated officers\nconsider that the valuation report is appropriate, the valuation\nreport is recommended to the Audit Committee and Board of\ndirectors.\u00a0 The Audit Committee and Board then consider the\nvaluation report as part of their overall\nresponsibilities.
\n\u00a0
\nThe external\nvaluations of the Level 3 property as at 31 December 2025 and 2024,\nas applicable, have been performed using a multi-criteria approach,\nwith every property being valued utilising the valuation technique\nconsidered by the external valuer to be the most appropriate for\nthe respective property.
\nIn view of a limited\nnumber of similar or comparable properties and property\ntransactions, comprising sales or rentals in the respective market\nin which the properties are located, the valuations have been\nperformed using unobservable inputs. The significant inputs to the\napproaches used are generally those described below:
\nIncome capitalisation\nor discounted cash flow (\u201cDCF\u201d) approach: considers the\nfree cash flows arising from the projected income streams expected\nto be derived from the operation of the property, discounted to\npresent value using an estimate of the weighted average cost of\ncapital that would be available to finance such an operation.\u00a0\nThe significant unobservable inputs utilised with this technique\ninclude:
\n\u00a0
\n| \n Operating results before\ndepreciation and fair value gains/(losses) \n | \n\n based on projected\nincome streams less operating expenditure necessary to operate the\nproperty, but prior to depreciation and financing\ncharges; \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Growth rate \n | \n\n based on\nmanagement\u2019s estimated average growth of operating results\nbefore depreciation and fair value gains/(losses) levels, mainly\ndetermined by projected growth in income streams; \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Discount rate \n | \n\n reflecting the current\nmarket assessment of the uncertainty in the amount and timing of\nprojected cash flows. The discount rate reflects the estimated\nweighted average cost of capital that would be available for\nfinancing such an operation.\u00a0 The discount rate is based on an\nassumed debt to equity ratio; estimation of cost of equity is based\non risk free interest rates adjusted for country risk and equity\nrisk premium adjusted for entity-specific risk factor. Estimation\nof cost of debt is based on risk free interest rates adjusted for\ncountry risk and assumed credit spread. \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Capitalisation\nrate \n | \n\n mainly a function of the\nWACC rate and taking into consideration the assumed stabilised\ngrowth rate for the remaining life of the asset \n | \n
\u00a0
\nAdjusted sales\ncomparison approach: a sales price per square metre or per room\nrelated to transactions in comparable properties located in\nproximity to the respective property, with adjustments for\ndifferences in the size, age, exact location and condition of the\nproperty.
\n\u00a0
\nThe table below includes\ninformation about fair value measurements of hotel properties\n(classified within property, plant and equipment) and investment\nproperties using significant unobservable inputs (Level 3).\u00a0\nFor hotel properties, where, following management\u2019s\nassessment or an independent valuation, the fair value of the\nrespective property did not differ materially from its carrying\namount as at year-end, the fair value inputs disclosed for that\nrespective property are those that were used in the last valuation\nthat gave rise to a revaluation.
Information about\nfair value measurements using significant unobservable inputs\n(Level 3) as at 31 December 2025
\n| \n \u00a0 \n | \n\n Fair value\nat \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Description by\nclass based on highest and best use \n | \n\n \u20ac\u2019000\u00a0 \n | \n\n \u20ac\u2019000\u00a0 \n | \n\n \u00a0 \n | \n\n Valuation\ntechnique \n | \n\n Significant\nunobservable inputs \n | \n|||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Current use as\nhotel/other properties (classified as property,\u00a0 plant and\nequipment): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Income\ncapitalisation approach (DCF) \n | \n\n Evolution of\noperating results before depreciation and fair value gains/(losses)\nover initial projected five-year period \n | \n\n Pre-tax rate\n(WACC) \n | \n\n Growth\nrate \n | \n\n Capitalisation\nrate \n | \n||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n||||||
| \n Marina Hotel, St.\nGeorge\u2019s Bay, Malta \n | \n\n 33,758 \n | \n\n 34,239 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 10.34 \n | \n\n 9.98 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 8.34 \n | \n\n 7.98 \n | \n||||||
| \n \u20ac2.6m -\n\u20ac2.8m \n | \n\n \u20ac2.6m -\n\u20ac2.8m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel, St.\nGeorge\u2019s Bay, Malta \n | \n\n 54,598 \n | \n\n 55,562 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 9.65 \n | \n\n 9.27 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 7.65 \n | \n\n 7.27 \n | \n||||||
| \n \u20ac3.5m -\n\u20ac4.4m \n | \n\n \u20ac3.9m -\n\u20ac4.2m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel St\nPetersburg \u00a0 \n | \n\n 68,018 \n | \n\n 56,945 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 13.50 \n | \n\n 14.25 \n | \n\n 4.00 \n | \n\n 4.50 \n | \n\n 9.50 \n | \n\n 9.75 \n | \n||||||
| \n RUB718.7m \u2013\nRUB859.8m \n | \n\n RUB656.5m \u2013\nRUB819.7m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel\nTripoli \n | \n\n 69,255 \n | \n\n 70,888 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 15.21 \n | \n\n 15.60 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 13.21 \n | \n\n 13.60 \n | \n||||||
| \n \u20ac2.0m -\n\u20ac5.9m \n | \n\n \u20ac2.9m -\n\u20ac6.3m \n | \n|||||||||||||||||
| \n \u00a0 \n\u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n||||||||||||||||||
| \n \u00a0 \n | \n||||||||||||||||||
| \n \u00a0 \n | \n\n Fair value\nat \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Description by\nclass based on highest and best use \n | \n\n \u20ac\u2018000 \n | \n\n \u20ac\u2018000 \n | \n\n \u00a0 \n | \n\n Valuation\ntechnique \n | \n\n Significant\nunobservable inputs \n | \n|||||||||||||
| \n Current use as\nhotel/other properties (classified as property,\u00a0plant and\nequipment): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Income\ncapitalisation approach (DCF) \n | \n\n Evolution of\noperating results before depreciation and fair value gains/(losses)\nover initial projected five-year period \n | \n\n Pre-tax rate\n(WACC) \n | \n\n Growth\nrate \n | \n\n Capitalisation\nrate \n | \n||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n||||||
| \n Radisson Blu Resort,\nMalta \n | \n\n 55,999 \n | \n\n 45,069 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 10.31 \n | \n\n 10.66 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 8.31 \n | \n\n 8.66 \n | \n||||||
| \n \u20ac4.0m -\n\u20ac4.9m \n | \n\n \u20ac3.7m -\n\u20ac4.0m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel\nLondon \n | \n\n 534,036 \n | \n\n 580,091 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 7.70 \n | \n\n 7.90 \n | \n\n 3.70 \n | \n\n \u00a0 \n3.90 \n | \n\n 4.00 \n | \n\n 4.00 \n | \n||||||
| \n \u00a327.7m -\n\u00a336.4m \n | \n\n \u00a323.2m -\n\u00a328.9m \n | \n|||||||||||||||||
| \n Corinthia Grand Hotel\nAstoria, Brussels \n | \n\n 130,121 \n | \n\n 124,709 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nFY25-FY29 | \n\n 7.00 \n | \n\n 7.00 \n | \n\n 2.75 \n | \n\n 2.75 \n | \n\n 4.25 \n | \n\n 4.25 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n IHI Palace Hotel\nCompany Limited, Malta \n | \n\n 31,179 \n | \n\n 31,223 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 9.82 \n | \n\n 11.60 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 7.82 \n | \n\n 9.60 \n | \n||||||
| \n \u20ac0.7m -\n\u20ac3.2m \n | \n\n -\u20ac0.4m -\n\u20ac3.2m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Golden Sands Resort,\nMalta \n | \n\n 90,308 \n | \n\n 91,001 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 10.21 \n | \n\n 9.31 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 8.21 \n | \n\n 7.31 \n | \n||||||
| \n \u20ac6.5m -\n\u20ac7.3m \n | \n\n \u20ac5.4m -\n\u20ac6.9m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel\nBudapest \n | \n\n 111,426 \n | \n\n 112,600 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 9.83 \n | \n\n 9.48 \n | \n\n 3.00 \n | \n\n 2.00 \n | \n\n 6.83 \n | \n\n 7.48 \n | \n||||||
| \n \u20ac4.8m -\n\u20ac10.4m \n | \n\n \u20ac6.3m -\n\u20ac8.9m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n||||||||||||||||||
| \n \u00a0 \n | \n\n Fair value\nat \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Description by\nclass based on highest and best use \n | \n\n \u20ac\u2018000 \n | \n\n \u20ac\u2018000 \n | \n\n \u00a0 \n | \n\n Valuation\ntechnique \n | \n\n Significant\nunobservable inputs \n | \n|||||||||||||
| \n Current use as\nhotel/other properties (classified as property,\u00a0plant and\nequipment): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Adjusted\nsales-comparison approach \n | \n\n Sales price per\nsquare meter \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Office block in\nLondon \n | \n\n 7,602 \n | \n\n 7,375 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a311,291 \n | \n\n \u00a310,398 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Oasis\nMalta \n | \n\n 60,484 \n | \n\n 48,200 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac\n753 \n | \n\n \u20ac\n595 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Current property for\ncommercial use (classified as investment property): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Income\ncapitalisation approach (DCF) \n | \n\n Evolution of\noperating results before depreciation and fair value gains/(losses)\nover initial projected five-year period \n | \n\n Pre-tax rate\n(WACC) \n | \n\n Growth\nrate \n | \n\n Capitalisation\nrate \n | \n||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n||||||
| \n Commercial Centre in St\nPetersburg \n | \n\n 42,432 \n | \n\n 36,829 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 13.75 \n | \n\n 13.62 \n | \n\n 4.00 \n | \n\n 4.00 \n | \n\n 9.75 \n | \n\n 9.62 \n | \n||||||
| \n RUB75.9m \u2013\nRUB472.6m \n | \n\n RUB81.1m \u2013\nRUB466.8m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Commercial Centre in\nTripoli \n | \n\n 90,300 \n | \n\n 86,300 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 7.90 \n | \n\n 7.72 \n | \n\n 0.00 \n | \n\n 0.00 \n | \n\n 7.90 \n | \n\n 7.72 \n | \n||||||
| \n \u20ac5.0m -\n\u20ac7.1m \n | \n\n \u20ac4.6m -\n\u20ac6.3m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Grand Hotel Prague\nTowers* \n | \n\n 109,959 \n | \n\n 96,563 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n\u20ac5.5m -\n\u20ac8.2m \n | \n\n FY25-FY29 \n\u20ac5.5m -\n\u20ac4.6m \n | \n\n 9.03 \n | \n\n 8.43 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 7.03 \n | \n\n 6.43 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n *Corinthia Hotel\nPrague was transferred to investment property as disclosed\nin Note 14\n. \n | \n||||||||||||||||||
| \n Current property for\ncommercial use (classified as investment property): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Adjusted\nsales-comparison approach \n | \n\n Sales price per\nsquare meter \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Site in\nTripoli \n | \n\n 29,500 \n | \n\n 29,500 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac\n2,300 \n | \n\n \u20ac\n2,300 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Office block in\nLondon \n | \n\n 4,431 \n | \n\n 4,300 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a311,291 \n | \n\n \u00a311,398 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
In relation to the DCF\napproach, an increase in the projected level of operating results\nbefore depreciation and fair value and growth rate would result in\nan increased fair value of the property, whereas a higher discount\nrate would give rise to a lower fair value.\u00a0 With respect to\nthe adjusted sales comparison approach, the higher the sales price\nper square metre, the higher the resultant fair\nvaluation.
\n\u00a0
\nDuring the current year,\nuplifts were recognized for Radisson Blu Resort, Corinthia Hotel St\nPetersburg, Corinthia Oasis Malta and a fair value loss on\nCorinthia Hotel London.
\n\u00a0
\nIn 2024, the Group\nrecognized a significant fair value uplift in respect to Corinthia\nHotel Lisbon using the market value approach (refer also to\nNote\n23 ). Fair value increases were\nalso recognised for, Corinthia Hotel London, Golden Sands Resort\nHotel, Corinthia Oasis and Corinthia Hotel St. Petersburg, against\na fair value loss on the Corinthia Hotel Budapest.The shift in the\ncarrying amounts of the Corinthia Hotel St. Petersburg and\nCorinthia Hotel London in 2025 and 2024 were also affected by\ntranslating the financial position of the respective subsidiaries\nthat own these properties from their functional currencies (RUB and\nGBP respectively) into the Group\u2019s presentation currency\n(EUR) at year end.
\n\u00a0
\nAs evidenced in the\ntables above, the highest and best use of the Group properties is\nequivalent to their current use as at 31 December 2025.
\n\u00a0\u00a0
\nThe sensitivity of the\nproperty valuations to possible shifts in key assumptions is\nillustrated in the table below:
\n\u00a0
\n| \n \u00a0 \n | \n\n Shift in discount\nrate \n | \n\n Shift in cash flows\n(operating results before depreciation and fair value) (+/-\n5%) \n | \n|||
| \n \u00a0 \n | \n\n +/-\n1% \n | \n\n +/-\n1% \n | \n\n \u00a0 \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 202 4 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n\n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Corinthia Hotel &\nSpa Lisbon* \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n|
| \n Corinthia Hotel\nBudapest \n | \n\n -16,986 to\n+22,891 \n | \n\n -13,076 to\n+17,111 \n | \n\n +/-\n5,575 \n | \n\n +/- 5,627 \n | \n|
| \n Corinthia Hotel\nPrague \n | \n\n -13,594 to\n+18,108 \n | \n\n -11,515 to\n+15,757 \n | \n\n +/-\n5,500 \n | \n\n +/- 4,515 \n | \n|
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n -3,593 to\n+4,574 \n | \n\n -3,695 to\n+4,753 \n | \n\n +/-\n1,700 \n | \n\n +/- 1,722 \n | \n|
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n -6,232 to\n+8,110 \n | \n\n -6,526 to\n+8,606 \n | \n\n +/-\n2,729 \n | \n\n +/- 2,791 \n | \n|
| \n Corinthia Hotel St\nPetersburg \n | \n\n -5,750 to\n+7,078 \n | \n\n -4,574 to\n+5,591 \n | \n\n +/-\n1,560 \n | \n\n +/- 2,847 \n | \n|
| \n Corinthia Hotel\nTripoli \n | \n\n -6,615 to\n+7,822 \n | \n\n -6,553 to\n+7,718 \n | \n\n +/-\n3,465 \n | \n\n +/- 3,545 \n | \n|
| \n Commercial Centre in St\nPetersburg \n | \n\n -4,115 to\n+5,067 \n | \n\n -3,623 to\n+4,475 \n | \n\n +/-\n2,122 \n | \n\n +/- 1,841 \n | \n|
| \n Commercial Centre in\nTripoli \n | \n\n -10,538 to\n+13,629 \n | \n\n -11,515 to\n+15,757 \n | \n\n +/-\n4,491 \n | \n\n +/- 4,315 \n | \n|
| \n Radisson Blu Resort,\nMalta \n | \n\n -5,866\nto+7,473 \n | \n\n -4,495\nto+5,668 \n | \n\n +/-\n2,795 \n | \n\n +/- 2,258 \n | \n|
| \n Corinthia Hotel\nLondon \n | \n\n -88,167 to\n+142,554 \n | \n\n -47,990 to\n+43,601 \n | \n\n +/-\n23,300 \n | \n\n +/- 29,565 \n | \n|
| \n Corinthia Palace Hotel\nand Spa, Malta \n | \n\n -4,265 to\n+5,536 \n | \n\n -2,802 to\n+3,475 \n | \n\n +/-\n1,559 \n | \n\n +/- 1,173 \n | \n|
| \n Golden Sands Resort,\nMalta \n | \n\n -9,966 to\n+12,839 \n | \n\n -10,611 to\n+13,972 \n | \n\n +/-3,419 \n | \n\n +/-4,500 \n | \n|
| \n Corinthia Grand Hotel\nAstoria, Brussels \n | \n\n -24,106 to\n+36,865 \n | \n\n -11,854 to\n+10,749 \n | \n\n +/-6,506 \n | \n\n +/-6,799 \n | \n|
| \n | \n | \n | \n | \n | \n |
\u00a0
\n*Corinthia Hotel &\nSpa Lisbon was transferred to assets held for sale as disclosed\nin Note\n23 .
\n\u00a0
\n\u00a0
\nRevaluation surplus and\nimpairment charges recognised in other comprehensive income (within\nrevaluation reserve), gross of deferred tax:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n At 1 January\n2025 \n | \n\n Movement \n | \n\n At 31 December\n2025 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 27,275 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a027,275 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 74,798 \n | \n\n \u00a01,000\u00a0\u00a0 \n | \n\n \u00a075,798 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 24,121 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a024,121 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 17,610 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a017,610 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n 126,797 \n | \n\n (20,662) \n | \n\n \u00a0106,135 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 15,189 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a015,189 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 12,417 \n | \n\n \u00a03,955 \n | \n\n \u00a016,372 \n | \n
| \n Radisson Blu Resort,\nMalta \n | \n\n 16,985 \n | \n\n \u00a012,110 \n | \n\n \u00a029,095 \n | \n
| \n Golden Sands Resort,\nMalta \n | \n\n 15,690 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a015,690 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n 9,264 \n | \n\n \u00a012,000\u00a0\u00a0 \n | \n\n \u00a021,264 \n | \n
| \n \u00a0 \n | \n\n 340,146 \n | \n\n 8,403 \n | \n\n 348,549 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n At 1 January\n2024 \n | \n\n Movement \n | \n\n At 31 December\n2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 27,275 \n | \n\n - \n | \n\n 27,275 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 47,111 \n | \n\n 27,687 \n | \n\n 74,798 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 17,857 \n | \n\n 6,264 \n | \n\n 24,121 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 20,629 \n | \n\n (3,019) \n | \n\n 17,610 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n 111,433 \n | \n\n 15,364 \n | \n\n 126,797 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 15,189 \n | \n\n - \n | \n\n 15,189 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 4,069 \n | \n\n 8,348 \n | \n\n 12,417 \n | \n
| \n Radisson Blu Resort,\nMalta \n | \n\n 16,985 \n | \n\n - \n | \n\n 16,985 \n | \n
| \n Golden Sands\nResort \n | \n\n 3,704 \n | \n\n 11,986 \n | \n\n 15,690 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n - \n | \n\n 9,264 \n | \n\n 9,264 \n | \n
| \n \u00a0 \n | \n\n 264,252 \n | \n\n 75,894 \n | \n\n 340,146 \n | \n
\u00a0
\nImpairment charges\nrecognised in profit or loss, gross of deferred tax:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n At 1 January\n2025 \n | \n\n Movement \n | \n\n At 31 December\n2025 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel and other\nproperties \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 522 \n | \n\n - \n | \n\n \u00a0522 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 1,068 \n | \n\n - \n | \n\n \u00a01,068 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 3,642 \n | \n\n - \n | \n\n \u00a03,642 \n | \n
| \n Corinthia Hotel\nTripoli \n | \n\n 1,554 \n | \n\n - \n | \n\n \u00a01,554 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 1,628 \n | \n\n - \n | \n\n \u00a01,628 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 340 \n | \n\n - \n | \n\n \u00a0340 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 121 \n | \n\n - \n | \n\n \u00a0121 \n | \n
| \n Office block in\nLondon \n | \n\n 1,087 \n | \n\n (731) \n | \n\n \u00a0356 \n | \n
| \n \u00a0 \n | \n\n 9,962 \n | \n\n (731) \n | \n\n \u00a09,231 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n At 1 January\n2024 \n | \n\n Movement \n | \n\n At 31 December\n2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 522 \n | \n\n - \n | \n\n 522 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 1,068 \n | \n\n - \n | \n\n 1,068 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 3,642 \n | \n\n - \n | \n\n 3,642 \n | \n
| \n Corinthia Hotel\nTripoli \n | \n\n 8,038 \n | \n\n (6,484) \n | \n\n 1,554 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 1,628 \n | \n\n - \n | \n\n 1,628 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 340 \n | \n\n - \n | \n\n 340 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 121 \n | \n\n - \n | \n\n 121 \n | \n
| \n Office block in\nLondon \n | \n\n 932 \n | \n\n 155 \n | \n\n 1,087 \n | \n
| \n \u00a0 \n | \n\n 16,291 \n | \n\n (6,329) \n | \n\n 9,962 \n | \n
\u00a0
\nThe description of the\nhotel and other properties in the above tables indicate the segment\nto which each hotel property pertains.
\n\u00a0
\nThe shifts in fair value\ndetermined in 2025 and 2024, reflected in the above tables, are\nprincipally attributable to changes in the projected financial\nperformance and net operating cash inflows of the hotel properties\nand commercial center\u2019s except for the Corinthia Hotel Lisbon\nas explained earlier in
Note\n15.1 .\u00a0
\u00a0
\nThe impairment charges\nrecognized are attributable to reductions in the carrying amount of\nproperty so as to reflect the recoverable amount based on computing\nvalue in use determined at individual asset level.
\n\u00a0
\n\u00a0
\nFollowing the\nadjustments to revision of the hotel property carrying amounts to\nreflect the outcome of the fair valuation process referred to above\nat each reporting period, the carrying amount of each hotel\nproperty is as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel and other\nproperties \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 54,598 \n | \n\n 55,562 \n | \n
| \n Corinthia Hotel\nTripoli \n | \n\n 69,255 \n | \n\n 70,888 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 111,426 \n | \n\n 112,600 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 68,018 \n | \n\n 56,945 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n 534,036 \n | \n\n 580,091 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 33,758 \n | \n\n 34,239 \n | \n
| \n Radisson Blu Resort,\nMalta \n | \n\n 55,999 \n | \n\n 45,069 \n | \n
| \n Golden Sands Resort\nLimited \n | \n\n 90,308 \n | \n\n 91,001 \n | \n
| \n Corinthia Palace Hotel\nand Spa, Malta \n | \n\n 31,179 \n | \n\n 31,223 \n | \n
| \n Office block in\nLondon \n | \n\n 7,602 \n | \n\n 7,375 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n 60,484 \n | \n\n 48,200 \n | \n
| \n Corinthia Grand Hotel\nAstoria, Brussels \n | \n\n 130,121 \n | \n\n 124,709 \n | \n
| \n \u00a0 \n | \n\n 1,246,784 \n | \n\n 1,257,902 \n | \n
\u00a0
\n\u00a0
\nIf the cost model had\nbeen used, the carrying amounts of the revalued land and buildings\nwould be \u20ac788 million (2024: \u20ac710 million). The revalued\namounts include a revaluation surplus of \u20ac348.5 million before\ntax (2024: \u20ac340.1 million), which is not available for\ndistribution to the shareholders of IHI.
\n\u00a0
\n\u00a0
\nAll tangible fixed\nassets owned by the Group, except for Corinthia Hotel &\ncommercial centre in St. Petersburg and the Corinthia Oasis land,\nare hypothecated in favour of the Group\u2019s bankers as\ncollateral for amounts borrowed as stated in Note\n31 . \u00a0 The Corinthia Hotel Budapest is hypothecated in favour\nof a bond as stated in Note\n32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "MSDfblZ2BF": { "value": "\u00a0
\nThe valuations\nreflected in the statement of financial position at reporting date\ntake into account conditions existing at year end and do not\nreflect any subsequent developments.
\nIn 2025, the directors\nappointed independent professionally qualified property valuers\nhaving appropriate recognised professional qualifications and the\nnecessary experience.\u00a0 Where a valuation resulted in an amount\nthat was significantly different than the carrying amount of the\nrespective property, the book value of the property was adjusted as\nat the respective year end date, as the directors had reviewed the\ncarrying amount of the properties on the basis of assessments by\nthe property valuers. \u00a0
\nIn addition to the\nrevaluations carried out on hotel properties, the Group\u2019s\ninvestment properties are measured at fair value on an annual basis\nas required by IAS 40.
\n\u00a0
\nThe resultant shift in\nvalue, net of applicable deferred income taxes, was reflected\nwithin the revaluation reserve in shareholders\u2019 equity\n( Note\n26 ) or in profit or loss in\naccordance with the Group\u2019s accounting policies.\u00a0\nAdjustments to the carrying amounts of the properties are disclosed\nin the tables below.
\n\u00a0
\nThe Group is required\nto analyse non-financial assets carried at fair value by level of\nthe fair value hierarchy within which, the recurring fair value\nmeasurements are categorised in their entirety (Level 1, 2 or 3).\nThe different levels of the fair value hierarchy have been defined\nas fair value measurements using:
\n\u00a0
\n| \n \u2022 \n | \n\n Quoted prices\n(unadjusted) in active markets for identical assets (Level\n1); \n | \n
| \n \u2022 \n | \n\n Inputs other than quoted\nprices included within Level 1 that are observable for the asset,\neither directly (that is, as prices) or indirectly (that is,\nderived from prices) (Level 2); \n | \n
| \n \u2022 \n | \n\n Inputs for the asset\nthat are not based on observable market data (that is, unobservable\ninputs) (Level 3). \n | \n
\u00a0
\nThe Group\u2019s land\nand buildings, within property, plant and equipment, consists\nprincipally of hotel and other properties that are owned and\nmanaged by companies forming part of the Group. The Group\u2019s\ninvestment property comprises property that is held for long-term\nrental yields or for capital appreciation or both, and principally\ncomprise the Commercial Centre in St Petersburg, the Commercial\nCentre in Tripoli and a site forming part of the grounds of the\nCorinthia Hotel in Tripoli, the hotel in Prague as from quarter 2\n2024, and an office block in London. All the recurring property\nfair value measurements at 31 December 2025 and 2024, as\napplicable, use significant unobservable inputs and are accordingly\ncategorised within Level 3 of the fair valuation\nhierarchy.
\n\u00a0
\nThe Group\u2019s\npolicy is to recognise transfers into and out of fair value\nhierarchy levels as of the beginning of the reporting period.\u00a0\nThere were no transfers between different levels of the fair value\nhierarchy during the current and preceding financial\nyears.
\n\u00a0
\nA reconciliation from\nthe opening balance to the closing balance of property for\nrecurring fair value measurements categorised within Level 3 of the\nfair value hierarchy, for the current and preceding financial\nyears, is reflected in the table above and in Note\n14 for investment property.
\n\u00a0
\nValuation\nprocesses
\n\u00a0
\nThe Group assesses\nwhether the carrying amount of properties differs materially from\nfair value. This assessment is based on both quantitative and\nqualitative factors including changes in asset specific performance\nor use, macro-economic conditions in relevant jurisdictions and\nmarket based indicators.
\n\u00a0
\nThis framework is\napplied consistently across the Group\u2019s portfolio and where\nmanagement, through its assessment, concludes that the fair value\nof properties differs materially from its carrying amount, an\nindependent valuation report prepared by third party qualified\nvaluers, is performed. These reports are based on both:
\n\u00a0
\n| \n \u2022 \n | \n\n information provided\nby the Group which is derived from the respective company\u2019s\nfinancial systems and is subject to the company\u2019s overall\ncontrol environment; and \n | \n
| \n \u2022 \n | \n\n assumptions and\nvaluation models used by the valuers, with assumptions being\ntypically market related and based on professional judgement and\nmarket observation.\u00a0 \n | \n
\u00a0
\nThe information\nprovided to the valuers, together with the assumptions and the\nvaluation models used by the valuers, are reviewed by designated\nofficers within the Group.\u00a0 This includes a review of fair\nvalue movements over the period.\u00a0 When the designated officers\nconsider that the valuation report is appropriate, the valuation\nreport is recommended to the Audit Committee and Board of\ndirectors.\u00a0 The Audit Committee and Board then consider the\nvaluation report as part of their overall\nresponsibilities.
\n\u00a0
\nThe external\nvaluations of the Level 3 property as at 31 December 2025 and 2024,\nas applicable, have been performed using a multi-criteria approach,\nwith every property being valued utilising the valuation technique\nconsidered by the external valuer to be the most appropriate for\nthe respective property.
\nIn view of a limited\nnumber of similar or comparable properties and property\ntransactions, comprising sales or rentals in the respective market\nin which the properties are located, the valuations have been\nperformed using unobservable inputs. The significant inputs to the\napproaches used are generally those described below:
\nIncome capitalisation\nor discounted cash flow (\u201cDCF\u201d) approach: considers the\nfree cash flows arising from the projected income streams expected\nto be derived from the operation of the property, discounted to\npresent value using an estimate of the weighted average cost of\ncapital that would be available to finance such an operation.\u00a0\nThe significant unobservable inputs utilised with this technique\ninclude:
\n\u00a0
\n| \n Operating results before\ndepreciation and fair value gains/(losses) \n | \n\n based on projected\nincome streams less operating expenditure necessary to operate the\nproperty, but prior to depreciation and financing\ncharges; \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Growth rate \n | \n\n based on\nmanagement\u2019s estimated average growth of operating results\nbefore depreciation and fair value gains/(losses) levels, mainly\ndetermined by projected growth in income streams; \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Discount rate \n | \n\n reflecting the current\nmarket assessment of the uncertainty in the amount and timing of\nprojected cash flows. The discount rate reflects the estimated\nweighted average cost of capital that would be available for\nfinancing such an operation.\u00a0 The discount rate is based on an\nassumed debt to equity ratio; estimation of cost of equity is based\non risk free interest rates adjusted for country risk and equity\nrisk premium adjusted for entity-specific risk factor. Estimation\nof cost of debt is based on risk free interest rates adjusted for\ncountry risk and assumed credit spread. \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Capitalisation\nrate \n | \n\n mainly a function of the\nWACC rate and taking into consideration the assumed stabilised\ngrowth rate for the remaining life of the asset \n | \n
\u00a0
\nAdjusted sales\ncomparison approach: a sales price per square metre or per room\nrelated to transactions in comparable properties located in\nproximity to the respective property, with adjustments for\ndifferences in the size, age, exact location and condition of the\nproperty.
\n\u00a0
\nThe table below includes\ninformation about fair value measurements of hotel properties\n(classified within property, plant and equipment) and investment\nproperties using significant unobservable inputs (Level 3).\u00a0\nFor hotel properties, where, following management\u2019s\nassessment or an independent valuation, the fair value of the\nrespective property did not differ materially from its carrying\namount as at year-end, the fair value inputs disclosed for that\nrespective property are those that were used in the last valuation\nthat gave rise to a revaluation.
Information about\nfair value measurements using significant unobservable inputs\n(Level 3) as at 31 December 2025
\n| \n \u00a0 \n | \n\n Fair value\nat \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Description by\nclass based on highest and best use \n | \n\n \u20ac\u2019000\u00a0 \n | \n\n \u20ac\u2019000\u00a0 \n | \n\n \u00a0 \n | \n\n Valuation\ntechnique \n | \n\n Significant\nunobservable inputs \n | \n|||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Current use as\nhotel/other properties (classified as property,\u00a0 plant and\nequipment): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Income\ncapitalisation approach (DCF) \n | \n\n Evolution of\noperating results before depreciation and fair value gains/(losses)\nover initial projected five-year period \n | \n\n Pre-tax rate\n(WACC) \n | \n\n Growth\nrate \n | \n\n Capitalisation\nrate \n | \n||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n||||||
| \n Marina Hotel, St.\nGeorge\u2019s Bay, Malta \n | \n\n 33,758 \n | \n\n 34,239 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 10.34 \n | \n\n 9.98 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 8.34 \n | \n\n 7.98 \n | \n||||||
| \n \u20ac2.6m -\n\u20ac2.8m \n | \n\n \u20ac2.6m -\n\u20ac2.8m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel, St.\nGeorge\u2019s Bay, Malta \n | \n\n 54,598 \n | \n\n 55,562 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 9.65 \n | \n\n 9.27 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 7.65 \n | \n\n 7.27 \n | \n||||||
| \n \u20ac3.5m -\n\u20ac4.4m \n | \n\n \u20ac3.9m -\n\u20ac4.2m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel St\nPetersburg \u00a0 \n | \n\n 68,018 \n | \n\n 56,945 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 13.50 \n | \n\n 14.25 \n | \n\n 4.00 \n | \n\n 4.50 \n | \n\n 9.50 \n | \n\n 9.75 \n | \n||||||
| \n RUB718.7m \u2013\nRUB859.8m \n | \n\n RUB656.5m \u2013\nRUB819.7m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel\nTripoli \n | \n\n 69,255 \n | \n\n 70,888 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 15.21 \n | \n\n 15.60 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 13.21 \n | \n\n 13.60 \n | \n||||||
| \n \u20ac2.0m -\n\u20ac5.9m \n | \n\n \u20ac2.9m -\n\u20ac6.3m \n | \n|||||||||||||||||
| \n \u00a0 \n\u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n||||||||||||||||||
| \n \u00a0 \n | \n||||||||||||||||||
| \n \u00a0 \n | \n\n Fair value\nat \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Description by\nclass based on highest and best use \n | \n\n \u20ac\u2018000 \n | \n\n \u20ac\u2018000 \n | \n\n \u00a0 \n | \n\n Valuation\ntechnique \n | \n\n Significant\nunobservable inputs \n | \n|||||||||||||
| \n Current use as\nhotel/other properties (classified as property,\u00a0plant and\nequipment): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Income\ncapitalisation approach (DCF) \n | \n\n Evolution of\noperating results before depreciation and fair value gains/(losses)\nover initial projected five-year period \n | \n\n Pre-tax rate\n(WACC) \n | \n\n Growth\nrate \n | \n\n Capitalisation\nrate \n | \n||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n||||||
| \n Radisson Blu Resort,\nMalta \n | \n\n 55,999 \n | \n\n 45,069 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 10.31 \n | \n\n 10.66 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 8.31 \n | \n\n 8.66 \n | \n||||||
| \n \u20ac4.0m -\n\u20ac4.9m \n | \n\n \u20ac3.7m -\n\u20ac4.0m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel\nLondon \n | \n\n 534,036 \n | \n\n 580,091 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 7.70 \n | \n\n 7.90 \n | \n\n 3.70 \n | \n\n \u00a0 \n3.90 \n | \n\n 4.00 \n | \n\n 4.00 \n | \n||||||
| \n \u00a327.7m -\n\u00a336.4m \n | \n\n \u00a323.2m -\n\u00a328.9m \n | \n|||||||||||||||||
| \n Corinthia Grand Hotel\nAstoria, Brussels \n | \n\n 130,121 \n | \n\n 124,709 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nFY25-FY29 | \n\n 7.00 \n | \n\n 7.00 \n | \n\n 2.75 \n | \n\n 2.75 \n | \n\n 4.25 \n | \n\n 4.25 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n IHI Palace Hotel\nCompany Limited, Malta \n | \n\n 31,179 \n | \n\n 31,223 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 9.82 \n | \n\n 11.60 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 7.82 \n | \n\n 9.60 \n | \n||||||
| \n \u20ac0.7m -\n\u20ac3.2m \n | \n\n -\u20ac0.4m -\n\u20ac3.2m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Golden Sands Resort,\nMalta \n | \n\n 90,308 \n | \n\n 91,001 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 10.21 \n | \n\n 9.31 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 8.21 \n | \n\n 7.31 \n | \n||||||
| \n \u20ac6.5m -\n\u20ac7.3m \n | \n\n \u20ac5.4m -\n\u20ac6.9m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Hotel\nBudapest \n | \n\n 111,426 \n | \n\n 112,600 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 9.83 \n | \n\n 9.48 \n | \n\n 3.00 \n | \n\n 2.00 \n | \n\n 6.83 \n | \n\n 7.48 \n | \n||||||
| \n \u20ac4.8m -\n\u20ac10.4m \n | \n\n \u20ac6.3m -\n\u20ac8.9m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n||||||||||||||||||
| \n \u00a0 \n | \n\n Fair value\nat \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Description by\nclass based on highest and best use \n | \n\n \u20ac\u2018000 \n | \n\n \u20ac\u2018000 \n | \n\n \u00a0 \n | \n\n Valuation\ntechnique \n | \n\n Significant\nunobservable inputs \n | \n|||||||||||||
| \n Current use as\nhotel/other properties (classified as property,\u00a0plant and\nequipment): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Adjusted\nsales-comparison approach \n | \n\n Sales price per\nsquare meter \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Office block in\nLondon \n | \n\n 7,602 \n | \n\n 7,375 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a311,291 \n | \n\n \u00a310,398 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Corinthia Oasis\nMalta \n | \n\n 60,484 \n | \n\n 48,200 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac\n753 \n | \n\n \u20ac\n595 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Current property for\ncommercial use (classified as investment property): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Income\ncapitalisation approach (DCF) \n | \n\n Evolution of\noperating results before depreciation and fair value gains/(losses)\nover initial projected five-year period \n | \n\n Pre-tax rate\n(WACC) \n | \n\n Growth\nrate \n | \n\n Capitalisation\nrate \n | \n||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n\n % \n | \n||||||
| \n Commercial Centre in St\nPetersburg \n | \n\n 42,432 \n | \n\n 36,829 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 13.75 \n | \n\n 13.62 \n | \n\n 4.00 \n | \n\n 4.00 \n | \n\n 9.75 \n | \n\n 9.62 \n | \n||||||
| \n RUB75.9m \u2013\nRUB472.6m \n | \n\n RUB81.1m \u2013\nRUB466.8m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Commercial Centre in\nTripoli \n | \n\n 90,300 \n | \n\n 86,300 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n | \n\n FY25-FY29 \n | \n\n 7.90 \n | \n\n 7.72 \n | \n\n 0.00 \n | \n\n 0.00 \n | \n\n 7.90 \n | \n\n 7.72 \n | \n||||||
| \n \u20ac5.0m -\n\u20ac7.1m \n | \n\n \u20ac4.6m -\n\u20ac6.3m \n | \n|||||||||||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Grand Hotel Prague\nTowers* \n | \n\n 109,959 \n | \n\n 96,563 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n FY26-FY30 \n\u20ac5.5m -\n\u20ac8.2m \n | \n\n FY25-FY29 \n\u20ac5.5m -\n\u20ac4.6m \n | \n\n 9.03 \n | \n\n 8.43 \n | \n\n 2.00 \n | \n\n 2.00 \n | \n\n 7.03 \n | \n\n 6.43 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n *Corinthia Hotel\nPrague was transferred to investment property as disclosed\nin Note 14\n. \n | \n||||||||||||||||||
| \n Current property for\ncommercial use (classified as investment property): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Adjusted\nsales-comparison approach \n | \n\n Sales price per\nsquare meter \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Site in\nTripoli \n | \n\n 29,500 \n | \n\n 29,500 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac\n2,300 \n | \n\n \u20ac\n2,300 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Office block in\nLondon \n | \n\n 4,431 \n | \n\n 4,300 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a311,291 \n | \n\n \u00a311,398 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
In relation to the DCF\napproach, an increase in the projected level of operating results\nbefore depreciation and fair value and growth rate would result in\nan increased fair value of the property, whereas a higher discount\nrate would give rise to a lower fair value.\u00a0 With respect to\nthe adjusted sales comparison approach, the higher the sales price\nper square metre, the higher the resultant fair\nvaluation.
\n\u00a0
\nDuring the current year,\nuplifts were recognized for Radisson Blu Resort, Corinthia Hotel St\nPetersburg, Corinthia Oasis Malta and a fair value loss on\nCorinthia Hotel London.
\n\u00a0
\nIn 2024, the Group\nrecognized a significant fair value uplift in respect to Corinthia\nHotel Lisbon using the market value approach (refer also to\nNote\n23 ). Fair value increases were\nalso recognised for, Corinthia Hotel London, Golden Sands Resort\nHotel, Corinthia Oasis and Corinthia Hotel St. Petersburg, against\na fair value loss on the Corinthia Hotel Budapest.The shift in the\ncarrying amounts of the Corinthia Hotel St. Petersburg and\nCorinthia Hotel London in 2025 and 2024 were also affected by\ntranslating the financial position of the respective subsidiaries\nthat own these properties from their functional currencies (RUB and\nGBP respectively) into the Group\u2019s presentation currency\n(EUR) at year end.
\n\u00a0
\nAs evidenced in the\ntables above, the highest and best use of the Group properties is\nequivalent to their current use as at 31 December 2025.
\n\u00a0\u00a0
\nThe sensitivity of the\nproperty valuations to possible shifts in key assumptions is\nillustrated in the table below:
\n\u00a0
\n| \n \u00a0 \n | \n\n Shift in discount\nrate \n | \n\n Shift in cash flows\n(operating results before depreciation and fair value) (+/-\n5%) \n | \n|||
| \n \u00a0 \n | \n\n +/-\n1% \n | \n\n +/-\n1% \n | \n\n \u00a0 \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 202 4 \n | \n\n 2025 \n | \n\n 2024 \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n\n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n Corinthia Hotel &\nSpa Lisbon* \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n|
| \n Corinthia Hotel\nBudapest \n | \n\n -16,986 to\n+22,891 \n | \n\n -13,076 to\n+17,111 \n | \n\n +/-\n5,575 \n | \n\n +/- 5,627 \n | \n|
| \n Corinthia Hotel\nPrague \n | \n\n -13,594 to\n+18,108 \n | \n\n -11,515 to\n+15,757 \n | \n\n +/-\n5,500 \n | \n\n +/- 4,515 \n | \n|
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n -3,593 to\n+4,574 \n | \n\n -3,695 to\n+4,753 \n | \n\n +/-\n1,700 \n | \n\n +/- 1,722 \n | \n|
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n -6,232 to\n+8,110 \n | \n\n -6,526 to\n+8,606 \n | \n\n +/-\n2,729 \n | \n\n +/- 2,791 \n | \n|
| \n Corinthia Hotel St\nPetersburg \n | \n\n -5,750 to\n+7,078 \n | \n\n -4,574 to\n+5,591 \n | \n\n +/-\n1,560 \n | \n\n +/- 2,847 \n | \n|
| \n Corinthia Hotel\nTripoli \n | \n\n -6,615 to\n+7,822 \n | \n\n -6,553 to\n+7,718 \n | \n\n +/-\n3,465 \n | \n\n +/- 3,545 \n | \n|
| \n Commercial Centre in St\nPetersburg \n | \n\n -4,115 to\n+5,067 \n | \n\n -3,623 to\n+4,475 \n | \n\n +/-\n2,122 \n | \n\n +/- 1,841 \n | \n|
| \n Commercial Centre in\nTripoli \n | \n\n -10,538 to\n+13,629 \n | \n\n -11,515 to\n+15,757 \n | \n\n +/-\n4,491 \n | \n\n +/- 4,315 \n | \n|
| \n Radisson Blu Resort,\nMalta \n | \n\n -5,866\nto+7,473 \n | \n\n -4,495\nto+5,668 \n | \n\n +/-\n2,795 \n | \n\n +/- 2,258 \n | \n|
| \n Corinthia Hotel\nLondon \n | \n\n -88,167 to\n+142,554 \n | \n\n -47,990 to\n+43,601 \n | \n\n +/-\n23,300 \n | \n\n +/- 29,565 \n | \n|
| \n Corinthia Palace Hotel\nand Spa, Malta \n | \n\n -4,265 to\n+5,536 \n | \n\n -2,802 to\n+3,475 \n | \n\n +/-\n1,559 \n | \n\n +/- 1,173 \n | \n|
| \n Golden Sands Resort,\nMalta \n | \n\n -9,966 to\n+12,839 \n | \n\n -10,611 to\n+13,972 \n | \n\n +/-3,419 \n | \n\n +/-4,500 \n | \n|
| \n Corinthia Grand Hotel\nAstoria, Brussels \n | \n\n -24,106 to\n+36,865 \n | \n\n -11,854 to\n+10,749 \n | \n\n +/-6,506 \n | \n\n +/-6,799 \n | \n|
| \n | \n | \n | \n | \n | \n |
\u00a0
\n*Corinthia Hotel &\nSpa Lisbon was transferred to assets held for sale as disclosed\nin Note\n23 .
\n\u00a0
\n\u00a0
\nRevaluation surplus and\nimpairment charges recognised in other comprehensive income (within\nrevaluation reserve), gross of deferred tax:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n At 1 January\n2025 \n | \n\n Movement \n | \n\n At 31 December\n2025 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 27,275 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a027,275 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 74,798 \n | \n\n \u00a01,000\u00a0\u00a0 \n | \n\n \u00a075,798 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 24,121 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a024,121 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 17,610 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a017,610 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n 126,797 \n | \n\n (20,662) \n | \n\n \u00a0106,135 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 15,189 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a015,189 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 12,417 \n | \n\n \u00a03,955 \n | \n\n \u00a016,372 \n | \n
| \n Radisson Blu Resort,\nMalta \n | \n\n 16,985 \n | \n\n \u00a012,110 \n | \n\n \u00a029,095 \n | \n
| \n Golden Sands Resort,\nMalta \n | \n\n 15,690 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a015,690 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n 9,264 \n | \n\n \u00a012,000\u00a0\u00a0 \n | \n\n \u00a021,264 \n | \n
| \n \u00a0 \n | \n\n 340,146 \n | \n\n 8,403 \n | \n\n 348,549 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n At 1 January\n2024 \n | \n\n Movement \n | \n\n At 31 December\n2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 27,275 \n | \n\n - \n | \n\n 27,275 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 47,111 \n | \n\n 27,687 \n | \n\n 74,798 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 17,857 \n | \n\n 6,264 \n | \n\n 24,121 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 20,629 \n | \n\n (3,019) \n | \n\n 17,610 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n 111,433 \n | \n\n 15,364 \n | \n\n 126,797 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 15,189 \n | \n\n - \n | \n\n 15,189 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 4,069 \n | \n\n 8,348 \n | \n\n 12,417 \n | \n
| \n Radisson Blu Resort,\nMalta \n | \n\n 16,985 \n | \n\n - \n | \n\n 16,985 \n | \n
| \n Golden Sands\nResort \n | \n\n 3,704 \n | \n\n 11,986 \n | \n\n 15,690 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n - \n | \n\n 9,264 \n | \n\n 9,264 \n | \n
| \n \u00a0 \n | \n\n 264,252 \n | \n\n 75,894 \n | \n\n 340,146 \n | \n
\u00a0
\nImpairment charges\nrecognised in profit or loss, gross of deferred tax:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n At 1 January\n2025 \n | \n\n Movement \n | \n\n At 31 December\n2025 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel and other\nproperties \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 522 \n | \n\n - \n | \n\n \u00a0522 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 1,068 \n | \n\n - \n | \n\n \u00a01,068 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 3,642 \n | \n\n - \n | \n\n \u00a03,642 \n | \n
| \n Corinthia Hotel\nTripoli \n | \n\n 1,554 \n | \n\n - \n | \n\n \u00a01,554 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 1,628 \n | \n\n - \n | \n\n \u00a01,628 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 340 \n | \n\n - \n | \n\n \u00a0340 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 121 \n | \n\n - \n | \n\n \u00a0121 \n | \n
| \n Office block in\nLondon \n | \n\n 1,087 \n | \n\n (731) \n | \n\n \u00a0356 \n | \n
| \n \u00a0 \n | \n\n 9,962 \n | \n\n (731) \n | \n\n \u00a09,231 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n At 1 January\n2024 \n | \n\n Movement \n | \n\n At 31 December\n2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel\nproperty \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 522 \n | \n\n - \n | \n\n 522 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 1,068 \n | \n\n - \n | \n\n 1,068 \n | \n
| \n Corinthia Hotel\nPrague \n | \n\n 3,642 \n | \n\n - \n | \n\n 3,642 \n | \n
| \n Corinthia Hotel\nTripoli \n | \n\n 8,038 \n | \n\n (6,484) \n | \n\n 1,554 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 1,628 \n | \n\n - \n | \n\n 1,628 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 340 \n | \n\n - \n | \n\n 340 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 121 \n | \n\n - \n | \n\n 121 \n | \n
| \n Office block in\nLondon \n | \n\n 932 \n | \n\n 155 \n | \n\n 1,087 \n | \n
| \n \u00a0 \n | \n\n 16,291 \n | \n\n (6,329) \n | \n\n 9,962 \n | \n
\u00a0
\nThe description of the\nhotel and other properties in the above tables indicate the segment\nto which each hotel property pertains.
\n\u00a0
\nThe shifts in fair value\ndetermined in 2025 and 2024, reflected in the above tables, are\nprincipally attributable to changes in the projected financial\nperformance and net operating cash inflows of the hotel properties\nand commercial center\u2019s except for the Corinthia Hotel Lisbon\nas explained earlier in
Note\n15.1 .\u00a0
\u00a0
\nThe impairment charges\nrecognized are attributable to reductions in the carrying amount of\nproperty so as to reflect the recoverable amount based on computing\nvalue in use determined at individual asset level.
\n\u00a0
\n\u00a0
\nFollowing the\nadjustments to revision of the hotel property carrying amounts to\nreflect the outcome of the fair valuation process referred to above\nat each reporting period, the carrying amount of each hotel\nproperty is as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Hotel and other\nproperties \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel St\nGeorge\u2019s Bay, Malta \n | \n\n 54,598 \n | \n\n 55,562 \n | \n
| \n Corinthia Hotel\nTripoli \n | \n\n 69,255 \n | \n\n 70,888 \n | \n
| \n Corinthia Hotel\nBudapest \n | \n\n 111,426 \n | \n\n 112,600 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 68,018 \n | \n\n 56,945 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n 534,036 \n | \n\n 580,091 \n | \n
| \n Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 33,758 \n | \n\n 34,239 \n | \n
| \n Radisson Blu Resort,\nMalta \n | \n\n 55,999 \n | \n\n 45,069 \n | \n
| \n Golden Sands Resort\nLimited \n | \n\n 90,308 \n | \n\n 91,001 \n | \n
| \n Corinthia Palace Hotel\nand Spa, Malta \n | \n\n 31,179 \n | \n\n 31,223 \n | \n
| \n Office block in\nLondon \n | \n\n 7,602 \n | \n\n 7,375 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n 60,484 \n | \n\n 48,200 \n | \n
| \n Corinthia Grand Hotel\nAstoria, Brussels \n | \n\n 130,121 \n | \n\n 124,709 \n | \n
| \n \u00a0 \n | \n\n 1,246,784 \n | \n\n 1,257,902 \n | \n
\u00a0
\nAll tangible fixed\nassets owned by the Group, except for Corinthia Hotel &\ncommercial centre in St. Petersburg and the Corinthia Oasis land,\nare hypothecated in favour of the Group\u2019s bankers as\ncollateral for amounts borrowed as stated in Note\n31 . \u00a0 The Corinthia Hotel Budapest is hypothecated in favour\nof a bond as stated in Note\n32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Y7jW39eMds": { "value": "\u00a0
\nThis note provides\ninformation for leases where the Group is a lessee. For leases\nwhere the Group is a lessor, see Note\n14 . \u00a0
\n\u00a0\n\u00a0\u00a0
\ni. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAmounts recognised in the statement of\nfinancial position
\n\u00a0
\nThe statement of\nfinancial position shows the following amounts relating to\nleases:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Right-of-use\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Land and\nbuildings \n | \n\n \u00a018,431 \n | \n\n \u00a010,720 \n | \n\n 649 \n | \n\n 866 \n | \n
| \n Plant and\nequipment \n | \n\n \u00a04,615 \n | \n\n \u00a01,550 \n | \n\n - \n | \n\n - \n | \n
| \n Motor\nvehicles \n | \n\n \u00a0511 \n | \n\n \u00a0331 \n | \n\n 44 \n | \n\n 63 \n | \n
| \n \u00a0 \n | \n\n \u00a023,557 \n | \n\n 12,601 \n | \n\n 693 \n | \n\n 929 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n |
| \n Lease\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a04,303 \n | \n\n 2,174 \n | \n\n 234 \n | \n\n 225 \n | \n
| \n Non-current \n | \n\n \u00a021,302 \n | \n\n 11,582 \n | \n\n 541 \n | \n\n 776 \n | \n
| \n \u00a0 \n | \n\n \u00a025,605 \n | \n\n 13,756 \n | \n\n 775 \n | \n\n 1,001 \n | \n
\u00a0
\nAdditions to the\nGroup\u2019s and the Company\u2019s right-of-use assets during\nthe 2025 financial year were
\n\u20ac16.8 million and Nil respectively (2024 were \u20ac0.8\nmillion and \u20ac0.1 million respectively). Movement during the\nyear also includes \u20ac1.0 million (2024: \u20ac0.5 million) in\nrelation to disposals and other movements.
\u00a0
\nii.\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAmounts recognised in the statement of profit\nor loss
\n\u00a0
\nThe statement of\nprofit or loss shows the following amounts relating to\nleases:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n\n 31-Dec \n | \n
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Depreciation charge\nof right-of-use assets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0\u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Land and\nbuildings \n | \n\n 3,651 \n | \n\n 1,804 \n | \n\n 216 \n | \n\n 217 \n | \n
| \n Plant and\nequipment \n | \n\n 735 \n | \n\n 577 \n | \n\n - \n | \n\n - \n | \n
| \n Motor\nvehicles \n | \n\n 130 \n | \n\n 131 \n | \n\n 19 \n | \n\n 17 \n | \n
| \n \u00a0 \n | \n\n 4,516 \n | \n\n 2,512 \n | \n\n 235 \n | \n\n 234 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Interest expense\n(included in finance cost) \n | \n\n 1,611 \n | \n\n 763 \n | \n\n 44 \n | \n\n 54 \n | \n
| \n Expense relating to\nvariable lease payments not included in lease\nliabilities \n | \n\n 726 \n | \n\n 403 \n | \n\n - \n | \n\n - \n | \n
\u00a0
\nThe total cash outflow\nfor leases in 2025 was \u20ac6.1 million (2024: \u20ac4.0 million)\nfor the Group and \u20ac0.2 million (2024: \u20ac0.3 million) for\nthe Company.\u00a0
\n\u00a0
\niii.\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nThe Group\u2019s leasing activities and how\nthese are accounted for
\n\u00a0
\nThe Group leases\nvarious offices, land, retail outlets, plant and equipment and\nmotor vehicles.\u00a0 Emphyteutical grants from the government\npertaining to land on which the Group\u2019s hotel properties are\nbuilt are typically made for fixed periods of up to 99 years. Other\ncontracts are made for periods up to 10 years and may include\nextension options as described further below.\u00a0 The\nCompany\u2019s leases pertain to offices used for administration\npurposes and motor vehicles, and are typically made for periods of\nup to 6 years.\u00a0
\n\u00a0
\nLease terms are\nnegotiated on an individual basis and contain a wide range of\ndifferent terms and conditions.\u00a0 The lease agreements do not\nimpose any covenants other than the security interests in the\nleased assets that are held by the lessor.\u00a0 Leased assets may\nnot be used as security for borrowing purposes.
\n\u00a0
\nAssets and liabilities\narising from a lease are initially measured on a present value\nbasis.\u00a0 Lease liabilities include the net present value of the\nfollowing lease payments:
\n\u00a0
\n| \n \u2022 \n | \n\n fixed payments\n(including in-substance fixed payments), less any lease incentives\nreceivable \n | \n
| \n \u2022 \n | \n\n variable lease payment\nthat are based on an index or a rate, initially measured using the\nindex or rate as at the commencement date \n | \n
| \n \u2022 \n | \n\n amounts expected to be\npayable by the Group under residual value guarantees,\nand \n | \n
| \n \u2022 \n | \n\n the exercise price of\na purchase option if the Group is reasonably certain to exercise\nthat option.\u00a0 \n | \n
\u00a0
\nLease payments to be\nmade under reasonably certain extension options are also included\nin the measurement of the liability.
\n\u00a0
\nThe lease payments are\ndiscounted using the interest rate implicit in the lease.\u00a0 If\nthat rate cannot be readily determined, which is generally the case\nfor leases in the Group, the incremental borrowing rate is used,\nbeing the rate that the individual lessee would have to pay to\nborrow the funds necessary to obtain an asset of similar value to\nthe right-of-use asset in a similar economic environment with\nsimilar terms, security and conditions.
\n\u00a0
\nTo determine the\nincremental borrowing rate, the Group uses recent third-party\nfinancing received by the individual lessee as a starting point,\nadjusted to reflect changes in financing conditions since third\nparty financing was received, and for other items specific to the\nleased asset.\u00a0
\n\u00a0
\nThe Group is exposed\nto potential future increases in variable lease payments based on\nan index or rate, which are not included in the lease liability\nuntil they take effect.\u00a0 When adjustments to lease payments\nbased on an index or rate take effect, the lease liability is\nreassessed and adjusted against the right-of-use asset.
\n\u00a0
\nLease payments are\nallocated between principal and finance cost.\u00a0 The finance\ncost is charged to profit or loss over the lease period so as to\nproduce a constant periodic rate of interest on the remaining\nbalance of the liability for each period.
\n\u00a0
\nRight-of-use assets\nare measured at cost comprising the amount of the initial\nmeasurement of lease liability.\u00a0 Right-of-use assets are\ngenerally depreciated over the shorter of the asset's useful life\nand the lease term on a straight-line basis.\u00a0 If the Group is\nreasonably certain to exercise a purchase option, the right-of-use\nasset is depreciated over the underlying asset\u2019s useful\nlife.\u00a0 While the Group revalues its land and buildings that\nare presented within property, plant and equipment, it has chosen\nnot to do so for the right-of-use buildings held by the\nGroup.
\n\u00a0
\niv.\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nVariable lease payments
\n\u00a0
\nVariable payment terms\nare used for a variety of reasons including minimising the fixed\ncosts base for newly established stores.
\n\u00a0
\nSome property leases\ncontain variable payment terms that are linked to sales generated\nfrom retails stores, and which range from 10.0% to 24.5% of sales.\nAn increase of \u20ac1.0 million in sales per store in the Group\nwith such variable lease contracts would increase variable lease\npayments by approximately \u20ac0.1 million (12%).
\n\u00a0
\nOther property leases\ncontain variable payment terms that are linked to sales generated\nfrom catering establishments. Variable payment on such leases range\nfrom 13.0% to 15% of sales. An increase of
\n\u20ac1.0 million in sales per catering establishment in the Group\nwith such variable lease contracts would increase total lease\npayments by approximately \u20ac0.1 million (14%).
\u00a0
\nThe variable lease\npayments element for the year ended 31 December 2025 amounts to\n\u20ac0.7 million (2024: \u20ac0.5 million). Variable lease\npayments that depend on sales are excluded from the measurement of\nthe lease liability and are recognised in profit or loss in the\nperiod in which the condition that triggers those payments\noccurs.\u00a0
\n\u00a0
\nv. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nExtension and termination options
\n\u00a0
\nExtension and\ntermination options are included in a number of property and\nequipment leases across the Group.\u00a0 These are used to maximise\noperational flexibility in terms of managing the assets used in the\nGroup\u2019s operations.\u00a0
\n\u00a0
\nJudgements in\ndetermining the lease term
\n\u00a0
\nIn determining the\nlease term, management considers all facts and circumstances that\ncreate an economic incentive to exercise an extension option, or\nnot exercise a termination option. Extension options (or periods\nafter termination options) are only included in the lease term if\nthe lease is reasonably certain to be extended (or not\nterminated).
\n\u00a0
\nFor leases of retail\noutlets, the following factors are normally the most\nrelevant:
\n\u00a0
\n| \n \u2022 \n | \n\n If there are\nsignificant penalties to terminate (or not extend), the Group is\ntypically reasonably certain to extend (or not\nterminate). \n | \n
| \n \u2022 \n | \n\n If any leasehold\nimprovements are expected to have a significant remaining value,\nthe group is typically reasonably certain to extend (or not\nterminate). \n | \n
| \n \u2022 \n | \n\n Otherwise, the Group\nconsiders other factors including historical lease durations and\nthe costs and business disruption required to replace the leased\nasset. \n | \n
\u00a0
\nMost extension options\nin offices and motor vehicles leases have not been included in the\nlease liability, because the Group could replace the assets without\nsignificant cost or business disruption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "JpqABXHTkS": { "value": "\u00a0
\nThe amounts stated in\nthe statement of financial position of the Company are analysed as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nCompany \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n\n | \n\n 1,010,483 \n | \n\n 969,301 \n | \n
| \n Loans to subsidiary\ncompanies \n | \n\n 174,958 \n | \n\n 164,933 \n | \n
| \n \u00a0 \n | \n\n 1,185,441 \n | \n\n 1,134,234 \n | \n
\u00a0
\n\u00a0
\nThe Group had the\nfollowing subsidiaries as at 31 December 2025 and 31 December\n2024:
\n\u00a0
\n| \n Subsidiary\ncompany \n | \n\n Registered\noffice \n | \n\n Nature of\nbusiness \n | \n\n Percentage of\nownership and voting rights held directly by the\nCompany \n | \n\n Percentage of\nownership and voting rights held directly by the\nGroup \n | \n\n Percentage of\nownership and voting rights held directly by non-controlling\ninterests \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Alfa\nInvestimentos \nTuristicos\nLda \n | \n\n Avenida\nColumbano \nBordalo Pinheiro, 105\nLisboa | \n\n Owns and operates the\nCorinthia Hotel & Spa Lisbon \nPortugal \n | \n\n 72 \n | \n\n 72 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Hotels\nLimited \n | \n\n 1, Europa Centre | \n\n Hotel management | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Company\nLimited \n | \n\n 22, Europa Centre | \n\n Investment\ncompany \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Towers Tripoli\nLimited \n | \n\n 22, Europa Centre | \n\n Owns and operates the\nCorinthia Bab Africa Hotel and Commercial Centre Libya \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Five Star Hotels\nLimited \n | \n\n 22, Europa Centre | \n\n Owns and operates the\nCorinthia Hotel St George\u2019s Bay, Malta \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Golden Sands Resort\nLimited \n | \n\n The Radisson SAS Golden\nSands Resort & Spa Golden Bay 1/o Mellieha, Malta \n | \n\n Owns and operates the\nGolden Sands Resort, \nGolden Bay, \nMalta \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Benelux\nB.V. \n | \n\n Kingsfordweg 151, 1043\nGR Amsterdam The Netherlands \n | \n\n Owns Corinthia Hotel St\nPetersburg and Commercial Centre \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Hungary\nZrt \n | \n\n Erzsebet Krt 43-49\nH-1073, Budapest Hungary \n | \n\n Owns and operates the\nCorinthia Hotel Budapest \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Lisbon\nLimited \n | \n\n 22, Europa Centre | \n\n Investment company\nholding an equity stake in Alfa Investimentos Turisticos\nLda \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI St Petersburg\nLLC \n | \n\n 57, Nevskij Prospect St\nPetersburg 191023 Russian Federation \n | \n\n Operates the Corinthia\nHotel St Petersburg \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Towers\ns.r.o. \n | \n\n Kongresov\u00e1\n1655/1 1406/69 Praha Czech Republic \n | \n\n Operates the Corinthia\nHotel Prague \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Zagreb\nd.d. \n | \n\n Centar Kaptol Nova Ves\n11 10000 Zagreb Croatia \n | \n\n Investment\ncompany \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Libya Holding\nDevelopment Inc. JSC \n | \n\n Benghazi\nLibya \n | \n\n Owns the Benghazi hotel\nproject \n | \n\n - \n | \n\n - \n | \n\n 55 \n | \n\n 55 \n | \n\n 45 \n | \n\n 45 \n | \n||||||
| \n Marina San Gorg\nLimited \n | \n\n 22, Europa Centre | \n\n Owns and operates the\nMarina Hotel in St George's Bay, Malta \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Island Resorts\nInternational Limited \n | \n\n First Name House,\nVictoria Residence Douglas Isle of Man \n | \n\n Investment\ncompany \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia (Malta) Staff\nServices Limited \n | \n\n 22, Europa Centre | \n\n Holding and management\ncompany \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Developments\nInternational Limited \n | \n\n 22, Europa Centre | \n\n Project\nmanagement \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Bay Point Hotel\nLimited \n | \n\n 22, Europa Centre | \n\n Owns and operates the\nCorinthia Bay Point Hotel,\u00a0 \nSt George\u2019s Bay,\nMalta \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Bay Point Collection\nLimited \n | \n\n First Name House,\nVictoria Residence Douglas Isle of Man \n | \n\n Vacation ownership\ncompany \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Oasis Company\nLtd \n | \n\n 22, Europa Centre | \n\n Owner of tract land in\nGolden Bay \n | \n\n \u00a0\n100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n The Coffee Company Malta\nLimited \n | \n\n 22, Europa Centre | \n\n Franchise retail\ncatering company \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Subsidiary\ncompany \n | \n\n Registered\noffice \n | \n\n Nature of\nbusiness \n | \n\n Percentage of\nownership and voting rights held directly by the\nCompany \n | \n\n Percentage of\nownership and voting rights held directly by the\nGroup \n | \n\n Percentage of\nownership and voting rights held directly by non-controlling\ninterests \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n QPM Limited \n | \n\n 22, Europa Centre | \n\n Project\nmanagement \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n QPM Africa\nLimited \n | \n\n 22, Europa Centre | \n\n Non-trading\ncompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n D.X. Design Consultancy\nLtd \n | \n\n 22, Europa Centre | \n\n Project management\nservices \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n NLI Holdings\nLimited \n | \n\n CTV House La Pouquelaye\nSt Helier Jersey \n | \n\n Parent company of a\nGroup that owns and operates the Corinthia Hotel London and 10\nWhitehall Place in London, UK \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n||||||
| \n NLI Hotels\nLimited \n | \n\n CTV House La Pouquelaye\nSt Helier Jersey \n | \n\n Owns the Corinthia\nHotel London, UK \n | \n\n - \n | \n\n - \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n||||||
| \n NLI Brussels\nLimited \n | \n\n 22, Europa Centre | \n\n Holding company of\nHotel Astoria SA \n | \n\n - \n | \n\n - \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n||||||
| \n NLI Operator\nLimited \n | \n\n Corinthia Hotel London,\nWhitehall Place, London SW1A 28D \n | \n\n Operates Corinthia\nHotel London, a five star luxury hotel \n | \n\n - \n | \n\n - \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n||||||
| \n IHI Palace Hotel Company\nLimited \n | \n\n 22, Europa Centre | \n\n Owns and operates the\nCorinthia Palace Hotel and Spa, Malta \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n QPM Belgium\nSPRL \n | \n\n Avenue de Tervueren\n168/18, 1150 Woluwe-Saint Pierre, Brussels, Belgium \n | \n\n Project and cost\nmanagement and other ancillary services \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Holdings\nLimited* \n | \n\n 34, Kosti Palama\n1096,Aspelia Court 4th Floor, office D4 Nicosia Cyprus \n | \n\n Investment\ncompany \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Caterers\nLimited \n | \n\n 22, Europa Centre | \n\n Event\ncatering \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Catermax\nLimited \n | \n\n 22, Europa Centre | \n\n Event\ncatering \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Hotels (UK)\nLimited \n | \n\n Corinthia Hotel London,\nWhitehall Place, London SW1A 28D \n | \n\n Management consultancy\nservices \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Bezemer\nLimited \n | \n\n Nerine Chambers PO Box\n905 Road Town Tortola, British Virgin Islands \n | \n\n Holding\ncompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Hotel Astoria\nS.A. \n | \n\n Rue Royal 103 | \n\n Owns and operates\nCorinthia Brussels \n | \n\n - \n | \n\n - \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n||||||
| \n CHL Surrey,\nInc \n | \n\n 251, Little Falls Drive\nWilmington, New Castle Delaware DE 19808 United States \n | \n\n Hotel management\ncompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n CHL US Parent,\nInc \n | \n\n 251, Little Falls Drive\nWilmington, New Castle Delaware DE 19808 United States \n | \n\n Investment\ncompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Medi International\nLimited \n | \n\n Level 1, Palm Grove\nHouse Wickham\u2019s Cay 1 Road Town, Tortola British Virgin\nIslands \n | \n\n Internal\nfinancing \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n 16 Craven House\nLimited \n | \n\n 10 Whitehall Place\nLondon SW1A 2BD United Kingdom \n | \n\n Property\nowner \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Hotels\nHoldings s.r.l. \n | \n\n 8, Piazza di San\nSilvestro Roma CAP 00187 Italia \n | \n\n Holding\ncompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Hotels\nManagement DMCC \n | \n\n Unit No: AG-13-H-F121,\nAG Tower, Plot No: JLT-PH1-I1A, Jumeirah Lakes Towers, Dubai,\nUnited Arab Emirates \n | \n\n Hotel management\nCompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n CHL Hotels Brussels\ns.r.l.** \n | \n\n Rue Royale,\n103 \n1000,\nBrussels \nBelgium \n | \n\n Hotel management\nCompany \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Hotels\n(Maldives) Private Limited \n | \n\n #02-01, Millenia\nTower \n10, Ameer Ahmed\nMagu \nMale\u2019,\n20026 \nRepublic of\nMaldives \n | \n\n Hotel management\nCompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Verdi Hospitality\nLimited \n | \n\n 1, Europa Centre | \n\n Hotel management\nCompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Parlamento\ns.r.l. \n | \n\n 8, Piazza di San\nSilvestro Roma CAP 00187 Italia \n | \n\n Operates the Corinthia\nHotel \nRome \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI BH Holdco\nLimited \n | \n\n 22, Europa Centre | \n\n Holding\ncompany \n | \n\n 100 \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Holdco Leases\nLimited \n | \n\n 22, Europa Centre | \n\n Holding\ncompany \n | \n\n 100 \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n BH Hotel Tenant\nLLC \n | \n\n 251 Little Falls Drive,\nWilmington, Delaware 19808, United States\nof America \n | \n\n Operates the\nBeverly \nHills Hotels \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Bond Issuer BH\nLimited \n | \n\n 22, Europa Centre | \n\n Holding\ncompany \n | \n\n 100 \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n CREV Limited \n | \n\n 22, Europa Centre | \n\n Development\ncompany \n | \n\n 100 \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n CREV BH LP \n | \n\n 171 Main Street PO BOX\n92, Road Town Tortola, VG1110, British Virgin Islands \n | \n\n Holding\ncompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n QPM Project Management\nServices LLC \n | \n\n Capricorn Tower, Office\n1103, Level 11, \nSheikh Zayed Road, PO\nBox 5775 Dubai, United Arab Emirates \n | \n\n Project\nmanagement \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n QPM (UK)\nLimited \n | \n\n Craven House, 16\nNorthumberland Avenue, London, \nUnited Kingdom, WC2N\n5AP \n | \n\n Project\nmanagement \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0
\n* Subsidiary was\ndisposed of during 2025
\n** Subsidiary was\nliquidated during 2025
\n\u00a0
\nAll subsidiary\nundertakings are included in the consolidation.
\n\u00a0
\n\u00a0
\nSet out below is\nsummarised financial information for the NLI Holdings Group.\u00a0\nThe amounts disclosed for are before inter-company\neliminations.
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Summarised statement\nof financial position \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current\nassets \n | \n\n \u00a066,709 \n | \n\n 54,146 \n | \n
| \n Current\nliabilities \n | \n\n (52,150) \n | \n\n (55,374) \n | \n
| \n Current net\nassets \n | \n\n \u00a014,559 \n | \n\n (1,228) \n | \n
| \n \u00a0 \n | \n\n | \n \u00a0 \n | \n
| \n Non-current\nassets \n | \n\n \u00a0672,742 \n | \n\n 718,764 \n | \n
| \n Non-current\nliabilities \n | \n\n (279,377) \n | \n\n (244,727) \n | \n
| \n Non-current net\nassets \n | \n\n \u00a0393,365 \n | \n\n 474,037 \n | \n
| \n \u00a0 \n | \n\n | \n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net\nassets \n | \n\n 407,924 \n | \n\n 472,809 \n | \n
| \n \u00a0 \n | \n\n | \n \u00a0 \n | \n
| \n Accumulated\nNCI \n | \n\n 203,962 \n | \n\n 236,404 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Summarised statement\nof comprehensive income \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Revenue \n | \n\n \u00a0103,767 \n | \n\n 96,570 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Loss for the\nperiod \n | \n\n (19,344) \n | \n\n (11,272) \n | \n
| \n Other comprehensive\nincome \n | \n\n (45,541) \n | \n\n 37,192 \n | \n
| \n Total comprehensive\nincome \n | \n\n (64,885) \n | \n\n 25,920 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Loss allocated to\nNCI \n | \n\n (9,672) \n | \n\n (5,636) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other comprehensive\nincome allocated to NCI \n | \n\n (22,771) \n | \n\n 18,596 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Dividend paid to\nNCI \n | \n\n - \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Summarised cash\nflows \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Cash flows from\noperating activities \n | \n\n \u00a037,736 \n | \n\n 7,938 \n | \n
| \n Cash flows used in\ninvesting activities \n | \n\n (24,684) \n | \n\n (45,869) \n | \n
| \n Cash flows from\nfinancing activities \n | \n\n \u00a09,935 \n | \n\n 19,195 \n | \n
| \n Net increase in cash\nand cash equivalents \n | \n\n \u00a022,987 \n | \n\n (18,736) \n | \n
\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nCompany \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1\nJanuary \n | \n\n 969,301 \n | \n\n 722,483 \n | \n
| \n Additions \n | \n\n 5 \n | \n\n - \n | \n
| \n Other\nmovements \n | \n\n (1) \n | \n\n - \n | \n
| \n Change in fair\nvalue \n | \n\n 41,178 \n | \n\n 246,818 \n | \n
| \n At 31\nDecember \n | \n\n 1,010,483 \n | \n\n 969,301 \n | \n
\u00a0
\nThe fair values of the\nCompany\u2019s investments in its subsidiaries, accounted for at\nfair value through other comprehensive income have been determined\nby reference to the fair values of the underlying properties held\nby the respective subsidiaries and, in the case of CHL and QPM, by\nreference to its enterprise value.
\n\u00a0
\nEnterprise value of\nCHL and QPM
\n\u00a0
\nCHL
\n\u00a0
\nCHL manages and operates\na number of hotels including some which are still under various\nstages of development, and is also the owner of the Corinthia brand\nas well as the new brand launched in 2024, Verdi. CHL\u2019s\nbusiness was traditionally to manage the group\u2019s owned\nhotels, but is increasingly focusing on licensing the Corinthia\nBrand and Verdi brand providing management services to third\nparties in return for industry standard management and branding\nfees.
\n\u00a0
\nIn anticipation of\nCHL\u2019s expansion phase, CHL invested significantly in human\nresources, operational, marketing and technology at senior levels.\nIt also acquired and set up a dedicated corporate office in London.\nThis resulted in the signing of various agreements and new hotel\nopenings in prime locations such as New York, Rome, Brussels,\nBucharest, Doha, Riyadh, the Maldives, Dubai, Tuscany, Chengdu,\nLake Como, Puglia and the Oasis project in Malta.
\n\u00a0
\nCHL has also made\nsignificant investments in the business development team focusing\non further growth, and invested in building the platform and\ndistribution and marketing foundations for the new Verdi brand,\ntargeting upscale four-star hotels.
\n\u00a0
\nIn 2024, the directors\nappointed independent international valuers having appropriate\nrecognised professional qualifications and the necessary experience\nto fair value the investment in CHL taking into account CHL\u2019s\nrevised strategy and plans to expand both the Corinthia and Verdi\nbrands through management agreements. The valuation takes into\naccount projections for existing managed hotels, contracted hotels\nnot yet operational, as well as projections for an unconfirmed\npipeline. The valuation was carried out using the discounted cash\nflow (\u201cDCF\u201d) approach and considered the free cash\nflows arising from the projected income streams expected to be\nderived from the company\u2019s operations, discounted to present\nvalue using an estimate of the weighted average cost of capital\nthat would be available to finance such an operation, and\nreflective of the risk underlying the status of the respective\nmanagement agreements.
\n\u00a0
\nIn 2025, a number of new\nhotel management agreements were signed, reducing the uncertainty\naround the unconfirmed pipeline. For the purposes of the fair value\nincluded within the Statement of Financial Position as at 31\nDecember 2025, management performed a review of prior year\nindependent valuation of the group's investment in CHL to assess\nwhether there were any significant changes to the key assumptions\napplied in the valuation model. The review focused on assumptions\nunderlying projected cash flows in light of CHL's revised strategy\nand plans to expand both the Corinthia and Verdi brands through\nmanagement agreements, in respect of both IHI owned and third-party\nhotels. In performing this assessment, management considered\ndevelopments during the year including performance of existing\nmanaged hotels, progress on contracted hotels not yet operational,\nand updates to the anticipated pipeline.
\n\u00a0
\n\u00a0The fair value as\nat 31 December 2025 and 2024 amounted to \u20ac259\nmillion.\u00a0
\n\u00a0
\nThe key assumptions\nunderlying the valuations are:
\n\u00a0
\n| \n - \n | \n\n Revenue from existing\nand signed management agreements is based on revenue projections\nfrom currently operating hotels and forecast revenue from hotels\nexpected to start operating shortly; \n | \n
| \n - \n | \n\n Revenue from unconfirmed\nhotel management agreements is based on revenue projections from\nhotels which are not yet announced or signed as at 31 December\n2025, but are expected to be achieved in the short to medium term\n(by 2032); \n | \n
| \n - \n | \n\n Subsequent to the\nten-year projection period, revenue is assumed to grow at a rate of\n2% p.a. in perpetuity; and \n | \n
| \n - \n | \n\n A post-tax discount rate\nof 10.6% was applied to the post-tax free cash flows of\nCHL. \n | \n
\u00a0
\nThe Directors have\nconcluded that these assumptions remain valid as at 31 December\n2025.
\n\u00a0
\nQPM
\n\u00a0
\nQPM is a global design,\nengineering, and management office of professionals servicing\nclients in different continents. QPM was originally set up to\nproject manage the group\u2019s developments and projects,\nhowever, QPM has extended its services to third parties both\nlocally and abroad. More recently the focus has been to expand\nfurther overseas and QPM has secured contracts in Romania, Belgium,\nItaly, Libya, Qatar, Dubai, Egypt, and Morocco.
\n\u00a0
\nIn 2024, the directors\nappointed independent valuers having appropriate recognised\nprofessional qualifications and the necessary experience to fair\nvalue the investment in QPM taking into account the company\u2019s\nplans and growth strategies. The valuation was carried out using\nthe discounted cash flow (\u201cDCF\u201d) approach and\nconsidered the free cash flows arising from the projected income\nstreams expected to be derived from the company\u2019s operations,\ndiscounted to present value using an estimate of the weighted\naverage cost of capital that would be available to finance such an\noperation, and reflective of the risk underlying the status of the\nrespective management agreements.
\n\u00a0
\nIn 2025, QPM\nsuccessfully secured several new projects aligned with its growth\nstrategy. The fair value as at 31 December\n2025 and 2024 amounted to \u20ac22.4 million.
\n\u00a0\u00a0\u00a0\u00a0\n\u00a0
\nThe key assumptions\nunderlying the valuation are:
\n\u00a0
\n| \n - \n | \n\n Revenue growth\nrepresenting a CAGR of 35.9% between 2025 and 2027 with annual\nrevenue growth of between 3.5% and 5% thereafter, with improved\ngross margins during 2028 to 2030 \n | \n
| \n - \n | \n\n EBITDA CAGR between\n2027 to 2030 ranging from 8.8% to 10.4% \n | \n
| \n - \n | \n\n A discount rate of\n15.3% was applied to the operating projections \n | \n
\u00a0
\nAs at 31 December 2025,\nthe Directors assessed these valuation assumptions and concluded\nthat these remain valid.
\n\u00a0
\nBoth CHL and QPM were\noriginally established to meet the internal needs of the Group. As\nstated above, however, these internally generated brands have, over\nthe past years, expanded their services to third parties, thereby\nenhancing their market value. In accordance with IFRSs, any value\nwhich is not attributable to the net asset value or to goodwill or\nother intangible assets recognised upon acquisition, is reversed\nupon consolidation. This results in a reversal in the consolidated\naccounts of \u20ac208 million for CHL, while for QPM, the\ncorresponding amount is \u20ac14.6 million.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "GTfyX151ny": { "value": "\u00a0
\nThe amounts stated in\nthe statement of financial position of the Company are analysed as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nCompany \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n\n | \n\n 1,010,483 \n | \n\n 969,301 \n | \n
| \n Loans to subsidiary\ncompanies \n | \n\n 174,958 \n | \n\n 164,933 \n | \n
| \n \u00a0 \n | \n\n 1,185,441 \n | \n\n 1,134,234 \n | \n
\u00a0
\n\u00a0
\nThe Group had the\nfollowing subsidiaries as at 31 December 2025 and 31 December\n2024:
\n\u00a0
\n| \n Subsidiary\ncompany \n | \n\n Registered\noffice \n | \n\n Nature of\nbusiness \n | \n\n Percentage of\nownership and voting rights held directly by the\nCompany \n | \n\n Percentage of\nownership and voting rights held directly by the\nGroup \n | \n\n Percentage of\nownership and voting rights held directly by non-controlling\ninterests \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||
| \n Alfa\nInvestimentos \nTuristicos\nLda \n | \n\n Avenida\nColumbano \nBordalo Pinheiro, 105\nLisboa | \n\n Owns and operates the\nCorinthia Hotel & Spa Lisbon \nPortugal \n | \n\n 72 \n | \n\n 72 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Hotels\nLimited \n | \n\n 1, Europa Centre | \n\n Hotel management | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Company\nLimited \n | \n\n 22, Europa Centre | \n\n Investment\ncompany \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Towers Tripoli\nLimited \n | \n\n 22, Europa Centre | \n\n Owns and operates the\nCorinthia Bab Africa Hotel and Commercial Centre Libya \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Five Star Hotels\nLimited \n | \n\n 22, Europa Centre | \n\n Owns and operates the\nCorinthia Hotel St George\u2019s Bay, Malta \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Golden Sands Resort\nLimited \n | \n\n The Radisson SAS Golden\nSands Resort & Spa Golden Bay 1/o Mellieha, Malta \n | \n\n Owns and operates the\nGolden Sands Resort, \nGolden Bay, \nMalta \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Benelux\nB.V. \n | \n\n Kingsfordweg 151, 1043\nGR Amsterdam The Netherlands \n | \n\n Owns Corinthia Hotel St\nPetersburg and Commercial Centre \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Hungary\nZrt \n | \n\n Erzsebet Krt 43-49\nH-1073, Budapest Hungary \n | \n\n Owns and operates the\nCorinthia Hotel Budapest \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Lisbon\nLimited \n | \n\n 22, Europa Centre | \n\n Investment company\nholding an equity stake in Alfa Investimentos Turisticos\nLda \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI St Petersburg\nLLC \n | \n\n 57, Nevskij Prospect St\nPetersburg 191023 Russian Federation \n | \n\n Operates the Corinthia\nHotel St Petersburg \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Towers\ns.r.o. \n | \n\n Kongresov\u00e1\n1655/1 1406/69 Praha Czech Republic \n | \n\n Operates the Corinthia\nHotel Prague \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Zagreb\nd.d. \n | \n\n Centar Kaptol Nova Ves\n11 10000 Zagreb Croatia \n | \n\n Investment\ncompany \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Libya Holding\nDevelopment Inc. JSC \n | \n\n Benghazi\nLibya \n | \n\n Owns the Benghazi hotel\nproject \n | \n\n - \n | \n\n - \n | \n\n 55 \n | \n\n 55 \n | \n\n 45 \n | \n\n 45 \n | \n||||||
| \n Marina San Gorg\nLimited \n | \n\n 22, Europa Centre | \n\n Owns and operates the\nMarina Hotel in St George's Bay, Malta \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Island Resorts\nInternational Limited \n | \n\n First Name House,\nVictoria Residence Douglas Isle of Man \n | \n\n Investment\ncompany \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia (Malta) Staff\nServices Limited \n | \n\n 22, Europa Centre | \n\n Holding and management\ncompany \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Developments\nInternational Limited \n | \n\n 22, Europa Centre | \n\n Project\nmanagement \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Bay Point Hotel\nLimited \n | \n\n 22, Europa Centre | \n\n Owns and operates the\nCorinthia Bay Point Hotel,\u00a0 \nSt George\u2019s Bay,\nMalta \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Bay Point Collection\nLimited \n | \n\n First Name House,\nVictoria Residence Douglas Isle of Man \n | \n\n Vacation ownership\ncompany \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Oasis Company\nLtd \n | \n\n 22, Europa Centre | \n\n Owner of tract land in\nGolden Bay \n | \n\n \u00a0\n100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n The Coffee Company Malta\nLimited \n | \n\n 22, Europa Centre | \n\n Franchise retail\ncatering company \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Subsidiary\ncompany \n | \n\n Registered\noffice \n | \n\n Nature of\nbusiness \n | \n\n Percentage of\nownership and voting rights held directly by the\nCompany \n | \n\n Percentage of\nownership and voting rights held directly by the\nGroup \n | \n\n Percentage of\nownership and voting rights held directly by non-controlling\ninterests \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n||||||
| \n QPM Limited \n | \n\n 22, Europa Centre | \n\n Project\nmanagement \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n QPM Africa\nLimited \n | \n\n 22, Europa Centre | \n\n Non-trading\ncompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n D.X. Design Consultancy\nLtd \n | \n\n 22, Europa Centre | \n\n Project management\nservices \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n NLI Holdings\nLimited \n | \n\n CTV House La Pouquelaye\nSt Helier Jersey \n | \n\n Parent company of a\nGroup that owns and operates the Corinthia Hotel London and 10\nWhitehall Place in London, UK \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n||||||
| \n NLI Hotels\nLimited \n | \n\n CTV House La Pouquelaye\nSt Helier Jersey \n | \n\n Owns the Corinthia\nHotel London, UK \n | \n\n - \n | \n\n - \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n||||||
| \n NLI Brussels\nLimited \n | \n\n 22, Europa Centre | \n\n Holding company of\nHotel Astoria SA \n | \n\n - \n | \n\n - \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n||||||
| \n NLI Operator\nLimited \n | \n\n Corinthia Hotel London,\nWhitehall Place, London SW1A 28D \n | \n\n Operates Corinthia\nHotel London, a five star luxury hotel \n | \n\n - \n | \n\n - \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n||||||
| \n IHI Palace Hotel Company\nLimited \n | \n\n 22, Europa Centre | \n\n Owns and operates the\nCorinthia Palace Hotel and Spa, Malta \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n QPM Belgium\nSPRL \n | \n\n Avenue de Tervueren\n168/18, 1150 Woluwe-Saint Pierre, Brussels, Belgium \n | \n\n Project and cost\nmanagement and other ancillary services \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Holdings\nLimited* \n | \n\n 34, Kosti Palama\n1096,Aspelia Court 4th Floor, office D4 Nicosia Cyprus \n | \n\n Investment\ncompany \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Caterers\nLimited \n | \n\n 22, Europa Centre | \n\n Event\ncatering \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Catermax\nLimited \n | \n\n 22, Europa Centre | \n\n Event\ncatering \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Hotels (UK)\nLimited \n | \n\n Corinthia Hotel London,\nWhitehall Place, London SW1A 28D \n | \n\n Management consultancy\nservices \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Bezemer\nLimited \n | \n\n Nerine Chambers PO Box\n905 Road Town Tortola, British Virgin Islands \n | \n\n Holding\ncompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Hotel Astoria\nS.A. \n | \n\n Rue Royal 103 | \n\n Owns and operates\nCorinthia Brussels \n | \n\n - \n | \n\n - \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n\n 50 \n | \n||||||
| \n CHL Surrey,\nInc \n | \n\n 251, Little Falls Drive\nWilmington, New Castle Delaware DE 19808 United States \n | \n\n Hotel management\ncompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n CHL US Parent,\nInc \n | \n\n 251, Little Falls Drive\nWilmington, New Castle Delaware DE 19808 United States \n | \n\n Investment\ncompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Medi International\nLimited \n | \n\n Level 1, Palm Grove\nHouse Wickham\u2019s Cay 1 Road Town, Tortola British Virgin\nIslands \n | \n\n Internal\nfinancing \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n 16 Craven House\nLimited \n | \n\n 10 Whitehall Place\nLondon SW1A 2BD United Kingdom \n | \n\n Property\nowner \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Hotels\nHoldings s.r.l. \n | \n\n 8, Piazza di San\nSilvestro Roma CAP 00187 Italia \n | \n\n Holding\ncompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Hotels\nManagement DMCC \n | \n\n Unit No: AG-13-H-F121,\nAG Tower, Plot No: JLT-PH1-I1A, Jumeirah Lakes Towers, Dubai,\nUnited Arab Emirates \n | \n\n Hotel management\nCompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n CHL Hotels Brussels\ns.r.l.** \n | \n\n Rue Royale,\n103 \n1000,\nBrussels \nBelgium \n | \n\n Hotel management\nCompany \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Hotels\n(Maldives) Private Limited \n | \n\n #02-01, Millenia\nTower \n10, Ameer Ahmed\nMagu \nMale\u2019,\n20026 \nRepublic of\nMaldives \n | \n\n Hotel management\nCompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Verdi Hospitality\nLimited \n | \n\n 1, Europa Centre | \n\n Hotel management\nCompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n Corinthia Parlamento\ns.r.l. \n | \n\n 8, Piazza di San\nSilvestro Roma CAP 00187 Italia \n | \n\n Operates the Corinthia\nHotel \nRome \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI BH Holdco\nLimited \n | \n\n 22, Europa Centre | \n\n Holding\ncompany \n | \n\n 100 \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Holdco Leases\nLimited \n | \n\n 22, Europa Centre | \n\n Holding\ncompany \n | \n\n 100 \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n BH Hotel Tenant\nLLC \n | \n\n 251 Little Falls Drive,\nWilmington, Delaware 19808, United States\nof America \n | \n\n Operates the\nBeverly \nHills Hotels \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n IHI Bond Issuer BH\nLimited \n | \n\n 22, Europa Centre | \n\n Holding\ncompany \n | \n\n 100 \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n CREV Limited \n | \n\n 22, Europa Centre | \n\n Development\ncompany \n | \n\n 100 \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n CREV BH LP \n | \n\n 171 Main Street PO BOX\n92, Road Town Tortola, VG1110, British Virgin Islands \n | \n\n Holding\ncompany \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n QPM Project Management\nServices LLC \n | \n\n Capricorn Tower, Office\n1103, Level 11, \nSheikh Zayed Road, PO\nBox 5775 Dubai, United Arab Emirates \n | \n\n Project\nmanagement \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n QPM (UK)\nLimited \n | \n\n Craven House, 16\nNorthumberland Avenue, London, \nUnited Kingdom, WC2N\n5AP \n | \n\n Project\nmanagement \n | \n\n - \n | \n\n - \n | \n\n 100 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0
\n* Subsidiary was\ndisposed of during 2025
\n** Subsidiary was\nliquidated during 2025
\n\u00a0
\nAll subsidiary\nundertakings are included in the consolidation.
\n\u00a0
\n\u00a0
\nSet out below is\nsummarised financial information for the NLI Holdings Group.\u00a0\nThe amounts disclosed for are before inter-company\neliminations.
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Summarised statement\nof financial position \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current\nassets \n | \n\n \u00a066,709 \n | \n\n 54,146 \n | \n
| \n Current\nliabilities \n | \n\n (52,150) \n | \n\n (55,374) \n | \n
| \n Current net\nassets \n | \n\n \u00a014,559 \n | \n\n (1,228) \n | \n
| \n \u00a0 \n | \n\n | \n \u00a0 \n | \n
| \n Non-current\nassets \n | \n\n \u00a0672,742 \n | \n\n 718,764 \n | \n
| \n Non-current\nliabilities \n | \n\n (279,377) \n | \n\n (244,727) \n | \n
| \n Non-current net\nassets \n | \n\n \u00a0393,365 \n | \n\n 474,037 \n | \n
| \n \u00a0 \n | \n\n | \n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net\nassets \n | \n\n 407,924 \n | \n\n 472,809 \n | \n
| \n \u00a0 \n | \n\n | \n \u00a0 \n | \n
| \n Accumulated\nNCI \n | \n\n 203,962 \n | \n\n 236,404 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Summarised statement\nof comprehensive income \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Revenue \n | \n\n \u00a0103,767 \n | \n\n 96,570 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Loss for the\nperiod \n | \n\n (19,344) \n | \n\n (11,272) \n | \n
| \n Other comprehensive\nincome \n | \n\n (45,541) \n | \n\n 37,192 \n | \n
| \n Total comprehensive\nincome \n | \n\n (64,885) \n | \n\n 25,920 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Loss allocated to\nNCI \n | \n\n (9,672) \n | \n\n (5,636) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other comprehensive\nincome allocated to NCI \n | \n\n (22,771) \n | \n\n 18,596 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Dividend paid to\nNCI \n | \n\n - \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Summarised cash\nflows \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Cash flows from\noperating activities \n | \n\n \u00a037,736 \n | \n\n 7,938 \n | \n
| \n Cash flows used in\ninvesting activities \n | \n\n (24,684) \n | \n\n (45,869) \n | \n
| \n Cash flows from\nfinancing activities \n | \n\n \u00a09,935 \n | \n\n 19,195 \n | \n
| \n Net increase in cash\nand cash equivalents \n | \n\n \u00a022,987 \n | \n\n (18,736) \n | \n
\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nCompany \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1\nJanuary \n | \n\n 969,301 \n | \n\n 722,483 \n | \n
| \n Additions \n | \n\n 5 \n | \n\n - \n | \n
| \n Other\nmovements \n | \n\n (1) \n | \n\n - \n | \n
| \n Change in fair\nvalue \n | \n\n 41,178 \n | \n\n 246,818 \n | \n
| \n At 31\nDecember \n | \n\n 1,010,483 \n | \n\n 969,301 \n | \n
\u00a0
\nThe fair values of the\nCompany\u2019s investments in its subsidiaries, accounted for at\nfair value through other comprehensive income have been determined\nby reference to the fair values of the underlying properties held\nby the respective subsidiaries and, in the case of CHL and QPM, by\nreference to its enterprise value.
\n\u00a0
\nEnterprise value of\nCHL and QPM
\n\u00a0
\nCHL
\n\u00a0
\nCHL manages and operates\na number of hotels including some which are still under various\nstages of development, and is also the owner of the Corinthia brand\nas well as the new brand launched in 2024, Verdi. CHL\u2019s\nbusiness was traditionally to manage the group\u2019s owned\nhotels, but is increasingly focusing on licensing the Corinthia\nBrand and Verdi brand providing management services to third\nparties in return for industry standard management and branding\nfees.
\n\u00a0
\nIn anticipation of\nCHL\u2019s expansion phase, CHL invested significantly in human\nresources, operational, marketing and technology at senior levels.\nIt also acquired and set up a dedicated corporate office in London.\nThis resulted in the signing of various agreements and new hotel\nopenings in prime locations such as New York, Rome, Brussels,\nBucharest, Doha, Riyadh, the Maldives, Dubai, Tuscany, Chengdu,\nLake Como, Puglia and the Oasis project in Malta.
\n\u00a0
\nCHL has also made\nsignificant investments in the business development team focusing\non further growth, and invested in building the platform and\ndistribution and marketing foundations for the new Verdi brand,\ntargeting upscale four-star hotels.
\n\u00a0
\nIn 2024, the directors\nappointed independent international valuers having appropriate\nrecognised professional qualifications and the necessary experience\nto fair value the investment in CHL taking into account CHL\u2019s\nrevised strategy and plans to expand both the Corinthia and Verdi\nbrands through management agreements. The valuation takes into\naccount projections for existing managed hotels, contracted hotels\nnot yet operational, as well as projections for an unconfirmed\npipeline. The valuation was carried out using the discounted cash\nflow (\u201cDCF\u201d) approach and considered the free cash\nflows arising from the projected income streams expected to be\nderived from the company\u2019s operations, discounted to present\nvalue using an estimate of the weighted average cost of capital\nthat would be available to finance such an operation, and\nreflective of the risk underlying the status of the respective\nmanagement agreements.
\n\u00a0
\nIn 2025, a number of new\nhotel management agreements were signed, reducing the uncertainty\naround the unconfirmed pipeline. For the purposes of the fair value\nincluded within the Statement of Financial Position as at 31\nDecember 2025, management performed a review of prior year\nindependent valuation of the group's investment in CHL to assess\nwhether there were any significant changes to the key assumptions\napplied in the valuation model. The review focused on assumptions\nunderlying projected cash flows in light of CHL's revised strategy\nand plans to expand both the Corinthia and Verdi brands through\nmanagement agreements, in respect of both IHI owned and third-party\nhotels. In performing this assessment, management considered\ndevelopments during the year including performance of existing\nmanaged hotels, progress on contracted hotels not yet operational,\nand updates to the anticipated pipeline.
\n\u00a0
\n\u00a0The fair value as\nat 31 December 2025 and 2024 amounted to \u20ac259\nmillion.\u00a0
\n\u00a0
\nThe key assumptions\nunderlying the valuations are:
\n\u00a0
\n| \n - \n | \n\n Revenue from existing\nand signed management agreements is based on revenue projections\nfrom currently operating hotels and forecast revenue from hotels\nexpected to start operating shortly; \n | \n
| \n - \n | \n\n Revenue from unconfirmed\nhotel management agreements is based on revenue projections from\nhotels which are not yet announced or signed as at 31 December\n2025, but are expected to be achieved in the short to medium term\n(by 2032); \n | \n
| \n - \n | \n\n Subsequent to the\nten-year projection period, revenue is assumed to grow at a rate of\n2% p.a. in perpetuity; and \n | \n
| \n - \n | \n\n A post-tax discount rate\nof 10.6% was applied to the post-tax free cash flows of\nCHL. \n | \n
\u00a0
\nThe Directors have\nconcluded that these assumptions remain valid as at 31 December\n2025.
\n\u00a0
\nQPM
\n\u00a0
\nQPM is a global design,\nengineering, and management office of professionals servicing\nclients in different continents. QPM was originally set up to\nproject manage the group\u2019s developments and projects,\nhowever, QPM has extended its services to third parties both\nlocally and abroad. More recently the focus has been to expand\nfurther overseas and QPM has secured contracts in Romania, Belgium,\nItaly, Libya, Qatar, Dubai, Egypt, and Morocco.
\n\u00a0
\nIn 2024, the directors\nappointed independent valuers having appropriate recognised\nprofessional qualifications and the necessary experience to fair\nvalue the investment in QPM taking into account the company\u2019s\nplans and growth strategies. The valuation was carried out using\nthe discounted cash flow (\u201cDCF\u201d) approach and\nconsidered the free cash flows arising from the projected income\nstreams expected to be derived from the company\u2019s operations,\ndiscounted to present value using an estimate of the weighted\naverage cost of capital that would be available to finance such an\noperation, and reflective of the risk underlying the status of the\nrespective management agreements.
\n\u00a0
\nIn 2025, QPM\nsuccessfully secured several new projects aligned with its growth\nstrategy. The fair value as at 31 December\n2025 and 2024 amounted to \u20ac22.4 million.
\n\u00a0\u00a0\u00a0\u00a0\n\u00a0
\nThe key assumptions\nunderlying the valuation are:
\n\u00a0
\n| \n - \n | \n\n Revenue growth\nrepresenting a CAGR of 35.9% between 2025 and 2027 with annual\nrevenue growth of between 3.5% and 5% thereafter, with improved\ngross margins during 2028 to 2030 \n | \n
| \n - \n | \n\n EBITDA CAGR between\n2027 to 2030 ranging from 8.8% to 10.4% \n | \n
| \n - \n | \n\n A discount rate of\n15.3% was applied to the operating projections \n | \n
\u00a0
\nAs at 31 December 2025,\nthe Directors assessed these valuation assumptions and concluded\nthat these remain valid.
\n\u00a0
\nBoth CHL and QPM were\noriginally established to meet the internal needs of the Group. As\nstated above, however, these internally generated brands have, over\nthe past years, expanded their services to third parties, thereby\nenhancing their market value. In accordance with IFRSs, any value\nwhich is not attributable to the net asset value or to goodwill or\nother intangible assets recognised upon acquisition, is reversed\nupon consolidation. This results in a reversal in the consolidated\naccounts of \u20ac208 million for CHL, while for QPM, the\ncorresponding amount is \u20ac14.6 million.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "OSho0zu6l8": { "value": "\u00a0
\nSet out below is\nsummarised financial information for the NLI Holdings Group.\u00a0\nThe amounts disclosed for are before inter-company\neliminations.
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Summarised statement\nof financial position \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current\nassets \n | \n\n \u00a066,709 \n | \n\n 54,146 \n | \n
| \n Current\nliabilities \n | \n\n (52,150) \n | \n\n (55,374) \n | \n
| \n Current net\nassets \n | \n\n \u00a014,559 \n | \n\n (1,228) \n | \n
| \n \u00a0 \n | \n\n | \n \u00a0 \n | \n
| \n Non-current\nassets \n | \n\n \u00a0672,742 \n | \n\n 718,764 \n | \n
| \n Non-current\nliabilities \n | \n\n (279,377) \n | \n\n (244,727) \n | \n
| \n Non-current net\nassets \n | \n\n \u00a0393,365 \n | \n\n 474,037 \n | \n
| \n \u00a0 \n | \n\n | \n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net\nassets \n | \n\n 407,924 \n | \n\n 472,809 \n | \n
| \n \u00a0 \n | \n\n | \n \u00a0 \n | \n
| \n Accumulated\nNCI \n | \n\n 203,962 \n | \n\n 236,404 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Summarised statement\nof comprehensive income \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Revenue \n | \n\n \u00a0103,767 \n | \n\n 96,570 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Loss for the\nperiod \n | \n\n (19,344) \n | \n\n (11,272) \n | \n
| \n Other comprehensive\nincome \n | \n\n (45,541) \n | \n\n 37,192 \n | \n
| \n Total comprehensive\nincome \n | \n\n (64,885) \n | \n\n 25,920 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Loss allocated to\nNCI \n | \n\n (9,672) \n | \n\n (5,636) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other comprehensive\nincome allocated to NCI \n | \n\n (22,771) \n | \n\n 18,596 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Dividend paid to\nNCI \n | \n\n - \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Summarised cash\nflows \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Cash flows from\noperating activities \n | \n\n \u00a037,736 \n | \n\n 7,938 \n | \n
| \n Cash flows used in\ninvesting activities \n | \n\n (24,684) \n | \n\n (45,869) \n | \n
| \n Cash flows from\nfinancing activities \n | \n\n \u00a09,935 \n | \n\n 19,195 \n | \n
| \n Net increase in cash\nand cash equivalents \n | \n\n \u00a022,987 \n | \n\n (18,736) \n | \n
\u00a0
\nThe amounts recognised\nin the Group\u2019s and Company\u2019s statements of financial\nposition are as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Associates \n | \n\n 6,092 \n | \n\n 5,207 \n | \n\n 4,469 \n | \n\n 5,207 \n | \n
| \n At 31\nDecember \n | \n\n 6,092 \n | \n\n 5,207 \n | \n\n 4,469 \n | \n\n 5,207 \n | \n
\u00a0
\n\u00a0
\nThe amounts recognised\nin the Group\u2019s income statements are as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Associates \n | \n\n 332 \n | \n\n (15) \n | \n
| \n At 31\nDecember \n | \n\n 332 \n | \n\n (15) \n | \n
\u00a0
\nThe amounts recognised\nin the Group\u2019s and Company\u2019s other comprehensive income\nare as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Associates \n | \n\n (1,103) \n | \n\n 188 \n | \n\n (737) \n | \n\n 173 \n | \n
| \n At 31\nDecember \n | \n\n (1,103) \n | \n\n 188 \n | \n\n (737) \n | \n\n 173 \n | \n
| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1\nJanuary \n | \n\n 5,207 \n | \n\n 5,034 \n | \n\n 5,206 \n | \n\n 5,034 \n | \n
| \n Share of\nresults \n | \n\n 332 \n | \n\n (15) \n | \n\n - \n | \n\n - \n | \n
| \n Share of other\ncomprehensive income \n | \n\n (1,103) \n | \n\n 188 \n | \n\n - \n | \n\n - \n | \n
| \n Additions \n | \n\n 1,656 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Fair value\nmovements \n | \n\n - \n | \n\n - \n | \n\n (737) \n | \n\n 173 \n | \n
| \n At 31\nDecember \n | \n\n 6,092 \n | \n\n 5,207 \n | \n\n 4,469 \n | \n\n 5,207 \n | \n
\u00a0
\nSet out below are the\nassociates of the Group as at 31 December 2025 and 31 December\n2024.\u00a0 The associates listed below have share capital\nconsisting solely of ordinary shares, which are held directly by\nthe Group.
\n\u00a0
\n| \n Company\nname \n | \n\n Registered\noffice \n | \n\n Nature of\nbusiness \n | \n\n % of ownership\ninterest held by the Group \n | \n\n % of ownership\ninterest held by the Company \n | \n||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Medina Towers\nJ.S.C. \n | \n\n Suite 107, Tower 2\nTripoli Tower Tripoli Libya \n\u00a0 \n | \n\n Owns the Medina Towers\nproject in Tripoli \n | \n\n 25 \n | \n\n 25 \n | \n\n 25 \n | \n\n 25 \n | \n
| \n IHI Action LP \n | \n\n 171 Main Street, P.O.\nBox 92, \nRoad Town, Tortola,\nVG1110, British Virgin Islands \n\u00a0 \n | \n\n Holding\nCompany \n | \n\n 10 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Gilded Triumvirate\nLP \n | \n\n 171 Main Street, P.O.\nBox 92, \nRoad Town, Tortola,\nVG1110, British Virgin Islands \n\u00a0 \n | \n\n Holding\nCompany \n\u00a0 \n | \n\n 4 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n BH Club Owner\nLLC \n | \n\n 251 Little Falls Drive,\nWilmington, Delaware 19808, United States of America \n\u00a0 \n | \n\n Manages office block in\nBeverly Hills \n\u00a0 \n | \n\n 50 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Golden Triangle\nplc \n | \n\n 22, Europa Centre,\nFloriana, Malta \n\u00a0 \n | \n\n Financing\nCompany \n\u00a0 \n\u00a0 \n | \n\n 25 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
\u00a0
\n\u00a0
\nSummarised financial\ninformation of the material associate is included in the table\nbelow:
\n\u00a0
\n| \n \u00a0 \n | \n\n Medina Towers\nJ.S.C. \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-current\nassets \n | \n\n \u00a010,666 \n | \n\n 13,283 \n | \n
| \n Current\nassets \n | \n\n \u00a07,296 \n | \n\n 7,641 \n | \n
| \n Total\nassets \n | \n\n \u00a017,962 \n | \n\n 20,924 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current\nliabilities \n | \n\n 76 \n | \n\n 90 \n | \n
| \n Total\nliabilities \n | \n\n 76 \n | \n\n 90 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Loss for the\nyear \n | \n\n 1,179 \n | \n\n (61) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other comprehensive\nincome \n | \n\n (4,129) \n | \n\n 752 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Total comprehensive\nincome \n | \n\n (2,950) \n | \n\n 691 \n | \n
\u00a0
\n\u00a0
\nReconciliation of the\nsummarised information presented to the carrying amount of its\ninterest in the associate:
\n\u00a0
\n| \n \u00a0 \n | \n\n Medina Towers\nJ.S.C. \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n 1\nJanuary \n | \n\n \u00a020,828 \n | \n\n 20,137 \n | \n
| \n Loss for the\nperiod \n | \n\n \u00a01,179 \n | \n\n (61) \n | \n
| \n Other comprehensive\nincome \n | \n\n (4,129) \n | \n\n 752 \n | \n
| \n Closing net\nassets \n | \n\n 17,878 \n | \n\n 20,828 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Interest in associate\n(25%) \n | \n\n 4,469 \n | \n\n 5,207 \n | \n
| \n Carrying\nvalue \n | \n\n 4,469 \n | \n\n 5,207 \n | \n
\u00a0
\nThe amounts recognised\nin the Group\u2019s and Company\u2019s statements of financial\nposition are as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Associates \n | \n\n 6,092 \n | \n\n 5,207 \n | \n\n 4,469 \n | \n\n 5,207 \n | \n
| \n At 31\nDecember \n | \n\n 6,092 \n | \n\n 5,207 \n | \n\n 4,469 \n | \n\n 5,207 \n | \n
\u00a0
\n\u00a0
\nThe amounts recognised\nin the Group\u2019s income statements are as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Associates \n | \n\n 332 \n | \n\n (15) \n | \n
| \n At 31\nDecember \n | \n\n 332 \n | \n\n (15) \n | \n
\u00a0
\nThe amounts recognised\nin the Group\u2019s and Company\u2019s other comprehensive income\nare as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Associates \n | \n\n (1,103) \n | \n\n 188 \n | \n\n (737) \n | \n\n 173 \n | \n
| \n At 31\nDecember \n | \n\n (1,103) \n | \n\n 188 \n | \n\n (737) \n | \n\n 173 \n | \n
\u00a0
\nThe joint ventures\nlisted below have share capital consisting solely of ordinary\nshares, which are held directly by the Group.
\n\u00a0
\n\u00a0
\n| \n Company\nname \n | \n\n Registered\noffice \n | \n\n Nature of\nbusiness \n | \n\n % of ownership\ninterest held by the Group \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Quality Catering &\nRetail Services Ltd \n | \n\n Miller House Airport\nWay Tarxien Road, Luqa, Malta \n | \n\n Catering\ncompany \n | \n\n 50 \n | \n\n 50 \n | \n
\u00a0
\nAll joint ventures are\nprivate companies and there is no quoted market price available for\nits shares.
\n\u00a0
\nThere are no contingent\nliabilities relating to the Group\u2019s interest in the joint\nventures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "sNA0zY_-US": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Group\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 137,491 \n | \n\n 162,016 \n | \n
| \n Other\ninvestees \n | \n\n - \n | \n\n 6,396 \n | \n\n - \n | \n\n - \n | \n
| \n Total non-current\nloans receivable \n | \n\n - \n | \n\n 6,396 \n | \n\n 137,491 \n | \n\n 162,016 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate parent\ncompany \n | \n\n - \n | \n\n - \n | \n\n 1,038 \n | \n\n - \n | \n
| \n Other \n | \n\n 68 \n | \n\n 86 \n | \n\n - \n | \n\n - \n | \n
| \n Total current loans\nreceivable \n | \n\n 68 \n | \n\n 86 \n | \n\n 1,038 \n | \n\n - \n | \n
\u00a0
\nDisclosure in respect of\nthe fair value of the above financial assets is presented\nwithin Note\n41.7 .
\n\u00a0
\nInformation about the\nimpairment of financial assets at amortised cost and the\nGroup\u2019s and the Company\u2019s exposure to credit risk,\nforeign currency risk and interest rate risk can be found in\nNote\n41 .
\n\u00a0
\n\nNon-current
\n\u00a0
\n\u20ac5.3 million (2024:\n\u20ac6.0 million) of the Company\u2019s loans to Group companies\nare unsecured, bear interest at 4.00% and are repayable not later\nthan December 2027.
\n\u00a0
\n\u20ac82.3 million\n(2024: \u20ac89.1 million) of the Company\u2019s loans to Group\ncompanies are unsecured, bear interest at Euribor + 3.25% and are\nsubordinated to bank loans and are repayable not later than
\nMay 2027.
\u00a0
\n\u00a0\u20ac25.9 million\n(2024: \u20ac25.9 million) of the Company\u2019s loans to Group\ncompanies are unsecured, bear interest at 4.00%, are subordinated\nto bank loans and are repayable not later than December\n2028.
\n\u00a0
\n\u20ac1.2 million (2024:\n\u20ac1.2 million) of the Company\u2019s loans to Group companies\nare unsecured, bear interest at 3% (2024: 3%) and are subordinated\nto bank loans and are repayable not later than December\n2029.
\n\u00a0
\nNil (2024: \u20ac6.1\nmillion) of the Company\u2019s loans to Group companies are\nunsecured, bear interest at 4.00% and are repayable not later than\nMay 2032.
\n\u00a0
\n\u20ac13.1 million\n(2024: \u20ac10.1 million) of the Company\u2019s loans to Group\ncompanies are unsecured, bear interest at 3.00% and are repayable\nnot later than December 2029.
\n\u00a0
\n\u20ac9.7 million (2024:\n\u20ac13.7 million) of the Company\u2019s loans to Group companies\nare unsecured, bear interest at Euribor + 2.75% and are repayable\nnot later than September 2033.
\n\u00a0
\nNil (2024: \u20ac10.0\nmillion) of the Company\u2019s loans to Group companies are\nunsecured, bear interest at 4.00% and are repayable not later than\nApril 2033.
\n\u00a0
\nNil (2024: \u20ac6.4\nmillion) of the Group\u2019s loans to other investees are\nunsecured, bear interest at 4% and are repayable not later than\nJune 2029.
\n\u00a0
\nCurrent
\n\u00a0
\n\u20ac0.68 million\n(2024: \u20ac0.87 million) of the Group\u2019s loans to others are\nunsecured and interest-free.
\n\u00a0
\n\u20ac1.0 million (2024:\nNil) of the Company\u2019s loans to Group companies, unsecured,\nbear interest at 5% and repayable by February 2030. The receivable\nis classified as current as management expects settlement within\ntwelve months based on the debtor\u2019s stated\nintention.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TVvOVhu5h2": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Group\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 137,491 \n | \n\n 162,016 \n | \n
| \n Other\ninvestees \n | \n\n - \n | \n\n 6,396 \n | \n\n - \n | \n\n - \n | \n
| \n Total non-current\nloans receivable \n | \n\n - \n | \n\n 6,396 \n | \n\n 137,491 \n | \n\n 162,016 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate parent\ncompany \n | \n\n - \n | \n\n - \n | \n\n 1,038 \n | \n\n - \n | \n
| \n Other \n | \n\n 68 \n | \n\n 86 \n | \n\n - \n | \n\n - \n | \n
| \n Total current loans\nreceivable \n | \n\n 68 \n | \n\n 86 \n | \n\n 1,038 \n | \n\n - \n | \n
\u00a0
\nDisclosure in respect of\nthe fair value of the above financial assets is presented\nwithin Note\n41.7 .
\n\u00a0
\nInformation about the\nimpairment of financial assets at amortised cost and the\nGroup\u2019s and the Company\u2019s exposure to credit risk,\nforeign currency risk and interest rate risk can be found in\nNote\n41 .
\n\u00a0
\n\nNon-current
\n\u00a0
\n\u20ac5.3 million (2024:\n\u20ac6.0 million) of the Company\u2019s loans to Group companies\nare unsecured, bear interest at 4.00% and are repayable not later\nthan December 2027.
\n\u00a0
\n\u20ac82.3 million\n(2024: \u20ac89.1 million) of the Company\u2019s loans to Group\ncompanies are unsecured, bear interest at Euribor + 3.25% and are\nsubordinated to bank loans and are repayable not later than
\nMay 2027.
\u00a0
\n\u00a0\u20ac25.9 million\n(2024: \u20ac25.9 million) of the Company\u2019s loans to Group\ncompanies are unsecured, bear interest at 4.00%, are subordinated\nto bank loans and are repayable not later than December\n2028.
\n\u00a0
\n\u20ac1.2 million (2024:\n\u20ac1.2 million) of the Company\u2019s loans to Group companies\nare unsecured, bear interest at 3% (2024: 3%) and are subordinated\nto bank loans and are repayable not later than December\n2029.
\n\u00a0
\nNil (2024: \u20ac6.1\nmillion) of the Company\u2019s loans to Group companies are\nunsecured, bear interest at 4.00% and are repayable not later than\nMay 2032.
\n\u00a0
\n\u20ac13.1 million\n(2024: \u20ac10.1 million) of the Company\u2019s loans to Group\ncompanies are unsecured, bear interest at 3.00% and are repayable\nnot later than December 2029.
\n\u00a0
\n\u20ac9.7 million (2024:\n\u20ac13.7 million) of the Company\u2019s loans to Group companies\nare unsecured, bear interest at Euribor + 2.75% and are repayable\nnot later than September 2033.
\n\u00a0
\nNil (2024: \u20ac10.0\nmillion) of the Company\u2019s loans to Group companies are\nunsecured, bear interest at 4.00% and are repayable not later than\nApril 2033.
\n\u00a0
\nNil (2024: \u20ac6.4\nmillion) of the Group\u2019s loans to other investees are\nunsecured, bear interest at 4% and are repayable not later than\nJune 2029.
\n\u00a0
\nCurrent
\n\u00a0
\n\u20ac0.68 million\n(2024: \u20ac0.87 million) of the Group\u2019s loans to others are\nunsecured and interest-free.
\n\u00a0
\n\u20ac1.0 million (2024:\nNil) of the Company\u2019s loans to Group companies, unsecured,\nbear interest at 5% and repayable by February 2030. The receivable\nis classified as current as management expects settlement within\ntwelve months based on the debtor\u2019s stated\nintention.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "oX4dEuJ331": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Group\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 137,491 \n | \n\n 162,016 \n | \n
| \n Other\ninvestees \n | \n\n - \n | \n\n 6,396 \n | \n\n - \n | \n\n - \n | \n
| \n Total non-current\nloans receivable \n | \n\n - \n | \n\n 6,396 \n | \n\n 137,491 \n | \n\n 162,016 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate parent\ncompany \n | \n\n - \n | \n\n - \n | \n\n 1,038 \n | \n\n - \n | \n
| \n Other \n | \n\n 68 \n | \n\n 86 \n | \n\n - \n | \n\n - \n | \n
| \n Total current loans\nreceivable \n | \n\n 68 \n | \n\n 86 \n | \n\n 1,038 \n | \n\n - \n | \n
\u00a0
\nDisclosure in respect of\nthe fair value of the above financial assets is presented\nwithin Note\n41.7 .
\n\u00a0
\nInformation about the\nimpairment of financial assets at amortised cost and the\nGroup\u2019s and the Company\u2019s exposure to credit risk,\nforeign currency risk and interest rate risk can be found in\nNote\n41 .
\n\u00a0
\n\nNon-current
\n\u00a0
\n\u20ac5.3 million (2024:\n\u20ac6.0 million) of the Company\u2019s loans to Group companies\nare unsecured, bear interest at 4.00% and are repayable not later\nthan December 2027.
\n\u00a0
\n\u20ac82.3 million\n(2024: \u20ac89.1 million) of the Company\u2019s loans to Group\ncompanies are unsecured, bear interest at Euribor + 3.25% and are\nsubordinated to bank loans and are repayable not later than
\nMay 2027.
\u00a0
\n\u00a0\u20ac25.9 million\n(2024: \u20ac25.9 million) of the Company\u2019s loans to Group\ncompanies are unsecured, bear interest at 4.00%, are subordinated\nto bank loans and are repayable not later than December\n2028.
\n\u00a0
\n\u20ac1.2 million (2024:\n\u20ac1.2 million) of the Company\u2019s loans to Group companies\nare unsecured, bear interest at 3% (2024: 3%) and are subordinated\nto bank loans and are repayable not later than December\n2029.
\n\u00a0
\nNil (2024: \u20ac6.1\nmillion) of the Company\u2019s loans to Group companies are\nunsecured, bear interest at 4.00% and are repayable not later than\nMay 2032.
\n\u00a0
\n\u20ac13.1 million\n(2024: \u20ac10.1 million) of the Company\u2019s loans to Group\ncompanies are unsecured, bear interest at 3.00% and are repayable\nnot later than December 2029.
\n\u00a0
\n\u20ac9.7 million (2024:\n\u20ac13.7 million) of the Company\u2019s loans to Group companies\nare unsecured, bear interest at Euribor + 2.75% and are repayable\nnot later than September 2033.
\n\u00a0
\nNil (2024: \u20ac10.0\nmillion) of the Company\u2019s loans to Group companies are\nunsecured, bear interest at 4.00% and are repayable not later than\nApril 2033.
\n\u00a0
\nNil (2024: \u20ac6.4\nmillion) of the Group\u2019s loans to other investees are\nunsecured, bear interest at 4% and are repayable not later than\nJune 2029.
\n\u00a0
\nCurrent
\n\u00a0
\n\u20ac0.68 million\n(2024: \u20ac0.87 million) of the Group\u2019s loans to others are\nunsecured and interest-free.
\n\u00a0
\n\u20ac1.0 million (2024:\nNil) of the Company\u2019s loans to Group companies, unsecured,\nbear interest at 5% and repayable by February 2030. The receivable\nis classified as current as management expects settlement within\ntwelve months based on the debtor\u2019s stated\nintention.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "VSnMhjDnWU": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Food and\nbeverages \n | \n\n \u00a03,588 \n | \n\n 3,676 \n | \n
| \n Consumables \n | \n\n \u00a01,046 \n | \n\n 1,142 \n | \n
| \n Goods held for\nresale \n | \n\n \u00a0551 \n | \n\n 494 \n | \n
| \n Others \n | \n\n \u00a012,320 \n | \n\n 13,875 \n | \n
| \n \u00a0 \n | \n\n \u00a017,505 \n | \n\n 19,187 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Subsidiary\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 3,910 \n | \n\n 7,027 \n | \n
| \n Other\nreceivables \n | \n\n 22 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Financial\nassets \n | \n\n 22 \n | \n\n - \n | \n\n 3,910 \n | \n\n 7,027 \n | \n
| \n Contract\nassets \n | \n\n 9,328 \n | \n\n 11,012 \n | \n\n - \n | \n\n - \n | \n
| \n Total receivables -\nnon-current \n | \n\n 9,350 \n | \n\n 11,012 \n | \n\n 3,910 \n | \n\n 7,027 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Trade\nreceivables \n | \n\n \u00a029,079 \n | \n\n 31,286 \n | \n\n - \n | \n\n - \n | \n
| \n Credit loss\nallowances \n | \n\n (4,017) \n | \n\n (4,695) \n | \n\n - \n | \n\n - \n | \n
| \n Amounts owed\nby: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Parent\ncompany \n | \n\n \u00a07,555 \n | \n\n 6,597 \n | \n\n - \n | \n\n 165 \n | \n
| \n Subsidiary\ncompanies \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n - \n | \n\n 62,756 \n | \n\n 63,665 \n | \n
| \n Associate\ncompanies \n | \n\n \u00a01,230 \n | \n\n 16 \n | \n\n 1,212 \n | \n\n - \n | \n
| \n Joint\nventures \n | \n\n \u00a0201 \n | \n\n 201 \n | \n\n 201 \n | \n\n 201 \n | \n
| \n Other related\ncompanies \n | \n\n \u00a03,175 \n | \n\n 8,590 \n | \n\n 611 \n | \n\n 640 \n | \n
| \n Other\nreceivables \n | \n\n \u00a06,185 \n | \n\n 6,130 \n | \n\n 102 \n | \n\n 1,503 \n | \n
| \n Financial\nassets \n | \n\n \u00a043,408 \n | \n\n 48,125 \n | \n\n 64,882 \n | \n\n 66,174 \n | \n
| \n Contract\nassets \n | \n\n \u00a04,737 \n | \n\n 3,076 \n | \n\n 2,452 \n | \n\n 3,730 \n | \n
| \n Advance payments in\nrespect of capital creditors \n | \n\n \u00a0 \n3,073 \n | \n\n 299 \n | \n\n - \n | \n\n - \n | \n
| \n Statutory\nreceivables \n | \n\n \u00a02,978 \n | \n\n 2,064 \n | \n\n - \n | \n\n - \n | \n
| \n Prepayments \n | \n\n \u00a05,741 \n | \n\n 4,652 \n | \n\n 273 \n | \n\n 393 \n | \n
| \n Total receivables -\ncurrent \n | \n\n \u00a0\u00a0\u00a0\u00a0 59,937 \n | \n\n \u00a0\u00a0\u00a0\u00a0 58,216 \n | \n\n 67,607 \n | \n\n 70,297 \n | \n
\u00a0
\nAmounts owed by\nrelated parties are unsecured, interest free and are repayable on\ndemand.
\n\u00a0
\nDisclosure in respect\nof the fair value of trade and other receivables is presented\nwithin Note\n41.7 .
\n\u00a0
\nInformation about the\nimpairment of trade receivables and the Group\u2019s and the\nCompany\u2019s exposure to credit risk, foreign currency risk and\ninterest rate risk can be found in Note\n41 .
\n\u00a0
\nThe Group\u2019s\ncontract assets classified as current primarily comprise of\nbalances from services in relation to project management for which\nthe Group would not yet have an unconditional right to receive\npayment.\u00a0 The Company\u2019s contract assets relate to\nmanagement services provided during the year, which the Company had\nnot yet invoiced.\u00a0 These contract assets are subject to the\nexpected credit loss model in accordance with IFRS 9 as disclosed\nin Note\n41.1 .
\n\u00a0
\nThe Group\u2019s\ncontract assets classified as non-current comprise of key money\npaid upon entering into a hotel management service agreement.\u00a0\nThis contract asset does not expose the Group to credit risk and\naccordingly, it is subject to the impairment model under IAS\n36.
\n\u00a0
\nThe Group assesses\nwhether there is any indication that the non-current contract\nassets require an impairment assessment, by analysing the\nperformance of the hotel management agreement, as well as\nmonitoring any adverse changes in the economic environment that may\nimpact the cash generating asset. Where indicators are identified,\nan impairment assessment is carried out to determine the\nrecoverable amount.
\n\u00a0
\nNo impairment\nassessment was needed during the year under review.
\n\u00a0
\nDuring the year, key\nmoney amounting to \u20ac0.43 million (2024: \u20ac0.07 million)\nwas amortised and recognised as a deduction against hotel\nmanagement fee revenue. The movements on contract assets for the\nyear are as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a011,011 \n | \n\n 452 \n | \n
| \n Additions \n | \n\n - \n | \n\n 10,181 \n | \n
| \n Amortisation \n | \n\n \u00a0(425) \n | \n\n (74) \n | \n
| \n Exchange\nmovements \n | \n\n \u00a0(1,258) \n | \n\n 452 \n | \n
| \n At 31\nDecember \n | \n\n \u00a09,328 \n | \n\n 11,011 \n | \n
\u00a0
\n| \n Current\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a03,076 \n | \n\n 2,973 \n | \n
| \n Additions revenue\nrecognized \n | \n\n 3,085 \n | \n\n 443 \n | \n
| \n Reductions amounts\ninvoiced/written off \n | \n\n \u00a0(1,371) \n | \n\n (359) \n | \n
| \n Other exchange\nmovements \n | \n\n \u00a0(53) \n | \n\n 19 \n | \n
| \n At 31\nDecember \n | \n\n \u00a04,737 \n | \n\n 3,076 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Subsidiary\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 3,910 \n | \n\n 7,027 \n | \n
| \n Other\nreceivables \n | \n\n 22 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Financial\nassets \n | \n\n 22 \n | \n\n - \n | \n\n 3,910 \n | \n\n 7,027 \n | \n
| \n Contract\nassets \n | \n\n 9,328 \n | \n\n 11,012 \n | \n\n - \n | \n\n - \n | \n
| \n Total receivables -\nnon-current \n | \n\n 9,350 \n | \n\n 11,012 \n | \n\n 3,910 \n | \n\n 7,027 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Trade\nreceivables \n | \n\n \u00a029,079 \n | \n\n 31,286 \n | \n\n - \n | \n\n - \n | \n
| \n Credit loss\nallowances \n | \n\n (4,017) \n | \n\n (4,695) \n | \n\n - \n | \n\n - \n | \n
| \n Amounts owed\nby: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Parent\ncompany \n | \n\n \u00a07,555 \n | \n\n 6,597 \n | \n\n - \n | \n\n 165 \n | \n
| \n Subsidiary\ncompanies \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n - \n | \n\n 62,756 \n | \n\n 63,665 \n | \n
| \n Associate\ncompanies \n | \n\n \u00a01,230 \n | \n\n 16 \n | \n\n 1,212 \n | \n\n - \n | \n
| \n Joint\nventures \n | \n\n \u00a0201 \n | \n\n 201 \n | \n\n 201 \n | \n\n 201 \n | \n
| \n Other related\ncompanies \n | \n\n \u00a03,175 \n | \n\n 8,590 \n | \n\n 611 \n | \n\n 640 \n | \n
| \n Other\nreceivables \n | \n\n \u00a06,185 \n | \n\n 6,130 \n | \n\n 102 \n | \n\n 1,503 \n | \n
| \n Financial\nassets \n | \n\n \u00a043,408 \n | \n\n 48,125 \n | \n\n 64,882 \n | \n\n 66,174 \n | \n
| \n Contract\nassets \n | \n\n \u00a04,737 \n | \n\n 3,076 \n | \n\n 2,452 \n | \n\n 3,730 \n | \n
| \n Advance payments in\nrespect of capital creditors \n | \n\n \u00a0 \n3,073 \n | \n\n 299 \n | \n\n - \n | \n\n - \n | \n
| \n Statutory\nreceivables \n | \n\n \u00a02,978 \n | \n\n 2,064 \n | \n\n - \n | \n\n - \n | \n
| \n Prepayments \n | \n\n \u00a05,741 \n | \n\n 4,652 \n | \n\n 273 \n | \n\n 393 \n | \n
| \n Total receivables -\ncurrent \n | \n\n \u00a0\u00a0\u00a0\u00a0 59,937 \n | \n\n \u00a0\u00a0\u00a0\u00a0 58,216 \n | \n\n 67,607 \n | \n\n 70,297 \n | \n
\u00a0
\nAmounts owed by\nrelated parties are unsecured, interest free and are repayable on\ndemand.
\n\u00a0
\nDisclosure in respect\nof the fair value of trade and other receivables is presented\nwithin Note\n41.7 .
\n\u00a0
\nInformation about the\nimpairment of trade receivables and the Group\u2019s and the\nCompany\u2019s exposure to credit risk, foreign currency risk and\ninterest rate risk can be found in Note\n41 .
\n\u00a0
\nThe Group\u2019s\ncontract assets classified as current primarily comprise of\nbalances from services in relation to project management for which\nthe Group would not yet have an unconditional right to receive\npayment.\u00a0 The Company\u2019s contract assets relate to\nmanagement services provided during the year, which the Company had\nnot yet invoiced.\u00a0 These contract assets are subject to the\nexpected credit loss model in accordance with IFRS 9 as disclosed\nin Note\n41.1 .
\n\u00a0
\nThe Group\u2019s\ncontract assets classified as non-current comprise of key money\npaid upon entering into a hotel management service agreement.\u00a0\nThis contract asset does not expose the Group to credit risk and\naccordingly, it is subject to the impairment model under IAS\n36.
\n\u00a0
\nThe Group assesses\nwhether there is any indication that the non-current contract\nassets require an impairment assessment, by analysing the\nperformance of the hotel management agreement, as well as\nmonitoring any adverse changes in the economic environment that may\nimpact the cash generating asset. Where indicators are identified,\nan impairment assessment is carried out to determine the\nrecoverable amount.
\n\u00a0
\nNo impairment\nassessment was needed during the year under review.
\n\u00a0
\nDuring the year, key\nmoney amounting to \u20ac0.43 million (2024: \u20ac0.07 million)\nwas amortised and recognised as a deduction against hotel\nmanagement fee revenue. The movements on contract assets for the\nyear are as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a011,011 \n | \n\n 452 \n | \n
| \n Additions \n | \n\n - \n | \n\n 10,181 \n | \n
| \n Amortisation \n | \n\n \u00a0(425) \n | \n\n (74) \n | \n
| \n Exchange\nmovements \n | \n\n \u00a0(1,258) \n | \n\n 452 \n | \n
| \n At 31\nDecember \n | \n\n \u00a09,328 \n | \n\n 11,011 \n | \n
\u00a0
\n| \n Current\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a03,076 \n | \n\n 2,973 \n | \n
| \n Additions revenue\nrecognized \n | \n\n 3,085 \n | \n\n 443 \n | \n
| \n Reductions amounts\ninvoiced/written off \n | \n\n \u00a0(1,371) \n | \n\n (359) \n | \n
| \n Other exchange\nmovements \n | \n\n \u00a0(53) \n | \n\n 19 \n | \n
| \n At 31\nDecember \n | \n\n \u00a04,737 \n | \n\n 3,076 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Subsidiary\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 3,910 \n | \n\n 7,027 \n | \n
| \n Other\nreceivables \n | \n\n 22 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Financial\nassets \n | \n\n 22 \n | \n\n - \n | \n\n 3,910 \n | \n\n 7,027 \n | \n
| \n Contract\nassets \n | \n\n 9,328 \n | \n\n 11,012 \n | \n\n - \n | \n\n - \n | \n
| \n Total receivables -\nnon-current \n | \n\n 9,350 \n | \n\n 11,012 \n | \n\n 3,910 \n | \n\n 7,027 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Trade\nreceivables \n | \n\n \u00a029,079 \n | \n\n 31,286 \n | \n\n - \n | \n\n - \n | \n
| \n Credit loss\nallowances \n | \n\n (4,017) \n | \n\n (4,695) \n | \n\n - \n | \n\n - \n | \n
| \n Amounts owed\nby: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Parent\ncompany \n | \n\n \u00a07,555 \n | \n\n 6,597 \n | \n\n - \n | \n\n 165 \n | \n
| \n Subsidiary\ncompanies \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n - \n | \n\n 62,756 \n | \n\n 63,665 \n | \n
| \n Associate\ncompanies \n | \n\n \u00a01,230 \n | \n\n 16 \n | \n\n 1,212 \n | \n\n - \n | \n
| \n Joint\nventures \n | \n\n \u00a0201 \n | \n\n 201 \n | \n\n 201 \n | \n\n 201 \n | \n
| \n Other related\ncompanies \n | \n\n \u00a03,175 \n | \n\n 8,590 \n | \n\n 611 \n | \n\n 640 \n | \n
| \n Other\nreceivables \n | \n\n \u00a06,185 \n | \n\n 6,130 \n | \n\n 102 \n | \n\n 1,503 \n | \n
| \n Financial\nassets \n | \n\n \u00a043,408 \n | \n\n 48,125 \n | \n\n 64,882 \n | \n\n 66,174 \n | \n
| \n Contract\nassets \n | \n\n \u00a04,737 \n | \n\n 3,076 \n | \n\n 2,452 \n | \n\n 3,730 \n | \n
| \n Advance payments in\nrespect of capital creditors \n | \n\n \u00a0 \n3,073 \n | \n\n 299 \n | \n\n - \n | \n\n - \n | \n
| \n Statutory\nreceivables \n | \n\n \u00a02,978 \n | \n\n 2,064 \n | \n\n - \n | \n\n - \n | \n
| \n Prepayments \n | \n\n \u00a05,741 \n | \n\n 4,652 \n | \n\n 273 \n | \n\n 393 \n | \n
| \n Total receivables -\ncurrent \n | \n\n \u00a0\u00a0\u00a0\u00a0 59,937 \n | \n\n \u00a0\u00a0\u00a0\u00a0 58,216 \n | \n\n 67,607 \n | \n\n 70,297 \n | \n
\u00a0
\nAmounts owed by\nrelated parties are unsecured, interest free and are repayable on\ndemand.
\n\u00a0
\nDisclosure in respect\nof the fair value of trade and other receivables is presented\nwithin Note\n41.7 .
\n\u00a0
\nInformation about the\nimpairment of trade receivables and the Group\u2019s and the\nCompany\u2019s exposure to credit risk, foreign currency risk and\ninterest rate risk can be found in Note\n41 .
\n\u00a0
\nThe Group\u2019s\ncontract assets classified as current primarily comprise of\nbalances from services in relation to project management for which\nthe Group would not yet have an unconditional right to receive\npayment.\u00a0 The Company\u2019s contract assets relate to\nmanagement services provided during the year, which the Company had\nnot yet invoiced.\u00a0 These contract assets are subject to the\nexpected credit loss model in accordance with IFRS 9 as disclosed\nin Note\n41.1 .
\n\u00a0
\nThe Group\u2019s\ncontract assets classified as non-current comprise of key money\npaid upon entering into a hotel management service agreement.\u00a0\nThis contract asset does not expose the Group to credit risk and\naccordingly, it is subject to the impairment model under IAS\n36.
\n\u00a0
\nThe Group assesses\nwhether there is any indication that the non-current contract\nassets require an impairment assessment, by analysing the\nperformance of the hotel management agreement, as well as\nmonitoring any adverse changes in the economic environment that may\nimpact the cash generating asset. Where indicators are identified,\nan impairment assessment is carried out to determine the\nrecoverable amount.
\n\u00a0
\nNo impairment\nassessment was needed during the year under review.
\n\u00a0
\nDuring the year, key\nmoney amounting to \u20ac0.43 million (2024: \u20ac0.07 million)\nwas amortised and recognised as a deduction against hotel\nmanagement fee revenue. The movements on contract assets for the\nyear are as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a011,011 \n | \n\n 452 \n | \n
| \n Additions \n | \n\n - \n | \n\n 10,181 \n | \n
| \n Amortisation \n | \n\n \u00a0(425) \n | \n\n (74) \n | \n
| \n Exchange\nmovements \n | \n\n \u00a0(1,258) \n | \n\n 452 \n | \n
| \n At 31\nDecember \n | \n\n \u00a09,328 \n | \n\n 11,011 \n | \n
\u00a0
\n| \n Current\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a03,076 \n | \n\n 2,973 \n | \n
| \n Additions revenue\nrecognized \n | \n\n 3,085 \n | \n\n 443 \n | \n
| \n Reductions amounts\ninvoiced/written off \n | \n\n \u00a0(1,371) \n | \n\n (359) \n | \n
| \n Other exchange\nmovements \n | \n\n \u00a0(53) \n | \n\n 19 \n | \n
| \n At 31\nDecember \n | \n\n \u00a04,737 \n | \n\n 3,076 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Capital\ncreditors \n | \n\n 4,792 \n | \n\n 8,122 \n | \n\n - \n | \n\n - \n | \n
| \n Other\npayables \n | \n\n 4,407 \n | \n\n 13,100 \n | \n\n - \n | \n\n 791 \n | \n
| \n Accruals \n | \n\n 271 \n | \n\n 271 \n | \n\n 271 \n | \n\n 271 \n | \n
| \n Refundable lease\ndeposits \n | \n\n 307 \n | \n\n 645 \n | \n\n - \n | \n\n - \n | \n
| \n Financial\nliabilities \n | \n\n 9,777 \n | \n\n 22,138 \n | \n\n 271 \n | \n\n 1,062 \n | \n
| \n Contract\nliabilities \n | \n\n 1,095 \n | \n\n 1,179 \n | \n\n - \n | \n\n - \n | \n
| \n Other statutory\nliabilities \n | \n\n 766 \n | \n\n 2,693 \n | \n\n 96 \n | \n\n 247 \n | \n
| \n Total\npayables -\nnon-current \n | \n\n 11,638 \n | \n\n 26,010 \n | \n\n 367 \n | \n\n 1,309 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Trade\npayables \n | \n\n \u00a024,190 \n | \n\n 22,662 \n | \n\n 185 \n | \n\n 271 \n | \n
| \n Amounts owed\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Parent\ncompany \n | \n\n \u00a0420 \n | \n\n 1,372 \n | \n\n 74 \n | \n\n - \n | \n
| \n Subsidiary\ncompanies \n | \n\n \u00a0237 \n | \n\n - \n | \n\n 11,595 \n | \n\n 8,691 \n | \n
| \n Associates \n | \n\n \u00a0- \n | \n\n 238 \n | \n\n 343 \n | \n\n 237 \n | \n
| \n Other related\nparties \n | \n\n \u00a018,772 \n | \n\n 8,980 \n | \n\n 34 \n | \n\n 77 \n | \n
| \n Capital\ncreditors \n | \n\n \u00a05,260 \n | \n\n 3,959 \n | \n\n - \n | \n\n - \n | \n
| \n Other\npayables \n | \n\n \u00a016,525 \n | \n\n 8,758 \n | \n\n 1,958 \n | \n\n 1,867 \n | \n
| \n Refundable lease\ndeposits \n | \n\n \u00a0673 \n | \n\n 104 \n | \n\n - \n | \n\n - \n | \n
| \n Accruals \n | \n\n \u00a033,514 \n | \n\n 33,192 \n | \n\n 6,203 \n | \n\n 5,092 \n | \n
| \n Financial\nliabilities \n | \n\n \u00a099,591 \n | \n\n 79,265 \n | \n\n 20,392 \n | \n\n 16,235 \n | \n
| \n Contract\nliabilities \n | \n\n \u00a06,278 \n | \n\n 5,766 \n | \n\n - \n | \n\n - \n | \n
| \n Advance\npayments \n | \n\n \u00a08,413 \n | \n\n 6,791 \n | \n\n - \n | \n\n - \n | \n
| \n Lease payments received\nin advance \n | \n\n \u00a0772 \n | \n\n 754 \n | \n\n - \n | \n\n - \n | \n
| \n Statutory\nliabilities \n | \n\n \u00a08,905 \n | \n\n 7,884 \n | \n\n 206 \n | \n\n 340 \n | \n
| \n Total\npayables - current \n | \n\n \u00a0123,959 \n | \n\n 100,460 \n | \n\n 20,598 \n | \n\n 16,575 \n | \n
\u00a0
\nAmounts owed to\nrelated parties are unsecured, interest free and are repayable on\ndemand.
\n\u00a0
\nDisclosure in respect\nof the of trade and other payables is presented within\nNote\n41.7 .
\n\u00a0
\nCurrent contract\nliabilities mainly include advance deposits on hotel bookings and\ncash received for vouchers to be redeemed by customers in\nhotels.\u00a0 The revenue in relation to these amounts received in\nadvance is recognised only when the Group satisfies its performance\nobligation (i.e. as the customer utilises their right to use the\nhotel room). \u00a0
\n\u00a0
\nNon-current contract\nliabilities emanate from a transaction in which the Group sold a\nblock of serviced apartments but retained the obligation to\nmaintain such apartments for the very long-term.\u00a0 The\nconsideration that was paid by the buyer to the Group was partly\nallocated to the service element in the arrangement and will be\nrecognised over the remaining number of years for which the\nobligation remains.\u00a0
\n\u00a0
\nThe aggregate\ntransaction price allocated to this long-term arrangement amounted\nto \u00a32.3 million equivalent to \u20ac2.6 million (2024:\n\u00a32.3 million, \u20ac2.8 million), of which \u00a31.7 million\nequivalent to \u20ac2.0 million (2024: \u00a31.8 million,\n\u20ac2.1 million) remains unsatisfied as at year-end.\u00a0\nManagement expects that the unsatisfied portion of the transaction\nprice will be recognised as revenue on a straight-line basis over\nthe remaining term of 38 years, since the directors consider the\narrangement consistent with a stand-ready obligation to\nperform.
\n\u00a0
\nRevenue recognised\nduring 2025 that was included in the contract liability balance at\nthe beginning of the period amounted to \u20ac3.6 million (2024:\n\u20ac0.7 million). The movements on contract assets for the year\nare as follows:\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a01,179 \n | \n\n 997 \n | \n
| \n Additions \n | \n\n - \n | \n\n 131 \n | \n
| \n Reductions \n | \n\n \u00a0(26) \n | \n\n - \n | \n
| \n Exchange\nmovements \n | \n\n \u00a0(58) \n | \n\n 51 \n | \n
| \n At 31\nDecember \n | \n\n \u00a01,095 \n | \n\n 1,179 \n | \n
\u00a0
\n\u00a0
\n| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a05,766 \n | \n\n 5,591 \n | \n
| \n Additions \n | \n\n 4,384 \n | \n\n 659 \n | \n
| \n Reductions \n | \n\n \u00a0(3,641) \n | \n\n (712) \n | \n
| \n Exchange\nmovements \n | \n\n \u00a0(231) \n | \n\n 228 \n | \n
| \n At 31\nDecember\u00a0 \n | \n\n \u00a06,278 \n | \n\n 5,766 \n | \n
\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nClassification of financial assets at fair value\nthrough profit or loss
\n\u00a0
\nThe Group classifies\nthe following financial assets at fair value through profit or loss\n(FVTPL):
\n\u00a0
\n| \n \u2022 \n | \n\n Equity investments for\nwhich the Group has not elected to recognise fair value gains and\nlosses through OCI.\u00a0 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u00a0\u00a0\n\u20ac\u2019000 \n | \n
| \n Non-current\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Unlisted equity\nsecurities \n | \n\n 3,386 \n | \n\n 3,411 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\n\u00a0
\nIn 2020, the holding\nin Azure Resorts Group was reclassified from investments accounted\nfor using the equity method to financial assets at fair value\nthrough profit or loss (FVTPL) in view that this was put into\nliquidation on 27 April 2020.\u00a0 The carrying amount of the\ninvestment held in Azure Resorts Group amounts to nil (2024: nil)\n .
\n\u00a0
\nSet out below are the\nunlisted equity securities held by the Group:
\n\u00a0
\n| \n Company\nname \n | \n\n Registered\noffice \n | \n\n Nature of\nbusiness \n | \n\n % of ownership\ninterest held by the Group \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Azure Services Limited\n(in liquidation) \n | \n\n Level 1 LM Complex\nBrewery Street, Mriehel, Malta \n | \n\n Marketing and\npromotional services \n | \n\n 50 \n | \n\n 50 \n | \n
| \n Azure Ultra Limited (in\nliquidation) \n | \n\n Level 1 LM Complex\nBrewery Street, Mriehel, Malta \n | \n\n Luxury yacht\nleasing \n | \n\n 50 \n | \n\n 50 \n | \n
| \n Azure XP Limited (in\nliquidation) \n | \n\n Level 1, Palm Grove\nHouse Wickham\u2019s Cay 1 Road Town, Tortola, British Virgin\nIslands \n | \n\n Financing of vacation\nownership \n | \n\n \u00a050 \n | \n\n 50 \n | \n
| \n Heathfield Overseas\nLimited (in liquidation) \n | \n\n Level 1, Palm Grove\nHouse Wickham\u2019s Cay 1 Road Town, Tortola, British Virgin\nIslands \n | \n\n Payment\nsolutions \n | \n\n \u00a050 \n | \n\n 50 \n | \n
| \n Azure Resorts Limited\n(in liquidation) \n | \n\n Level 1, Palm Grove\nHouse Wickham\u2019s Cay 1 Road Town, Tortola, British Virgin\nIslands \n | \n\n Vacation ownership\nselling agent \n | \n\n 50 \n | \n\n 50 \n | \n
| \n Brooksfield Overseas\nLimited (in liquidation) \n | \n\n Level 1, Palm Grove\nHouse Wickham\u2019s Cay 1 Road Town, Tortola, British Virgin\nIslands \n | \n\n Marketing and\npromotional services \n | \n\n 50 \n | \n\n 50 \n | \n
\u00a0
\nThe Group\u2019s\nunlisted equity securities also include 13% (2024: 13%) holdings in\nGlobal Hotel Alliance.\u00a0In 2025, a 10% holding in Lizar\nHoldings Limited was sold.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "hreUJfYv6Y": { "value": "\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nClassification of financial assets at fair value\nthrough profit or loss
\n\u00a0
\nThe Group classifies\nthe following financial assets at fair value through profit or loss\n(FVTPL):
\n\u00a0
\n| \n \u2022 \n | \n\n Equity investments for\nwhich the Group has not elected to recognise fair value gains and\nlosses through OCI.\u00a0 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u00a0\u00a0\n\u20ac\u2019000 \n | \n
| \n Non-current\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Unlisted equity\nsecurities \n | \n\n 3,386 \n | \n\n 3,411 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\n\u00a0
\nIn 2020, the holding\nin Azure Resorts Group was reclassified from investments accounted\nfor using the equity method to financial assets at fair value\nthrough profit or loss (FVTPL) in view that this was put into\nliquidation on 27 April 2020.\u00a0 The carrying amount of the\ninvestment held in Azure Resorts Group amounts to nil (2024: nil)\n .
\n\u00a0
\nSet out below are the\nunlisted equity securities held by the Group:
\n\u00a0
\n| \n Company\nname \n | \n\n Registered\noffice \n | \n\n Nature of\nbusiness \n | \n\n % of ownership\ninterest held by the Group \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Azure Services Limited\n(in liquidation) \n | \n\n Level 1 LM Complex\nBrewery Street, Mriehel, Malta \n | \n\n Marketing and\npromotional services \n | \n\n 50 \n | \n\n 50 \n | \n
| \n Azure Ultra Limited (in\nliquidation) \n | \n\n Level 1 LM Complex\nBrewery Street, Mriehel, Malta \n | \n\n Luxury yacht\nleasing \n | \n\n 50 \n | \n\n 50 \n | \n
| \n Azure XP Limited (in\nliquidation) \n | \n\n Level 1, Palm Grove\nHouse Wickham\u2019s Cay 1 Road Town, Tortola, British Virgin\nIslands \n | \n\n Financing of vacation\nownership \n | \n\n \u00a050 \n | \n\n 50 \n | \n
| \n Heathfield Overseas\nLimited (in liquidation) \n | \n\n Level 1, Palm Grove\nHouse Wickham\u2019s Cay 1 Road Town, Tortola, British Virgin\nIslands \n | \n\n Payment\nsolutions \n | \n\n \u00a050 \n | \n\n 50 \n | \n
| \n Azure Resorts Limited\n(in liquidation) \n | \n\n Level 1, Palm Grove\nHouse Wickham\u2019s Cay 1 Road Town, Tortola, British Virgin\nIslands \n | \n\n Vacation ownership\nselling agent \n | \n\n 50 \n | \n\n 50 \n | \n
| \n Brooksfield Overseas\nLimited (in liquidation) \n | \n\n Level 1, Palm Grove\nHouse Wickham\u2019s Cay 1 Road Town, Tortola, British Virgin\nIslands \n | \n\n Marketing and\npromotional services \n | \n\n 50 \n | \n\n 50 \n | \n
\u00a0
\nThe Group\u2019s\nunlisted equity securities also include 13% (2024: 13%) holdings in\nGlobal Hotel Alliance.\u00a0In 2025, a 10% holding in Lizar\nHoldings Limited was sold.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "BFz8A2BYSN": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 \nJanuary \n | \n\n 147,330 \n | \n\n - \n | \n
| \n Additions \n | \n\n 1,141 \n | \n\n - \n | \n
| \n Disposals \n | \n\n (3,529) \n | \n\n - \n | \n
| \n Movement in fair\nvalue \n | \n\n 1,000 \n | \n\n - \n | \n
| \n Transfers from\u00a0\nproperty, plant and equipment ( Note\n15 ) \n | \n\n - \n | \n\n 143,988 \n | \n
| \n Transfers from\ninvestment property ( Note\n14 ) \n | \n\n - \n | \n\n 3,342 \n | \n
| \n At 31\nDecember \n | \n\n 145,942 \n | \n\n 147,330 \n | \n
\u00a0
\nIn 2024, the Group has\ngone to market and \u00a0considered offers for the Corinthia Hotel\nLisbon, on the basis of a sale and management and/or leaseback.\nConsequently on 31 December 2024, the property in Lisbon was\nreclassified from property, plant and equipment to assets held for\nsale.
\n\u00a0
\nAlthough the 12 month\nperiod from date of initial classification has elapsed at year-end,\nthe directors remained committed to the plan of sale throughout the\nperiod and on the 1st April 2026 the Group concluded the sale of\nthe Lisbon property as well as the related operation.
\n\u00a0
\nSimilarly, the\napartment block in Lisbon was actively marketed for sale in 2024,\nwith three apartments being sold during the year with the remaining\napartments being reclassified from investment property to assets\nheld for sale and sold during 2025
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "_pEWs..lTd": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 \nJanuary \n | \n\n 147,330 \n | \n\n - \n | \n
| \n Additions \n | \n\n 1,141 \n | \n\n - \n | \n
| \n Disposals \n | \n\n (3,529) \n | \n\n - \n | \n
| \n Movement in fair\nvalue \n | \n\n 1,000 \n | \n\n - \n | \n
| \n Transfers from\u00a0\nproperty, plant and equipment ( Note\n15 ) \n | \n\n - \n | \n\n 143,988 \n | \n
| \n Transfers from\ninvestment property ( Note\n14 ) \n | \n\n - \n | \n\n 3,342 \n | \n
| \n At 31\nDecember \n | \n\n 145,942 \n | \n\n 147,330 \n | \n
\u00a0
\nIn 2024, the Group has\ngone to market and \u00a0considered offers for the Corinthia Hotel\nLisbon, on the basis of a sale and management and/or leaseback.\nConsequently on 31 December 2024, the property in Lisbon was\nreclassified from property, plant and equipment to assets held for\nsale.
\n\u00a0
\nAlthough the 12 month\nperiod from date of initial classification has elapsed at year-end,\nthe directors remained committed to the plan of sale throughout the\nperiod and on the 1st April 2026 the Group concluded the sale of\nthe Lisbon property as well as the related operation.
\n\u00a0
\nSimilarly, the\napartment block in Lisbon was actively marketed for sale in 2024,\nwith three apartments being sold during the year with the remaining\napartments being reclassified from investment property to assets\nheld for sale and sold during 2025
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "uT_vrW29yz": { "value": "\u00a0
\nCash and cash\nequivalents include the following components:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Cash and bank\nbalances: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a092,623 \n | \n\n 71,656 \n | \n\n 9,712 \n | \n\n 9,281 \n | \n
| \n Cash and cash\nequivalents in the statement of financial position \n | \n\n \u00a0 \n92,623 \n | \n\n 71,656 \n | \n\n 9,712 \n | \n\n 9,281 \n | \n
| \n Bank overdraft (\nNote\n31 ) \n | \n\n (8,758) \n | \n\n (9,208) \n | \n\n (86) \n | \n\n - \n | \n
| \n Cash and cash\nequivalents in the statement of cash flows \n | \n\n 83,865 \n | \n\n 62,448 \n | \n\n 9,626 \n | \n\n 9,281 \n | \n
\u00a0
\nThe bank balances\ninclude amounts of \u20ac10.0 million (2024: \u20ac7.0 million) set\naside by the Group for debt servicing requirements of which\n\u20ac0.7 million (2024: \u20ac0.7 million) are set aside by the\nCompany. Furthermore, a guarantee of \u20ac4.0 million was set\naside by the Group and the Company in relation to the amounts due\non the Rome project.\u00a0Additionally, restricted funds amounting\nto \u20ac17.03 million have been set aside in favour of other\nrelated parties Note\n35 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Qqqoa0.KGX": { "value": "\u00a0
\n\u00a0
\nThe authorised share\ncapital consists of 1,000 million ordinary shares with a nominal\nvalue of \u20ac1 each.
\n\u00a0
\n\u00a0
\nThe issued share\ncapital consists of 615.7 million (2024: 615.7 million) ordinary\nshares of \u20ac1 each, fully paid up.
\n\u00a0
\n| \n \u00a0 \n | \n\n The Group and\nCompany \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January and 31\nDecember \n | \n\n 615,685 \n | \n\n 615,685 \n | \n
\u00a0
\n\u00a0
\nShareholders are\nentitled to vote at shareholders\u2019 meetings of the Company on\nthe basis of one vote for each share held.\u00a0 They are entitled\nto receive dividends as declared from time to time.\u00a0 The\nshares in issue shall, at all times, rank pari passu with\nrespect to any distribution whether of dividends or capital, in a\nwinding up or otherwise.
\n\u00a0
\n\u00a0
\nRevaluation reserve\nrelating to movements in property, plant and equipment of entities\nforming part of the Group:\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n Revaluation \n | \n\n Deferred \n | \n\n Net \n | \n
| \n surplus \n | \n\n taxation \n | \n||
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n At 1 January\n2025 \n | \n\n 276,747 \n | \n\n (56,527) \n | \n\n 220,220 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Revaluation surplus\narising during the year: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 1,000\u00a0\u00a0 \n | \n\n 16,829 \n | \n\n 17,829 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 3,955 \n | \n\n (1,440) \n | \n\n 2,515 \n | \n
| \n Radisson Blu Resort\nMalta \n | \n\n 12,110 \n | \n\n (4,239) \n | \n\n 7,871 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n 12,000 \n | \n\n (4,200) \n | \n\n 7,800 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - Gross of non-controlling\ninterest \n | \n\n (20,662) \n | \n\n - \n | \n\n (20,662) \n | \n
| \n - Share attributable to\nnon-controlling interests \n | \n\n 10,331 \n | \n\n - \n | \n\n 10,331 \n | \n
| \n - Share attributable to owners of\nthe parent \n | \n\n (10,331) \n | \n\n - \n | \n\n (10,331) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Movement for the\nyear \n | \n\n 18,734 \n | \n\n 6,950 \n | \n\n 25,684 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 December\n2025 \n | \n\n 295,481 \n | \n\n (49,577) \n | \n\n 245,904 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Analysed as\nfollows: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Corinthia Hotel\nSt George\u2019s Bay, Malta \n | \n\n \u00a027,275 \n | \n\n (9,548) \n | \n\n \u00a017,727 \n | \n
| \n \u00a0 Corinthia Hotel\n& Spa Lisbon \n | \n\n \u00a075,798 \n | \n\n - \n | \n\n \u00a075,798 \n | \n
| \n \u00a0 Corinthia Hotel\nPrague \n | \n\n \u00a024,120 \n | \n\n (6,024) \n | \n\n \u00a018,096 \n | \n
| \n \u00a0 Corinthia Hotel\nBudapest \n | \n\n \u00a017,610 \n | \n\n (1,650) \n | \n\n \u00a015,960 \n | \n
| \n \u00a0 Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n \u00a015,189 \n | \n\n (5,316) \n | \n\n \u00a09,873 \n | \n
| \n \u00a0 Golden Sands\nResort Limited \n | \n\n \u00a015,689 \n | \n\n (5,491) \n | \n\n \u00a010,198 \n | \n
| \n \u00a0 Radisson Blu\nResort, Malta \n | \n\n \u00a029,095 \n | \n\n (10,183) \n | \n\n \u00a018,912 \n | \n
| \n \u00a0 Corinthia Hotel\nSt Petersburg \n | \n\n \u00a016,373 \n | \n\n (3,923) \n | \n\n \u00a012,450 \n | \n
| \n \u00a0 Corinthia Hotel\nLondon \n | \n\n \u00a053,068 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a053,068 \n | \n
| \n \u00a0 Corinthia Oasis\nMalta \n | \n\n \u00a021,264 \n | \n\n (7,442) \n | \n\n \u00a013,822 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 295,481 \n | \n\n \u00a0 \n(49,577) \n | \n\n \u00a0 \n245,904 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n Revaluation \n | \n\n Deferred \n | \n\n Net \n | \n
| \n surplus \n | \n\n taxation \n | \n||
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n At 1 January\n2024 \n | \n\n 208,535 \n | \n\n (38,830) \n | \n\n 169,705 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Revaluation surplus\narising during the year: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Corinthia Hotel\n& Spa Lisbon \n | \n\n 27,687 \n | \n\n (6,230) \n | \n\n 21,457 \n | \n
| \n \u00a0 Corinthia Hotel\nPrague \n | \n\n 6,264 \n | \n\n (2,632) \n | \n\n 3,632 \n | \n
| \n \u00a0 Corinthia Hotel\nBudapest \n | \n\n (3,019) \n | \n\n 272 \n | \n\n (2,747) \n | \n
| \n \u00a0 Corinthia Hotel\nSt Petersburg \n | \n\n 8,348 \n | \n\n (1,670) \n | \n\n 6,678 \n | \n
| \n \u00a0 Golden Sands\nResort, Malta \n | \n\n 11,986 \n | \n\n (4,195) \n | \n\n 7,791 \n | \n
| \n \u00a0 Corinthia Oasis\nMalta \n | \n\n 9,264 \n | \n\n (3,242) \n | \n\n 6,022 \n | \n
| \n \u00a0 Corinthia Hotel\nLondon \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - Gross of non-controlling\ninterest \n | \n\n 15,364 \n | \n\n - \n | \n\n 15,364 \n | \n
| \n - Share attributable to\nnon-controlling interests \n | \n\n (7,682) \n | \n\n - \n | \n\n (7,682) \n | \n
| \n - Share attributable to owners of the\nparent \n | \n\n 7,682 \n | \n\n - \n | \n\n 7,682 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Movement for the\nyear \n | \n\n 68,212 \n | \n\n (17,697) \n | \n\n 50,515 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 December\n2024 \n | \n\n 276,747 \n | \n\n (56,527) \n | \n\n 220,220 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Analysed as\nfollows: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Corinthia Hotel\nSt George\u2019s Bay, Malta \n | \n\n 27,275 \n | \n\n (9,545) \n | \n\n 17,730 \n | \n
| \n \u00a0 Corinthia Hotel\n& Spa Lisbon \n | \n\n 74,798 \n | \n\n (16,831) \n | \n\n 57,967 \n | \n
| \n \u00a0 Corinthia Hotel\nPrague \n | \n\n 24,121 \n | \n\n (6,024) \n | \n\n 18,097 \n | \n
| \n \u00a0 Corinthia Hotel\nBudapest \n | \n\n 17,610 \n | \n\n (1,650) \n | \n\n 15,960 \n | \n
| \n \u00a0 Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 15,189 \n | \n\n (5,317) \n | \n\n 9,872 \n | \n
| \n \u00a0 Golden Sands\nResort Limited \n | \n\n 15,689 \n | \n\n (5,491) \n | \n\n 10,198 \n | \n
| \n \u00a0 Radisson Blu\nResort, Malta \n | \n\n 16,985 \n | \n\n (5,944) \n | \n\n 11,041 \n | \n
| \n \u00a0 Corinthia Hotel\nSt Petersburg \n | \n\n 12,417 \n | \n\n (2,483) \n | \n\n 9,934 \n | \n
| \n \u00a0 Corinthia Hotel\nLondon \n | \n\n 63,399 \n | \n\n - \n | \n\n 63,399 \n | \n
| \n \u00a0 Corinthia Oasis\nMalta \n | \n\n 9,264 \n | \n\n (3,242) \n | \n\n 6,022 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 276,747 \n | \n\n (56,527) \n | \n\n 220,220 \n | \n
\u00a0
\nThe revaluation reserve\nis non-distributable.
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nThe tax impacts relating\nto this component of other comprehensive income is presented in the\ntables above.
\n\u00a0
\nDuring the previous\nyears, the Group has capitalised the revaluation reserve by issuing\nbonus shares and upon the issuance of additional shares to previous\nowners of the IHG Group.\u00a0 Movements relating to bonus share\nissues are included in the table below:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Aggregate amounts\ndisclosed in tables above: \n | \n\n 245,904 \n | \n\n 220,220 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bonus and other similar\nshare issues: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Opening and\nclosing balance \n | \n\n (71,764) \n | \n\n (71,764) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Total revaluation\nreserve \n | \n\n 174,140 \n | \n\n 148,456 \n | \n
\u00a0
\n\u00a0
\nThe translation\nreserve comprises all foreign exchange differences arising from the\ntranslation of the financial statements of foreign operations into\nthe Group\u2019s presentation currency.\u00a0 Translation reserve\nmovements are presented within other comprehensive\nincome.\u00a0
\n\u00a0\u00a0\u00a0
\n\u00a0
\nThe reporting currency\nconversion difference represents the excess of total assets over\nthe aggregate of total liabilities and funds attributable to the\nshareholders, following the re-denomination of the paid-up share\ncapital from Maltese lira to euro in 2003.
\n\u00a0
\n\u00a0
\n\u00a0
\n| \n The\nGroup \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Stepped acquisition\nof subsidiary \n | \n\n Other \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January 2024, 31\nDecember 2024 \n | \n\n 3,859 \n | \n\n (1,357) \n | \n\n 2,502 \n | \n
| \n Hedging\nreserve \n | \n\n - \n | \n\n 115 \n | \n\n 115 \n | \n
| \n At 31 December\n2025 \n | \n\n 3,859 \n | \n\n (1,242) \n | \n\n 2,617 \n | \n
\u00a0
\nStepped acquisition\nof subsidiary
\n\u00a0
\nThe stepped acquisition\nof subsidiary reserve relates to the increase in value of original\nshareholding in Corinthia Hotel Investments Limited, pursuant to\nindependent valuation carried out on acquisition of further\nshareholding in 2006, net of deferred tax.
\n\u00a0
\n\u00a0
\n| \n The\nCompany \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n FVOCI\nreserve \n | \n\n Bonus\nshares \n | \n\n Other \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n As at 1 January\n2024 \n | \n\n 199,533 \n | \n\n (75,090) \n | \n\n (24,009) \n | \n\n 100,434 \n | \n
| \n Fair value movements on\ninvestments in subsidiaries, associates and joint ventures, net of\ntax \n | \n\n 215,269 \n | \n\n - \n | \n\n - \n | \n\n 215,269 \n | \n
| \n At 31 December\n2024 \n | \n\n 414,802 \n | \n\n (75,090) \n | \n\n (24,009) \n | \n\n 315,703 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n As at 1 January\n2025 \n | \n\n 414,802 \n | \n\n (75,090) \n | \n\n (24,009) \n | \n\n 315,703 \n | \n
| \n Fair value movements on\ninvestments in subsidiaries, associates and joint ventures, net of\ntax \n | \n\n 30,673 \n | \n\n - \n | \n\n - \n | \n\n 30,673 \n | \n
| \n At 31 December\n2025 \n | \n\n 445,475 \n | \n\n (75,090) \n | \n\n (24,009) \n | \n\n 346,376 \n | \n
\u00a0
\nFinancial assets at\nFVOCI
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nThe Company has elected\nto recognise changes in the fair value of investments in\nsubsidiaries, associates and joint ventures in OCI, as explained\nin Note\n3.5 .\u00a0 These changes are\naccumulated within the FVOCI reserve within equity. The Company\ntransfers amounts from this reserve to retained earnings when the\nrelevant equity securities are derecognised.
\n\u00a0
\nOther\nreserves
\n\u00a0
\nThe Company\u2019s\nother reserves principally relate to the absorption of\nlosses.\u00a0
\n\u00a0\u00a0
\n\u00a0
\nThe loss for the year\nhas been transferred to Accumulated losses as set out in the\nstatements of changes in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "lu9Vga5Qxf": { "value": "\u00a0
\n\u00a0
\nThe authorised share\ncapital consists of 1,000 million ordinary shares with a nominal\nvalue of \u20ac1 each.
\n\u00a0
\n\u00a0
\nThe issued share\ncapital consists of 615.7 million (2024: 615.7 million) ordinary\nshares of \u20ac1 each, fully paid up.
\n\u00a0
\n| \n \u00a0 \n | \n\n The Group and\nCompany \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January and 31\nDecember \n | \n\n 615,685 \n | \n\n 615,685 \n | \n
\u00a0
\n\u00a0
\nShareholders are\nentitled to vote at shareholders\u2019 meetings of the Company on\nthe basis of one vote for each share held.\u00a0 They are entitled\nto receive dividends as declared from time to time.\u00a0 The\nshares in issue shall, at all times, rank pari passu with\nrespect to any distribution whether of dividends or capital, in a\nwinding up or otherwise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pIozsemwiN": { "value": "\u00a0
\nRevaluation reserve\nrelating to movements in property, plant and equipment of entities\nforming part of the Group:\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n Revaluation \n | \n\n Deferred \n | \n\n Net \n | \n
| \n surplus \n | \n\n taxation \n | \n||
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n At 1 January\n2025 \n | \n\n 276,747 \n | \n\n (56,527) \n | \n\n 220,220 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Revaluation surplus\narising during the year: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Corinthia Hotel &\nSpa Lisbon \n | \n\n 1,000\u00a0\u00a0 \n | \n\n 16,829 \n | \n\n 17,829 \n | \n
| \n Corinthia Hotel St\nPetersburg \n | \n\n 3,955 \n | \n\n (1,440) \n | \n\n 2,515 \n | \n
| \n Radisson Blu Resort\nMalta \n | \n\n 12,110 \n | \n\n (4,239) \n | \n\n 7,871 \n | \n
| \n Corinthia Oasis\nMalta \n | \n\n 12,000 \n | \n\n (4,200) \n | \n\n 7,800 \n | \n
| \n Corinthia Hotel\nLondon \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - Gross of non-controlling\ninterest \n | \n\n (20,662) \n | \n\n - \n | \n\n (20,662) \n | \n
| \n - Share attributable to\nnon-controlling interests \n | \n\n 10,331 \n | \n\n - \n | \n\n 10,331 \n | \n
| \n - Share attributable to owners of\nthe parent \n | \n\n (10,331) \n | \n\n - \n | \n\n (10,331) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Movement for the\nyear \n | \n\n 18,734 \n | \n\n 6,950 \n | \n\n 25,684 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 December\n2025 \n | \n\n 295,481 \n | \n\n (49,577) \n | \n\n 245,904 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Analysed as\nfollows: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Corinthia Hotel\nSt George\u2019s Bay, Malta \n | \n\n \u00a027,275 \n | \n\n (9,548) \n | \n\n \u00a017,727 \n | \n
| \n \u00a0 Corinthia Hotel\n& Spa Lisbon \n | \n\n \u00a075,798 \n | \n\n - \n | \n\n \u00a075,798 \n | \n
| \n \u00a0 Corinthia Hotel\nPrague \n | \n\n \u00a024,120 \n | \n\n (6,024) \n | \n\n \u00a018,096 \n | \n
| \n \u00a0 Corinthia Hotel\nBudapest \n | \n\n \u00a017,610 \n | \n\n (1,650) \n | \n\n \u00a015,960 \n | \n
| \n \u00a0 Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n \u00a015,189 \n | \n\n (5,316) \n | \n\n \u00a09,873 \n | \n
| \n \u00a0 Golden Sands\nResort Limited \n | \n\n \u00a015,689 \n | \n\n (5,491) \n | \n\n \u00a010,198 \n | \n
| \n \u00a0 Radisson Blu\nResort, Malta \n | \n\n \u00a029,095 \n | \n\n (10,183) \n | \n\n \u00a018,912 \n | \n
| \n \u00a0 Corinthia Hotel\nSt Petersburg \n | \n\n \u00a016,373 \n | \n\n (3,923) \n | \n\n \u00a012,450 \n | \n
| \n \u00a0 Corinthia Hotel\nLondon \n | \n\n \u00a053,068 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a053,068 \n | \n
| \n \u00a0 Corinthia Oasis\nMalta \n | \n\n \u00a021,264 \n | \n\n (7,442) \n | \n\n \u00a013,822 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 295,481 \n | \n\n \u00a0 \n(49,577) \n | \n\n \u00a0 \n245,904 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n The\nGroup \n | \n||
| \n \u00a0 \n | \n\n Revaluation \n | \n\n Deferred \n | \n\n Net \n | \n
| \n surplus \n | \n\n taxation \n | \n||
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n At 1 January\n2024 \n | \n\n 208,535 \n | \n\n (38,830) \n | \n\n 169,705 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Revaluation surplus\narising during the year: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Corinthia Hotel\n& Spa Lisbon \n | \n\n 27,687 \n | \n\n (6,230) \n | \n\n 21,457 \n | \n
| \n \u00a0 Corinthia Hotel\nPrague \n | \n\n 6,264 \n | \n\n (2,632) \n | \n\n 3,632 \n | \n
| \n \u00a0 Corinthia Hotel\nBudapest \n | \n\n (3,019) \n | \n\n 272 \n | \n\n (2,747) \n | \n
| \n \u00a0 Corinthia Hotel\nSt Petersburg \n | \n\n 8,348 \n | \n\n (1,670) \n | \n\n 6,678 \n | \n
| \n \u00a0 Golden Sands\nResort, Malta \n | \n\n 11,986 \n | \n\n (4,195) \n | \n\n 7,791 \n | \n
| \n \u00a0 Corinthia Oasis\nMalta \n | \n\n 9,264 \n | \n\n (3,242) \n | \n\n 6,022 \n | \n
| \n \u00a0 Corinthia Hotel\nLondon \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - Gross of non-controlling\ninterest \n | \n\n 15,364 \n | \n\n - \n | \n\n 15,364 \n | \n
| \n - Share attributable to\nnon-controlling interests \n | \n\n (7,682) \n | \n\n - \n | \n\n (7,682) \n | \n
| \n - Share attributable to owners of the\nparent \n | \n\n 7,682 \n | \n\n - \n | \n\n 7,682 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Movement for the\nyear \n | \n\n 68,212 \n | \n\n (17,697) \n | \n\n 50,515 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 December\n2024 \n | \n\n 276,747 \n | \n\n (56,527) \n | \n\n 220,220 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Analysed as\nfollows: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Corinthia Hotel\nSt George\u2019s Bay, Malta \n | \n\n 27,275 \n | \n\n (9,545) \n | \n\n 17,730 \n | \n
| \n \u00a0 Corinthia Hotel\n& Spa Lisbon \n | \n\n 74,798 \n | \n\n (16,831) \n | \n\n 57,967 \n | \n
| \n \u00a0 Corinthia Hotel\nPrague \n | \n\n 24,121 \n | \n\n (6,024) \n | \n\n 18,097 \n | \n
| \n \u00a0 Corinthia Hotel\nBudapest \n | \n\n 17,610 \n | \n\n (1,650) \n | \n\n 15,960 \n | \n
| \n \u00a0 Marina Hotel, St\nGeorge\u2019s Bay, Malta \n | \n\n 15,189 \n | \n\n (5,317) \n | \n\n 9,872 \n | \n
| \n \u00a0 Golden Sands\nResort Limited \n | \n\n 15,689 \n | \n\n (5,491) \n | \n\n 10,198 \n | \n
| \n \u00a0 Radisson Blu\nResort, Malta \n | \n\n 16,985 \n | \n\n (5,944) \n | \n\n 11,041 \n | \n
| \n \u00a0 Corinthia Hotel\nSt Petersburg \n | \n\n 12,417 \n | \n\n (2,483) \n | \n\n 9,934 \n | \n
| \n \u00a0 Corinthia Hotel\nLondon \n | \n\n 63,399 \n | \n\n - \n | \n\n 63,399 \n | \n
| \n \u00a0 Corinthia Oasis\nMalta \n | \n\n 9,264 \n | \n\n (3,242) \n | \n\n 6,022 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 276,747 \n | \n\n (56,527) \n | \n\n 220,220 \n | \n
\u00a0
\nThe revaluation reserve\nis non-distributable.
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nThe tax impacts relating\nto this component of other comprehensive income is presented in the\ntables above.
\n\u00a0
\nDuring the previous\nyears, the Group has capitalised the revaluation reserve by issuing\nbonus shares and upon the issuance of additional shares to previous\nowners of the IHG Group.\u00a0 Movements relating to bonus share\nissues are included in the table below:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Aggregate amounts\ndisclosed in tables above: \n | \n\n 245,904 \n | \n\n 220,220 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bonus and other similar\nshare issues: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Opening and\nclosing balance \n | \n\n (71,764) \n | \n\n (71,764) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Total revaluation\nreserve \n | \n\n 174,140 \n | \n\n 148,456 \n | \n
\u00a0
\n\u00a0
\nThe translation\nreserve comprises all foreign exchange differences arising from the\ntranslation of the financial statements of foreign operations into\nthe Group\u2019s presentation currency.\u00a0 Translation reserve\nmovements are presented within other comprehensive\nincome.\u00a0
\n\u00a0\u00a0\u00a0
\n\u00a0
\nThe reporting currency\nconversion difference represents the excess of total assets over\nthe aggregate of total liabilities and funds attributable to the\nshareholders, following the re-denomination of the paid-up share\ncapital from Maltese lira to euro in 2003.
\n\u00a0
\n\u00a0
\n\u00a0
\n| \n The\nGroup \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Stepped acquisition\nof subsidiary \n | \n\n Other \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January 2024, 31\nDecember 2024 \n | \n\n 3,859 \n | \n\n (1,357) \n | \n\n 2,502 \n | \n
| \n Hedging\nreserve \n | \n\n - \n | \n\n 115 \n | \n\n 115 \n | \n
| \n At 31 December\n2025 \n | \n\n 3,859 \n | \n\n (1,242) \n | \n\n 2,617 \n | \n
\u00a0
\nStepped acquisition\nof subsidiary
\n\u00a0
\nThe stepped acquisition\nof subsidiary reserve relates to the increase in value of original\nshareholding in Corinthia Hotel Investments Limited, pursuant to\nindependent valuation carried out on acquisition of further\nshareholding in 2006, net of deferred tax.
\n\u00a0
\n\u00a0
\n| \n The\nCompany \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n FVOCI\nreserve \n | \n\n Bonus\nshares \n | \n\n Other \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n As at 1 January\n2024 \n | \n\n 199,533 \n | \n\n (75,090) \n | \n\n (24,009) \n | \n\n 100,434 \n | \n
| \n Fair value movements on\ninvestments in subsidiaries, associates and joint ventures, net of\ntax \n | \n\n 215,269 \n | \n\n - \n | \n\n - \n | \n\n 215,269 \n | \n
| \n At 31 December\n2024 \n | \n\n 414,802 \n | \n\n (75,090) \n | \n\n (24,009) \n | \n\n 315,703 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n As at 1 January\n2025 \n | \n\n 414,802 \n | \n\n (75,090) \n | \n\n (24,009) \n | \n\n 315,703 \n | \n
| \n Fair value movements on\ninvestments in subsidiaries, associates and joint ventures, net of\ntax \n | \n\n 30,673 \n | \n\n - \n | \n\n - \n | \n\n 30,673 \n | \n
| \n At 31 December\n2025 \n | \n\n 445,475 \n | \n\n (75,090) \n | \n\n (24,009) \n | \n\n 346,376 \n | \n
\u00a0
\nFinancial assets at\nFVOCI
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nThe Company has elected\nto recognise changes in the fair value of investments in\nsubsidiaries, associates and joint ventures in OCI, as explained\nin Note\n3.5 .\u00a0 These changes are\naccumulated within the FVOCI reserve within equity. The Company\ntransfers amounts from this reserve to retained earnings when the\nrelevant equity securities are derecognised.
\n\u00a0
\nOther\nreserves
\n\u00a0
\nThe Company\u2019s\nother reserves principally relate to the absorption of\nlosses.\u00a0
\n\u00a0\u00a0
\n\u00a0
\nThe loss for the year\nhas been transferred to Accumulated losses as set out in the\nstatements of changes in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "dHE-9Vv4Mu": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank\noverdraft \n | \n\n 8,758 \n | \n\n 9,208 \n | \n\n 86 \n | \n\n - \n | \n
| \n Bank loans \n | \n\n 451,879 \n | \n\n 414,312 \n | \n\n 78,615 \n | \n\n 73,455 \n | \n
| \n \u00a0 \n | \n\n 460,637 \n | \n\n 423,520 \n | \n\n 78,701 \n | \n\n 73,455 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Comprising: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-current bank\nborrowings \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank loans due within 2\n- 5 years \n | \n\n 312,687 \n | \n\n 330,269 \n | \n\n 29,439 \n | \n\n 35,815 \n | \n
| \n Bank loans due later\nthan 5 years \n | \n\n 64,680 \n | \n\n 52,312 \n | \n\n 28,680 \n | \n\n 27,690 \n | \n
| \n \u00a0 \n | \n\n 377,367 \n | \n\n 382,581 \n | \n\n 58,119 \n | \n\n 63,505 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current bank\nborrowings \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank\noverdraft \n | \n\n 8,758 \n | \n\n 9,208 \n | \n\n 86 \n | \n\n - \n | \n
| \n Bank loans due within 1\nyear \n | \n\n 74,512 \n | \n\n 31,731 \n | \n\n 20,496 \n | \n\n 9,950 \n | \n
| \n \u00a0 \n | \n\n 83,270 \n | \n\n 40,939 \n | \n\n 20,582 \n | \n\n 9,950 \n | \n
\u00a0
\nBank borrowings are\nsubject to variable interest rates linked to Euribor, other\nreference rates or bank base rates with an average interest rate of\n5.81% annually at 31 December 2025 (2024: 6.36% annually) for the\nGroup and 4.70% annually at 31 December 2025 (2024: 4.94%) for the\nCompany.
\n\u00a0
\nThese facilities are\nsecured by general hypothecs on the Group\u2019s and the\nCompany\u2019s assets, special hypothecs, privileges on the\nGroup\u2019s property, guarantees by related parties, as well as\npledges over the shares in subsidiaries and joint\nventures.
\n\u00a0
\nThe carrying amount of\nbank borrowings is considered a reasonable approximation of fair\nvalue based on discounted cash flows, taking cognisance of the\nvariable interest nature of the principal borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "xru_06yT37": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The Group and the\nCompany \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bond VII \n | \n\n - \n | \n\n 44,953 \n | \n
| \n Bond X \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n54,946 \n | \n\n 54,853 \n | \n
| \n Bond XI \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n59,879 \n | \n\n 59,763 \n | \n
| \n Bond XII \n | \n\n 79,459 \n | \n\n 79,380 \n | \n
| \n Bond XIII \n | \n\n 59,341 \n | \n\n 59,279 \n | \n
| \n Bond XIV \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n34,306 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n287,931 \n | \n\n 298,228 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-current \n | \n\n 173,106 \n | \n\n 253,275 \n | \n
| \n Current \n | \n\n 114,825 \n | \n\n 44,953 \n | \n
| \n \u00a0 \n | \n\n 287,931 \n | \n\n 298,228 \n | \n
\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nThe Group has the following bonds in\nissue:
\n\u00a0
\n| \n \u00a0 \n | \n\n Year of\nissue \n | \n\n Nominal\namount \n | \n\n Rate of\ninterest \n | \n\n Maturity \n | \n
| \n date \n | \n||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n % \n | \n\n \u00a0 \n | \n
| \n Bond X \n | \n\n 2016 \n | \n\n 55,000 \n | \n\n 4 \n | \n\n 29 July 2026 \n | \n
| \n Bond XI \n | \n\n 2016 \n | \n\n 60,000 \n | \n\n 4 \n | \n\n 20 December\n2026 \n | \n
| \n Bond XII \n | \n\n 2021 \n | \n\n 80,000 \n | \n\n 3.65 \n | \n\n 7 December\n2031 \n | \n
| \n Bond XIII \n | \n\n 2023 \n | \n\n 60,000 \n | \n\n 6 \n | \n\n 14 November\n2033 \n | \n
| \n Bond XIV \n | \n\n 2035 \n | \n\n 35,000 \n | \n\n 5.30 \n | \n\n 1 April 2035 \n | \n
\u00a0
\nDuring the current year,\nIHI p.l.c. redeemed Bond VII amounting to \u20ac45 million and\nissued \u20ac35 million in Bond XIV. In 2024, IHI p.l.c. redeemed\nBond IX amounting to \u20ac10.4 million.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nInterest
\n\u00a0
\nInterest is payable\nannually in arrears on the due date.
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nSecurity
\n\u00a0
\nThe bonds constitute the\ngeneral, direct, unconditional, unsecured and unsubordinated\nobligations of the Company and will rank pari passu, without any\npriority or preference, with all other present and future unsecured\nand unsubordinated obligations of the Company.\u00a0 The only\nexception is Bond X for \u20ac55.0 million which is secured by the\nHotel property owned by IHI Hungary.
\n\u00a0
\n(iv)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nSinking funds
\n\u00a0
\nThe required\ncontributions to the sinking funds as deposited under a trust\narrangement as at 31 December 2025 amounted to \u20ac0.1 million\n(2024: \u20ac0.1 million).
\n\u00a0
\n(v)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nThe carrying amount of the bonds is as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n VII \n | \n\n IX \n | \n\n X \n | \n\n XI \n | \n\n XII \n | \n\n XIII \n | \n\n XIV \n | \n\n Total \n | \n|
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|
| \n At 1 January\n2024 \n | \n\n 44,830 \n | \n\n 10,362 \n | \n\n 54,763 \n | \n\n 59,652 \n | \n\n 79,304 \n | \n\n 59,220 \n | \n\n - \n | \n\n 308,131 \n | \n|
| \n Amortisation of\ntransaction costs\u00a0 \n | \n\n 123 \n | \n\n 30 \n | \n\n 90 \n | \n\n 111 \n | \n\n 76 \n | \n\n 59 \n | \n\n - \n | \n\n 489 \n | \n|
| \n Redemption \n | \n\n - \n | \n\n (10,392) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (10,392) \n | \n|
| \n At 31 December\n2024 \n | \n\n 44,953 \n | \n\n - \n | \n\n 54,853 \n | \n\n 59,763 \n | \n\n 79,380 \n | \n\n 59,279 \n | \n\n - \n | \n\n 298,228 \n | \n|
| \n Proceeds from new\nissue \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 3,147 \n | \n\n 3,147 \n | \n|
| \n Issue costs \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (737) \n | \n\n (737) \n | \n|
| \n Amortisation of\ntransaction costs\u00a0 \n | \n\n 47 \n | \n\n - \n | \n\n 93 \n | \n\n 116 \n | \n\n 79 \n | \n\n 62 \n | \n\n 43 \n | \n\n 440 \n | \n|
| \n Transfer\n(from)/to \n | \n\n (31,853) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 31,853 \n | \n\n - \n | \n|
| \n Redemption \n | \n\n (13,147) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (13,147) \n | \n|
| \n At 31 December\n2025 \n | \n\n - \n | \n\n - \n | \n\n 54,946 \n | \n\n 59,879 \n | \n\n 79,459 \n | \n\n 59,341 \n | \n\n 34,306 \n | \n\n 287,931 \n | \n|
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0
\nDisclosure in respect\nof the fair value of the bonds is presented within\nNote\n41.7 .
\n\u00a0
\nThe market price of\nbonds in issue is as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bond VII \n | \n\n - \n | \n\n 100.50 \n | \n
| \n Bond X \n | \n\n 98 \n | \n\n 99 \n | \n
| \n Bond XI \n | \n\n 97.07 \n | \n\n 98.90 \n | \n
| \n Bond XII \n | \n\n 91.50 \n | \n\n 95.01 \n | \n
| \n Bond XIII \n | \n\n 102 \n | \n\n 106.98 \n | \n
| \n Bond XIV \n | \n\n 101 \n | \n\n - \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Amounts owed\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate\nparent \n | \n\n 15,813 \n | \n\n 33,224 \n | \n\n 15,813 \n | \n\n 23,223 \n | \n
| \n Group\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 36,065 \n | \n\n 32,450 \n | \n
| \n \u00a0 \n | \n\n 15,813 \n | \n\n 33,224 \n | \n\n 51,878 \n | \n\n 55,673 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-current\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amounts owed\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate\nparent \n | \n\n 11,813 \n | \n\n 33,224 \n | \n\n 11,813 \n | \n\n 23,223 \n | \n
| \n Group\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 35,974 \n | \n\n 32,344 \n | \n
| \n \u00a0 \n | \n\n 11,813 \n | \n\n 33,224 \n | \n\n 47,787 \n | \n\n 55,567 \n | \n
| \n Current\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amounts owed\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate parent\ncompany \n | \n\n 4,000 \n | \n\n - \n | \n\n 4,000 \n | \n\n - \n | \n
| \n Group \n | \n\n - \n | \n\n - \n | \n\n 91 \n | \n\n 106 \n | \n
| \n \u00a0 \n | \n\n 4,000 \n | \n\n - \n | \n\n 4,091 \n | \n\n 106 \n | \n
\u00a0
\nThe carrying amount of\nthe borrowings subject to a variable interest rate is considered a\nreasonable approximation of fair value on the basis of discounted\ncash flows.\u00a0 In the case of borrowing subject to a fixed rate\nof interest, the fair value is disclosed in Note\n41.7 .\u00a0 The terms of the\namounts owed by the Company, as applicable, are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n Interest \n | \n\n Repayable\nby \n | \n
| \n At 31 December\n2025 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Group\ncompanies \n | \n\n \u00a010,738 \n | \n\n 4.95% \n | \n\n Due by 4 August\n2028 \n | \n
| \n Group\ncompanies \n | \n\n \u00a013,000 \n | \n\n Euribor +\n2.65% \n | \n\n Due by 28 February\n2026 \n | \n
| \n Group\ncompanies \n | \n\n \u00a0417 \n | \n\n 4.65% \n | \n\n Due by 22 December\n2027 \n | \n
| \n Group\ncompanies \n | \n\n \u00a03,329 \n | \n\n 4.65% \n | \n\n Due by 31 December\n2029 \n | \n
| \n Group\ncompanies \n | \n\n \u00a08,490 \n | \n\n 0% \n | \n\n No fixed repayment\ndate \n | \n
| \n Group\ncompanies \n | \n\n \u00a091 \n | \n\n 0% \n | \n\n Due within 3\nyears \n | \n
| \n Ultimate\nparent \n | \n\n 15,813 \n | \n\n 3 month Euribor +\n1.5% \n | \n\n Due by 1 January\n2029 \n | \n
| \n \u00a0 \n | \n\n 51,878 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 December\n2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Group\ncompanies \n | \n\n \u00a010,387 \n | \n\n 4.95% \n | \n\n Due by 10 March\n2027 \n | \n
| \n Group\ncompanies \n | \n\n \u00a013,000 \n | \n\n Euribor +\n2.65% \n | \n\n Due by 28 February\n2026 \n | \n
| \n Group\ncompanies \n | \n\n \u00a0588 \n | \n\n 4.65% \n | \n\n Due by 22 December\n2027 \n | \n
| \n Group\ncompanies \n | \n\n \u00a08,140 \n | \n\n 0% \n | \n\n No fixed repayment\ndate \n | \n
| \n Group\ncompanies \n | \n\n \u00a0229 \n | \n\n 6.25% \n | \n\n Due by 31 December\n2029 \n | \n
| \n Group\ncompanies \n | \n\n \u00a0106 \n | \n\n 0% \n | \n\n Current \n | \n
| \n Ultimate\nparent \n | \n\n 23,223 \n | \n\n 3 month Euribor +\n1.5% \n | \n\n Due by 1 January\n2029 \n | \n
| \n | \n 55,673 \n | \n\n | \n |
\u00a0
\nThe terms of the amounts\nowed by the Group to the ultimate parent are as follows:
\n\u00a0
\n| \n \u25cf \n | \n\n Nil (2024: \u20ac10.0\nmillion) of the Group\u2019s loans bear\ninterest at 4%, repayable not later than 25 April 2033. \n | \n
| \n \u25cf \n | \n\n \u20ac15.8 million\n(2024: \u20ac 23.2 million)\nof the Group\u2019s loan bear interest at\n3-month Euribor + 1.5%, repayable not later than 1 January\n2029. \n | \n
\u00a0
\nNone of the loans are\nsecured.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "SDtdin7Xvf": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Amounts owed\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate\nparent \n | \n\n 15,813 \n | \n\n 33,224 \n | \n\n 15,813 \n | \n\n 23,223 \n | \n
| \n Group\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 36,065 \n | \n\n 32,450 \n | \n
| \n \u00a0 \n | \n\n 15,813 \n | \n\n 33,224 \n | \n\n 51,878 \n | \n\n 55,673 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-current\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amounts owed\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate\nparent \n | \n\n 11,813 \n | \n\n 33,224 \n | \n\n 11,813 \n | \n\n 23,223 \n | \n
| \n Group\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 35,974 \n | \n\n 32,344 \n | \n
| \n \u00a0 \n | \n\n 11,813 \n | \n\n 33,224 \n | \n\n 47,787 \n | \n\n 55,567 \n | \n
| \n Current\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amounts owed\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate parent\ncompany \n | \n\n 4,000 \n | \n\n - \n | \n\n 4,000 \n | \n\n - \n | \n
| \n Group \n | \n\n - \n | \n\n - \n | \n\n 91 \n | \n\n 106 \n | \n
| \n \u00a0 \n | \n\n 4,000 \n | \n\n - \n | \n\n 4,091 \n | \n\n 106 \n | \n
\u00a0
\nThe carrying amount of\nthe borrowings subject to a variable interest rate is considered a\nreasonable approximation of fair value on the basis of discounted\ncash flows.\u00a0 In the case of borrowing subject to a fixed rate\nof interest, the fair value is disclosed in Note\n41.7 .\u00a0 The terms of the\namounts owed by the Company, as applicable, are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n Interest \n | \n\n Repayable\nby \n | \n
| \n At 31 December\n2025 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Group\ncompanies \n | \n\n \u00a010,738 \n | \n\n 4.95% \n | \n\n Due by 4 August\n2028 \n | \n
| \n Group\ncompanies \n | \n\n \u00a013,000 \n | \n\n Euribor +\n2.65% \n | \n\n Due by 28 February\n2026 \n | \n
| \n Group\ncompanies \n | \n\n \u00a0417 \n | \n\n 4.65% \n | \n\n Due by 22 December\n2027 \n | \n
| \n Group\ncompanies \n | \n\n \u00a03,329 \n | \n\n 4.65% \n | \n\n Due by 31 December\n2029 \n | \n
| \n Group\ncompanies \n | \n\n \u00a08,490 \n | \n\n 0% \n | \n\n No fixed repayment\ndate \n | \n
| \n Group\ncompanies \n | \n\n \u00a091 \n | \n\n 0% \n | \n\n Due within 3\nyears \n | \n
| \n Ultimate\nparent \n | \n\n 15,813 \n | \n\n 3 month Euribor +\n1.5% \n | \n\n Due by 1 January\n2029 \n | \n
| \n \u00a0 \n | \n\n 51,878 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 December\n2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Group\ncompanies \n | \n\n \u00a010,387 \n | \n\n 4.95% \n | \n\n Due by 10 March\n2027 \n | \n
| \n Group\ncompanies \n | \n\n \u00a013,000 \n | \n\n Euribor +\n2.65% \n | \n\n Due by 28 February\n2026 \n | \n
| \n Group\ncompanies \n | \n\n \u00a0588 \n | \n\n 4.65% \n | \n\n Due by 22 December\n2027 \n | \n
| \n Group\ncompanies \n | \n\n \u00a08,140 \n | \n\n 0% \n | \n\n No fixed repayment\ndate \n | \n
| \n Group\ncompanies \n | \n\n \u00a0229 \n | \n\n 6.25% \n | \n\n Due by 31 December\n2029 \n | \n
| \n Group\ncompanies \n | \n\n \u00a0106 \n | \n\n 0% \n | \n\n Current \n | \n
| \n Ultimate\nparent \n | \n\n 23,223 \n | \n\n 3 month Euribor +\n1.5% \n | \n\n Due by 1 January\n2029 \n | \n
| \n | \n 55,673 \n | \n\n | \n |
\u00a0
\nThe terms of the amounts\nowed by the Group to the ultimate parent are as follows:
\n\u00a0
\n| \n \u25cf \n | \n\n Nil (2024: \u20ac10.0\nmillion) of the Group\u2019s loans bear\ninterest at 4%, repayable not later than 25 April 2033. \n | \n
| \n \u25cf \n | \n\n \u20ac15.8 million\n(2024: \u20ac 23.2 million)\nof the Group\u2019s loan bear interest at\n3-month Euribor + 1.5%, repayable not later than 1 January\n2029. \n | \n
\u00a0
\nNone of the loans are\nsecured.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "zs8wPaTDsx": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Amounts owed\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate\nparent \n | \n\n 15,813 \n | \n\n 33,224 \n | \n\n 15,813 \n | \n\n 23,223 \n | \n
| \n Group\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 36,065 \n | \n\n 32,450 \n | \n
| \n \u00a0 \n | \n\n 15,813 \n | \n\n 33,224 \n | \n\n 51,878 \n | \n\n 55,673 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-current\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amounts owed\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate\nparent \n | \n\n 11,813 \n | \n\n 33,224 \n | \n\n 11,813 \n | \n\n 23,223 \n | \n
| \n Group\ncompanies \n | \n\n - \n | \n\n - \n | \n\n 35,974 \n | \n\n 32,344 \n | \n
| \n \u00a0 \n | \n\n 11,813 \n | \n\n 33,224 \n | \n\n 47,787 \n | \n\n 55,567 \n | \n
| \n Current\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amounts owed\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate parent\ncompany \n | \n\n 4,000 \n | \n\n - \n | \n\n 4,000 \n | \n\n - \n | \n
| \n Group \n | \n\n - \n | \n\n - \n | \n\n 91 \n | \n\n 106 \n | \n
| \n \u00a0 \n | \n\n 4,000 \n | \n\n - \n | \n\n 4,091 \n | \n\n 106 \n | \n
\u00a0
\nThe carrying amount of\nthe borrowings subject to a variable interest rate is considered a\nreasonable approximation of fair value on the basis of discounted\ncash flows.\u00a0 In the case of borrowing subject to a fixed rate\nof interest, the fair value is disclosed in Note\n41.7 .\u00a0 The terms of the\namounts owed by the Company, as applicable, are as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n Interest \n | \n\n Repayable\nby \n | \n
| \n At 31 December\n2025 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Group\ncompanies \n | \n\n \u00a010,738 \n | \n\n 4.95% \n | \n\n Due by 4 August\n2028 \n | \n
| \n Group\ncompanies \n | \n\n \u00a013,000 \n | \n\n Euribor +\n2.65% \n | \n\n Due by 28 February\n2026 \n | \n
| \n Group\ncompanies \n | \n\n \u00a0417 \n | \n\n 4.65% \n | \n\n Due by 22 December\n2027 \n | \n
| \n Group\ncompanies \n | \n\n \u00a03,329 \n | \n\n 4.65% \n | \n\n Due by 31 December\n2029 \n | \n
| \n Group\ncompanies \n | \n\n \u00a08,490 \n | \n\n 0% \n | \n\n No fixed repayment\ndate \n | \n
| \n Group\ncompanies \n | \n\n \u00a091 \n | \n\n 0% \n | \n\n Due within 3\nyears \n | \n
| \n Ultimate\nparent \n | \n\n 15,813 \n | \n\n 3 month Euribor +\n1.5% \n | \n\n Due by 1 January\n2029 \n | \n
| \n \u00a0 \n | \n\n 51,878 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 December\n2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Group\ncompanies \n | \n\n \u00a010,387 \n | \n\n 4.95% \n | \n\n Due by 10 March\n2027 \n | \n
| \n Group\ncompanies \n | \n\n \u00a013,000 \n | \n\n Euribor +\n2.65% \n | \n\n Due by 28 February\n2026 \n | \n
| \n Group\ncompanies \n | \n\n \u00a0588 \n | \n\n 4.65% \n | \n\n Due by 22 December\n2027 \n | \n
| \n Group\ncompanies \n | \n\n \u00a08,140 \n | \n\n 0% \n | \n\n No fixed repayment\ndate \n | \n
| \n Group\ncompanies \n | \n\n \u00a0229 \n | \n\n 6.25% \n | \n\n Due by 31 December\n2029 \n | \n
| \n Group\ncompanies \n | \n\n \u00a0106 \n | \n\n 0% \n | \n\n Current \n | \n
| \n Ultimate\nparent \n | \n\n 23,223 \n | \n\n 3 month Euribor +\n1.5% \n | \n\n Due by 1 January\n2029 \n | \n
| \n | \n 55,673 \n | \n\n | \n |
\u00a0
\nThe terms of the amounts\nowed by the Group to the ultimate parent are as follows:
\n\u00a0
\n| \n \u25cf \n | \n\n Nil (2024: \u20ac10.0\nmillion) of the Group\u2019s loans bear\ninterest at 4%, repayable not later than 25 April 2033. \n | \n
| \n \u25cf \n | \n\n \u20ac15.8 million\n(2024: \u20ac 23.2 million)\nof the Group\u2019s loan bear interest at\n3-month Euribor + 1.5%, repayable not later than 1 January\n2029. \n | \n
\u00a0
\nNone of the loans are\nsecured.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "KUJdQUCeXE": { "value": "\u00a0\nDeferred taxes are calculated on all temporary\ndifferences under the liability method and are measured at the tax\nrates that are expected to apply to the period when the asset is\nrealised or the liability is settled based on tax rates (and tax\nlaws) that have been substantively enacted by the end of the\nreporting period.
\n\u00a0
\nThe balance at 31\nDecember represents temporary differences attributable\nto:\u00a0
\n\u00a0
\n| \n The\nGroup \n | \n\n Assets \n | \n\n Liabilities \n | \n\n Net \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Depreciation of\nproperty, plant and equipment \n | \n\n - \n | \n\n - \n | \n\n (37,819) \n | \n\n (39,860) \n | \n\n (37,819) \n | \n\n (39,860) \n | \n
| \n Fair valuation of land\nand buildings \n | \n\n - \n | \n\n - \n | \n\n (88,881) \n | \n\n (100,261) \n | \n\n (88,881) \n | \n\n (100,261) \n | \n
| \n Fair valuation of\ninvestment property \n | \n\n - \n | \n\n - \n | \n\n (16,090) \n | \n\n (14,089) \n | \n\n (16,090) \n | \n\n (14,089) \n | \n
| \n Intangible\nassets \n | \n\n - \n | \n\n - \n | \n\n (5,261) \n | \n\n (3,180) \n | \n\n (5,261) \n | \n\n (3,180) \n | \n
| \n Investment in\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n (5,920) \n | \n\n (7,147) \n | \n\n (5,920) \n | \n\n (7,147) \n | \n
| \n Investment in\nassociates \n | \n\n 101 \n | \n\n 101 \n | \n\n - \n | \n\n - \n | \n\n 101 \n | \n\n 101 \n | \n
| \n Unrelieved tax losses\nand unabsorbed capital allowances \n | \n\n 63,387 \n | \n\n 56,945 \n | \n\n - \n | \n\n - \n | \n\n 63,387 \n | \n\n 56,945 \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n - \n | \n\n (8,824) \n | \n\n (192) \n | \n\n (8,824) \n | \n\n (192) \n | \n
| \n Provision on trade\nreceivables \n | \n\n 1,400 \n | \n\n 955 \n | \n\n - \n | \n\n - \n | \n\n 1,400 \n | \n\n 955 \n | \n
| \n Right of use \n | \n\n - \n | \n\n - \n | \n\n (7,092) \n | \n\n (4,344) \n | \n\n (7,092) \n | \n\n (4,344) \n | \n
| \n Lease\nliability \n | \n\n 7,787 \n | \n\n 4,763 \n | \n\n - \n | \n\n - \n | \n\n 7,787 \n | \n\n 4,763 \n | \n
| \n Other \n | \n\n 337 \n | \n\n 210 \n | \n\n - \n | \n\n - \n | \n\n 337 \n | \n\n 210 \n | \n
| \n Tax assets/(liabilities)\n\u2013 before offsetting \n | \n\n 73,012 \n | \n\n 62,974 \n | \n\n (169,887) \n | \n\n (169,073) \n | \n\n (96,875) \n | \n\n (106,099) \n | \n
| \n Offset in the statement\nof financial position \n | \n\n (46,922) \n | \n\n (35,104) \n | \n\n 46,922 \n | \n\n 35,104 \n | \n\n - \n | \n\n - \n | \n
| \n Tax assets/(liabilities)\n\u2013 as presented in the statement of financial\nposition \n | \n\n 26,090 \n | \n\n 27,870 \n | \n\n (122,965) \n | \n\n (133,969) \n | \n\n (96,875) \n | \n\n (106,099) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n The\nCompany \n | \n\n Assets \n | \n\n Liabilities \n | \n\n Net \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Depreciation of\nproperty, plant and equipment \n | \n\n 125 \n | \n\n 104 \n | \n\n - \n | \n\n - \n | \n\n 125 \n | \n\n 104 \n | \n
| \n Investment in\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n (63,843) \n | \n\n (55,301) \n | \n\n (63,843) \n | \n\n (55,301) \n | \n
| \n Unrelieved tax losses\nand unabsorbed c apital allowances \n | \n\n 22,837 \n | \n\n 18,983 \n | \n\n - \n | \n\n - \n | \n\n 22,837 \n | \n\n 18,983 \n | \n
| \n Right of use \n | \n\n - \n | \n\n - \n | \n\n (243) \n | \n\n (325) \n | \n\n (243) \n | \n\n (325) \n | \n
| \n Lease\nliability \n | \n\n 271 \n | \n\n 350 \n | \n\n - \n | \n\n - \n | \n\n 271 \n | \n\n 350 \n | \n
| \n Exchange\ndifferences \n | \n\n - \n | \n\n - \n | \n\n 8 \n | \n\n (3) \n | \n\n 8 \n | \n\n (3) \n | \n
| \n Tax\nassets/(liabilities) \n | \n\n 23,233 \n | \n\n 19,437 \n | \n\n (64,078) \n | \n\n (55,629) \n | \n\n (40,845) \n | \n\n (36,192) \n | \n
| \n Offset in the statement\nof financial position \n | \n\n 7 \n | \n\n - \n | \n\n (7) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Tax assets/(liabilities)\n\u2013 as presented in \n\u00a0statement\u00a0of\nfinancial position \n | \n\n 23,240 \n | \n\n 19,437 \n | \n\n (64,085) \n | \n\n (55,629) \n | \n\n (40,845) \n | \n\n (36,192) \n | \n
\u00a0
\nThe recognised deferred\ntax assets and liabilities are expected to be recovered or settled\nprincipally after more than twelve months from the end of the\nreporting period.\u00a0 The deferred tax assets and liabilities\nreflected in other comprehensive income relate to fair valuation of\nproperty, plant and equipment and investments in subsidiaries,\nassociates and joint venture which have been measured as financial\nassets at fair value through other comprehensive income. The Group\nand the Company do not have any tax losses that are subject to\nexpiry.
\n\u00a0
\nThe movement on the\nGroup\u2019s deferred tax assets and liabilities during the year,\nwithout taking into consideration offsetting of balances, is as\nfollows:
THEGROUP
\n| \n The\nGroup \n | \n\n Balance\n01.01.2024 \n | \n\n Recognised in\nprofit or loss \n | \n\n Recognised in other\ncomprehensive income \n | \n\n Currency\nTranslation differences \n | \n\n Balance\n31.12.2024 \n | \n\n Recognised in\nprofit or loss \n | \n\n Recognised in other\ncomprehensive income \n | \n\n Currency\nTranslation differences \n | \n\n Movement \nin imdemnification\nof Assets \n | \n\n Balance\n31.12.2025 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Property, plant and\nequipment \n | \n\n (121,923) \n | \n\n (1,186) \n | \n\n (17,697) \n | \n\n 685 \n | \n\n (140,121) \n | \n\n 8,561 \n | \n\n 6,952 \n | \n\n (2,092) \n | \n\n - \n | \n\n (126,700) \n | \n
| \n Investment\nproperty \n | \n\n (12,825) \n | \n\n (1,435) \n | \n\n - \n | \n\n 171 \n | \n\n (14,089) \n | \n\n (1,579) \n | \n\n - \n | \n\n (422) \n | \n\n - \n | \n\n (16,090) \n | \n
| \n Intangible\nassets \n | \n\n (3,538) \n | \n\n 357 \n | \n\n - \n | \n\n 1 \n | \n\n (3,180) \n | \n\n (2,077) \n | \n\n - \n | \n\n (4) \n | \n\n - \n | \n\n (5,261) \n | \n
| \n Investments in\nsubsidiaries \n | \n\n (7,147) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (7,147) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 1,227 \n | \n\n (5,920) \n | \n
| \n Investments in\nassociates \n | \n\n 101 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 101 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 101 \n | \n
| \n Unrelieved tax losses\nand capital allowances \n | \n\n 53,942 \n | \n\n \u00a0 \n\u00a0\u00a0\u00a0\u00a0 1,648 \n | \n\n \u00a0 \n1,953 \n | \n\n \u00a0 \n(598) \n | \n\n 56,945 \n | \n\n 9,057 \n | \n\n (4,937) \n | \n\n 2,322 \n | \n\n \u00a0 \n- \n | \n\n 63,387 \n | \n
| \n Exchange\ndifferences \n | \n\n 15 \n | \n\n (295) \n | \n\n - \n | \n\n 86 \n | \n\n (194) \n | \n\n (6,681) \n | \n\n (1,674) \n | \n\n (275) \n | \n\n - \n | \n\n (8,824) \n | \n
| \n Provision on trade\n receivables \n | \n\n 850 \n | \n\n 105 \n | \n\n - \n | \n\n - \n | \n\n 955 \n | \n\n 488 \n | \n\n - \n | \n\n (43) \n | \n\n - \n | \n\n 1,400 \n | \n
| \n Others \n | \n\n 294 \n | \n\n (97) \n | \n\n 33 \n | \n\n (18) \n | \n\n 212 \n | \n\n 123 \n | \n\n (33) \n | \n\n 35 \n | \n\n - \n | \n\n 337 \n | \n
| \n Right of\nuse \n | \n\n - \n | \n\n (4,694) \n | \n\n - \n | \n\n - \n | \n\n (4,694) \n | \n\n (2,398) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (7,092) \n | \n
| \n Lease\nliability \n | \n\n - \n | \n\n 5,113 \n | \n\n - \n | \n\n - \n | \n\n 5,113 \n | \n\n 2,674 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 7,787 \n | \n
| \n \u00a0 \n | \n\n (90,231) \n | \n\n (484) \n | \n\n (15,711) \n | \n\n 327 \n | \n\n (106,099) \n | \n\n 8,168 \n | \n\n 308 \n | \n\n (479) \n | \n\n 1,227 \n | \n\n (96,875) \n | \n
Unrecognised\ndeferred tax assets
\n\u00a0
\nDeferred income taxes\nare recognised for tax loss carry-forwards to the extent that the\nrealisation of the related tax benefit through future taxable\nprofits is probable.\u00a0 In 2025, the Group did not recognise\ndeferred income tax assets of \u20ac30.6 million (2024: \u20ac23.5\nmillion), in respect of losses amounting to \u20ac112.1 million\n(2024: \u20ac91.0 million) that can be carried forward against\nfuture taxable income.The tax losses are not subject to expiry\nunder the applicable tax legislation.
\n\u00a0
\nThe movement in the\nCompany\u2019s deferred tax assets and liabilities during the\nyear, without taking into consideration the offsetting of balances,\nis as follows:
\n\u00a0
\n| \n The\nCompany \n | \n\n Balance\n01.01.2024 \n | \n\n Recognised in\nprofit or loss \n | \n\n Recognised in other\ncomprehensive income \n | \n\n Surrender of\nlosses \n | \n\n Balance\n31.12.2024 \n | \n\n Recognised in\nprofit or loss \n | \n\n Recognised in other\ncomprehensive income \n | \n\n Movement in\nimdemnification \non\nasset \n | \n\n Surrender of\nlosses \n | \n\n Balance\n31.12.2025 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Property, plant and\nequipment \n | \n\n 84 \n | \n\n 20 \n | \n\n - \n | \n\n - \n | \n\n 104 \n | \n\n 20 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 124 \n | \n
| \n Investments in\nsubsidiaries \n | \n\n (23,580) \n | \n\n - \n | \n\n (31,722) \n | \n\n - \n | \n\n (55,302) \n | \n\n - \n | \n\n (9,769) \n | \n\n 1,227 \n | \n\n - \n | \n\n (63,844) \n | \n
| \n Investments in\nassociates \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Unrelieved tax losses\nand capital allowances \n | \n\n 12,411 \n | \n\n 6,572 \n | \n\n - \n | \n\n - \n | \n\n 18,983 \n | \n\n 8,768 \n | \n\n - \n | \n\n - \n | \n\n (4,915) \n | \n\n 22,837 \n | \n
| \n Right of\nuse \n | \n\n - \n | \n\n (325) \n | \n\n - \n | \n\n - \n | \n\n (325) \n | \n\n 82 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (243) \n | \n
| \n Lease\nliability \n | \n\n - \n | \n\n 350 \n | \n\n - \n | \n\n - \n | \n\n 350 \n | \n\n (79) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 271 \n | \n
| \n Exchange\ndifferences \n | \n\n 31 \n | \n\n (33) \n | \n\n - \n | \n\n - \n | \n\n (2) \n | \n\n 12 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 12 \n | \n
| \n \u00a0 \n | \n\n (11,054) \n | \n\n 4,290 \n | \n\n (11,740) \n | \n\n - \n | \n\n (36,192) \n | \n\n 8,803 \n | \n\n (9,769) \n | \n\n 1,227 \n | \n\n (4,915) \n | \n\n (40,845) \n | \n
\u00a0\nUnrecognised deferred tax\nassets
\n\u00a0
\nThe Company did not have\nunrecognised deferred income tax assets that could be carried\nforward against future taxable income as at 31 December 2025 and 31\nDecember 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "aBzsgxuBOI": { "value": "\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Capital\ncreditors \n | \n\n 4,792 \n | \n\n 8,122 \n | \n\n - \n | \n\n - \n | \n
| \n Other\npayables \n | \n\n 4,407 \n | \n\n 13,100 \n | \n\n - \n | \n\n 791 \n | \n
| \n Accruals \n | \n\n 271 \n | \n\n 271 \n | \n\n 271 \n | \n\n 271 \n | \n
| \n Refundable lease\ndeposits \n | \n\n 307 \n | \n\n 645 \n | \n\n - \n | \n\n - \n | \n
| \n Financial\nliabilities \n | \n\n 9,777 \n | \n\n 22,138 \n | \n\n 271 \n | \n\n 1,062 \n | \n
| \n Contract\nliabilities \n | \n\n 1,095 \n | \n\n 1,179 \n | \n\n - \n | \n\n - \n | \n
| \n Other statutory\nliabilities \n | \n\n 766 \n | \n\n 2,693 \n | \n\n 96 \n | \n\n 247 \n | \n
| \n Total\npayables -\nnon-current \n | \n\n 11,638 \n | \n\n 26,010 \n | \n\n 367 \n | \n\n 1,309 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Trade\npayables \n | \n\n \u00a024,190 \n | \n\n 22,662 \n | \n\n 185 \n | \n\n 271 \n | \n
| \n Amounts owed\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Parent\ncompany \n | \n\n \u00a0420 \n | \n\n 1,372 \n | \n\n 74 \n | \n\n - \n | \n
| \n Subsidiary\ncompanies \n | \n\n \u00a0237 \n | \n\n - \n | \n\n 11,595 \n | \n\n 8,691 \n | \n
| \n Associates \n | \n\n \u00a0- \n | \n\n 238 \n | \n\n 343 \n | \n\n 237 \n | \n
| \n Other related\nparties \n | \n\n \u00a018,772 \n | \n\n 8,980 \n | \n\n 34 \n | \n\n 77 \n | \n
| \n Capital\ncreditors \n | \n\n \u00a05,260 \n | \n\n 3,959 \n | \n\n - \n | \n\n - \n | \n
| \n Other\npayables \n | \n\n \u00a016,525 \n | \n\n 8,758 \n | \n\n 1,958 \n | \n\n 1,867 \n | \n
| \n Refundable lease\ndeposits \n | \n\n \u00a0673 \n | \n\n 104 \n | \n\n - \n | \n\n - \n | \n
| \n Accruals \n | \n\n \u00a033,514 \n | \n\n 33,192 \n | \n\n 6,203 \n | \n\n 5,092 \n | \n
| \n Financial\nliabilities \n | \n\n \u00a099,591 \n | \n\n 79,265 \n | \n\n 20,392 \n | \n\n 16,235 \n | \n
| \n Contract\nliabilities \n | \n\n \u00a06,278 \n | \n\n 5,766 \n | \n\n - \n | \n\n - \n | \n
| \n Advance\npayments \n | \n\n \u00a08,413 \n | \n\n 6,791 \n | \n\n - \n | \n\n - \n | \n
| \n Lease payments received\nin advance \n | \n\n \u00a0772 \n | \n\n 754 \n | \n\n - \n | \n\n - \n | \n
| \n Statutory\nliabilities \n | \n\n \u00a08,905 \n | \n\n 7,884 \n | \n\n 206 \n | \n\n 340 \n | \n
| \n Total\npayables - current \n | \n\n \u00a0123,959 \n | \n\n 100,460 \n | \n\n 20,598 \n | \n\n 16,575 \n | \n
\u00a0
\nAmounts owed to\nrelated parties are unsecured, interest free and are repayable on\ndemand.
\n\u00a0
\nDisclosure in respect\nof the of trade and other payables is presented within\nNote\n41.7 .
\n\u00a0
\nCurrent contract\nliabilities mainly include advance deposits on hotel bookings and\ncash received for vouchers to be redeemed by customers in\nhotels.\u00a0 The revenue in relation to these amounts received in\nadvance is recognised only when the Group satisfies its performance\nobligation (i.e. as the customer utilises their right to use the\nhotel room). \u00a0
\n\u00a0
\nNon-current contract\nliabilities emanate from a transaction in which the Group sold a\nblock of serviced apartments but retained the obligation to\nmaintain such apartments for the very long-term.\u00a0 The\nconsideration that was paid by the buyer to the Group was partly\nallocated to the service element in the arrangement and will be\nrecognised over the remaining number of years for which the\nobligation remains.\u00a0
\n\u00a0
\nThe aggregate\ntransaction price allocated to this long-term arrangement amounted\nto \u00a32.3 million equivalent to \u20ac2.6 million (2024:\n\u00a32.3 million, \u20ac2.8 million), of which \u00a31.7 million\nequivalent to \u20ac2.0 million (2024: \u00a31.8 million,\n\u20ac2.1 million) remains unsatisfied as at year-end.\u00a0\nManagement expects that the unsatisfied portion of the transaction\nprice will be recognised as revenue on a straight-line basis over\nthe remaining term of 38 years, since the directors consider the\narrangement consistent with a stand-ready obligation to\nperform.
\n\u00a0
\nRevenue recognised\nduring 2025 that was included in the contract liability balance at\nthe beginning of the period amounted to \u20ac3.6 million (2024:\n\u20ac0.7 million). The movements on contract assets for the year\nare as follows:\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a01,179 \n | \n\n 997 \n | \n
| \n Additions \n | \n\n - \n | \n\n 131 \n | \n
| \n Reductions \n | \n\n \u00a0(26) \n | \n\n - \n | \n
| \n Exchange\nmovements \n | \n\n \u00a0(58) \n | \n\n 51 \n | \n
| \n At 31\nDecember \n | \n\n \u00a01,095 \n | \n\n 1,179 \n | \n
\u00a0
\n\u00a0
\n| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a05,766 \n | \n\n 5,591 \n | \n
| \n Additions \n | \n\n 4,384 \n | \n\n 659 \n | \n
| \n Reductions \n | \n\n \u00a0(3,641) \n | \n\n (712) \n | \n
| \n Exchange\nmovements \n | \n\n \u00a0(231) \n | \n\n 228 \n | \n
| \n At 31\nDecember\u00a0 \n | \n\n \u00a06,278 \n | \n\n 5,766 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Capital\ncreditors \n | \n\n 4,792 \n | \n\n 8,122 \n | \n\n - \n | \n\n - \n | \n
| \n Other\npayables \n | \n\n 4,407 \n | \n\n 13,100 \n | \n\n - \n | \n\n 791 \n | \n
| \n Accruals \n | \n\n 271 \n | \n\n 271 \n | \n\n 271 \n | \n\n 271 \n | \n
| \n Refundable lease\ndeposits \n | \n\n 307 \n | \n\n 645 \n | \n\n - \n | \n\n - \n | \n
| \n Financial\nliabilities \n | \n\n 9,777 \n | \n\n 22,138 \n | \n\n 271 \n | \n\n 1,062 \n | \n
| \n Contract\nliabilities \n | \n\n 1,095 \n | \n\n 1,179 \n | \n\n - \n | \n\n - \n | \n
| \n Other statutory\nliabilities \n | \n\n 766 \n | \n\n 2,693 \n | \n\n 96 \n | \n\n 247 \n | \n
| \n Total\npayables -\nnon-current \n | \n\n 11,638 \n | \n\n 26,010 \n | \n\n 367 \n | \n\n 1,309 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Trade\npayables \n | \n\n \u00a024,190 \n | \n\n 22,662 \n | \n\n 185 \n | \n\n 271 \n | \n
| \n Amounts owed\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Parent\ncompany \n | \n\n \u00a0420 \n | \n\n 1,372 \n | \n\n 74 \n | \n\n - \n | \n
| \n Subsidiary\ncompanies \n | \n\n \u00a0237 \n | \n\n - \n | \n\n 11,595 \n | \n\n 8,691 \n | \n
| \n Associates \n | \n\n \u00a0- \n | \n\n 238 \n | \n\n 343 \n | \n\n 237 \n | \n
| \n Other related\nparties \n | \n\n \u00a018,772 \n | \n\n 8,980 \n | \n\n 34 \n | \n\n 77 \n | \n
| \n Capital\ncreditors \n | \n\n \u00a05,260 \n | \n\n 3,959 \n | \n\n - \n | \n\n - \n | \n
| \n Other\npayables \n | \n\n \u00a016,525 \n | \n\n 8,758 \n | \n\n 1,958 \n | \n\n 1,867 \n | \n
| \n Refundable lease\ndeposits \n | \n\n \u00a0673 \n | \n\n 104 \n | \n\n - \n | \n\n - \n | \n
| \n Accruals \n | \n\n \u00a033,514 \n | \n\n 33,192 \n | \n\n 6,203 \n | \n\n 5,092 \n | \n
| \n Financial\nliabilities \n | \n\n \u00a099,591 \n | \n\n 79,265 \n | \n\n 20,392 \n | \n\n 16,235 \n | \n
| \n Contract\nliabilities \n | \n\n \u00a06,278 \n | \n\n 5,766 \n | \n\n - \n | \n\n - \n | \n
| \n Advance\npayments \n | \n\n \u00a08,413 \n | \n\n 6,791 \n | \n\n - \n | \n\n - \n | \n
| \n Lease payments received\nin advance \n | \n\n \u00a0772 \n | \n\n 754 \n | \n\n - \n | \n\n - \n | \n
| \n Statutory\nliabilities \n | \n\n \u00a08,905 \n | \n\n 7,884 \n | \n\n 206 \n | \n\n 340 \n | \n
| \n Total\npayables - current \n | \n\n \u00a0123,959 \n | \n\n 100,460 \n | \n\n 20,598 \n | \n\n 16,575 \n | \n
\u00a0
\nAmounts owed to\nrelated parties are unsecured, interest free and are repayable on\ndemand.
\n\u00a0
\nDisclosure in respect\nof the of trade and other payables is presented within\nNote\n41.7 .
\n\u00a0
\nCurrent contract\nliabilities mainly include advance deposits on hotel bookings and\ncash received for vouchers to be redeemed by customers in\nhotels.\u00a0 The revenue in relation to these amounts received in\nadvance is recognised only when the Group satisfies its performance\nobligation (i.e. as the customer utilises their right to use the\nhotel room). \u00a0
\n\u00a0
\nNon-current contract\nliabilities emanate from a transaction in which the Group sold a\nblock of serviced apartments but retained the obligation to\nmaintain such apartments for the very long-term.\u00a0 The\nconsideration that was paid by the buyer to the Group was partly\nallocated to the service element in the arrangement and will be\nrecognised over the remaining number of years for which the\nobligation remains.\u00a0
\n\u00a0
\nThe aggregate\ntransaction price allocated to this long-term arrangement amounted\nto \u00a32.3 million equivalent to \u20ac2.6 million (2024:\n\u00a32.3 million, \u20ac2.8 million), of which \u00a31.7 million\nequivalent to \u20ac2.0 million (2024: \u00a31.8 million,\n\u20ac2.1 million) remains unsatisfied as at year-end.\u00a0\nManagement expects that the unsatisfied portion of the transaction\nprice will be recognised as revenue on a straight-line basis over\nthe remaining term of 38 years, since the directors consider the\narrangement consistent with a stand-ready obligation to\nperform.
\n\u00a0
\nRevenue recognised\nduring 2025 that was included in the contract liability balance at\nthe beginning of the period amounted to \u20ac3.6 million (2024:\n\u20ac0.7 million). The movements on contract assets for the year\nare as follows:\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a01,179 \n | \n\n 997 \n | \n
| \n Additions \n | \n\n - \n | \n\n 131 \n | \n
| \n Reductions \n | \n\n \u00a0(26) \n | \n\n - \n | \n
| \n Exchange\nmovements \n | \n\n \u00a0(58) \n | \n\n 51 \n | \n
| \n At 31\nDecember \n | \n\n \u00a01,095 \n | \n\n 1,179 \n | \n
\u00a0
\n\u00a0
\n| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a05,766 \n | \n\n 5,591 \n | \n
| \n Additions \n | \n\n 4,384 \n | \n\n 659 \n | \n
| \n Reductions \n | \n\n \u00a0(3,641) \n | \n\n (712) \n | \n
| \n Exchange\nmovements \n | \n\n \u00a0(231) \n | \n\n 228 \n | \n
| \n At 31\nDecember\u00a0 \n | \n\n \u00a06,278 \n | \n\n 5,766 \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Capital\ncreditors \n | \n\n 4,792 \n | \n\n 8,122 \n | \n\n - \n | \n\n - \n | \n
| \n Other\npayables \n | \n\n 4,407 \n | \n\n 13,100 \n | \n\n - \n | \n\n 791 \n | \n
| \n Accruals \n | \n\n 271 \n | \n\n 271 \n | \n\n 271 \n | \n\n 271 \n | \n
| \n Refundable lease\ndeposits \n | \n\n 307 \n | \n\n 645 \n | \n\n - \n | \n\n - \n | \n
| \n Financial\nliabilities \n | \n\n 9,777 \n | \n\n 22,138 \n | \n\n 271 \n | \n\n 1,062 \n | \n
| \n Contract\nliabilities \n | \n\n 1,095 \n | \n\n 1,179 \n | \n\n - \n | \n\n - \n | \n
| \n Other statutory\nliabilities \n | \n\n 766 \n | \n\n 2,693 \n | \n\n 96 \n | \n\n 247 \n | \n
| \n Total\npayables -\nnon-current \n | \n\n 11,638 \n | \n\n 26,010 \n | \n\n 367 \n | \n\n 1,309 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Trade\npayables \n | \n\n \u00a024,190 \n | \n\n 22,662 \n | \n\n 185 \n | \n\n 271 \n | \n
| \n Amounts owed\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Parent\ncompany \n | \n\n \u00a0420 \n | \n\n 1,372 \n | \n\n 74 \n | \n\n - \n | \n
| \n Subsidiary\ncompanies \n | \n\n \u00a0237 \n | \n\n - \n | \n\n 11,595 \n | \n\n 8,691 \n | \n
| \n Associates \n | \n\n \u00a0- \n | \n\n 238 \n | \n\n 343 \n | \n\n 237 \n | \n
| \n Other related\nparties \n | \n\n \u00a018,772 \n | \n\n 8,980 \n | \n\n 34 \n | \n\n 77 \n | \n
| \n Capital\ncreditors \n | \n\n \u00a05,260 \n | \n\n 3,959 \n | \n\n - \n | \n\n - \n | \n
| \n Other\npayables \n | \n\n \u00a016,525 \n | \n\n 8,758 \n | \n\n 1,958 \n | \n\n 1,867 \n | \n
| \n Refundable lease\ndeposits \n | \n\n \u00a0673 \n | \n\n 104 \n | \n\n - \n | \n\n - \n | \n
| \n Accruals \n | \n\n \u00a033,514 \n | \n\n 33,192 \n | \n\n 6,203 \n | \n\n 5,092 \n | \n
| \n Financial\nliabilities \n | \n\n \u00a099,591 \n | \n\n 79,265 \n | \n\n 20,392 \n | \n\n 16,235 \n | \n
| \n Contract\nliabilities \n | \n\n \u00a06,278 \n | \n\n 5,766 \n | \n\n - \n | \n\n - \n | \n
| \n Advance\npayments \n | \n\n \u00a08,413 \n | \n\n 6,791 \n | \n\n - \n | \n\n - \n | \n
| \n Lease payments received\nin advance \n | \n\n \u00a0772 \n | \n\n 754 \n | \n\n - \n | \n\n - \n | \n
| \n Statutory\nliabilities \n | \n\n \u00a08,905 \n | \n\n 7,884 \n | \n\n 206 \n | \n\n 340 \n | \n
| \n Total\npayables - current \n | \n\n \u00a0123,959 \n | \n\n 100,460 \n | \n\n 20,598 \n | \n\n 16,575 \n | \n
\u00a0
\nAmounts owed to\nrelated parties are unsecured, interest free and are repayable on\ndemand.
\n\u00a0
\nDisclosure in respect\nof the of trade and other payables is presented within\nNote\n41.7 .
\n\u00a0
\nCurrent contract\nliabilities mainly include advance deposits on hotel bookings and\ncash received for vouchers to be redeemed by customers in\nhotels.\u00a0 The revenue in relation to these amounts received in\nadvance is recognised only when the Group satisfies its performance\nobligation (i.e. as the customer utilises their right to use the\nhotel room). \u00a0
\n\u00a0
\nNon-current contract\nliabilities emanate from a transaction in which the Group sold a\nblock of serviced apartments but retained the obligation to\nmaintain such apartments for the very long-term.\u00a0 The\nconsideration that was paid by the buyer to the Group was partly\nallocated to the service element in the arrangement and will be\nrecognised over the remaining number of years for which the\nobligation remains.\u00a0
\n\u00a0
\nThe aggregate\ntransaction price allocated to this long-term arrangement amounted\nto \u00a32.3 million equivalent to \u20ac2.6 million (2024:\n\u00a32.3 million, \u20ac2.8 million), of which \u00a31.7 million\nequivalent to \u20ac2.0 million (2024: \u00a31.8 million,\n\u20ac2.1 million) remains unsatisfied as at year-end.\u00a0\nManagement expects that the unsatisfied portion of the transaction\nprice will be recognised as revenue on a straight-line basis over\nthe remaining term of 38 years, since the directors consider the\narrangement consistent with a stand-ready obligation to\nperform.
\n\u00a0
\nRevenue recognised\nduring 2025 that was included in the contract liability balance at\nthe beginning of the period amounted to \u20ac3.6 million (2024:\n\u20ac0.7 million). The movements on contract assets for the year\nare as follows:\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a01,179 \n | \n\n 997 \n | \n
| \n Additions \n | \n\n - \n | \n\n 131 \n | \n
| \n Reductions \n | \n\n \u00a0(26) \n | \n\n - \n | \n
| \n Exchange\nmovements \n | \n\n \u00a0(58) \n | \n\n 51 \n | \n
| \n At 31\nDecember \n | \n\n \u00a01,095 \n | \n\n 1,179 \n | \n
\u00a0
\n\u00a0
\n| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n \u00a05,766 \n | \n\n 5,591 \n | \n
| \n Additions \n | \n\n 4,384 \n | \n\n 659 \n | \n
| \n Reductions \n | \n\n \u00a0(3,641) \n | \n\n (712) \n | \n
| \n Exchange\nmovements \n | \n\n \u00a0(231) \n | \n\n 228 \n | \n
| \n At 31\nDecember\u00a0 \n | \n\n \u00a06,278 \n | \n\n 5,766 \n | \n
\u00a0
\nNo\ndividends were declared for the financial years ended 31 December\n2025 and 2024. On the date of approval of these financial\nstatements, the Directors have declared an interim dividend for\n2026 from the Company\u2019s distributable reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "KIV.qdHiFC": { "value": "\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Adjustments: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Depreciation of\nproperty, plant and equipment \n | \n\n 23,261 \n | \n\n 24,163 \n | \n\n 41 \n | \n\n 39 \n | \n
| \n Depreciation of\nright-of-use assets \n | \n\n 4,516 \n | \n\n 2,512 \n | \n\n 235 \n | \n\n 234 \n | \n
| \n Increase in provision\nfor impairment of trade receivables \n | \n\n 395 \n | \n\n 612 \n | \n\n - \n | \n\n 4,890 \n | \n
| \n Net loss/(gain) arising\non disposal of property, plant and equipment \n | \n\n (27) \n | \n\n (715) \n | \n\n - \n | \n\n - \n | \n
| \n Amortisation of\nintangible assets \n | \n\n 2,014 \n | \n\n 1,793 \n | \n\n 6 \n | \n\n 7 \n | \n
| \n Tax indemnity \n | \n\n 968 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Other write\noffs \n | \n\n - \n | \n\n 155 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net gain on disposal of\nintangible assets \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 13 \n | \n
| \n Fair value gain on\nmovements on investment properties \n | \n\n (17,643) \n | \n\n (6,219) \n | \n\n - \n | \n\n - \n | \n
| \n Fair value gain on\nmovements on property, plant and equipment \n | \n\n (731) \n | \n\n (6,484) \n | \n\n - \n | \n\n - \n | \n
| \n Share of results of\nassociates and joint ventures \n | \n\n (332) \n | \n\n 15 \n | \n\n - \n | \n\n - \n | \n
| \n Amortisation of\ntransaction costs on borrowings \n | \n\n 1,631 \n | \n\n 1,267 \n | \n\n 440 \n | \n\n 490 \n | \n
| \n Lease\nconcessions \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n Interest\nincome \n | \n\n (2,346) \n | \n\n (1,693) \n | \n\n (9,149) \n | \n\n (11,287) \n | \n
| \n Interest\nexpense \n | \n\n 42,811 \n | \n\n 43,115 \n | \n\n 19,676 \n | \n\n 20,927 \n | \n
| \n Dividend\nIncome \n | \n\n - \n | \n\n - \n | \n\n (7,817) \n | \n\n - \n | \n
| \n Other gains and\nlosses \n | \n\n 1,429 \n | \n\n 339 \n | \n\n 7,733 \n | \n\n - \n | \n
| \n Net exchange\ndifferences \n | \n\n (2,885) \n | \n\n 1,775 \n | \n\n (41) \n | \n\n (82) \n | \n
| \n \u00a0 \n | \n\n 53,061 \n | \n\n 60,635 \n | \n\n 11,124 \n | \n\n 15,231 \n | \n
\u00a0
\n\u00a0
\n| \n The\nGroup \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Liabilities from\nfinancing activities \n | \n|||
| \n \u00a0 \n | \n\n Assets placed\nunder trust arrangement \n | \n\n Bonds \n | \n\n Bank\nloans \n | \n\n Other financial\nliabilities \n | \n\n Lease\nliabilities \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n As at 1 Jan\n2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0-\nPrincipal \n | \n\n 77 \n | \n\n (308,131) \n | \n\n (362,689) \n | \n\n (24,714) \n | \n\n (15,936) \n | \n\n (711,393) \n | \n
| \n \u00a0- Accrued\ninterest\u00a0 \n | \n\n - \n | \n\n (3,742) \n | \n\n (1,598) \n | \n\n - \n | \n\n - \n | \n\n (5,340) \n | \n
| \n \u00a0-\nNet\u00a0 \n | \n\n 77 \n | \n\n (311,873) \n | \n\n (364,287) \n | \n\n (24,714) \n | \n\n (15,936) \n | \n\n (716,733) \n | \n
| \n Cash\nflows\u00a0 \n | \n\n - \n | \n\n 24,325 \n | \n\n (14,016) \n | \n\n (8,510) \n | \n\n 3,268 \n | \n\n 5,067 \n | \n
| \n Foreign exchange\ndifferences \n | \n\n - \n | \n\n - \n | \n\n (8,014) \n | \n\n - \n | \n\n - \n | \n\n (8,014) \n | \n
| \n Other\nmovements \n | \n\n - \n | \n\n (14,025) \n | \n\n (29,555) \n | \n\n - \n | \n\n (1,088) \n | \n\n (44,668) \n | \n
| \n \u00a0As at 31 December\n2024 \n | \n\n 77 \n | \n\n (301,573) \n | \n\n (415,872) \n | \n\n (33,224) \n | \n\n (13,756) \n | \n\n (764,348) \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Comprising: \n | \n\n | \n \u00a0 \n | \n\n | \n | \n | \n |
| \n \u00a0-\nPrincipal \n | \n\n 77 \n | \n\n (298,228) \n | \n\n (414,312) \n | \n\n (33,224) \n | \n\n (13,756) \n | \n\n (759,443) \n | \n
| \n \u00a0- Accrued\ninterest\u00a0 \n | \n\n - \n | \n\n (3,345) \n | \n\n (1,560) \n | \n\n - \n | \n\n - \n | \n\n (4,905) \n | \n
| \n As at 31 December\n2024 \n | \n\n 77 \n | \n\n (301,573) \n | \n\n (415,872) \n | \n\n (33,224) \n | \n\n (13,756) \n | \n\n (764,348) \n | \n
| \n | \n | \n \u00a0 \n | \n\n | \n | \n | \n |
| \n As at 1 Jan\n2025 \n | \n\n \u00a0 \n | \n\n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0-\nPrincipal \n | \n\n 77 \n | \n\n (298,228) \n | \n\n (414,312) \n | \n\n (33,224) \n | \n\n (13,756) \n | \n\n (759,443) \n | \n
| \n \u00a0- Accrued\ninterest\u00a0 \n | \n\n - \n | \n\n (3,345) \n | \n\n (1,560) \n | \n\n - \n | \n\n - \n | \n\n (4,905) \n | \n
| \n \u00a0-\nNet\u00a0 \n | \n\n 77 \n | \n\n (301,573) \n | \n\n (415,872) \n | \n\n (33,224) \n | \n\n (13,756) \n | \n\n (764,348) \n | \n
| \n Cash\nflows\u00a0 \n | \n\n - \n | \n\n 23,995 \n | \n\n (17,307) \n | \n\n 17,410 \n | \n\n 5,207 \n | \n\n 29,305 \n | \n
| \n Foreign exchange\ndifferences \n | \n\n - \n | \n\n - \n | \n\n 10,044 \n | \n\n - \n | \n\n - \n | \n\n 10,044 \n | \n
| \n Other\nmovements \n | \n\n - \n | \n\n (13,443) \n | \n\n (29,446) \n | \n\n - \n | \n\n (17,056) \n | \n\n (59,945) \n | \n
| \n As at 31 December\n2025 \n | \n\n 77 \n | \n\n (291,021) \n | \n\n (452,581) \n | \n\n (15,814) \n | \n\n (25,605) \n | \n\n (784,944) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Comprising: \n | \n\n | \n | \n | \n | \n | \n |
| \n \u00a0-\nPrincipal \n | \n\n 77 \n | \n\n (287,931) \n | \n\n (451,879) \n | \n\n (15,814) \n | \n\n (25,605) \n | \n\n (781,151) \n | \n
| \n \u00a0- Accrued\ninterest\u00a0 \n | \n\n - \n | \n\n (3,090) \n | \n\n (702) \n | \n\n - \n | \n\n - \n | \n\n (3,793) \n | \n
| \n As at 31 December\n2025 \n | \n\n 77 \n | \n\n (291,021) \n | \n\n (452,581) \n | \n\n (15,814) \n | \n\n (25,605) \n | \n\n (784,944) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n The\nCompany \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Liabilities from\nfinancing activities \n | \n|||
| \n \u00a0 \n | \n\n Assets placed\nunder trust arrangement \n | \n\n Bonds \n | \n\n Bank\nloans \n | \n\n \u00a0\nOther financial liabilities \n | \n\n Lease\nliabilities \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n As at 1 Jan\n2024 \n | \n\n | \n | \n | \n | \n | \n |
| \n \u00a0-\nPrincipal \n | \n\n 77 \n | \n\n (308,131) \n | \n\n (65,074) \n | \n\n (52,760) \n | \n\n (1,160) \n | \n\n (427,048) \n | \n
| \n \u00a0- Accrued\ninterest\u00a0 \n | \n\n - \n | \n\n (3,742) \n | \n\n (525) \n | \n\n - \n | \n\n - \n | \n\n (4,267) \n | \n
| \n \u00a0-\nNet\u00a0 \n | \n\n 77 \n | \n\n (311,873) \n | \n\n (65,599) \n | \n\n (52,760) \n | \n\n (1,160) \n | \n\n (431,315) \n | \n
| \n Cash\nflows\u00a0 \n | \n\n - \n | \n\n 24,325 \n | \n\n (929) \n | \n\n (2,912) \n | \n\n 262 \n | \n\n 20,746 \n | \n
| \n Other\nmovements \n | \n\n - \n | \n\n (14,025) \n | \n\n (6,790) \n | \n\n - \n | \n\n (103) \n | \n\n (20,918) \n | \n
| \n As at 31 December\n2024 \n | \n\n 77 \n | \n\n (301,573) \n | \n\n (73,318) \n | \n\n (55,672) \n | \n\n (1,001) \n | \n\n (431,487) \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Comprising: \n | \n\n | \n | \n | \n | \n | \n |
| \n \u00a0-\nPrincipal \n | \n\n 77 \n | \n\n (298,228) \n | \n\n (73,455) \n | \n\n (55,672) \n | \n\n (1,001) \n | \n\n (428,279) \n | \n
| \n \u00a0- Accrued\ninterest\u00a0 \n | \n\n - \n | \n\n (3,345) \n | \n\n 137 \n | \n\n - \n | \n\n - \n | \n\n (3,208) \n | \n
| \n As at 31 December\n2024 \n | \n\n 77 \n | \n\n (301,573) \n | \n\n (73,318) \n | \n\n (55,672) \n | \n\n (1,001) \n | \n\n (431,487) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n As at 1 Jan\n2025 \n | \n\n | \n | \n | \n | \n | \n |
| \n \u00a0-\nPrincipal \n | \n\n 77 \n | \n\n (298,228) \n | \n\n (73,455) \n | \n\n (55,672) \n | \n\n (1,001) \n | \n\n (428,279) \n | \n
| \n \u00a0- Accrued\ninterest\u00a0 \n | \n\n - \n | \n\n (3,345) \n | \n\n 137 \n | \n\n - \n | \n\n - \n | \n\n (3,208) \n | \n
| \n \u00a0-\nNet\u00a0 \n | \n\n 77 \n | \n\n (301,573) \n | \n\n (73,318) \n | \n\n (55,672) \n | \n\n (1,001) \n | \n\n (431,487) \n | \n
| \n Cash\nflows\u00a0 \n | \n\n - \n | \n\n 23,995 \n | \n\n (1,001) \n | \n\n 3,470 \n | \n\n 271 \n | \n\n 26,735 \n | \n
| \n Other\nmovements \n | \n\n - \n | \n\n (13,443) \n | \n\n (6,373) \n | \n\n 4,324 \n | \n\n (45) \n | \n\n (15,537) \n | \n
| \n As at 31 December\n2025 \n | \n\n 77 \n | \n\n (291,021) \n | \n\n (80,692) \n | \n\n (47,878) \n | \n\n (775) \n | \n\n (420,289) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Comprising: \n | \n\n | \n | \n | \n | \n | \n |
| \n \u00a0-\nPrincipal \n | \n\n 77 \n | \n\n (287,931) \n | \n\n (78,615) \n | \n\n (47,878) \n | \n\n (775) \n | \n\n (415,122) \n | \n
| \n \u00a0- Accrued\ninterest\u00a0 \n | \n\n - \n | \n\n (3,090) \n | \n\n (2,077) \n | \n\n - \n | \n\n - \n | \n\n (5,167) \n | \n
| \n As at 31 December\n2025 \n | \n\n 77 \n | \n\n (291,021) \n | \n\n (80,692) \n | \n\n (47,878) \n | \n\n (775) \n | \n\n (420,289) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nThe Company\u2019s and\nGroup\u2019s significant non-cash financing and investing\ntransactions for 2025 were \u20ac31.9 million (2024: Nil),\nrepresenting the portion of bonds that were redeemed through the\nre-issue of new bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "aNz9nhU5rr": { "value": "\u00a0
\nCapital expenditure\ncontracted for at the end of the reporting period but not yet\nincurred is as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Contracted\nfor: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Property, plant and\nequipment \n | \n\n 37,367 \n | \n\n 21,397 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Authorised but not yet\ncontracted for: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Property, plant and\nequipment \n | \n\n 108,895 \n | \n\n 18,315 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 146,262 \n | \n\n 39,712 \n | \n
\u00a0
\n\u00a0
\nA claim in relation to\nbrokerage fees on the sale of Lisbon Hotel to IHI p.l.c. in 2000\namounting to \u20ac1.7 million is being made by an individual\nagainst 8 defendants including IHI p.l.c.\u00a0 No provision has\nbeen made in these financial statements for this claim as the\nCompany and the Group believe that it has a strong defence in\nrespect of these claims.
\n\u00a0
\nA client has instituted\nproceedings against QPM Limited for damages sustained in relation\nto professional works. \u00a0The directors do not expect that the\ncash outflow net of insurance recoveries to be material.
\n\u00a0
\nThe Company has given a\nguarantee to the lessor of BH Club Owner LLC in case this entity is\nunable to meet it\u2019s obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Rv49jyqKyq": { "value": "\u00a0
\nCapital expenditure\ncontracted for at the end of the reporting period but not yet\nincurred is as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Contracted\nfor: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Property, plant and\nequipment \n | \n\n 37,367 \n | \n\n 21,397 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Authorised but not yet\ncontracted for: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Property, plant and\nequipment \n | \n\n 108,895 \n | \n\n 18,315 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 146,262 \n | \n\n 39,712 \n | \n
\u00a0
\nA claim in relation to\nbrokerage fees on the sale of Lisbon Hotel to IHI p.l.c. in 2000\namounting to \u20ac1.7 million is being made by an individual\nagainst 8 defendants including IHI p.l.c.\u00a0 No provision has\nbeen made in these financial statements for this claim as the\nCompany and the Group believe that it has a strong defence in\nrespect of these claims.
\n\u00a0
\nA client has instituted\nproceedings against QPM Limited for damages sustained in relation\nto professional works. \u00a0The directors do not expect that the\ncash outflow net of insurance recoveries to be material.
\n\u00a0
\nThe Company has given a\nguarantee to the lessor of BH Club Owner LLC in case this entity is\nunable to meet it\u2019s obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "h5cf44_ksr": { "value": "\u00a0
\nA claim in relation to\nbrokerage fees on the sale of Lisbon Hotel to IHI p.l.c. in 2000\namounting to \u20ac1.7 million is being made by an individual\nagainst 8 defendants including IHI p.l.c.\u00a0 No provision has\nbeen made in these financial statements for this claim as the\nCompany and the Group believe that it has a strong defence in\nrespect of these claims.
\n\u00a0
\nA client has instituted\nproceedings against QPM Limited for damages sustained in relation\nto professional works. \u00a0The directors do not expect that the\ncash outflow net of insurance recoveries to be material.
\n\u00a0
\nThe Company has given a\nguarantee to the lessor of BH Club Owner LLC in case this entity is\nunable to meet it\u2019s obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "NRF_5qtwUy": { "value": "\u00a0
\nThe Company and its\nsubsidiaries have related party relationships with CPHCL, the\nCompany\u2019s ultimate controlling party ( Note\n42 ) all related entities ultimately controlled, jointly controlled or\nsignificantly influenced by CPHCL.\u00a0 Related parties also\ncomprise the shareholders of CPHCL, other major shareholders of\nIHI, the Group\u2019s associates and joint ventures (\nNote\n18 ) together with the Group\ncompanies\u2019 key management personnel.
\n\u00a0
\nKey management personnel\nincludes directors (executive and non-executive), members of the\nExecutive Committee, the Company Secretary and the Head of Internal\nAudit.\u00a0 The compensation paid or payable to key management for\nemployee services is disclosed in Note\n40.2 .
\n\u00a0
\nIHI plc has given a\nguarantee to Corinthia Oasis Malta in respect to an obligation of\n\u20ac9 million it has in its statement of financial position.\nAmounts owed by/to related parties are shown separately in\nNotes\n19 , 21 ,\n33\nand 35 .
\n\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Revenue \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Services rendered\nto: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Parent\ncompany \n | \n\n 415 \n | \n\n 550 \n | \n\n 415 \n | \n\n 550 \n | \n
| \n Subsidiaries \n | \n\n - \n | \n\n - \n | \n\n 3,707 \n | \n\n 3,836 \n | \n
| \n Associate \n | \n\n - \n | \n\n - \n | \n\n 38 \n | \n\n - \n | \n
| \n Dividends received from:\nSubsidiaries \n | \n\n - \n | \n\n - \n | \n\n 7,817 \n | \n\n - \n | \n
| \n Other related\nparties \n | \n\n 2,180 \n | \n\n 1,222 \n | \n\n - \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n 2,595 \n | \n\n 1,772 \n | \n\n 11,977 \n | \n\n 4,386 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financing \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Interest\nincome \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Parent\ncompany \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n \u00a0\nSubsidiaries \n | \n\n - \n | \n\n - \n | \n\n 9,139 \n | \n\n 11,287 \n | \n
| \n \u00a0 Other related\nparties \n | \n\n 10 \n | \n\n 499 \n | \n\n - \n | \n\n - \n | \n
| \n Interest\nexpenses \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Parent\ncompany \n | \n\n (675) \n | \n\n (1,018) \n | \n\n (677) \n | \n\n (1,017) \n | \n
| \n \u00a0\nSubsidiaries \n | \n\n (335) \n | \n\n - \n | \n\n (1,671) \n | \n\n (1,837) \n | \n
| \n \u00a0 \n | \n\n (1,000) \n | \n\n (519) \n | \n\n 6,791 \n | \n\n 8,433 \n | \n
\u00a0
\nThe Company has secured\na line of credit from its parent company, CPHCL, to ensure funding\nis available in case of any cash flow shortfalls.
\n\u00a0
\n\u00a0
\nIn addition to the\nremuneration paid to the directors included in\n\nNote 7 , in the course of its\noperations the Group has a number of arrangements in place with its\nofficers, executives and other related parties whereby concessions\nare made available for hospitality services rendered to them\naccording to accepted industry norms.
\n\u00a0
\nIn 2025, the\nremuneration of the Chairman and Senior Executives of the Company\nand its subsidiaries amounted to \u20ac10.0 million (2024:\n\u20ac9.4 million). The foregoing comprises a fixed portion of\n\u20ac8.0 million (2024: \u20ac7.3 million) and a variable portion\nof \u20ac2.0 million (2024: \u20ac2.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "hQ35UT1a7h": { "value": "\u00a0
\nIn addition to the\nremuneration paid to the directors included in\n\nNote 7 , in the course of its\noperations the Group has a number of arrangements in place with its\nofficers, executives and other related parties whereby concessions\nare made available for hospitality services rendered to them\naccording to accepted industry norms.
\n\u00a0
\nIn 2025, the\nremuneration of the Chairman and Senior Executives of the Company\nand its subsidiaries amounted to \u20ac10.0 million (2024:\n\u20ac9.4 million). The foregoing comprises a fixed portion of\n\u20ac8.0 million (2024: \u20ac7.3 million) and a variable portion\nof \u20ac2.0 million (2024: \u20ac2.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "YL6FKQ5tH4": { "value": "\u00a0
\nThe Group is exposed to\nvarious risks through its use of financial instruments.\u00a0 The\nmain types of risks are market risk, credit risk and liquidity\nrisk, which result from both its operating and investing\nactivities.\u00a0 The Group\u2019s risk management is coordinated\nat its head office, in close co-operation with the board of\ndirectors and focuses on actively securing the Group's short to\nmedium term cash flows by minimising the exposure to financial\nmarkets.\u00a0 Long-term financial investments are managed to\ngenerate lasting returns.
\n\u00a0
\nThe board of directors\nhas overall responsibility for the establishment and oversight of\nthe Group\u2019s risk management framework.
\n\u00a0
\nThe Group\u2019s risk\nmanagement policies are established to identify and analyse the\nrisks faced by the Group, to set appropriate risk limits and\ncontrols, and to monitor risks and adherence to limits.\u00a0 Risk\nmanagement policies and systems are reviewed regularly to reflect\nchanges in market conditions and the Group\u2019s\nactivities.\u00a0 The Group, through its training and management\nstandards and procedures, aims to develop a disciplined and\nconstructive control environment in which all employees understand\ntheir roles and obligations.
\n\u00a0
\nThe Audit Committee\noversees how management monitors compliance with the Group\u2019s\nrisk management policies and procedures and reviews the adequacy of\nthe risk management framework in relation to the risks faced by the\nGroup.\u00a0 The Audit Committee is assisted in its oversight role\nby internal audit. Internal audit undertakes both regular and ad\nhoc reviews of risk management controls and procedures, the results\nof which are reported to the Audit Committee.
\n\u00a0
\nThe most significant\nfinancial risks to which the Group is exposed to are described\nbelow.\u00a0 See also Note\n41.5 for a summary of the\nGroup\u2019s financial assets and liabilities by\ncategory.
\n\u00a0
\n\u00a0
\nCredit risk is the risk\nof financial loss to the Group if a customer or counterparty to a\nfinancial instrument fails to meet its contractual obligations and\narises principally from the Group\u2019s receivables from related\nparties and customers.\u00a0 The Group\u2019s exposure to credit\nrisk is measured by reference to the carrying amount of financial\nassets recognised at the end of the reporting period, as summarised\nbelow:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Classes of financial\nassets - carrying amounts \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Long-term\nloans \n | \n\n - \n | \n\n 6,396 \n | \n\n 137,491 \n | \n\n 162,016 \n | \n
| \n Short-term\nloans \n | \n\n 68 \n | \n\n 86 \n | \n\n 1,038 \n | \n\n - \n | \n
| \n Assets placed under\ntrust arrangement \n | \n\n 77 \n | \n\n 77 \n | \n\n 77 \n | \n\n 77 \n | \n
| \n Trade and other\nreceivables, including contract assets \n | \n\n 61,512 \n | \n\n 66,908 \n | \n\n 71,244 \n | \n\n 76,929 \n | \n
| \n Cash in hand and at\nbank \n | \n\n 92,623 \n | \n\n 71,656 \n | \n\n 9,712 \n | \n\n 9,280 \n | \n
| \n \u00a0 \n | \n\n 154,280 \n | \n\n 145,123 \n | \n\n 219,562 \n | \n\n 248,302 \n | \n
\u00a0
\nThe maximum exposure\nto credit risk at the end of the reporting period in respect of\nfinancial assets mentioned above is equivalent to their carrying\namount as disclosed in the respective notes to the financial\nstatements.\u00a0 The Group does not hold any significant\ncollateral in this respect.
\n\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nRisk management and security
\n\u00a0
\nThe subsidiary\ncompanies within the Group have, over the years, conducted business\nwith various corporates, tour operators and individuals located in\ndifferent jurisdictions and, owing to the spread of the\nGroup\u2019s debtor base, there is no concentration of credit\nrisk.
\n\u00a0
\nThe Group has a credit\npolicy in place under which new customers are analysed individually\nfor creditworthiness before the Group\u2019s standard payment and\ndelivery terms and conditions are offered.\u00a0 The Group\u2019s\nreview includes external ratings, where available, and in some\ncases bank references.\u00a0 Customers that fail to meet the\nGroup\u2019s benchmark creditworthiness may transact with the\nGroup only on a cash basis.
\n\u00a0
\nIn monitoring customer\ncredit risk, customers are individually assessed.\u00a0 Customers\nthat are graded as \u201chigh risk\u201d are placed on a\nrestricted customer list and future sales are only made on a\nprepayment basis.
\n\u00a0
\nThe Group does not\nrequire collateral in respect of trade and other receivables.\u00a0\nThe Group establishes an allowance for doubtful recoveries that\nrepresents its estimate of losses in respect of trade and other\nreceivables.
\n\u00a0
\nThe Company has a\nconcentration of credit risk on its exposures to loans receivables\nfrom the subsidiaries.\u00a0 The Company monitors intra-Group\ncredit exposures at individual entity level on a regular basis and\nensures timely performance of these assets in the context of\noverall Group liquidity management.\u00a0 The Company assesses the\ncredit quality of these related parties taking into account\nfinancial positions, performance and other factors.\u00a0 The\nCompany takes cognisance of the related party relationship with\nthese entities and management does not expect any losses from\nnon-performance or default.\u00a0 Accordingly, credit risk with\nrespect to these receivables is expected to be limited.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nImpairment of financial assets
\n\u00a0
\nThe Group and the\nCompany have three types of financial assets that are subject to\nthe expected credit loss model:
\n\u00a0
\n| \n \u2022 \n | \n\n trade receivables and\ncontract assets relating to the provision of services; \n | \n
| \n \u2022 \n | \n\n other financial assets\nat amortised cost, comprising loans receivable from related parties\nand, in the case of the Company, subsidiary undertakings;\nand \n | \n
| \n \u2022 \n | \n\n cash and cash\nequivalents. \n | \n
\u00a0
\nTrade receivables\nand contract assets
\n\u00a0
\nThe Group applies the\nIFRS 9 simplified approach to measuring expected credit losses\nwhich uses a lifetime expected loss allowance for all trade\nreceivables and contract assets.
\n\u00a0
\nTo measure the expected\ncredit losses, trade receivables and contract assets have been\ngrouped based on shared credit risk characteristics and the days\npast due.\u00a0 The Group has concluded that the expected loss\nrates for trade receivables are a reasonable approximation of the\nloss rates for the contract assets since they have substantially\nthe same characteristics.
\n\u00a0
\nThe expected loss rates\nare based on the payment profiles of sales over an appropriate\nperiod before 31 December 2025 and 31 December 2024 respectively\nand the corresponding historical credit losses experienced within\nthis period.\u00a0 The historical loss rates are adjusted to\nreflect current and forward-looking information on macroeconomic\nfactors affecting the ability of the customers to settle the\nreceivables.\u00a0\u00a0\u00a0
\n\u00a0
\nBased on the assessment\ncarried out as at 31 December 2025 and 31 December 2024, the\nmovement in loss allowance is deemed immaterial by management.\nHistorical credit losses have been immaterial and no significant\ndeterioration in credit risk has been identified during the\nyear.
\n\u00a0
\nThe maximum exposure to\ncredit risk at the reporting date is the carrying amount of trade\nreceivables disclosed in Note 21. The Company does not hold\ncollateral but manages credit risk through credit approvals and\nmonitoring procedures.
\n\u00a0
\nThe closing loss\nallowances for trade receivables and contract assets as at 31\nDecember 2025 reconcile to the opening loss allowance as\nfollows:
\n\u00a0
\n| \n The\nGroup \n | \n\n Trade receivables\nand contract assets \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Opening loss allowance\nas at 1 January \n | \n\n 4,695 \n | \n\n 4,291 \n | \n
| \n Increase in expected\ncredit losses recognised in profit or loss during the\nyear \n | \n\n 449 \n | \n\n 346 \n | \n
| \n Receivables written off\nduring the year as uncollectible \n | \n\n (633) \n | \n\n 89 \n | \n
| \n Unused amounts\nreversed \n | \n\n (243) \n | \n\n (29) \n | \n
| \n Currency translation\ndifferences \n | \n\n (251) \n | \n\n (2) \n | \n
| \n At 31\nDecember \n | \n\n 4,017 \n | \n\n 4,695 \n | \n
\u00a0
\nTrade receivables and\ncontract assets are written off when there is no reasonable\nexpectation of recovery. Indicators that there is no reasonable\nexpectation of recovery include, amongst others, failure to\nsettlement after a number of attempts being made to collect past\ndue debts; amounts deemed unrecoverable after a court ruling; and\nby the Group to provide original documentation in case of invoices\ncontested by the customer.
\n\u00a0
\nImpairment losses on\ntrade receivables and contract assets are recognised within\nadministrative expenses. Subsequent recoveries of amounts\npreviously written off are credited against the same line\nitem.\u00a0All impaired balances were unsecured.
\n\u00a0
\nOther financial\nassets at amortised cost
\n\u00a0
\nThe Group\u2019s and\nthe Company\u2019s other financial assets at amortised cost which\nare subject to IFRS 9\u2019s general impairment model mainly\ninclude the following balances:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amounts due from\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n 138,529 \n | \n\n 162,016 \n | \n
| \n Amounts due from other\ninvestees \n | \n\n - \n | \n\n 6,396 \n | \n\n - \n | \n\n - \n | \n
| \n Amounts due from\nothers \n | \n\n 68 \n | \n\n 86 \n | \n\n - \n | \n\n - \n | \n
| \n At 31\nDecember \n | \n\n 68 \n | \n\n 6,482 \n | \n\n 138,529 \n | \n\n 162,016 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nThe Group and the\nCompany monitor intra-group credit exposures at individual entity\nlevel on a regular basis and ensure timely performance of these\nassets in the context of its overall liquidity management.\u00a0\nThe loss allowances for these financial assets are based on\nassumptions about risk of default and expected loss rates. The\nCompany\u2019s management uses judgement in making these\nassumptions, based on the counterparty\u2019s past history,\nexisting market conditions, as well as forward-looking estimates at\nthe end of each reporting period.\u00a0
\n\u00a0
\nAs at year-end, based on\nthe Directors\u2019 assessments of these factors, the equity\nposition of the respective counterparty, and, where the probability\nof default is high, the recovery strategies contemplated by\nmanagement together with the support of shareholders in place, the\nresulting impairment charge required was deemed to be\nimmaterial.
\n\u00a0
\nCash at\nbank
\n\u00a0
\nThe Group\u2019s cash\nis placed with reputable financial institutions, such that\nmanagement does not expect any institution to fail to meet\nrepayments of amounts held in the name of the companies within the\nGroup.\u00a0 While cash and cash equivalents are also subject to\nthe impairment requirements of IFRS 9, the identified impairment\nloss was insignificant.
\n\u00a0
\n\u00a0
\nLiquidity risk is the\nrisk that the Group will not be able to meet its financial\nobligations as they fall due. The Group\u2019s exposure and\nmanagement of liquidity risk as 31 December 2025 is disclosed\nbelow.
\n\u00a0
\nThe Group\u2019s\napproach to managing liquidity is to ensure, as far as possible,\nthat it will always have sufficient liquidity to meet its\nliabilities as they fall due, under both normal and stressed\nconditions. Liquidity risk management includes maintaining\nsufficient cash and committed credit lines to ensure the\navailability of an adequate amount of funding to meet the\nGroup\u2019s obligations. The Group\u2019s working capital\nposition as at the end of December 2025 reflects a deficit of\n\u20ac18.4 million (2024: surplus of \u20ac105.1 million), which is\nexplained in further detail in Note\n3.1 .
\n\u00a0
\nThe Group actively\nmanages its cash flow requirements. Management monitors liquidity\nrisk by reviewing expected cash flows through cash flow forecasts,\ncovering both Head Office corporate cash flows and all Group\nentities\u2019 cash.\u00a0This is performed at a central treasury\nfunction, which controls the overall liquidity requirements of the\nGroup within certain parameters. Each subsidiary company within the\nGroup updates its cash flow on a monthly basis. \u00a0
\n\u00a0
\nTypically, the Group\nensures that it has sufficient cash on demand to meet expected\noperational expenses for a period of 60 days, including the\nservicing of financing or borrowing obligations. Such planning also\nfactors cash outflows required for capital projects and where\nnecessary ensures that adequate bank facilities are in place.\u00a0\nThis excludes the potential impact of extreme circumstances that\ncannot be reasonably forecasted.
\n\u00a0
\nThe Group\u2019s\nliquidity risk is accordingly actively managed taking cognisance of\nthe matching of operational cash inflows and outflows arising from\nexpected maturities of financial instruments, attributable to the\nGroup\u2019s different operations, together with the Group\u2019s\ncommitted bank borrowing facilities and other financing that it can\naccess to meet liquidity needs.\u00a0 The Group also reviews\nperiodically its presence in the local capital markets and\nconsiders actively the disposal of non-core assets to secure\npotential cash inflows constituting a buffer for liquidity\nmanagement purposes.\u00a0
\n\u00a0
\nThe Group has funding in\nplace for the main contracted capital projects and has access to\nundrawn bank loans amounting to \u20ac33.3 million at the end of\nthe reporting period.\u00a0 Furthermore, the Group has access to\nunutilised bank overdrafts amounting to \u20ac7.4 million at the\nend of the reporting period. The bank overdrafts are renewed yearly\nand the bank loans can be withdrawn within one year or\nbeyond.
\n\u00a0
\nAs at 31 December 2025\nand 31 December 2024 the Group had financial liabilities, including\nestimated interest payments, with contractual maturities which are\nsummarised below:
\n\u00a0
\n| \n The\nGroup \n | \n\n Current \n | \n\n Non-current \n | \n|
| \n \u00a0 \n | \n\n Within 1\nyear \n | \n\n 1-5\nyears \n | \n\n More than 5\nyears \n | \n
| \n 31 December\n2025 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-derivatives: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank\nborrowings \n | \n\n 97,361 \n | \n\n \u00a0358,433 \n | \n\n \u00a067,302 \n | \n
| \n Bonds \n | \n\n \u00a0126,968 \n | \n\n \u00a033,523 \n | \n\n \u00a0196,300 \n | \n
| \n Lease\nliabilities \n | \n\n \u00a05,526 \n | \n\n \u00a016,351 \n | \n\n \u00a022,365 \n | \n
| \n Bank\noverdraft \n | \n\n \u00a08,758 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n
| \n Trade and other\npayables \n | \n\n \u00a099,591 \n | \n\n \u00a05,919 \n | \n\n 5,400\u00a0\u00a0 \n | \n
| \n Other financial\nliabilities \n | \n\n 4,720 \n | \n\n 12,890 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n 342,924 \n | \n\n 427,116 \n | \n\n 291,367 \n | \n
\u00a0
\nThis compares to the\nmaturity of the Group\u2019s financial liabilities in the previous\nreporting period as follows:
\n\u00a0
\n| \n The\nGroup \n | \n\n Current \n | \n\n Non-current \n | \n|
| \n \u00a0 \n | \n\n Within 1\nyear \n | \n\n 1-5\nyears \n | \n\n More than 5\nyears \n | \n
| \n 31 December\n2024 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-derivatives: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank\nborrowings \n | \n\n 57,114 \n | \n\n \u00a0383,642 \n | \n\n \u00a056,943 \n | \n
| \n Bonds \n | \n\n \u00a057,063 \n | \n\n \u00a0144,691 \n | \n\n \u00a0159,775 \n | \n
| \n Lease\nliabilities \n | \n\n \u00a02,796 \n | \n\n \u00a06,587 \n | \n\n \u00a020,253 \n | \n
| \n Bank\noverdraft \n | \n\n \u00a09,208 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n
| \n Trade and other\npayables \n | \n\n \u00a079,265 \n | \n\n \u00a018,539 \n | \n\n 5,400\u00a0\u00a0 \n | \n
| \n Other financial\nliabilities \n | \n\n 1,058 \n | \n\n 27,997 \n | \n\n \u00a011,300 \n | \n
| \n \u00a0 \n | \n\n 206,504 \n | \n\n 581,456 \n | \n\n 253,671 \n | \n
\u00a0
\nThe above contractual\nmaturities reflect the gross cash flows, which may differ from the\ncarrying values of the liabilities at the end of the reporting\nperiod.
\n\u00a0
\nAs at 31 December 2025\nand 31 December 2024 the Company has financial liabilities,\nincluding estimated interest payments, with contractual maturities\nwhich are summarised below:
\n\u00a0
\n| \n The\nCompany \n | \n\n Current \n | \n\n Non-current \n | \n|
| \n \u00a0 \n | \n\n Within 1\nyear \n | \n\n 1-5\nyears \n | \n\n More than 5\nyears \n | \n
| \n 31 December\n2025 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-derivatives: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank\nborrowings \n | \n\n 24,315 \n | \n\n 36,472 \n | \n\n 31,302 \n | \n
| \n Bonds \n | \n\n 126,968 \n | \n\n 33,523 \n | \n\n 196,300 \n | \n
| \n Other financial\nliabilities \n | \n\n 5,876 \n | \n\n 41,293 \n | \n\n 13,177 \n | \n
| \n Bank\noverdraft \n | \n\n 86 \n | \n\n - \n | \n\n - \n | \n
| \n Lease\nliabilities \n | \n\n 267 \n | \n\n 571 \n | \n\n - \n | \n
| \n Trade and other\npayables \n | \n\n 20,392 \n | \n\n 271 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n 177,904 \n | \n\n 112,130 \n | \n\n 240,779 \n | \n
\u00a0
\nThis compares to the\nmaturity of the Company\u2019s financial liabilities in the\nprevious reporting periods as follows:
\n\u00a0
\n| \n The\nCompany \n | \n\n Current \n | \n\n Non-current \n | \n|
| \n \u00a0 \n | \n\n Within 1\nyear \n | \n\n 1-5\nyears \n | \n\n More than 5\nyears \n | \n
| \n 31 December\n2024 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-derivatives: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank\nborrowings \n | \n\n 13,697 \n | \n\n 43,860 \n | \n\n 30,027 \n | \n
| \n Bonds \n | \n\n 57,063 \n | \n\n 144,691 \n | \n\n 159,775 \n | \n
| \n Other financial\nliabilities \n | \n\n 2,356 \n | \n\n 61,170 \n | \n\n - \n | \n
| \n Lease\nliabilities \n | \n\n 279 \n | \n\n 835 \n | \n\n 3 \n | \n
| \n Trade and other\npayables \n | \n\n 16,235 \n | \n\n 1,062 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n 89,630 \n | \n\n 251,618 \n | \n\n 189,805 \n | \n
\u00a0
\n\u00a0
\nMarket risk is the\nrisk that changes in market prices, such as foreign exchange rates\nand interest rates, and quoted prices, will affect the\nGroup\u2019s income or financial position.\u00a0 The objective of\nthe Group\u2019s market risk management is to manage and control\nmarket risk exposures within acceptable parameters, while\noptimising the return on risk.
\n\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nForeign currency risk
\n\u00a0
\nForeign currency risk\narises from future commercial transactions and recognised assets\nand liabilities which are denominated in a currency that is not the\nrespective entity\u2019s functional currency, which would be\nconsidered a foreign currency from the entity\u2019s\nperspective.
\n\u00a0
\nAll Group entities\nhave euro as their functional currency with the exception of IHI\nBenelux BV and IHI St. Petersburg LLC, with Russian Rouble as their\nfunctional currency, the entities within the NLI Group, with the\npound sterling as their functional currency, Libya Hotels\nDevelopment and Investment JSC, with Libyan dinars as its\nfunctional currency and CHL Surrey Inc. and BH Hotel tenant LLC\nwith the US dollar as its functional currency.\u00a0 IHI St.\nPetersburg LLC is exposed to foreign currency risk mainly with\nrespect to a portion of revenue and purchases, which are\ndenominated in euro, and all the entity\u2019s borrowings which\nare also denominated in euro.
\n\u00a0
\nThe Group operates\ninternationally and is exposed to currency risk on sales, purchases\nand borrowings that are denominated in a currency other than the\nfunctional currency of Group entities, the euro.
\n\u00a0
\nThe Group has\noperations in Russia, Hungary, Czech Republic, United Kingdom,\nUnited States and Libya and has subsidiaries domiciled in those\nterritories.\u00a0 These entities are exposed to foreign currency\nin respect of a portion of their respected revenue and purchases\nwhich are denominated in foreign currencies.
\n\u00a0
\nThe Group\u2019s and\nCompany\u2019s main risk exposure reflecting the carrying amount\nof receivables and payables denominated in foreign currencies at\nthe end of the reporting period analysed by the functional currency\nof the respective entity or entities, were as follows:
\n\u00a0
\n| \n The\nGroup \n | \n\n 2025 \n | \n\n 2024 \n | \n||||
| \n \u00a0 \n | \n\n Functional\ncurrency \n | \n\n Functional\ncurrency \n | \n||||
| \n \u00a0 \n | \n\n EUR \n | \n\n EUR \n | \n||||
| \n \u00a0 \n | \n\n HUF \n | \n\n LYD \n | \n\n CZK \n | \n\n HUF \n | \n\n LYD \n | \n\n CZK \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Group \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Assets: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Loans and\nreceivables: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Trade\nreceivables \n | \n\n 1,004 \n | \n\n 1,197 \n | \n\n 4 \n | \n\n 1,256 \n | \n\n 1,691 \n | \n\n 23 \n | \n
| \n \u00a0 Other\nreceivables \n | \n\n 313 \n | \n\n 995 \n | \n\n - \n | \n\n 300 \n | \n\n (221) \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Liabilities: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Trade\npayables \n | \n\n (381) \n | \n\n (424) \n | \n\n (11) \n | \n\n (341) \n | \n\n (604) \n | \n\n (66) \n | \n
| \n Other\npayables \n | \n\n (2,333) \n | \n\n (798) \n | \n\n (145) \n | \n\n (2,605) \n | \n\n (767) \n | \n\n (148) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net\nexposure \n | \n\n (1,397) \n | \n\n 970 \n | \n\n (152) \n | \n\n (1,390) \n | \n\n 99 \n | \n\n (191) \n | \n
\u00a0
\nIHI Benelux is exposed\nto other financial liabilities and other payables due to Group\ncompanies which are eliminated on consolidation.\u00a0 These\nbalances amounting to \u20ac82.3 million (2024: \u20ac89 million)\nand \u20ac37 million (2024: \u20ac33.4 million) respectively, are\nconsidered part of the Group\u2019s net investment in the foreign\noperation.\u00a0 Accordingly, any foreign exchange differences with\nrespect to these balances, which at IHI Benelux standalone level\nare recognised in profit or loss, were reclassified to other\ncomprehensive income on consolidation.
\n\u00a0
\nAt 31 December 2025,\nif the euro had weakened/strengthened by 10% (2024: 10%) against\nthe Rouble with all other variables held constant, the\nGroup\u2019s equity would have been \u20ac13.3 million\nlower/\u20ac13.3 million higher (2024: \u20ac13.6 million\nlower/\u20ac13.6 million higher) as a result of foreign exchange\nlosses/gains recognised in other comprehensive income on\ntranslation of the euro denominated payables.
\n\u00a0
\nManagement has\nreassessed the functional currency of its Russian subsidiaries and\nconcluded that the Rouble remains appropriate, as revenues,\noperating costs and financing remain predominantly denominated in\nRouble.
\n\u00a0
\nManagement does not\nconsider foreign currency risk attributable to recognised assets\nand liabilities arising from transactions denominated in foreign\ncurrencies where the respective entities\u2019 functional currency\nis/was the euro, presented within the tables above, to be\nsignificant. Accordingly, a sensitivity analysis for foreign\ncurrency risk disclosing how profit or loss and equity would have\nbeen affected by changes in foreign exchange rates that were\nreasonably possible at the end of the reporting period is not\ndeemed necessary.
\n\u00a0
\nIn respect of monetary\nassets and liabilities denominated in foreign currencies, the Group\nstrives to manage its net exposure within acceptable parameters by\nbuying or selling foreign currencies at spot rates, when necessary,\nto address short-term mismatches.
\n\u00a0
\nBorrowings required to\nfund certain operations are generally denominated in currencies\nthat match the cash flows generated by the respective operations of\nthe Group so as to provide an economic hedge.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nInterest rate risk
\n\u00a0
\nThe Group is exposed\nto changes in market interest rates principally through bank\nborrowings and related party loans taken out at variable interest\nrates.\u00a0 The interest rate profile of the Group\u2019s\ninterest-bearing financial instruments at the reporting dates was\nas follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Fixed rate\ninstruments \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nassets: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Parent company loan and\nother loans receivable \n | \n\n 68 \n | \n\n 6,482 \n | \n\n 46,535 \n | \n\n 59,275 \n | \n
| \n Assets placed under\ntrust arrangement \n | \n\n 77 \n | \n\n 77 \n | \n\n 77 \n | \n\n 77 \n | \n
| \n Financial\nliabilities: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Bonds \n | \n\n (287,931) \n | \n\n (298,228) \n | \n\n (287,931) \n | \n\n (298,228) \n | \n
| \n Parent company loan and\nother financial liabilities \n | \n\n (15,813) \n | \n\n (33,224) \n | \n\n (14,484) \n | \n\n (11,204) \n | \n
| \n \u00a0 \n | \n\n (303,599) \n | \n\n (324,893) \n | \n\n (255,803) \n | \n\n (250,080) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Variable rate\ninstruments \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nassets: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0Loans to related\ncompany \n | \n\n - \n | \n\n - \n | \n\n 91,994 \n | \n\n 102,741 \n | \n
| \n Financial\nliabilities: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank\nborrowings \n | \n\n (460,637) \n | \n\n (423,520) \n | \n\n (78,701) \n | \n\n (73,455) \n | \n
| \n Other financial\nliabilities \n | \n\n - \n | \n\n - \n | \n\n (28,813) \n | \n\n (36,223) \n | \n
| \n \u00a0 \n | \n\n (460,637) \n | \n\n (423,520) \n | \n\n (15,520) \n | \n\n (6,937) \n | \n
\u00a0
\nThe Group manages its\nexposure to changes in cash flows in relation to interest rates on\ninterest-bearing borrowings due by the parent company and its\nsubsidiaries, by entering into financial arrangements that are\nbased on fixed rates on interest whenever practicable.\u00a0 The\nGroup is exposed to fair value interest rate risk on its financial\nassets and liabilities bearing fixed rates of interest, but with\nthe exception to the investments in bond securities, which are\nmeasured at fair value, all the other instruments are measured at\namortised cost and accordingly a shift in interest rates would not\nhave an impact on profit or loss or total comprehensive income.\nManagement does not consider a reasonable shift in interest will\nhave a significant impact on the Group\u2019s and Company\u2019s\nequity and post tax profit as a result of a change in the fair\nvalue of its investments in bond securities.\u00a0
\n\u00a0
\nThe Group\u2019s\ninterest rate risk principally arises from bank borrowings issued\nat variable rates, which expose the Group to cash flow interest\nrate risk.\u00a0 Floating interest rates on these financial\ninstruments are linked to reference rates such as Euribor or the\nrespective banker\u2019s base rate.\u00a0 Management monitors the\nimpact of changes in market interest rates on amounts reported in\nprofit or loss in respect of these instruments taking into\nconsideration refinancing and hedging techniques.
\n\u00a0
\nAt 31 December, if\ninterest rates had been 100 basis points (2024: 100 basis points)\nhigher/lower with all other variables held constant, post-tax\nprofit for the year for the Group would have been \u20ac4.6 million\n(2024: \u20ac3.94 million) lower/higher as a result of higher/lower\nnet interest expense. \u00a0
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nPrice risk
\n\u00a0
\nThe Group\u2019s\nexposure to equity securities price risk arises from its\ninvestments in equities, funds and mutual funds, which are\nclassified in the statement of financial position as financial\nassets at fair value through profit or loss.\u00a0 As at 31\nDecember 2025, the carrying amount of these investments amounted to\n\u20ac3.4 million (2024: \u20ac3.4 million).\u00a0
\n\u00a0
\nNo investments are\npublicly traded.\u00a0 Management does not consider that a\nreasonable shift in indexes will have a significant impact on the\nGroup\u2019s equity and post-tax profit. Accordingly, a\nsensitivity analysis disclosing how profit or loss and equity would\nhave been affected by changes in indexes that were reasonably\npossible at the end of the reporting period is not deemed\nnecessary.
\n\u00a0
\nIn addition to the\nabove, the Group holds a 13% investment in a private equity that\nwas purchased in 2019.\u00a0As at year-end, management do not\nconsider that reasonable movements in market prices will impact the\nfair value of this investments materially.
\n\u00a0
\nFinancial assets at\nfair value through profit or loss
\n\u00a0
\nThe Group is also\ndirectly and indirectly exposed to credit risk in relation to\nunlisted equity securities that are measured at fair value through\nprofit or loss.\u00a0 The maximum exposure at the end of the\nreporting period is the carrying amount of these investments which\namounted to \u20ac3.4 million (2024: \u20ac3.4 million).
\n\u00a0
\n\u00a0
\nThe Group\u2019s\nobjectives when managing capital are to safeguard the\nCompany\u2019s ability to continue as a going concern in order to\nprovide returns for shareholders and benefits for other\nstakeholders, and to maintain an optimal capital structure to\nreduce the cost of capital.\u00a0 In order to maintain or adjust\nthe capital structure, the Company may issue new shares or adjust\nthe amount of dividends paid to shareholders.
\n\u00a0
\nThe Group monitors the\nlevel of capital on the basis of the ratio of aggregated net debt\nto total capital. Net debt is calculated as total borrowings (as\nshown in the statement of financial position) less cash and cash\nequivalents. Total capital is calculated as equity, as shown in the\nrespective statement of financial position, plus net\ndebt.
\n\u00a0
\nThe figures in respect\nof the Group\u2019s and the Company\u2019s equity and borrowings\nare reflected below:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank loans (\nNote\n31 ) \n | \n\n \u00a0451,879 \n | \n\n \u00a0414,312 \n | \n\n 78,615 \n | \n\n 73,455 \n | \n
| \n Other financial\nliabilities ( Note\n33 ) \n | \n\n \u00a015,813 \n | \n\n \u00a033,224 \n | \n\n 51,878 \n | \n\n 55,673 \n | \n
| \n Bonds (\nNote\n32 ) \n | \n\n \u00a0287,931 \n | \n\n \u00a0298,228 \n | \n\n 287,931 \n | \n\n 298,228 \n | \n
| \n Lease liabilities\n( Note\n16 ) \n | \n\n \u00a025,605 \n | \n\n \u00a013,756 \n | \n\n 775 \n | \n\n 1,001 \n | \n
| \n Less: cash and cash\nequivalents ( Note\n24 ) \n | \n\n (83,865) \n | \n\n (62,448) \n | \n\n (9,626) \n | \n\n (9,281) \n | \n
| \n Net debt \n | \n\n 697,363 \n | \n\n 697,072 \n | \n\n 409,573 \n | \n\n 419,076 \n | \n
| \n Total equity \n | \n\n 919,043 \n | \n\n 910,376 \n | \n\n 932,738 \n | \n\n 911,266 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Total capital \n | \n\n 1,616,406 \n | \n\n 1,607,448 \n | \n\n 1,342,311 \n | \n\n 1,330,342 \n | \n
| \n Net debt\nratio \n | \n\n 43.14% \n | \n\n 43.37% \n | \n\n 30.51% \n | \n\n 31.50% \n | \n
\u00a0
\nThe Group manages the\nrelationship between equity injections and borrowings, being the\nconstituent elements of capital as reflected above, with a view to\nmanaging the cost of capital. The level of capital, as reflected in\nthe consolidated statement of financial position, is maintained by\nreference to the Group\u2019s respective financial obligations and\ncommitments arising from operational requirements.\u00a0 In view of\nthe nature of the Group\u2019s activities and the extent of\nborrowings or debt, the capital level at the end of the reporting\nperiod determined by reference to the consolidated financial\nstatements is deemed adequate by the directors.
\n\u00a0
\nThe carrying amounts\nof the Group\u2019s financial assets and liabilities as recognised\nat the end of the reporting periods under review may also be\ncategorised as follows. See Note\n3. 10 for explanations about how the category of financial\ninstruments affects their subsequent measurement.
\n\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Assets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other financial\nassets at amortised cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Cash at bank and in\nhand \n | \n\n 92,623 \n | \n\n 71,656 \n | \n\n \u00a09,712 \n | \n\n \u00a09,281 \n | \n
| \n - \u00a0\u00a0 Trade\nreceivables \n | \n\n 25,062 \n | \n\n 26,590 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n
| \n - \u00a0\u00a0 Other\nreceivables \n | \n\n 6,207 \n | \n\n 6,130 \n | \n\n \u00a0102 \n | \n\n \u00a01,503 \n | \n
| \n - \u00a0\u00a0 Amounts due from Group\nand related companies \n | \n\n 12,161 \n | \n\n 15,403 \n | \n\n \u00a0382,177 \n | \n\n \u00a0398,646 \n | \n
| \n Assets placed under\ntrust arrangement \n | \n\n 77 \n | \n\n 77 \n | \n\n \u00a077 \n | \n\n \u00a077 \n | \n
| \n Amounts due from other\ninvestees \n | \n\n - \n | \n\n 6,396 \n | \n\n - \n | \n\n - \n | \n
| \n Amounts due from\nothers \n | \n\n 68 \n | \n\n 87 \n | \n\n - \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial assets\nmeasured at fair value \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Equity\nsecurities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - \u00a0\u00a0 Investments in\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n \u00a01,010,483 \n | \n\n \u00a0969,301 \n | \n
| \n - \u00a0\u00a0 Investments in\nassociates and joint ventures \n | \n\n - \n | \n\n - \n | \n\n \u00a04,469 \n | \n\n \u00a05,207 \n | \n
| \n Financial assets at fair\nvalue through profit or loss \n | \n\n 3,386 \n | \n\n 3,411 \n | \n\n - \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Total\nassets \n | \n\n 139,584 \n | \n\n 129,750 \n | \n\n 1,407,020 \n | \n\n 1,384,015 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other financial\nliabilities measured at amortised cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - \u00a0\u00a0 Bank\nborrowings \n | \n\n 460,637 \n | \n\n 423,520 \n | \n\n 78,701 \n | \n\n 73,455 \n | \n
| \n - \u00a0\u00a0 Bonds \n | \n\n 287,931 \n | \n\n 298,228 \n | \n\n 287,931 \n | \n\n 298,228 \n | \n
| \n - \u00a0\u00a0 Other financial\nliabilities \n | \n\n 15,813 \n | \n\n 33,224 \n | \n\n 51,878 \n | \n\n 55,673 \n | \n
| \n - \u00a0\u00a0 Lease\nliabilities \n | \n\n 25,605 \n | \n\n 13,756 \n | \n\n 775 \n | \n\n 1,001 \n | \n
| \n - \u00a0\u00a0 Trade\npayables \n | \n\n 24,190 \n | \n\n 22,662 \n | \n\n 185 \n | \n\n 271 \n | \n
| \n - \u00a0\u00a0 Other\npayables \n | \n\n 51,395 \n | \n\n 45,279 \n | \n\n 14,004 \n | \n\n 11,663 \n | \n
| \n - \u00a0\u00a0 Accruals \n | \n\n 33,785 \n | \n\n 33,463 \n | \n\n 6,474 \n | \n\n 5,363 \n | \n
| \n Total\nliabilities \n | \n\n 899,356 \n | \n\n 870,132 \n | \n\n 439,948 \n | \n\n 445,654 \n | \n
\u00a0
\n\u00a0
\nThe following table\npresents financial assets and liabilities measured at fair value in\nthe statement of financial position in accordance with the fair\nvalue hierarchy.\u00a0 This hierarchy groups financial assets and\nliabilities into three levels based on the significance of inputs\nused in measuring the fair value of the financial assets and\nliabilities.\u00a0 The fair value hierarchy has the following\nlevels:
\n\u00a0
\n| \n \u2022 \n | \n\n Level 1: based on\nquoted prices (unadjusted) in active markets for identical assets\nor liabilities; \n | \n
| \n \u2022 \n | \n\n Level 2: based on\ninformation other than quoted prices included within Level 1 that\nare observable for the asset or liability, either directly (i.e. as\nprices) or indirectly (i.e. derived from prices); and \n | \n
| \n \u2022 \n | \n\n Level 3: information\nfor the asset or liability that is not based on observable market\ndata (unobservable inputs). \n | \n
\u00a0
\nThe level within which\nthe financial asset or liability is classified is determined based\non the lowest level of significant input to the fair value\nmeasurement.
\n\u00a0
\nThe key financial\nassets and liabilities measured at fair value in the statement of\nfinancial position are grouped into the fair value hierarchy as\nfollows:
\n\u00a0
\n| \n The\nGroup \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Level\n3 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Investments in unlisted\nequities measured at fair value through profit or loss \n | \n\n 3,386 \n | \n\n 3,411 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n The\nCompany \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Level\n3 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Investments in\nsubsidiaries (a) \n | \n\n 1,010,483 \n | \n\n 969,301 \n | \n
| \n Investments in\nassociates and joint ventures (b) \n | \n\n 4,469 \n | \n\n 5,207 \n | \n
\u00a0
\nMeasurement of fair\nvalue
\n\u00a0\u00a0
\nInvestments in\nunlisted equity securities, categorised as Level 3 instruments in\nview of their unlisted nature comprise the acquisition during 2019\nof minority stakes in Global Hotel Alliance. In the opinion of the\ndirectors, as at year-end, the fair value of these investments is\nbest represented by the Group\u2019s acquisition price, or the\nshare of adjusted net asset value.
\n\u00a0
\nMovements in these\ninvestments are portrayed in the table below:
\n\u00a0
\n| \n The\nGroup \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n Level\n3 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n 3,411 \n | \n\n 3,411 \n | \n
| \n Disposal \n | \n\n (25) \n | \n\n - \n | \n
| \n At 31\nDecember \n | \n\n 3,386 \n | \n\n 3,411 \n | \n
\u00a0
\nIn 2025 the 10%\nholding in Moscow project was sold. There have been no transfers of\nfinancial assets between the different level of the fair value\nhierarchy.
\n\u00a0
\n\u00a0\u00a0
\nThe table below\nprovides information about the fair values of the Group's and the\nCompany's non-current financial instruments which are not measured\nat fair value and which bear interest at a fixed rate. For\nfinancial instruments bearing interest at floating rates,\nmanagement is of the opinion that the fair values are not\nsignificantly different from the carrying value since the interest\non these instruments already reflect the current market rates and\ncounterparty risk has not significantly changed.\u00a0\u00a0\n\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n Level\n1 \n | \n\n Level\n3 \n | \n||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other financial assets\nat amortised cost \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 5,724 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bonds \n | \n\n 281,892 \n | \n\n 299,211 \n | \n\n - \n | \n\n - \n | \n
| \n Other financial\nliabilities \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 8,185 \n | \n
| \n \u00a0 \n | \n\n 281,892 \n | \n\n 299,211 \n | \n\n - \n | \n\n 8,185 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n The\nCompany \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n Level\n1 \n | \n\n Level\n3 \n | \n||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Loans receivable bearing\nfixed interest rates \n | \n\n - \n | \n\n - \n | \n\n 43,067 \n | \n\n 50,950 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bonds \n | \n\n 281,892 \n | \n\n 299,211 \n | \n\n - \n | \n\n - \n | \n
| \n Other financial\nliabilities \n | \n\n - \n | \n\n - \n | \n\n 12,229 \n | \n\n 10,122 \n | \n
| \n \u00a0 \n | \n\n 281,892 \n | \n\n 299,211 \n | \n\n 12,229 \n | \n\n 10,122 \n | \n
\u00a0
\nThe bonds are\nclassified as Level 1 hierarchy since they are listed in an active\nmarket and the fair values are determined based on the market price\nat the reporting date.
\n\u00a0
\nThe fair values of the\nfinancial assets and financial liabilities classified as Level 3\nhierarchy during 2025 were calculated based on a cash flow\ndiscounted using the current lending rate for similar instruments\nat the reporting date. They are classified as Level 3 hierarchy due\nto the use of unobservable inputs including counterparty risk.\nManagement considers the carrying amounts of these instruments for\nthe comparative period presented to be a reasonable estimate of\ntheir fair values due to insignificant changes in the interest\nrates and counterparty risks.
\n\u00a0
\nThe directors consider\nthe carrying amount of the trade and other receivables, assets\nplaced under trust arrangement and trade and other payables to be a\nreasonable estimate of their fair value principally in view of the\nrelatively short periods to repricing or maturity from the end of\nthe reporting periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Jft05kYR66": { "value": "\u00a0
\nCredit risk is the risk\nof financial loss to the Group if a customer or counterparty to a\nfinancial instrument fails to meet its contractual obligations and\narises principally from the Group\u2019s receivables from related\nparties and customers.\u00a0 The Group\u2019s exposure to credit\nrisk is measured by reference to the carrying amount of financial\nassets recognised at the end of the reporting period, as summarised\nbelow:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Classes of financial\nassets - carrying amounts \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Long-term\nloans \n | \n\n - \n | \n\n 6,396 \n | \n\n 137,491 \n | \n\n 162,016 \n | \n
| \n Short-term\nloans \n | \n\n 68 \n | \n\n 86 \n | \n\n 1,038 \n | \n\n - \n | \n
| \n Assets placed under\ntrust arrangement \n | \n\n 77 \n | \n\n 77 \n | \n\n 77 \n | \n\n 77 \n | \n
| \n Trade and other\nreceivables, including contract assets \n | \n\n 61,512 \n | \n\n 66,908 \n | \n\n 71,244 \n | \n\n 76,929 \n | \n
| \n Cash in hand and at\nbank \n | \n\n 92,623 \n | \n\n 71,656 \n | \n\n 9,712 \n | \n\n 9,280 \n | \n
| \n \u00a0 \n | \n\n 154,280 \n | \n\n 145,123 \n | \n\n 219,562 \n | \n\n 248,302 \n | \n
\u00a0
\nThe maximum exposure\nto credit risk at the end of the reporting period in respect of\nfinancial assets mentioned above is equivalent to their carrying\namount as disclosed in the respective notes to the financial\nstatements.\u00a0 The Group does not hold any significant\ncollateral in this respect.
\n\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nRisk management and security
\n\u00a0
\nThe subsidiary\ncompanies within the Group have, over the years, conducted business\nwith various corporates, tour operators and individuals located in\ndifferent jurisdictions and, owing to the spread of the\nGroup\u2019s debtor base, there is no concentration of credit\nrisk.
\n\u00a0
\nThe Group has a credit\npolicy in place under which new customers are analysed individually\nfor creditworthiness before the Group\u2019s standard payment and\ndelivery terms and conditions are offered.\u00a0 The Group\u2019s\nreview includes external ratings, where available, and in some\ncases bank references.\u00a0 Customers that fail to meet the\nGroup\u2019s benchmark creditworthiness may transact with the\nGroup only on a cash basis.
\n\u00a0
\nIn monitoring customer\ncredit risk, customers are individually assessed.\u00a0 Customers\nthat are graded as \u201chigh risk\u201d are placed on a\nrestricted customer list and future sales are only made on a\nprepayment basis.
\n\u00a0
\nThe Group does not\nrequire collateral in respect of trade and other receivables.\u00a0\nThe Group establishes an allowance for doubtful recoveries that\nrepresents its estimate of losses in respect of trade and other\nreceivables.
\n\u00a0
\nThe Company has a\nconcentration of credit risk on its exposures to loans receivables\nfrom the subsidiaries.\u00a0 The Company monitors intra-Group\ncredit exposures at individual entity level on a regular basis and\nensures timely performance of these assets in the context of\noverall Group liquidity management.\u00a0 The Company assesses the\ncredit quality of these related parties taking into account\nfinancial positions, performance and other factors.\u00a0 The\nCompany takes cognisance of the related party relationship with\nthese entities and management does not expect any losses from\nnon-performance or default.\u00a0 Accordingly, credit risk with\nrespect to these receivables is expected to be limited.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nImpairment of financial assets
\n\u00a0
\nThe Group and the\nCompany have three types of financial assets that are subject to\nthe expected credit loss model:
\n\u00a0
\n| \n \u2022 \n | \n\n trade receivables and\ncontract assets relating to the provision of services; \n | \n
| \n \u2022 \n | \n\n other financial assets\nat amortised cost, comprising loans receivable from related parties\nand, in the case of the Company, subsidiary undertakings;\nand \n | \n
| \n \u2022 \n | \n\n cash and cash\nequivalents. \n | \n
\u00a0
\nTrade receivables\nand contract assets
\n\u00a0
\nThe Group applies the\nIFRS 9 simplified approach to measuring expected credit losses\nwhich uses a lifetime expected loss allowance for all trade\nreceivables and contract assets.
\n\u00a0
\nTo measure the expected\ncredit losses, trade receivables and contract assets have been\ngrouped based on shared credit risk characteristics and the days\npast due.\u00a0 The Group has concluded that the expected loss\nrates for trade receivables are a reasonable approximation of the\nloss rates for the contract assets since they have substantially\nthe same characteristics.
\n\u00a0
\nThe expected loss rates\nare based on the payment profiles of sales over an appropriate\nperiod before 31 December 2025 and 31 December 2024 respectively\nand the corresponding historical credit losses experienced within\nthis period.\u00a0 The historical loss rates are adjusted to\nreflect current and forward-looking information on macroeconomic\nfactors affecting the ability of the customers to settle the\nreceivables.\u00a0\u00a0\u00a0
\n\u00a0
\nBased on the assessment\ncarried out as at 31 December 2025 and 31 December 2024, the\nmovement in loss allowance is deemed immaterial by management.\nHistorical credit losses have been immaterial and no significant\ndeterioration in credit risk has been identified during the\nyear.
\n\u00a0
\nThe maximum exposure to\ncredit risk at the reporting date is the carrying amount of trade\nreceivables disclosed in Note 21. The Company does not hold\ncollateral but manages credit risk through credit approvals and\nmonitoring procedures.
\n\u00a0
\nThe closing loss\nallowances for trade receivables and contract assets as at 31\nDecember 2025 reconcile to the opening loss allowance as\nfollows:
\n\u00a0
\n| \n The\nGroup \n | \n\n Trade receivables\nand contract assets \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Opening loss allowance\nas at 1 January \n | \n\n 4,695 \n | \n\n 4,291 \n | \n
| \n Increase in expected\ncredit losses recognised in profit or loss during the\nyear \n | \n\n 449 \n | \n\n 346 \n | \n
| \n Receivables written off\nduring the year as uncollectible \n | \n\n (633) \n | \n\n 89 \n | \n
| \n Unused amounts\nreversed \n | \n\n (243) \n | \n\n (29) \n | \n
| \n Currency translation\ndifferences \n | \n\n (251) \n | \n\n (2) \n | \n
| \n At 31\nDecember \n | \n\n 4,017 \n | \n\n 4,695 \n | \n
\u00a0
\nTrade receivables and\ncontract assets are written off when there is no reasonable\nexpectation of recovery. Indicators that there is no reasonable\nexpectation of recovery include, amongst others, failure to\nsettlement after a number of attempts being made to collect past\ndue debts; amounts deemed unrecoverable after a court ruling; and\nby the Group to provide original documentation in case of invoices\ncontested by the customer.
\n\u00a0
\nImpairment losses on\ntrade receivables and contract assets are recognised within\nadministrative expenses. Subsequent recoveries of amounts\npreviously written off are credited against the same line\nitem.\u00a0All impaired balances were unsecured.
\n\u00a0
\nOther financial\nassets at amortised cost
\n\u00a0
\nThe Group\u2019s and\nthe Company\u2019s other financial assets at amortised cost which\nare subject to IFRS 9\u2019s general impairment model mainly\ninclude the following balances:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amounts due from\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n 138,529 \n | \n\n 162,016 \n | \n
| \n Amounts due from other\ninvestees \n | \n\n - \n | \n\n 6,396 \n | \n\n - \n | \n\n - \n | \n
| \n Amounts due from\nothers \n | \n\n 68 \n | \n\n 86 \n | \n\n - \n | \n\n - \n | \n
| \n At 31\nDecember \n | \n\n 68 \n | \n\n 6,482 \n | \n\n 138,529 \n | \n\n 162,016 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nThe Group and the\nCompany monitor intra-group credit exposures at individual entity\nlevel on a regular basis and ensure timely performance of these\nassets in the context of its overall liquidity management.\u00a0\nThe loss allowances for these financial assets are based on\nassumptions about risk of default and expected loss rates. The\nCompany\u2019s management uses judgement in making these\nassumptions, based on the counterparty\u2019s past history,\nexisting market conditions, as well as forward-looking estimates at\nthe end of each reporting period.\u00a0
\n\u00a0
\nAs at year-end, based on\nthe Directors\u2019 assessments of these factors, the equity\nposition of the respective counterparty, and, where the probability\nof default is high, the recovery strategies contemplated by\nmanagement together with the support of shareholders in place, the\nresulting impairment charge required was deemed to be\nimmaterial.
\n\u00a0
\nCash at\nbank
\n\u00a0
\nThe Group\u2019s cash\nis placed with reputable financial institutions, such that\nmanagement does not expect any institution to fail to meet\nrepayments of amounts held in the name of the companies within the\nGroup.\u00a0 While cash and cash equivalents are also subject to\nthe impairment requirements of IFRS 9, the identified impairment\nloss was insignificant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "_p7B-kH.cF": { "value": "\u00a0
\nCredit risk is the risk\nof financial loss to the Group if a customer or counterparty to a\nfinancial instrument fails to meet its contractual obligations and\narises principally from the Group\u2019s receivables from related\nparties and customers.\u00a0 The Group\u2019s exposure to credit\nrisk is measured by reference to the carrying amount of financial\nassets recognised at the end of the reporting period, as summarised\nbelow:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Classes of financial\nassets - carrying amounts \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Long-term\nloans \n | \n\n - \n | \n\n 6,396 \n | \n\n 137,491 \n | \n\n 162,016 \n | \n
| \n Short-term\nloans \n | \n\n 68 \n | \n\n 86 \n | \n\n 1,038 \n | \n\n - \n | \n
| \n Assets placed under\ntrust arrangement \n | \n\n 77 \n | \n\n 77 \n | \n\n 77 \n | \n\n 77 \n | \n
| \n Trade and other\nreceivables, including contract assets \n | \n\n 61,512 \n | \n\n 66,908 \n | \n\n 71,244 \n | \n\n 76,929 \n | \n
| \n Cash in hand and at\nbank \n | \n\n 92,623 \n | \n\n 71,656 \n | \n\n 9,712 \n | \n\n 9,280 \n | \n
| \n \u00a0 \n | \n\n 154,280 \n | \n\n 145,123 \n | \n\n 219,562 \n | \n\n 248,302 \n | \n
\u00a0
\nThe maximum exposure\nto credit risk at the end of the reporting period in respect of\nfinancial assets mentioned above is equivalent to their carrying\namount as disclosed in the respective notes to the financial\nstatements.\u00a0 The Group does not hold any significant\ncollateral in this respect.
\n\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nRisk management and security
\n\u00a0
\nThe subsidiary\ncompanies within the Group have, over the years, conducted business\nwith various corporates, tour operators and individuals located in\ndifferent jurisdictions and, owing to the spread of the\nGroup\u2019s debtor base, there is no concentration of credit\nrisk.
\n\u00a0
\nThe Group has a credit\npolicy in place under which new customers are analysed individually\nfor creditworthiness before the Group\u2019s standard payment and\ndelivery terms and conditions are offered.\u00a0 The Group\u2019s\nreview includes external ratings, where available, and in some\ncases bank references.\u00a0 Customers that fail to meet the\nGroup\u2019s benchmark creditworthiness may transact with the\nGroup only on a cash basis.
\n\u00a0
\nIn monitoring customer\ncredit risk, customers are individually assessed.\u00a0 Customers\nthat are graded as \u201chigh risk\u201d are placed on a\nrestricted customer list and future sales are only made on a\nprepayment basis.
\n\u00a0
\nThe Group does not\nrequire collateral in respect of trade and other receivables.\u00a0\nThe Group establishes an allowance for doubtful recoveries that\nrepresents its estimate of losses in respect of trade and other\nreceivables.
\n\u00a0
\nThe Company has a\nconcentration of credit risk on its exposures to loans receivables\nfrom the subsidiaries.\u00a0 The Company monitors intra-Group\ncredit exposures at individual entity level on a regular basis and\nensures timely performance of these assets in the context of\noverall Group liquidity management.\u00a0 The Company assesses the\ncredit quality of these related parties taking into account\nfinancial positions, performance and other factors.\u00a0 The\nCompany takes cognisance of the related party relationship with\nthese entities and management does not expect any losses from\nnon-performance or default.\u00a0 Accordingly, credit risk with\nrespect to these receivables is expected to be limited.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nImpairment of financial assets
\n\u00a0
\nThe Group and the\nCompany have three types of financial assets that are subject to\nthe expected credit loss model:
\n\u00a0
\n| \n \u2022 \n | \n\n trade receivables and\ncontract assets relating to the provision of services; \n | \n
| \n \u2022 \n | \n\n other financial assets\nat amortised cost, comprising loans receivable from related parties\nand, in the case of the Company, subsidiary undertakings;\nand \n | \n
| \n \u2022 \n | \n\n cash and cash\nequivalents. \n | \n
\u00a0
\nTrade receivables\nand contract assets
\n\u00a0
\nThe Group applies the\nIFRS 9 simplified approach to measuring expected credit losses\nwhich uses a lifetime expected loss allowance for all trade\nreceivables and contract assets.
\n\u00a0
\nTo measure the expected\ncredit losses, trade receivables and contract assets have been\ngrouped based on shared credit risk characteristics and the days\npast due.\u00a0 The Group has concluded that the expected loss\nrates for trade receivables are a reasonable approximation of the\nloss rates for the contract assets since they have substantially\nthe same characteristics.
\n\u00a0
\nThe expected loss rates\nare based on the payment profiles of sales over an appropriate\nperiod before 31 December 2025 and 31 December 2024 respectively\nand the corresponding historical credit losses experienced within\nthis period.\u00a0 The historical loss rates are adjusted to\nreflect current and forward-looking information on macroeconomic\nfactors affecting the ability of the customers to settle the\nreceivables.\u00a0\u00a0\u00a0
\n\u00a0
\nBased on the assessment\ncarried out as at 31 December 2025 and 31 December 2024, the\nmovement in loss allowance is deemed immaterial by management.\nHistorical credit losses have been immaterial and no significant\ndeterioration in credit risk has been identified during the\nyear.
\n\u00a0
\nThe maximum exposure to\ncredit risk at the reporting date is the carrying amount of trade\nreceivables disclosed in Note 21. The Company does not hold\ncollateral but manages credit risk through credit approvals and\nmonitoring procedures.
\n\u00a0
\nThe closing loss\nallowances for trade receivables and contract assets as at 31\nDecember 2025 reconcile to the opening loss allowance as\nfollows:
\n\u00a0
\n| \n The\nGroup \n | \n\n Trade receivables\nand contract assets \n | \n|
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Opening loss allowance\nas at 1 January \n | \n\n 4,695 \n | \n\n 4,291 \n | \n
| \n Increase in expected\ncredit losses recognised in profit or loss during the\nyear \n | \n\n 449 \n | \n\n 346 \n | \n
| \n Receivables written off\nduring the year as uncollectible \n | \n\n (633) \n | \n\n 89 \n | \n
| \n Unused amounts\nreversed \n | \n\n (243) \n | \n\n (29) \n | \n
| \n Currency translation\ndifferences \n | \n\n (251) \n | \n\n (2) \n | \n
| \n At 31\nDecember \n | \n\n 4,017 \n | \n\n 4,695 \n | \n
\u00a0
\nTrade receivables and\ncontract assets are written off when there is no reasonable\nexpectation of recovery. Indicators that there is no reasonable\nexpectation of recovery include, amongst others, failure to\nsettlement after a number of attempts being made to collect past\ndue debts; amounts deemed unrecoverable after a court ruling; and\nby the Group to provide original documentation in case of invoices\ncontested by the customer.
\n\u00a0
\nImpairment losses on\ntrade receivables and contract assets are recognised within\nadministrative expenses. Subsequent recoveries of amounts\npreviously written off are credited against the same line\nitem.\u00a0All impaired balances were unsecured.
\n\u00a0
\nOther financial\nassets at amortised cost
\n\u00a0
\nThe Group\u2019s and\nthe Company\u2019s other financial assets at amortised cost which\nare subject to IFRS 9\u2019s general impairment model mainly\ninclude the following balances:
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amounts due from\nsubsidiaries \n | \n\n - \n | \n\n - \n | \n\n 138,529 \n | \n\n 162,016 \n | \n
| \n Amounts due from other\ninvestees \n | \n\n - \n | \n\n 6,396 \n | \n\n - \n | \n\n - \n | \n
| \n Amounts due from\nothers \n | \n\n 68 \n | \n\n 86 \n | \n\n - \n | \n\n - \n | \n
| \n At 31\nDecember \n | \n\n 68 \n | \n\n 6,482 \n | \n\n 138,529 \n | \n\n 162,016 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nThe Group and the\nCompany monitor intra-group credit exposures at individual entity\nlevel on a regular basis and ensure timely performance of these\nassets in the context of its overall liquidity management.\u00a0\nThe loss allowances for these financial assets are based on\nassumptions about risk of default and expected loss rates. The\nCompany\u2019s management uses judgement in making these\nassumptions, based on the counterparty\u2019s past history,\nexisting market conditions, as well as forward-looking estimates at\nthe end of each reporting period.\u00a0
\n\u00a0
\nAs at year-end, based on\nthe Directors\u2019 assessments of these factors, the equity\nposition of the respective counterparty, and, where the probability\nof default is high, the recovery strategies contemplated by\nmanagement together with the support of shareholders in place, the\nresulting impairment charge required was deemed to be\nimmaterial.
\n\u00a0
\nCash at\nbank
\n\u00a0
\nThe Group\u2019s cash\nis placed with reputable financial institutions, such that\nmanagement does not expect any institution to fail to meet\nrepayments of amounts held in the name of the companies within the\nGroup.\u00a0 While cash and cash equivalents are also subject to\nthe impairment requirements of IFRS 9, the identified impairment\nloss was insignificant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "WKuSbhskv_": { "value": "\u00a0
\nLiquidity risk is the\nrisk that the Group will not be able to meet its financial\nobligations as they fall due. The Group\u2019s exposure and\nmanagement of liquidity risk as 31 December 2025 is disclosed\nbelow.
\n\u00a0
\nThe Group\u2019s\napproach to managing liquidity is to ensure, as far as possible,\nthat it will always have sufficient liquidity to meet its\nliabilities as they fall due, under both normal and stressed\nconditions. Liquidity risk management includes maintaining\nsufficient cash and committed credit lines to ensure the\navailability of an adequate amount of funding to meet the\nGroup\u2019s obligations. The Group\u2019s working capital\nposition as at the end of December 2025 reflects a deficit of\n\u20ac18.4 million (2024: surplus of \u20ac105.1 million), which is\nexplained in further detail in Note\n3.1 .
\n\u00a0
\nThe Group actively\nmanages its cash flow requirements. Management monitors liquidity\nrisk by reviewing expected cash flows through cash flow forecasts,\ncovering both Head Office corporate cash flows and all Group\nentities\u2019 cash.\u00a0This is performed at a central treasury\nfunction, which controls the overall liquidity requirements of the\nGroup within certain parameters. Each subsidiary company within the\nGroup updates its cash flow on a monthly basis. \u00a0
\n\u00a0
\nTypically, the Group\nensures that it has sufficient cash on demand to meet expected\noperational expenses for a period of 60 days, including the\nservicing of financing or borrowing obligations. Such planning also\nfactors cash outflows required for capital projects and where\nnecessary ensures that adequate bank facilities are in place.\u00a0\nThis excludes the potential impact of extreme circumstances that\ncannot be reasonably forecasted.
\n\u00a0
\nThe Group\u2019s\nliquidity risk is accordingly actively managed taking cognisance of\nthe matching of operational cash inflows and outflows arising from\nexpected maturities of financial instruments, attributable to the\nGroup\u2019s different operations, together with the Group\u2019s\ncommitted bank borrowing facilities and other financing that it can\naccess to meet liquidity needs.\u00a0 The Group also reviews\nperiodically its presence in the local capital markets and\nconsiders actively the disposal of non-core assets to secure\npotential cash inflows constituting a buffer for liquidity\nmanagement purposes.\u00a0
\n\u00a0
\nThe Group has funding in\nplace for the main contracted capital projects and has access to\nundrawn bank loans amounting to \u20ac33.3 million at the end of\nthe reporting period.\u00a0 Furthermore, the Group has access to\nunutilised bank overdrafts amounting to \u20ac7.4 million at the\nend of the reporting period. The bank overdrafts are renewed yearly\nand the bank loans can be withdrawn within one year or\nbeyond.
\n\u00a0
\nAs at 31 December 2025\nand 31 December 2024 the Group had financial liabilities, including\nestimated interest payments, with contractual maturities which are\nsummarised below:
\n\u00a0
\n| \n The\nGroup \n | \n\n Current \n | \n\n Non-current \n | \n|
| \n \u00a0 \n | \n\n Within 1\nyear \n | \n\n 1-5\nyears \n | \n\n More than 5\nyears \n | \n
| \n 31 December\n2025 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-derivatives: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank\nborrowings \n | \n\n 97,361 \n | \n\n \u00a0358,433 \n | \n\n \u00a067,302 \n | \n
| \n Bonds \n | \n\n \u00a0126,968 \n | \n\n \u00a033,523 \n | \n\n \u00a0196,300 \n | \n
| \n Lease\nliabilities \n | \n\n \u00a05,526 \n | \n\n \u00a016,351 \n | \n\n \u00a022,365 \n | \n
| \n Bank\noverdraft \n | \n\n \u00a08,758 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n
| \n Trade and other\npayables \n | \n\n \u00a099,591 \n | \n\n \u00a05,919 \n | \n\n 5,400\u00a0\u00a0 \n | \n
| \n Other financial\nliabilities \n | \n\n 4,720 \n | \n\n 12,890 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n 342,924 \n | \n\n 427,116 \n | \n\n 291,367 \n | \n
\u00a0
\nThis compares to the\nmaturity of the Group\u2019s financial liabilities in the previous\nreporting period as follows:
\n\u00a0
\n| \n The\nGroup \n | \n\n Current \n | \n\n Non-current \n | \n|
| \n \u00a0 \n | \n\n Within 1\nyear \n | \n\n 1-5\nyears \n | \n\n More than 5\nyears \n | \n
| \n 31 December\n2024 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-derivatives: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank\nborrowings \n | \n\n 57,114 \n | \n\n \u00a0383,642 \n | \n\n \u00a056,943 \n | \n
| \n Bonds \n | \n\n \u00a057,063 \n | \n\n \u00a0144,691 \n | \n\n \u00a0159,775 \n | \n
| \n Lease\nliabilities \n | \n\n \u00a02,796 \n | \n\n \u00a06,587 \n | \n\n \u00a020,253 \n | \n
| \n Bank\noverdraft \n | \n\n \u00a09,208 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n\n \u00a0-\u00a0\u00a0 \n | \n
| \n Trade and other\npayables \n | \n\n \u00a079,265 \n | \n\n \u00a018,539 \n | \n\n 5,400\u00a0\u00a0 \n | \n
| \n Other financial\nliabilities \n | \n\n 1,058 \n | \n\n 27,997 \n | \n\n \u00a011,300 \n | \n
| \n \u00a0 \n | \n\n 206,504 \n | \n\n 581,456 \n | \n\n 253,671 \n | \n
\u00a0
\nThe above contractual\nmaturities reflect the gross cash flows, which may differ from the\ncarrying values of the liabilities at the end of the reporting\nperiod.
\n\u00a0
\nAs at 31 December 2025\nand 31 December 2024 the Company has financial liabilities,\nincluding estimated interest payments, with contractual maturities\nwhich are summarised below:
\n\u00a0
\n| \n The\nCompany \n | \n\n Current \n | \n\n Non-current \n | \n|
| \n \u00a0 \n | \n\n Within 1\nyear \n | \n\n 1-5\nyears \n | \n\n More than 5\nyears \n | \n
| \n 31 December\n2025 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-derivatives: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank\nborrowings \n | \n\n 24,315 \n | \n\n 36,472 \n | \n\n 31,302 \n | \n
| \n Bonds \n | \n\n 126,968 \n | \n\n 33,523 \n | \n\n 196,300 \n | \n
| \n Other financial\nliabilities \n | \n\n 5,876 \n | \n\n 41,293 \n | \n\n 13,177 \n | \n
| \n Bank\noverdraft \n | \n\n 86 \n | \n\n - \n | \n\n - \n | \n
| \n Lease\nliabilities \n | \n\n 267 \n | \n\n 571 \n | \n\n - \n | \n
| \n Trade and other\npayables \n | \n\n 20,392 \n | \n\n 271 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n 177,904 \n | \n\n 112,130 \n | \n\n 240,779 \n | \n
\u00a0
\nThis compares to the\nmaturity of the Company\u2019s financial liabilities in the\nprevious reporting periods as follows:
\n\u00a0
\n| \n The\nCompany \n | \n\n Current \n | \n\n Non-current \n | \n|
| \n \u00a0 \n | \n\n Within 1\nyear \n | \n\n 1-5\nyears \n | \n\n More than 5\nyears \n | \n
| \n 31 December\n2024 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-derivatives: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank\nborrowings \n | \n\n 13,697 \n | \n\n 43,860 \n | \n\n 30,027 \n | \n
| \n Bonds \n | \n\n 57,063 \n | \n\n 144,691 \n | \n\n 159,775 \n | \n
| \n Other financial\nliabilities \n | \n\n 2,356 \n | \n\n 61,170 \n | \n\n - \n | \n
| \n Lease\nliabilities \n | \n\n 279 \n | \n\n 835 \n | \n\n 3 \n | \n
| \n Trade and other\npayables \n | \n\n 16,235 \n | \n\n 1,062 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n 89,630 \n | \n\n 251,618 \n | \n\n 189,805 \n | \n
\u00a0
\nMarket risk is the\nrisk that changes in market prices, such as foreign exchange rates\nand interest rates, and quoted prices, will affect the\nGroup\u2019s income or financial position.\u00a0 The objective of\nthe Group\u2019s market risk management is to manage and control\nmarket risk exposures within acceptable parameters, while\noptimising the return on risk.
\n\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nForeign currency risk
\n\u00a0
\nForeign currency risk\narises from future commercial transactions and recognised assets\nand liabilities which are denominated in a currency that is not the\nrespective entity\u2019s functional currency, which would be\nconsidered a foreign currency from the entity\u2019s\nperspective.
\n\u00a0
\nAll Group entities\nhave euro as their functional currency with the exception of IHI\nBenelux BV and IHI St. Petersburg LLC, with Russian Rouble as their\nfunctional currency, the entities within the NLI Group, with the\npound sterling as their functional currency, Libya Hotels\nDevelopment and Investment JSC, with Libyan dinars as its\nfunctional currency and CHL Surrey Inc. and BH Hotel tenant LLC\nwith the US dollar as its functional currency.\u00a0 IHI St.\nPetersburg LLC is exposed to foreign currency risk mainly with\nrespect to a portion of revenue and purchases, which are\ndenominated in euro, and all the entity\u2019s borrowings which\nare also denominated in euro.
\n\u00a0
\nThe Group operates\ninternationally and is exposed to currency risk on sales, purchases\nand borrowings that are denominated in a currency other than the\nfunctional currency of Group entities, the euro.
\n\u00a0
\nThe Group has\noperations in Russia, Hungary, Czech Republic, United Kingdom,\nUnited States and Libya and has subsidiaries domiciled in those\nterritories.\u00a0 These entities are exposed to foreign currency\nin respect of a portion of their respected revenue and purchases\nwhich are denominated in foreign currencies.
\n\u00a0
\nThe Group\u2019s and\nCompany\u2019s main risk exposure reflecting the carrying amount\nof receivables and payables denominated in foreign currencies at\nthe end of the reporting period analysed by the functional currency\nof the respective entity or entities, were as follows:
\n\u00a0
\n| \n The\nGroup \n | \n\n 2025 \n | \n\n 2024 \n | \n||||
| \n \u00a0 \n | \n\n Functional\ncurrency \n | \n\n Functional\ncurrency \n | \n||||
| \n \u00a0 \n | \n\n EUR \n | \n\n EUR \n | \n||||
| \n \u00a0 \n | \n\n HUF \n | \n\n LYD \n | \n\n CZK \n | \n\n HUF \n | \n\n LYD \n | \n\n CZK \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Group \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Assets: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Loans and\nreceivables: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Trade\nreceivables \n | \n\n 1,004 \n | \n\n 1,197 \n | \n\n 4 \n | \n\n 1,256 \n | \n\n 1,691 \n | \n\n 23 \n | \n
| \n \u00a0 Other\nreceivables \n | \n\n 313 \n | \n\n 995 \n | \n\n - \n | \n\n 300 \n | \n\n (221) \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Liabilities: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Trade\npayables \n | \n\n (381) \n | \n\n (424) \n | \n\n (11) \n | \n\n (341) \n | \n\n (604) \n | \n\n (66) \n | \n
| \n Other\npayables \n | \n\n (2,333) \n | \n\n (798) \n | \n\n (145) \n | \n\n (2,605) \n | \n\n (767) \n | \n\n (148) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net\nexposure \n | \n\n (1,397) \n | \n\n 970 \n | \n\n (152) \n | \n\n (1,390) \n | \n\n 99 \n | \n\n (191) \n | \n
\u00a0
\nIHI Benelux is exposed\nto other financial liabilities and other payables due to Group\ncompanies which are eliminated on consolidation.\u00a0 These\nbalances amounting to \u20ac82.3 million (2024: \u20ac89 million)\nand \u20ac37 million (2024: \u20ac33.4 million) respectively, are\nconsidered part of the Group\u2019s net investment in the foreign\noperation.\u00a0 Accordingly, any foreign exchange differences with\nrespect to these balances, which at IHI Benelux standalone level\nare recognised in profit or loss, were reclassified to other\ncomprehensive income on consolidation.
\n\u00a0
\nAt 31 December 2025,\nif the euro had weakened/strengthened by 10% (2024: 10%) against\nthe Rouble with all other variables held constant, the\nGroup\u2019s equity would have been \u20ac13.3 million\nlower/\u20ac13.3 million higher (2024: \u20ac13.6 million\nlower/\u20ac13.6 million higher) as a result of foreign exchange\nlosses/gains recognised in other comprehensive income on\ntranslation of the euro denominated payables.
\n\u00a0
\nManagement has\nreassessed the functional currency of its Russian subsidiaries and\nconcluded that the Rouble remains appropriate, as revenues,\noperating costs and financing remain predominantly denominated in\nRouble.
\n\u00a0
\nManagement does not\nconsider foreign currency risk attributable to recognised assets\nand liabilities arising from transactions denominated in foreign\ncurrencies where the respective entities\u2019 functional currency\nis/was the euro, presented within the tables above, to be\nsignificant. Accordingly, a sensitivity analysis for foreign\ncurrency risk disclosing how profit or loss and equity would have\nbeen affected by changes in foreign exchange rates that were\nreasonably possible at the end of the reporting period is not\ndeemed necessary.
\n\u00a0
\nIn respect of monetary\nassets and liabilities denominated in foreign currencies, the Group\nstrives to manage its net exposure within acceptable parameters by\nbuying or selling foreign currencies at spot rates, when necessary,\nto address short-term mismatches.
\n\u00a0
\nBorrowings required to\nfund certain operations are generally denominated in currencies\nthat match the cash flows generated by the respective operations of\nthe Group so as to provide an economic hedge.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nInterest rate risk
\n\u00a0
\nThe Group is exposed\nto changes in market interest rates principally through bank\nborrowings and related party loans taken out at variable interest\nrates.\u00a0 The interest rate profile of the Group\u2019s\ninterest-bearing financial instruments at the reporting dates was\nas follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Fixed rate\ninstruments \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nassets: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Parent company loan and\nother loans receivable \n | \n\n 68 \n | \n\n 6,482 \n | \n\n 46,535 \n | \n\n 59,275 \n | \n
| \n Assets placed under\ntrust arrangement \n | \n\n 77 \n | \n\n 77 \n | \n\n 77 \n | \n\n 77 \n | \n
| \n Financial\nliabilities: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Bonds \n | \n\n (287,931) \n | \n\n (298,228) \n | \n\n (287,931) \n | \n\n (298,228) \n | \n
| \n Parent company loan and\nother financial liabilities \n | \n\n (15,813) \n | \n\n (33,224) \n | \n\n (14,484) \n | \n\n (11,204) \n | \n
| \n \u00a0 \n | \n\n (303,599) \n | \n\n (324,893) \n | \n\n (255,803) \n | \n\n (250,080) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Variable rate\ninstruments \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nassets: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0Loans to related\ncompany \n | \n\n - \n | \n\n - \n | \n\n 91,994 \n | \n\n 102,741 \n | \n
| \n Financial\nliabilities: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank\nborrowings \n | \n\n (460,637) \n | \n\n (423,520) \n | \n\n (78,701) \n | \n\n (73,455) \n | \n
| \n Other financial\nliabilities \n | \n\n - \n | \n\n - \n | \n\n (28,813) \n | \n\n (36,223) \n | \n
| \n \u00a0 \n | \n\n (460,637) \n | \n\n (423,520) \n | \n\n (15,520) \n | \n\n (6,937) \n | \n
\u00a0
\nThe Group manages its\nexposure to changes in cash flows in relation to interest rates on\ninterest-bearing borrowings due by the parent company and its\nsubsidiaries, by entering into financial arrangements that are\nbased on fixed rates on interest whenever practicable.\u00a0 The\nGroup is exposed to fair value interest rate risk on its financial\nassets and liabilities bearing fixed rates of interest, but with\nthe exception to the investments in bond securities, which are\nmeasured at fair value, all the other instruments are measured at\namortised cost and accordingly a shift in interest rates would not\nhave an impact on profit or loss or total comprehensive income.\nManagement does not consider a reasonable shift in interest will\nhave a significant impact on the Group\u2019s and Company\u2019s\nequity and post tax profit as a result of a change in the fair\nvalue of its investments in bond securities.\u00a0
\n\u00a0
\nThe Group\u2019s\ninterest rate risk principally arises from bank borrowings issued\nat variable rates, which expose the Group to cash flow interest\nrate risk.\u00a0 Floating interest rates on these financial\ninstruments are linked to reference rates such as Euribor or the\nrespective banker\u2019s base rate.\u00a0 Management monitors the\nimpact of changes in market interest rates on amounts reported in\nprofit or loss in respect of these instruments taking into\nconsideration refinancing and hedging techniques.
\n\u00a0
\nAt 31 December, if\ninterest rates had been 100 basis points (2024: 100 basis points)\nhigher/lower with all other variables held constant, post-tax\nprofit for the year for the Group would have been \u20ac4.6 million\n(2024: \u20ac3.94 million) lower/higher as a result of higher/lower\nnet interest expense. \u00a0
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nPrice risk
\n\u00a0
\nThe Group\u2019s\nexposure to equity securities price risk arises from its\ninvestments in equities, funds and mutual funds, which are\nclassified in the statement of financial position as financial\nassets at fair value through profit or loss.\u00a0 As at 31\nDecember 2025, the carrying amount of these investments amounted to\n\u20ac3.4 million (2024: \u20ac3.4 million).\u00a0
\n\u00a0
\nNo investments are\npublicly traded.\u00a0 Management does not consider that a\nreasonable shift in indexes will have a significant impact on the\nGroup\u2019s equity and post-tax profit. Accordingly, a\nsensitivity analysis disclosing how profit or loss and equity would\nhave been affected by changes in indexes that were reasonably\npossible at the end of the reporting period is not deemed\nnecessary.
\n\u00a0
\nIn addition to the\nabove, the Group holds a 13% investment in a private equity that\nwas purchased in 2019.\u00a0As at year-end, management do not\nconsider that reasonable movements in market prices will impact the\nfair value of this investments materially.
\n\u00a0
\nFinancial assets at\nfair value through profit or loss
\n\u00a0
\nThe Group is also\ndirectly and indirectly exposed to credit risk in relation to\nunlisted equity securities that are measured at fair value through\nprofit or loss.\u00a0 The maximum exposure at the end of the\nreporting period is the carrying amount of these investments which\namounted to \u20ac3.4 million (2024: \u20ac3.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pB6iDBAw1N": { "value": "\u00a0
\nMarket risk is the\nrisk that changes in market prices, such as foreign exchange rates\nand interest rates, and quoted prices, will affect the\nGroup\u2019s income or financial position.\u00a0 The objective of\nthe Group\u2019s market risk management is to manage and control\nmarket risk exposures within acceptable parameters, while\noptimising the return on risk.
\n\u00a0
\n(i)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nForeign currency risk
\n\u00a0
\nForeign currency risk\narises from future commercial transactions and recognised assets\nand liabilities which are denominated in a currency that is not the\nrespective entity\u2019s functional currency, which would be\nconsidered a foreign currency from the entity\u2019s\nperspective.
\n\u00a0
\nAll Group entities\nhave euro as their functional currency with the exception of IHI\nBenelux BV and IHI St. Petersburg LLC, with Russian Rouble as their\nfunctional currency, the entities within the NLI Group, with the\npound sterling as their functional currency, Libya Hotels\nDevelopment and Investment JSC, with Libyan dinars as its\nfunctional currency and CHL Surrey Inc. and BH Hotel tenant LLC\nwith the US dollar as its functional currency.\u00a0 IHI St.\nPetersburg LLC is exposed to foreign currency risk mainly with\nrespect to a portion of revenue and purchases, which are\ndenominated in euro, and all the entity\u2019s borrowings which\nare also denominated in euro.
\n\u00a0
\nThe Group operates\ninternationally and is exposed to currency risk on sales, purchases\nand borrowings that are denominated in a currency other than the\nfunctional currency of Group entities, the euro.
\n\u00a0
\nThe Group has\noperations in Russia, Hungary, Czech Republic, United Kingdom,\nUnited States and Libya and has subsidiaries domiciled in those\nterritories.\u00a0 These entities are exposed to foreign currency\nin respect of a portion of their respected revenue and purchases\nwhich are denominated in foreign currencies.
\n\u00a0
\nThe Group\u2019s and\nCompany\u2019s main risk exposure reflecting the carrying amount\nof receivables and payables denominated in foreign currencies at\nthe end of the reporting period analysed by the functional currency\nof the respective entity or entities, were as follows:
\n\u00a0
\n| \n The\nGroup \n | \n\n 2025 \n | \n\n 2024 \n | \n||||
| \n \u00a0 \n | \n\n Functional\ncurrency \n | \n\n Functional\ncurrency \n | \n||||
| \n \u00a0 \n | \n\n EUR \n | \n\n EUR \n | \n||||
| \n \u00a0 \n | \n\n HUF \n | \n\n LYD \n | \n\n CZK \n | \n\n HUF \n | \n\n LYD \n | \n\n CZK \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n Group \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Assets: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Loans and\nreceivables: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Trade\nreceivables \n | \n\n 1,004 \n | \n\n 1,197 \n | \n\n 4 \n | \n\n 1,256 \n | \n\n 1,691 \n | \n\n 23 \n | \n
| \n \u00a0 Other\nreceivables \n | \n\n 313 \n | \n\n 995 \n | \n\n - \n | \n\n 300 \n | \n\n (221) \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Liabilities: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Trade\npayables \n | \n\n (381) \n | \n\n (424) \n | \n\n (11) \n | \n\n (341) \n | \n\n (604) \n | \n\n (66) \n | \n
| \n Other\npayables \n | \n\n (2,333) \n | \n\n (798) \n | \n\n (145) \n | \n\n (2,605) \n | \n\n (767) \n | \n\n (148) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net\nexposure \n | \n\n (1,397) \n | \n\n 970 \n | \n\n (152) \n | \n\n (1,390) \n | \n\n 99 \n | \n\n (191) \n | \n
\u00a0
\nIHI Benelux is exposed\nto other financial liabilities and other payables due to Group\ncompanies which are eliminated on consolidation.\u00a0 These\nbalances amounting to \u20ac82.3 million (2024: \u20ac89 million)\nand \u20ac37 million (2024: \u20ac33.4 million) respectively, are\nconsidered part of the Group\u2019s net investment in the foreign\noperation.\u00a0 Accordingly, any foreign exchange differences with\nrespect to these balances, which at IHI Benelux standalone level\nare recognised in profit or loss, were reclassified to other\ncomprehensive income on consolidation.
\n\u00a0
\nAt 31 December 2025,\nif the euro had weakened/strengthened by 10% (2024: 10%) against\nthe Rouble with all other variables held constant, the\nGroup\u2019s equity would have been \u20ac13.3 million\nlower/\u20ac13.3 million higher (2024: \u20ac13.6 million\nlower/\u20ac13.6 million higher) as a result of foreign exchange\nlosses/gains recognised in other comprehensive income on\ntranslation of the euro denominated payables.
\n\u00a0
\nManagement has\nreassessed the functional currency of its Russian subsidiaries and\nconcluded that the Rouble remains appropriate, as revenues,\noperating costs and financing remain predominantly denominated in\nRouble.
\n\u00a0
\nManagement does not\nconsider foreign currency risk attributable to recognised assets\nand liabilities arising from transactions denominated in foreign\ncurrencies where the respective entities\u2019 functional currency\nis/was the euro, presented within the tables above, to be\nsignificant. Accordingly, a sensitivity analysis for foreign\ncurrency risk disclosing how profit or loss and equity would have\nbeen affected by changes in foreign exchange rates that were\nreasonably possible at the end of the reporting period is not\ndeemed necessary.
\n\u00a0
\nIn respect of monetary\nassets and liabilities denominated in foreign currencies, the Group\nstrives to manage its net exposure within acceptable parameters by\nbuying or selling foreign currencies at spot rates, when necessary,\nto address short-term mismatches.
\n\u00a0
\nBorrowings required to\nfund certain operations are generally denominated in currencies\nthat match the cash flows generated by the respective operations of\nthe Group so as to provide an economic hedge.
\n\u00a0
\n(ii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nInterest rate risk
\n\u00a0
\nThe Group is exposed\nto changes in market interest rates principally through bank\nborrowings and related party loans taken out at variable interest\nrates.\u00a0 The interest rate profile of the Group\u2019s\ninterest-bearing financial instruments at the reporting dates was\nas follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Fixed rate\ninstruments \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nassets: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Parent company loan and\nother loans receivable \n | \n\n 68 \n | \n\n 6,482 \n | \n\n 46,535 \n | \n\n 59,275 \n | \n
| \n Assets placed under\ntrust arrangement \n | \n\n 77 \n | \n\n 77 \n | \n\n 77 \n | \n\n 77 \n | \n
| \n Financial\nliabilities: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Bonds \n | \n\n (287,931) \n | \n\n (298,228) \n | \n\n (287,931) \n | \n\n (298,228) \n | \n
| \n Parent company loan and\nother financial liabilities \n | \n\n (15,813) \n | \n\n (33,224) \n | \n\n (14,484) \n | \n\n (11,204) \n | \n
| \n \u00a0 \n | \n\n (303,599) \n | \n\n (324,893) \n | \n\n (255,803) \n | \n\n (250,080) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Variable rate\ninstruments \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nassets: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0Loans to related\ncompany \n | \n\n - \n | \n\n - \n | \n\n 91,994 \n | \n\n 102,741 \n | \n
| \n Financial\nliabilities: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank\nborrowings \n | \n\n (460,637) \n | \n\n (423,520) \n | \n\n (78,701) \n | \n\n (73,455) \n | \n
| \n Other financial\nliabilities \n | \n\n - \n | \n\n - \n | \n\n (28,813) \n | \n\n (36,223) \n | \n
| \n \u00a0 \n | \n\n (460,637) \n | \n\n (423,520) \n | \n\n (15,520) \n | \n\n (6,937) \n | \n
\u00a0
\nThe Group manages its\nexposure to changes in cash flows in relation to interest rates on\ninterest-bearing borrowings due by the parent company and its\nsubsidiaries, by entering into financial arrangements that are\nbased on fixed rates on interest whenever practicable.\u00a0 The\nGroup is exposed to fair value interest rate risk on its financial\nassets and liabilities bearing fixed rates of interest, but with\nthe exception to the investments in bond securities, which are\nmeasured at fair value, all the other instruments are measured at\namortised cost and accordingly a shift in interest rates would not\nhave an impact on profit or loss or total comprehensive income.\nManagement does not consider a reasonable shift in interest will\nhave a significant impact on the Group\u2019s and Company\u2019s\nequity and post tax profit as a result of a change in the fair\nvalue of its investments in bond securities.\u00a0
\n\u00a0
\nThe Group\u2019s\ninterest rate risk principally arises from bank borrowings issued\nat variable rates, which expose the Group to cash flow interest\nrate risk.\u00a0 Floating interest rates on these financial\ninstruments are linked to reference rates such as Euribor or the\nrespective banker\u2019s base rate.\u00a0 Management monitors the\nimpact of changes in market interest rates on amounts reported in\nprofit or loss in respect of these instruments taking into\nconsideration refinancing and hedging techniques.
\n\u00a0
\nAt 31 December, if\ninterest rates had been 100 basis points (2024: 100 basis points)\nhigher/lower with all other variables held constant, post-tax\nprofit for the year for the Group would have been \u20ac4.6 million\n(2024: \u20ac3.94 million) lower/higher as a result of higher/lower\nnet interest expense. \u00a0
\n\u00a0
\n(iii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nPrice risk
\n\u00a0
\nThe Group\u2019s\nexposure to equity securities price risk arises from its\ninvestments in equities, funds and mutual funds, which are\nclassified in the statement of financial position as financial\nassets at fair value through profit or loss.\u00a0 As at 31\nDecember 2025, the carrying amount of these investments amounted to\n\u20ac3.4 million (2024: \u20ac3.4 million).\u00a0
\n\u00a0
\nNo investments are\npublicly traded.\u00a0 Management does not consider that a\nreasonable shift in indexes will have a significant impact on the\nGroup\u2019s equity and post-tax profit. Accordingly, a\nsensitivity analysis disclosing how profit or loss and equity would\nhave been affected by changes in indexes that were reasonably\npossible at the end of the reporting period is not deemed\nnecessary.
\n\u00a0
\nIn addition to the\nabove, the Group holds a 13% investment in a private equity that\nwas purchased in 2019.\u00a0As at year-end, management do not\nconsider that reasonable movements in market prices will impact the\nfair value of this investments materially.
\n\u00a0
\nFinancial assets at\nfair value through profit or loss
\n\u00a0
\nThe Group is also\ndirectly and indirectly exposed to credit risk in relation to\nunlisted equity securities that are measured at fair value through\nprofit or loss.\u00a0 The maximum exposure at the end of the\nreporting period is the carrying amount of these investments which\namounted to \u20ac3.4 million (2024: \u20ac3.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "xk31BNsyqm": { "value": "\u00a0
\nThe following table\npresents financial assets and liabilities measured at fair value in\nthe statement of financial position in accordance with the fair\nvalue hierarchy.\u00a0 This hierarchy groups financial assets and\nliabilities into three levels based on the significance of inputs\nused in measuring the fair value of the financial assets and\nliabilities.\u00a0 The fair value hierarchy has the following\nlevels:
\n\u00a0
\n| \n \u2022 \n | \n\n Level 1: based on\nquoted prices (unadjusted) in active markets for identical assets\nor liabilities; \n | \n
| \n \u2022 \n | \n\n Level 2: based on\ninformation other than quoted prices included within Level 1 that\nare observable for the asset or liability, either directly (i.e. as\nprices) or indirectly (i.e. derived from prices); and \n | \n
| \n \u2022 \n | \n\n Level 3: information\nfor the asset or liability that is not based on observable market\ndata (unobservable inputs). \n | \n
\u00a0
\nThe level within which\nthe financial asset or liability is classified is determined based\non the lowest level of significant input to the fair value\nmeasurement.
\n\u00a0
\nThe key financial\nassets and liabilities measured at fair value in the statement of\nfinancial position are grouped into the fair value hierarchy as\nfollows:
\n\u00a0
\n| \n The\nGroup \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Level\n3 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Investments in unlisted\nequities measured at fair value through profit or loss \n | \n\n 3,386 \n | \n\n 3,411 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n The\nCompany \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Level\n3 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Investments in\nsubsidiaries (a) \n | \n\n 1,010,483 \n | \n\n 969,301 \n | \n
| \n Investments in\nassociates and joint ventures (b) \n | \n\n 4,469 \n | \n\n 5,207 \n | \n
\u00a0
\nMeasurement of fair\nvalue
\n\u00a0\u00a0
\nInvestments in\nunlisted equity securities, categorised as Level 3 instruments in\nview of their unlisted nature comprise the acquisition during 2019\nof minority stakes in Global Hotel Alliance. In the opinion of the\ndirectors, as at year-end, the fair value of these investments is\nbest represented by the Group\u2019s acquisition price, or the\nshare of adjusted net asset value.
\n\u00a0
\nMovements in these\ninvestments are portrayed in the table below:
\n\u00a0
\n| \n The\nGroup \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n Level\n3 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n 3,411 \n | \n\n 3,411 \n | \n
| \n Disposal \n | \n\n (25) \n | \n\n - \n | \n
| \n At 31\nDecember \n | \n\n 3,386 \n | \n\n 3,411 \n | \n
\u00a0
\nIn 2025 the 10%\nholding in Moscow project was sold. There have been no transfers of\nfinancial assets between the different level of the fair value\nhierarchy.
\n\u00a0
\n\u00a0\u00a0
\nThe table below\nprovides information about the fair values of the Group's and the\nCompany's non-current financial instruments which are not measured\nat fair value and which bear interest at a fixed rate. For\nfinancial instruments bearing interest at floating rates,\nmanagement is of the opinion that the fair values are not\nsignificantly different from the carrying value since the interest\non these instruments already reflect the current market rates and\ncounterparty risk has not significantly changed.\u00a0\u00a0\n\u00a0
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n Level\n1 \n | \n\n Level\n3 \n | \n||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other financial assets\nat amortised cost \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 5,724 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bonds \n | \n\n 281,892 \n | \n\n 299,211 \n | \n\n - \n | \n\n - \n | \n
| \n Other financial\nliabilities \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 8,185 \n | \n
| \n \u00a0 \n | \n\n 281,892 \n | \n\n 299,211 \n | \n\n - \n | \n\n 8,185 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n The\nCompany \n | \n|||
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n Level\n1 \n | \n\n Level\n3 \n | \n||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Loans receivable bearing\nfixed interest rates \n | \n\n - \n | \n\n - \n | \n\n 43,067 \n | \n\n 50,950 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bonds \n | \n\n 281,892 \n | \n\n 299,211 \n | \n\n - \n | \n\n - \n | \n
| \n Other financial\nliabilities \n | \n\n - \n | \n\n - \n | \n\n 12,229 \n | \n\n 10,122 \n | \n
| \n \u00a0 \n | \n\n 281,892 \n | \n\n 299,211 \n | \n\n 12,229 \n | \n\n 10,122 \n | \n
\u00a0
\nThe bonds are\nclassified as Level 1 hierarchy since they are listed in an active\nmarket and the fair values are determined based on the market price\nat the reporting date.
\n\u00a0
\nThe fair values of the\nfinancial assets and financial liabilities classified as Level 3\nhierarchy during 2025 were calculated based on a cash flow\ndiscounted using the current lending rate for similar instruments\nat the reporting date. They are classified as Level 3 hierarchy due\nto the use of unobservable inputs including counterparty risk.\nManagement considers the carrying amounts of these instruments for\nthe comparative period presented to be a reasonable estimate of\ntheir fair values due to insignificant changes in the interest\nrates and counterparty risks.
\n\u00a0
\nThe directors consider\nthe carrying amount of the trade and other receivables, assets\nplaced under trust arrangement and trade and other payables to be a\nreasonable estimate of their fair value principally in view of the\nrelatively short periods to repricing or maturity from the end of\nthe reporting periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "r1mLp2SIGQ": { "value": "\u00a0
\nThe following table\npresents financial assets and liabilities measured at fair value in\nthe statement of financial position in accordance with the fair\nvalue hierarchy.\u00a0 This hierarchy groups financial assets and\nliabilities into three levels based on the significance of inputs\nused in measuring the fair value of the financial assets and\nliabilities.\u00a0 The fair value hierarchy has the following\nlevels:
\n\u00a0
\n| \n \u2022 \n | \n\n Level 1: based on\nquoted prices (unadjusted) in active markets for identical assets\nor liabilities; \n | \n
| \n \u2022 \n | \n\n Level 2: based on\ninformation other than quoted prices included within Level 1 that\nare observable for the asset or liability, either directly (i.e. as\nprices) or indirectly (i.e. derived from prices); and \n | \n
| \n \u2022 \n | \n\n Level 3: information\nfor the asset or liability that is not based on observable market\ndata (unobservable inputs). \n | \n
\u00a0
\nThe level within which\nthe financial asset or liability is classified is determined based\non the lowest level of significant input to the fair value\nmeasurement.
\n\u00a0
\nThe key financial\nassets and liabilities measured at fair value in the statement of\nfinancial position are grouped into the fair value hierarchy as\nfollows:
\n\u00a0
\n| \n The\nGroup \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Level\n3 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Investments in unlisted\nequities measured at fair value through profit or loss \n | \n\n 3,386 \n | \n\n 3,411 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n The\nCompany \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Level\n3 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Investments in\nsubsidiaries (a) \n | \n\n 1,010,483 \n | \n\n 969,301 \n | \n
| \n Investments in\nassociates and joint ventures (b) \n | \n\n 4,469 \n | \n\n 5,207 \n | \n
\u00a0
\nMeasurement of fair\nvalue
\n\u00a0\u00a0
\nInvestments in\nunlisted equity securities, categorised as Level 3 instruments in\nview of their unlisted nature comprise the acquisition during 2019\nof minority stakes in Global Hotel Alliance. In the opinion of the\ndirectors, as at year-end, the fair value of these investments is\nbest represented by the Group\u2019s acquisition price, or the\nshare of adjusted net asset value.
\n\u00a0
\nMovements in these\ninvestments are portrayed in the table below:
\n\u00a0
\n| \n The\nGroup \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac\u2019000 \n | \n\n \u20ac\u2019000 \n | \n
| \n \u00a0 \n | \n\n Level\n3 \n | \n|
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 1 January \n | \n\n 3,411 \n | \n\n 3,411 \n | \n
| \n Disposal \n | \n\n (25) \n | \n\n - \n | \n
| \n At 31\nDecember \n | \n\n 3,386 \n | \n\n 3,411 \n | \n
\u00a0
\nIn 2025 the 10%\nholding in Moscow project was sold. There have been no transfers of\nfinancial assets between the different level of the fair value\nhierarchy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ZXc60PLVkZ": { "value": " 42.\u00a0\u00a0\u00a0\u00a0 Ultimate controlling\nparty\n\u00a0\nThe Group\u2019s\nultimate parent company is CPHCL Company Limited, the registered\noffice of which is\n22, Europa Centre, Floriana FRN 1400, Malta.\n\u00a0\nCPHCL Company Limited\nprepares the consolidated financial statements of the Group of\nwhich IHI and its subsidiaries form part.\u00a0 These financial\nstatements are filed and are available for public inspection at the\nRegistry of Companies in Malta.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "cfTTwn5oe3": { "value": "\u00a0
\nSale of\nLisbon property
\nIn 2024, the Group had\ngone to market and was considering offers for the sale of the\nCorinthia Hotel Lisbon. Subsequently, on the 31 st\nDecember 2024, this property was reclassified from property, plant\nand equipment to assets held for sale.
\nOn 1 st\nApril 2026 the Group concluded the sale of the Corinthia Lisbon,\nvaluing the hotel and its operating business at \u20ac150 million\nto a joint venture in which IHI has acquired a 28% shareholding. In\naddition, the Group will continue to operate the Corinthia Hotel\nLisbon through a hotel management agreement with Corinthia hotels,\nits hotel operating arm. Concurrently, the bank loan secured on the\nLisbon property was settled in full.
\nThe operating results\nrelating to the disposed asset will be presented as a discontinued\noperation in the financial statement for the year ending 31\nst December 2026.
\nAcquisition of 25% Equity interest in Mediterranean\nInvestment Holdings Limited
\nSubsequent to the\nreporting date, the Group entered into a share purchase agreement\nto acquire a 25% equity interest in Mediterranean Investment\nHoldings Limited for a total consideration of \u20ac37 million.\nsubject to customary closing conditions.
\nPursuant to the\nagreement, the Group has paid a 10% advance deposit which will be\nadjusted against the purchase consideration upon completion of the\ntransaction. The acquisition is expected to be completed by the end\nof June 2026. Upon acquisition, the investment will be accounted\nfor using the equity method.
\nGeopolitical developments affecting the Middle\nEast
\nOn 28 th\nFebruary 2026, the United States and Israel launched airstrikes on\nIran, leading Iran to respond by further missile and drone strikes\nagainst Israel, US bases and US-allied countries in the Middle\nEast. The conflict led to flight disruptions in the Middle East,\ntravel advisories and increases in oil prices. None of the\nGroup\u2019s existing operating hotels are located in the affected\nareas. These developments may however indirectly affect\ninternational travel patterns and increase operating cost\npressures. Given the uncertainty surrounding the situation and its\npotential impact on tourism and cost levels, it is difficult at\nthis stage to reliably estimate the financial effect of these\nevents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900LVB0R279MUX376", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }