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NOTE 1 \u2013 GENERAL INFORMATION
Information on activities
Plus500 Ltd. (the \u201cCompany\u201d and together with its subsidiaries, the
\u201cGroup\u201d) is a global multi-asset fintech group operating proprietary
technology-based trading platforms. Plus500 offers customers a
range of trading products, including OTC (\u201cOver-the-Counter\u201d
products, namely Contracts for Difference (\u201cCFDs\u201d)), share dealing,
as well as futures and options on futures. The Company has
developed and operates online trading platforms, enabling its
international customer base to trade internationally.
The Group\u2019s offering is available internationally with main market
presence in the UK, the European Economic Area (\u201cEEA\u201d), Australia,
the US, and the Middle East and has customers located in more
than 60 countries worldwide. The Group operates through
operating subsidiaries regulated by the Financial Conduct Authority
(\u201cFCA\u201d) in the UK, the Australian Securities and Investments
Commission (\u201cASIC\u201d) in Australia, the Cyprus Securities and
Exchange Commission (\u201cCySEC\u201d) in Cyprus, the Israel Securities
Authority (\u201cISA\u201d) in Israel, the Financial Markets Authority (\u201cFMA\u201d) in
New Zealand, the Financial Sector Conduct Authority (\u201cFSCA\u201d) in
South Africa, the Monetary Authority of Singapore (\u201cMAS\u201d) in
Singapore, the Financial Services Authority (\u201cFSA\u201d) in the Seychelles,
the Commodities Futures Trading Commission (\u201cCFTC\u201d) in the US,
the Estonian Financial Supervision Authority (\u201cEFSA\u201d) in Estonia, the
Financial Services Agency (\u201cFSA\u201d) in Japan, the Dubai Financial
Services Authority (\u201cDFSA\u201d) in the UAE, the Securities Commission
of the Bahamas (\u201cSCB\u201d) in the Bahamas and the Securities and
Commodities Authority (\u201cSCA\u201d) in the UAE.
The Company also has a subsidiary in Bulgaria which provides
operational services to the Group.
The Company was admitted to trading on the London Stock
Exchange on 24 July 2013. It was admitted to the Equity Shares in
Commercial Companies (\u201cESCC\u201d) Category of the Official List and
is a constituent of the FTSE 250 Index and the STOXX Europe 600 Index.
The Group offers trading products: OTC trading; share dealing; and
futures and options on futures. The Group presents its operation
as one operating segment.
The address of the Company\u2019s principal offices is Building 10.2,
Matam, Haifa 3115001, Israel.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Plus500 Ltd. (the \u201cCompany\u201d and together with its subsidiaries, the \u201cGroup\u201d) is a global multi-asset fintech group operating proprietary technology-based trading platforms. Plus500 offers customers a range of trading products, including OTC (\u201cOver-the-Counter\u201d products, namely Contracts for Difference (\u201cCFDs\u201d)), share dealing, as well as futures and options on futures. The Company has developed and operates online trading platforms, enabling its international customer base to trade internationally. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Building 10.2, Matam, Haifa 3115001, Israel", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-182": { "value": "
NOTE 2 \u2013 SUMMARY OF MATERIAL
ACCOUNTING POLICIES
a. Basis of accounting and accounting policies
The Group\u2019s consolidated financial information as at 31 December
2024 and 2023 and for each of the two years in the period ended
on 31 December 2024 are in compliance with IFRS Accounting
Standards that consist of standards and interpretations issued by
the International Accounting Standard Board (\u201cIFRSs\u201d).
The material accounting policies described below have been
applied consistently in relation to all the reporting periods, unless
otherwise stated.
The financial information has been prepared under the historical
cost convention subject to adjustments in respect of revaluation
of financial assets at fair value through profit or loss presented at
fair value.
b. Going concern
The Group has considerable financial resources, a broad range of
financial instruments and a substantial active customer base
which is geographically diversified. As a consequence, the
Company\u2019s Board of Directors (the \u201cBoard\u201d) believes that the Group
is well placed to manage its business risks in the context of the
current economic outlook. Accordingly, the Board has a reasonable
expectation that the Group has adequate resources to continue
in operational existence for the foreseeable future. The Board
therefore continues to adopt the going concern basis in preparing
these consolidated financial statements.
c. Earnings per share
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted
average number of the Company\u2019s ordinary shares in issue during
the year, excluding ordinary shares purchased by the Company
and held as treasury shares.
Diluted earnings per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume
exercise of all potential dilutive ordinary shares. The instruments
that are potentially dilutive ordinary shares are equity instruments
granted to employees and service contractors (see Note 9). A
calculation is done to determine the number of shares that could
have been acquired at fair value (determined as the average
annual market share price of the Company\u2019s shares) based on the
monetary value of the subscription rights attached to outstanding
equity instruments. The number of ordinary shares calculated as
above is compared with the number of ordinary shares that would
have been issued assuming the exercise of the equity instruments
(see also Note 11).
d. Foreign currency translation
1) Functional and presentation currency
Items included in the financial information of each of the Group\u2019s
entities are measured using the currency of the primary economic
environment in which that entity operates (the \u201cfunctional
currency\u201d). The consolidated financial statements are presented
in US dollars (\u201cUSD\u201d), which is the Group\u2019s functional and
presentation currency.
2) Transactions and balances
Foreign currency transactions in currencies different from the
functional currency (\u201cforeign currency\u201d) are translated into the
functional currency using the exchange rates prevailing at the
dates of the transactions or valuation where items are remeasured.
Gains and losses arising from translations in exchange rates are
presented in the consolidated statement of comprehensive income
among \u201cfinancial expenses (income)\u201d.
e. Trading income
Trading income represents Customer Income, which includes
revenue from OTC Customer Income (customer spreads and
overnight charges), non-OTC Customer Income (commissions
from the Group\u2019s futures and options on futures operation and from
the Group\u2019s share dealing platform) and Customer Trading
Performance, which includes gains/losses on customers\u2019 trading
positions, arising on client trading activity, primarily in OTCs on
shares, indices, ETFs, options, commodities, cryptocurrencies and
foreign exchange. Open client positions are carried at fair value
and gains and losses arising on this valuation are recognised as
trading income, as well as gains and losses realised on positions
that have closed.
f. Interest income
Interest income is accrued based on the effective interest rate
method, and is presented as part of the Group\u2019s revenue in the
statement of comprehensive income.
g. Share based compensation
1) Cash settled
The Group operates a cash settled share based compensation
plan, under which it receives services from employees and service
contractors as consideration for Share Appreciation Rights (\u201cSARs\u201d).
The fair value of the employees and service contractors received
in exchange for the grant of the rights are recognised as an expense
in the consolidated statement of comprehensive income. At the
end of each reporting period, the Group evaluates the SARs based
on their fair value as prorated over the period and the change in
the prorated fair value is recognised in the consolidated statement
of comprehensive income.
2) Equity settled
The Group operates equity settled share based compensation
plans, under which it receives services from employees and service
contractors as consideration for ordinary shares. The fair value of
the services received by employees and service contractors in
exchange for the grant of ordinary shares is recognised as an
expense in the consolidated statement of comprehensive income.
The fair value of equity settled share based compensation
arrangements granted to employees and service contractors is
recognised as employee benefit expenses and other related
expenses applicable for the service contractors, with a
corresponding increase in equity. The total amount to be expensed
is determined by reference to the fair value of the equity instruments
granted:
+
including any market performance conditions (e.g. the
Company\u2019s share price);
+
excluding the impact of any service and non-market
performance vesting conditions (e.g. profitability, sales growth
targets and continuing to be employed or rendering services
to the entity over a specified time period); and
+
including the impact of any non-vesting conditions (e.g. the
requirement for employees and service contractors to hold
shares for a specific period of time).
The total expenses are recognised over the vesting period, which
is the period over which all of the specified vesting conditions are
to be satisfied. At the end of each period, the Group revises its
estimates of the number of ordinary shares that are expected to
vest based on the non-market performance vesting and service
conditions. The impact of the revision to original estimates, if any,
in the consolidated statement of comprehensive income, is
recognised with a corresponding adjustment to equity. As may be
applicable, an amount equal to the applicable tax liability
connected to the LTIPs, RSUs and annual bonus plans settled in
shares, shall be added by way of gross-up and be paid in cash to
fund the tax liability.
h. Treasury shares
Treasury shares are ordinary shares of the Company held by the
Company and presented as a reduction of equity, at the
consideration paid, including any incremental attributable costs,
net of tax. Treasury shares do not have a right to receive dividends
or to vote. The Board approves share buyback programmes. The
share buyback programmes are funded from the Company\u2019s net
cash balances. The ordinary shares are purchased at market value
(see Note 12).
i. Current income tax
Tax is recognised in the consolidated statement of comprehensive
income.
The current income tax charge is calculated on the basis of the tax
laws enacted at the statement of financial position date in
countries where the Company and its subsidiaries operate and
generate taxable income.
Management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is
subject to interpretation and considers whether it is probable that
a taxation authority will accept an uncertain tax treatment. It
establishes provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities. The Group measures its
tax balances either based on the most likely amount or the
expected value, depending on which method provides a better
prediction of the resolution of the uncertainty.
j. Deferred income tax
Deferred income tax is recognised using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements.
Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantially enacted by the statement of
financial position date and are expected to apply when the related
deferred income tax asset is realised or the deferred income tax
liability is settled.
The Group recognises deferred taxes on temporary differences
arising on investments in subsidiaries, except where the timing of
the reversal of the temporary difference is controlled by the Group
and it is probable that the temporary difference will not reverse in
the foreseeable future.
Deferred income tax assets are recognised only to the extent that
it is probable that future taxable profit will be available against
which the temporary differences can be utilised.
k. Property, plant and equipment
Property, plant and equipment are stated at historical cost less
accumulated depreciation.
Depreciation is calculated using the straight-line method to
allocate the cost of property, plant and equipment less their
residual values over their estimated useful lives, as follows:
Computers and office equipment are depreciated by the straight-
line method over their useful life period with annual depreciation
percentages of 6% to 33%.
Leasehold improvements are depreciated by the straight-line
method over the terms of the lease (including reasonably assured
options periods), or the estimated useful life (10 years) of the
improvements, whichever is shorter.
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.
l. Financial instruments
1) Classification
The Group classifies its financial assets in the following
measurement categories according to IFRS 9:
+
Those to be measured subsequently at fair value through profit
and loss; 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 assets measured at fair value, gains and losses will be recorded
in the consolidated statement of comprehensive income.
Financial assets are classified as current if they are expected to
mature within 12 months after the end of the reporting period,
otherwise, they are classified as non-current.
2) Recognition and derecognition
Regular way purchases and sales of financial assets are recognised
on trade date, the date on which the Group commits to purchase
or sell the assets. 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.
3) Measurement
At initial recognition, the Group measures a financial asset at its
fair value and in the case of a financial asset not at fair value
through profit or loss (\u201cFVTPL\u201d), plus transaction costs that are
directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVTPL are expensed
in the consolidated statement of comprehensive income.
Financial assets with embedded derivatives are considered in their
entirety when determining whether their cash flows are solely
payment of principal and interest.
Details on how the fair value of financial instruments is determined
are disclosed in Note 25.
m. Cash and cash equivalents
Cash and cash equivalents include cash on hand, short-term bank
deposits and other highly liquid short-term investments, the original
maturity of which does not exceed three months.
All of the regulated subsidiaries hold money on behalf of their clients
in accordance with the client money rules required by the relevant
regulatory framework. Such monies are classified as \u201csegregated
client funds\u201d in accordance with the regulatory requirements.
Segregated client funds comprise client funds held in segregated
client money accounts. Segregated client money accounts hold
statutory trust status restricting the Group\u2019s ability to control the
monies and accordingly such amounts are not reflected as Group
assets in the consolidated statement of financial position.
n. Employee benefits
The Group recognises an accrual and an expense for bonuses for
senior management based on formulae that take into
consideration specific financial and non-financial measures and
for other employees based on management decisions.
o. Trade payables \u2013 due to clients
As part of its business, the Group receives from its customers
deposits to secure their trading positions, held in segregated client
money accounts.
Assets or liabilities resulting from profits or losses on open positions
are carried at fair value. Amounts due from or to clients are netted
against, or presented with, the deposit with the same counterparty
where a legally enforceable netting agreement is in place and
where it is anticipated that assets and liabilities will be netted on
settlement.
\u201cTrade payables \u2013 due to clients\u201d represent balances with clients
where the combination of customers\u2019 deposits and the valuation
of financial derivative open positions result in an amount payable
by the Group.
\u201cTrade payables \u2013 due to clients\u201d are reported in the consolidated
statement of financial position and classified as current liabilities
as the demand is due within one year or less.
p. IFRS 16 \u2013 \u201cLeases\u201d
The Group\u2019s leases include real estate lease agreements. At
inception of a contract, the Group assesses whether a contract is,
or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period
of time in exchange for a consideration. The Group reassesses
whether a contract is, or contains, a lease only if the terms and
conditions of the contract are changed.
At the commencement date, the Group measures the lease liability
at the present value of the lease payments that are not paid at
that date, including, inter alia, the exercise price of the exercise
option if the Group is reasonably certain to exercise that option.
Simultaneously, the Group recognises a right of use asset in the
amount of the lease liability.
The lease term is the non-cancellable period for which the Group
has the right to use an underlying asset, together with both the
periods covered by an option to extend the lease if the Group is
reasonably certain to exercise that option and periods covered by
an option to terminate the lease if the Group is reasonably certain
to exercise that option.
After the commencement date, the Group measures the right of
use asset applying the cost model, less any accumulated
depreciation and any accumulated impairment losses and
adjusted for any remeasurement of the lease liability.
Assets are depreciated by the straight-line method over the
estimated useful lives of the right of use assets or the lease period,
whichever is shorter. The depreciation periods for the real estate
leases by the Group is between one to ten years.
Under IFRS 16 all leases are recognised as a right of use asset and
a corresponding liability at the date at which the leased asset is
available for use by the Group. Each lease payment is allocated
between the liability and finance cost. The finance cost is charged
to the consolidated statement of comprehensive income over the
lease period so as to produce a constant periodic rate of interest
on the remaining balance of the liability for each period.
q. Intangible assets
1) Goodwill
Goodwill represents the surplus of the consideration that has been
transferred for the acquisition of a subsidiary company, over the
net amount of the identifiable assets and liabilities that have been
acquired as at the time of the acquisition. Goodwill on acquisitions
of subsidiaries is included in intangible assets and is not amortised.
Goodwill is allocated to cash-generating units for the purpose of
impairment testing. The allocation is made to those cash-
generating units or groups of cash-generating units that are
expected to benefit from the business combination in which the
goodwill arose. The units or groups of units are identified at the
lowest level at which goodwill is monitored for internal
management purposes.
2) Licence
A licence acquired in a business combination is recognised at fair
value at the acquisition date. It has an indefinite useful life, is not
subject to amortisation and is tested annually for impairment.
r. Impairment of assets
Goodwill and intangible assets that have an indefinite useful life
are not subject to amortisation and are tested annually for
impairment, or more frequently if events or changes in
circumstances indicate that they might be impaired. Other assets
are tested 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 of disposal and value in use. For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there
are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of
assets (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.
s. New IFRS Accounting Standards, Amendments to
Standards and New Interpretations
New and amended standards:
IFRS 18 replaces IAS 1 \u201cPresentation of financial statements\u201d, with
many requirements of IAS 1 being transferred to IFRS 18, including
to a number of additional standards (without change, or with some
changes). IFRS 18 is intended to improve disclosure of information
in financial statements by entities to investors, and particularly
increase transparency and comparability between companies,
with focus on financial performance presented in the income
statement.
The main new principles introduced by IFRS 18 relate to the following:
a) Structure of the income statement
According to IFRS 18, all items of income and expenses are classified
into main categories of operating, investing, financing and income
taxes.
The following is additional information about the main three
categories:
1.
Operating \u2013 This category is not defined by IFRS 18 and is a
\u201cresidual\u201d category for income and expenses not classified into
one of the other categories. Generally, this category will include
the results of the Group from its main business activity.
2.
Investing \u2013 This category includes: income and expenses from
cash and cash equivalents; income and expenses from assets
that generate a return individually and largely independently
of the entity\u2019s other resources.
3. Financing \u2013 This category includes: interest expense and the
effect of changes in interest rates on other liabilities (such as an
actuary liability to employees).
In addition, according to IFRS 18, companies are required to present
two new subtotals in their income statement:
1. Operating income
2. Income before financing and tax
b) Disclosure in the financial statements of
management\u2011defined performance measures (\u201cMPMs\u201d)
Many companies report alternative performance measures (non-
GAAP) in their public reporting. When those meet the definition of
management-defined performance measures (MPMs), IFRS 18
requires entities to disclose them in a note to the financial
statements, along with a requirement to reconcile the metric and
other information in the financial statements.
MPMs are subtotals of income and expenses used in public
communications to communicate management\u2019s view of an
aspect of the financial performance for the company as a whole.
c) Principles for aggregation and disaggregation of
information in the primary financial statements and notes
IFRS 18 sets principles to help companies determine whether items
need to be presented in the primary financial statements
(statement of financial position, income statement, statement of
comprehensive income, statement of changes in equity and
statement of cash flows) or notes, and provides principles for
determining the level of detail needed. Additionally, IFRS 18 contains
requirements for disclosing operating expenses in the income
statement, disclosure of certain expenses by nature, and additional
information about items aggregated together.
In its first year of application, IFRS 18 is required to present a
reconciliation of comparative information between presentation
under IAS 1 and IFRS 18.
According to the provisions of IFRS 18, the standard will be applied
by the Group for annual periods beginning on or after 1 January
2027, retrospectively. The Group began assessing the impact of
applying IFRS 18 on its consolidated financial statements. However,
at this stage, the impact of first-time adoption cannot be
reasonably estimated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-184": { "value": "a. Basis of accounting and accounting policies The Group\u2019s consolidated financial information as at 31 December 2024 and 2023 and for each of the two years in the period ended on 31 December 2024 are in compliance with IFRS Accounting Standards that consist of standards and interpretations issued by the International Accounting Standard Board (\u201cIFRSs\u201d). The material accounting policies described below have been applied consistently in relation to all the reporting periods, unless otherwise stated. The financial information has been prepared under the historical cost convention subject to adjustments in respect of revaluation of financial assets at fair value through profit or loss presented at fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-221": { "value": "The Group\u2019s consolidated financial information as at 31 December 2024 and 2023 and for each of the two years in the period ended on 31 December 2024 are in compliance with IFRS Accounting Standards that consist of standards and interpretations issued by the International Accounting Standard Board (\u201cIFRSs\u201d). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-185": { "value": "b. Going concern The Group has considerable financial resources, a broad range of financial instruments and a substantial active customer base which is geographically diversified. As a consequence, the Company\u2019s Board of Directors (the \u201cBoard\u201d) believes that the Group is well placed to manage its business risks in the context of the current economic outlook. Accordingly, the Board has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Board therefore continues to adopt the going concern basis in preparing these consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-186": { "value": "c. Earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of the Company\u2019s ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume exercise of all potential dilutive ordinary shares. The instruments that are potentially dilutive ordinary shares are equity instruments granted to employees and service contractors (see Note 9). A calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company\u2019s shares) based on the monetary value of the subscription rights attached to outstanding equity instruments. The number of ordinary shares calculated as above is compared with the number of ordinary shares that would have been issued assuming the exercise of the equity instruments (see also Note 11). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-187": { "value": "d. Foreign currency translation 1) Functional and presentation currency Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which that entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in US dollars (\u201cUSD\u201d), which is the Group\u2019s functional and presentation currency. 2) Transactions and balances Foreign currency transactions in currencies different from the functional currency (\u201cforeign currency\u201d) are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Gains and losses arising from translations in exchange rates are presented in the consolidated statement of comprehensive income among \u201cfinancial expenses (income)\u201d. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-222": { "value": "1) Functional and presentation currency Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which that entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in US dollars (\u201cUSD\u201d), which is the Group\u2019s functional and presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-188": { "value": "e. Trading income Trading income represents Customer Income, which includes revenue from OTC Customer Income (customer spreads and overnight charges), non-OTC Customer Income (commissions from the Group\u2019s futures and options on futures operation and from the Group\u2019s share dealing platform) and Customer Trading Performance, which includes gains/losses on customers\u2019 trading positions, arising on client trading activity, primarily in OTCs on shares, indices, ETFs, options, commodities, cryptocurrencies and foreign exchange. Open client positions are carried at fair value and gains and losses arising on this valuation are recognised as trading income, as well as gains and losses realised on positions that have closed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-189": { "value": "f. Interest income Interest income is accrued based on the effective interest rate method, and is presented as part of the Group\u2019s revenue in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-224": { "value": "f. Interest income Interest income is accrued based on the effective interest rate method, and is presented as part of the Group\u2019s revenue in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-190": { "value": "g. Share based compensation 1) Cash settled The Group operates a cash settled share based compensation plan, under which it receives services from employees and service contractors as consideration for Share Appreciation Rights (\u201cSARs\u201d). The fair value of the employees and service contractors received in exchange for the grant of the rights are recognised as an expense in the consolidated statement of comprehensive income. At the end of each reporting period, the Group evaluates the SARs based on their fair value as prorated over the period and the change in the prorated fair value is recognised in the consolidated statement of comprehensive income. 2) Equity settled The Group operates equity settled share based compensation plans, under which it receives services from employees and service contractors as consideration for ordinary shares. The fair value of the services received by employees and service contractors in exchange for the grant of ordinary shares is recognised as an expense in the consolidated statement of comprehensive income. The fair value of equity settled share based compensation arrangements granted to employees and service contractors is recognised as employee benefit expenses and other related expenses applicable for the service contractors, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the equity instruments granted: + including any market performance conditions (e.g. the Company\u2019s share price); + excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and continuing to be employed or rendering services to the entity over a specified time period); and + including the impact of any non-vesting conditions (e.g. the requirement for employees and service contractors to hold shares for a specific period of time). The total expenses are recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of ordinary shares that are expected to vest based on the non-market performance vesting and service conditions. The impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, is recognised with a corresponding adjustment to equity. As may be applicable, an amount equal to the applicable tax liability connected to the LTIPs, RSUs and annual bonus plans settled in shares, shall be added by way of gross-up and be paid in cash to fund the tax liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-191": { "value": "h. Treasury shares Treasury shares are ordinary shares of the Company held by the Company and presented as a reduction of equity, at the consideration paid, including any incremental attributable costs, net of tax. Treasury shares do not have a right to receive dividends or to vote. The Board approves share buyback programmes. The share buyback programmes are funded from the Company\u2019s net cash balances. The ordinary shares are purchased at market value (see Note 12). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-192": { "value": "i. Current income tax Tax is recognised in the consolidated statement of comprehensive income. The current income tax charge is calculated on the basis of the tax laws enacted at the statement of financial position date in countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. j. Deferred income tax Deferred income tax is recognised using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. The Group recognises deferred taxes on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-223": { "value": "j. Deferred income tax Deferred income tax is recognised using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. The Group recognises deferred taxes on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-193": { "value": "k. Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation. Depreciation is calculated using the straight-line method to allocate the cost of property, plant and equipment less their residual values over their estimated useful lives, as follows: Computers and office equipment are depreciated by the straight-line method over their useful life period with annual depreciation percentages of 6% to 33%. Leasehold improvements are depreciated by the straight-line method over the terms of the lease (including reasonably assured options periods), or the estimated useful life (10 years) of the improvements, whichever is shorter. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-194": { "value": "l. Financial instruments 1) Classification The Group classifies its financial assets in the following measurement categories according to IFRS 9: + Those to be measured subsequently at fair value through profit and loss; 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 assets measured at fair value, gains and losses will be recorded in the consolidated statement of comprehensive income. Financial assets are classified as current if they are expected to mature within 12 months after the end of the reporting period, otherwise, they are classified as non-current. 2) Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade date, the date on which the Group commits to purchase or sell the assets. 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. 3) Measurement At initial recognition, the Group measures a financial asset at its fair value and in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), plus transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in the consolidated statement of comprehensive income. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Details on how the fair value of financial instruments is determined are disclosed in Note 25. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-226": { "value": "2) Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade date, the date on which the Group commits to purchase or sell the assets. 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:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-250": { "value": "3) Measurement At initial recognition, the Group measures a financial asset at its fair value and in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), plus transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in the consolidated statement of comprehensive income. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Details on how the fair value of financial instruments is determined are disclosed in Note 25. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-225": { "value": "3) Measurement At initial recognition, the Group measures a financial asset at its fair value and in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), plus transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in the consolidated statement of comprehensive income. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Details on how the fair value of financial instruments is determined are disclosed in Note 25. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-195": { "value": "m. Cash and cash equivalents Cash and cash equivalents include cash on hand, short-term bank deposits and other highly liquid short-term investments, the original maturity of which does not exceed three months. All of the regulated subsidiaries hold money on behalf of their clients in accordance with the client money rules required by the relevant regulatory framework. Such monies are classified as \u201csegregated client funds\u201d in accordance with the regulatory requirements. Segregated client funds comprise client funds held in segregated client money accounts. Segregated client money accounts hold statutory trust status restricting the Group\u2019s ability to control the monies and accordingly such amounts are not reflected as Group assets in the consolidated statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-196": { "value": "n. Employee benefits The Group recognises an accrual and an expense for bonuses for senior management based on formulae that take into consideration specific financial and non-financial measures and for other employees based on management decisions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-197": { "value": "o. Trade payables \u2013 due to clients As part of its business, the Group receives from its customers deposits to secure their trading positions, held in segregated client money accounts. Assets or liabilities resulting from profits or losses on open positions are carried at fair value. Amounts due from or to clients are netted against, or presented with, the deposit with the same counterparty where a legally enforceable netting agreement is in place and where it is anticipated that assets and liabilities will be netted on settlement. \u201cTrade payables \u2013 due to clients\u201d represent balances with clients where the combination of customers\u2019 deposits and the valuation of financial derivative open positions result in an amount payable by the Group. \u201cTrade payables \u2013 due to clients\u201d are reported in the consolidatedstatement of financial position and classified as current liabilities as the demand is due within one year or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-198": { "value": "p. IFRS 16 \u2013 \u201cLeases\u201d The Group\u2019s leases include real estate lease agreements. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration. The Group reassesses whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed. At the commencement date, the Group measures the lease liability at the present value of the lease payments that are not paid at that date, including, inter alia, the exercise price of the exercise option if the Group is reasonably certain to exercise that option. Simultaneously, the Group recognises a right of use asset in the amount of the lease liability. The lease term is the non-cancellable period for which the Group has the right to use an underlying asset, together with both the periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the Group is reasonably certain to exercise that option. After the commencement date, the Group measures the right of use asset applying the cost model, less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. Assets are depreciated by the straight-line method over the estimated useful lives of the right of use assets or the lease period, whichever is shorter. The depreciation periods for the real estate leases by the Group is between one to ten years. Under IFRS 16 all leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the consolidated statement of comprehensive income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-199": { "value": "q. Intangible assets 1) Goodwill Goodwill represents the surplus of the consideration that has been transferred for the acquisition of a subsidiary company, over the net amount of the identifiable assets and liabilities that have been acquired as at the time of the acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets and is not amortised. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash- generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes. 2) Licence A licence acquired in a business combination is recognised at fair value at the acquisition date. It has an indefinite useful life, is not subject to amortisation and is tested annually for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-251": { "value": "1) Goodwill Goodwill represents the surplus of the consideration that has been transferred for the acquisition of a subsidiary company, over the net amount of the identifiable assets and liabilities that have been acquired as at the time of the acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets and is not amortised. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash- generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-227": { "value": "1) Goodwill Goodwill represents the surplus of the consideration that has been transferred for the acquisition of a subsidiary company, over the net amount of the identifiable assets and liabilities that have been acquired as at the time of the acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets and is not amortised. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash- generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-228": { "value": "2) Licence A licence acquired in a business combination is recognised at fair value at the acquisition date. It has an indefinite useful life, is not subject to amortisation and is tested annually for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-200": { "value": "r. Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested 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 of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-229": { "value": "s. New IFRS Accounting Standards, Amendments to Standards and New Interpretations New and amended standards: IFRS 18 replaces IAS 1 \u201cPresentation of financial statements\u201d, with many requirements of IAS 1 being transferred to IFRS 18, including to a number of additional standards (without change, or with some changes). IFRS 18 is intended to improve disclosure of information in financial statements by entities to investors, and particularly increase transparency and comparability between companies, with focus on financial performance presented in the income statement. The main new principles introduced by IFRS 18 relate to the following: a) Structure of the income statement According to IFRS 18, all items of income and expenses are classified into main categories of operating, investing, financing and income taxes. The following is additional information about the main three categories: 1. Operating \u2013 This category is not defined by IFRS 18 and is a \u201cresidual\u201d category for income and expenses not classified into one of the other categories. Generally, this category will include the results of the Group from its main business activity. 2. Investing \u2013 This category includes: income and expenses from cash and cash equivalents; income and expenses from assets that generate a return individually and largely independently of the entity\u2019s other resources. 3. Financing \u2013 This category includes: interest expense and the effect of changes in interest rates on other liabilities (such as an actuary liability to employees). In addition, according to IFRS 18, companies are required to present two new subtotals in their income statement: 1. Operating income 2. Income before financing and tax b) Disclosure in the financial statements of management\u2011defined performance measures (\u201cMPMs\u201d) Many companies report alternative performance measures (non- GAAP) in their public reporting. When those meet the definition of management-defined performance measures (MPMs), IFRS 18 requires entities to disclose them in a note to the financial statements, along with a requirement to reconcile the metric and other information in the financial statements. MPMs are subtotals of income and expenses used in public communications to communicate management\u2019s view of an aspect of the financial performance for the company as a whole. c) Principles for aggregation and disaggregation of information in the primary financial statements and notes IFRS 18 sets principles to help companies determine whether items need to be presented in the primary financial statements (statement of financial position, income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows) or notes, and provides principles for determining the level of detail needed. Additionally, IFRS 18 contains requirements for disclosing operating expenses in the income statement, disclosure of certain expenses by nature, and additional information about items aggregated together. In its first year of application, IFRS 18 is required to present a reconciliation of comparative information between presentation under IAS 1 and IFRS 18. According to the provisions of IFRS 18, the standard will be applied by the Group for annual periods beginning on or after 1 January 2027, retrospectively. The Group began assessing the impact of applying IFRS 18 on its consolidated financial statements. However, at this stage, the impact of first-time adoption cannot be reasonably estimated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-201": { "value": "s. New IFRS Accounting Standards, Amendments to Standards and New Interpretations New and amended standards: IFRS 18 replaces IAS 1 \u201cPresentation of financial statements\u201d, with many requirements of IAS 1 being transferred to IFRS 18, including to a number of additional standards (without change, or with some changes). IFRS 18 is intended to improve disclosure of information in financial statements by entities to investors, and particularly increase transparency and comparability between companies, with focus on financial performance presented in the income statement. The main new principles introduced by IFRS 18 relate to the following: a) Structure of the income statement According to IFRS 18, all items of income and expenses are classified into main categories of operating, investing, financing and income taxes. The following is additional information about the main three categories: 1. Operating \u2013 This category is not defined by IFRS 18 and is a \u201cresidual\u201d category for income and expenses not classified into one of the other categories. Generally, this category will include the results of the Group from its main business activity. 2. Investing \u2013 This category includes: income and expenses from cash and cash equivalents; income and expenses from assets that generate a return individually and largely independently of the entity\u2019s other resources. 3. Financing \u2013 This category includes: interest expense and the effect of changes in interest rates on other liabilities (such as an actuary liability to employees). In addition, according to IFRS 18, companies are required to present two new subtotals in their income statement: 1. Operating income 2. Income before financing and tax b) Disclosure in the financial statements of management\u2011defined performance measures (\u201cMPMs\u201d) Many companies report alternative performance measures (non- GAAP) in their public reporting. When those meet the definition of management-defined performance measures (MPMs), IFRS 18 requires entities to disclose them in a note to the financial statements, along with a requirement to reconcile the metric and other information in the financial statements. MPMs are subtotals of income and expenses used in public communications to communicate management\u2019s view of an aspect of the financial performance for the company as a whole. c) Principles for aggregation and disaggregation of information in the primary financial statements and notes IFRS 18 sets principles to help companies determine whether items need to be presented in the primary financial statements (statement of financial position, income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows) or notes, and provides principles for determining the level of detail needed. Additionally, IFRS 18 contains requirements for disclosing operating expenses in the income statement, disclosure of certain expenses by nature, and additional information about items aggregated together. In its first year of application, IFRS 18 is required to present a reconciliation of comparative information between presentation under IAS 1 and IFRS 18. According to the provisions of IFRS 18, the standard will be applied by the Group for annual periods beginning on or after 1 January 2027, retrospectively. The Group began assessing the impact of applying IFRS 18 on its consolidated financial statements. However, at this stage, the impact of first-time adoption cannot be reasonably estimated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-230": { "value": "NOTE 3 \u2013 SIGNIFICANT ACCOUNTING ESTIMATES Considering uncertain tax positions The assessment of amounts of current and deferred taxes requires the Group\u2019s management to take into consideration uncertainties that its tax position will be accepted and of incurring any additional tax expenses. This assessment is based on estimates and assumptions based on interpretation of tax laws and regulations, and the Group\u2019s past experience. It is possible that new information will become known in future periods that will cause the final tax outcome to be different from the amounts that were initially recorded. Such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made. See also Note 2i and Note 10.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-202": { "value": "
NOTE 4 \u2013 REVENUE
The revenue attributed to geographical areas is as follows:
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
European Economic Area (\u201cEEA\u201d)
309.0
324.1
United Kingdom
60.8
66.3
Australia
51.4
52.4
Rest of the World
347.1
283.4
768.3
726.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-203": { "value": "
NOTE 5 \u2013 SELLING AND MARKETING EXPENSES
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Advertising and technology costs
160.0
123.9
Commissions to media buying
11.8
11.5
Payment processing costs
39.4
40.0
Commissions and fees
47.0
31.2
Data processing costs
16.2
23.2
Payroll and related expenses
29.5
26.2
Variable bonuses
8.0
6.7
Share based compensation
10.0
11.4
Other
7.1
22.8
329.0
296.9
NOTE 6 \u2013 ADMINISTRATIVE AND GENERAL EXPENSES
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Payroll and related expenses
24.3
20.5
Variable bonuses
11.2
15.2
Share based compensation
40.9
14.3
Professional and regulatory fees
10.5
21.7
Depreciation and amortisation
6.2
4.1
Other
10.1
17.1
103.2
92.9
NOTE 7 \u2013 OPERATING EXPENSES The presentation below reflects the breakdown of operating expenses by nature of expense:
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Advertising, marketing and commissions to media buying
111.1
99.3
Employee benefit and other related expenses
123.9
94.3
IT and technology costs
76.9
59.3
Payment processing costs
39.4
40.0
Professional and regulatory fees
10.5
21.7
Depreciation and amortisation
6.2
4.1
Commissions and fees
47.0
31.2
Other
17.2
39.9
432.2
389.8
In the years ended 31 December 2024 and 2023, IT and technology costs together with additional allocated other technological related costs were $104.2 million and $77.1 million, respectively. NOTE 8 \u2013 AUDITORS\u2019 REMUNERATION
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Audit of Plus500 Ltd.'s consolidated financial statements
0.3
0.3
Audit of Plus500 Ltd.'s subsidiaries
0.7
0.6
Total audit fees
1.0
0.9
Other assurance related services
0.3
0.2
Tax compliance services
0.1
0.1
Total non-audit fees
0.4
0.3
Total fees
1.4
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-231": { "value": "NOTE 5 \u2013 SELLING AND MARKETING EXPENSES
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Advertising and technology costs
160.0
123.9
Commissions to media buying
11.8
11.5
Payment processing costs
39.4
40.0
Commissions and fees
47.0
31.2
Data processing costs
16.2
23.2
Payroll and related expenses
29.5
26.2
Variable bonuses
8.0
6.7
Share based compensation
10.0
11.4
Other
7.1
22.8
329.0
296.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-232": { "value": "NOTE 6 \u2013 ADMINISTRATIVE AND GENERAL EXPENSES
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Payroll and related expenses
24.3
20.5
Variable bonuses
11.2
15.2
Share based compensation
40.9
14.3
Professional and regulatory fees
10.5
21.7
Depreciation and amortisation
6.2
4.1
Other
10.1
17.1
103.2
92.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-233": { "value": "
NOTE 7 \u2013 OPERATING EXPENSES
The presentation below reflects the breakdown of operating expenses by nature of expense:
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Advertising, marketing and commissions to media buying
111.1
99.3
Employee benefit and other related expenses
123.9
94.3
IT and technology costs
76.9
59.3
Payment processing costs
39.4
40.0
Professional and regulatory fees
10.5
21.7
Depreciation and amortisation
6.2
4.1
Commissions and fees
47.0
31.2
Other
17.2
39.9
432.2
389.8
In the years ended 31 December 2024 and 2023, IT and technology costs together with additional allocated other technological related
costs were $104.2 million and $77.1 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-252": { "value": "NOTE 7 \u2013 OPERATING EXPENSES The presentation below reflects the breakdown of operating expenses by nature of expense:
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Advertising, marketing and commissions to media buying
111.1
99.3
Employee benefit and other related expenses
123.9
94.3
IT and technology costs
76.9
59.3
Payment processing costs
39.4
40.0
Professional and regulatory fees
10.5
21.7
Depreciation and amortisation
6.2
4.1
Commissions and fees
47.0
31.2
Other
17.2
39.9
432.2
389.8
In the years ended 31 December 2024 and 2023, IT and technology costs together with additional allocated other technological related costs were $104.2 million and $77.1 million, respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-234": { "value": "
NOTE 8 \u2013 AUDITORS\u2019 REMUNERATION
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Audit of Plus500 Ltd.'s consolidated financial statements
0.3
0.3
Audit of Plus500 Ltd.'s subsidiaries
0.7
0.6
Total audit fees
1.0
0.9
Other assurance related services
0.3
0.2
Tax compliance services
0.1
0.1
Total non-audit fees
0.4
0.3
Total fees
1.4
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-204": { "value": "NOTE 9 \u2013 SHARE BASED COMPENSATION Equity settled share based compensation programmes The Group grants long-term incentive plans (\u201cLTIPs\u201d) to selected employees and service contractors (the \u201cLTIP Grants\u201d). In addition, the Group grants Restricted Stock Units (\u201cRSUs\u201d) to selected employees located in Israel (the \u201cRSUs Grants\u201d). The Group also grants an annual bonus settled in ordinary shares of the Company. Each RSU represents the right to receive one ordinary share, par value of NIS 0.01 per share, subject to the terms and conditions of the grant as approved by the Board of Directors and in accordance with the provisions of the Capital Gain route under section 102 of the Israeli Tax Ordinance and regulations (the \u201c102 Capital Gain route\u201d). In respect of the RSUs granted, the employees are entitled to the ordinary shares upon completing the service period. Part of the RSUs granted include also KPIs with market and performance conditions. During 2024 and 2023, the Group recognised $44.7 million and $23.0 million, respectively, as expenses in respect to the equity share based compensation plans in the consolidated statement of comprehensive income with a credit to equity of $16.6 million and $13.0 million, respectively. As at 31 December 2024 and 2023, retained earnings included an amount of $9.8 million and $8.9 million, respectively, in respect of the equity share based compensation plans. The LTIP Grants are subject to service conditions and additional Key Performance Indicators (\u201cKPIs\u201d) measurements, including market and performance conditions. The allotted ordinary shares will be issued out of the treasury shares of the Company. In respect of RSUs, on the vesting date, the shares will be transferred to a trustee by the Company. The ordinary shares allotted on the vesting date, which are subject to a lock-up period, shall be subject to a two-year lock-up beginning on the vesting date. The fair value at grant date of the LTIP and RSU Grants is measured according to the value of the grant amount and expensed over the vesting period with a corresponding increase in equity, taking into account the best available estimate of the number of shares or RSUs expected to vest under the service and performance conditions. Additionally, employees and service contractors are entitled to annual bonuses, settled in shares, upon completing a service period of one year and subject to achieving additional KPIs. The fair value at grant date of the bonuses settled in shares grants is measured according to the value of the grant amount on grant date and expensed over the vesting period. The 2024 and 2023 annual bonuses settled in shares were paid in one instalment on 31 December of the bonus year, by way of allotment of ordinary shares of the Company. The number of ordinary shares allotted at the end of the applicable bonus year, was calculated based on the ordinary share price on grant date, as adjusted for total shareholder returns. Any estimates applicable with the allotted number of equity settled share based compensation plans takes into consideration the most probable value of the shares at the grant date which include the expected value of total shareholder returns during the vesting period. Accordingly, total shareholder returns distributed within the vesting period which affects the final number of ordinary shares to be allotted on the vesting date and be determined according to the share price at the grant date, less the accumulated amount of total shareholder returns paid during the vesting period, shall not be added as an expense in the consolidated statement of comprehensive income. As may be applicable, an amount equal to the applicable tax liability connected to the LTIPs, RSUs and annual bonus plans settled in shares, shall be added by way of gross-up and be paid in cash to fund the tax liability. On the vesting date the Company shall allot to the employee or service contractor, ordinary shares, subject to the service condition and achieving specific KPIs for each grant. The following table specifies the dates of LTIP, RSU and annual bonus settled in shares grants and the number of ordinary shares or units as of each grant date, as granted for employees and service contractors.
NUMBER OF ORDINARY NUMBER OF EMPLOYEES
SHARE PRICE SHARES/RSUs GRANTED AND SERVICE
GRANT DATE
VESTING DATE
(GBP) ON GRANT DATE CONTRACTORS
1 January 2021
31 December 2023
14.50
160,926
8
1 January 2021
31 December 2023
14.50
122,496
7
2 January 2022
31 December 2024
12.91
153,134
7
2 January 2022
31 December 2024
12.91
346,999
137
2 January 2022
31 December 2023
12.91
84,015
130
1 July 2022
30 June 2024
15.96
3,702
10
1 July 2022
30 June 2025
15.96
3,702
10
15 February 2023
31 December 2023
18.56
43,890
2
15 February 2023
31 December 2023
18.56
88,239
195
15 February 2023
31 December 2024
18.56
88,239
195
15 February 2023
31 December 2025
18.56
204,610
199
15 February 2023
31 December 2025
14.50
168,540
2
15 February 2023
31 December 2025
18.56
59,861
5
3 July 2023
30 June 2024
14.74
5,353
6
3 July 2023
30 June 2025
14.74
5,353
6
3 July 2023
30 June 2026
14.74
5,355
6
31 December 2023
31 December 2024
14.67
162,918
2
31 December 2023
31 December 2024
14.67
122,754
206
31 December 2023
31 December 2025
14.67
122,754
206
31 December 2023
31 December 2026
14.67
282,727
210
31 December 2023
31 December 2026
14.67
316,076
7
1 July 2024
30 June 2025
21.63
2,824
11
1 July 2024
30 June 2026
21.63
2,824
11
1 July 2024
30 June 2027
21.63
2,828
11
1 July 2024
31 December 2024
21.63
1,776
1
1 July 2024
31 December 2025
21.63
1,776
1
1 July 2024
31 December 2026
21.63
1,775
1
31 December 2024
31 December 2025
24.97
95,386
249
31 December 2024
31 December 2026
24.97
95,386
249
31 December 2024
31 December 2027
24.97
197,133
253
31 December 2024
31 December 2025
14.67
169,308
2
31 December 2024
31 December 2027
14.67
253,962
2
31 December 2024
31 December 2027
24.97
12,015
3
In respect of the equity share based compensation plans, during 2024 and 2023 the Company issued 1,427,626 and 788,673, respectively, of its treasury shares. During 2024 and 2023, 87,708 and 77,892 ordinary shares and RSUs in respect of equity share based compensation plans were forfeited, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-205": { "value": "NOTE 10 \u2013 INCOME TAX EXPENSE Law for the Encouragement of Capital Investments, 5719-1959 The Law for the Encouragement of Capital Investments, 5719-1959, generally referred to as the \u201cInvestment Law\u201d, provides certain incentives for capital investments in production facilities (or other eligible assets) by \u201cIndustrial Enterprises\u201d (as defined under the Investment Law). New tax benefits under the 2017 Amendment that became effective on 1 January 2017 (\u201c2017 Amendment\u201d) The 2017 Amendment was enacted as part of the Economic Efficiency Law that was published on 29 December 2016, and is effective as of 1 January 2017. The 2017 Amendment provides new tax benefits, as described below, and is in addition to the other existing tax beneficial programmes under the Investment Law. The 2017 Amendment provides that a technology company satisfying certain conditions will qualify as a Preferred Technological Enterprise (\u201cPTE\u201d) and will thereby enjoy a reduced corporate tax rate of 12% on income that qualifies as Preferred Technology Income, as defined in the Investment Law. Dividends distributed by a PTE, paid out of Preferred Technology Income, are generally subject to withholding tax at source at the rate of 20% or such lower rate as may be provided in an applicable tax treaty. a. Group taxation The Group is subject to income tax in multiple jurisdictions, as it has various international wholly owned operations. The Group\u2019s income tax expense is based on the aggregation of the income taxes derived from its global jurisdictions. The applicable tax rate in each jurisdiction is based on the applicable local tax framework. Accordingly, the effective tax rate of the Group reflects local jurisdictions and the Israeli tax legislation. b. Company taxation in Israel The full corporate tax rate in Israel for the years 2024 and 2023 is 23%. Under the 2017 Amendment, provided the conditions stipulated therein are met, technological income derived by Preferred Companies from \u201cPreferred Technological Enterprise\u201d (as defined in the 2017 Amendment), would be subject to reduced corporate tax rates of 12%. A Preferred Company distributing dividends from technological income derived from its PTE would generally subject the recipient to a 20% withholding tax (or lower, if so provided under an applicable tax treaty). In July 2020, the Company received an approval from the Israeli Innovation Authority (\u201cIIA\u201d) that together with the tax ruling received from the Israeli Tax Authority (\u201cITA\u201d) in May 2019, recognises the Company as a PTE for the years 2017, 2018 and 2019. Accordingly, the applicable tax rate for the preferred technological income of a PTE for these years was 12%. The Company was also considered as PTE for the years 2020 and 2021. As a result, the Company\u2019s corporate tax rate for the years 2020 and 2021 was 12%, subject to the Company complying with the conditions of the Investment Law. In January 2022, the Company\u2019s status as a PTE, as accredited by the ITA under the tax regime in Israel, has been extended for the years 2022, 2023, 2024, 2025 and 2026, subject to the Company complying with the conditions of the Investment Law. Consequently, the Company\u2019s corporate tax rate for each of these years will be reduced from 23% to 12% and the withholding tax rate applicable for dividends will be reduced from 25% to 20%. c. Tax assessments The Company is currently subject to tax audits in relation to 2020\u20132023 tax years. The assessments of amounts of current and deferred taxes require the Group\u2019s management to take into consideration uncertainties that its tax position will be accepted and of incurring any additional tax expenses. This assessment is based on estimates and assumptions based on interpretation of tax laws and regulations, and the Group\u2019s past experience. It is possible that new information will become known in future periods that will cause the final tax outcome to be different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made. d. Corporate taxation in subsidiaries
PRINCIPAL TAX RATE
SUBSIDIARY
2024
2023
TAX REGULATION
UK
25%
25%
Tax laws in United Kingdom
CY
12.5%
12.5%
Tax laws in Cyprus
AU
30%
30%
Tax laws in Australia
Other Group subsidiaries do not have significant taxable income and the overall effect of the income of those subsidiaries on the Group\u2019s tax expenses is immaterial.
e. Deferred income taxes
Deferred tax assets:
The deferred income tax assets relate mainly to payroll and related expenses of the share based compensation plans (see Note 9). The
deferred tax assets were computed in 2024 and 2023 at a tax rate of 12%.
Deferred tax liability:
The deferred tax liabilities are related to intangible assets recognised through business combination.
f. Taxes on income included in the consolidated income statements for the reported years
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Current taxes:
Current taxes in respect of current year\u2019s profits
64.4
70.0
Tax income in respect of previous years
-
(3.6)
64.4
66.4
Deferred income taxes:
Change of deferred tax assets (see Note 10e)
(0.3)
(1.6)
Taxes on income expenses
64.1
64.8
g. Reconciliation of the theoretical tax expense
Following is a reconciliation of the theoretical tax expense, assuming all income is taxed at the regular corporate tax rate applicable to
a company in Israel (see Note 10b) and the actual tax expense:
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Income before taxes on income, as reported in the consolidated income statement
337.2
336.2
Theoretical tax expense in respect of this year\u2019s income \u2013 at 23%
77.6
77.3
Less tax benefits arising from preferred technological income in respect of the current year
(11.9)
(6.1)
Decrease in taxes resulting from different tax rates applicable to foreign subsidiaries
(2.1)
(1.0)
Impact of change in tax rates on deferred tax balances and temporary differences
(0.4)
(0.9)
Increase (decrease) in taxes in respect of currency differences and expenses not deductible
for tax purposes
0.9
(0.9)
Tax income in relation to previous years
-
(3.6)
Taxes on income for the reported year
64.1
64.8
h. Pillar Two \u2013 Background
The Pillar Two model rules, released on 20 December 2021, are part of the two-pillar solution to address the tax challenges of the
digitalisation of the economy that was agreed by 142 member jurisdictions of the OECD/G20 Inclusive Framework on BEPS and endorsed
by the G20 Finance Ministers and Leaders in October 2021.
The Pillar Two model rules are designed to ensure large multinational enterprises (\u201cMNEs\u201d) pay a minimum level of tax on the income
arising in each jurisdiction where they operate.
Taxpayers in scope (MNEs with global revenue of at least EUR 750 million in at least two years out of the four previous years) calculate
their effective tax rate according to the model rules provisions for each jurisdiction where they operate, and should pay top-up tax on
the difference between their effective tax rate per jurisdiction and the 15% minimum rate. Any resulting top-up tax will be charged
according to the coordinated system of interlocking rules that was introduced in the model rules (Qualified Domestic Minimum Top-Up
Tax \u2013 QDMTT, Income Inclusion Rule \u2013 IIR, Under Tax Payment Rule \u2013 UTPR). A de minimis exclusion applies where there is a relatively small
amount of revenue and income in a jurisdiction or when several other conditions are met.
The Multinational enterprises top-up tax exposure:
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. However, this
legislation does not apply to the Group as its consolidated revenue is lower than EUR 750 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-253": { "value": "e. Deferred income taxes Deferred tax assets: The deferred income tax assets relate mainly to payroll and related expenses of the share based compensation plans (see Note 9). The deferred tax assets were computed in 2024 and 2023 at a tax rate of 12%. Deferred tax liability: The deferred tax liabilities are related to intangible assets recognised through business combination. f. Taxes on income included in the consolidated income statements for the reported years
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Current taxes:
Current taxes in respect of current year\u2019s profits
64.4
70.0
Tax income in respect of previous years
-
(3.6)
64.4
66.4
Deferred income taxes:
Change of deferred tax assets (see Note 10e)
(0.3)
(1.6)
Taxes on income expenses
64.1
64.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-235": { "value": "e. Deferred income taxes Deferred tax assets: The deferred income tax assets relate mainly to payroll and related expenses of the share based compensation plans (see Note 9). The deferred tax assets were computed in 2024 and 2023 at a tax rate of 12%. Deferred tax liability: The deferred tax liabilities are related to intangible assets recognised through business combination. f. Taxes on income included in the consolidated income statements for the reported years
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Current taxes:
Current taxes in respect of current year\u2019s profits
64.4
70.0
Tax income in respect of previous years
-
(3.6)
64.4
66.4
Deferred income taxes:
Change of deferred tax assets (see Note 10e)
(0.3)
(1.6)
Taxes on income expenses
64.1
64.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-206": { "value": "
NOTE 11 \u2013 EARNINGS PER SHARE
Earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number
of ordinary shares in issue during the year.
YEAR ENDED 31 DECEMBER
2024
2023
Profit attributable to equity holders of the Company (US dollars in millions)
273.1
271.4
Weighted average number of ordinary shares in issue*:
Basic
76,459,266
85,744,552
Dilutive effect of equity share based compensation
2,733,527
1,139,574
Diluted
79,192,793
86,884,126
Basic earnings per share (In US dollars)
3.57
3.17
Diluted earnings per share (In US dollars)
3.45
3.12
*After weighting the effect of Company\u2019s share buyback programmes. See Note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-207": { "value": "
NOTE 12 \u2013 COMPANY\u2019S SHARES HELD BY THE COMPANY
The Board approves share buyback programmes. The share buyback programmes are funded from the Company\u2019s net cash balances.
NUMBER OF ORDINARY AGGREGATE PURCHASE AVERAGE PRICE OF
YEAR ENDED 31 DECEMBER SHARES PURCHASED AMOUNT (US $ IN MILLIONS) SHARES PURCHASED
2023
14,859,392
275.3
\u00a314.82
2024
6,840,104
195.0
\u00a322.23
During the years ended 31 December 2024 and 2023, the Company issued 1,440,691 and 801,703 of its treasury shares, respectively, in
accordance with the various share based equity settled compensation grants.
During the period starting 1 January 2025 and up to 21 March 2025, as the latest practicable date before the signing date of the consolidated
financial statements, the Company purchased an additional 1,385,229 ordinary shares (or 1.21%) in the capital of the Company for an
aggregate purchase amount of $47.7 million pursuant to these share buyback programmes. The ordinary shares were bought back at
an average price of \u00a327.39.
NOTE 22 \u2013 SHARE CAPITAL Composed of ordinary shares of NIS 0.01 par value, as follows:
NUMBER OF ORDINARY SHARES AS AT 31 DECEMBER
2024
2023
Authorised
300,000,000
300,000,000
Issued and fully paid
114,888,377
114,888,377
Less treasury shares*
(40,569,750)
(35,170,337)
Outstanding shares
74,318,627
79,718,040
* Number of accumulated ordinary shares that were purchased by the Company as part of the share buyback programmes, less issue of treasury shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-236": { "value": "NOTE 12 \u2013 COMPANY\u2019S SHARES HELD BY THE COMPANY The Board approves share buyback programmes. The share buyback programmes are funded from the Company\u2019s net cash balances.
NUMBER OF ORDINARY AGGREGATE PURCHASE AVERAGE PRICE OF
YEAR ENDED 31 DECEMBER SHARES PURCHASED AMOUNT (US $ IN MILLIONS) SHARES PURCHASED
2023
14,859,392
275.3
\u00a314.82
2024
6,840,104
195.0
\u00a322.23
During the years ended 31 December 2024 and 2023, the Company issued 1,440,691 and 801,703 of its treasury shares, respectively, in accordance with the various share based equity settled compensation grants. During the period starting 1 January 2025 and up to 21 March 2025, as the latest practicable date before the signing date of the consolidated financial statements, the Company purchased an additional 1,385,229 ordinary shares (or 1.21%) in the capital of the Company for an aggregate purchase amount of $47.7 million pursuant to these share buyback programmes. The ordinary shares were bought back at an average price of \u00a327.39. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-208": { "value": "NOTE 13 \u2013 DIVIDEND The amounts of dividends and the amounts of dividends per share for the years 2024 and 2023 declared and distributed by the Company are as follows:
AMOUNT OF DIVIDEND AMOUNT OF DIVIDEND
EX-DATE (US $ IN MILLIONS)*
PER SHARE (US $)
DATE OF PAYMENT TO SHAREHOLDERS
23 February 2023
29.9
0.3234
11 July 2023
24 August 2023
59.9
0.7344
9 November 2023
29 February 2024
74.8
0.9462
11 July 2024
29 August 2024
75.4
1.0000
11 November 2024
On 18 February 2025, the Company declared a final dividend and a special dividend in the amounts of $29.6 million and $60.4 million, respectively (see Note 27). * Between the dividend announcement date and the record date of the dividend, the number of issued and outstanding ordinary shares of the Company decreased as a result of the repurchase by the Company of ordinary shares during such period and the classification of such repurchased ordinary shares as treasury shares that are not entitled to dividends. However, this did not affect the dividend per share as announced on the dividend announcement date.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-209": { "value": "
NOTE 14 \u2013 OTHER RECEIVABLES AND OTHERS
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Securities at fair value
1.5
2.8
Prepaid expenses
6.0
2.3
Excess funds in segregation, net*
5.0
4.7
Other
17.6
14.6
30.1
24.4
* Excess funds in segregation, net are comprised of the following:
Amount required to be segregated
(348.8)
(291.3)
Amount in segregation
353.8
296.0
5.0
4.7
All the financial assets included among other receivables and others are for relatively short periods. Therefore, their fair values approximate
or are similar to their carrying amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-259": { "value": "NOTE 14 \u2013 OTHER RECEIVABLES AND OTHERS
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Securities at fair value
1.5
2.8
Prepaid expenses
6.0
2.3
Excess funds in segregation, net*
5.0
4.7
Other
17.6
14.6
30.1
24.4
* Excess funds in segregation, net are comprised of the following:
Amount required to be segregated
(348.8)
(291.3)
Amount in segregation
353.8
296.0
5.0
4.7
All the financial assets included among other receivables and others are for relatively short periods. Therefore, their fair values approximate or are similar to their carrying amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-237": { "value": "NOTE 14 \u2013 OTHER RECEIVABLES AND OTHERS
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Securities at fair value
1.5
2.8
Prepaid expenses
6.0
2.3
Excess funds in segregation, net*
5.0
4.7
Other
17.6
14.6
30.1
24.4
* Excess funds in segregation, net are comprised of the following:
Amount required to be segregated
(348.8)
(291.3)
Amount in segregation
353.8
296.0
5.0
4.7
All the financial assets included among other receivables and others are for relatively short periods. Therefore, their fair values approximate or are similar to their carrying amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-210": { "value": "
NOTE 15 \u2013 PROPERTY, PLANT AND EQUIPMENT
Composition of assets, grouped by major classifications and changes therein in 2024 is as follows:
COMPUTERS, OFFICE LEASEHOLD
US DOLLARS IN MILLIONS EQUIPMENT AND OTHERS
IMPROVEMENTS
TOTAL
Cost
Balance at beginning of year
4.3
11.6
15.9
Additions
1.9
2.9
4.8
Balance at end of year
6.2
14.5
20.7
Accumulated depreciation
Balance at beginning of year
2.7
3.5
6.2
Additions
0.8
1.9
2.7
Balance at end of year
3.5
5.4
8.9
Depreciated balance as of 31 December 2024
2.7
9.1
11.8
Depreciated balance as of 31 December 2023
1.6
8.1
9.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-211": { "value": "
NOTE 16 \u2013 CASH AND CASH EQUIVALENTS
Cash and cash equivalents by currency of denomination:
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
USD
688.7
810.4
EUR
78.5
46.7
GBP
17.3
8.7
AUD
20.2
4.7
NIS
57.8
22.1
Other
27.5
14.1
Own cash and cash equivalents
890.0
906.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-212": { "value": "
NOTE 17 \u2013 OTHER PAYABLES
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Payroll, tax and related liabilities
50.6
34.9
Share based compensation
7.2
3.9
Other
60.9
55.8
118.7
94.6
The financial liabilities included among other payables are for relatively short periods. Therefore, their fair values approximate or are
similar to their carrying amounts.
Cash settled share based compensation programmes \u2013 The Group grants Share Appreciation Rights to selected employees. The rights
are settled in cash at the end of the vesting period for those who remain employed by the Group. For the years ended 31 December 2024
and 2023, $6.2 million and $2.7 million were recognised as expenses, respectively.
NOTE 19 \u2013 TRADE PAYABLES \u2013 DUE TO CLIENTS
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Customers\u2019 deposits, net*
260.3
279.8
Segregated client funds
(235.0)
(249.6)
25.3
30.2
* Customers\u2019 deposits, net, are comprised of the following:
Customers\u2019 deposits
373.6
409.4
Less \u2013 financial derivative open positions:
Gross amount of assets
(132.1)
(148.4)
Gross amount of liabilities
18.8
18.8
260.3
279.8
* The total amount of \u2018Trade payables \u2013 due to clients\u2019 includes bonuses to clients.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-254": { "value": "NOTE 17 \u2013 OTHER PAYABLES
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Payroll, tax and related liabilities
50.6
34.9
Share based compensation
7.2
3.9
Other
60.9
55.8
118.7
94.6
The financial liabilities included among other payables are for relatively short periods. Therefore, their fair values approximate or are similar to their carrying amounts. Cash settled share based compensation programmes \u2013 The Group grants Share Appreciation Rights to selected employees. The rights are settled in cash at the end of the vesting period for those who remain employed by the Group. For the years ended 31 December 2024 and 2023, $6.2 million and $2.7 million were recognised as expenses, respectively. NOTE 19 \u2013 TRADE PAYABLES \u2013 DUE TO CLIENTS
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Customers\u2019 deposits, net*
260.3
279.8
Segregated client funds
(235.0)
(249.6)
25.3
30.2
* Customers\u2019 deposits, net, are comprised of the following:
Customers\u2019 deposits
373.6
409.4
Less \u2013 financial derivative open positions:
Gross amount of assets
(132.1)
(148.4)
Gross amount of liabilities
18.8
18.8
260.3
279.8
* The total amount of \u2018Trade payables \u2013 due to clients\u2019 includes bonuses to clients.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-238": { "value": "NOTE 17 \u2013 OTHER PAYABLES
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Payroll, tax and related liabilities
50.6
34.9
Share based compensation
7.2
3.9
Other
60.9
55.8
118.7
94.6
The financial liabilities included among other payables are for relatively short periods. Therefore, their fair values approximate or are similar to their carrying amounts. Cash settled share based compensation programmes \u2013 The Group grants Share Appreciation Rights to selected employees. The rights are settled in cash at the end of the vesting period for those who remain employed by the Group. For the years ended 31 December 2024 and 2023, $6.2 million and $2.7 million were recognised as expenses, respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-213": { "value": "
NOTE 18 \u2013 SERVICE SUPPLIERS
Service suppliers are comprised mainly of amounts due to advertising service suppliers, their fair values approximate or are similar to
their carrying amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-239": { "value": "NOTE 19 \u2013 TRADE PAYABLES \u2013 DUE TO CLIENTS
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Customers\u2019 deposits, net*
260.3
279.8
Segregated client funds
(235.0)
(249.6)
25.3
30.2
* Customers\u2019 deposits, net, are comprised of the following:
Customers\u2019 deposits
373.6
409.4
Less \u2013 financial derivative open positions:
Gross amount of assets
(132.1)
(148.4)
Gross amount of liabilities
18.8
18.8
260.3
279.8
* The total amount of \u2018Trade payables \u2013 due to clients\u2019 includes bonuses to clients.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-214": { "value": "NOTE 20 \u2013 LEASES The Group has real estate lease agreements. a) Rights of use assets:
US DOLLARS IN MILLIONS
REAL ESTATE LEASES
2024
2023
At 1 January
17.1
5.6
Additions
0.1
14.1
Amortisation
(3.1)
(2.6)
At 31 December
14.1
17.1
b) Lease liabilities:
US DOLLARS IN MILLIONS
REAL ESTATE LEASES
2024
2023
At 1 January
18.4
5.6
Additions
0.1
14.1
Interest expense
1.0
0.7
Lease payments
(3.3)
(2.7)
Exchange differences
(0.4)
0.7
At 31 December
15.8
18.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-240": { "value": "
a) Rights of use assets:
US DOLLARS IN MILLIONS
REAL ESTATE LEASES
2024
2023
At 1 January
17.1
5.6
Additions
0.1
14.1
Amortisation
(3.1)
(2.6)
At 31 December
14.1
17.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-241": { "value": "
NOTE 21 \u2013 COMMITMENTS
a. The Company and Club BSC Young Boys Betriebs AG (\u201cBSC Young Boys\u201d) entered into a sponsorship agreement on 2 June 2020 under
which the Company is entitled to advertise and promote itself as the main sponsor of BSC Young Boys for the 2020/21, 2021/22 and
2022/23 seasons. The Company and BSC Young Boys agreed to extend the agreement term until 30 June 2025.
b. The Company and Club Legia Warszawa S.A (\u201cLegia\u201d) entered into a sponsorship agreement on 9 August 2020 under which the
Company is entitled to advertise and promote itself as the main sponsor of Legia for the 2020/21, 2021/22 and 2022/23 seasons. The
Company and Legia agreed to extend the agreement term until 30 June 2025.
c. The Company and the NBA\u2019s Chicago Bulls entered into a multi-year sponsorship agreement on October 2022 to become an official
global partner of the Chicago Bulls under which the Company is entitled to advertise and promote itself.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-215": { "value": "NOTE 21 \u2013 COMMITMENTS a. The Company and Club BSC Young Boys Betriebs AG (\u201cBSC Young Boys\u201d) entered into a sponsorship agreement on 2 June 2020 under which the Company is entitled to advertise and promote itself as the main sponsor of BSC Young Boys for the 2020/21, 2021/22 and 2022/23 seasons. The Company and BSC Young Boys agreed to extend the agreement term until 30 June 2025. b. The Company and Club Legia Warszawa S.A (\u201cLegia\u201d) entered into a sponsorship agreement on 9 August 2020 under which the Company is entitled to advertise and promote itself as the main sponsor of Legia for the 2020/21, 2021/22 and 2022/23 seasons. The Company and Legia agreed to extend the agreement term until 30 June 2025. c. The Company and the NBA\u2019s Chicago Bulls entered into a multi-year sponsorship agreement on October 2022 to become an official global partner of the Chicago Bulls under which the Company is entitled to advertise and promote itself. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-255": { "value": "
NOTE 22 \u2013 SHARE CAPITAL
Composed of ordinary shares of NIS 0.01 par value, as follows:
NUMBER OF ORDINARY SHARES AS AT 31 DECEMBER
2024
2023
Authorised
300,000,000
300,000,000
Issued and fully paid
114,888,377
114,888,377
Less treasury shares*
(40,569,750)
(35,170,337)
Outstanding shares
74,318,627
79,718,040
* Number of accumulated ordinary shares that were purchased by the Company as part of the share buyback programmes, less issue of
treasury shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-216": { "value": "
NOTE 23 \u2013 GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Goodwill and other intangible assets, net are related to business combination transactions completed in previous years and comprises
Regulatory licences, Goodwill, Technology and Customer relationships, net. As at 31 December 2024, Goodwill and other intangible assets,
net, comprises of Regulatory licences of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net, of $0.7
million (31 December 2023: Regulatory licences of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net,
of $1.1 million).
The recoverable amount of a cash generating unit is based on the calculation of the value in use. As part of these calculations, the
Company used the pre-tax expected cash flows based on the USA business combination cash generating unit\u2019s past results, its budget
for the next year and the forecast for the following years. The recoverable amount of the cash generating unit was calculated by
Company\u2019s management and the pre-tax discount rate was calculated by an external party and reviewed by Company\u2019s management.
The valuation as of 31 December 2024 and 2023, used a pre-tax discount rate of 17.0% and 16.5%, respectively and a terminal growth rate
of 2%.
As at 31 December 2024 and 2023, the recoverable amounts of the cash generating unit are higher than their carrying amounts, and it
was not required to record impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-256": { "value": "NOTE 23 \u2013 GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill and other intangible assets, net are related to business combination transactions completed in previous years and comprises Regulatory licences, Goodwill, Technology and Customer relationships, net. As at 31 December 2024, Goodwill and other intangible assets, net, comprises of Regulatory licences of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net, of $0.7 million (31 December 2023: Regulatory licences of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net, of $1.1 million). The recoverable amount of a cash generating unit is based on the calculation of the value in use. As part of these calculations, the Company used the pre-tax expected cash flows based on the USA business combination cash generating unit\u2019s past results, its budget for the next year and the forecast for the following years. The recoverable amount of the cash generating unit was calculated by Company\u2019s management and the pre-tax discount rate was calculated by an external party and reviewed by Company\u2019s management. The valuation as of 31 December 2024 and 2023, used a pre-tax discount rate of 17.0% and 16.5%, respectively and a terminal growth rate of 2%. As at 31 December 2024 and 2023, the recoverable amounts of the cash generating unit are higher than their carrying amounts, and it was not required to record impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-242": { "value": "NOTE 23 \u2013 GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill and other intangible assets, net are related to business combination transactions completed in previous years and comprises Regulatory licences, Goodwill, Technology and Customer relationships, net. As at 31 December 2024, Goodwill and other intangible assets, net, comprises of Regulatory licences of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net, of $0.7 million (31 December 2023: Regulatory licences of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net, of $1.1 million). The recoverable amount of a cash generating unit is based on the calculation of the value in use. As part of these calculations, the Company used the pre-tax expected cash flows based on the USA business combination cash generating unit\u2019s past results, its budget for the next year and the forecast for the following years. The recoverable amount of the cash generating unit was calculated by Company\u2019s management and the pre-tax discount rate was calculated by an external party and reviewed by Company\u2019s management. The valuation as of 31 December 2024 and 2023, used a pre-tax discount rate of 17.0% and 16.5%, respectively and a terminal growth rate of 2%. As at 31 December 2024 and 2023, the recoverable amounts of the cash generating unit are higher than their carrying amounts, and it was not required to record impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-217": { "value": "
NOTE 24 \u2013 RELATED PARTIES AND KEY MANAGEMENT
a. Key management personnel definition:
The Directors and other members of management are classified as Persons Discharging Management Responsibility (\u201cPDMR\u201d) in
accordance with IAS 24 and the Market Abuse Regulation.
The Directors\u2019 Remuneration Report discusses all the benefits and share based compensation earned during the year and the preceding
year by the Directors.
b. Company\u2019s liabilities in respect of related parties and key management services (part of other payable):
AS AT 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Related party and key management liabilities
7.3
8.0
c. Expenses to related parties and key management:
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Payroll and related expenses and service fees (selling and marketing expenses)
7.7
6.5
Payroll and related expenses and service fees (administrative and general expenses)
20.5
16.1
Non-Executive Directors\u2019 fees (administrative and general expenses)
1.3
1.4
The average number of key management personnel during FY 2024 was 21 (FY 2023: 21).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-257": { "value": "NOTE 24 \u2013 RELATED PARTIES AND KEY MANAGEMENT a. Key management personnel definition: The Directors and other members of management are classified as Persons Discharging Management Responsibility (\u201cPDMR\u201d) in accordance with IAS 24 and the Market Abuse Regulation. The Directors\u2019 Remuneration Report discusses all the benefits and share based compensation earned during the year and the preceding year by the Directors. b. Company\u2019s liabilities in respect of related parties and key management services (part of other payable):
AS AT 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Related party and key management liabilities
7.3
8.0
c. Expenses to related parties and key management:
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Payroll and related expenses and service fees (selling and marketing expenses)
7.7
6.5
Payroll and related expenses and service fees (administrative and general expenses)
20.5
16.1
Non-Executive Directors\u2019 fees (administrative and general expenses)
1.3
1.4
The average number of key management personnel during FY 2024 was 21 (FY 2023: 21).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-243": { "value": "NOTE 24 \u2013 RELATED PARTIES AND KEY MANAGEMENT a. Key management personnel definition: The Directors and other members of management are classified as Persons Discharging Management Responsibility (\u201cPDMR\u201d) in accordance with IAS 24 and the Market Abuse Regulation. The Directors\u2019 Remuneration Report discusses all the benefits and share based compensation earned during the year and the preceding year by the Directors. b. Company\u2019s liabilities in respect of related parties and key management services (part of other payable):
AS AT 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Related party and key management liabilities
7.3
8.0
c. Expenses to related parties and key management:
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Payroll and related expenses and service fees (selling and marketing expenses)
7.7
6.5
Payroll and related expenses and service fees (administrative and general expenses)
20.5
16.1
Non-Executive Directors\u2019 fees (administrative and general expenses)
1.3
1.4
The average number of key management personnel during FY 2024 was 21 (FY 2023: 21).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-258": { "value": "
NOTE 25 \u2013 FINANCIAL RISK MANAGEMENT
The Group operates in the fields of OTC and share dealing, as well as futures and options on futures. In the field of OTC, the Group engages
only with individual clients and offers OTC referenced to shares, indices, commodities, options, ETFs, cryptocurrencies and foreign
exchange pairs. In the field of share dealing, the Group engages only with individual clients and offers a wide range of financial instruments
comprised of the world\u2019s most popular equities, listed on major exchanges worldwide. In the field of futures and options on futures, the
Group engages through its subsidiary in the US which is an FCM that clears and executes futures contracts and options on futures
contracts for both B2B (Institutional) and B2C (Retail) customers.
The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk and price risk), credit risk and liquidity risk.
The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential
adverse effects on the Group\u2019s financial performance.
a. Market risk
Market risk is the risk that changes in market prices will affect the Group\u2019s income or the value of its holdings of financial instruments. This
risk can be divided into market price risk and foreign currency risk, as described below.
The Group\u2019s market risk is managed on a Group-wide basis and exposure to market risk at any point in time depends primarily on short-
term market conditions and the levels of client activity. The Group utilises market position limits for operational efficiency. Not all net OTC
client exposures are hedged and the Group may have a substantial net OTC position in any of the financial markets in which it offers
products. The Group implemented targeted hedging, with a view to reducing market risk. This focused approach is deployed in certain
circumstances, as and when appropriate.
The Group\u2019s OTC market risk policy incorporates a methodology for setting market position limits, consistent with the Group risk appetite,
for each financial instrument in which the Group OTC clients can trade.
These limits are determined based on the Group OTC clients\u2019 trading levels, volatilities and the market liquidity of the underlying financial product or asset class. The limits represent the maximum long and short client exposure that the Group will hold without hedging the net OTC client exposure. The Group\u2019s real-time OTC market position monitoring system is intended to allow it to continually monitor its OTC market exposure against these limits. If exposures exceed these limits, the Group either hedges or new OTC client positions are being offered in a smaller size and partially could be rejected under the Group\u2019s policy. It is the approach of the Group to observe during the year the \u201cnatural\u201d hedge arising from the Group\u2019s global OTC clients in order to reduce the Group\u2019s net market exposure. The Group\u2019s exposure to market risk at any point in time depends primarily on short-term market conditions and client activities during the trading day. The exposure at each statement of financial position date may therefore not be representative of the market risk exposure faced by the Group over the year. The Group\u2019s exposure to market risk is determined by the exposure limits described above which change from time to time. 1. Market price risk This is the risk that the fair value of a financial instrument fluctuates as a result of changes in market prices other than due to the effect of transactional foreign currency exposures risk. The Group has market price risk as a result of its OTC trading activities on shares, indices, commodities, options, ETFs, cryptocurrencies and foreign exchange pairs, part of which is naturally hedged as part of the overall market risk management. The exposure is monitored on a Group-wide basis. OTC exposure limits are set by the risk department and management for each financial instrument, and also for groups of financial instruments where it is considered that their price movements are likely to be positively correlated. The exposures are reviewed by the Regulatory & Risk Committee. Daily profit on OTC closed positions:
US DOLLARS IN MILLIONS
2024
2023
Highest profit
27.6
19.3
Highest loss
(5.6)
(3.6)
Average
1.8
1.7
2. Foreign currency risk Transactional foreign currency exposures represent financial assets or liabilities denominated in currencies other than the functional currency of the Group. Transaction exposures arise in the normal course of business. Foreign currency risk is managed on a Group-wide basis, while the Group exposure to foreign currency risk is not considered by the Board to be significant. The Group monitors transactional foreign currency risks, including currency statement of financial position exposures, equity, commodity, interest and other positions denominated in foreign currencies and trades on foreign currencies. If the US dollar had strengthened by 3% as at 31 December 2024, in respect of balances denominated in other currencies, with all other variables unchanged, the exposure on income after taxes in respect of those balances would be a gain (loss) of ($0.3) million in respect of EUR and, ($0.2) million in respect of AUD. The exposure in respect of balances denominated in other currencies is immaterial. b. Credit risk The Group operates a real-time mark-to-market OTC trading platform with customers\u2019 profits and losses being credited and debited automatically to their accounts. Under the Group\u2019s policy, OTC customers cannot owe the Group funds when losing more than they have in their accounts, all OTC customer accounts are pre-funded. OTC Client credit risk \u2013 Client credit risk principally arises when a customer\u2019s total funds deposited (margin and free equity) are insufficient to cover any trading losses incurred. In particular, customer credit risk can arise where there are significant, sudden movements in the market (e.g. due to high general market volatility or specific volatility relating to an individual financial instrument in which a customer has an open position). The principal types of OTC customer credit risk exposures are managed by monitoring all customer positions on a real-time basis. If customers\u2019 funds are below the required margin level, customers\u2019 positions are liquidated (margin call). Institutional credit risk \u2013 The risk that financial counterparties will not meet their obligation, risking both client and the Group\u2019s assets. The carrying amount of the Group\u2019s financial assets represents their maximum exposure to credit risk. The Group has no material financial assets that are past due or impaired as at the reporting dates. As at 31 December 2024 and 2023, counterparties holding the Group\u2019s cash and cash equivalents, credit cards, client funds and deposits, have credit ratings as follows:
CREDIT RATING*
2024
2023
AAA to A-
97%
97%
BBB+ to B-
0%
1%
Remaining counterparties
3%
2%
* The financial institutions were rated by the same third party. As at 31 December 2024, the amounts held by the remaining counterparties are held in several counterparties worldwide. The balance in each of those counterparties does not exceed 1% (2023: 1%) of total cash and cash equivalents, credit cards, client funds and deposits. The Group\u2019s largest credit exposure to any single bank as at 31 December 2024 was $293.8 million or 20% of the exposure to all banks (2023: $318.6 million or 22%). c. Concentration risk Concentration risk is defined as all risk exposures with a loss potential which is large enough to threaten the solvency or the financial position of the Group. In respect of financial risk, such exposures may be caused by credit risk, market risk, liquidity risk or a combination or interaction of those risks. d. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations arising from its financial liabilities that are settled by delivering cash or other financial assets. Liquidity risk is managed centrally and on a Group-wide basis. The Group\u2019s approach to managing liquidity is to ensure it will have sufficient liquidity to meet its financial liabilities when due, under both normal circumstances and stressed conditions. The Group\u2019s approach is to ensure that there will be no material liquidity mismatches with regard to liquidity maturity profiles due to the very short-term nature of its financial assets and liabilities. A result of this policy is that short-term liquidity \u201cgaps\u201d can potentially arise in periods of very high client activity or significant increases in global financial market levels. The contractual maturity of the financial liabilities to service suppliers is generally up to two months. e. Capital Management 1) Plus500UK The UK Subsidiary is regulated by the FCA. The UK Subsidiary manages its capital resources on the basis of regulatory capital requirements under the Investment Firms Prudential Regime (IFPR) and its own assessment of capital required to support all material risks throughout the business. The UK Subsidiary manages its regulatory capital through an Internal Capital Adequacy and Risk Assessment process (known as the ICARA) in accordance with guidelines and rules implemented by the FCA. The assessment is compared to regulatory eligible capital on a daily basis which is monitored by the management. As at 31 December 2024 and 2023, the UK Subsidiary had GBP 54.3 million and GBP 51.9 million, respectively, of eligible capital, which is in excess of its regulatory capital requirement. 2) Plus500CY The CY Subsidiary is regulated by the CySEC. The CY Subsidiary manages its capital resources on the basis of regulatory capital requirements (\u201cPillar 1\u201d) and its own assessment of capital required to support all material risks throughout the business (\u201cPillar 2\u201d). The CY Subsidiary manages its regulatory capital through an Internal Capital Adequacy and Risk Assessment (\u201cICARA\u201d) process in accordance with guidelines and rules implemented by CySEC. The CY Subsidiary monitors on a frequent basis its Pillar 1 capital requirements and ensures that its capital and liquidity position remains always above the minimum regulatory thresholds. As at 31 December 2024 and 2023, the CY Subsidiary held EUR 124.9 million and EUR 109.5 million, respectively, of eligible capital which is in excess of both its regulatory capital requirement (Pillar 1) and the internally measured capital requirement (Pillar 2). As at 31 December 2024 and 2023, the CY Subsidiary\u2019s Pillar 1 Capital Adequacy ratio on a fully-phased-in basis was 571.7% and 418.1%, respectively. 3) Plus500AU The AU Subsidiary is regulated by the ASIC, FMA and FSCA. The AU Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The AU Subsidiary manages its capital through its Net Tangible Assets (\u201cNTA\u201d) assessment in accordance with rules and guidelines implemented by ASIC and FMA and Capital Liquidity assessment in accordance with rules and guidelines implemented by FSCA. As at 31 December 2024 and 2023, the AU Subsidiary held AUD 20.6 million and AUD 47.1 million, respectively, of eligible capital, which is in excess of its NTA requirements from the ASIC, FMA and FSCA. 4) Plus500SG The SG Subsidiary is regulated by the MAS. The SG Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The SG Subsidiary manages its capital in accordance with rules and guidelines implemented by the MAS. As at 31 December 2024 and 2023, the SG Subsidiary held SGD 9.5 million and SGD 8.7 million, respectively, of eligible capital, which is in excess of its MAS requirements. 5) Plus500IL The IL Subsidiary is regulated by the ISA. The IL Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The IL Subsidiary manages its capital in accordance with rules and guidelines implemented by the ISA. As at 31 December 2024 and 2023, the IL Subsidiary held NIS 55.8 million and NIS 49.5 million, respectively, of eligible capital, which is in excess of its ISA requirements. 6) Plus500SEY The SEY Subsidiary is regulated by the FSA. The SEY Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The SEY Subsidiary manages its capital in accordance with rules and guidelines implemented by the FSA. As at 31 December 2024 and 2023, the SEY Subsidiary held sufficient levels of eligible capital, which is in excess of its FSA requirements. 7) Plus500US Financial Services Plus500US Financial Services is a Futures Commission Merchant (\u201cFCM\u201d) registered with the CFTC and is a member of the National Futures Association (\u201cNFA\u201d). As at 31 December 2024 and 2023, the Plus500US Financial Services Subsidiary had a net capital of USD 115.5 million and USD 112.9 million, respectively, which is in excess of CFTC Regulation 1.17 and the minimum capital requirements of the CME Group Inc. 8) Plus500EE The EE Subsidiary is regulated by the EFSA. The EE Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The EE Subsidiary manages its capital in accordance with rules and guidelines implemented by the EFSA. As at 31 December 2024 and 2023, the EE Subsidiary held EUR 5.6 million and EUR 5.4 million, respectively, of eligible capital, which is in excess of its EFSA requirements.
9) Plus500JP
The JP Subsidiary is regulated by the FSA.
The JP Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital
required to support all material risks. The JP Subsidiary manages its capital in accordance with rules and guidelines implemented by
the FSA.
As at 31 December 2024 and 2023, the JP Subsidiary held JPY 663.4 million and JPY 616.2 million, respectively, of eligible capital, which is
in excess of its FSA requirements.
10) Pl us500AE
The AE Subsidiary is regulated by the DFSA.
The AE Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital
required to support all material risks. The AE Subsidiary manages its capital in accordance with rules and guidelines implemented by
the DFSA.
As at 31 December 2024 and 2023, the AE Subsidiary held USD 2.6 million and USD 2.5 million, respectively, of eligible capital, which is in
excess of its DFSA requirements.
11) Plus500BHS
The BHS Subsidiary is regulated by the SCB.
The BHS Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital
required to support all material risks. The BHS Subsidiary manages its capital in accordance with rules and guidelines implemented by
the SCB.
As at 31 December 2024, the BHS Subsidiary held USD 1.2 million of eligible capital, which is in excess of its SCB requirements.
f. Other business risks
The Group\u2019s business is subject to various laws and regulations in different countries according to its activity and other countries from
where the Group operates. Any regulatory actions, tax or legal challenges against the Group for non-compliance with any regulatory
or legal requirement could result in significant fines, penalties, or other enforcement actions, increased costs of doing business through
adverse judgement or settlement, reputational harm, the diversion of significant amounts of management time and operational
resources, and could require changes in compliance requirements or limits on the Group\u2019s ability to expand its product offerings, or
otherwise harm or have a material adverse effect on the Group\u2019s business.
g. Fair value estimation
Financial derivative open positions (offset from, or presented with, deposits from clients within \u201cTrade payable \u2013 due to clients\u201d) (see also
Note 19) are measured at fair value through profit or loss using valuation techniques. These valuation techniques are based on inputs
other than quoted prices in active markets that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that
is, derived from prices).
These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity
specific estimates. All significant inputs required for the fair value estimations of these instruments are observable.
Specific valuation techniques used to value financial instruments are based on quoted market prices at the consolidated statement
of financial position date and an additional predetermined amount (trading spread).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-218": { "value": "NOTE 25 \u2013 FINANCIAL RISK MANAGEMENT The Group operates in the fields of OTC and share dealing, as well as futures and options on futures. In the field of OTC, the Group engages only with individual clients and offers OTC referenced to shares, indices, commodities, options, ETFs, cryptocurrencies and foreign exchange pairs. In the field of share dealing, the Group engages only with individual clients and offers a wide range of financial instruments comprised of the world\u2019s most popular equities, listed on major exchanges worldwide. In the field of futures and options on futures, the Group engages through its subsidiary in the US which is an FCM that clears and executes futures contracts and options on futures contracts for both B2B (Institutional) and B2C (Retail) customers. The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk and price risk), credit risk and liquidity risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. a. Market risk Market risk is the risk that changes in market prices will affect the Group\u2019s income or the value of its holdings of financial instruments. This risk can be divided into market price risk and foreign currency risk, as described below. The Group\u2019s market risk is managed on a Group-wide basis and exposure to market risk at any point in time depends primarily on short- term market conditions and the levels of client activity. The Group utilises market position limits for operational efficiency. Not all net OTC client exposures are hedged and the Group may have a substantial net OTC position in any of the financial markets in which it offers products. The Group implemented targeted hedging, with a view to reducing market risk. This focused approach is deployed in certain circumstances, as and when appropriate. The Group\u2019s OTC market risk policy incorporates a methodology for setting market position limits, consistent with the Group risk appetite, for each financial instrument in which the Group OTC clients can trade.
These limits are determined based on the Group OTC clients\u2019 trading levels, volatilities and the market liquidity of the underlying financial
product or asset class. The limits represent the maximum long and short client exposure that the Group will hold without hedging the
net OTC client exposure.
The Group\u2019s real-time OTC market position monitoring system is intended to allow it to continually monitor its OTC market exposure
against these limits. If exposures exceed these limits, the Group either hedges or new OTC client positions are being offered in a smaller
size and partially could be rejected under the Group\u2019s policy.
It is the approach of the Group to observe during the year the \u201cnatural\u201d hedge arising from the Group\u2019s global OTC clients in order to
reduce the Group\u2019s net market exposure.
The Group\u2019s exposure to market risk at any point in time depends primarily on short-term market conditions and client activities during
the trading day. The exposure at each statement of financial position date may therefore not be representative of the market risk exposure
faced by the Group over the year. The Group\u2019s exposure to market risk is determined by the exposure limits described above which
change from time to time.
1. Market price risk
This is the risk that the fair value of a financial instrument fluctuates as a result of changes in market prices other than due to the effect
of transactional foreign currency exposures risk.
The Group has market price risk as a result of its OTC trading activities on shares, indices, commodities, options, ETFs, cryptocurrencies
and foreign exchange pairs, part of which is naturally hedged as part of the overall market risk management. The exposure is monitored
on a Group-wide basis.
OTC exposure limits are set by the risk department and management for each financial instrument, and also for groups of financial
instruments where it is considered that their price movements are likely to be positively correlated. The exposures are reviewed by the
Regulatory & Risk Committee.
Daily profit on OTC closed positions:
US DOLLARS IN MILLIONS
2024
2023
Highest profit
27.6
19.3
Highest loss
(5.6)
(3.6)
Average
1.8
1.7
2. Foreign currency risk
Transactional foreign currency exposures represent financial assets or liabilities denominated in currencies other than the functional
currency of the Group. Transaction exposures arise in the normal course of business.
Foreign currency risk is managed on a Group-wide basis, while the Group exposure to foreign currency risk is not considered by the
Board to be significant. The Group monitors transactional foreign currency risks, including currency statement of financial position
exposures, equity, commodity, interest and other positions denominated in foreign currencies and trades on foreign currencies.
If the US dollar had strengthened by 3% as at 31 December 2024, in respect of balances denominated in other currencies, with all other
variables unchanged, the exposure on income after taxes in respect of those balances would be a gain (loss) of ($0.3) million in respect
of EUR and, ($0.2) million in respect of AUD. The exposure in respect of balances denominated in other currencies is immaterial.
b. Credit risk
The Group operates a real-time mark-to-market OTC trading platform with customers\u2019 profits and losses being credited and debited
automatically to their accounts.
Under the Group\u2019s policy, OTC customers cannot owe the Group funds when losing more than they have in their accounts, all OTC
customer accounts are pre-funded.
OTC Client credit risk \u2013 Client credit risk principally arises when a customer\u2019s total funds deposited (margin and free equity) are insufficient
to cover any trading losses incurred. In particular, customer credit risk can arise where there are significant, sudden movements in the
market (e.g. due to high general market volatility or specific volatility relating to an individual financial instrument in which a customer
has an open position).
The principal types of OTC customer credit risk exposures are managed by monitoring all customer positions on a real-time basis. If
customers\u2019 funds are below the required margin level, customers\u2019 positions are liquidated (margin call).
Institutional credit risk \u2013 The risk that financial counterparties will not meet their obligation, risking both client and the Group\u2019s assets. The carrying amount of the Group\u2019s financial assets represents their maximum exposure to credit risk. The Group has no material financial assets that are past due or impaired as at the reporting dates. As at 31 December 2024 and 2023, counterparties holding the Group\u2019s cash and cash equivalents, credit cards, client funds and deposits, have credit ratings as follows:
CREDIT RATING*
2024
2023
AAA to A-
97%
97%
BBB+ to B-
0%
1%
Remaining counterparties
3%
2%
* The financial institutions were rated by the same third party. As at 31 December 2024, the amounts held by the remaining counterparties are held in several counterparties worldwide. The balance in each of those counterparties does not exceed 1% (2023: 1%) of total cash and cash equivalents, credit cards, client funds and deposits. The Group\u2019s largest credit exposure to any single bank as at 31 December 2024 was $293.8 million or 20% of the exposure to all banks (2023: $318.6 million or 22%). c. Concentration risk Concentration risk is defined as all risk exposures with a loss potential which is large enough to threaten the solvency or the financial position of the Group. In respect of financial risk, such exposures may be caused by credit risk, market risk, liquidity risk or a combination or interaction of those risks. d. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations arising from its financial liabilities that are settled by delivering cash or other financial assets. Liquidity risk is managed centrally and on a Group-wide basis. The Group\u2019s approach to managing liquidity is to ensure it will have sufficient liquidity to meet its financial liabilities when due, under both normal circumstances and stressed conditions. The Group\u2019s approach is to ensure that there will be no material liquidity mismatches with regard to liquidity maturity profiles due to the very short-term nature of its financial assets and liabilities. A result of this policy is that short-term liquidity \u201cgaps\u201d can potentially arise in periods of very high client activity or significant increases in global financial market levels. The contractual maturity of the financial liabilities to service suppliers is generally up to two months. e. Capital Management 1) Plus500UK The UK Subsidiary is regulated by the FCA. The UK Subsidiary manages its capital resources on the basis of regulatory capital requirements under the Investment Firms Prudential Regime (IFPR) and its own assessment of capital required to support all material risks throughout the business. The UK Subsidiary manages its regulatory capital through an Internal Capital Adequacy and Risk Assessment process (known as the ICARA) in accordance with guidelines and rules implemented by the FCA. The assessment is compared to regulatory eligible capital on a daily basis which is monitored by the management. As at 31 December 2024 and 2023, the UK Subsidiary had GBP 54.3 million and GBP 51.9 million, respectively, of eligible capital, which is in excess of its regulatory capital requirement.
2) Plus500CY
The CY Subsidiary is regulated by the CySEC.
The CY Subsidiary manages its capital resources on the basis of regulatory capital requirements (\u201cPillar 1\u201d) and its own assessment of
capital required to support all material risks throughout the business (\u201cPillar 2\u201d). The CY Subsidiary manages its regulatory capital through
an Internal Capital Adequacy and Risk Assessment (\u201cICARA\u201d) process in accordance with guidelines and rules implemented by CySEC.
The CY Subsidiary monitors on a frequent basis its Pillar 1 capital requirements and ensures that its capital and liquidity position remains
always above the minimum regulatory thresholds. As at 31 December 2024 and 2023, the CY Subsidiary held EUR 124.9 million and EUR 109.5
million, respectively, of eligible capital which is in excess of both its regulatory capital requirement (Pillar 1) and the internally measured
capital requirement (Pillar 2).
As at 31 December 2024 and 2023, the CY Subsidiary\u2019s Pillar 1 Capital Adequacy ratio on a fully-phased-in basis was 571.7% and 418.1%,
respectively.
3) Plus500AU
The AU Subsidiary is regulated by the ASIC, FMA and FSCA.
The AU Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital
required to support all material risks. The AU Subsidiary manages its capital through its Net Tangible Assets (\u201cNTA\u201d) assessment in
accordance with rules and guidelines implemented by ASIC and FMA and Capital Liquidity assessment in accordance with rules and
guidelines implemented by FSCA.
As at 31 December 2024 and 2023, the AU Subsidiary held AUD 20.6 million and AUD 47.1 million, respectively, of eligible capital, which is in
excess of its NTA requirements from the ASIC, FMA and FSCA.
4) Plus500SG
The SG Subsidiary is regulated by the MAS.
The SG Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital
required to support all material risks. The SG Subsidiary manages its capital in accordance with rules and guidelines implemented by
the MAS.
As at 31 December 2024 and 2023, the SG Subsidiary held SGD 9.5 million and SGD 8.7 million, respectively, of eligible capital, which is in
excess of its MAS requirements.
5) Plus500IL
The IL Subsidiary is regulated by the ISA.
The IL Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital
required to support all material risks. The IL Subsidiary manages its capital in accordance with rules and guidelines implemented by the
ISA.
As at 31 December 2024 and 2023, the IL Subsidiary held NIS 55.8 million and NIS 49.5 million, respectively, of eligible capital, which is in
excess of its ISA requirements.
6) Plus500SEY
The SEY Subsidiary is regulated by the FSA.
The SEY Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital
required to support all material risks. The SEY Subsidiary manages its capital in accordance with rules and guidelines implemented by
the FSA.
As at 31 December 2024 and 2023, the SEY Subsidiary held sufficient levels of eligible capital, which is in excess of its FSA requirements.
7) Plus500US Financial Services
Plus500US Financial Services is a Futures Commission Merchant (\u201cFCM\u201d) registered with the CFTC and is a member of the National Futures
Association (\u201cNFA\u201d).
As at 31 December 2024 and 2023, the Plus500US Financial Services Subsidiary had a net capital of USD 115.5 million and USD 112.9 million,
respectively, which is in excess of CFTC Regulation 1.17 and the minimum capital requirements of the CME Group Inc.
8) Plus500EE
The EE Subsidiary is regulated by the EFSA.
The EE Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital
required to support all material risks. The EE Subsidiary manages its capital in accordance with rules and guidelines implemented by
the EFSA.
As at 31 December 2024 and 2023, the EE Subsidiary held EUR 5.6 million and EUR 5.4 million, respectively, of eligible capital, which is in
excess of its EFSA requirements.
9) Plus500JP The JP Subsidiary is regulated by the FSA. The JP Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The JP Subsidiary manages its capital in accordance with rules and guidelines implemented by the FSA. As at 31 December 2024 and 2023, the JP Subsidiary held JPY 663.4 million and JPY 616.2 million, respectively, of eligible capital, which is in excess of its FSA requirements. 10) Pl us500AE The AE Subsidiary is regulated by the DFSA. The AE Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The AE Subsidiary manages its capital in accordance with rules and guidelines implemented by the DFSA. As at 31 December 2024 and 2023, the AE Subsidiary held USD 2.6 million and USD 2.5 million, respectively, of eligible capital, which is in excess of its DFSA requirements. 11) Plus500BHS The BHS Subsidiary is regulated by the SCB. The BHS Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The BHS Subsidiary manages its capital in accordance with rules and guidelines implemented by the SCB. As at 31 December 2024, the BHS Subsidiary held USD 1.2 million of eligible capital, which is in excess of its SCB requirements. f. Other business risks The Group\u2019s business is subject to various laws and regulations in different countries according to its activity and other countries from where the Group operates. Any regulatory actions, tax or legal challenges against the Group for non-compliance with any regulatory or legal requirement could result in significant fines, penalties, or other enforcement actions, increased costs of doing business through adverse judgement or settlement, reputational harm, the diversion of significant amounts of management time and operational resources, and could require changes in compliance requirements or limits on the Group\u2019s ability to expand its product offerings, or otherwise harm or have a material adverse effect on the Group\u2019s business. g. Fair value estimation Financial derivative open positions (offset from, or presented with, deposits from clients within \u201cTrade payable \u2013 due to clients\u201d) (see also Note 19) are measured at fair value through profit or loss using valuation techniques. These valuation techniques are based on inputs other than quoted prices in active markets that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. All significant inputs required for the fair value estimations of these instruments are observable. Specific valuation techniques used to value financial instruments are based on quoted market prices at the consolidated statement of financial position date and an additional predetermined amount (trading spread).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-244": { "value": "a. Market risk Market risk is the risk that changes in market prices will affect the Group\u2019s income or the value of its holdings of financial instruments. This risk can be divided into market price risk and foreign currency risk, as described below. The Group\u2019s market risk is managed on a Group-wide basis and exposure to market risk at any point in time depends primarily on short- term market conditions and the levels of client activity. The Group utilises market position limits for operational efficiency. Not all net OTC client exposures are hedged and the Group may have a substantial net OTC position in any of the financial markets in which it offers products. The Group implemented targeted hedging, with a view to reducing market risk. This focused approach is deployed in certain circumstances, as and when appropriate. The Group\u2019s OTC market risk policy incorporates a methodology for setting market position limits, consistent with the Group risk appetite, for each financial instrument in which the Group OTC clients can trade. These limits are determined based on the Group OTC clients\u2019 trading levels, volatilities and the market liquidity of the underlying financial product or asset class. The limits represent the maximum long and short client exposure that the Group will hold without hedging the net OTC client exposure. The Group\u2019s real-time OTC market position monitoring system is intended to allow it to continually monitor its OTC market exposure against these limits. If exposures exceed these limits, the Group either hedges or new OTC client positions are being offered in a smaller size and partially could be rejected under the Group\u2019s policy. It is the approach of the Group to observe during the year the \u201cnatural\u201d hedge arising from the Group\u2019s global OTC clients in order to reduce the Group\u2019s net market exposure. The Group\u2019s exposure to market risk at any point in time depends primarily on short-term market conditions and client activities during the trading day. The exposure at each statement of financial position date may therefore not be representative of the market risk exposure faced by the Group over the year. The Group\u2019s exposure to market risk is determined by the exposure limits described above which change from time to time. 1. Market price risk This is the risk that the fair value of a financial instrument fluctuates as a result of changes in market prices other than due to the effect of transactional foreign currency exposures risk. The Group has market price risk as a result of its OTC trading activities on shares, indices, commodities, options, ETFs, cryptocurrencies and foreign exchange pairs, part of which is naturally hedged as part of the overall market risk management. The exposure is monitored on a Group-wide basis. OTC exposure limits are set by the risk department and management for each financial instrument, and also for groups of financial instruments where it is considered that their price movements are likely to be positively correlated. The exposures are reviewed by the Regulatory & Risk Committee. Daily profit on OTC closed positions:
US DOLLARS IN MILLIONS
2024
2023
Highest profit
27.6
19.3
Highest loss
(5.6)
(3.6)
Average
1.8
1.7
2. Foreign currency risk Transactional foreign currency exposures represent financial assets or liabilities denominated in currencies other than the functional currency of the Group. Transaction exposures arise in the normal course of business. Foreign currency risk is managed on a Group-wide basis, while the Group exposure to foreign currency risk is not considered by the Board to be significant. The Group monitors transactional foreign currency risks, including currency statement of financial position exposures, equity, commodity, interest and other positions denominated in foreign currencies and trades on foreign currencies. If the US dollar had strengthened by 3% as at 31 December 2024, in respect of balances denominated in other currencies, with all other variables unchanged, the exposure on income after taxes in respect of those balances would be a gain (loss) of ($0.3) million in respect of EUR and, ($0.2) million in respect of AUD. The exposure in respect of balances denominated in other currencies is immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-245": { "value": "b. Credit risk The Group operates a real-time mark-to-market OTC trading platform with customers\u2019 profits and losses being credited and debited automatically to their accounts. Under the Group\u2019s policy, OTC customers cannot owe the Group funds when losing more than they have in their accounts, all OTC customer accounts are pre-funded. OTC Client credit risk \u2013 Client credit risk principally arises when a customer\u2019s total funds deposited (margin and free equity) are insufficient to cover any trading losses incurred. In particular, customer credit risk can arise where there are significant, sudden movements in the market (e.g. due to high general market volatility or specific volatility relating to an individual financial instrument in which a customer has an open position). The principal types of OTC customer credit risk exposures are managed by monitoring all customer positions on a real-time basis. If customers\u2019 funds are below the required margin level, customers\u2019 positions are liquidated (margin call). Institutional credit risk \u2013 The risk that financial counterparties will not meet their obligation, risking both client and the Group\u2019s assets. The carrying amount of the Group\u2019s financial assets represents their maximum exposure to credit risk. The Group has no material financial assets that are past due or impaired as at the reporting dates. As at 31 December 2024 and 2023, counterparties holding the Group\u2019s cash and cash equivalents, credit cards, client funds and deposits, have credit ratings as follows:
CREDIT RATING*
2024
2023
AAA to A-
97%
97%
BBB+ to B-
0%
1%
Remaining counterparties
3%
2%
* The financial institutions were rated by the same third party. As at 31 December 2024, the amounts held by the remaining counterparties are held in several counterparties worldwide. The balance in each of those counterparties does not exceed 1% (2023: 1%) of total cash and cash equivalents, credit cards, client funds and deposits. The Group\u2019s largest credit exposure to any single bank as at 31 December 2024 was $293.8 million or 20% of the exposure to all banks (2023: $318.6 million or 22%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-246": { "value": "c. Concentration risk Concentration risk is defined as all risk exposures with a loss potential which is large enough to threaten the solvency or the financial position of the Group. In respect of financial risk, such exposures may be caused by credit risk, market risk, liquidity risk or a combination or interaction of those risks. ", "dimensions": { "concept": "plus500ltd:DisclosureOfConcentrationRisk", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-247": { "value": "d. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations arising from its financial liabilities that are settled by delivering cash or other financial assets. Liquidity risk is managed centrally and on a Group-wide basis. The Group\u2019s approach to managing liquidity is to ensure it will have sufficient liquidity to meet its financial liabilities when due, under both normal circumstances and stressed conditions. The Group\u2019s approach is to ensure that there will be no material liquidity mismatches with regard to liquidity maturity profiles due to the very short-term nature of its financial assets and liabilities. A result of this policy is that short-term liquidity \u201cgaps\u201d can potentially arise in periods of very high client activity or significant increases in global financial market levels. The contractual maturity of the financial liabilities to service suppliers is generally up to two months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-248": { "value": "e. Capital Management 1) Plus500UK The UK Subsidiary is regulated by the FCA. The UK Subsidiary manages its capital resources on the basis of regulatory capital requirements under the Investment Firms Prudential Regime (IFPR) and its own assessment of capital required to support all material risks throughout the business. The UK Subsidiary manages its regulatory capital through an Internal Capital Adequacy and Risk Assessment process (known as the ICARA) in accordance with guidelines and rules implemented by the FCA. The assessment is compared to regulatory eligible capital on a daily basis which is monitored by the management. As at 31 December 2024 and 2023, the UK Subsidiary had GBP 54.3 million and GBP 51.9 million, respectively, of eligible capital, which is in excess of its regulatory capital requirement. 2) Plus500CY The CY Subsidiary is regulated by the CySEC. The CY Subsidiary manages its capital resources on the basis of regulatory capital requirements (\u201cPillar 1\u201d) and its own assessment of capital required to support all material risks throughout the business (\u201cPillar 2\u201d). The CY Subsidiary manages its regulatory capital through an Internal Capital Adequacy and Risk Assessment (\u201cICARA\u201d) process in accordance with guidelines and rules implemented by CySEC. The CY Subsidiary monitors on a frequent basis its Pillar 1 capital requirements and ensures that its capital and liquidity position remains always above the minimum regulatory thresholds. As at 31 December 2024 and 2023, the CY Subsidiary held EUR 124.9 million and EUR 109.5 million, respectively, of eligible capital which is in excess of both its regulatory capital requirement (Pillar 1) and the internally measured capital requirement (Pillar 2). As at 31 December 2024 and 2023, the CY Subsidiary\u2019s Pillar 1 Capital Adequacy ratio on a fully-phased-in basis was 571.7% and 418.1%, respectively. 3) Plus500AU The AU Subsidiary is regulated by the ASIC, FMA and FSCA. The AU Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The AU Subsidiary manages its capital through its Net Tangible Assets (\u201cNTA\u201d) assessment in accordance with rules and guidelines implemented by ASIC and FMA and Capital Liquidity assessment in accordance with rules and guidelines implemented by FSCA. As at 31 December 2024 and 2023, the AU Subsidiary held AUD 20.6 million and AUD 47.1 million, respectively, of eligible capital, which is in excess of its NTA requirements from the ASIC, FMA and FSCA. 4) Plus500SG The SG Subsidiary is regulated by the MAS. The SG Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The SG Subsidiary manages its capital in accordance with rules and guidelines implemented by the MAS. As at 31 December 2024 and 2023, the SG Subsidiary held SGD 9.5 million and SGD 8.7 million, respectively, of eligible capital, which is in excess of its MAS requirements. 5) Plus500IL The IL Subsidiary is regulated by the ISA. The IL Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The IL Subsidiary manages its capital in accordance with rules and guidelines implemented by the ISA. As at 31 December 2024 and 2023, the IL Subsidiary held NIS 55.8 million and NIS 49.5 million, respectively, of eligible capital, which is in excess of its ISA requirements. 6) Plus500SEY The SEY Subsidiary is regulated by the FSA. The SEY Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The SEY Subsidiary manages its capital in accordance with rules and guidelines implemented by the FSA. As at 31 December 2024 and 2023, the SEY Subsidiary held sufficient levels of eligible capital, which is in excess of its FSA requirements. 7) Plus500US Financial Services Plus500US Financial Services is a Futures Commission Merchant (\u201cFCM\u201d) registered with the CFTC and is a member of the National Futures Association (\u201cNFA\u201d). As at 31 December 2024 and 2023, the Plus500US Financial Services Subsidiary had a net capital of USD 115.5 million and USD 112.9 million, respectively, which is in excess of CFTC Regulation 1.17 and the minimum capital requirements of the CME Group Inc. 8) Plus500EE The EE Subsidiary is regulated by the EFSA. The EE Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The EE Subsidiary manages its capital in accordance with rules and guidelines implemented by the EFSA. As at 31 December 2024 and 2023, the EE Subsidiary held EUR 5.6 million and EUR 5.4 million, respectively, of eligible capital, which is in excess of its EFSA requirements. 9) Plus500JP The JP Subsidiary is regulated by the FSA. The JP Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The JP Subsidiary manages its capital in accordance with rules and guidelines implemented by the FSA. As at 31 December 2024 and 2023, the JP Subsidiary held JPY 663.4 million and JPY 616.2 million, respectively, of eligible capital, which is in excess of its FSA requirements. 10) Pl us500AE The AE Subsidiary is regulated by the DFSA. The AE Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The AE Subsidiary manages its capital in accordance with rules and guidelines implemented by the DFSA. As at 31 December 2024 and 2023, the AE Subsidiary held USD 2.6 million and USD 2.5 million, respectively, of eligible capital, which is in excess of its DFSA requirements. 11) Plus500BHS The BHS Subsidiary is regulated by the SCB. The BHS Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The BHS Subsidiary manages its capital in accordance with rules and guidelines implemented by the SCB. As at 31 December 2024, the BHS Subsidiary held USD 1.2 million of eligible capital, which is in excess of its SCB requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-249": { "value": "g. Fair value estimation Financial derivative open positions (offset from, or presented with, deposits from clients within \u201cTrade payable \u2013 due to clients\u201d) (see also Note 19) are measured at fair value through profit or loss using valuation techniques. These valuation techniques are based on inputs other than quoted prices in active markets that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. All significant inputs required for the fair value estimations of these instruments are observable. Specific valuation techniques used to value financial instruments are based on quoted market prices at the consolidated statement of financial position date and an additional predetermined amount (trading spread).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-219": { "value": "
NOTE 26 \u2013 CASH GENERATED FROM OPERATIONS
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2024
2023
Cash generated from operating activities
Net income for the year
273.1
271.4
Adjustments required to reflect the cash flows from operating activities:
Depreciation and amortisation
3.1
1.5
Amortisation of right of use assets
3.1
2.6
Changes of equity and cash share based compensation
19.9
4.8
Taxes on income
64.1
64.8
Interest expenses in respect of leases
1.0
0.7
Exchange differences in respect of leases
(0.4)
0.7
Interest income
(56.7)
(51.9)
Foreign exchange losses (gains) on operating activities
(0.3)
(5.4)
33.8
17.8
Operating changes in working capital:
Decrease (increase) in other receivables and others
(5.7)
2.4
Increase (decrease) in trade payables due to clients
(4.9)
19.8
Increase (decrease) in other payables
20.8
24.3
Increase (decrease) in service suppliers
4.8
0.9
15.0
47.4
Cash generated from operations
321.9
336.6
Non-cash transactions
During the years ended 31 December 2024 and 2023, $0.1 million and $14.1 million in right of use assets and lease liabilities were recognised,
respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-220": { "value": "
NOTE 27 \u2013 SUBSEQUENT EVENTS
In January 2025, the Group obtained a clearing membership of ICE Clear US.
In January 2025, the Group obtained a new licence in the UAE from the Securities and Commodities Authority (\u201cSCA\u201d) allowing it to offer
OTC, share dealing and futures products.
On 18 February 2025, the Company declared a final dividend in an amount of $29.6 million ($0.4025 per share). The dividend record date
is 28 February 2025 and it will be paid to the shareholders on 9 July 2025.
On 18 February 2025, the Company declared a special dividend in an amount of $60.4 million ($0.8213 per share). The dividend record
date is 28 February 2025 and it will be paid to the shareholders on 9 July 2025.
On 18 February 2025, the Company declared the adoption of a share buyback programme to buy back up to $110.0 million of the Company\u2019s
ordinary shares, comprised of a final share buyback programme in the amount of $29.6 million and a special share buyback programme
in the amount of $80.4 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }