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Material accounting policy information The material accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 1.1 Basis of preparation These consolidated financial statements include the financial statements of PG p.l.c. and its subsidiaries. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the requirements of the Maltese Companies Act, 1995. They have been prepared under the historical cost convention, as modified by the fair valuation of the land and buildings category within property, plant and equipment and investment property, and except as disclosed in the accounting policies below. Unless otherwise stated, all financial information presented has been rounded to the nearest thousand. The preparation of financial statements in conformity with IFRSs as adopted by the EU requires the use of certain accounting estimates. It also requires the directors to exercise their judgement in the process of applying the group\u2019s accounting policies (see note 3 \u2013 Critical accounting estimates and judgements). The group reported a net current liability position of \u20ac35,788,000 as at 30 April 2026 (2025: \u20ac24,498,000). This is attributable in a large part from supplier credit being extended to it in excess of its own investment in working capital. Furthermore, during the year cash outflows for investing activities amounting to \u20ac24,994,000 were financed from the group\u2019s own working capital. The group maintains a healthy relationship with its suppliers and care is taken to respect agreed credit terms. Prudence is exercised in cash management to ensure that the group maintains at any point in time a material liquidity buffer in terms of available unutilised facilities amounting to \u20ac36,940,000. Accordingly, board of directors has concluded that it is appropriate to prepare these financial statements on a going concern basis. Standards, interpretations and amendments to published standards effective in 2026 In 2025, the group and company have adopted new standards, amendments and interpretations to existing standards that are mandatory for the group\u2019s and company\u2019s accounting period beginning on 1 May 2025. The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in substantial changes to the company\u2019s accounting policies impacting financial performance and position. New standards and interpretations not yet adopted\u202f\u202f Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements but are not yet effective for the Group\u2019s current accounting period.\u202f\u202f The Group has not early adopted these revisions to the requirements of IFRSs as adopted by the EU, and the Directors are of the opinion that there are no requirements which will have a material impact on the Group\u2019s financial statements in the period of initial application, other than what is described below. 1.1 Basis of preparation - continued (a) Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (effective for annual periods beginning on or after 1 January 2026) On 30 May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 and to include new requirements not only for financial institutions but also for corporate entities. These amendments: \u2022 clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; \u2022 clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; \u2022 add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and \u2022 update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). The group and company do not expect these amendments to have a material impact on its operations or financial statements. (b) IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective for annual periods beginning on or after 1 January 2027) IFRS 18 (issued on 9 April 2024) was endorsed for use in the European Union on 16 February 2026 and is set to replace IAS 1 Presentation of Financial Statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, particularly those related to the statement of financial performance. IFRS 18 will also require the disclosure of management-defined performance measures within the financial statements.\u202f\u202f Management is currently assessing the implications of applying IFRS 18 on the Group and Company\u2019s financial statements.\u202f\u202f The new standard will be applicable from its mandatory effective date of 1 January 2027, with retrospective application, meaning that comparative information will be restated to reflect the new presentation and disclosure requirements introduced. 1.2 Consolidation (a) Subsidiaries Subsidiaries are all entities over which the group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-consolidated from the date that control ceases. The group uses the acquisition method of accounting to account for business combinations except as disclosed in note 1.4. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss. Inter-company transactions, balances and unrealised gains on transactions between entities forming part of group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. A listing of the subsidiaries is set out in note 36 to the financial statements. (b) Associates Associates are all entities over which the group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. In the consolidated financial statements, investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of profit or loss and other comprehensive income of the investee after the date on which significant influence is acquired. The group\u2019s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss. The group\u2019s share of its associates\u2019 post-acquisition profits or losses is recognised in the income statement, and its share of post-acquisition movements is recognised in the Statement of comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the group. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate. 1.2 Consolidation - continued (b) Associates - continued Dilution gains and losses arising in investments in associates are recognised in profit or loss. A listing of the associates is set out in note 36 to the financial statements. 1.3 Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The financial statements are presented in Euro (\u20ac), which is the company\u2019s and the group\u2019s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. 1.4 Business combinations involving entities under common control Business combinations involving entities under common control are transactions in which all of the combining entities are controlled by the same party or parties before and after the transaction and that control is not transitory. The key feature of a transaction among entities under common control is that there is no change in the ultimate control of the combining entities as a result of the transaction. Control could be exercised by a group of individuals that are all part of the same close family group when they have the collective power to govern the financial and operating policies of the entity. The group has chosen to apply the pooling of interests method to account for transactions involving entities under common control. The group accounts for business combinations involving entities under common control by recording: a) the transaction as if it had taken place at the beginning of the earliest period presented; b) the assets and liabilities of the acquired entity using predecessor book values from the consolidated financial statements of the controlling party, and c) the difference between the consideration given and the aggregate book value of the assets and liabilities of the acquired entity as an adjustment to equity. When the controlling party does not prepare financial statements, the book values from the financial statements of the acquired entity are used. 1.5 Property, plant and equipment All property, plant and equipment is initially recorded at historical cost. Land and buildings, are shown at fair value based on periodic valuations by valuers, less subsequent depreciation for buildings. Valuations are carried out on a regular basis such that the carrying amount of property does not differ materially from that which would be determined using fair values at the end of the reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is restated to the revalued amount of the asset. All other property, plant and equipment is stated at historical cost less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Increases in the carrying amount arising on revaluation of land and buildings are credited to other comprehensive income and shown in valuation reserves in shareholders\u2019 equity. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the valuation reserves directly in equity; all other decreases are charged to profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset charged to profit or loss and depreciation based on the asset\u2019s original cost is transferred from the valuation reserves to retained earnings. Land is not depreciated as it is deemed to have an indefinite life. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives as follows:
%
Buildings 1 - 2
Improvements to premises3 - 10
Furniture and fittings10 - 25
Plant, machinery and equipment6.67 - 25
Motor vehicles20
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. In particular, the group assesses on a periodic basis the economic useful lives of integral and movable assets directly related to the retailing and fashion sector. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (note 1.7). Gains and losses on disposals are determined by comparing the proceeds with carrying amount and are recognised in profit or loss. When revalued assets are sold, the amounts included in the valuation reserves relating to the assets are transferred to retained earnings. 1.6 Investment property Investment property is held for long-term rental yields or for capital appreciation or both, and is not presently occupied by entities forming part of the group. Investment property comprises freehold land and buildings. Investment property is measured initially at its historical cost, including related transaction costs and borrowing costs. Historical cost includes expenditure that is directly attributable to the acquisition of the items. After initial recognition, investment property is carried at fair value, representing open market value determined annually. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If this information is not available, the group uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. These valuations are reviewed periodically by the group\u2019s directors, after taking into consideration valuations prepared by external professional valuers. Investment property that is being redeveloped for continuing use as investment property or for which the market has become less active continues to be measured at fair value. Fair value measurement on property under construction is only applied if the fair value is considered to be reliably measurable. The fair value of investment property reflects, among other factors, the value of similar properties in the local market. The fair value also reflects, on a similar basis, any cash outflows that could be expected in respect of the property. Subsequent expenditure is capitalised to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to profit or loss during the financial period in which they are incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised. The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure other than those a rational market participant would take into account when determining the value of the property. Changes in fair values are recognised in profit or loss. Investment properties are derecognised either when they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. If an investment property becomes owner-occupied, it is reclassified as property, plant and equipment. Its fair value at the date of the reclassification becomes its cost for subsequent accounting purposes. When the group decides to dispose of an investment property without development, the group continues to treat the property as an investment property. Similarly, if the group begins to redevelop an existing investment property for continued future use as investment property, it remains an investment property during the redevelopment. If an item of property, plant and equipment becomes an investment property because its use has changed, any difference resulting between the carrying amount and the fair value of this item at the date of transfer is treated in the same way as a revaluation under IAS 16. Any resulting increase in the carrying amount of the property is recognised in profit or loss to the extent that it reverses a previous impairment loss; with any remaining increase recognised in other comprehensive income, directly to revaluation surplus within equity. Any resulting decrease in the carrying amount of the property is initially charged to other comprehensive income against any previously recognised revaluation surplus, with any remaining decrease charged to profit or loss. Upon the disposal of such investment property, any surplus previously recorded in equity is transferred to retained earnings; the transfer is not made through profit or loss1.6 Investment property - continued Where an investment property undergoes a change in use, evidenced by commencement of development with a view to sale, the property is transferred to inventories. A property\u2019s deemed cost for subsequent accounting as inventories is its fair value at the date of change in use. 1.7 Impairment of non-financial assets Assets that have an indefinite useful life, for example goodwill, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. 1.8 Investments in subsidiaries and associates In the company\u2019s separate financial statements, investments in subsidiaries and associates are accounted for by the cost method of accounting, that is, at cost less impairment. Provisions are recorded where, in the opinion of the directors, there is an impairment in value. Where there has been an impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. The company gathers objective evidence that an investment is impaired using the same process disclosed in note 1.9.3. The results of associates are reflected in the company\u2019s separate financial statements only to the extent of dividends receivable. On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to profit or loss. Loans for which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, an extension of the company's investment in that subsidiary. Loans to subsidiaries for which settlement is planned are classified as loans and receivables in accordance with the requirements of IFRS 9. 1.9 Financial assets The group classifies its financial assets in the following measurement categories: - those to be measured subsequently at fair value through OCI, and - those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The group reclassifies debt investments when and only when its business model for managing those assets changes. 1.9.1 Recognition and derecognition The group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. 1.9.2 Measurement At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset. Debt instruments Subsequent measurement of debt instruments depends on the group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The group\u2019s debt instruments comprise trade receivables arising from contracts with customers and investments in debt instruments, namely corporate bonds. The group subsequently measures trade receivables and debt instruments at amortised cost since these assets are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other income/(expenses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. The accounting policy pertaining to measures of trade receivable (excluding impairment) is disclosed in note 1.10. Equity instruments The group subsequently measures all equity investments at fair value. The group\u2019s management has elected to present fair value gains and losses on equity investments in OCI and therefore there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the group\u2019s right to receive payments is established. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. 1.9.3 Impairment The group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see note 2.1 for further detail1.10 Trade and other receivables Trade receivables comprise amounts due from customers for goods sold or services performed and rendered in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less expected credit loss allowance (note 1.9.3). The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in profit or loss within administrative expenses. When a receivable is uncollectible, it is written off against the allowance account for trade and other receivables. Subsequent recoveries of amounts previously written off are credited against profit or loss. 1.11 Inventories Goods held for resale Inventories are stated at the lower of cost and net realisable value. Cost is determined on a weighted average basis. The cost of inventories comprises the invoiced value of goods, and, in general, cost also includes freight charges. Net realisable value is the estimate of the selling price in the ordinary course of business less selling expenses. 1.12 Current and deferred tax The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Under this method the group is required to make provision for deferred income taxes on the revaluation of certain property assets and provisions on the difference between the carrying values for financial reporting purposes and their tax base. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. 1.13 Cash and cash equivalents Cash and cash equivalents are carried in the statements of financial position at face value. In the statements of cash flows, cash and cash equivalents include cash in hand and deposits held at call with banks, net of bank overdrafts. In the statements of financial position, bank overdrafts are shown within borrowings in current liabilities. 1.14 Financial liabilities The group recognises a financial liability in its statement of financial position when it becomes a party to the contractual provisions of the instrument. The group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss (classified as \u2018other liabilities\u2019) under IFRS 9. Financial liabilities not at fair value through profit or loss are recognised initially at fair value, being the fair value of consideration received, net of transaction costs that are directly attributable to the acquisition or the issue of the financial liability. These liabilities are subsequently measured at amortised cost. The group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires. 1.15 Trade and other payables Trade payables comprise obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business, if longer). If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. 1.16 Borrowings Borrowings are recognised initially at the fair value of proceeds received, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period. 1.17 Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. 1.18 Provisions Provisions for legal claims are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as finance costs. 1.19 Revenue recognition (a) Sales of goods - retail Sales of goods are recognised when the group sells a product to the customer. Retail sales are usually in cash or by credit card. Certain retail sales are on credit. The recorded revenue includes credit card fees payable for the transaction. Such fees are included in \u2018cost of sales\u2019. It is the group\u2019s policy to sell its products to the end customer with a right of return. Accumulated experience is used to estimate and provide for such returns at the time of sale. Because the number of products returned has been steady for years, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date. (b) Sales of goods - customer loyalty programme The group operates a loyalty programme where retail customers accumulate points for purchases made which entitle them to discount on future purchases. A contract liability for the award points is recognised at the time of the sale. Revenue is recognised when the points are redeemed. The points provide a material right to customers that they would not receive without entering into a contract. Therefore, the promise to provide points to the customer is a separate performance obligation. The transaction price is allocated to the product and the points on a relative stand-alone selling price basis. Management estimates the stand-alone selling price per point on the basis of the discount granted when the points are redeemed and on the basis of the likelihood of redemption, based on past experience. A contract liability is recognised until the points are redeemed. (c) Sales of goods - wholesale Sales of goods are recognised when the group has delivered products to the customer, the customer has accepted the products and collectability of the related trade and other receivables is reasonably assured. Delivery does not occur until the risks of obsolescence and loss have been transferred to the customer. (d) Property related income Rentals receivable, short-term lets receivable and premia charged to tenants of immovable property are recognised in the period when the property is occupied. Premia are taken to profit or loss over the period of the leases to which they relate. (e) Dividend income Dividend income is recognised when the right to receive payment is established. (f) Royalty income Royalty income pertaining to the use of the group\u2019s intellectual property is recognised as the franchisees make use of the right obtained through the franchise agreements. 1.20 Finance income and costs Finance income and costs are reco1.21 Borrowing costs Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying non-current assets are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the group\u2019s interest bearing borrowings. 1.22 Leases The group leases the land and buildings on which the PAMA Shopping Mall, the PAMA Supermarkets and the parking area are located. The rental contracts are made with an associate of the group for fixed periods of 30 years. The group also leases certain operational equipment installed within the PAMA Shopping Village, however management does not consider these arrangements material relative to the group\u2019s other leasing arrangements. On 28 June 2022, the group entered into an agreement for a period of 50 years for the lease of property adjacent to PAMA Shopping Village. In addition, on 27 December 2022 the Group entered into an agreement to purchase the temporary utile dominium on a parcel of land adjacent to the PAVI Shopping Complex for the remaining period of 90 years. On 15 January 2025, the group entered into a contract with the Lands Authority for the change in use of emphyteutic land recently acquired adjacent to the PAVI Shopping Complex. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the group: \u2022 where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received \u2022 uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by similar operators, which does not have recent third party financing, and makes adjustments specific to the lease, eg term, country, currency and security. 1.22 Leases - continued The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. While the group revalues its land and buildings that are presented within property, plant and equipment, it has chosen not to do so for the right-of-use land and buildings held by the group. The group\u2019s leases of land and buildings with its associate are subject to additional payments that are based on 1.6% of the revenue generated from the PAMA Supermarket. Such terms are used as a manner of minimising the fixed costs base, and are recognised in profit or loss in the period in which the condition that triggers those payments (i.e. the sale) occurs. A 5% increase in sales in PAMA Supermarket with such variable lease arrangements would increase total lease payments by \u20ac66,000. 1.23 Dividend distribution Dividend distribution to the shareholders is recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. 1.24 Earnings per share Basic earnings per share is calculated by dividing profit attributable to equity holders of the parent by the weighted average number of ordinary shares in issue during the period. 1.25 Segment reporting The group determines and presents operating segments based on the information that internally is provided to the board of directors, which is the group\u2019s chief operating decision maker (CODM) in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019. In 2025, the group has consolidated its retail-focused network in order to support the group\u2019s growth ambitions. The group has thus become increasingly reliant on individual market-level profitability metrics to enable the CODM to make timely market-centric decisions that are operational and investment in nature. This is also in line with the principal activities action within the Directors Report (Page 1). During the year, in implementing this consolidated approach, the Board has adopted a single, integrated view of the business whereby management and performance monitoring are now aligned to one retail operation, reflecting the way in which the group\u2019s assets and capabilities are deployed to serve customers across our brands and locations. In line with this unified strategy, shared services such as procurement, logistics, pricing, marketing, technology and people management are coordinated across the unified portfolio to drive efficiency and a consistent customer experience to our retail proposition. 1.25 Segment reporting - continued For the period ending April 2025, it was therefore appropriate to update the segmental analysis disclosures away from a separate view and move towards a more consolidated view of segments to reflect the current business operations and the way the business internally reports, and the information that the CODM reviews and makes strategic decisions based on its financial results. The performance and financial position of the group\u2019s retail operating segment is disclosed in the primary statements on pages 27 to 29. As a result of this change in approach the prior year segmental reporting numbers have not been disclosed in these financial statements", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15341_doc_41": { "value": " 1.1 Basis of preparation These consolidated financial statements include the financial statements of PG p.l.c. and its subsidiaries. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the requirements of the Maltese Companies Act, 1995. They have been prepared under the historical cost convention, as modified by the fair valuation of the land and buildings category within property, plant and equipment and investment property, and except as disclosed in the accounting policies below. Unless otherwise stated, all financial information presented has been rounded to the nearest thousand. The preparation of financial statements in conformity with IFRSs as adopted by the EU requires the use of certain accounting estimates. It also requires the directors to exercise their judgement in the process of applying the group\u2019s accounting policies (see note 3 \u2013 Critical accounting estimates and judgements). The group reported a net current liability position of \u20ac35,788,000 as at 30 April 2026 (2025: \u20ac24,498,000). This is attributable in a large part from supplier credit being extended to it in excess of its own investment in working capital. Furthermore, during the year cash outflows for investing activities amounting to \u20ac24,994,000 were financed from the group\u2019s own working capital. The group maintains a healthy relationship with its suppliers and care is taken to respect agreed credit terms. Prudence is exercised in cash management to ensure that the group maintains at any point in time a material liquidity buffer in terms of available unutilised facilities amounting to \u20ac36,940,000. Accordingly, board of directors has concluded that it is appropriate to prepare these financial statements on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15303_doc_41": { "value": " 1.1 Basis of preparation These consolidated financial statements include the financial statements of PG p.l.c. and its subsidiaries. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the requirements of the Maltese Companies Act, 1995. They have been prepared under the historical cost convention, as modified by the fair valuation of the land and buildings category within property, plant and equipment and investment property, and except as disclosed in the accounting policies below. Unless otherwise stated, all financial information presented has been rounded to the nearest thousand. The preparation of financial statements in conformity with IFRSs as adopted by the EU requires the use of certain accounting estimates. It also requires the directors to exercise their judgement in the process of applying the group\u2019s accounting policies (see note 3 \u2013 Critical accounting estimates and judgements). The group reported a net current liability position of \u20ac35,788,000 as at 30 April 2026 (2025: \u20ac24,498,000). This is attributable in a large part from supplier credit being extended to it in excess of its own investment in working capital. Furthermore, during the year cash outflows for investing activities amounting to \u20ac24,994,000 were financed from the group\u2019s own working capital. The group maintains a healthy relationship with its suppliers and care is taken to respect agreed credit terms. Prudence is exercised in cash management to ensure that the group maintains at any point in time a material liquidity buffer in terms of available unutilised facilities amounting to \u20ac36,940,000. Accordingly, board of directors has concluded that it is appropriate to prepare these financial statements on a going concern basis. Standards, interpretations and amendments to published standards effective in 2026 In 2025, the group and company have adopted new standards, amendments and interpretations to existing standards that are mandatory for the group\u2019s and company\u2019s accounting period beginning on 1 May 2025. The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in substantial changes to the company\u2019s accounting policies impacting financial performance and position. New standards and interpretations not yet adopted\u202f\u202f Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements but are not yet effective for the Group\u2019s current accounting period.\u202f\u202f The Group has not early adopted these revisions to the requirements of IFRSs as adopted by the EU, and the Directors are of the opinion that there are no requirements which will have a material impact on the Group\u2019s financial statements in the period of initial application, other than what is described below. 1.1 Basis of preparation - continued (a) Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (effective for annual periods beginning on or after 1 January 2026) On 30 May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 and to include new requirements not only for financial institutions but also for corporate entities. These amendments: \u2022 clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; \u2022 clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; \u2022 add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and \u2022 update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). The group and company do not expect these amendments to have a material impact on its operations or financial statements. (b) IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective for annual periods beginning on or after 1 January 2027) IFRS 18 (issued on 9 April 2024) was endorsed for use in the European Union on 16 February 2026 and is set to replace IAS 1 Presentation of Financial Statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, particularly those related to the statement of financial performance. IFRS 18 will also require the disclosure of management-defined performance measures within the financial statements.\u202f\u202f Management is currently assessing the implications of applying IFRS 18 on the Group and Company\u2019s financial statements.\u202f\u202f The new standard will be applicable from its mandatory effective date of 1 January 2027, with retrospective application, meaning that comparative information will be restated to reflect the new presentation and disclosure requirements introduced. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15302_doc_41": { "value": " 1.1 Basis of preparation These consolidated financial statements include the financial statements of PG p.l.c. and its subsidiaries. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the requirements of the Maltese Companies Act, 1995. They have been prepared under the historical cost convention, as modified by the fair valuation of the land and buildings category within property, plant and equipment and investment property, and except as disclosed in the accounting policies below. Unless otherwise stated, all financial information presented has been rounded to the nearest thousand. The preparation of financial statements in conformity with IFRSs as adopted by the EU requires the use of certain accounting estimates. It also requires the directors to exercise their judgement in the process of applying the group\u2019s accounting policies (see note 3 \u2013 Critical accounting estimates and judgements). The group reported a net current liability position of \u20ac35,788,000 as at 30 April 2026 (2025: \u20ac24,498,000). This is attributable in a large part from supplier credit being extended to it in excess of its own investment in working capital. Furthermore, during the year cash outflows for investing activities amounting to \u20ac24,994,000 were financed from the group\u2019s own working capital. The group maintains a healthy relationship with its suppliers and care is taken to respect agreed credit terms. Prudence is exercised in cash management to ensure that the group maintains at any point in time a material liquidity buffer in terms of available unutilised facilities amounting to \u20ac36,940,000. Accordingly, board of directors has concluded that it is appropriate to prepare these financial statements on a going concern basis. Standards, interpretations and amendments to published standards effective in 2026 In 2025, the group and company have adopted new standards, amendments and interpretations to existing standards that are mandatory for the group\u2019s and company\u2019s accounting period beginning on 1 May 2025. The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in substantial changes to the company\u2019s accounting policies impacting financial performance and position. New standards and interpretations not yet adopted\u202f\u202f Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements but are not yet effective for the Group\u2019s current accounting period.\u202f\u202f The Group has not early adopted these revisions to the requirements of IFRSs as adopted by the EU, and the Directors are of the opinion that there are no requirements which will have a material impact on the Group\u2019s financial statements in the period of initial application, other than what is described below. 1.1 Basis of preparation - continued (a) Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (effective for annual periods beginning on or after 1 January 2026) On 30 May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 and to include new requirements not only for financial institutions but also for corporate entities. These amendments: \u2022 clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; \u2022 clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; \u2022 add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and \u2022 update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). The group and company do not expect these amendments to have a material impact on its operations or financial statements. (b) IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective for annual periods beginning on or after 1 January 2027) IFRS 18 (issued on 9 April 2024) was endorsed for use in the European Union on 16 February 2026 and is set to replace IAS 1 Presentation of Financial Statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, particularly those related to the statement of financial performance. IFRS 18 will also require the disclosure of management-defined performance measures within the financial statements.\u202f\u202f Management is currently assessing the implications of applying IFRS 18 on the Group and Company\u2019s financial statements.\u202f\u202f The new standard will be applicable from its mandatory effective date of 1 January 2027, with retrospective application, meaning that comparative information will be restated to reflect the new presentation and disclosure requirements introduced. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15263_doc_41": { "value": " 1.1 Basis of preparation These consolidated financial statements include the financial statements of PG p.l.c. and its subsidiaries. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the requirements of the Maltese Companies Act, 1995. They have been prepared under the historical cost convention, as modified by the fair valuation of the land and buildings category within property, plant and equipment and investment property, and except as disclosed in the accounting policies below. Unless otherwise stated, all financial information presented has been rounded to the nearest thousand", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15338_doc_41": { "value": "1.2 Consolidation (a) Subsidiaries Subsidiaries are all entities over which the group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-consolidated from the date that control ceases. 1.2 Consolidation - continued (a) Subsidiaries - continued The group uses the acquisition method of accounting to account for business combinations except as disclosed in note 1.4. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss. Inter-company transactions, balances and unrealised gains on transactions between entities forming part of group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. A listing of the subsidiaries is set out in note 36 to the financial statements. (b) Associates Associates are all entities over which the group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. In the consolidated financial statements, investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of profit or loss and other comprehensive income of the investee after the date on which significant influence is acquired. The group\u2019s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss. The group\u2019s share of its associates\u2019 post-acquisition profits or losses is recognised in the income statement, and its share of post-acquisition movements is recognised in the Statement of comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the group. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate. (b) Associates - continued Dilution gains and losses arising in investments in associates are recognised in profit or loss. A listing of the associates is set out in note 36 to the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15255_doc_41": { "value": "1.2 Consolidation (a) Subsidiaries Subsidiaries are all entities over which the group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-consolidated from the date that control ceases. The group uses the acquisition method of accounting to account for business combinations except as disclosed in note 1.4. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss. Inter-company transactions, balances and unrealised gains on transactions between entities forming part of group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. A listing of the subsidiaries is set out in note 36 to the financial statements. (b) Associates Associates are all entities over which the group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. In the consolidated financial statements, investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of profit or loss and other comprehensive income of the investee after the date on which significant influence is acquired. The group\u2019s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss. The group\u2019s share of its associates\u2019 post-acquisition profits or losses is recognised in the income statement, and its share of post-acquisition movements is recognised in the Statement of comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the group. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate. 1.8 Investments in subsidiaries and associates In the company\u2019s separate financial statements, investments in subsidiaries and associates are accounted for by the cost method of accounting, that is, at cost less impairment. Provisions are recorded where, in the opinion of the directors, there is an impairment in value. Where there has been an impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. The company gathers objective evidence that an investment is impaired using the same process disclosed in note 1.9.3. The results of associates are reflected in the company\u2019s separate financial statements only to the extent of dividends receivable. On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to profit or loss. Loans for which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, an extension of the company's investment in that subsidiary. Loans to subsidiaries for which settlement is planned are classified as loans and receivables in accordance with the requirements of IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15200_doc_41": { "value": "The group uses the acquisition method of accounting to account for business combinations except as disclosed in note 1.4. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15137_doc_41": { "value": "(b) Associates Associates are all entities over which the group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. In the consolidated financial statements, investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of profit or loss and other comprehensive income of the investee after the date on which significant influence is acquired. The group\u2019s investment in associates includes goodwill identified on acquisition, net of any accumulated impairment loss. The group\u2019s share of its associates\u2019 post-acquisition profits or losses is recognised in the income statement, and its share of post-acquisition movements is recognised in the Statement of comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the group. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate. (b) Associates - continued Dilution gains and losses arising in investments in associates are recognised in profit or loss. A listing of the associates is set out in note 36 to the financial statements. 1.8 Investments in subsidiaries and associates In the company\u2019s separate financial statements, investments in subsidiaries and associates are accounted for by the cost method of accounting, that is, at cost less impairment. Provisions are recorded where, in the opinion of the directors, there is an impairment in value. Where there has been an impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. The company gathers objective evidence that an investment is impaired using the same process disclosed in note 1.9.3. The results of associates are reflected in the company\u2019s separate financial statements only to the extent of dividends receivable. On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to profit or loss. Loans for which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, an extension of the company's investment in that subsidiary. Loans to subsidiaries for which settlement is planned are classified as loans and receivables in accordance with the requirements of IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15034_doc_41": { "value": "1.3 Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The financial statements are presented in Euro (\u20ac), which is the company\u2019s and the group\u2019s presentation curre", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15033_doc_41": { "value": "1.3 Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The financial statements are presented in Euro (\u20ac), which is the company\u2019s and the group\u2019s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or l", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15136_doc_41": { "value": "1.4 Business combinations involving entities under common control Business combinations involving entities under common control are transactions in which all of the combining entities are controlled by the same party or parties before and after the transaction and that control is not transitory. The key feature of a transaction among entities under common control is that there is no change in the ultimate control of the combining entities as a result of the transaction. Control could be exercised by a group of individuals that are all part of the same close family group when they have the collective power to govern the financial and operating policies of the entity. The group has chosen to apply the pooling of interests method to account for transactions involving entities under common control. The group accounts for business combinations involving entities under common control by recording: a) the transaction as if it had taken place at the beginning of the earliest period presented; b) the assets and liabilities of the acquired entity using predecessor book values from the consolidated financial statements of the controlling party, and c) the difference between the consideration given and the aggregate book value of the assets and liabilities of the acquired entity as an adjustment to equity. When the controlling party does not prepare financial statements, the book values from the financial statements of the acquired entity are used. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15046_doc_41": { "value": "Business combinations involving entities under common control are transactions in which all of the combining entities are controlled by the same party or parties before and after the transaction and that control is not transitory. The key feature of a transaction among entities under common control is that there is no change in the ultimate control of the combining entities as a result of the transaction. Control could be exercised by a group of individuals that are all part of the same close family group when they have the collective power to govern the financial and operating policies of the enti", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15163_doc_41": { "value": "1.5 Property, plant and equipment All property, plant and equipment is initially recorded at historical cost. Land and buildings, are shown at fair value based on periodic valuations by valuers, less subsequent depreciation for buildings. Valuations are carried out on a regular basis such that the carrying amount of property does not differ materially from that which would be determined using fair values at the end of the reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is restated to the revalued amount of the asset. All other property, plant and equipment is stated at historical cost less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Increases in the carrying amount arising on revaluation of land and buildings are credited to other comprehensive income and shown in valuation reserves in shareholders\u2019 equity. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the valuation reserves directly in equity; all other decreases are charged to profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset charged to profit or loss and depreciation based on the asset\u2019s original cost is transferred from the valuation reserves to retained earnings. Land is not depreciated as it is deemed to have an indefinite life. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives as follows:
%
Buildings 1 - 2
Improvements to premises3 - 10
Furniture and fittings10 - 25
Plant, machinery and equipment6.67 - 25
Motor vehicles20
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. In particular, the group assesses on a periodic basis the economic useful lives of integral and movable assets directly related to the retailing and fashion sector. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (note 1.7). Gains and losses on disposals are determined by comparing the proceeds with carrying amount and are recognised in profit or loss. When revalued assets are sold, the amounts included in the valuation reserves relating to the assets are transferred to retained earnings. 1.6 Investment property Investment property is held for long-term rental yields or for capital appreciation or both, and is not presently occupied by entities forming part of the group. Investment property comprises freehold land and buildings. Investment property is measured initially at its historical cost, including related transaction costs and borrowing costs. Historical cost includes expenditure that is directly attributable to the acquisition of the items. After initial recognition, investment property is carried at fair value, representing open market value determined annually. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If this information is not available, the group uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. These valuations are reviewed periodically by the group\u2019s directors, after taking into consideration valuations prepared by external professional valuers. Investment property that is being redeveloped for continuing use as investment property or for which the market has become less active continues to be measured at fair value. Fair value measurement on property under construction is only applied if the fair value is considered to be reliably measurable. The fair value of investment property reflects, among other factors, the value of similar properties in the local market. The fair value also reflects, on a similar basis, any cash outflows that could be expected in respect of the property. Subsequent expenditure is capitalised to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to profit or loss during the financial period in which they are incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised. The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure other than those a rational market participant would take into account when determining the value of the property. Changes in fair values are recognised in profit or loss. Investment properties are derecognised either when they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. If an investment property becomes owner-occupied, it is reclassified as property, plant and equipment. Its fair value at the date of the reclassification becomes its cost for subsequent accounting purposes. When the group decides to dispose of an investment property without development, the group continues to treat the property as an investment property. Similarly, if the group begins to redevelop an existing investment property for continued future use as investment property, it remains an investment property during the redevelopment. If an item of property, plant and equipment becomes an investment property because its use has changed, any difference resulting between the carrying amount and the fair value of this item at the date of transfer is treated in the same way as a revaluation under IAS 16. Any resulting increase in the carrying amount of the property is recognised in profit or loss to the extent that it reverses a previous impairment loss; with any remaining increase recognised in other comprehensive income, directly to revaluation surplus within equity. Any resulting decrease in the carrying amount of the property is initially charged to other comprehensive income against any previously recognised revaluation surplus, with any remaining decrease charged to profit or loss. Upon the disposal of such investment property, any surplus previously recorded in equity is transferred to retained earnings; the transfer is not made through profit or loss1.6 Investment property - continued Where an investment property undergoes a change in use, evidenced by commencement of development with a view to sale, the property is transferred to inventories. A property\u2019s deemed cost for subsequent accounting as inventories is its fair value at the date of change in use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14828_doc_41": { "value": "1.5 Property, plant and equipment All property, plant and equipment is initially recorded at historical cost. Land and buildings, are shown at fair value based on periodic valuations by valuers, less subsequent depreciation for buildings. Valuations are carried out on a regular basis such that the carrying amount of property does not differ materially from that which would be determined using fair values at the end of the reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is restated to the revalued amount of the asset. All other property, plant and equipment is stated at historical cost less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Increases in the carrying amount arising on revaluation of land and buildings are credited to other comprehensive income and shown in valuation reserves in shareholders\u2019 equity. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the valuation reserves directly in equity; all other decreases are charged to profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset charged to profit or loss and depreciation based on the asset\u2019s original cost is transferred from the valuation reserves to retained earnings. Land is not depreciated as it is deemed to have an indefinite life. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives as follows:
%
Buildings 1 - 2
Improvements to premises3 - 10
Furniture and fittings10 - 25
Plant, machinery and equipment6.67 - 25
Motor vehicles20
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. In particular, the group assesses on a periodic basis the economic useful lives of integral and movable assets directly related to the retailing and fashion sector. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (note 1.7). Gains and losses on disposals are determined by comparing the proceeds with carrying amount and are recognised in profit or loss. When revalued assets are sold, the amounts included in the valuation reserves relating to the assets are transferred to retained earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14827_doc_41": { "value": "1.5 Property, plant and equipment All property, plant and equipment is initially recorded at historical cost. Land and buildings, are shown at fair value based on periodic valuations by valuers, less subsequent depreciation for buildings. Valuations are carried out on a regular basis such that the carrying amount of property does not differ materially from that which would be determined using fair values at the end of the reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is restated to the revalued amount of the asset", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14830_doc_41": { "value": "All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14831_doc_41": { "value": "1.6 Investment property Investment property is held for long-term rental yields or for capital appreciation or both, and is not presently occupied by entities forming part of the group. Investment property comprises freehold land and buildings. Investment property is measured initially at its historical cost, including related transaction costs and borrowing costs. Historical cost includes expenditure that is directly attributable to the acquisition of the items. After initial recognition, investment property is carried at fair value, representing open market value determined annually. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If this information is not available, the group uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. These valuations are reviewed periodically by the group\u2019s directors, after taking into consideration valuations prepared by external professional valuers. Investment property that is being redeveloped for continuing use as investment property or for which the market has become less active continues to be measured at fair value. Fair value measurement on property under construction is only applied if the fair value is considered to be reliably measurable. The fair value of investment property reflects, among other factors, the value of similar properties in the local market. The fair value also reflects, on a similar basis, any cash outflows that could be expected in respect of the property. Subsequent expenditure is capitalised to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to profit or loss during the financial period in which they are incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised. The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure other than those a rational market participant would take into account when determining the value of the property. Changes in fair values are recognised in profit or loss. Investment properties are derecognised either when they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. If an investment property becomes owner-occupied, it is reclassified as property, plant and equipment. Its fair value at the date of the reclassification becomes its cost for subsequent accounting purposes. When the group decides to dispose of an investment property without development, the group continues to treat the property as an investment property. Similarly, if the group begins to redevelop an existing investment property for continued future use as investment property, it remains an investment property during the redevelopment. If an item of property, plant and equipment becomes an investment property because its use has changed, any difference resulting between the carrying amount and the fair value of this item at the date of transfer is treated in the same way as a revaluation under IAS 16. Any resulting increase in the carrying amount of the property is recognised in profit or loss to the extent that it reverses a previous impairment loss; with any remaining increase recognised in other comprehensive income, directly to revaluation surplus within equity. Any resulting decrease in the carrying amount of the property is initially charged to other comprehensive income against any previously recognised revaluation surplus, with any remaining decrease charged to profit or loss. Upon the disposal of such investment property, any surplus previously recorded in equity is transferred to retained earnings; the transfer is not made through profit or loss1.6 Investment property - continued Where an investment property undergoes a change in use, evidenced by commencement of development with a view to sale, the property is transferred to inventories. A property\u2019s deemed cost for subsequent accounting as inventories is its fair value at the date of change in use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14835_doc_41": { "value": "1.7 Impairment of non-financial assets Assets that have an indefinite useful life, for example goodwill, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14834_doc_41": { "value": "1.7 Impairment of non-financial assets Assets that have an indefinite useful life, for example goodwill, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Impairment of financial assets The group\u2019s trade receivable and contract assets, investments in debt securities, as well as cash and cash equivalents, are subject to IFRS 9\u2019s expected credit loss model (ECL). The Company\u2019s financial assets subject to IFRS 9\u2019s expected credit loss model principally amounts advanced to subsidiaries. The group measures loss allowances at an amount equal to lifetime ECL, except in the following circumstances: \u2022 debt securities, namely investments in bonds and deposits held with financial institutions, that are determined to have low credit risk at reporting date. Management consider \u2018low credit risk\u2019 for listed bonds to be an investment grade credit rating with at least one major rating agency; and \u2022 other instruments for which credit risk has not increased significantly since initial recognition. 12-month ECL are the portion of ECL that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Lifetime ECL are the ECL that result from all possible default events over the expected life of the instrument. In all cases, the maximum period considered when estimating ECL is the maximum contractual period over which the group is exposed to credit risk. ECL are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accordance with the contract and the cash flows that the group expects to receive). Loss allowances on financial assets at amortised cost are presented in the balance sheet by deducting the allowance from the gross carrying amount of the assets. Impairment of financial assets - continued (i) Debt instruments The key inputs into the measurement of ECL are the term structures of the following variables: \u2022 Probability of default (PD); \u2022 Loss given default (LGD); and \u2022 Exposure at default (EAD). \u20ac14,937,337 of the group\u2019s investments in bonds and all of the deposits held with banks qualify for the low credit risk practical expedient. Consequently, the PDs used by the group do not exceed a period of 12 months. To determine PDs, the group uses the PD tables supplied by Moody\u2019s based on the default history of obligors in the same industry and geographic region with the same credit rating. LGD is the magnitude of the likely loss if there is a default. The LGD is determined using the minimum floor as advised by the European Banking Authority with respect to default rates of specific debt instruments classified by nature. EAD represents the expected exposure in the event of a default. The group derives the EAD from the current exposure to the counterparty. As at reporting date, \u20ac3,623,901 of the group\u2019s investments in debt securities did not meet the definition of low credit risk as they were not of investment grade rating. The group assessed whether these instruments experienced a significant increase in credit risk since the investment date. No significant increase in credit risk was observed and accordingly, the measurement of ECL for such investments followed the same methodology as explained above. (ii) Trade receivables and contract assets The group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled performance obligations and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The expected loss rates are based on the payment profiles of sales over a period of 36 months before 1 May 2025 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group adjusts the historical loss rates based on expected changes in these factors. (iii) Other receivables Other than as noted below, as at 1 May 2025, no further identified expected credit loss allowance in addition to the amount that had already been provided for as at 1 May 2024, on trade receivables and contract assets, was deemed necessary. The movement in loss allowances as at 30 April 2026 is also deemed immaterial by management. On this basis, the information pertaining to loss rates and loss allowances in the group\u2019s provisions matrix, which would have otherwise been required by IFRS 7, is not presented as at 30 April 2026 and 1 May 2025. Impairment of financial assets \u2013 continued (iii) Other receivables - continued As of 30 April 2026, trade receivables of \u20ac6,979,000 (2025: \u20ac3,724,000) were fully performing. Loss allowances of \u20acNil (2025: \u20ac29,000) were present at year end in respect of trade and other receivables that were overdue and that were not expected to be recovered. Other overdue trade receivables that were not impaired amounted to \u20ac6,979,000 (2025: \u20ac3,742,000). The group holds no security against these receivables. The unsecured overdue amounts consisted of \u20ac5,430,000 (2025: \u20ac3,283,000) that were less than three months overdue and \u20ac1,550,000 (2025: \u20ac459,000) that were greater than three months. The group applies its methodology in relation to such amounts in line with the requirements of IFRS 9\u2019s forward-looking expected loss model. The company monitors intra-group credit exposures at individual entity level on a regular basis and ensures timely performance of these assets in the context of its overall liquidity management. The loss allowances for these financial assets are based on assumptions about risk of default and expected loss rates. The Company\u2019s management uses judgement in making these assumptions, based on the counterparty\u2019s past history, existing market conditions, as well as forward-looking estimates at the end of each reporting period. As at year-end, based on the directors\u2019 assessments of these factors, the equity position of the respective counterparty, and, where the probability of default is high, the recovery strategies contemplated by management together with the support of shareholders in place, the resulting impairment charge required was deemed to be immaterial. With respect to the loan of \u20ac32,318,000 granted to Giacla Limited (as further detailed in Note 31), the Company has determined that the 12-month probability of default on the amounts receivable as at 30 April 2026 is insignificant. The Company will continue to monitor the subsidiary\u2019s performance against the business plan so as to identify any indicators that might implicate an increase in credit risk on such exposure in future periods Credit-impaired financial assets At each reporting date, the group assesses whether financial assets measured at amortised cost are credit-impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: \u2022 significant financial difficulty of the debtor; \u2022 a breach of contract such as a default or past-due event; \u2022 the restructuring of an amount due to the Company on terms that the Company would not otherwise consider; \u2022 the debtor entering bankruptcy or other financial reorganisation becoming probable; or \u2022 the disappearance of an active market for a security because of financial difficulties. A financial asset that has been renegotiated due to a deterioration in the borrower\u2019s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. Impairment of financial assets \u2013 continued (iii) Other receivables - continued The gross carrying amount of a financial asset is written off when the group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. This is generally the case when the group determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. This assessment is carried out at the individual asset level. (iv) Cash at bank The group\u2019s cash is placed with reputable financial institutions, such that management does not expect any institution to fail to meet repayments of amounts held in the name of the companies within the group. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. (c) Liquidity risk The group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally trade and other payables, borrowings and lease liabilities (refer to notes 18, 16 and 5). Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meet the group\u2019s obligations. Management monitors liquidity risk by means of cash flow forecasts on the basis of expected cash flows over a twelve month period and ensures that when additional financing facilities are expected to be required over the coming period there are adequate credit facilities in place with external sources and within the treasury function of the group. The group\u2019s liquidity risk is monitored in view of the matching of cash inflows and outflows arising from expected maturities of financial instruments, coupled with the group\u2019s committed borrowing facilities (refer to note 16) and group\u2019s treasury support that it can access to meet liquidity needs as referred to previously. The group reported a net current liability position of \u20ac35,788,000 as at 30 April 2026 (2025: \u20ac24,498,000). This is attributable in a large part from supplier credit being extended to it in excess of its own investment in working capital. Furthermore, during the year cash outflows for investing activities amounting to \u20ac24,994,000 were financed from the group\u2019s own working capital. The group maintains a healthy relationship with its suppliers and care is taken to respect agreed credit terms. Prudence is exercised in cash management to ensure that the group maintains at any point in time a material liquidity buffer in terms of available unutilised facilities amounting to \u20ac36,940,000. The following table analyses the group\u2019s non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14843_doc_41": { "value": "1.8 Investments in subsidiaries and associates In the company\u2019s separate financial statements, investments in subsidiaries and associates are accounted for by the cost method of accounting, that is, at cost less impairment. Provisions are recorded where, in the opinion of the directors, there is an impairment in value. Where there has been an impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. The company gathers objective evidence that an investment is impaired using the same process disclosed in note 1.9.3. The results of associates are reflected in the company\u2019s separate financial statements only to the extent of dividends receivable. On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to profit or loss. Loans for which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, an extension of the company's investment in that subsidiary. Loans to subsidiaries for which settlement is planned are classified as loans and receivables in accordance with the requirements of IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15174_doc_41": { "value": "1.9 Financial assets The group classifies its financial assets in the following measurement categories: - those to be measured subsequently at fair value through OCI, and - those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The group reclassifies debt investments when and only when its business model for managing those assets changes. 1.9.1 Recognition and derecognition The group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. 1.9.2 Measurement At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset. Debt instruments Subsequent measurement of debt instruments depends on the group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The group\u2019s debt instruments comprise trade receivables arising from contracts with customers and investments in debt instruments, namely corporate bonds. The group subsequently measures trade receivables and debt instruments at amortised cost since these assets are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other income/(expenses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. The accounting policy pertaining to measures of trade receivable (excluding impairment) is disclosed in note 1.10. Equity instruments The group subsequently measures all equity investments at fair value. The group\u2019s management has elected to present fair value gains and losses on equity investments in OCI and therefore there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the group\u2019s right to receive payments is established. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. 1.9.3 Impairment The group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see note 2.1 for further details. 1.14 Financial liabilities The group recognises a financial liability in its statement of financial position when it becomes a party to the contractual provisions of the instrument. The group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss (classified as \u2018other liabilities\u2019) under IFRS 9. Financial liabilities not at fair value through profit or loss are recognised initially at fair value, being the fair value of consideration received, net of transaction costs that are directly attributable to the acquisition or the issue of the financial liability. These liabilities are subsequently measured at amortised cost. The group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires. 2.2 Fair values of financial instruments The carrying amounts of cash at bank, receivables (net of impairment provisions, if any), payables, borrowings and lease liabilities reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the origination of the instruments and their exposed realisation. As at the end of the reporting period, the fair values of financial assets and liabilities approximate the carrying amounts shown in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15041_doc_41": { "value": "1.9 Financial assets The group classifies its financial assets in the following measurement categories: - those to be measured subsequently at fair value through OCI, and - those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The group reclassifies debt investments when and only when its business model for managing those assets changes. 1.9.1 Recognition and derecognition The group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. 1.9.2 Measurement At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset. Debt instruments Subsequent measurement of debt instruments depends on the group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The group\u2019s debt instruments comprise trade receivables arising from contracts with customers and investments in debt instruments, namely corporate bonds. The group subsequently measures trade receivables and debt instruments at amortised cost since these assets are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other income/(expenses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. The accounting policy pertaining to measures of trade receivable (excluding impairment) is disclosed in note 1.10. Equity instruments The group subsequently measures all equity investments at fair value. The group\u2019s management has elected to present fair value gains and losses on equity investments in OCI and therefore there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the group\u2019s right to receive payments is established. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. 1.9.3 Impairment The group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see note 2.1 for further details", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15040_doc_41": { "value": "1.9 Financial assets The group classifies its financial assets in the following measurement categories: - those to be measured subsequently at fair value through OCI, and - those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The group reclassifies debt investments when and only when its business model for managing those assets changes. 1.9.1 Recognition and derecognition The group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. 1.9.2 Measurement At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset. Debt instruments Subsequent measurement of debt instruments depends on the group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The group\u2019s debt instruments comprise trade receivables arising from contracts with customers and investments in debt instruments, namely corporate bonds. The group subsequently measures trade receivables and debt instruments at amortised cost since these assets are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other income/(expenses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. The accounting policy pertaining to measures of trade receivable (excluding impairment) is disclosed in note 1.10. Equity instruments The group subsequently measures all equity investments at fair value. The group\u2019s management has elected to present fair value gains and losses on equity investments in OCI and therefore there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the group\u2019s right to receive payments is established. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. 1.9.3 Impairment The group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see note 2.1 for further details1.14 Financial liabilities The group recognises a financial liability in its statement of financial position when it becomes a party to the contractual provisions of the instrument. The group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss (classified as \u2018other liabilities\u2019) under IFRS 9. Financial liabilities not at fair value through profit or loss are recognised initially at fair value, being the fair value of consideration received, net of transaction costs that are directly attributable to the acquisition or the issue of the financial liability. These liabilities are subsequently measured at amortised cost. The group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14845_doc_41": { "value": "1.9.1 Recognition and derecognition The group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15170_doc_41": { "value": "1.9.2 Measurement At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset. Debt instruments Subsequent measurement of debt instruments depends on the group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The group\u2019s debt instruments comprise trade receivables arising from contracts with customers and investments in debt instruments, namely corporate bonds. The group subsequently measures trade receivables and debt instruments at amortised cost since these assets are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other income/(expenses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. The accounting policy pertaining to measures of trade receivable (excluding impairment) is disclosed in note 1.10. Equity instruments The group subsequently measures all equity investments at fair value. The group\u2019s management has elected to present fair value gains and losses on equity investments in OCI and therefore there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the group\u2019s right to receive payments is established. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15050_doc_41": { "value": "1.9.3 Impairment The group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, see note 2.1 for further detailsImpairment of financial assets The group\u2019s trade receivable and contract assets, investments in debt securities, as well as cash and cash equivalents, are subject to IFRS 9\u2019s expected credit loss model (ECL). The Company\u2019s financial assets subject to IFRS 9\u2019s expected credit loss model principally amounts advanced to subsidiaries. The group measures loss allowances at an amount equal to lifetime ECL, except in the following circumstances: \u2022 debt securities, namely investments in bonds and deposits held with financial institutions, that are determined to have low credit risk at reporting date. Management consider \u2018low credit risk\u2019 for listed bonds to be an investment grade credit rating with at least one major rating agency; and \u2022 other instruments for which credit risk has not increased significantly since initial recognition. 12-month ECL are the portion of ECL that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Lifetime ECL are the ECL that result from all possible default events over the expected life of the instrument. In all cases, the maximum period considered when estimating ECL is the maximum contractual period over which the group is exposed to credit risk. ECL are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accordance with the contract and the cash flows that the group expects to receive). Loss allowances on financial assets at amortised cost are presented in the balance sheet by deducting the allowance from the gross carrying amount of the assets. 2.1 Financial risk factors - continued (b) Credit risk - continued Impairment of financial assets - continued (i) Debt instruments The key inputs into the measurement of ECL are the term structures of the following variables: \u2022 Probability of default (PD); \u2022 Loss given default (LGD); and \u2022 Exposure at default (EAD). \u20ac14,937,337 of the group\u2019s investments in bonds and all of the deposits held with banks qualify for the low credit risk practical expedient. Consequently, the PDs used by the group do not exceed a period of 12 months. To determine PDs, the group uses the PD tables supplied by Moody\u2019s based on the default history of obligors in the same industry and geographic region with the same credit rating. LGD is the magnitude of the likely loss if there is a default. The LGD is determined using the minimum floor as advised by the European Banking Authority with respect to default rates of specific debt instruments classified by nature. EAD represents the expected exposure in the event of a default. The group derives the EAD from the current exposure to the counterparty. As at reporting date, \u20ac3,623,901 of the group\u2019s investments in debt securities did not meet the definition of low credit risk as they were not of investment grade rating. The group assessed whether these instruments experienced a significant increase in credit risk since the investment date. No significant increase in credit risk was observed and accordingly, the measurement of ECL for such investments followed the same methodology as explained above. (ii) Trade receivables and contract assets The group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled performance obligations and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The expected loss rates are based on the payment profiles of sales over a period of 36 months before 1 May 2025 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group adjusts the historical loss rates based on expected changes in these factors. (iii) Other receivables Other than as noted below, as at 1 May 2025, no further identified expected credit loss allowance in addition to the amount that had already been provided for as at 1 May 2024, on trade receivables and contract assets, was deemed necessary. The movement in loss allowances as at 30 April 2026 is also deemed immaterial by management. On this basis, the information pertaining to loss rates and loss allowances in the group\u2019s provisions matrix, which would have otherwise been required by IFRS 7, is not presented as at 30 April 2026 and 1 May 2025. Impairment of financial assets \u2013 continued (iii) Other receivables - continued As of 30 April 2026, trade receivables of \u20ac6,979,000 (2025: \u20ac3,724,000) were fully performing. Loss allowances of \u20acNil (2025: \u20ac29,000) were present at year end in respect of trade and other receivables that were overdue and that were not expected to be recovered. Other overdue trade receivables that were not impaired amounted to \u20ac6,979,000 (2025: \u20ac3,742,000). The group holds no security against these receivables. The unsecured overdue amounts consisted of \u20ac5,430,000 (2025: \u20ac3,283,000) that were less than three months overdue and \u20ac1,550,000 (2025: \u20ac459,000) that were greater than three months. The group applies its methodology in relation to such amounts in line with the requirements of IFRS 9\u2019s forward-looking expected loss model. The company monitors intra-group credit exposures at individual entity level on a regular basis and ensures timely performance of these assets in the context of its overall liquidity management. The loss allowances for these financial assets are based on assumptions about risk of default and expected loss rates. The Company\u2019s management uses judgement in making these assumptions, based on the counterparty\u2019s past history, existing market conditions, as well as forward-looking estimates at the end of each reporting period. As at year-end, based on the directors\u2019 assessments of these factors, the equity position of the respective counterparty, and, where the probability of default is high, the recovery strategies contemplated by management together with the support of shareholders in place, the resulting impairment charge required was deemed to be immaterial. With respect to the loan of \u20ac32,318,000 granted to Giacla Limited (as further detailed in Note 31), the Company has determined that the 12-month probability of default on the amounts receivable as at 30 April 2026 is insignificant. The Company will continue to monitor the subsidiary\u2019s performance against the business plan so as to identify any indicators that might implicate an increase in credit risk on such exposure in future periods Credit-impaired financial assets At each reporting date, the group assesses whether financial assets measured at amortised cost are credit-impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: \u2022 significant financial difficulty of the debtor; \u2022 a breach of contract such as a default or past-due event; \u2022 the restructuring of an amount due to the Company on terms that the Company would not otherwise consider; \u2022 the debtor entering bankruptcy or other financial reorganisation becoming probable; or \u2022 the disappearance of an active market for a security because of financial difficulties. A financial asset that has been renegotiated due to a deterioration in the borrower\u2019s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. Impairment of financial assets \u2013 continued (iii) Other receivables - continued The gross carrying amount of a financial asset is written off when the group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. This is generally the case when the group determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. This assessment is carried out at the individual asset level. (iv) Cash at bank The group\u2019s cash is placed with reputable financial institutions, such that management does not expect any institution to fail to meet repayments of amounts held in the name of the companies within the group. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. (c) Liquidity risk The group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally trade and other payables, borrowings and lease liabilities (refer to notes 18, 16 and 5). Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meet the group\u2019s obligations. Management monitors liquidity risk by means of cash flow forecasts on the basis of expected cash flows over a twelve month period and ensures that when additional financing facilities are expected to be required over the coming period there are adequate credit facilities in place with external sources and within the treasury function of the group. The group\u2019s liquidity risk is monitored in view of the matching of cash inflows and outflows arising from expected maturities of financial instruments, coupled with the group\u2019s committed borrowing facilities (refer to note 16) and group\u2019s treasury support that it can access to meet liquidity needs as referred to previously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14846_doc_41": { "value": "1.10 Trade and other receivables Trade receivables comprise amounts due from customers for goods sold or services performed and rendered in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15043_doc_41": { "value": "1.11 Inventories Goods held for resale Inventories are stated at the lower of cost and net realisable value. Cost is determined on a weighted average basis. The cost of inventories comprises the invoiced value of goods, and, in general, cost also includes freight charges. Net realisable value is the estimate of the selling price in the ordinary course of business less selling expense", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15133_doc_41": { "value": "1.12 Current and deferred tax The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Under this method the group is required to make provision for deferred income taxes on the revaluation of certain property assets and provisions on the difference between the carrying values for financial reporting purposes and their tax base. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15132_doc_41": { "value": "1.12 Current and deferred tax The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Under this method the group is required to make provision for deferred income taxes on the revaluation of certain property assets and provisions on the difference between the carrying values for financial reporting purposes and their tax base. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14849_doc_41": { "value": "1.13 Cash and cash equivalents Cash and cash equivalents are carried in the statements of financial position at face value. In the statements of cash flows, cash and cash equivalents include cash in hand and deposits held at call with banks, net of bank overdrafts. In the statements of financial position, bank overdrafts are shown within borrowings in current liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14848_doc_41": { "value": "1.13 Cash and cash equivalents Cash and cash equivalents are carried in the statements of financial position at face value. In the statements of cash flows, cash and cash equivalents include cash in hand and deposits held at call with banks, net of bank overdrafts. In the statements of financial position, bank overdrafts are shown within borrowings in current liabilities. 1.14 Financial liabilities The group recognises a financial liability in its statement of financial position when it becomes a party to the contractual provisions of the instrument. The group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss (classified as \u2018other liabilities\u2019) under IFRS 9. Financial liabilities not at fair value through profit or loss are recognised initially at fair value, being the fair value of consideration received, net of transaction costs that are directly attributable to the acquisition or the issue of the financial liability. These liabilities are subsequently measured at amortised cost. The group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14850_doc_41": { "value": "1.14 Financial liabilities The group recognises a financial liability in its statement of financial position when it becomes a party to the contractual provisions of the instrument. The group\u2019s financial liabilities are classified as financial liabilities which are not at fair value through profit or loss (classified as \u2018other liabilities\u2019) under IFRS 9. Financial liabilities not at fair value through profit or loss are recognised initially at fair value, being the fair value of consideration received, net of transaction costs that are directly attributable to the acquisition or the issue of the financial liability. These liabilities are subsequently measured at amortised cost. The group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14851_doc_41": { "value": "1.15 Trade and other payables Trade payables comprise obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business, if longer). If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14852_doc_41": { "value": "1.16 Borrowings Borrowings are recognised initially at the fair value of proceeds received, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14853_doc_41": { "value": "1.17 Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14854_doc_41": { "value": "1.18 Provisions Provisions for legal claims are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15244_doc_41": { "value": "1.19 Revenue recognition (a) Sales of goods - retail Sales of goods are recognised when the group sells a product to the customer. Retail sales are usually in cash or by credit card. Certain retail sales are on credit. The recorded revenue includes credit card fees payable for the transaction. Such fees are included in \u2018cost of sales\u2019. It is the group\u2019s policy to sell its products to the end customer with a right of return. Accumulated experience is used to estimate and provide for such returns at the time of sale. Because the number of products returned has been steady for years, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date. (b) Sales of goods - customer loyalty programme The group operates a loyalty programme where retail customers accumulate points for purchases made which entitle them to discount on future purchases. A contract liability for the award points is recognised at the time of the sale. Revenue is recognised when the points are redeemed. The points provide a material right to customers that they would not receive without entering into a contract. Therefore, the promise to provide points to the customer is a separate performance obligation. The transaction price is allocated to the product and the points on a relative stand-alone selling price basis. Management estimates the stand-alone selling price per point on the basis of the discount granted when the points are redeemed and on the basis of the likelihood of redemption, based on past experience. A contract liability is recognised until the points are redeemed. (c) Sales of goods - wholesale Sales of goods are recognised when the group has delivered products to the customer, the customer has accepted the products and collectability of the related trade and other receivables is reasonably assured. Delivery does not occur until the risks of obsolescence and loss have been transferred to the customer. (d) Property related income Rentals receivable, short-term lets receivable and premia charged to tenants of immovable property are recognised in the period when the property is occupied. Premia are taken to profit or loss over the period of the leases to which they relate. (e) Dividend income Dividend income is recognised when the right to receive payment is established. (f) Royalty income Royalty income pertaining to the use of the group\u2019s intellectual property is recognised as the franchisees make use of the right obtained through the franchise agreements. 1.20 Finance income and costs Finance income and costs are reco", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14856_doc_41": { "value": "(b) Sales of goods - customer loyalty programme The group operates a loyalty programme where retail customers accumulate points for purchases made which entitle them to discount on future purchases. A contract liability for the award points is recognised at the time of the sale. Revenue is recognised when the points are redeemed. The points provide a material right to customers that they would not receive without entering into a contract. Therefore, the promise to provide points to the customer is a separate performance obligation. The transaction price is allocated to the product and the points on a relative stand-alone selling price basis. Management estimates the stand-alone selling price per point on the basis of the discount granted when the points are redeemed and on the basis of the likelihood of redemption, based on past experience. A contract liability is recognised until the points are redeemed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15180_doc_41": { "value": "1.20 Finance income and costs Finance income and costs are recognised in profit or loss for all interest-bearing instruments on an accrual basis using the effective interest method. Finance income is recognised as it accrues, unless collectability is in doubt. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14857_doc_41": { "value": "1.20 Finance income and costs Finance income and costs are recognised in profit or loss for all interest-bearing instruments on an accrual basis using the effective interest method. Finance income is recognised as it accrues, unless collectability is in doubt", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14858_doc_41": { "value": "1.21 Borrowing costs Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying non-current assets are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the group\u2019s interest bearing borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15054_doc_41": { "value": " 1.22 Leases The group leases the land and buildings on which the PAMA Shopping Mall, the PAMA Supermarkets and the parking area are located. The rental contracts are made with an associate of the group for fixed periods of 30 years. The group also leases certain operational equipment installed within the PAMA Shopping Village, however management does not consider these arrangements material relative to the group\u2019s other leasing arrangements. On 28 June 2022, the group entered into an agreement for a period of 50 years for the lease of property adjacent to PAMA Shopping Village. In addition, on 27 December 2022 the Group entered into an agreement to purchase the temporary utile dominium on a parcel of land adjacent to the PAVI Shopping Complex for the remaining period of 90 years. On 15 January 2025, the group entered into a contract with the Lands Authority for the change in use of emphyteutic land recently acquired adjacent to the PAVI Shopping Complex. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the group: \u2022 where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received \u2022 uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by similar operators, which does not have recent third party financing, and makes adjustments specific to the lease, eg term, country, currency and security. 1.22 Leases - continued The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. While the group revalues its land and buildings that are presented within property, plant and equipment, it has chosen not to do so for the right-of-use land and buildings held by the group. The group\u2019s leases of land and buildings with its associate are subject to additional payments that are based on 1.6% of the revenue generated from the PAMA Supermarket. Such terms are used as a manner of minimising the fixed costs base, and are recognised in profit or loss in the period in which the condition that triggers those payments (i.e. the sale) occurs. A 5% increase in sales in PAMA Supermarket with such variable lease arrangements would increase total lease payments by \u20ac66,000. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14860_doc_41": { "value": "1.23 Dividend distribution Dividend distribution to the shareholders is recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14861_doc_41": { "value": " 1.24 Earnings per share Basic earnings per share is calculated by dividing profit attributable to equity holders of the parent by the weighted average number of ordinary shares in issue during the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15057_doc_41": { "value": " 1.25 Segment reporting The group determines and presents operating segments based on the information that internally is provided to the board of directors, which is the group\u2019s chief operating decision maker (CODM) in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019. In 2025, the group has consolidated its retail-focused network in order to support the group\u2019s growth ambitions. The group has thus become increasingly reliant on individual market-level profitability metrics to enable the CODM to make timely market-centric decisions that are operational and investment in nature. This is also in line with the principal activities action within the Directors Report (Page 1). During the year, in implementing this consolidated approach, the Board has adopted a single, integrated view of the business whereby management and performance monitoring are now aligned to one retail operation, reflecting the way in which the group\u2019s assets and capabilities are deployed to serve customers across our brands and locations. In line with this unified strategy, shared services such as procurement, logistics, pricing, marketing, technology and people management are coordinated across the unified portfolio to drive efficiency and a consistent customer experience to our retail proposition. 1.25 Segment reporting - continued For the period ending April 2025, it was therefore appropriate to update the segmental analysis disclosures away from a separate view and move towards a more consolidated view of segments to reflect the current business operations and the way the business internally reports, and the information that the CODM reviews and makes strategic decisions based on its financial results. The performance and financial position of the group\u2019s retail operating segment is disclosed in the primary statements on pages 27 to 29. As a result of this change in approach the prior year segmental reporting numbers have not been disclosed in these financial statements", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15131_doc_41": { "value": "2. Financial risk management 2.1 Financial risk factors The group\u2019s activities potentially expose it to a variety of financial risks: market risk (including currency risk, cash flow interest rate risk, and fair value interest rate risk), credit risk and liquidity risk. The group\u2019s overall risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the group\u2019s financial performance. The group has an Investment Management Committee (IMC) primarily comprising key members of the Company\u2019s board of directors, with the primary objective being the management and investment of excess cash generated from the group\u2019s retail operations. The groups\u2019 investment portfolio primarily comprises investments in fixed income securities listed on active markets. The group did not make use of derivative financial instruments to hedge certain risk exposures during the current and preceding financial periods. The directors provide policies for overall risk management, as well as policies covering risks referred to above and specific areas such as investment of excess liquidity. (a) Market risk (i) Foreign exchange risk Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the respective group entity\u2019s functional currency. The group\u2019s exposure to foreign currency namely emanates from its investments in debt securities, that are primarily denominated in USD. The group\u2019s financing and other assets and liabilities emanating from trading transactions are principally conducted in the functional currency of the respective group entity. At 30 April 2026, the group was exposed with respect to cash and cash equivalents and financial assets at amortised cost amounting to \u20ac461,731 and \u20ac9,539,832. The sensitivity of profit or loss to changes in the exchange rates arises mainly from these US dollar-denominated financial instruments. Holding all other variables constant if the local currency weakened/strengthened by 10% against the US Dollar with all other variables held constant, pre-tax profit for the year would have been lower/higher by \u20ac1,000,156 mainly as a result of foreign exchange gains/losses on translation of US Dollar denominated cash and cash equivalents and financial assets at amortised cost. (ii) Cash flow and fair value interest rate risk The group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The group\u2019s interest rate risk arises from its investments in debt securities and borrowings. The group invests in medium to long-term fixed interest rate debt that expose the group to fair value interest rate risk. These instruments are carried at amortised cost and consequently, whereas movements in market interest rates impact their fair value, such impact is not recognised in the group\u2019s income statement. At reporting date the group has considerable bank borrowings issued at fixed rates (note 16). These bank loans do not expose the group to cash flow interest rate risk. (b) Credit risk Credit risk arises on cash and cash equivalents, investments in debt securities, deposits with banks, investments, loans and receivables, advances to related parties as well as credit exposures to customers, including outstanding receivables and committed transactions. The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Financial assets measured at amortised cost:
Trade and other receivables (note 12)12,794 6,627 26,913 32,844
Cash in bank and in hand (note 13)7,579 11,826 12840
Listed corporate bonds (note 10) 18,56118,106 - -
38,934 36,55927,041 32,884
The group banks and invests only with local financial institutions or entities with high quality standing or rating. The group has invested in listed corporate bonds having a credit rating which ranges from B1 to Aa2. The group\u2019s operations are principally carried out in Malta. Risk management The group banks only with local financial institutions or entities with high quality standing or rating. The group\u2019s operations are principally carried out in Malta. The group has a balance of \u20ac3,254,000 with a customer that carries a concentration of credit risk due to the fact that it is significant when compared to the total trade receivables of the group. Management is actively monitoring the balance to ensure that the receivable remains fully performing in line with the receivable\u2019s credit history. The group has no remaining concentration of credit risk that could materially impact the sustainability of its operations. 2.1 Financial risk factors - continued (b) Credit risk - continued Risk management - continued The group sales are mainly generated from retail customers and are made in cash or via major credit cards. Despite credit sales being limited, the group has policies in place to ensure that sales of products and provision of services on credit (mainly related to rental activities) are effected to customers with an appropriate credit history. The group assesses the credit quality of its customers taking into account financial position, past experience and other factors. It has policies in place to ensure that sales of products and services are effected to customers with an appropriate credit history. The group monitors the performance of its receivables on a regular basis to identify incurred collection losses, which are inherent in the group\u2019s receivables, taking into account historical experience in collection of accounts receivable. The group invests in debt instruments that are considered to be of a good credit rating, with 80% of the portfolio as at 30 April 2026 comprising investment-grade debt securities. The IMC seeks to diversify the group\u2019s exposures by sector and issuer and does not recommend any investments in unrated debt securities. Additionally, the group limits investments in debt securities issued by issuers from emerging markets or issuers having a small market cap to 5% of the total value of the portfolio. Impairment of financial assets The group\u2019s trade receivable and contract assets, investments in debt securities, as well as cash and cash equivalents, are subject to IFRS 9\u2019s expected credit loss model (ECL). The Company\u2019s financial assets subject to IFRS 9\u2019s expected credit loss model principally amounts advanced to subsidiaries. The group measures loss allowances at an amount equal to lifetime ECL, except in the following circumstances: \u2022 debt securities, namely investments in bonds and deposits held with financial institutions, that are determined to have low credit risk at reporting date. Management consider \u2018low credit risk\u2019 for listed bonds to be an investment grade credit rating with at least one major rating agency; and \u2022 other instruments for which credit risk has not increased significantly since initial recognition. 12-month ECL are the portion of ECL that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Lifetime ECL are the ECL that result from all possible default events over the expected life of the instrument. In all cases, the maximum period considered when estimating ECL is the maximum contractual period over which the group is exposed to credit risk. ECL are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accordance with the contract and the cash flows that the group expects to receive). Loss allowances on financial assets at amortised cost are presented in the balance sheet by deducting the allowance from the gross carrying amount of the assets. 2.1 Financial risk factors - continued (b) Credit risk - continued Impairment of financial assets - continued (i) Debt instruments The key inputs into the measurement of ECL are the term structures of the following variables: \u2022 Probability of default (PD); \u2022 Loss given default (LGD); and \u2022 Exposure at default (EAD). \u20ac14,937,337 of the group\u2019s investments in bonds and all of the deposits held with banks qualify for the low credit risk practical expedient. Consequently, the PDs used by the group do not exceed a period of 12 months. To determine PDs, the group uses the PD tables supplied by Moody\u2019s based on the default history of obligors in the same industry and geographic region with the same credit rating. LGD is the magnitude of the likely loss if there is a default. The LGD is determined using the minimum floor as advised by the European Banking Authority with respect to default rates of specific debt instruments classified by nature. EAD represents the expected exposure in the event of a default. The group derives the EAD from the current exposure to the counterparty. As at reporting date, \u20ac3,623,901 of the group\u2019s investments in debt securities did not meet the definition of low credit risk as they were not of investment grade rating. The group assessed whether these instruments experienced a significant increase in credit risk since the investment date. No significant increase in credit risk was observed and accordingly, the measurement of ECL for such investments followed the same methodology as explained above. (ii) Trade receivables and contract assets The group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled performance obligations and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The expected loss rates are based on the payment profiles of sales over a period of 36 months before 1 May 2025 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group adjusts the historical loss rates based on expected changes in these factors. (iii) Other receivables Other than as noted below, as at 1 May 2025, no further identified expected credit loss allowance in addition to the amount that had already been provided for as at 1 May 2024, on trade receivables and contract assets, was deemed necessary. The movement in loss allowances as at 30 April 2026 is also deemed immaterial by management. On this basis, the information pertaining to loss rates and loss allowances in the group\u2019s provisions matrix, which would have otherwise been required by IFRS 7, is not presented as at 30 April 2026 and 1 May 2025. Impairment of financial assets \u2013 continued (iii) Other receivables - continued As of 30 April 2026, trade receivables of \u20ac6,979,000 (2025: \u20ac3,724,000) were fully performing. Loss allowances of \u20acNil (2025: \u20ac29,000) were present at year end in respect of trade and other receivables that were overdue and that were not expected to be recovered. Other overdue trade receivables that were not impaired amounted to \u20ac6,979,000 (2025: \u20ac3,742,000). The group holds no security against these receivables. The unsecured overdue amounts consisted of \u20ac5,430,000 (2025: \u20ac3,283,000) that were less than three months overdue and \u20ac1,550,000 (2025: \u20ac459,000) that were greater than three months. The group applies its methodology in relation to such amounts in line with the requirements of IFRS 9\u2019s forward-looking expected loss model. The company monitors intra-group credit exposures at individual entity level on a regular basis and ensures timely performance of these assets in the context of its overall liquidity management. The loss allowances for these financial assets are based on assumptions about risk of default and expected loss rates. The Company\u2019s management uses judgement in making these assumptions, based on the counterparty\u2019s past history, existing market conditions, as well as forward-looking estimates at the end of each reporting period. As at year-end, based on the directors\u2019 assessments of these factors, the equity position of the respective counterparty, and, where the probability of default is high, the recovery strategies contemplated by management together with the support of shareholders in place, the resulting impairment charge required was deemed to be immaterial. With respect to the loan of \u20ac32,318,000 granted to Giacla Limited (as further detailed in Note 31), the Company has determined that the 12-month probability of default on the amounts receivable as at 30 April 2026 is insignificant. The Company will continue to monitor the subsidiary\u2019s performance against the business plan so as to identify any indicators that might implicate an increase in credit risk on such exposure in future periods Credit-impaired financial assets At each reporting date, the group assesses whether financial assets measured at amortised cost are credit-impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: \u2022 significant financial difficulty of the debtor; \u2022 a breach of contract such as a default or past-due event; \u2022 the restructuring of an amount due to the Company on terms that the Company would not otherwise consider; \u2022 the debtor entering bankruptcy or other financial reorganisation becoming probable; or \u2022 the disappearance of an active market for a security because of financial difficulties. A financial asset that has been renegotiated due to a deterioration in the borrower\u2019s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. 2. Financial risk management - continued 2.1 Financial risk factors - continued (b) Credit risk - continued Impairment of financial assets \u2013 continued (iii) Other receivables - continued The gross carrying amount of a financial asset is written off when the group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. This is generally the case when the group determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. This assessment is carried out at the individual asset level. (iv) Cash at bank The group\u2019s cash is placed with reputable financial institutions, such that management does not expect any institution to fail to meet repayments of amounts held in the name of the companies within the group. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. (c) Liquidity risk The group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally trade and other payables, borrowings and lease liabilities (refer to notes 18, 16 and 5). Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meet the group\u2019s obligations. Management monitors liquidity risk by means of cash flow forecasts on the basis of expected cash flows over a twelve month period and ensures that when additional financing facilities are expected to be required over the coming period there are adequate credit facilities in place with external sources and within the treasury function of the group. The group\u2019s liquidity risk is monitored in view of the matching of cash inflows and outflows arising from expected maturities of financial instruments, coupled with the group\u2019s committed borrowing facilities (refer to note 16) and group\u2019s treasury support that it can access to meet liquidity needs as referred to previously. The group reported a net current liability position of \u20ac35,788,000 as at 30 April 2026 (2025: \u20ac24,498,000). This is attributable in a large part from supplier credit being extended to it in excess of its own investment in working capital. Furthermore, during the year cash outflows for investing activities amounting to \u20ac24,994,000 were financed from the group\u2019s own working capital. The group maintains a healthy relationship with its suppliers and care is taken to respect agreed credit terms. Prudence is exercised in cash management to ensure that the group maintains at any point in time a material liquidity buffer in terms of available unutilised facilities amounting to \u20ac36,940,000. The following table analyses the group\u2019s non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows. 2.1 Financial risk factors - continued (c) Liquidity risk - continued Balances due within twelve months equal their carrying balances, as the impact of discounting is not significant. 2.2 Fair values of financial instruments The carrying amounts of cash at bank, receivables (net of impairment provisions, if any), payables, borrowings and lease liabilities reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the origination of the instruments and their exposed realisation. As at the end of the reporting period, the fair values of financial assets and liabilities approximate the carrying amounts shown in the statement of financial position. 2.3 Capital risk management The group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the company may issue new shares or adjust the amounts of dividends paid to shareholders. The group monitors the level of capital on the basis of the ratio of aggregated net debt to total capital. Net debt is calculated as total borrowings including lease liabilities less cash and cash equivalents. Total capital is calculated as equity, as shown in the statement of financial position, plus net debt. The aggregated figures in respect of the group\u2019s equity and borrowings are reflected below:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Total borrowings and lease liabilities (notes 16 and 5)54,587 43,053
Less: Cash at bank and in hand (note 13)(7,579) (11,826)
Net borrowings and lease liabilities47,008 31,227
Total equity 79,685 73,850
Total capital 126,693 105,077
Gearing 37.1% 29.7%
The group manages the relationship between equity injections and borrowings, being the constituent elements of capital as reflected above from period to period, with a view to managing the cost of capital. The level of capital of the group, as reflected in the statement of financial position, is maintained by reference to its respective financial obligations and commitments arising from operational requirements. In view of the nature of the group\u2019s activities and the extent of borrowings or debt, the capital level at the end of the reporting period is deemed adequate by management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15128_doc_41": { "value": "2. Financial risk management 2.1 Financial risk factors The group\u2019s activities potentially expose it to a variety of financial risks: market risk (including currency risk, cash flow interest rate risk, and fair value interest rate risk), credit risk and liquidity risk. The group\u2019s overall risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the group\u2019s financial performance. The group has an Investment Management Committee (IMC) primarily comprising key members of the Company\u2019s board of directors, with the primary objective being the management and investment of excess cash generated from the group\u2019s retail operations. The groups\u2019 investment portfolio primarily comprises investments in fixed income securities listed on active markets. The group did not make use of derivative financial instruments to hedge certain risk exposures during the current and preceding financial periods. The directors provide policies for overall risk management, as well as policies covering risks referred to above and specific areas such as investment of excess liquidity. (a) Market risk (i) Foreign exchange risk Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the respective group entity\u2019s functional currency. The group\u2019s exposure to foreign currency namely emanates from its investments in debt securities, that are primarily denominated in USD. The group\u2019s financing and other assets and liabilities emanating from trading transactions are principally conducted in the functional currency of the respective group entity. At 30 April 2026, the group was exposed with respect to cash and cash equivalents and financial assets at amortised cost amounting to \u20ac461,731 and \u20ac9,539,832. The sensitivity of profit or loss to changes in the exchange rates arises mainly from these US dollar-denominated financial instruments. Holding all other variables constant if the local currency weakened/strengthened by 10% against the US Dollar with all other variables held constant, pre-tax profit for the year would have been lower/higher by \u20ac1,000,156 mainly as a result of foreign exchange gains/losses on translation of US Dollar denominated cash and cash equivalents and financial assets at amortised cost. (ii) Cash flow and fair value interest rate risk The group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The group\u2019s interest rate risk arises from its investments in debt securities and borrowings. The group invests in medium to long-term fixed interest rate debt that expose the group to fair value interest rate risk. These instruments are carried at amortised cost and consequently, whereas movements in market interest rates impact their fair value, such impact is not recognised in the group\u2019s income statement. At reporting date the group has considerable bank borrowings issued at fixed rates (note 16). These bank loans do not expose the group to cash flow interest rate risk. (b) Credit risk Credit risk arises on cash and cash equivalents, investments in debt securities, deposits with banks, investments, loans and receivables, advances to related parties as well as credit exposures to customers, including outstanding receivables and committed transactions. The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Financial assets measured at amortised cost:
Trade and other receivables (note 12)12,794 6,627 26,913 32,844
Cash in bank and in hand (note 13)7,579 11,826 12840
Listed corporate bonds (note 10) 18,56118,106 - -
38,934 36,55927,041 32,884
The group banks and invests only with local financial institutions or entities with high quality standing or rating. The group has invested in listed corporate bonds having a credit rating which ranges from B1 to Aa2. The group\u2019s operations are principally carried out in Malta. Risk management The group banks only with local financial institutions or entities with high quality standing or rating. The group\u2019s operations are principally carried out in Malta. The group has a balance of \u20ac3,254,000 with a customer that carries a concentration of credit risk due to the fact that it is significant when compared to the total trade receivables of the group. Management is actively monitoring the balance to ensure that the receivable remains fully performing in line with the receivable\u2019s credit history. The group has no remaining concentration of credit risk that could materially impact the sustainability of its operations. 2.1 Financial risk factors - continued (b) Credit risk - continued Risk management - continued The group sales are mainly generated from retail customers and are made in cash or via major credit cards. Despite credit sales being limited, the group has policies in place to ensure that sales of products and provision of services on credit (mainly related to rental activities) are effected to customers with an appropriate credit history. The group assesses the credit quality of its customers taking into account financial position, past experience and other factors. It has policies in place to ensure that sales of products and services are effected to customers with an appropriate credit history. The group monitors the performance of its receivables on a regular basis to identify incurred collection losses, which are inherent in the group\u2019s receivables, taking into account historical experience in collection of accounts receivable. The group invests in debt instruments that are considered to be of a good credit rating, with 80% of the portfolio as at 30 April 2026 comprising investment-grade debt securities. The IMC seeks to diversify the group\u2019s exposures by sector and issuer and does not recommend any investments in unrated debt securities. Additionally, the group limits investments in debt securities issued by issuers from emerging markets or issuers having a small market cap to 5% of the total value of the portfolio. Impairment of financial assets The group\u2019s trade receivable and contract assets, investments in debt securities, as well as cash and cash equivalents, are subject to IFRS 9\u2019s expected credit loss model (ECL). The Company\u2019s financial assets subject to IFRS 9\u2019s expected credit loss model principally amounts advanced to subsidiaries. The group measures loss allowances at an amount equal to lifetime ECL, except in the following circumstances: \u2022 debt securities, namely investments in bonds and deposits held with financial institutions, that are determined to have low credit risk at reporting date. Management consider \u2018low credit risk\u2019 for listed bonds to be an investment grade credit rating with at least one major rating agency; and \u2022 other instruments for which credit risk has not increased significantly since initial recognition. 12-month ECL are the portion of ECL that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Lifetime ECL are the ECL that result from all possible default events over the expected life of the instrument. In all cases, the maximum period considered when estimating ECL is the maximum contractual period over which the group is exposed to credit risk. ECL are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accordance with the contract and the cash flows that the group expects to receive). Loss allowances on financial assets at amortised cost are presented in the balance sheet by deducting the allowance from the gross carrying amount of the assets. 2. Financial risk management - continued 2.1 Financial risk factors - continued (b) Credit risk - continued Impairment of financial assets - continued (i) Debt instruments The key inputs into the measurement of ECL are the term structures of the following variables: \u2022 Probability of default (PD); \u2022 Loss given default (LGD); and \u2022 Exposure at default (EAD). \u20ac14,937,337 of the group\u2019s investments in bonds and all of the deposits held with banks qualify for the low credit risk practical expedient. Consequently, the PDs used by the group do not exceed a period of 12 months. To determine PDs, the group uses the PD tables supplied by Moody\u2019s based on the default history of obligors in the same industry and geographic region with the same credit rating. LGD is the magnitude of the likely loss if there is a default. The LGD is determined using the minimum floor as advised by the European Banking Authority with respect to default rates of specific debt instruments classified by nature. EAD represents the expected exposure in the event of a default. The group derives the EAD from the current exposure to the counterparty. As at reporting date, \u20ac3,623,901 of the group\u2019s investments in debt securities did not meet the definition of low credit risk as they were not of investment grade rating. The group assessed whether these instruments experienced a significant increase in credit risk since the investment date. No significant increase in credit risk was observed and accordingly, the measurement of ECL for such investments followed the same methodology as explained above. (ii) Trade receivables and contract assets The group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled performance obligations and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The expected loss rates are based on the payment profiles of sales over a period of 36 months before 1 May 2025 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group adjusts the historical loss rates based on expected changes in these factors. (iii) Other receivables Other than as noted below, as at 1 May 2025, no further identified expected credit loss allowance in addition to the amount that had already been provided for as at 1 May 2024, on trade receivables and contract assets, was deemed necessary. The movement in loss allowances as at 30 April 2026 is also deemed immaterial by management. On this basis, the information pertaining to loss rates and loss allowances in the group\u2019s provisions matrix, which would have otherwise been required by IFRS 7, is not presented as at 30 April 2026 and 1 May 2025. Impairment of financial assets \u2013 continued (iii) Other receivables - continued As of 30 April 2026, trade receivables of \u20ac6,979,000 (2025: \u20ac3,724,000) were fully performing. Loss allowances of \u20acNil (2025: \u20ac29,000) were present at year end in respect of trade and other receivables that were overdue and that were not expected to be recovered. Other overdue trade receivables that were not impaired amounted to \u20ac6,979,000 (2025: \u20ac3,742,000). The group holds no security against these receivables. The unsecured overdue amounts consisted of \u20ac5,430,000 (2025: \u20ac3,283,000) that were less than three months overdue and \u20ac1,550,000 (2025: \u20ac459,000) that were greater than three months. The group applies its methodology in relation to such amounts in line with the requirements of IFRS 9\u2019s forward-looking expected loss model. The company monitors intra-group credit exposures at individual entity level on a regular basis and ensures timely performance of these assets in the context of its overall liquidity management. The loss allowances for these financial assets are based on assumptions about risk of default and expected loss rates. The Company\u2019s management uses judgement in making these assumptions, based on the counterparty\u2019s past history, existing market conditions, as well as forward-looking estimates at the end of each reporting period. As at year-end, based on the directors\u2019 assessments of these factors, the equity position of the respective counterparty, and, where the probability of default is high, the recovery strategies contemplated by management together with the support of shareholders in place, the resulting impairment charge required was deemed to be immaterial. With respect to the loan of \u20ac32,318,000 granted to Giacla Limited (as further detailed in Note 31), the Company has determined that the 12-month probability of default on the amounts receivable as at 30 April 2026 is insignificant. The Company will continue to monitor the subsidiary\u2019s performance against the business plan so as to identify any indicators that might implicate an increase in credit risk on such exposure in future periods Credit-impaired financial assets At each reporting date, the group assesses whether financial assets measured at amortised cost are credit-impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: \u2022 significant financial difficulty of the debtor; \u2022 a breach of contract such as a default or past-due event; \u2022 the restructuring of an amount due to the Company on terms that the Company would not otherwise consider; \u2022 the debtor entering bankruptcy or other financial reorganisation becoming probable; or \u2022 the disappearance of an active market for a security because of financial difficulties. A financial asset that has been renegotiated due to a deterioration in the borrower\u2019s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. 2. Financial risk management - continued 2.1 Financial risk factors - continued (b) Credit risk - continued Impairment of financial assets \u2013 continued (iii) Other receivables - continued The gross carrying amount of a financial asset is written off when the group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. This is generally the case when the group determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. This assessment is carried out at the individual asset level. (iv) Cash at bank The group\u2019s cash is placed with reputable financial institutions, such that management does not expect any institution to fail to meet repayments of amounts held in the name of the companies within the group. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. (c) Liquidity risk The group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally trade and other payables, borrowings and lease liabilities (refer to notes 18, 16 and 5). Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meet the group\u2019s obligations. Management monitors liquidity risk by means of cash flow forecasts on the basis of expected cash flows over a twelve month period and ensures that when additional financing facilities are expected to be required over the coming period there are adequate credit facilities in place with external sources and within the treasury function of the group. The group\u2019s liquidity risk is monitored in view of the matching of cash inflows and outflows arising from expected maturities of financial instruments, coupled with the group\u2019s committed borrowing facilities (refer to note 16) and group\u2019s treasury support that it can access to meet liquidity needs as referred to previously. The group reported a net current liability position of \u20ac35,788,000 as at 30 April 2026 (2025: \u20ac24,498,000). This is attributable in a large part from supplier credit being extended to it in excess of its own investment in working capital. Furthermore, during the year cash outflows for investing activities amounting to \u20ac24,994,000 were financed from the group\u2019s own working capital. The group maintains a healthy relationship with its suppliers and care is taken to respect agreed credit terms. Prudence is exercised in cash management to ensure that the group maintains at any point in time a material liquidity buffer in terms of available unutilised facilities amounting to \u20ac36,940,000. The following table analyses the group\u2019s non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows. 2.1 Financial risk factors - continued (c) Liquidity risk - continued Balances due within twelve months equal their carrying balances, as the impact of discounting is not significant.
Carrying amount Contractual cash flows Within one year Between 1 and 5 yearsOver 5 years
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
30 April 2026
Bank borrowings30,360 30,360 30,360 - -
Trade and other payables 52,464 52,464 44,061 8,403 -
Lease liabilities24,227 46,075 1,713 6,691 37,671
107,051 128,899 76,134 15,094 37,671
30 April 2025
Bank borrowings18,326 18,326 18,326 - -
Trade and other 38,803 38,803 38,803 - -
payables
Lease liabilities24,727 47,595 1,704 6,632 39,259
81,856104,724 58,833 6,632 39,259
2.2 Fair values of financial instruments The carrying amounts of cash at bank, receivables (net of impairment provisions, if any), payables, borrowings and lease liabilities reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the origination of the instruments and their exposed realisation. As at the end of the reporting period, the fair values of financial assets and liabilities approximate the carrying amounts shown in the statement of financial position. 2.3 Capital risk management The group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the company may issue new shares or adjust the amounts of dividends paid to shareholders. The group monitors the level of capital on the basis of the ratio of aggregated net debt to total capital. Net debt is calculated as total borrowings including lease liabilities less cash and cash equivalents. Total capital is calculated as equity, as shown in the statement of financial position, plus net debt. The aggregated figures in respect of the group\u2019s equity and borrowings are reflected below:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Total borrowings and lease liabilities (notes 16 and 5)54,587 43,053
Less: Cash at bank and in hand (note 13)(7,579) (11,826)
Net borrowings and lease liabilities47,008 31,227
Total equity 79,685 73,850
Total capital 126,693 105,077
Gearing 37.1% 29.7%
The group manages the relationship between equity injections and borrowings, being the constituent elements of capital as reflected above from period to period, with a view to managing the cost of capital. The level of capital of the group, as reflected in the statement of financial position, is maintained by reference to its respective financial obligations and commitments arising from operational requirements. In view of the nature of the group\u2019s activities and the extent of borrowings or debt, the capital level at the end of the reporting period is deemed adequate by management. 9. Equity instruments at fair value through other comprehensive income
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
Opening carrying amount 184208
Additions 500-
Gains/(losses) from changes in fair value 127(24)
Closing cost and net book amount811184
At 30 April
Cost 750250
Fair value gains/(losses) (note 15)61(66)
Carrying amount811184
Equity instruments at FVOCI relate to an investment in a listed local company and an investment in a listed local bank, which was acquired during the current financial year. The equity investments are not held for trading and the group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments and the group considers this classification to be more relevant. The group is required to analyse financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (Level 1, 2 or 3). The different levels of the fair value hierarchy have been defined as fair value measurements using: \u2022 Quoted prices (unadjusted) in active markets for identical assets (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset that are not based on observable market data (that is, unobservable inputs) (Level 3). The fair value of the equity investments are estimated by reference to the current bid prices based on active market. 10. Other financial assets measured at amortised cost Other financial assets at amortised cost include the following:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Non-current Investments in:
Listed corporate bonds18,561 18,106
At 30 April 18,561 18,106
Current
Investments in: Term deposits- 1,000
At 30 April - 1,000
a) Listed corporate bonds The Group\u2019s investments in listed debt securities comprise a portfolio of investments in listed fixed income debt securities for which the objective of the business model is to hold the securities to collect their contractual cash flows over the life of the portfolio\u2019s instruments. These securities\u2019 cash flows represent solely payments of principal and interest. Income from investments at amortised cost are disclosed in Note 24. Note 2 sets out information about the impairment of financial assets and the group\u2019s exposure to credit risk. During 2026, the group was required to prepare an impairment assessment for all classes of financial assets. The identified expected credit losses were immaterial. The fair value of corporate bonds was determined by reference to published price quotations in an active market (classified as level 1 in the fair value hierarchy). The fair value of the financial instruments at amortised cost are not significantly different from the carrying amounts. b) Term deposits The Group held investments in term deposits amounting to \u20ac1,000,000. The accounts carried a fixed rate of interest and matured during 2026. 24. Finance income
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Interest income 1,305 937- -
1,305 937- -
During the financial year ending 30 April 2024 an investment committee was set up to invest excess liquidity held by the group. This excess liquidity was invested by the group in a portfolio of debt securities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15130_doc_41": { "value": "(a) Market risk (i) Foreign exchange risk Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the respective group entity\u2019s functional currency. The group\u2019s exposure to foreign currency namely emanates from its investments in debt securities, that are primarily denominated in USD. The group\u2019s financing and other assets and liabilities emanating from trading transactions are principally conducted in the functional currency of the respective group entity. At 30 April 2026, the group was exposed with respect to cash and cash equivalents and financial assets at amortised cost amounting to \u20ac461,731 and \u20ac9,539,832. The sensitivity of profit or loss to changes in the exchange rates arises mainly from these US dollar-denominated financial instruments. Holding all other variables constant if the local currency weakened/strengthened by 10% against the US Dollar with all other variables held constant, pre-tax profit for the year would have been lower/higher by \u20ac1,000,156 mainly as a result of foreign exchange gains/losses on translation of US Dollar denominated cash and cash equivalents and financial assets at amortised cost. (ii) Cash flow and fair value interest rate risk The group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The group\u2019s interest rate risk arises from its investments in debt securities and borrowings. The group invests in medium to long-term fixed interest rate debt that expose the group to fair value interest rate risk. These instruments are carried at amortised cost and consequently, whereas movements in market interest rates impact their fair value, such impact is not recognised in the group\u2019s income statement. At reporting date the group has considerable bank borrowings issued at fixed rates (note 16). These bank loans do not expose the group to cash flow interest rate risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15129_doc_41": { "value": "(i) Foreign exchange risk Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the respective group entity\u2019s functional currency. The group\u2019s exposure to foreign currency namely emanates from its investments in debt securities, that are primarily denominated in USD. The group\u2019s financing and other assets and liabilities emanating from trading transactions are principally conducted in the functional currency of the respective group entity. At 30 April 2026, the group was exposed with respect to cash and cash equivalents and financial assets at amortised cost amounting to \u20ac461,731 and \u20ac9,539,832. The sensitivity of profit or loss to changes in the exchange rates arises mainly from these US dollar-denominated financial instruments. Holding all other variables constant if the local currency weakened/strengthened by 10% against the US Dollar with all other variables held constant, pre-tax profit for the year would have been lower/higher by \u20ac1,000,156 mainly as a result of foreign exchange gains/losses on translation of US Dollar denominated cash and cash equivalents and financial assets at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14866_doc_41": { "value": "(b) Credit risk Credit risk arises on cash and cash equivalents, investments in debt securities, deposits with banks, investments, loans and receivables, advances to related parties as well as credit exposures to customers, including outstanding receivables and committed transactions. The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Financial assets measured at amortised cost:
Trade and other receivables (note 12)12,794 6,627 26,913 32,844
Cash in bank and in hand (note 13)7,579 11,826 12840
Listed corporate bonds (note 10) 18,56118,106 - -
38,934 36,55927,041 32,884
The group banks and invests only with local financial institutions or entities with high quality standing or rating. The group has invested in listed corporate bonds having a credit rating which ranges from B1 to Aa2. The group\u2019s operations are principally carried out in Malta. Risk management The group banks only with local financial institutions or entities with high quality standing or rating. The group\u2019s operations are principally carried out in Malta. The group has a balance of \u20ac3,254,000 with a customer that carries a concentration of credit risk due to the fact that it is significant when compared to the total trade receivables of the group. Management is actively monitoring the balance to ensure that the receivable remains fully performing in line with the receivable\u2019s credit history. The group has no remaining concentration of credit risk that could materially impact the sustainability of its operations. (b) Credit risk - continued Risk management - continued The group sales are mainly generated from retail customers and are made in cash or via major credit cards. Despite credit sales being limited, the group has policies in place to ensure that sales of products and provision of services on credit (mainly related to rental activities) are effected to customers with an appropriate credit history. The group assesses the credit quality of its customers taking into account financial position, past experience and other factors. It has policies in place to ensure that sales of products and services are effected to customers with an appropriate credit history. The group monitors the performance of its receivables on a regular basis to identify incurred collection losses, which are inherent in the group\u2019s receivables, taking into account historical experience in collection of accounts receivable. The group invests in debt instruments that are considered to be of a good credit rating, with 80% of the portfolio as at 30 April 2026 comprising investment-grade debt securities. The IMC seeks to diversify the group\u2019s exposures by sector and issuer and does not recommend any investments in unrated debt securities. Additionally, the group limits investments in debt securities issued by issuers from emerging markets or issuers having a small market cap to 5% of the total value of the portfolio. Impairment of financial assets The group\u2019s trade receivable and contract assets, investments in debt securities, as well as cash and cash equivalents, are subject to IFRS 9\u2019s expected credit loss model (ECL). The Company\u2019s financial assets subject to IFRS 9\u2019s expected credit loss model principally amounts advanced to subsidiaries. The group measures loss allowances at an amount equal to lifetime ECL, except in the following circumstances: \u2022 debt securities, namely investments in bonds and deposits held with financial institutions, that are determined to have low credit risk at reporting date. Management consider \u2018low credit risk\u2019 for listed bonds to be an investment grade credit rating with at least one major rating agency; and \u2022 other instruments for which credit risk has not increased significantly since initial recognition. 12-month ECL are the portion of ECL that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Lifetime ECL are the ECL that result from all possible default events over the expected life of the instrument. In all cases, the maximum period considered when estimating ECL is the maximum contractual period over which the group is exposed to credit risk. ECL are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accordance with the contract and the cash flows that the group expects to receive). Loss allowances on financial assets at amortised cost are presented in the balance sheet by deducting the allowance from the gross carrying amount of the assets. (b) Credit risk - continued Impairment of financial assets - continued (i) Debt instruments The key inputs into the measurement of ECL are the term structures of the following variables: \u2022 Probability of default (PD); \u2022 Loss given default (LGD); and \u2022 Exposure at default (EAD). \u20ac14,937,337 of the group\u2019s investments in bonds and all of the deposits held with banks qualify for the low credit risk practical expedient. Consequently, the PDs used by the group do not exceed a period of 12 months. To determine PDs, the group uses the PD tables supplied by Moody\u2019s based on the default history of obligors in the same industry and geographic region with the same credit rating. LGD is the magnitude of the likely loss if there is a default. The LGD is determined using the minimum floor as advised by the European Banking Authority with respect to default rates of specific debt instruments classified by nature. EAD represents the expected exposure in the event of a default. The group derives the EAD from the current exposure to the counterparty. As at reporting date, \u20ac3,623,901 of the group\u2019s investments in debt securities did not meet the definition of low credit risk as they were not of investment grade rating. The group assessed whether these instruments experienced a significant increase in credit risk since the investment date. No significant increase in credit risk was observed and accordingly, the measurement of ECL for such investments followed the same methodology as explained above. (ii) Trade receivables and contract assets The group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled performance obligations and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The expected loss rates are based on the payment profiles of sales over a period of 36 months before 1 May 2025 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group adjusts the historical loss rates based on expected changes in these factors. (iii) Other receivables Other than as noted below, as at 1 May 2025, no further identified expected credit loss allowance in addition to the amount that had already been provided for as at 1 May 2024, on trade receivables and contract assets, was deemed necessary. The movement in loss allowances as at 30 April 2026 is also deemed immaterial by management. On this basis, the information pertaining to loss rates and loss allowances in the group\u2019s provisions matrix, which would have otherwise been required by IFRS 7, is not presented as at 30 April 2026 and 1 May 2025. Impairment of financial assets \u2013 continued (iii) Other receivables - continued As of 30 April 2026, trade receivables of \u20ac6,979,000 (2025: \u20ac3,724,000) were fully performing. Loss allowances of \u20acNil (2025: \u20ac29,000) were present at year end in respect of trade and other receivables that were overdue and that were not expected to be recovered. Other overdue trade receivables that were not impaired amounted to \u20ac6,979,000 (2025: \u20ac3,742,000). The group holds no security against these receivables. The unsecured overdue amounts consisted of \u20ac5,430,000 (2025: \u20ac3,283,000) that were less than three months overdue and \u20ac1,550,000 (2025: \u20ac459,000) that were greater than three months. The group applies its methodology in relation to such amounts in line with the requirements of IFRS 9\u2019s forward-looking expected loss model. The company monitors intra-group credit exposures at individual entity level on a regular basis and ensures timely performance of these assets in the context of its overall liquidity management. The loss allowances for these financial assets are based on assumptions about risk of default and expected loss rates. The Company\u2019s management uses judgement in making these assumptions, based on the counterparty\u2019s past history, existing market conditions, as well as forward-looking estimates at the end of each reporting period. As at year-end, based on the directors\u2019 assessments of these factors, the equity position of the respective counterparty, and, where the probability of default is high, the recovery strategies contemplated by management together with the support of shareholders in place, the resulting impairment charge required was deemed to be immaterial. With respect to the loan of \u20ac32,318,000 granted to Giacla Limited (as further detailed in Note 31), the Company has determined that the 12-month probability of default on the amounts receivable as at 30 April 2026 is insignificant. The Company will continue to monitor the subsidiary\u2019s performance against the business plan so as to identify any indicators that might implicate an increase in credit risk on such exposure in future periods Credit-impaired financial assets At each reporting date, the group assesses whether financial assets measured at amortised cost are credit-impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: \u2022 significant financial difficulty of the debtor; \u2022 a breach of contract such as a default or past-due event; \u2022 the restructuring of an amount due to the Company on terms that the Company would not otherwise consider; \u2022 the debtor entering bankruptcy or other financial reorganisation becoming probable; or \u2022 the disappearance of an active market for a security because of financial difficulties. A financial asset that has been renegotiated due to a deterioration in the borrower\u2019s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. (b) Credit risk - continued Impairment of financial assets \u2013 continued (iii) Other receivables - continued The gross carrying amount of a financial asset is written off when the group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. This is generally the case when the group determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. This assessment is carried out at the individual asset level. (iv) Cash at bank The group\u2019s cash is placed with reputable financial institutions, such that management does not expect any institution to fail to meet repayments of amounts held in the name of the companies within the group. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was insignificant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15065_doc_41": { "value": "Impairment of financial assets The group\u2019s trade receivable and contract assets, investments in debt securities, as well as cash and cash equivalents, are subject to IFRS 9\u2019s expected credit loss model (ECL). The Company\u2019s financial assets subject to IFRS 9\u2019s expected credit loss model principally amounts advanced to subsidiaries. The group measures loss allowances at an amount equal to lifetime ECL, except in the following circumstances: \u2022 debt securities, namely investments in bonds and deposits held with financial institutions, that are determined to have low credit risk at reporting date. Management consider \u2018low credit risk\u2019 for listed bonds to be an investment grade credit rating with at least one major rating agency; and \u2022 other instruments for which credit risk has not increased significantly since initial recognition. 12-month ECL are the portion of ECL that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Lifetime ECL are the ECL that result from all possible default events over the expected life of the instrument. In all cases, the maximum period considered when estimating ECL is the maximum contractual period over which the group is exposed to credit risk. ECL are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accordance with the contract and the cash flows that the group expects to receive). Loss allowances on financial assets at amortised cost are presented in the balance sheet by deducting the allowance from the gross carrying amount of the assets. 2. Financial risk management - continued 2.1 Financial risk factors - continued (b) Credit risk - continued Impairment of financial assets - continued (i) Debt instruments The key inputs into the measurement of ECL are the term structures of the following variables: \u2022 Probability of default (PD); \u2022 Loss given default (LGD); and \u2022 Exposure at default (EAD). \u20ac14,937,337 of the group\u2019s investments in bonds and all of the deposits held with banks qualify for the low credit risk practical expedient. Consequently, the PDs used by the group do not exceed a period of 12 months. To determine PDs, the group uses the PD tables supplied by Moody\u2019s based on the default history of obligors in the same industry and geographic region with the same credit rating. LGD is the magnitude of the likely loss if there is a default. The LGD is determined using the minimum floor as advised by the European Banking Authority with respect to default rates of specific debt instruments classified by nature. EAD represents the expected exposure in the event of a default. The group derives the EAD from the current exposure to the counterparty. As at reporting date, \u20ac3,623,901 of the group\u2019s investments in debt securities did not meet the definition of low credit risk as they were not of investment grade rating. The group assessed whether these instruments experienced a significant increase in credit risk since the investment date. No significant increase in credit risk was observed and accordingly, the measurement of ECL for such investments followed the same methodology as explained above. (ii) Trade receivables and contract assets The group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled performance obligations and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The expected loss rates are based on the payment profiles of sales over a period of 36 months before 1 May 2025 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The group adjusts the historical loss rates based on expected changes in these factors. (iii) Other receivables Other than as noted below, as at 1 May 2025, no further identified expected credit loss allowance in addition to the amount that had already been provided for as at 1 May 2024, on trade receivables and contract assets, was deemed necessary. The movement in loss allowances as at 30 April 2026 is also deemed immaterial by management. On this basis, the information pertaining to loss rates and loss allowances in the group\u2019s provisions matrix, which would have otherwise been required by IFRS 7, is not presented as at 30 April 2026 and 1 May 2025. Impairment of financial assets \u2013 continued (iii) Other receivables - continued As of 30 April 2026, trade receivables of \u20ac6,979,000 (2025: \u20ac3,724,000) were fully performing. Loss allowances of \u20acNil (2025: \u20ac29,000) were present at year end in respect of trade and other receivables that were overdue and that were not expected to be recovered. Other overdue trade receivables that were not impaired amounted to \u20ac6,979,000 (2025: \u20ac3,742,000). The group holds no security against these receivables. The unsecured overdue amounts consisted of \u20ac5,430,000 (2025: \u20ac3,283,000) that were less than three months overdue and \u20ac1,550,000 (2025: \u20ac459,000) that were greater than three months. The group applies its methodology in relation to such amounts in line with the requirements of IFRS 9\u2019s forward-looking expected loss model. The company monitors intra-group credit exposures at individual entity level on a regular basis and ensures timely performance of these assets in the context of its overall liquidity management. The loss allowances for these financial assets are based on assumptions about risk of default and expected loss rates. The Company\u2019s management uses judgement in making these assumptions, based on the counterparty\u2019s past history, existing market conditions, as well as forward-looking estimates at the end of each reporting period. As at year-end, based on the directors\u2019 assessments of these factors, the equity position of the respective counterparty, and, where the probability of default is high, the recovery strategies contemplated by management together with the support of shareholders in place, the resulting impairment charge required was deemed to be immaterial. With respect to the loan of \u20ac32,318,000 granted to Giacla Limited (as further detailed in Note 31), the Company has determined that the 12-month probability of default on the amounts receivable as at 30 April 2026 is insignificant. The Company will continue to monitor the subsidiary\u2019s performance against the business plan so as to identify any indicators that might implicate an increase in credit risk on such exposure in future periods Credit-impaired financial assets At each reporting date, the group assesses whether financial assets measured at amortised cost are credit-impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: \u2022 significant financial difficulty of the debtor; \u2022 a breach of contract such as a default or past-due event; \u2022 the restructuring of an amount due to the Company on terms that the Company would not otherwise consider; \u2022 the debtor entering bankruptcy or other financial reorganisation becoming probable; or \u2022 the disappearance of an active market for a security because of financial difficulties. A financial asset that has been renegotiated due to a deterioration in the borrower\u2019s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14870_doc_41": { "value": "Loss allowances of \u20acNil (2025: \u20ac29,000) were present at year end in respect of trade and other receivables that were overdue and that were not expected to be recovered. Other overdue trade receivables that were not impaired amounted to \u20ac6,979,000 (2025: \u20ac3,742,000). The group holds no security against these receivables. The unsecured overdue amounts consisted of \u20ac5,430,000 (2025: \u20ac3,283,000) that were less than three months overdue and \u20ac1,550,000 (2025: \u20ac459,000) that were greater than three months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15321_doc_41": { "value": "(c) Liquidity risk The group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally trade and other payables, borrowings and lease liabilities (refer to notes 18, 16 and 5). Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meet the group\u2019s obligations. Management monitors liquidity risk by means of cash flow forecasts on the basis of expected cash flows over a twelve month period and ensures that when additional financing facilities are expected to be required over the coming period there are adequate credit facilities in place with external sources and within the treasury function of the group. The group\u2019s liquidity risk is monitored in view of the matching of cash inflows and outflows arising from expected maturities of financial instruments, coupled with the group\u2019s committed borrowing facilities (refer to note 16) and group\u2019s treasury support that it can access to meet liquidity needs as referred to previously. The group reported a net current liability position of \u20ac35,788,000 as at 30 April 2026 (2025: \u20ac24,498,000). This is attributable in a large part from supplier credit being extended to it in excess of its own investment in working capital. Furthermore, during the year cash outflows for investing activities amounting to \u20ac24,994,000 were financed from the group\u2019s own working capital. The group maintains a healthy relationship with its suppliers and care is taken to respect agreed credit terms. Prudence is exercised in cash management to ensure that the group maintains at any point in time a material liquidity buffer in terms of available unutilised facilities amounting to \u20ac36,940,000. The following table analyses the group\u2019s non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows. (c) Liquidity risk - continued Balances due within twelve months equal their carrying balances, as the impact of discounting is not significant.
Carrying amount Contractual cash flows Within one year Between 1 and 5 yearsOver 5 years
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
30 April 2026
Bank borrowings30,360 30,360 30,360 - -
Trade and other payables 52,464 52,464 44,061 8,403 -
Lease liabilities24,227 46,075 1,713 6,691 37,671
107,051 128,899 76,134 15,094 37,671
30 April 2025
Bank borrowings18,326 18,326 18,326 - -
Trade and other 38,803 38,803 38,803 - -
payables
Lease liabilities24,727 47,595 1,704 6,632 39,259
81,856104,724 58,833 6,632 39,259
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14878_doc_41": { "value": "2.3 Capital risk management The group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the company may issue new shares or adjust the amounts of dividends paid to shareholders. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15124_doc_41": { "value": "3. Critical accounting estimates and judgements Estimates and judgements are continually evaluated and based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors, with the exception of the fair valuation of property, plant and equipment and investment property (see note 4 and note 6) and the recoverability of the loan receivable by PG p.l.c. from Giacla Limited (refer to below), the accounting estimates and judgements made in the course of preparing these financial statements are not difficult, subjective or complex to a degree which would warrant their description as critical in terms of the requirements of IAS 1. Recoverability of loan receivable by PG p.l.c. from Giacla Limited The recoverability of the loan of \u20ac32,318,000 by the Company from Giacla Limited (as further detailed in Note 2.1 (b) and related expected credit loss assessment is heavily dependent on the reasonableness of the assumptions and judgements underlying the valuation of the IP transaction from which the receivable originated in April 2024 as detailed in Note 31. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14879_doc_41": { "value": "4. Property, plant and equipment
Group Land and buildings Assets in the course of construction Machinery,motor vehicles and equipment Furniture,fixtures andfittings Total
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
At 30 April 2024
Cost or valuation55,436 5519,677 6,932 72,596
Accumulated depreciation (3,975) - (4,215) (4,229) (12,419)
Net book amount51,4615515,4622,70360,177
Year ended 30 April 2025
Opening net book amount 51,461 5515,462 2,703 60,177
Additions 8 11,266 1,726 22113,221
Transfers - (94) 4747-
Disposals - - (652) (15) (667)
Depreciation charge(438) - (1,472) (771) (2,681)
Depreciation chargereleased on disposal - - 63215647
Closing net book amount 51,031 11,723 5,743 2,200 70,697
At 30 April 2025
Cost or valuation55,444 11,723 10,798 7,185 85,150
Accumulated depreciation (4,413) - (5,055) (4,985) (14,453)
Net book amount51,03111,7235,7432,20070,697
Year ended 30 April 2026
Opening net book amount 51,031 11,723 5,743 2,200 70,697
Additions 5,717 1,150 4584597,784
Depreciation charge(208) - (1,158) (691) (2,057)
Closing net book amount 56,540 12,873 5,043 1,968 76,424
At 30 April 2026
Cost or valuation61,161 12,873 11,256 7,644 92,934
Accumulated depreciation (4,621) - (6,213) (5,676) (16,510)
Net book amount56,540 12,873 5,043 1,968 76,424
4. Property, plant and equipment - continued Fair valuation of property, plant and equipment The group is required to analyse non-financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (Level 1, 2 or 3). The different levels of the fair value hierarchy have been defined as fair value measurements using: \u2022 Quoted prices (unadjusted) in active markets for identical assets (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset that are not based on observable market data (that is, unobservable inputs) (Level 3). The group\u2019s land and buildings within property, plant and equipment comprises: \u2022 the Zara Complex situated in Sliema, which mainly includes retail outlets selling Zara branded fashion garments and home furnishings. This property is operated by Alhambra Trading Limited and Centre Point Properties Limited (members of the group) and is classified as property, plant and equipment. \u2022 the PAVI Shopping Complex situated in Qormi, which operates a supermarket including the management of shared activities within the retailing operations and the concessions of commercial areas that compliment the complex. All the recurring property fair value measurements at 30 April 2026 use significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy. The group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the beginning of the reporting period. There were no transfers between different levels of the fair value hierarchy during the year ended 30 April 2026. A reconciliation from the opening balance to the closing balance of land and buildings for recurring fair value measurements categorised within Level 3 of the value hierarchy, is reflected in the table above. The only movements in land and buildings classified as property, plant and equipment reflect additions and depreciation charge for the year ended 30 April 2026. During this financial year, the directors assessed the valuation in respect of the Zara Complex and PAVI Shopping Complex on valuation reports prepared by management. Valuations were made on the basis of open market value data after considering the returns being attained by the property and its intrinsic value. Furthermore, during this financial year, the directors assessed the valuation in respect of undeveloped property in Qormi. Valuations were made based on recent transactions of nearby properties. These assessments resulted in valuations that are not materially different from that as at 30 April 2025 and accordingly, no adjustment was deemed necessary to the carrying amount as at 30 April 2026. 4. Property, plant and equipment - continued Valuation processes The valuations of the properties are performed regularly taking into consideration valuation reports prepared by management. These reports are based on both: \u2022 information provided by the entities operating the complexes which is derived from the group\u2019s financial systems and is subject to the group\u2019s overall control environment; and \u2022 assumptions and valuation models used by management \u2013 the assumptions are typically market related. These are based on professional judgement and market observation. The information used, together with the assumptions and the valuation models, are reviewed by the board of directors. This includes a review of fair value movements over the period. Valuation techniques Given the specific nature of these assets, the valuations of the Level 3 property have been performed by reference to valuation models. These valuation models include: \u2022 in case of the Zara Complex and the PAVI Shopping Complex the management applied the capitalised rental approach; \u2022 in the case of the property in Qormi, management based the valuation on recent transactions of nearby properties. The board of directors approved the respective fair values after taking into consideration the intrinsic value of the property and specific tenure conditions. In using the capitalised rentals approach, the significant unobservable inputs include a rental rate per square metre, the capitalisation rate, and, if applicable, development or refurbishment costs which must be incurred before the property can earn the potential rental cash flows. Information about fair value measurements of property using significant unobservable inputs (Level 3) include a rental rate on revenue of 10% and a capitalisation rate of 6.5% for the Zara Complex and average rental rate per square metre of \u20ac120 with no inflationary growth discounted at an average rate of 6.5% for the PAVI Shopping Complex. For the capitalised rental approach, the higher the rate per square metre, the higher the resultant fair valuation. Conversely, the lower the capitalisation rate, the higher the resultant fair valuation. Bank borrowings are secured by the group\u2019s property, plant and equipment (note 16). The charge for depreciation of property, plant and equipment is included in profit or loss as follows:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Direct operating expenses 1,687 2,232
Selling and distribution expenses32067
Administrative expenses 50382
Total depreciation charge (note 19)2,057 2,681
4. Property, plant and equipment - continued Acquisition of control of DB Gauci Shopping Mall Limited (asset acquisition) On 27 January 2025, the Group obtained control of DB Gauci Shopping Mall Limited by acquiring 60% of its voting shares. As at 30 April 2026 DB Gauci Shopping Mall Limited had a promise of sale on the temporary sub-emphyteusis of a property comprising a shopping mall, as well as car park spaces on the site of the old Institute for Tourism Studies at St George\u2019s Bay, St Julians, Malta, which is granted by the Government of Malta to DB San Gorg Property Limited by virtue of title of temporary emphyteusis for a period of ninety-nine (99) years commencing from 1 February 2017. The shopping mall and car park spaces were commissioned on 15 July 2026 and legal title of the sub-emphyteutical grant and additions of a capital nature were transferred to DB Gauci Shopping Mall Limited after year end. Management assessed the transaction under IFRS 3 and concluded that DB Gauci Shopping Mall Limited does not fall within the definition of a business under the standard. This is also evident in the fact that, at the acquisition date, substantially all of the fair value of gross assets is concentrated in the property under construction. Accordingly, the acquisition is outside the scope of IFRS 3 and was accounted for as an asset acquisition. As the acquisition method was not applied, no goodwill was recognised, and directly attributable acquisition costs were capitalised to the property under construction in accordance with IAS 16. At year end, advance payments by DB Gauci Shopping Mall Limited to acquire the sub-emphyteutical rights as well as payments for additions to property, plant and equipment are reflected in Trade and other receivables (Note 12) and property, plant and equipment (Note 4) in line with the legal title as at 30 April 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14880_doc_41": { "value": "4. Property, plant and equipment
Group Land and buildings Assets in the course of construction Machinery,motor vehicles and equipment Furniture,fixtures andfittings Total
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
At 30 April 2024
Cost or valuation55,436 5519,677 6,932 72,596
Accumulated depreciation (3,975) - (4,215) (4,229) (12,419)
Net book amount51,4615515,4622,70360,177
Year ended 30 April 2025
Opening net book amount 51,461 5515,462 2,703 60,177
Additions 8 11,266 1,726 22113,221
Transfers - (94) 4747-
Disposals - - (652) (15) (667)
Depreciation charge(438) - (1,472) (771) (2,681)
Depreciation chargereleased on disposal - - 63215647
Closing net book amount 51,031 11,723 5,743 2,200 70,697
At 30 April 2025
Cost or valuation55,444 11,723 10,798 7,185 85,150
Accumulated depreciation (4,413) - (5,055) (4,985) (14,453)
Net book amount51,03111,7235,7432,20070,697
Year ended 30 April 2026
Opening net book amount 51,031 11,723 5,743 2,200 70,697
Additions 5,717 1,150 4584597,784
Depreciation charge(208) - (1,158) (691) (2,057)
Closing net book amount 56,540 12,873 5,043 1,968 76,424
At 30 April 2026
Cost or valuation61,161 12,873 11,256 7,644 92,934
Accumulated depreciation (4,621) - (6,213) (5,676) (16,510)
Net book amount56,540 12,873 5,043 1,968 76,424
4. Property, plant and equipment - continued Fair valuation of property, plant and equipment The group is required to analyse non-financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (Level 1, 2 or 3). The different levels of the fair value hierarchy have been defined as fair value measurements using: \u2022 Quoted prices (unadjusted) in active markets for identical assets (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset that are not based on observable market data (that is, unobservable inputs) (Level 3). The group\u2019s land and buildings within property, plant and equipment comprises: \u2022 the Zara Complex situated in Sliema, which mainly includes retail outlets selling Zara branded fashion garments and home furnishings. This property is operated by Alhambra Trading Limited and Centre Point Properties Limited (members of the group) and is classified as property, plant and equipment. \u2022 the PAVI Shopping Complex situated in Qormi, which operates a supermarket including the management of shared activities within the retailing operations and the concessions of commercial areas that compliment the complex. All the recurring property fair value measurements at 30 April 2026 use significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy. The group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the beginning of the reporting period. There were no transfers between different levels of the fair value hierarchy during the year ended 30 April 2026. A reconciliation from the opening balance to the closing balance of land and buildings for recurring fair value measurements categorised within Level 3 of the value hierarchy, is reflected in the table above. The only movements in land and buildings classified as property, plant and equipment reflect additions and depreciation charge for the year ended 30 April 2026. During this financial year, the directors assessed the valuation in respect of the Zara Complex and PAVI Shopping Complex on valuation reports prepared by management. Valuations were made on the basis of open market value data after considering the returns being attained by the property and its intrinsic value. Furthermore, during this financial year, the directors assessed the valuation in respect of undeveloped property in Qormi. Valuations were made based on recent transactions of nearby properties. These assessments resulted in valuations that are not materially different from that as at 30 April 2025 and accordingly, no adjustment was deemed necessary to the carrying amount as at 30 April 2026. 4. Property, plant and equipment - continued Valuation processes The valuations of the properties are performed regularly taking into consideration valuation reports prepared by management. These reports are based on both: \u2022 information provided by the entities operating the complexes which is derived from the group\u2019s financial systems and is subject to the group\u2019s overall control environment; and \u2022 assumptions and valuation models used by management \u2013 the assumptions are typically market related. These are based on professional judgement and market observation. The information used, together with the assumptions and the valuation models, are reviewed by the board of directors. This includes a review of fair value movements over the period. Valuation techniques Given the specific nature of these assets, the valuations of the Level 3 property have been performed by reference to valuation models. These valuation models include: \u2022 in case of the Zara Complex and the PAVI Shopping Complex the management applied the capitalised rental approach; \u2022 in the case of the property in Qormi, management based the valuation on recent transactions of nearby properties. The board of directors approved the respective fair values after taking into consideration the intrinsic value of the property and specific tenure conditions. In using the capitalised rentals approach, the significant unobservable inputs include a rental rate per square metre, the capitalisation rate, and, if applicable, development or refurbishment costs which must be incurred before the property can earn the potential rental cash flows. Information about fair value measurements of property using significant unobservable inputs (Level 3) include a rental rate on revenue of 10% and a capitalisation rate of 6.5% for the Zara Complex and average rental rate per square metre of \u20ac120 with no inflationary growth discounted at an average rate of 6.5% for the PAVI Shopping Complex. For the capitalised rental approach, the higher the rate per square metre, the higher the resultant fair valuation. Conversely, the lower the capitalisation rate, the higher the resultant fair valuation. Bank borrowings are secured by the group\u2019s property, plant and equipment (note 16). The charge for depreciation of property, plant and equipment is included in profit or loss as follows:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Direct operating expenses 1,687 2,232
Selling and distribution expenses32067
Administrative expenses 50382
Total depreciation charge (note 19)2,057 2,681
4. Property, plant and equipment - continued Acquisition of control of DB Gauci Shopping Mall Limited (asset acquisition) On 27 January 2025, the Group obtained control of DB Gauci Shopping Mall Limited by acquiring 60% of its voting shares. As at 30 April 2026 DB Gauci Shopping Mall Limited had a promise of sale on the temporary sub-emphyteusis of a property comprising a shopping mall, as well as car park spaces on the site of the old Institute for Tourism Studies at St George\u2019s Bay, St Julians, Malta, which is granted by the Government of Malta to DB San Gorg Property Limited by virtue of title of temporary emphyteusis for a period of ninety-nine (99) years commencing from 1 February 2017. The shopping mall and car park spaces were commissioned on 15 July 2026 and legal title of the sub-emphyteutical grant and additions of a capital nature were transferred to DB Gauci Shopping Mall Limited after year end. Management assessed the transaction under IFRS 3 and concluded that DB Gauci Shopping Mall Limited does not fall within the definition of a business under the standard. This is also evident in the fact that, at the acquisition date, substantially all of the fair value of gross assets is concentrated in the property under construction. Accordingly, the acquisition is outside the scope of IFRS 3 and was accounted for as an asset acquisition. As the acquisition method was not applied, no goodwill was recognised, and directly attributable acquisition costs were capitalised to the property under construction in accordance with IAS 16. At year end, advance payments by DB Gauci Shopping Mall Limited to acquire the sub-emphyteutical rights as well as payments for additions to property, plant and equipment are reflected in Trade and other receivables (Note 12) and property, plant and equipment (Note 4) in line with the legal title as at 30 April 2026. 5. Leases This note provides information for leases where the group is a lessee. (i) Amounts recognised on balance sheet The balance sheet shows the following amounts relating to leases:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Right-of-use assets
Land & buildings29,312 30,164
Equipment 89138
Closing cost and net book amount29,401 30,302
Lease liabilities
Current 1,019 985
Non-current 23,208 23,742
24,227 24,727
On 28 June 2022, the group entered into an agreement for a period of 50 years for the lease of property adjacent to PAMA Shopping Village. The right-of-use-asset for this property as at 30 April 2026 amounted to \u20ac4,388,386 (2025: \u20ac4,483,441). In addition, on 27 December 2022 the Group entered into an agreement to purchase the temporary utile dominium on a parcel of land adjacent to the PAVI Shopping Complex for the remaining period of 90 years. The right-of-use-asset for this property as at 30 April 2026 amounted to \u20ac7,207,279 (2025: \u20ac7,270,042). On 15 January 2025, the group entered into a contract with the Lands Authority for change in use of emphyteutic land recently acquired adjacent to Pavi Shopping Complex from industrial to commercial for a cost of \u20ac4,797,783. Such consideration will be paid over a period of 9 years. The maturity analysis of the lease liability is disclosed in note 2 to these financial statements. 5. Leases \u2013 continued (ii) Amounts recognised in the statement of profit or loss The statement of profit or loss shows the following amounts relating to leases:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Depreciation charge of right-of-use assets 928
Land and buildings890
Equipment 4949
977939
Interest expense (included in finance costs)1,296 1,314
Expense relating to variable lease payments not includedin lease liability (included in cost of sales)1,050 1,280
The total cash outflow for leases during the year ended 30 April 2026 was \u20ac2,857,530 (2025: \u20ac3,002,275). 19. Expenses by nature
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Employee benefit expense (note 20) 16,160 14,714 - -
Depreciation of property, plant and equipment (note 4)2,057 2,681 - -
Amortisation of right-of-use assets (note 5) 977939- -
Purchases of goods and consumables172,312 155,243 - -
Variable leases and parking fees 1,491 1,662 - -
Movement in inventories (2,502) (1,017) - -
Utility costs 1,130 1,093 - -
Other expenses 12,675 9,201 124136
Total cost of sales, selling and marketing costs and administration expenses 204,300 184,516 124136
Audit fees Fees charged by the auditor and/or its related undertakings for services rendered during the financial periods ended 30 April 2026 and 2025 relate to the following:
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Annual statutory audit 2051962726
Tax advisory and compliance services8 8 2 2
2132042928
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15353_doc_41": { "value": "4. Property, plant and equipment - continued Fair valuation of property, plant and equipment The group is required to analyse non-financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (Level 1, 2 or 3). The different levels of the fair value hierarchy have been defined as fair value measurements using: \u2022 Quoted prices (unadjusted) in active markets for identical assets (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset that are not based on observable market data (that is, unobservable inputs) (Level 3). The group\u2019s land and buildings within property, plant and equipment comprises: \u2022 the Zara Complex situated in Sliema, which mainly includes retail outlets selling Zara branded fashion garments and home furnishings. This property is operated by Alhambra Trading Limited and Centre Point Properties Limited (members of the group) and is classified as property, plant and equipment. \u2022 the PAVI Shopping Complex situated in Qormi, which operates a supermarket including the management of shared activities within the retailing operations and the concessions of commercial areas that compliment the complex. All the recurring property fair value measurements at 30 April 2026 use significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy. The group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the beginning of the reporting period. There were no transfers between different levels of the fair value hierarchy during the year ended 30 April 2026. A reconciliation from the opening balance to the closing balance of land and buildings for recurring fair value measurements categorised within Level 3 of the value hierarchy, is reflected in the table above. The only movements in land and buildings classified as property, plant and equipment reflect additions and depreciation charge for the year ended 30 April 2026. During this financial year, the directors assessed the valuation in respect of the Zara Complex and PAVI Shopping Complex on valuation reports prepared by management. Valuations were made on the basis of open market value data after considering the returns being attained by the property and its intrinsic value. Furthermore, during this financial year, the directors assessed the valuation in respect of undeveloped property in Qormi. Valuations were made based on recent transactions of nearby properties. These assessments resulted in valuations that are not materially different from that as at 30 April 2025 and accordingly, no adjustment was deemed necessary to the carrying amount as at 30 April 2026. 4. Property, plant and equipment - continued Valuation processes The valuations of the properties are performed regularly taking into consideration valuation reports prepared by management. These reports are based on both: \u2022 information provided by the entities operating the complexes which is derived from the group\u2019s financial systems and is subject to the group\u2019s overall control environment; and \u2022 assumptions and valuation models used by management \u2013 the assumptions are typically market related. These are based on professional judgement and market observation. The information used, together with the assumptions and the valuation models, are reviewed by the board of directors. This includes a review of fair value movements over the period. Valuation techniques Given the specific nature of these assets, the valuations of the Level 3 property have been performed by reference to valuation models. These valuation models include: \u2022 in case of the Zara Complex and the PAVI Shopping Complex the management applied the capitalised rental approach; \u2022 in the case of the property in Qormi, management based the valuation on recent transactions of nearby properties. The board of directors approved the respective fair values after taking into consideration the intrinsic value of the property and specific tenure conditions. In using the capitalised rentals approach, the significant unobservable inputs include a rental rate per square metre, the capitalisation rate, and, if applicable, development or refurbishment costs which must be incurred before the property can earn the potential rental cash flows. Information about fair value measurements of property using significant unobservable inputs (Level 3) include a rental rate on revenue of 10% and a capitalisation rate of 6.5% for the Zara Complex and average rental rate per square metre of \u20ac120 with no inflationary growth discounted at an average rate of 6.5% for the PAVI Shopping Complex. For the capitalised rental approach, the higher the rate per square metre, the higher the resultant fair valuation. Conversely, the lower the capitalisation rate, the higher the resultant fair valuation. Bank borrowings are secured by the group\u2019s property, plant and equipment (note 16). The charge for depreciation of property, plant and equipment is included in profit or loss as follows:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Direct operating expenses 1,687 2,232
Selling and distribution expenses32067
Administrative expenses 50382
Total depreciation charge (note 19)2,057 2,681
Acquisition of control of DB Gauci Shopping Mall Limited (asset acquisition) On 27 January 2025, the Group obtained control of DB Gauci Shopping Mall Limited by acquiring 60% of its voting shares. As at 30 April 2026 DB Gauci Shopping Mall Limited had a promise of sale on the temporary sub-emphyteusis of a property comprising a shopping mall, as well as car park spaces on the site of the old Institute for Tourism Studies at St George\u2019s Bay, St Julians, Malta, which is granted by the Government of Malta to DB San Gorg Property Limited by virtue of title of temporary emphyteusis for a period of ninety-nine (99) years commencing from 1 February 2017. The shopping mall and car park spaces were commissioned on 15 July 2026 and legal title of the sub-emphyteutical grant and additions of a capital nature were transferred to DB Gauci Shopping Mall Limited after year end. Management assessed the transaction under IFRS 3 and concluded that DB Gauci Shopping Mall Limited does not fall within the definition of a business under the standard. This is also evident in the fact that, at the acquisition date, substantially all of the fair value of gross assets is concentrated in the property under construction. Accordingly, the acquisition is outside the scope of IFRS 3 and was accounted for as an asset acquisition. As the acquisition method was not applied, no goodwill was recognised, and directly attributable acquisition costs were capitalised to the property under construction in accordance with IAS 16. At year end, advance payments by DB Gauci Shopping Mall Limited to acquire the sub-emphyteutical rights as well as payments for additions to property, plant and equipment are reflected in Trade and other receivables (Note 12) and property, plant and equipment (Note 4) in line with the legal title as at 30 April 2026. 9. Equity instruments at fair value through other comprehensive income
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
Opening carrying amount 184208
Additions 500-
Gains/(losses) from changes in fair value 127(24)
Closing cost and net book amount811184
At 30 April
Cost 750250
Fair value gains/(losses) (note 15)61(66)
Carrying amount811184
Equity instruments at FVOCI relate to an investment in a listed local company and an investment in a listed local bank, which was acquired during the current financial year. The equity investments are not held for trading and the group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments and the group considers this classification to be more relevant. The group is required to analyse financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (Level 1, 2 or 3). The different levels of the fair value hierarchy have been defined as fair value measurements using: \u2022 Quoted prices (unadjusted) in active markets for identical assets (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset that are not based on observable market data (that is, unobservable inputs) (Level 3). The fair value of the equity investments are estimated by reference to the current bid prices based on active market. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15352_doc_41": { "value": "4. Property, plant and equipment - continued Fair valuation of property, plant and equipment The group is required to analyse non-financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (Level 1, 2 or 3). The different levels of the fair value hierarchy have been defined as fair value measurements using: \u2022 Quoted prices (unadjusted) in active markets for identical assets (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset that are not based on observable market data (that is, unobservable inputs) (Level 3). The group\u2019s land and buildings within property, plant and equipment comprises: \u2022 the Zara Complex situated in Sliema, which mainly includes retail outlets selling Zara branded fashion garments and home furnishings. This property is operated by Alhambra Trading Limited and Centre Point Properties Limited (members of the group) and is classified as property, plant and equipment. \u2022 the PAVI Shopping Complex situated in Qormi, which operates a supermarket including the management of shared activities within the retailing operations and the concessions of commercial areas that compliment the complex. All the recurring property fair value measurements at 30 April 2026 use significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy. The group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the beginning of the reporting period. There were no transfers between different levels of the fair value hierarchy during the year ended 30 April 2026. A reconciliation from the opening balance to the closing balance of land and buildings for recurring fair value measurements categorised within Level 3 of the value hierarchy, is reflected in the table above. The only movements in land and buildings classified as property, plant and equipment reflect additions and depreciation charge for the year ended 30 April 2026. During this financial year, the directors assessed the valuation in respect of the Zara Complex and PAVI Shopping Complex on valuation reports prepared by management. Valuations were made on the basis of open market value data after considering the returns being attained by the property and its intrinsic value. Furthermore, during this financial year, the directors assessed the valuation in respect of undeveloped property in Qormi. Valuations were made based on recent transactions of nearby properties. These assessments resulted in valuations that are not materially different from that as at 30 April 2025 and accordingly, no adjustment was deemed necessary to the carrying amount as at 30 April 2026. Valuation processes The valuations of the properties are performed regularly taking into consideration valuation reports prepared by management. These reports are based on both: \u2022 information provided by the entities operating the complexes which is derived from the group\u2019s financial systems and is subject to the group\u2019s overall control environment; and \u2022 assumptions and valuation models used by management \u2013 the assumptions are typically market related. These are based on professional judgement and market observation. The information used, together with the assumptions and the valuation models, are reviewed by the board of directors. This includes a review of fair value movements over the period. Valuation techniques Given the specific nature of these assets, the valuations of the Level 3 property have been performed by reference to valuation models. These valuation models include: \u2022 in case of the Zara Complex and the PAVI Shopping Complex the management applied the capitalised rental approach; \u2022 in the case of the property in Qormi, management based the valuation on recent transactions of nearby properties. The board of directors approved the respective fair values after taking into consideration the intrinsic value of the property and specific tenure conditions. In using the capitalised rentals approach, the significant unobservable inputs include a rental rate per square metre, the capitalisation rate, and, if applicable, development or refurbishment costs which must be incurred before the property can earn the potential rental cash flows. Information about fair value measurements of property using significant unobservable inputs (Level 3) include a rental rate on revenue of 10% and a capitalisation rate of 6.5% for the Zara Complex and average rental rate per square metre of \u20ac120 with no inflationary growth discounted at an average rate of 6.5% for the PAVI Shopping Complex. For the capitalised rental approach, the higher the rate per square metre, the higher the resultant fair valuation. Conversely, the lower the capitalisation rate, the higher the resultant fair valuation. Bank borrowings are secured by the group\u2019s property, plant and equipment (note 16). The charge for depreciation of property, plant and equipment is included in profit or loss as follows: 6. Investment property
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
Opening cost and net book amount4,274 3,992
Additions 19,367 282
Closing cost and net book amount23,641 4,274
As at 30 April
Cost and fair value 23,641 4,274
6. Investment property - continued Fair valuation of investment property The group is required to analyse non-financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (Level 1, 2 or 3). The different levels of the fair value hierarchy have been defined as fair value measurements using: \u2022 Quoted prices (unadjusted) in active markets for identical assets (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset that are not based on observable market data (that is, unobservable inputs) (Level 3). The group\u2019s investment property comprises: \u2022 Undeveloped property situated in Qormi acquired in 2018 which is being held for investment purposes and is classified as investment property (note 6). \u2022 A showroom situated in Lija acquired during the current financial year which is being held for investment purposes and is classified as investment property (note 6). All the recurring property fair value measurements at 30 April 2026 use significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy. The group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the beginning of the reporting period. There were no transfers between different levels of the fair value hierarchy during the year ended 30 April 2026. A reconciliation from the opening balance to the closing balance of land and buildings for recurring fair value measurements categorised within Level 3 of the value hierarchy, is reflected in the table above. The only movements in land and buildings classified as investment property reflect additions for the year ended 30 April 2026. Valuation processes The valuations of the properties are performed regularly taking into consideration valuation reports prepared by management. These reports are based on both: \u2022 information provided by the entities operating the complexes which is derived from the group\u2019s financial systems and is subject to the group\u2019s overall control environment; and \u2022 assumptions and valuation models used by management \u2013 the assumptions are typically market related. These are based on professional judgement and market observation. The information used, together with the assumptions and the valuation models, are reviewed by the board of directors. This includes a review of fair value movements over the period. 6. Investment property - continued Valuation techniques Given the specific nature of these assets, the valuations of the Level 3 property have been performed by reference to valuation models. These valuation models include: \u2022 in the case of the property in Qormi, the management based the valuation on recent transactions of nearby properties. \u2022 in the case of the property in Lija, this was a recent acquisition during the current financial year which is deemed to represent fair market value. The board of directors approved the respective fair values after taking into consideration the intrinsic value of the property and specific tenure conditions. In using the capitalised rentals approach, the significant unobservable inputs include a rental rate per square metre, the capitalisation rate, and, if applicable, development or refurbishment costs which must be incurred before the property can earn the potential rental cash flows. For the capitalised rental approach, the higher the rate per square metre, the higher the resultant fair valuation. Conversely, the lower the capitalisation rate, the higher the resultant fair valuation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15086_doc_41": { "value": "5. Leases This note provides information for leases where the group is a lessee. (i) Amounts recognised on balance sheet The balance sheet shows the following amounts relating to leases:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Right-of-use assets
Land & buildings29,312 30,164
Equipment 89138
Closing cost and net book amount29,401 30,302
Lease liabilities
Current 1,019 985
Non-current 23,208 23,742
24,227 24,727
On 28 June 2022, the group entered into an agreement for a period of 50 years for the lease of property adjacent to PAMA Shopping Village. The right-of-use-asset for this property as at 30 April 2026 amounted to \u20ac4,388,386 (2025: \u20ac4,483,441). In addition, on 27 December 2022 the Group entered into an agreement to purchase the temporary utile dominium on a parcel of land adjacent to the PAVI Shopping Complex for the remaining period of 90 years. The right-of-use-asset for this property as at 30 April 2026 amounted to \u20ac7,207,279 (2025: \u20ac7,270,042). On 15 January 2025, the group entered into a contract with the Lands Authority for change in use of emphyteutic land recently acquired adjacent to Pavi Shopping Complex from industrial to commercial for a cost of \u20ac4,797,783. Such consideration will be paid over a period of 9 years. The maturity analysis of the lease liability is disclosed in note 2 to these financial statements. 5. Leases \u2013 continued (ii) Amounts recognised in the statement of profit or loss The statement of profit or loss shows the following amounts relating to leases:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Depreciation charge of right-of-use assets 928
Land and buildings890
Equipment 4949
977939
Interest expense (included in finance costs)1,296 1,314
Expense relating to variable lease payments not includedin lease liability (included in cost of sales)1,050 1,280
The total cash outflow for leases during the year ended 30 April 2026 was \u20ac2,857,530 (2025: \u20ac3,002,275). 25. Finance costs
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Bank interest 942 375- -
Finance costs on lease interest1,296 1,318 - -
2,238 1,693 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15084_doc_41": { "value": "5. Leases This note provides information for leases where the group is a lessee. (i) Amounts recognised on balance sheet The balance sheet shows the following amounts relating to leases:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Right-of-use assets
Land & buildings29,312 30,164
Equipment 89138
Closing cost and net book amount29,401 30,302
Lease liabilities
Current 1,019 985
Non-current 23,208 23,742
24,227 24,727
On 28 June 2022, the group entered into an agreement for a period of 50 years for the lease of property adjacent to PAMA Shopping Village. The right-of-use-asset for this property as at 30 April 2026 amounted to \u20ac4,388,386 (2025: \u20ac4,483,441). In addition, on 27 December 2022 the Group entered into an agreement to purchase the temporary utile dominium on a parcel of land adjacent to the PAVI Shopping Complex for the remaining period of 90 years. The right-of-use-asset for this property as at 30 April 2026 amounted to \u20ac7,207,279 (2025: \u20ac7,270,042). On 15 January 2025, the group entered into a contract with the Lands Authority for change in use of emphyteutic land recently acquired adjacent to Pavi Shopping Complex from industrial to commercial for a cost of \u20ac4,797,783. Such consideration will be paid over a period of 9 years. The maturity analysis of the lease liability is disclosed in note 2 to these financial statements. 5. Leases \u2013 continued (ii) Amounts recognised in the statement of profit or loss The statement of profit or loss shows the following amounts relating to leases:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Depreciation charge of right-of-use assets 928
Land and buildings890
Equipment 4949
977939
Interest expense (included in finance costs)1,296 1,314
Expense relating to variable lease payments not includedin lease liability (included in cost of sales)1,050 1,280
The total cash outflow for leases during the year ended 30 April 2026 was \u20ac2,857,530 (2025: \u20ac3,002,275). 25. Finance costs
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Bank interest 942 375- -
Finance costs on lease interest1,296 1,318 - -
2,238 1,693 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15083_doc_41": { "value": "5. Leases This note provides information for leases where the group is a lessee. (i) Amounts recognised on balance sheet The balance sheet shows the following amounts relating to leases:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Right-of-use assets
Land & buildings29,312 30,164
Equipment 89138
Closing cost and net book amount29,401 30,302
Lease liabilities
Current 1,019 985
Non-current 23,208 23,742
24,227 24,727
On 28 June 2022, the group entered into an agreement for a period of 50 years for the lease of property adjacent to PAMA Shopping Village. The right-of-use-asset for this property as at 30 April 2026 amounted to \u20ac4,388,386 (2025: \u20ac4,483,441). In addition, on 27 December 2022 the Group entered into an agreement to purchase the temporary utile dominium on a parcel of land adjacent to the PAVI Shopping Complex for the remaining period of 90 years. The right-of-use-asset for this property as at 30 April 2026 amounted to \u20ac7,207,279 (2025: \u20ac7,270,042). On 15 January 2025, the group entered into a contract with the Lands Authority for change in use of emphyteutic land recently acquired adjacent to Pavi Shopping Complex from industrial to commercial for a cost of \u20ac4,797,783. Such consideration will be paid over a period of 9 years. The maturity analysis of the lease liability is disclosed in note 2 to these financial statements. 5. Leases \u2013 continued (ii) Amounts recognised in the statement of profit or loss The statement of profit or loss shows the following amounts relating to leases:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Depreciation charge of right-of-use assets 928
Land and buildings890
Equipment 4949
977939
Interest expense (included in finance costs)1,296 1,314
Expense relating to variable lease payments not includedin lease liability (included in cost of sales)1,050 1,280
The total cash outflow for leases during the year ended 30 April 2026 was \u20ac2,857,530 (2025: \u20ac3,002,275). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14895_doc_41": { "value": "7. Investments in subsidiaries
Company
2026 2025
\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
At the beginning of year 34,508 34,506
Additions - 2
At end of year34,508 34,508
The principal subsidiaries all of which are unlisted at year end, together with the nature of their business are disclosed in note 36. Giacla Limited was incorporated during the year ended 30 April 2025 to strategically acquire, safeguard, and commercialise intellectual property assets (Note 31). On 27 January 2025 the company acquired the entire shareholding in Pacla Limited from Mr. Paul Gauci, (Note 31) to act as an investment holding company. Through the acquisition of Pacla Limited during 2025, the Group acquired a 60% shareholding in DB Gauci Shopping Mall Limited (refer to Note 4). 8. Investments in associates
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
At beginning of year2,315 2,526 3,502 3,502
Share of results of associates(221) (117) - -
Dividends received(92) (94) - -
At end of year2,002 2,315 3,502 3,502
At 30 April
Cost 3,326 3,326 3,502 3,502
Share of results and reserves(1,324) (1,011) - -
Net book value2,002 2,315 3,502 3,502
The principal associates all of which are unlisted at year end, together with the nature of their business are disclosed in note 36. These associates have share capital consisting solely of ordinary shares, which are held directly by the group; the country of incorporation or registration is also their principal place of business. The financial year end of these entities is 30 April. Associates are measured using the equity method in accordance with the group\u2019s accounting policy and there are no contingent liabilities relating to the group\u2019s interest in the associates. 8. Investments in associates - continued9. Equity instruments at fair value through other comprehensive income
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
Opening carrying amount 184208
Additions 500-
Gains/(losses) from changes in fair value 127(24)
Closing cost and net book amount811184
At 30 April
Cost 750250
Fair value gains/(losses) (note 15)61(66)
Carrying amount811184
Equity instruments at FVOCI relate to an investment in a listed local company and an investment in a listed local bank, which was acquired during the current financial year. The equity investments are not held for trading and the group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments and the group considers this classification to be more relevant. The group is required to analyse financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (Level 1, 2 or 3). The different levels of the fair value hierarchy have been defined as fair value measurements using: \u2022 Quoted prices (unadjusted) in active markets for identical assets (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset that are not based on observable market data (that is, unobservable inputs) (Level 3). The fair value of the equity investments are estimated by reference to the current bid prices based on active market. 10. Other financial assets measured at amortised cost Other financial assets at amortised cost include the following:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Non-current Investments in:
Listed corporate bonds18,561 18,106
At 30 April 18,561 18,106
Current
Investments in: Term deposits- 1,000
At 30 April - 1,000
a) Listed corporate bonds The Group\u2019s investments in listed debt securities comprise a portfolio of investments in listed fixed income debt securities for which the objective of the business model is to hold the securities to collect their contractual cash flows over the life of the portfolio\u2019s instruments. These securities\u2019 cash flows represent solely payments of principal and interest. Income from investments at amortised cost are disclosed in Note 24. Note 2 sets out information about the impairment of financial assets and the group\u2019s exposure to credit risk. During 2026, the group was required to prepare an impairment assessment for all classes of financial assets. The identified expected credit losses were immaterial. The fair value of corporate bonds was determined by reference to published price quotations in an active market (classified as level 1 in the fair value hierarchy). The fair value of the financial instruments at amortised cost are not significantly different from the carrying amounts. b) Term deposits The Group held investments in term deposits amounting to \u20ac1,000,000. The accounts carried a fixed rate of interest and matured during 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14899_doc_41": { "value": "7. Investments in subsidiaries
Company
2026 2025
\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
At the beginning of year 34,508 34,506
Additions - 2
At end of year34,508 34,508
The principal subsidiaries all of which are unlisted at year end, together with the nature of their business are disclosed in note 36. Giacla Limited was incorporated during the year ended 30 April 2025 to strategically acquire, safeguard, and commercialise intellectual property assets (Note 31). On 27 January 2025 the company acquired the entire shareholding in Pacla Limited from Mr. Paul Gauci, (Note 31) to act as an investment holding company. Through the acquisition of Pacla Limited during 2025, the Group acquired a 60% shareholding in DB Gauci Shopping Mall Limited (refer to Note 4). 36. Subsidiaries and associatesThe subsidiaries and associates at 30 April are shown below:
Registered office Principal activities Percentage of shares held 2026 2025
Subsidiaries
Alhambra Investment Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Investment holding 100100
Alhambra Trading Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Operation of branded fashion retail outlet 100100
Centre Point Properties Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Operation of branded fashion retail outlet 100100
PAVI Supermarkets Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Operation of supermarketand management of retail area100100
PAVI Shopping Complex Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Property leasing 100100
PAMA Supermarket Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Operation of supermarket100100
PAMA Rentals Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Property leasing 100100
PG Finance Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Property leasing and Group treasury function 100100
Pruna Trading Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Importation and wholesale of retail products 100100
PG Developments Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Investment property 100100
PACLA Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Investment holding 100100
GIACLA Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Intellectual property company 100100
DB Gauci Shopping Mall Limited Ta\u2019 Clara FarmhouseRamla Road, Maghtab, Naxxar Property leasing 6060
36. Subsidiaries and associates - continued
Registered office Principal activities Percentage of shares held 2026 2025
Associates
PAMA Shopping Village Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Property leasing 4949
PAMA Carparks Limited Ta\u2019 Clara FarmhouseRamla Road, Maghtab, Naxxar Carpark management 4949
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15149_doc_41": { "value": "7. Investments in subsidiaries
Company
2026 2025
\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
At the beginning of year 34,508 34,506
Additions - 2
At end of year34,508 34,508
The principal subsidiaries all of which are unlisted at year end, together with the nature of their business are disclosed in note 36. Giacla Limited was incorporated during the year ended 30 April 2025 to strategically acquire, safeguard, and commercialise intellectual property assets (Note 31). On 27 January 2025 the company acquired the entire shareholding in Pacla Limited from Mr. Paul Gauci, (Note 31) to act as an investment holding company. Through the acquisition of Pacla Limited during 2025, the Group acquired a 60% shareholding in DB Gauci Shopping Mall Limited (refer to Note 4). 8. Investments in associates
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
At beginning of year2,315 2,526 3,502 3,502
Share of results of associates(221) (117) - -
Dividends received(92) (94) - -
At end of year2,002 2,315 3,502 3,502
At 30 April
Cost 3,326 3,326 3,502 3,502
Share of results and reserves(1,324) (1,011) - -
Net book value2,002 2,315 3,502 3,502
The principal associates all of which are unlisted at year end, together with the nature of their business are disclosed in note 36. These associates have share capital consisting solely of ordinary shares, which are held directly by the group; the country of incorporation or registration is also their principal place of business. The financial year end of these entities is 30 April. Associates are measured using the equity method in accordance with the group\u2019s accounting policy and there are no contingent liabilities relating to the group\u2019s interest in the associates. Summarised financial information of associates Set out below are the summarised financial information for the above noted entities. Summarised balance sheet
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Total current assets3,333 3,258
Total current liabilities (515) (1,006)
2,818 2,252
Non-current assets 5,321 5,599
Non-current liabilities(399) (37)
4,922 5,562
Net assets as at year end7,740 7,814
Summarised statement of comprehensive income
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Revenue 2,496 2,641
Profit before tax 357617
Profit after tax115356
Associated results attributable to the group 57174
The information above reflects the amounts presented in the financial statements of the associates for the period which have been prepared in accordance with GAPSME. These have been adjusted for the adoption of IFRSs when considered as associates of the group, amounting to \u20ac277,000 (2025: \u20ac292,000). Reconciliation of summarised financial information Reconciliation of the summarised financial information presented to the carrying amount of its interest in associates:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Opening net assets7,814 7,649
Profit for the year115354
Dividends paid(189) (189)
Closing net assets7,740 7,814
Carrying value at year end2,002 2,315
12. Trade and other receivables
GroupCompany
2026 \u20ac\u20190002025\u20ac\u20190002026 2025
\u20ac\u2019000\u20ac\u2019000
Non-current
Amounts owed by subsidiaries- - 24,481 31,646
- - 24,481 31,646
Current
Trade receivables - net6,979 3,714 - -
Advance payments to suppliers8891,155 - -
Amounts owed by subsidiaries- - 2,432 1,198
Amounts owed by associates and related parties 7999- -
Advance payments on non-current assets 1,642 346- -
Other receivables2,430 - - -
Prepayments and accrued income 4,839 3,729- -
16,858 9,043 2,432 1,198
Total trade and other receivables16,858 9,043 26,913 32,844
Amounts owed by associates and related parties are unsecured, interest free and repayable on demand. Amounts owed by subsidiaries mainly relate to a loan receivable from Giacla Limited arising from the transfer of intellectual property rights, as further detailed in Note 31. Other receivables represent requests for payment in relation to a construction of a shopping mall in St Julians as disclosed in Note 4. Such amounts have not yet been capitalised under property, plant and equipment given that the related final deed was signed after year end and an exercise to ascertain capitalisation criteria of amounts billed before year end was not possible. The group\u2019s exposure to credit and currency risks relating to receivables are disclosed in note 2. The other classes within trade and other receivables do not contain impaired assets. 18. Trade and other payables
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Non-current
Capital payables8,403 - - -
Current
Trade payables 26,286 20,980 3227
Capital payables due to related parties and associates4,693 9,114 - -
Capital payables3,076 323- -
Other payables623577- -
Indirect taxation 2,273 1,963 - 5,817
Accruals and deferred income7,110 5,846 9 9
44,061 38,803 415,853
Total trade and other payables52,464 38,803 415,853
Capital payables mainly relate to group liabilities arising from investment property and property, plant and equipment acquisitions during the year. Non-current capital payables are repayable by 2031. Amounts owed to related parties and associates are unsecured, interest free and repayable on demand. The balance is mainly composed of amounts due for ongoing works at the shopping mall under construction as at year end. The group\u2019s exposure to liquidity and currency risks relating to trade and other payables are disclosed in note 2. Accruals include contract liabilities related to group\u2019s customer loyalty programme amounted to \u20ac2,080,114 (2025: \u20ac1,969,827). In the company\u2019s books, amounts owed to subsidiaries are unsecured, interest free and are not expected to be repaid within the next twelve months. 31. Related party transactions Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operating policy decisions. As at year end, Mr Paul Gauci owned 68.38% of the shareholding in PG p.l.c. and hence controls the group. The remaining 31.62% of the shares are widely held. The entities constituting the PG Group are ultimately fully owned by PG p.l.c.. Other entities on which Mr Paul Gauci can exercise significant influence are also considered to be related parties. Hence, related parties also include subsidiaries and associates of PG Holdings Limited. Related party transactions also include transactions with a director of the Group who operates retail outlets within the supermarkets. Rental and other income generated through such transactions amounted to \u20ac667,000 (2025: \u20ac649,000). In the opinion of the directors, disclosure of related party transactions, is only necessary when the transactions effected have a material impact on the operating results and financial position of the group. The aggregate invoiced amounts in respect of a number of transaction types carried out with related parties are not considered material and accordingly they do not have a significant effect on these financial statements except for the following: 31. Related party transactions - continued The group recognised the leasing arrangements with its associate as right-of-use assets and lease liabilities amounting to \u20ac13,277,000 and \u20ac15,635,000 respectively at reporting date. The group made payments of \u20ac2,496,000 (2025: \u20ac2,641,000) to its associate in relation with such leases, and recognised \u20ac954,000 (2025: \u20ac985,000) as interest expenses and \u20ac1,050,000 (2025: \u20ac1,280,000) as variable lease payments. Acquisition of Pacla Limited On 27 January 2025 the company acquired the entire shareholding in Pacla Limited from Mr. Paul Gauci at the nominal value of the share capital for \u20ac1,200 to act as an investment holding company. This company was used to acquire the group\u2019s share in DB Gauci Shopping Mall Limited (see note 7). Transaction in respect of transfer of Intellectual Property rights to Giacla Limited In recognition of the group\u2019s continued growth, management undertook a comprehensive restructuring of its intellectual property (IP) portfolio during the financial year ended 30 April 2025. This initiative focused on the effective recognition of IP assets, primarily originating from PG plc and it\u2019s subsidiaries, to maximise synergies across the group\u2019s operations. Given the critical role that IP plays in unlocking value from business acquisitions and driving operational efficiency, management determined that the optimal approach was to legally and operationally ring-fence these assets within a dedicated, wholly owned subsidiary. This segregation serves multiple strategic objectives; it enhances the protection of PG Group\u2019s valuable IP by shielding it from operational risks such as financial volatility, legal exposure, and market disruptions, while also preserving long-term asset value. By centralising IP ownership, the group has positioned itself to better leverage these assets for future growth, innovation, and revenue generation, reinforcing its commitment to sustainable value creation for shareholders. Moreover, this segregation allows the operational entity to specialise in providing quality service and a seamless customer experience, without the distractions or complexities associated with managing intellectual property. This focus on operations helps streamline decision-making, improve efficiency, and maintain the brand's high standards of performance in the marketplace. Additionally, the operating company will benefit from a clear structure that allows for greater agility in responding to market trends and customer demands. In April 2025, PG plc and its subsidiaries finalised an assignment agreement with its wholly owned subsidiary, Giacla Limited, for the transfer of intellectual property and related assets at a total consideration of \u20ac43,872,000. 31. Related party transactions - continued Transaction in respect of transfer of Intellectual Property rights to Giacla Limited - continued The assets transferred, comprising trademarks, domains, trade secrets, standard operating procedures, and supplier and customer databases, were valued using a combination of recognised methodologies. These included the discounted cash flows method (based on revenue), the Relief from Royalty (RFR) method, the Multi-period Excess Earnings Methodology, and the cost method. This rigorous valuation process ensures transparency and reflects the strategic importance of these assets in supporting PG plc\u2019s long-term growth and value creation. The table below outlines the intellectual property and related assets transferred, the valuation methodologies applied to each asset category, and the key inputs considered in the valuation process.
Transferred AssetsFair value (\u20ac\u2019000)Valuation methodologyKey inputs andassumptions
PAVI-PAMA Brand29,809 Relief from royalty approach- Implied royalty rate- Tax adjustment- Discount rate, including a risk premium over basic WAC - Terminal value growth rate - Tax amortisation benefit (\u2018TAB\u2019)
Website and APP219Cost, adjusted for inflation - Capitalised development costs
Standard Operating Procedures and Databases 11,335 Multi-period ExcessEarnings Methodology - Future cashflows to begenerated - Contribution factor of IP-Contributary asset charges - Tax adjustment- Discount rate, including a risk premium over basic WACC - Tax amortisation benefit (\u2018TAB\u2019)
All other IP 2,509
Total (including TAB)43,872
The receivable of \u20ac43,872,000 arising upon sale was converted into loans, bearing annual interest of 3%, which loans are to be repaid in full by April 2045. 31. Related party transactions - continued Year-end balances with associated related parties are disclosed in notes 12 and 18 to these financial statements. Key management personnel compensation, consisting of directors\u2019 and senior management remuneration, is disclosed as follows:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Directors 842804
Senior Management 489462
1,331 1,266
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15189_doc_41": { "value": "7. Investments in subsidiaries
Company
2026 2025
\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
At the beginning of year 34,508 34,506
Additions - 2
At end of year34,508 34,508
The principal subsidiaries all of which are unlisted at year end, together with the nature of their business are disclosed in note 36. Giacla Limited was incorporated during the year ended 30 April 2025 to strategically acquire, safeguard, and commercialise intellectual property assets (Note 31). On 27 January 2025 the company acquired the entire shareholding in Pacla Limited from Mr. Paul Gauci, (Note 31) to act as an investment holding company. Through the acquisition of Pacla Limited during 2025, the Group acquired a 60% shareholding in DB Gauci Shopping Mall Limited (refer to Note 4). 8. Investments in associates
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
At beginning of year2,315 2,526 3,502 3,502
Share of results of associates(221) (117) - -
Dividends received(92) (94) - -
At end of year2,002 2,315 3,502 3,502
At 30 April
Cost 3,326 3,326 3,502 3,502
Share of results and reserves(1,324) (1,011) - -
Net book value2,002 2,315 3,502 3,502
The principal associates all of which are unlisted at year end, together with the nature of their business are disclosed in note 36. These associates have share capital consisting solely of ordinary shares, which are held directly by the group; the country of incorporation or registration is also their principal place of business. The financial year end of these entities is 30 April. Associates are measured using the equity method in accordance with the group\u2019s accounting policy and there are no contingent liabilities relating to the group\u2019s interest in the associates. Summarised financial information of associates Set out below are the summarised financial information for the above noted entities. Summarised balance sheet
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Total current assets3,333 3,258
Total current liabilities (515) (1,006)
2,818 2,252
Non-current assets 5,321 5,599
Non-current liabilities(399) (37)
4,922 5,562
Net assets as at year end7,740 7,814
8. Investments in associates - continuedSummarised statement of comprehensive income
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Revenue 2,496 2,641
Profit before tax 357617
Profit after tax115356
Associated results attributable to the group 57174
The information above reflects the amounts presented in the financial statements of the associates for the period which have been prepared in accordance with GAPSME. These have been adjusted for the adoption of IFRSs when considered as associates of the group, amounting to \u20ac277,000 (2025: \u20ac292,000). Reconciliation of summarised financial information Reconciliation of the summarised financial information presented to the carrying amount of its interest in associates:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Opening net assets7,814 7,649
Profit for the year115354
Dividends paid(189) (189)
Closing net assets7,740 7,814
Carrying value at year end2,002 2,315
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14901_doc_41": { "value": "8. Investments in associates
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
At beginning of year2,315 2,526 3,502 3,502
Share of results of associates(221) (117) - -
Dividends received(92) (94) - -
At end of year2,002 2,315 3,502 3,502
At 30 April
Cost 3,326 3,326 3,502 3,502
Share of results and reserves(1,324) (1,011) - -
Net book value2,002 2,315 3,502 3,502
The principal associates all of which are unlisted at year end, together with the nature of their business are disclosed in note 36. These associates have share capital consisting solely of ordinary shares, which are held directly by the group; the country of incorporation or registration is also their principal place of business. The financial year end of these entities is 30 April. Associates are measured using the equity method in accordance with the group\u2019s accounting policy and there are no contingent liabilities relating to the group\u2019s interest in the associates. Summarised financial information of associates Set out below are the summarised financial information for the above noted entities. Summarised balance sheet
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Total current assets3,333 3,258
Total current liabilities (515) (1,006)
2,818 2,252
Non-current assets 5,321 5,599
Non-current liabilities(399) (37)
4,922 5,562
Net assets as at year end7,740 7,814
8. Investments in associates - continuedSummarised statement of comprehensive income
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Revenue 2,496 2,641
Profit before tax 357617
Profit after tax115356
Associated results attributable to the group 57174
The information above reflects the amounts presented in the financial statements of the associates for the period which have been prepared in accordance with GAPSME. These have been adjusted for the adoption of IFRSs when considered as associates of the group, amounting to \u20ac277,000 (2025: \u20ac292,000). Reconciliation of summarised financial information Reconciliation of the summarised financial information presented to the carrying amount of its interest in associates:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Opening net assets7,814 7,649
Profit for the year115354
Dividends paid(189) (189)
Closing net assets7,740 7,814
Carrying value at year end2,002 2,315
36. Subsidiaries and associatesThe subsidiaries and associates at 30 April are shown below:
Registered office Principal activities Percentage of shares held 2026 2025
Subsidiaries
Alhambra Investment Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Investment holding 100100
Alhambra Trading Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Operation of branded fashion retail outlet 100100
Centre Point Properties Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Operation of branded fashion retail outlet 100100
PAVI Supermarkets Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Operation of supermarketand management of retail area100100
PAVI Shopping Complex Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Property leasing 100100
PAMA Supermarket Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Operation of supermarket100100
PAMA Rentals Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Property leasing 100100
PG Finance Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Property leasing and Group treasury function 100100
Pruna Trading Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Importation and wholesale of retail products 100100
PG Developments Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Investment property 100100
PACLA Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Investment holding 100100
GIACLA Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Intellectual property company 100100
DB Gauci Shopping Mall Limited Ta\u2019 Clara FarmhouseRamla Road, Maghtab, Naxxar Property leasing 6060
36. Subsidiaries and associates - continued
Registered office Principal activities Percentage of shares held 2026 2025
Associates
PAMA Shopping Village Limited PG Group Head Offices PAMA Shopping Village Valletta Road, Mosta Property leasing 4949
PAMA Carparks Limited Ta\u2019 Clara FarmhouseRamla Road, Maghtab, Naxxar Carpark management 4949
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14903_doc_41": { "value": "Summarised financial information of associates Set out below are the summarised financial information for the above noted entities. Summarised balance sheet
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Total current assets3,333 3,258
Total current liabilities (515) (1,006)
2,818 2,252
Non-current assets 5,321 5,599
Non-current liabilities(399) (37)
4,922 5,562
Net assets as at year end7,740 7,814
Summarised statement of comprehensive income
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Revenue 2,496 2,641
Profit before tax 357617
Profit after tax115356
Associated results attributable to the group 57174
The information above reflects the amounts presented in the financial statements of the associates for the period which have been prepared in accordance with GAPSME. These have been adjusted for the adoption of IFRSs when considered as associates of the group, amounting to \u20ac277,000 (2025: \u20ac292,000). Reconciliation of summarised financial information Reconciliation of the summarised financial information presented to the carrying amount of its interest in associates:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Opening net assets7,814 7,649
Profit for the year115354
Dividends paid(189) (189)
Closing net assets7,740 7,814
Carrying value at year end2,002 2,315
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14920_doc_41": { "value": "9. Equity instruments at fair value through other comprehensive income
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
Opening carrying amount 184208
Additions 500-
Gains/(losses) from changes in fair value 127(24)
Closing cost and net book amount811184
At 30 April
Cost 750250
Fair value gains/(losses) (note 15)61(66)
Carrying amount811184
Equity instruments at FVOCI relate to an investment in a listed local company and an investment in a listed local bank, which was acquired during the current financial year. The equity investments are not held for trading and the group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments and the group considers this classification to be more relevant. The group is required to analyse financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (Level 1, 2 or 3). The different levels of the fair value hierarchy have been defined as fair value measurements using: \u2022 Quoted prices (unadjusted) in active markets for identical assets (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset that are not based on observable market data (that is, unobservable inputs) (Level 3). The fair value of the equity investments are estimated by reference to the current bid prices based on active market. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfEachInvestmentInEquityInstrumentsDesignatedAsMeasuredAtFairValueThroughOtherComprehensiveIncomeExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14926_doc_41": { "value": "9. Equity instruments at fair value through other comprehensive income
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Year ended 30 April
Opening carrying amount 184208
Additions 500-
Gains/(losses) from changes in fair value 127(24)
Closing cost and net book amount811184
At 30 April
Cost 750250
Fair value gains/(losses) (note 15)61(66)
Carrying amount811184
Equity instruments at FVOCI relate to an investment in a listed local company and an investment in a listed local bank, which was acquired during the current financial year. The equity investments are not held for trading and the group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments and the group considers this classification to be more relevant. The group is required to analyse financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (Level 1, 2 or 3). The different levels of the fair value hierarchy have been defined as fair value measurements using: \u2022 Quoted prices (unadjusted) in active markets for identical assets (Level 1); \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2022 Inputs for the asset that are not based on observable market data (that is, unobservable inputs) (Level 3). The fair value of the equity investments are estimated by reference to the current bid prices based on active market. 10. Other financial assets measured at amortised cost Other financial assets at amortised cost include the following:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Non-current Investments in:
Listed corporate bonds18,561 18,106
At 30 April 18,561 18,106
Current
Investments in: Term deposits- 1,000
At 30 April - 1,000
a) Listed corporate bonds The Group\u2019s investments in listed debt securities comprise a portfolio of investments in listed fixed income debt securities for which the objective of the business model is to hold the securities to collect their contractual cash flows over the life of the portfolio\u2019s instruments. These securities\u2019 cash flows represent solely payments of principal and interest. Income from investments at amortised cost are disclosed in Note 24. Note 2 sets out information about the impairment of financial assets and the group\u2019s exposure to credit risk. During 2026, the group was required to prepare an impairment assessment for all classes of financial assets. The identified expected credit losses were immaterial. The fair value of corporate bonds was determined by reference to published price quotations in an active market (classified as level 1 in the fair value hierarchy). The fair value of the financial instruments at amortised cost are not significantly different from the carrying amounts. b) Term deposits The Group held investments in term deposits amounting to \u20ac1,000,000. The accounts carried a fixed rate of interest and matured during 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14990_doc_41": { "value": "10. Other financial assets measured at amortised cost Other financial assets at amortised cost include the following:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Non-current Investments in:
Listed corporate bonds18,561 18,106
At 30 April 18,561 18,106
Current
Investments in: Term deposits- 1,000
At 30 April - 1,000
a) Listed corporate bonds The Group\u2019s investments in listed debt securities comprise a portfolio of investments in listed fixed income debt securities for which the objective of the business model is to hold the securities to collect their contractual cash flows over the life of the portfolio\u2019s instruments. These securities\u2019 cash flows represent solely payments of principal and interest. Income from investments at amortised cost are disclosed in Note 24. Note 2 sets out information about the impairment of financial assets and the group\u2019s exposure to credit risk. During 2026, the group was required to prepare an impairment assessment for all classes of financial assets. The identified expected credit losses were immaterial. The fair value of corporate bonds was determined by reference to published price quotations in an active market (classified as level 1 in the fair value hierarchy). The fair value of the financial instruments at amortised cost are not significantly different from the carrying amounts. b) Term deposits The Group held investments in term deposits amounting to \u20ac1,000,000. The accounts carried a fixed rate of interest and matured during 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14994_doc_41": { "value": "11. Inventories
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Goods held for resale14,338 12,409
11. Inventories - continued The amount of inventory write-downs recognised in the income statement categories is as follows:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Cost of sales 804106
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14998_doc_41": { "value": "
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Cost of sales 804106
19. Expenses by nature
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Employee benefit expense (note 20) 16,160 14,714 - -
Depreciation of property, plant and equipment (note 4)2,057 2,681 - -
Amortisation of right-of-use assets (note 5) 977939- -
Purchases of goods and consumables172,312 155,243 - -
Variable leases and parking fees 1,491 1,662 - -
Movement in inventories (2,502) (1,017) - -
Utility costs 1,130 1,093 - -
Other expenses 12,675 9,201 124136
Total cost of sales, selling and marketing costs and administration expenses 204,300 184,516 124136
Audit fees Fees charged by the auditor and/or its related undertakings for services rendered during the financial periods ended 30 April 2026 and 2025 relate to the following:
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Annual statutory audit 2051962726
Tax advisory and compliance services8 8 2 2
2132042928
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15096_doc_41": { "value": "12. Trade and other receivables
GroupCompany
2026 \u20ac\u20190002025\u20ac\u20190002026 2025
\u20ac\u2019000\u20ac\u2019000
Non-current
Amounts owed by subsidiaries- - 24,481 31,646
- - 24,481 31,646
Current
Trade receivables - net6,979 3,714 - -
Advance payments to suppliers8891,155 - -
Amounts owed by subsidiaries- - 2,432 1,198
Amounts owed by associates and related parties 7999- -
Advance payments on non-current assets 1,642 346- -
Other receivables2,430 - - -
Prepayments and accrued income 4,839 3,729- -
16,858 9,043 2,432 1,198
Total trade and other receivables16,858 9,043 26,913 32,844
Amounts owed by associates and related parties are unsecured, interest free and repayable on demand. Amounts owed by subsidiaries mainly relate to a loan receivable from Giacla Limited arising from the transfer of intellectual property rights, as further detailed in Note 31. Other receivables represent requests for payment in relation to a construction of a shopping mall in St Julians as disclosed in Note 4. Such amounts have not yet been capitalised under property, plant and equipment given that the related final deed was signed after year end and an exercise to ascertain capitalisation criteria of amounts billed before year end was not possible. The group\u2019s exposure to credit and currency risks relating to receivables are disclosed in note 2. The other classes within trade and other receivables do not contain impaired assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15097_doc_41": { "value": "12. Trade and other receivables
GroupCompany
2026 \u20ac\u20190002025\u20ac\u20190002026 2025
\u20ac\u2019000\u20ac\u2019000
Non-current
Amounts owed by subsidiaries- - 24,481 31,646
- - 24,481 31,646
Current
Trade receivables - net6,979 3,714 - -
Advance payments to suppliers8891,155 - -
Amounts owed by subsidiaries- - 2,432 1,198
Amounts owed by associates and related parties 7999- -
Advance payments on non-current assets 1,642 346- -
Other receivables2,430 - - -
Prepayments and accrued income 4,839 3,729- -
16,858 9,043 2,432 1,198
Total trade and other receivables16,858 9,043 26,913 32,844
Amounts owed by associates and related parties are unsecured, interest free and repayable on demand. Amounts owed by subsidiaries mainly relate to a loan receivable from Giacla Limited arising from the transfer of intellectual property rights, as further detailed in Note 31. Other receivables represent requests for payment in relation to a construction of a shopping mall in St Julians as disclosed in Note 4. Such amounts have not yet been capitalised under property, plant and equipment given that the related final deed was signed after year end and an exercise to ascertain capitalisation criteria of amounts billed before year end was not possible. The group\u2019s exposure to credit and currency risks relating to receivables are disclosed in note 2. The other classes within trade and other receivables do not contain impaired assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14932_doc_41": { "value": "13. Cash and cash equivalents For the purposes of the statement of cash flows, the period-end cash and cash equivalents comprise the following:
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Cash at bank and in hand 7,579 11,826 12840
Bank overdraft (note 16) (30,360) (18,326) - -
Total cash and cash equivalents(22,781) (6,500) 12840
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14934_doc_41": { "value": "14. Share capital
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Issued and fully paid up 27,000 27,000 27,000 27,000
The company\u2019s authorised share capital of \u20ac40,000,000 is constituted by 160,000,000 ordinary shares having a nominal value of \u20ac0.25 per share and the company\u2019s issued share capital of \u20ac27,000,000 is constituted by 108,000,000 ordinary shares having a nominal value of \u20ac0.25 per share. The issued share capital consists of one class of ordinary shares with equal voting rights attached. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14936_doc_41": { "value": "14. Share capital
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Issued and fully paid up 27,000 27,000 27,000 27,000
The company\u2019s authorised share capital of \u20ac40,000,000 is constituted by 160,000,000 ordinary shares having a nominal value of \u20ac0.25 per share and the company\u2019s issued share capital of \u20ac27,000,000 is constituted by 108,000,000 ordinary shares having a nominal value of \u20ac0.25 per share. The issued share capital consists of one class of ordinary shares with equal voting rights attached. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14938_doc_41": { "value": "15. Fair value reserve
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
At 1 May (66) (42)
Gains/(losses) from changes in fair value of equity instruments127(24)
At 30 April 61(66)
The fair value reserve reflects the cumulative net changes in fair value of equity instruments measured at fair value through other comprehensive income held by the Group, which changes are recognised directly in equity in other comprehensive income. The reserve is non-distributable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15013_doc_41": { "value": "16. Borrowings
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Current
Bank overdrafts (note 13) 30,360 18,326
Total borrowings30,360 18,326
The group\u2019s banking facilities as at 30 April 2026 amounted to \u20ac67,300,000 (2025: \u20ac35,800,000). The group\u2019s bank borrowings are secured by: (a) a general hypothec over the group\u2019s assets and a special hypothec over its property; (b) general and special hypothecs over the assets of related parties; (c) pledge over insurance policies; and (d) guarantees issued by the group and related parties. The interest rate exposure of the borrowings of the group was as follows:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Total bank borrowings:
At fixed rates 30,360 18,326
Weighted average effective interest rate as at the end of the reporting year were:
Group
2026 2025
Bank overdraft3.06%3.06%
This note provides information about the contractual terms of the group\u2019s borrowings. For more information about the group\u2019s exposure to liquidity and interest rate risks, see note 2.
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Revaluation of non-current assets3,023 3,023
Depreciation on property, plant and equipment 733765
3,756 3,788
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15008_doc_41": { "value": "17. Deferred taxation Deferred income taxes are calculated on all temporary differences under the liability method using a principal tax rate of 35% (2025: 35%), except for temporary differences on immovable property that are calculated under the liability method using a principal tax rate of 10% (2025: 10%) on the carrying amounts of property. The movement on the deferred tax account is as follows:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
At beginning of year3,788 3,874
Deferred tax on temporary differences arising on depreciation of property,plant and equipment (71) (88)
Under provision in deferred tax in prior year 392
At end of year3,756 3,788
Deferred tax is principally composed of deferred tax assets and liabilities which are to be recovered and settled after more than twelve months. The balance as at year-end represents temporary differences on or attributable to: At 30 April 2026, the Group had unrecognised deferred tax assets amounting to \u20ac14,249,000, created through the temporary differences arising from unutilised capital allowances in respect of Intellectual Property Rights (Note 31). The Group also had unrecognised deferred tax assets amounting to \u20ac367,000 in relation to unabsorbed capital allowances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14941_doc_41": { "value": "18. Trade and other payables
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Non-current
Capital payables8,403 - - -
Current
Trade payables 26,286 20,980 3227
Capital payables due to related parties and associates4,693 9,114 - -
Capital payables3,076 323- -
Other payables623577- -
Indirect taxation 2,273 1,963 - 5,817
Accruals and deferred income7,110 5,846 9 9
44,061 38,803 415,853
Total trade and other payables52,464 38,803 415,853
Capital payables mainly relate to group liabilities arising from investment property and property, plant and equipment acquisitions during the year. Non-current capital payables are repayable by 2031. Amounts owed to related parties and associates are unsecured, interest free and repayable on demand. The balance is mainly composed of amounts due for ongoing works at the shopping mall under construction as at year end. The group\u2019s exposure to liquidity and currency risks relating to trade and other payables are disclosed in note 2. Accruals include contract liabilities related to group\u2019s customer loyalty programme amounted to \u20ac2,080,114 (2025: \u20ac1,969,827). In the company\u2019s books, amounts owed to subsidiaries are unsecured, interest free and are not expected to be repaid within the next twelve months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14942_doc_41": { "value": "18. Trade and other payables
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Non-current
Capital payables8,403 - - -
Current
Trade payables 26,286 20,980 3227
Capital payables due to related parties and associates4,693 9,114 - -
Capital payables3,076 323- -
Other payables623577- -
Indirect taxation 2,273 1,963 - 5,817
Accruals and deferred income7,110 5,846 9 9
44,061 38,803 415,853
Total trade and other payables52,464 38,803 415,853
Capital payables mainly relate to group liabilities arising from investment property and property, plant and equipment acquisitions during the year. Non-current capital payables are repayable by 2031. Amounts owed to related parties and associates are unsecured, interest free and repayable on demand. The balance is mainly composed of amounts due for ongoing works at the shopping mall under construction as at year end. The group\u2019s exposure to liquidity and currency risks relating to trade and other payables are disclosed in note 2. Accruals include contract liabilities related to group\u2019s customer loyalty programme amounted to \u20ac2,080,114 (2025: \u20ac1,969,827). In the company\u2019s books, amounts owed to subsidiaries are unsecured, interest free and are not expected to be repaid within the next twelve months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15015_doc_41": { "value": "18. Trade and other payables
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Non-current
Capital payables8,403 - - -
Current
Trade payables 26,286 20,980 3227
Capital payables due to related parties and associates4,693 9,114 - -
Capital payables3,076 323- -
Other payables623577- -
Indirect taxation 2,273 1,963 - 5,817
Accruals and deferred income7,110 5,846 9 9
44,061 38,803 415,853
Total trade and other payables52,464 38,803 415,853
Capital payables mainly relate to group liabilities arising from investment property and property, plant and equipment acquisitions during the year. Non-current capital payables are repayable by 2031. Amounts owed to related parties and associates are unsecured, interest free and repayable on demand. The balance is mainly composed of amounts due for ongoing works at the shopping mall under construction as at year end. The group\u2019s exposure to liquidity and currency risks relating to trade and other payables are disclosed in note 2. Accruals include contract liabilities related to group\u2019s customer loyalty programme amounted to \u20ac2,080,114 (2025: \u20ac1,969,827). In the company\u2019s books, amounts owed to subsidiaries are unsecured, interest free and are not expected to be repaid within the next twelve months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14943_doc_41": { "value": "19. Expenses by nature
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Employee benefit expense (note 20) 16,160 14,714 - -
Depreciation of property, plant and equipment (note 4)2,057 2,681 - -
Amortisation of right-of-use assets (note 5) 977939- -
Purchases of goods and consumables172,312 155,243 - -
Variable leases and parking fees 1,491 1,662 - -
Movement in inventories (2,502) (1,017) - -
Utility costs 1,130 1,093 - -
Other expenses 12,675 9,201 124136
Total cost of sales, selling and marketing costs and administration expenses 204,300 184,516 124136
Audit fees Fees charged by the auditor and/or its related undertakings for services rendered during the financial periods ended 30 April 2026 and 2025 relate to the following: 20. Employee benefit expense
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Wages and salaries12,905 12,126
Social security 884848
13,789 12,974
Subcontracted from third parties2,371 1,740
16,160 14,714
20. Employee benefit expense - continued Average number of persons employed during the year:
Group
2026 2025
Operational 388389
Administration8180
Selling and distribution 6 6
475 475
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14947_doc_41": { "value": "19. Expenses by nature
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Employee benefit expense (note 20) 16,160 14,714 - -
Depreciation of property, plant and equipment (note 4)2,057 2,681 - -
Amortisation of right-of-use assets (note 5) 977939- -
Purchases of goods and consumables172,312 155,243 - -
Variable leases and parking fees 1,491 1,662 - -
Movement in inventories (2,502) (1,017) - -
Utility costs 1,130 1,093 - -
Other expenses 12,675 9,201 124136
Total cost of sales, selling and marketing costs and administration expenses 204,300 184,516 124136
Audit fees Fees charged by the auditor and/or its related undertakings for services rendered during the financial periods ended 30 April 2026 and 2025 relate to the following:
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Annual statutory audit 2051962726
Tax advisory and compliance services8 8 2 2
2132042928
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14956_doc_41": { "value": "19. Expenses by nature
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Employee benefit expense (note 20) 16,160 14,714 - -
Depreciation of property, plant and equipment (note 4)2,057 2,681 - -
Amortisation of right-of-use assets (note 5) 977939- -
Purchases of goods and consumables172,312 155,243 - -
Variable leases and parking fees 1,491 1,662 - -
Movement in inventories (2,502) (1,017) - -
Utility costs 1,130 1,093 - -
Other expenses 12,675 9,201 124136
Total cost of sales, selling and marketing costs and administration expenses 204,300 184,516 124136
Audit fees Fees charged by the auditor and/or its related undertakings for services rendered during the financial periods ended 30 April 2026 and 2025 relate to the following:
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Annual statutory audit 2051962726
Tax advisory and compliance services8 8 2 2
2132042928
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14959_doc_41": { "value": "19. Expenses by nature
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Employee benefit expense (note 20) 16,160 14,714 - -
Depreciation of property, plant and equipment (note 4)2,057 2,681 - -
Amortisation of right-of-use assets (note 5) 977939- -
Purchases of goods and consumables172,312 155,243 - -
Variable leases and parking fees 1,491 1,662 - -
Movement in inventories (2,502) (1,017) - -
Utility costs 1,130 1,093 - -
Other expenses 12,675 9,201 124136
Total cost of sales, selling and marketing costs and administration expenses 204,300 184,516 124136
Audit fees Fees charged by the auditor and/or its related undertakings for services rendered during the financial periods ended 30 April 2026 and 2025 relate to the following:
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Annual statutory audit 2051962726
Tax advisory and compliance services8 8 2 2
2132042928
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14962_doc_41": { "value": "19. Expenses by nature
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Employee benefit expense (note 20) 16,160 14,714 - -
Depreciation of property, plant and equipment (note 4)2,057 2,681 - -
Amortisation of right-of-use assets (note 5) 977939- -
Purchases of goods and consumables172,312 155,243 - -
Variable leases and parking fees 1,491 1,662 - -
Movement in inventories (2,502) (1,017) - -
Utility costs 1,130 1,093 - -
Other expenses 12,675 9,201 124136
Total cost of sales, selling and marketing costs and administration expenses 204,300 184,516 124136
Audit fees Fees charged by the auditor and/or its related undertakings for services rendered during the financial periods ended 30 April 2026 and 2025 relate to the following:
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Annual statutory audit 2051962726
Tax advisory and compliance services8 8 2 2
2132042928
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14944_doc_41": { "value": "20. Employee benefit expense
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Wages and salaries12,905 12,126
Social security 884848
13,789 12,974
Subcontracted from third parties2,371 1,740
16,160 14,714
20. Employee benefit expense - continued Average number of persons employed during the year:
Group
2026 2025
Operational 388389
Administration8180
Selling and distribution 6 6
475 475
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14967_doc_41": { "value": "21. Directors\u2019 remuneration
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Emoluments paid842804
A number of directors availed themselves of an allowance for the use of company cars during the year. The estimated value of this benefit has been included within the directors\u2019 salaries, which also includes other allowances. 31. Related party transactions Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operating policy decisions. As at year end, Mr Paul Gauci owned 68.38% of the shareholding in PG p.l.c. and hence controls the group. The remaining 31.62% of the shares are widely held. The entities constituting the PG Group are ultimately fully owned by PG p.l.c.. Other entities on which Mr Paul Gauci can exercise significant influence are also considered to be related parties. Hence, related parties also include subsidiaries and associates of PG Holdings Limited. Related party transactions also include transactions with a director of the Group who operates retail outlets within the supermarkets. Rental and other income generated through such transactions amounted to \u20ac667,000 (2025: \u20ac649,000). In the opinion of the directors, disclosure of related party transactions, is only necessary when the transactions effected have a material impact on the operating results and financial position of the group. The aggregate invoiced amounts in respect of a number of transaction types carried out with related parties are not considered material and accordingly they do not have a significant effect on these financial statements except for the following: 31. Related party transactions - continued The group recognised the leasing arrangements with its associate as right-of-use assets and lease liabilities amounting to \u20ac13,277,000 and \u20ac15,635,000 respectively at reporting date. The group made payments of \u20ac2,496,000 (2025: \u20ac2,641,000) to its associate in relation with such leases, and recognised \u20ac954,000 (2025: \u20ac985,000) as interest expenses and \u20ac1,050,000 (2025: \u20ac1,280,000) as variable lease payments. Acquisition of Pacla Limited On 27 January 2025 the company acquired the entire shareholding in Pacla Limited from Mr. Paul Gauci at the nominal value of the share capital for \u20ac1,200 to act as an investment holding company. This company was used to acquire the group\u2019s share in DB Gauci Shopping Mall Limited (see note 7). Transaction in respect of transfer of Intellectual Property rights to Giacla Limited In recognition of the group\u2019s continued growth, management undertook a comprehensive restructuring of its intellectual property (IP) portfolio during the financial year ended 30 April 2025. This initiative focused on the effective recognition of IP assets, primarily originating from PG plc and it\u2019s subsidiaries, to maximise synergies across the group\u2019s operations. Given the critical role that IP plays in unlocking value from business acquisitions and driving operational efficiency, management determined that the optimal approach was to legally and operationally ring-fence these assets within a dedicated, wholly owned subsidiary. This segregation serves multiple strategic objectives; it enhances the protection of PG Group\u2019s valuable IP by shielding it from operational risks such as financial volatility, legal exposure, and market disruptions, while also preserving long-term asset value. By centralising IP ownership, the group has positioned itself to better leverage these assets for future growth, innovation, and revenue generation, reinforcing its commitment to sustainable value creation for shareholders. Moreover, this segregation allows the operational entity to specialise in providing quality service and a seamless customer experience, without the distractions or complexities associated with managing intellectual property. This focus on operations helps streamline decision-making, improve efficiency, and maintain the brand's high standards of performance in the marketplace. Additionally, the operating company will benefit from a clear structure that allows for greater agility in responding to market trends and customer demands. In April 2025, PG plc and its subsidiaries finalised an assignment agreement with its wholly owned subsidiary, Giacla Limited, for the transfer of intellectual property and related assets at a total consideration of \u20ac43,872,000. 31. Related party transactions - continued Transaction in respect of transfer of Intellectual Property rights to Giacla Limited - continued The assets transferred, comprising trademarks, domains, trade secrets, standard operating procedures, and supplier and customer databases, were valued using a combination of recognised methodologies. These included the discounted cash flows method (based on revenue), the Relief from Royalty (RFR) method, the Multi-period Excess Earnings Methodology, and the cost method. This rigorous valuation process ensures transparency and reflects the strategic importance of these assets in supporting PG plc\u2019s long-term growth and value creation. The table below outlines the intellectual property and related assets transferred, the valuation methodologies applied to each asset category, and the key inputs considered in the valuation process.
Transferred AssetsFair value (\u20ac\u2019000)Valuation methodologyKey inputs andassumptions
PAVI-PAMA Brand29,809 Relief from royalty approach- Implied royalty rate- Tax adjustment- Discount rate, including a risk premium over basic WAC - Terminal value growth rate - Tax amortisation benefit (\u2018TAB\u2019)
Website and APP219Cost, adjusted for inflation - Capitalised development costs
Standard Operating Procedures and Databases 11,335 Multi-period ExcessEarnings Methodology - Future cashflows to begenerated - Contribution factor of IP-Contributary asset charges - Tax adjustment- Discount rate, including a risk premium over basic WACC - Tax amortisation benefit (\u2018TAB\u2019)
All other IP 2,509
Total (including TAB)43,872
The receivable of \u20ac43,872,000 arising upon sale was converted into loans, bearing annual interest of 3%, which loans are to be repaid in full by April 2045. 31. Related party transactions - continued Year-end balances with associated related parties are disclosed in notes 12 and 18 to these financial statements. Key management personnel compensation, consisting of directors\u2019 and senior management remuneration, is disclosed as follows:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Directors 842804
Senior Management 489462
1,331 1,266
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14970_doc_41": { "value": "22. Other income
Group Company
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Recharges of expenses to retail operators8821,046 - -
Unrealised exchange differences from investing activities(283) (566) - -
Gain on sale of intangible assets (Note 31)- - - 32,318
599480- 32,318
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15199_doc_41": { "value": "23. Investment income The company\u2019s revenue is derived from dividend income from its subsidiaries in accordance with the group\u2019s dividend policy. During the year, the company received gross dividends from its subsidiaries totalling \u20ac11,153,847 (2025: \u20ac11,153,847). The company also received a gross dividend of \u20ac143,329 (2025: \u20ac143,329) from its associate. The group received a gross dividend of \u20ac13,453 from its equity instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14971_doc_41": { "value": "24. Finance income
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Interest income 1,305 937- -
1,305 937- -
During the financial year ending 30 April 2024 an investment committee was set up to invest excess liquidity held by the group. This excess liquidity was invested by the group in a portfolio of debt securities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14973_doc_41": { "value": "24. Finance income
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Interest income 1,305 937- -
1,305 937- -
During the financial year ending 30 April 2024 an investment committee was set up to invest excess liquidity held by the group. This excess liquidity was invested by the group in a portfolio of debt securities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14974_doc_41": { "value": "24. Finance income
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Interest income 1,305 937- -
1,305 937- -
During the financial year ending 30 April 2024 an investment committee was set up to invest excess liquidity held by the group. This excess liquidity was invested by the group in a portfolio of debt securities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15184_doc_41": { "value": "24. Finance income
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Interest income 1,305 937- -
1,305 937- -
During the financial year ending 30 April 2024 an investment committee was set up to invest excess liquidity held by the group. This excess liquidity was invested by the group in a portfolio of debt securities. 25. Finance costs
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Bank interest 942 375- -
Finance costs on lease interest1,296 1,318 - -
2,238 1,693 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14975_doc_41": { "value": "26. Tax expense
GroupCompany
2026 202520262025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Current tax expense:
on taxable profit subject to tax at 35%1,8303,640 3,954 3,954
on taxable profit subject to tax at 15%1,5041,292 - -
Over provision of current tax in prior -
years (316) (110) -
Deferred tax credit(32) (86) - -
2,9864,736 3,954 3,954
The tax on the company\u2019s profit before tax differs from the theoretical amount that would arise using the basic tax rate as follows:
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Profit before tax 15,944 17,121 11,173 43,479
Tax on profit at 35%5,580 5,992 3,911 15,218
Tax effect of:share of results of associates
7741- -
maintenance allowance on rentalincome (322) (302) - -
expenses and provisions not allowable for tax purposes7286564347
over-provision of current tax in prior year (316) (110) - -
income not subject to income tax(1,227) - - (11,311)
income subject to reduced rates of tax(1,940) (1,600) - -
movement in unrecognised deferred tax 372 - - -
unrecognised deferred tax in prior year 4028- -
other(6) 31- -
Tax expense 2,9864,736 3,954 3,954
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15011_doc_41": { "value": "27. Dividends paid
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Gross dividend 11,154 11,154 11,154 11,154
Tax at 35% (3,904) (3,904) (3,904) (3,904)
Total net dividend7,250 7,250 7,250 7,250
Euro per share (net)0.070.070.070.07
A first net interim dividend of \u20ac2,750,000 in respect of the year ended 30 April 2026 was announced on 25 November 2025 and paid to the ordinary shareholders on 5 December 2025. A second net interim dividend of \u20ac4,500,000 in respect of the year ended 30 April 2026 was announced on 30 June 2026, and paid to the ordinary shareholders on 10 July 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14977_doc_41": { "value": "28. Earnings per share Earnings per share is based on the profit for the financial year attributable to the shareholders of PG p.l.c. divided by the weighted average number of ordinary shares in issue during the year and ranking for dividend.
Group
2026 2025
Profit attributable to shareholders (\u20ac\u2019000)12,958 12,385
Weighted average number of ordinary shares in issue (thousands)108,000 108,000
Basic and diluted earnings per share for the year attributable to shareholders\u20ac0.12\u20ac0.11
The company does not have any dilutive contracts on own shares in issue.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14999_doc_41": { "value": "29. Cash generated from operations Reconciliation of operating profit to cash generated from operations:
GroupCompany
2026 20252026 2025
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Operating profit 17,085 17,979 11,173 43,479
Adjustment for:
Depreciation on property, plant and equipment and right-of-use asset (notes 4,5) 3,034 3,620 - -
Unrealised exchanged differences283- - -
Changes in working capital:
Inventory (1,929) (1,104) - -
Trade and other receivables6502,164 5,931 (31,872)
Trade and other payables 2,907 476(5,812) (376)
Cash generated from operations22,030 23,135 11,292 11,231
Net debt reconciliation All the movements in the group\u2019s net debt related only to cash flow movements and disclosed as part of the financing activities in the statements of cash flows on page 32 with the exception for movements in lease liabilities which include finance costs of these liabilities amounting to \u20ac1,296,000 (2025: \u20ac1,314,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15004_doc_41": { "value": "30. Commitments (a) Capital commitments As at 30 April, the group had commitments for capital expenditure relating to its property not provided for in these financial statements as follows:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Authorised but not contracted23,7921,860
Contracted but not provided for6,1193,491
29,911 5,351
(b) Lease commitments - where the group is a lessor The future minimum lease payments receivable under non-cancellable property leases are as follows:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Within one year504198
Between 1 and 2 years42531
Between 2 and 3 years28038
Between 3 and 4 years28028
Between 4 and 5 years129-
1,618 295
33. Contingent liabilities At 30 April 2026, the group had contingent liabilities amounting to \u20ac6,097,000 (2025: \u20ac5,335,000) with regards to guarantees mainly in favour of third parties issued by the bank on behalf of the Group in the ordinary course of business. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15001_doc_41": { "value": "30. Commitments (a) Capital commitments As at 30 April, the group had commitments for capital expenditure relating to its property not provided for in these financial statements as follows:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Authorised but not contracted23,7921,860
Contracted but not provided for6,1193,491
29,911 5,351
(b) Lease commitments - where the group is a lessor The future minimum lease payments receivable under non-cancellable property leases are as follows:
Group
2026 2025
\u20ac\u2019000\u20ac\u2019000
Within one year504198
Between 1 and 2 years42531
Between 2 and 3 years28038
Between 3 and 4 years28028
Between 4 and 5 years129-
1,618 295
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15336_doc_41": { "value": "32. Events after reporting period On 27 January 2025, the Group obtained control of DB Gauci Shopping Mall Limited by acquiring 60% of its voting shares. As at 30 April 2026 DB Gauci Shopping Mall Limited had a promise of sale on the temporary sub-emphyteusis of a property comprising a shopping mall, as well as car park spaces on the site of the old Institute for Tourism Studies at St George\u2019s Bay, St Julians, Malta, which is granted by the Government of Malta to DB San Gorg Property Limited by virtue of title of temporary emphyteusis for a period of ninety-nine (99) years commencing from 1 February 2017. The shopping mall and car park spaces were commissioned on 15 July 2026 and legal title of the sub-emphyteutical grant and additions of a capital nature were transferred to DB Gauci Shopping Mall Limited after year end. At year end, advance payments by DB Gauci Shopping Mall Limited to acquire the sub-emphyteutical rights as well as payments for additions to property, plant and equipment are reflected in Trade and other receivables (Note 12) and property, plant and equipment (Note 4) in line with the legal title as at 30 April 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14981_doc_41": { "value": "33. Contingent liabilities At 30 April 2026, the group had contingent liabilities amounting to \u20ac6,097,000 (2025: \u20ac5,335,000) with regards to guarantees mainly in favour of third parties issued by the bank on behalf of the Group in the ordinary course of business. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_14982_doc_41": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } }, "mapping_15343_doc_41": { "value": "35. Comparative information Comparative figures disclosed in the main components of these financial statements have been reclassified to conform with the current year\u2019s presentation format for the purpose of fairer presentation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5493008S06ER3HGBQZ64", "period": "2025-05-01T00:00:00/2026-05-01T00:00:00" } } } }