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"Fxbrl_20260324123622269": { "value": "\n 1 Reporting entity Grand Harbour Marina p.l.c. (the \u201cCompany\u201d) is a public listed company domiciled and incorporated in Malta, with registration number C26891, and the registered office of which is situated at Vittoriosa Wharf, Vittoriosa, Malta. The consolidated financial statements of the Group as at and for the year ended 31 December 2025 comprise the Company and its subsidiary, (together referred to as the \u201cGroup\u201d) and the Group\u2019s beneficial interest of 45% in a joint arrangement, IC Cesme Marina Yatirim, Turizm ve Islemeleri Anonim Sirketi (\u201cIC Cesme\u201d). The Group is itself a subsidiary of Camper & Nicholsons \n \n Marina Investments Limited\n (\u201cCNMIL\u201d or the \u201cParent company\u201d). The principal activities of the \n \n Group are the development, operation and management of marinas. \n \n \n \n \n 4 Functional and presentation currency These financial statements are presented in Euro (\u20ac), which is the Company\u2019s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324124426810": { "value": "Grand Harbour Marina p.l.c.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324123944804": { "value": "public listed company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324124227778": { "value": "Vittoriosa, Malta", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324123501188": { "value": "Malta", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324123916292": { "value": "Malta", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324124018211": { "value": "Camper & Nicholsons\n Marina Investments Limited\n ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324123734946": { "value": "The principal activities of the\n Group are the development, operation and management of marinas. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324124734163": { "value": "\n \n 2 Basis of accounting Legal Notice 19 of 2009 as amended by Legal Notice 233 of 2016, Accountancy Profession (Accounting and Auditing Standards) (Amendments) Regulations, 2016 (the \u201cRegulation\u201d), defines compliance with generally accepted accounting principles and practice as adherence to International Financial Reporting Standards (IFRS) as adopted by the EU for financial periods starting on or after 1 January 2008. Article 4 of Regulation 1606/2002/EC requires that, for each financial year starting on or after 1 January 2005, companies governed by the law of an EU Member State shall prepare their consolidated financial statements in conformity with IFRS as adopted by the EU if, at their reporting date, their securities are admitted to trading on a regulated market of any EU Member State. Consequently, the separate and the consolidated financial statements are prepared in conformity with IFRS as adopted by the EU. Details of the Group\u2019s material accounting policy information are included in note 7.\n \n \n 3 Basis of measurement\n The financial statements have been prepared on the historical cost basis except investments in debt securities which are measured at fair value on each reporting date, and the investment in a joint venture that is measured under the equity method. Additionally, as disclosed in note 6, the Group\u2019s equity-accounted investee operates in a hyperinflationary economy, accordingly the financial information been expressed in terms of the measuring unit current at the reporting date as a result of the effects of inflation. The financial statements have also been prepared on a going concern basis as explained below: \n \n Going concern basis The directors have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324125305546": { "value": "\n 2 Basis of accounting Legal Notice 19 of 2009 as amended by Legal Notice 233 of 2016, Accountancy Profession (Accounting and Auditing Standards) (Amendments) Regulations, 2016 (the \u201cRegulation\u201d), defines compliance with generally accepted accounting principles and practice as adherence to International Financial Reporting Standards (IFRS) as adopted by the EU for financial periods starting on or after 1 January 2008. Article 4 of Regulation 1606/2002/EC requires that, for each financial year starting on or after 1 January 2005, companies governed by the law of an EU Member State shall prepare their consolidated financial statements in conformity with IFRS as adopted by the EU if, at their reporting date, their securities are admitted to trading on a regulated market of any EU Member State. Consequently, the separate and the consolidated financial statements are prepared in conformity with IFRS as adopted by the EU. Details of the Group\u2019s material accounting policy information are included in note 7.\n ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324124820916": { "value": "\n 3 Basis of measurement\n \n Going concern basis The directors have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324124921634": { "value": "\n \n 4 Functional and presentation currency These financial statements are presented in Euro (\u20ac), which is the Company\u2019s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324180039384": { "value": "\n 4 Functional and presentation currency These financial statements are presented in Euro (\u20ac), which is the Company\u2019s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated.\n \n \n \n \n \n \n \n \n \n \n 13 Net finance costs \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance income:
Interest income under the effective interest method on:
Loan to Parent company- measured at amortised cost 47 184
Debt securities 212 207
Finance income 259 391
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance costs:
Interest expense on financial liabilities measured at amortised cost (675) (675)
Interest expense on lease liabilities (see note 21.1.2) (387) (408)
Amortisation of bond issue costs (see note 26.4) (46) (43)
Net foreign exchange losses - (2)
Finance costs (1,108) (1,128)
Net finance costs recognised in statement of profit or loss (849) (737)
\n \n \n \n \n \n \n \n \n 18 Equity-accounted investee\n \n 18.2 Carrying amount of investment in joint venture\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Group \u20ac000 2025 Company \u20ac000 2024 Group \u20ac000 2024 Company \u20ac000
Fair value of net identifiable assets at date of acquisition 1,082 1,082 1,082 1,082
Goodwill inherent in the cost of investment 848 848 848 848
Consideration paid upon acquisition 1,930 1,930 1,930 1,930
Cumulative capital contributions 244 244 244 244
Cost of investment as at 31 December 2,174 2,174 2,174 2,174
Share of post-acquisition profit brought forward 4,302 2,794
Share of profit for the year 2,019 1,508
Hyperinflationary adjustment brought forward 7,173 2,796
Hyperinflationary adjustment for the year 301 4,377
Depreciation of fair value uplift on acquisition brought forward (378) (366)
Depreciation of fair value uplift on acquisition for the year (12) (12)
Foreign currency translation brought forward (1,894) (1,670)
Foreign currency translation for the year (1,000) (224)
Equity accounted investee as at 31 December 12,685 11,377
\n IC Cesme, the only joint arrangement in which the Group participates, is principally engaged in the operation of a marina in Turkey. IC Cesme is an unlisted joint arrangement and is structured as a separate vehicle and the Group has a residual interest in its net assets. Accordingly, the Group has classified the investment in IC Cesme as a joint venture which is equity accounted. \n \n In accordance with the agreement under which IC Cesme is established, the Group and the other investors to the joint venture agree to make additional contributions in proportion to their interests, if required.\n \n 18.3 Summary of financial information of joint venture\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Non-current assets 23,980 24,093
Current assets (including cash and cash equivalent of \u20ac5,746k, 2024: \u20ac3,865k) 6,331 4,447
Non-current liabilities (1,799) (1,559)
Current liabilities (including trade and other payables and provisions of \u20ac2,221k, 2024: \u20ac2,954k) (3,356) (4,758)
IC Cesme net assets (liabilities) (100%) at 31 December 25,156 22,223
Group\u2019s share of net assets (45%) 11,320 10,000
Fair value uplift on date of acquisition (less deferred tax impact) 907 907
Cumulative depreciation on fair value uplift, adjusted on consolidation (390) (378)
Goodwill 848 848
Carrying amount of interest in joint venture, as per Statement of financial position (see note 18.2) 12,685 11,377
Revenue 9,821 9,201
Operating expenses (4,435) (3,704)
Depreciation (684) (561)
Results from operating activities 4,702 4,936
Hyperinflationary adjustment for the year (290) 657
Net finance costs (including interest expense of \u20ac562k, net foreign exchange losses of \u20ac36k less interest income of \u20ac1,606k, 2024: including interest expense of \u20ac698k, net foreign exchange losses of \u20ac507k less interest income of \u20ac1,538k) 1,008 333
Profit before tax for the year 5,420 5,926
Income tax expense (933) (2,575)
Total comprehensive income (100%) 4,487 3,351
\n \n 24 Capital and reserves\n \n 24.3 Exchange translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial results of the joint arrangement from Turkish Lira into Euro. This reserve is not distributable. \n \n \n \n 29 Financial instruments \u2013 fair values and risk management\n \n \n \n 29.7 Market risk\n \n 29.7.1 Currency risk The Group\u2019s exposure to currency risk is limited to expenses that are denominated in a currency other than the Company\u2019s functional currency, primarily the British Pound, on intra-group balances. The Group is not exposed to exchange rate movements on the Turkish Lira other than in respect of: - the Group\u2019s share in translating the post-acquisition reserves of its equity-accounted investee from TL to Euro and - the exchange differences arising in the books of the joint venture with TL as its functional currency. The Group does not hedge against exchange gains or losses which may arise on the realisation of amounts receivable and the settlement of amounts payable in foreign currencies. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324125050306": { "value": "\n \n \n \n 5 Use of judgements and estimates\n \n \n In preparing these financial statements management has made judgements and estimates that affect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. \n \n \n 5.1 Judgements, assumptions and estimation uncertainties Information about judgements, assumptions and estimation uncertainties that have the most significant effects on the amounts recognised in the financial statements, is provided below: - Information about the recognition of long-term berth sales at a point in time, in line with IFRS 15 Revenue from contracts with customers, is found in note 10.4.1, - As further described in note 18.4, in assessing impairment, management estimates the recoverable amount of the Group\u2019s investment in IC Cesme based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate. \n \n \n \n 5.2 Measurement of fair values A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values for financial liabilities. The Group regularly reviews significant unobservable inputs and valuation adjustments. If third party information is used to measure fair values, then the Group assesses the evidence obtained from third parties to support the valuation in accordance with IFRSs as adopted by the EU. Significant valuation issues are reported to the Group\u2019s audit committee. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or \u2022 liability, either directly (i.e. as price) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair values hierarchy as the lowest level input that is significant to the entire measurement.\n \n \n 5 Use of judgements and estimates (continued) 5.2 Measurement of fair values (continued) \n \n The Group recognises transfers between levels of the fair value hierarchy at the end of the\n \n \n reporting period during which the change has occurred.\n Further information about the assumptions made in measuring fair values is included in notes 19 and 29. \n \n 5.3 Hyperinflation The Group exercised judgement in determining whether the Turkish economy (being the economy in which the Group\u2019s investment in joint venture, IC Cesme, operates) which had become hyperinflationary in 2022, remained hyperinflationary as at the reporting date, and consequently whether the functional currency of its joint venture is the currency of a hyperinflationary economy. The analysis of the cumulative inflation rate over three years resulted in the Group considering whether Turkey\u2019s economy was hyperinflationary. Based on the available information, the Group concluded that this economy remains hyperinflationary. Management exercises judgement as to when a restatement of the financial statements of a Group entity becomes necessary. Following management\u2019s assessment, the Group\u2019s investment in its joint venture, IC Cesme, has been accounted for as an entity operating in a hyperinflationary economy. As such, the investment in IC Cesme has been expressed in terms of the measuring unit current at the reporting date. Further information is disclosed in notes 6 and 7.3.\n 5.4 Geopolitical risks and uncertainties In line with the European common enforcement priorities for 2025 issued by the European Securities and Markets Authority, the Directors have specifically considered the potential effects of geopolitical risks and heightened global uncertainties on the Group\u2019s financial statements, including consideration of: a) potential impairment indicators for non-financial assets; b) recoverability of trade receivables and expected credit losses; c) possible disruptions to operations and supply chains; d) liquidity risks and compliance with debt covenants; and e) the appropriateness of the going concern assumption. No indicators of impairment or material adverse financial effects were identified. In reaching this conclusion, management performed an assessment of the potential impact of ongoing geopolitical developments, including armed conflicts and trade restrictions, on the Group\u2019s operations, financial position and cash flows. The Group\u2019s customer base and suppliers are geographically diversified and are not directly exposed to jurisdictions currently subject to armed conflict or significant trade restrictions. The Group\u2019s core activities are service-based and are not significantly dependent on commodity-linked revenues or complex international supply chains. Historical experience indicates that demand for the Group\u2019s services has remained resilient during periods of geopolitical uncertainty, and no disruptions to operations or cost pressures have been identified to date.\n \n 5 Use of judgements and estimates (continued) 5.4 Geopolitical risks and uncertainties (continued) Management has also reviewed current financial resources and cash flow projections and has not identified any liquidity constraints or adverse financial impacts arising from these developments. Accordingly, no adjustments to the carrying amounts of assets and liabilities were required as at 31 December 2025, and no material uncertainty has been identified in relation to the Group\u2019s ability to continue as a going concern.\n \n \n \n \n \n \n 18 Equity-accounted investee\n \n \n \n \n \n \n \n \n \n \n 18.4 Impairment assessment of investment in joint venture As explained in note 18.1 the Company acquired its investment in IC Cesme, a joint venture, in 2011. IC Cesme operates a marina with associated landside property in the Izmir region of Turkey, held in terms of a Build-Operate-Transfer agreement expiring in 2067. In view of the geo-political status of the investee\u2019s jurisdiction, the directors have estimated the recoverable amount of the investment in IC Cesme and determined whether it exceeds the carrying amount. This was estimated based on its value in use, determined using a discounted cash flow valuation model by estimating the free cash flow to the firm over the next 10 years and a terminal value at the end of year 10, and discounting them back to the present value with the cost of capital as the discount rate. The following were the assumptions included in the 2025 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme\u2019s management. From years 2 to 10, revenue growth is assumed to converge gradually to the risk-free rate up until Year 10, with the risk-free rate used as a proxy of the growth rate in perpetuity in the terminal year, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme\u2019s management, and remain constant in perpetuity, (c) Reinvestment- Years 1 to 10 is based on the average sales-to-capital ratio of the last two years. In the terminal year, reinvestment is determined as a function of the expected growth rate and the current return on invested capital, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10. In the terminal year, the marginal tax rate is applied in perpetuity, (e) Cost of capital- the discount rate is assumed to remain at current levels until year 10. In the terminal year, it will converge to the cost of capital of a mature and stable company, (f) No excess returns forecasted in the terminal year.\n \n \n \n \n \n \n \n \n \n The following were the assumptions included in the 2024 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme\u2019s management, Years 2 to 4 revenue growth to be in line with Turkey\u2019s expected real growth rate and inflation rate, then converge to the risk-free rate up until Year 10, after which it will remain unchanged, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme\u2019s management, then converge to 38% up until Year 10, and thereafter remain unchanged, (c) Reinvestment- this is a function of the expected growth rate and the current return on invested capital. As the joint venture does not operate in a capital-intensive industry, this function was set at 50% in Years 1 to 2, 75% in Years 3 to 6, 90% in Years 7 to 9, and 100% in perpetuity, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10, and remain unchanged thereafter, (e) Cost of capital- the discount rate used will converge gradually to the cost of capital of a mature and stable company in Year 10. The estimated recoverable amount of the Company\u2019s investment in IC Cesme\u2019s net assets at Group and Company level exceeds its carrying amount.\n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324132219610": { "value": "\n \n \n 5 Use of judgements and estimates\n \n \n \n 5.1 Judgements, assumptions and estimation uncertainties Information about judgements, assumptions and estimation uncertainties that have the most significant effects on the amounts recognised in the financial statements, is provided below: - Information about the recognition of long-term berth sales at a point in time, in line with IFRS 15 Revenue from contracts with customers, is found in note 10.4.1, - As further described in note 18.4, in assessing impairment, management estimates the recoverable amount of the Group\u2019s investment in IC Cesme based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate. \n \n \n 10 Revenue\n \n \n 10.4 Performance obligations and revenue recognition policies\n \n 10.4.1 Licensing of long-term super-yacht berths The Group recognises revenue at a point in time. Revenue from the licensing of long-term super-yacht berths is recognised upon the signing of the licensing arrangements with the berth holders, on the basis that such give rise to the sale of the Group\u2019s right to the use of such berths (recognised at a point in time i.e. when a berth holder obtains control of the berth space through the execution of a public deed, which is the point in time when real rights are acquired by the berth holder). The Group adjusts the consideration amount as per the contract for the effects of the time value of money if the timing of payments agreed to by the parties provides the customer with a significant benefit of financing the transfer of goods/services to the customer.\n \n \n \n \n 18 Equity-accounted investee\n \n \n \n \n \n \n 18.4 Impairment assessment of investment in joint venture As explained in note 18.1 the Company acquired its investment in IC Cesme, a joint venture, in 2011. IC Cesme operates a marina with associated landside property in the Izmir region of Turkey, held in terms of a Build-Operate-Transfer agreement expiring in 2067. In view of the geo-political status of the investee\u2019s jurisdiction, the directors have estimated the recoverable amount of the investment in IC Cesme and determined whether it exceeds the carrying amount. This was estimated based on its value in use, determined using a discounted cash flow valuation model by estimating the free cash flow to the firm over the next 10 years and a terminal value at the end of year 10, and discounting them back to the present value with the cost of capital as the discount rate. The following were the assumptions included in the 2025 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme\u2019s management. From years 2 to 10, revenue growth is assumed to converge gradually to the risk-free rate up until Year 10, with the risk-free rate used as a proxy of the growth rate in perpetuity in the terminal year, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme\u2019s management, and remain constant in perpetuity, (c) Reinvestment- Years 1 to 10 is based on the average sales-to-capital ratio of the last two years. In the terminal year, reinvestment is determined as a function of the expected growth rate and the current return on invested capital, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10. In the terminal year, the marginal tax rate is applied in perpetuity, (e) Cost of capital- the discount rate is assumed to remain at current levels until year 10. In the terminal year, it will converge to the cost of capital of a mature and stable company, (f) No excess returns forecasted in the terminal year.\n \n \n \n \n \n The following were the assumptions included in the 2024 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme\u2019s management, Years 2 to 4 revenue growth to be in line with Turkey\u2019s expected real growth rate and inflation rate, then converge to the risk-free rate up until Year 10, after which it will remain unchanged, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme\u2019s management, then converge to 38% up until Year 10, and thereafter remain unchanged, (c) Reinvestment- this is a function of the expected growth rate and the current return on invested capital. As the joint venture does not operate in a capital-intensive industry, this function was set at 50% in Years 1 to 2, 75% in Years 3 to 6, 90% in Years 7 to 9, and 100% in perpetuity, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10, and remain unchanged thereafter, (e) Cost of capital- the discount rate used will converge gradually to the cost of capital of a mature and stable company in Year 10. The estimated recoverable amount of the Company\u2019s investment in IC Cesme\u2019s net assets at Group and Company level exceeds its carrying amount.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324141209979": { "value": "\n \n 5 Use of judgements and estimates\n \n \n 5.3 Hyperinflation The Group exercised judgement in determining whether the Turkish economy (being the economy in which the Group\u2019s investment in joint venture, IC Cesme, operates) which had become hyperinflationary in 2022, remained hyperinflationary as at the reporting date, and consequently whether the functional currency of its joint venture is the currency of a hyperinflationary economy. The analysis of the cumulative inflation rate over three years resulted in the Group considering whether Turkey\u2019s economy was hyperinflationary. Based on the available information, the Group concluded that this economy remains hyperinflationary. Management exercises judgement as to when a restatement of the financial statements of a Group entity becomes necessary. Following management\u2019s assessment, the Group\u2019s investment in its joint venture, IC Cesme, has been accounted for as an entity operating in a hyperinflationary economy. As such, the investment in IC Cesme has been expressed in terms of the measuring unit current at the reporting date. Further information is disclosed in notes 6 and 7.3.\n \n 6 Significant events The Group\u2019s equity-accounted investee, IC Cesme, operates in Turkey. The Turkish Statistical Institute published the Turkish annual rate of inflation of 31% (2024: 44%) and a 3-year cumulative rate of inflation of 212% (2024: 291%) for the year ended 31 December 2025. The Group\u2019s management considered the above events in light of the accounting rules for entities operating in hyperinflationary economies and determined that the cumulative inflation rate over three years provides evidence that the Turkish economy became hyperinflationary since 2022. In view of this, IC Cesme\u2019s financial position and performance as at 31 December 2025 and 31 December 2024 are being reported by applying IAS 29 Financial Reporting in Hyperinflationary Economies. The cumulative impact of adjusting the Group\u2019s result for the effects of hyperinflation is detailed in note 18.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.3 Hyperinflation Where it has been determined that a Group entity or an equity-accounted investee has a functional currency that is the currency of a hyperinflationary economy, the respective entity first applies the requirements of IAS 29, Financial Reporting in Hyperinflationary Economies. IAS 21, The Effects of Changes in Foreign Exchange Rates, which addresses the translation of the financial information into the Group\u2019s presentation currency, is only applied after the requirements of IAS 29 have been complied with. Under IAS 29, the financial statements of Group entities and equity-accounted investees whose functional currencies are the currencies of hyperinflationary economies are adjusted in terms of the measuring unit current at the end of the reporting period. Comparative amounts for such entities are, in accordance with IAS 29, also adjusted in the current year and remeasured in terms of the measuring unit current at the end of the current reporting period. The carrying amounts of non-monetary assets and liabilities are adjusted under IAS 29 to reflect the change in the general price index from the date of acquisition to the end of the reporting period. An impairment loss is recognised in profit or loss if the restated amount of a non-monetary item exceeds its estimated recoverable amount. On initial application of hyperinflation accounting, prior period financial information is also restated as if the economy had always been hyperinflationary. Gains or losses on the net monetary position are recognised in profit or loss.\n All items recognised in the income statement are restated by applying the change in the general price index from the dates when the items of income and expenses were initially earned or incurred.\n \n 7.3 Hyperinflation (continued) At the beginning of the first period of application, the components of equity, except retained earnings, are restated by applying a general price index from the dates the components were contributed or otherwise arose. These restatements are recognised directly in equity as an adjustment to opening retained earnings. Restated retained earnings are derived from all other amounts in the restated statement of financial position. If on initial application of hyperinflation accounting the restated value of the non-monetary assets exceed their recoverable amount, the initial adjustment is capped at the recoverable amount and the net increase is recorded directly in retained earnings. At the end of the first period and in subsequent periods, all components of equity are restated by applying a general price index from the beginning of the period or the date of contribution, if later. After having first applied IAS 29, the Group then applies IAS 21 to translate foreign currency balances into its presentation currency (euro). Nevertheless, even though Group entities and equity-accounted investees whose functional currencies are the currencies of hyperinflationary economies restate their own comparative financial information as set out above, the Group does not restate comparative amounts in its consolidated financial statements because the Group\u2019s presentation currency is that of a non-hyperinflationary economy. The Group\u2019s comparative financial information therefore remains unchanged from what it presented in the prior year\u2019s consolidated financial statements. Differences between the comparative amounts as reported in the Group\u2019s consolidated financial statements, and as restated by Group entities and equity-accounted investees whose functional currencies are the currencies of hyperinflationary economies, are recognised in the Group\u2019s OCI for the current year. The Turkish economy has been classified as hyperinflationary with effect from 2022. Accordingly, the results, financial position of the Group\u2019s joint venture, IC Cesme, have been expressed in terms of the measuring currency unit at the reporting date. For further details, refer to notes 5.3 and 6.\n \n \n \n 18 Equity-accounted investee\n \n \n \n \n \n 18.2 Carrying amount of investment in joint venture\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Group \u20ac000 2025 Company \u20ac000 2024 Group \u20ac000 2024 Company \u20ac000
Fair value of net identifiable assets at date of acquisition 1,082 1,082 1,082 1,082
Goodwill inherent in the cost of investment 848 848 848 848
Consideration paid upon acquisition 1,930 1,930 1,930 1,930
Cumulative capital contributions 244 244 244 244
Cost of investment as at 31 December 2,174 2,174 2,174 2,174
Share of post-acquisition profit brought forward 4,302 2,794
Share of profit for the year 2,019 1,508
Hyperinflationary adjustment brought forward 7,173 2,796
Hyperinflationary adjustment for the year 301 4,377
Depreciation of fair value uplift on acquisition brought forward (378) (366)
Depreciation of fair value uplift on acquisition for the year (12) (12)
Foreign currency translation brought forward (1,894) (1,670)
Foreign currency translation for the year (1,000) (224)
Equity accounted investee as at 31 December 12,685 11,377
\n IC Cesme, the only joint arrangement in which the Group participates, is principally engaged in the operation of a marina in Turkey. IC Cesme is an unlisted joint arrangement and is structured as a separate vehicle and the Group has a residual interest in its net assets. Accordingly, the Group has classified the investment in IC Cesme as a joint venture which is equity accounted. \n \n \n \n In accordance with the agreement under which IC Cesme is established, the Group and the other investors to the joint venture agree to make additional contributions in proportion to their interests, if required.\n \n \n \n \n 18 Equity-accounted investee (continued) \n \n \n 18.3 Summary of financial information of joint venture\n The Group\u2019s share of profit in its equity accounted investee for the year, inclusive of the depreciation of fair value uplift upon acquisition, amounted to \u20ac2,007k (2024: \u20ac1,496k). This investee is not listed and consequently no published price quotations are available. The reporting date of this entity is 31 December. The entity is exposed to the country risks relating to Turkey and other risks associated with the trends and future outlook of the marina industry as a whole. The following table summarises the financial information of IC Cesme based on its financial information prepared in accordance with IFRS as adopted by the EU. The tables also reconcile the summarised financial information to the carrying amount of the Group\u2019s interest in IC Cesme, which is accounted for using the equity method of accounting. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Non-current assets 23,980 24,093
Current assets (including cash and cash equivalent of \u20ac5,746k, 2024: \u20ac3,865k) 6,331 4,447
Non-current liabilities (1,799) (1,559)
Current liabilities (including trade and other payables and provisions of \u20ac2,221k, 2024: \u20ac2,954k) (3,356) (4,758)
IC Cesme net assets (liabilities) (100%) at 31 December 25,156 22,223
Group\u2019s share of net assets (45%) 11,320 10,000
Fair value uplift on date of acquisition (less deferred tax impact) 907 907
Cumulative depreciation on fair value uplift, adjusted on consolidation (390) (378)
Goodwill 848 848
Carrying amount of interest in joint venture, as per Statement of financial position (see note 18.2) 12,685 11,377
Revenue 9,821 9,201
Operating expenses (4,435) (3,704)
Depreciation (684) (561)
Results from operating activities 4,702 4,936
Hyperinflationary adjustment for the year (290) 657
Net finance costs (including interest expense of \u20ac562k, net foreign exchange losses of \u20ac36k less interest income of \u20ac1,606k, 2024: including interest expense of \u20ac698k, net foreign exchange losses of \u20ac507k less interest income of \u20ac1,538k) 1,008 333
Profit before tax for the year 5,420 5,926
Income tax expense (933) (2,575)
Total comprehensive income (100%) 4,487 3,351
\n \n \n \n \n 18 Equity-accounted investee (continued) \n \n \n 18.3 Summary of financial information of joint venture (continued) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group\u2019s share of total comprehensive income (45%) 2,019 1,508
Hyperinflationary adjustment 301 4,377
Depreciation on fair value uplift of depreciable assets (12) (12)
Share of profit of equity-accounted investee, net of tax, as per statement of profit or loss and OCI 2,308 5,873
Foreign currency translation difference arising during the year (1,000) (224)
Change in carrying amount of interest in joint venture 1,308 5,649
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324171439436": { "value": "\n 5 Use of judgements and estimates\n \n 5.2 Measurement of fair values A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values for financial liabilities. The Group regularly reviews significant unobservable inputs and valuation adjustments. If third party information is used to measure fair values, then the Group assesses the evidence obtained from third parties to support the valuation in accordance with IFRSs as adopted by the EU. Significant valuation issues are reported to the Group\u2019s audit committee. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or \u2022 liability, either directly (i.e. as price) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair values hierarchy as the lowest level input that is significant to the entire measurement.\n \n The Group recognises transfers between levels of the fair value hierarchy at the end of the\n \n reporting period during which the change has occurred.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.14 Fair value measurement \u2018Fair value\u2019 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantages market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk. Fair values have been determined based on the following methods: 7.14.1 Non-derivative financial assets measured at amortised cost The fair value of non-derivative financial assets measured at amortised cost is estimated at the present value of future cash flows, discounted at the market rate of interest at reporting date. 7.14.2 Non-derivative financial liabilities measured at amortised cost The fair value of non-derivative financial liabilities measured at amortised cost is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. 7.14.3 Debt instruments measured at FVOCI The fair value of investments in debt securities is based on quoted prices in markets for those same instruments. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324131440939": { "value": "5 Use of judgements and estimates\n \n 5.1 Judgements, assumptions and estimation uncertainties Information about judgements, assumptions and estimation uncertainties that have the most significant effects on the amounts recognised in the financial statements, is provided below: - Information about the recognition of long-term berth sales at a point in time, in line with IFRS 15 Revenue from contracts with customers, is found in note 10.4.1, - As further described in note 18.4, in assessing impairment, management estimates the recoverable amount of the Group\u2019s investment in IC Cesme based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate. \n \n \n \n \n 10 Revenue\n \n \n \n \n 10.4 Performance obligations and revenue recognition policies\n \n \n \n 10.4.1 Licensing of long-term super-yacht berths The Group recognises revenue at a point in time. Revenue from the licensing of long-term super-yacht berths is recognised upon the signing of the licensing arrangements with the berth holders, on the basis that such give rise to the sale of the Group\u2019s right to the use of such berths (recognised at a point in time i.e. when a berth holder obtains control of the berth space through the execution of a public deed, which is the point in time when real rights are acquired by the berth holder). The Group adjusts the consideration amount as per the contract for the effects of the time value of money if the timing of payments agreed to by the parties provides the customer with a significant benefit of financing the transfer of goods/services to the customer.\n \n \n \n \n \n \n 18 Equity-accounted investee\n \n \n \n \n \n \n \n \n 18.4 Impairment assessment of investment in joint venture As explained in note 18.1 the Company acquired its investment in IC Cesme, a joint venture, in 2011. IC Cesme operates a marina with associated landside property in the Izmir region of Turkey, held in terms of a Build-Operate-Transfer agreement expiring in 2067. In view of the geo-political status of the investee\u2019s jurisdiction, the directors have estimated the recoverable amount of the investment in IC Cesme and determined whether it exceeds the carrying amount. This was estimated based on its value in use, determined using a discounted cash flow valuation model by estimating the free cash flow to the firm over the next 10 years and a terminal value at the end of year 10, and discounting them back to the present value with the cost of capital as the discount rate. The following were the assumptions included in the 2025 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme\u2019s management. From years 2 to 10, revenue growth is assumed to converge gradually to the risk-free rate up until Year 10, with the risk-free rate used as a proxy of the growth rate in perpetuity in the terminal year, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme\u2019s management, and remain constant in perpetuity, (c) Reinvestment- Years 1 to 10 is based on the average sales-to-capital ratio of the last two years. In the terminal year, reinvestment is determined as a function of the expected growth rate and the current return on invested capital, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10. In the terminal year, the marginal tax rate is applied in perpetuity, (e) Cost of capital- the discount rate is assumed to remain at current levels until year 10. In the terminal year, it will converge to the cost of capital of a mature and stable company, (f) No excess returns forecasted in the terminal year.\n \n \n \n \n \n \n \n The following were the assumptions included in the 2024 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme\u2019s management, Years 2 to 4 revenue growth to be in line with Turkey\u2019s expected real growth rate and inflation rate, then converge to the risk-free rate up until Year 10, after which it will remain unchanged, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme\u2019s management, then converge to 38% up until Year 10, and thereafter remain unchanged, (c) Reinvestment- this is a function of the expected growth rate and the current return on invested capital. As the joint venture does not operate in a capital-intensive industry, this function was set at 50% in Years 1 to 2, 75% in Years 3 to 6, 90% in Years 7 to 9, and 100% in perpetuity, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10, and remain unchanged thereafter, (e) Cost of capital- the discount rate used will converge gradually to the cost of capital of a mature and stable company in Year 10. The estimated recoverable amount of the Company\u2019s investment in IC Cesme\u2019s net assets at Group and Company level exceeds its carrying amount.\n \n \n \n ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324125835587": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The Group has consistently applied the following accounting policies to all periods presented in these financial statements. \n \n \n 7.1 Basis of consolidation \n \n 7.1.1 Interest in equity-accounted investees The Group\u2019s interests in equity-accounted investees comprises an interest in a joint venture. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interest in joint ventures is accounted for using the equity method in the consolidated financial statements. They are recognised initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date at which significant influence or joint control ceases. Appropriate adjustments to the Group\u2019s share of the joint venture\u2019s profit or loss after acquisition are made in order to account for depreciation on the depreciable assets based on their fair values at acquisition date. \n \n \n \n \n 7 Material accounting policy information (continued) \n \n 7.1 Basis of consolidation (continued) \n \n \n 7.1.1 Interest in equity-accounted investees (continued) Investments in equity-accounted investees are stated in the separate financial statements of the Company at cost less impairment, if any. Any amounts advanced / incurred for which settlement is neither planned nor likely to occur in the foreseeable future, are treated as an extension to the Company\u2019s net investment therein and included in the carrying amount.\n \n \n \n \n \n 7.2 Foreign currency 7.2.1 Foreign operations The assets and liabilities of foreign operations are translated into euro at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into euro at the exchange rates at the dates of the transactions. Foreign currency differences are recognised in OCI and accumulated in the foreign currency translation reserve. \n \n \n \n \n 7.3 Hyperinflation Where it has been determined that a Group entity or an equity-accounted investee has a functional currency that is the currency of a hyperinflationary economy, the respective entity first applies the requirements of IAS 29, Financial Reporting in Hyperinflationary Economies. IAS 21, The Effects of Changes in Foreign Exchange Rates, which addresses the translation of the financial information into the Group\u2019s presentation currency, is only applied after the requirements of IAS 29 have been complied with. Under IAS 29, the financial statements of Group entities and equity-accounted investees whose functional currencies are the currencies of hyperinflationary economies are adjusted in terms of the measuring unit current at the end of the reporting period. Comparative amounts for such entities are, in accordance with IAS 29, also adjusted in the current year and remeasured in terms of the measuring unit current at the end of the current reporting period. The carrying amounts of non-monetary assets and liabilities are adjusted under IAS 29 to reflect the change in the general price index from the date of acquisition to the end of the reporting period. An impairment loss is recognised in profit or loss if the restated amount of a non-monetary item exceeds its estimated recoverable amount. On initial application of hyperinflation accounting, prior period financial information is also restated as if the economy had always been hyperinflationary. Gains or losses on the net monetary position are recognised in profit or loss.\n All items recognised in the income statement are restated by applying the change in the general price index from the dates when the items of income and expenses were initially earned or incurred.\n \n \n 7 Material accounting policy information (continued) \n \n 7.3 Hyperinflation (continued) At the beginning of the first period of application, the components of equity, except retained earnings, are restated by applying a general price index from the dates the components were contributed or otherwise arose. These restatements are recognised directly in equity as an adjustment to opening retained earnings. Restated retained earnings are derived from all other amounts in the restated statement of financial position. If on initial application of hyperinflation accounting the restated value of the non-monetary assets exceed their recoverable amount, the initial adjustment is capped at the recoverable amount and the net increase is recorded directly in retained earnings. At the end of the first period and in subsequent periods, all components of equity are restated by applying a general price index from the beginning of the period or the date of contribution, if later. After having first applied IAS 29, the Group then applies IAS 21 to translate foreign currency balances into its presentation currency (euro). Nevertheless, even though Group entities and equity-accounted investees whose functional currencies are the currencies of hyperinflationary economies restate their own comparative financial information as set out above, the Group does not restate comparative amounts in its consolidated financial statements because the Group\u2019s presentation currency is that of a non-hyperinflationary economy. The Group\u2019s comparative financial information therefore remains unchanged from what it presented in the prior year\u2019s consolidated financial statements. Differences between the comparative amounts as reported in the Group\u2019s consolidated financial statements, and as restated by Group entities and equity-accounted investees whose functional currencies are the currencies of hyperinflationary economies, are recognised in the Group\u2019s OCI for the current year. The Turkish economy has been classified as hyperinflationary with effect from 2022. Accordingly, the results, financial position of the Group\u2019s joint venture, IC Cesme, have been expressed in terms of the measuring currency unit at the reporting date. For further details, refer to notes 5.3 and 6.\n \n \n 7.4 Revenue from contracts with customers Information about the Group\u2019s accounting policies relating to contracts with customers is provided in note 10. \n \n \n \n \n \n \n \n 7.5 Finance income and finance costs The Group and the Company\u2019s finance income and finance costs include: - interest income on investments in debt securities and loan to Parent company, - interest expense on the lease liability, - interest expense on bonds in issue (including amortization of bond issue costs), - the net gain or loss on the disposal of investments in debt securities measured at FVOCI, - impairment losses (and reversals) on investments in debt securities carried at FVOCI and - foreign currency gains and losses on financial assets and liabilities, other than those of an operating nature. Interest income and interest expense is recognised using the effective interest method.\n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information (continued) 7.5 Finance income and finance costs (continued) \n \n \n \n \n In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability.\n \n \n However, for financial assets that have become credit impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.\n \n \n \n \n \n \n 7.6 Income tax\n Income tax expense comprises current and deferred tax and is recognised in profit or loss. 7.6.1 Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. \n \n 7.6.2 Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. \n \n \n \n \n 7 Material accounting policy information (continued) \n \n \n \n \n 7.7 Property, plant and equipment\n \n 7.7.1 Recognition and measurement Property, plant and equipment of the Group includes superyacht berths that have been completed but not yet licensed (see below), pontoons, improvements to leased property, motor vehicles, office equipment and assets in the course of construction. Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Any common costs incurred for the berths are allocated equally. As part of its operating activities, Grand Harbour Marina p.l.c. licenses out superyacht berths, typically for periods ranging between 25 to 30 years. The cost of such berths is apportioned between that part attributable to the initial licensing period, which is recognised immediately in profit or loss, and that part (the residual amount) attributable to the period which extends beyond the initial licensing period. The method of cost apportionment which is based on the discounted revenue from each long-term sale represents a fair reflection of the pattern of future economic benefits estimated to accrue from the licensing of such berths. The residual amount is classified in the balance sheet as \u2018deferred costs\u2019 and included with non-current assets.\n When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. \n \n \n 7.7.2 Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is recognised in profit or loss. Significant components of individual assets are assessed, and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Berths developed and related improvements to leased property are depreciated over the shorter of the lease term and the useful life of the buildings and improvements, unless it is reasonably certain that the Group will obtain ownership of the land by the end of the lease term. The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\u2022 superyacht berths 50 years
\u2022 landscaping costs 50 years
\u2022 pontoon berths 25 years
\u2022 improvements to leased property 10 years
\u2022 utility modules and switchboards 10 years
\u2022 cable infrastructure 10 years
\u2022 motor vehicles, including shipping vessels 5 years
\u2022 marine and office equipment 5 years
\n In note 16.1, landscaping costs, improvements to leased property and utility modules and switchboards are classified under \u201cImprovements to leased property, landscaping and switchboards\u201d, while cable infrastructure and marine and office equipment are classified under \u201cCable infrastructure, marine & office equipment\u201d.\n \n \n \n \n \n 7 Material accounting policy information (continued) \n \n \n 7.7 Property, plant and equipment (continued) 7.7.2 Depreciation (continued) Depreciation commences when the asset is available for use. Superyacht berths are depreciated from the date of full construction up to the point in time when the long-term licensing contract is signed with the licensee, at which time the carrying amount of such berths is apportioned and accounted for as explained in note 7.7.1. Assets in the course of construction are not depreciated. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.\n \n \n \n \n \n \n \n \n \n \n \n \n 7.8 Financial instruments\n \n 7.8.1 Recognition and initial measurement Financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.\n A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at Fair Value through Profit\n \n \n \n \n or Loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue.\n \n A trade receivable without a significant financing component is initially measured at the transaction price. \n \n \n \n \n \n 7.8.2 Classification and subsequent measurement\n \n \n \n Financial assets\n On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI - debt investment; FVOCI \u2013 equity investment; or FVTPL. The classification of financial assets under IFRS 9 Financial Instruments is generally based on the business model in which a financial asset is managed and its contractual cash flows characteristics.\n \n \n The Group has financial assets measured at amortised cost which comprise investment in treasury\n \n \n bills, trade and other receivables, loan to Parent company and cash and cash equivalents.\n The Group also has debt instruments measured at FVOCI which comprise investments in debt securities. \n \n \n Financial assets are not reclassified subsequent to their initial recognition unless the\n \n \n \n \n Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.\n A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\n \n \n \n \n \n \n 7 Material accounting policy information (continued) \n \n 7.8 Financial instruments (continued) 7.8.2 Classification and subsequent measurement (continued) Financial assets (continued) \n \n A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. \n \n Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: - contingent events that would change the amount or timing of cash flows, - terms that may adjust the contractual coupon rate, including variable-rate features, - prepayment and extension features, and - terms that limit the Group\u2019s claim to cash flows from specified assets, such as non-recourse features. Financial assets \u2013 Subsequent measurement and gains and losses \n \n Financial assets at amortised cost\n These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. \n \n Any gain or loss on derecognition is\n \n \n recognised in profit or loss. \n \n \n \n \n \n \n \n 7 Material accounting policy information (continued) \n \n 7.8 Financial instruments (continued) 7.8.2 Classification and subsequent measurement (continued) \n \n \n Debt investments at FVOCI\n These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. \n \n On derecognition, gains and losses\n \n \n accumulated in OCI are reclassified to profit or loss.\n \n \n \n \n \n \n Financial liabilities \u2013 Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. These financial liabilities comprise bank overdrafts, trade payables and debt securities in issue. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.\n \n \n \n \n \n \n \n \n \n \n 7.8.3 Derecognition\n \n \n Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.\n \n \n \n \n \n \n Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. No provision is recognised if an outflow of economic resources as a result of present obligations is not probable. Such events and conditions are disclosed as contingent liabilities unless the outflow of resources is remote. \n \n \n \n \n \n \n 7.9 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares, net of any tax effects, are recognised as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12 Income Taxes. \n \n \n \n 7 Material accounting policy information (continued) \n \n \n \n \n 7.10 Impairment\n 7.10.1 Non-derivative financial assets The Group recognises loss allowances for Expected Credit Losses (\u201cECLs\u201d) on: - financial assets measured at amortised cost; namely trade and other receivables, loan to Parent company and cash at bank; and - debt investments measured at FVOCI, namely investments in debt securities. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: - debt securities that are determined to have low credit risk at the reporting date; and - financial assets for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowances for trade and other receivables are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. Forward-looking information includes the future prospects of the industries in which the Company\u2019s debtors operate, as well as consideration of various external sources of actual and forecast economic information that relate to the Company\u2019s core operations. In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. The Group considers a financial asset to be in default when the debtor is unable to pay its credit obligations to the Group in full. The Group rebuts the 90 days past due presumption since it has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of investment grade.\n \n \n \n \n \n \n 7 Material accounting policy information (continued) 7.10 Impairment (continued) 7.10.1 Non-derivative financial assets (continued) \n \n \n \n \n \n Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instruments. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. In the case of short-term, interest- free financial assets, such as trade receivables, ECLs are not discounted. If evidence of a significant increase in credit risk at the individual instrument level is not yet available, the Group performs the assessment of significant increases in credit risk on a collective basis by considering information on, for example, a group or sub-group of financial instruments. Where the Company does not have reasonable and supportable information that is available without undue cost or effort to measure lifetime ECL on an individual instrument basis, lifetime ECL is measured on a collective basis. In such instances, the financial instruments are grouped on the basis of shared credit risk characteristics. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to the Parent company loan, cash at bank and trade and other receivables, are presented separately in the statement of profit or loss and other comprehensive income. For debt securities at FVOCI, the loss allowance is presented in profit or loss below the Operating Profit line item and is recognised in OCI.\n \n \n \n 7.10.2 Non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.\n \n \n \n \n 7 Material accounting policy information (continued) 7.10 Impairment (continued) \n \n \n \n 7.10.3 Equity-accounted investees The impairment assessment in respect of the Group\u2019s investment in equity-accounted investees comprises two successive steps: (1) apply the equity method to recognise the investor\u2019s share of any impairment losses for the investee\u2019s identifiable assets: and (2) when there is an indication of a possible impairment, test the investment as a whole and recognise any additional impairment loss. An impairment loss in respect of an equity-accounted investee is measured by comparing the recoverable amount of the investment with its carrying amount. An impairment loss is recognised in profit or loss and is reversed if there has been a favourable change in the estimates used to determine the recoverable amount.\n \n \n \n \n \n \n 7.11 Leases\n \n 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 consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: - the contract involves the use of an identified asset \u2013 this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; and - the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use. \n \n \n i. As a lessee\n \n At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. \n \n The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The estimated useful lives of right-of-use assets as at 31 December 2025 are as follows: \n \n \n \n \n \n \n \n \n \n \n \n
\u2022 Properties 3 to 13 years
\u2022 Water space 73 years from the balance sheet date
\n \n \n \n \n 7 Material accounting policy information (continued) 7.11 Leases (continued) i. As a lessee (continued) \n \n The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources, particularly the Group\u2019s debt securities in issue and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments, including in-substance fixed payments; - variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; Variable lease payments that do not depend on an index or rate (such as revenue-based payments) are recognised as an expense as incurred (see note 11.1). The lease liability is measured at amortised cost using the effective interest method. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. \n The Group presents right-of-use assets that do not meet the definition of investment property, and lease liabilities, separately in the statement of financial position.\n \n \n 7.12 Earnings per share The Group presents basic earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. \n \n \n 7.13 Segment reporting Segment results that are reported to the CEO and the Board of Directors of Grand Harbour Marina p.l.c. (the Group\u2019s chief operating decision makers), include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.\n \n \n 7 Material accounting policy information (continued) \n \n 7.14 Fair value measurement \u2018Fair value\u2019 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantages market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk. Fair values have been determined based on the following methods: 7.14.1 Non-derivative financial assets measured at amortised cost The fair value of non-derivative financial assets measured at amortised cost is estimated at the present value of future cash flows, discounted at the market rate of interest at reporting date. 7.14.2 Non-derivative financial liabilities measured at amortised cost The fair value of non-derivative financial liabilities measured at amortised cost is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. 7.14.3 Debt instruments measured at FVOCI The fair value of investments in debt securities is based on quoted prices in markets for those same instruments. \n \n \n \n \n 7.15 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and cash at bank. Bank overdrafts that are repayable on demand and form an integral part of the company\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.\n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324133531704": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.1 Basis of consolidation \n \n 7.1.1 Interest in equity-accounted investees The Group\u2019s interests in equity-accounted investees comprises an interest in a joint venture. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interest in joint ventures is accounted for using the equity method in the consolidated financial statements. They are recognised initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date at which significant influence or joint control ceases. Appropriate adjustments to the Group\u2019s share of the joint venture\u2019s profit or loss after acquisition are made in order to account for depreciation on the depreciable assets based on their fair values at acquisition date. \n \n \n \n 7.1 Basis of consolidation (continued) \n \n \n 7.1.1 Interest in equity-accounted investees (continued) Investments in equity-accounted investees are stated in the separate financial statements of the Company at cost less impairment, if any. Any amounts advanced / incurred for which settlement is neither planned nor likely to occur in the foreseeable future, are treated as an extension to the Company\u2019s net investment therein and included in the carrying amount.\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324142037353": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.1 Basis of consolidation \n \n 7.1.1 Interest in equity-accounted investees The Group\u2019s interests in equity-accounted investees comprises an interest in a joint venture. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interest in joint ventures is accounted for using the equity method in the consolidated financial statements. They are recognised initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date at which significant influence or joint control ceases. Appropriate adjustments to the Group\u2019s share of the joint venture\u2019s profit or loss after acquisition are made in order to account for depreciation on the depreciable assets based on their fair values at acquisition date. \n \n \n \n 7.1.1 Interest in equity-accounted investees (continued) Investments in equity-accounted investees are stated in the separate financial statements of the Company at cost less impairment, if any. Any amounts advanced / incurred for which settlement is neither planned nor likely to occur in the foreseeable future, are treated as an extension to the Company\u2019s net investment therein and included in the carrying amount.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324142203682": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.1.1 Interest in equity-accounted investees The Group\u2019s interests in equity-accounted investees comprises an interest in a joint venture. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interest in joint ventures is accounted for using the equity method in the consolidated financial statements. They are recognised initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date at which significant influence or joint control ceases. Appropriate adjustments to the Group\u2019s share of the joint venture\u2019s profit or loss after acquisition are made in order to account for depreciation on the depreciable assets based on their fair values at acquisition date. \n \n 7.1.1 Interest in equity-accounted investees (continued) Investments in equity-accounted investees are stated in the separate financial statements of the Company at cost less impairment, if any. Any amounts advanced / incurred for which settlement is neither planned nor likely to occur in the foreseeable future, are treated as an extension to the Company\u2019s net investment therein and included in the carrying amount.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324142310196": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.2 Foreign currency 7.2.1 Foreign operations The assets and liabilities of foreign operations are translated into euro at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into euro at the exchange rates at the dates of the transactions. Foreign currency differences are recognised in OCI and accumulated in the foreign currency translation reserve. \n \n \n 7.3 Hyperinflation Where it has been determined that a Group entity or an equity-accounted investee has a functional currency that is the currency of a hyperinflationary economy, the respective entity first applies the requirements of IAS 29, Financial Reporting in Hyperinflationary Economies. IAS 21, The Effects of Changes in Foreign Exchange Rates, which addresses the translation of the financial information into the Group\u2019s presentation currency, is only applied after the requirements of IAS 29 have been complied with. Under IAS 29, the financial statements of Group entities and equity-accounted investees whose functional currencies are the currencies of hyperinflationary economies are adjusted in terms of the measuring unit current at the end of the reporting period. Comparative amounts for such entities are, in accordance with IAS 29, also adjusted in the current year and remeasured in terms of the measuring unit current at the end of the current reporting period. The carrying amounts of non-monetary assets and liabilities are adjusted under IAS 29 to reflect the change in the general price index from the date of acquisition to the end of the reporting period. An impairment loss is recognised in profit or loss if the restated amount of a non-monetary item exceeds its estimated recoverable amount. On initial application of hyperinflation accounting, prior period financial information is also restated as if the economy had always been hyperinflationary. Gains or losses on the net monetary position are recognised in profit or loss.\n \n \n \n \n \n \n 7.5 Finance income and finance costs The Group and the Company\u2019s finance income and finance costs include: - interest income on investments in debt securities and loan to Parent company, - interest expense on the lease liability, - interest expense on bonds in issue (including amortization of bond issue costs), - the net gain or loss on the disposal of investments in debt securities measured at FVOCI, - impairment losses (and reversals) on investments in debt securities carried at FVOCI and - foreign currency gains and losses on financial assets and liabilities, other than those of an operating nature. Interest income and interest expense is recognised using the effective interest method.\n \n \n \n \n \n \n \n \n In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability.\n \n \n \n \n \n 7.6 Income tax\n Income tax expense comprises current and deferred tax and is recognised in profit or loss. 7.6.1 Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. \n \n 7.6.2 Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. \n \n \n \n \n 7.7 Property, plant and equipment\n \n \n \n 7.7.2 Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is recognised in profit or loss. Significant components of individual assets are assessed, and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Berths developed and related improvements to leased property are depreciated over the shorter of the lease term and the useful life of the buildings and improvements, unless it is reasonably certain that the Group will obtain ownership of the land by the end of the lease term. The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\u2022 superyacht berths 50 years
\u2022 landscaping costs 50 years
\u2022 pontoon berths 25 years
\u2022 improvements to leased property 10 years
\u2022 utility modules and switchboards 10 years
\u2022 cable infrastructure 10 years
\u2022 motor vehicles, including shipping vessels 5 years
\u2022 marine and office equipment 5 years
\n In note 16.1, landscaping costs, improvements to leased property and utility modules and switchboards are classified under \u201cImprovements to leased property, landscaping and switchboards\u201d, while cable infrastructure and marine and office equipment are classified under \u201cCable infrastructure, marine & office equipment\u201d.\n \n \n \n 7.7 Property, plant and equipment (continued) 7.7.2 Depreciation (continued) Depreciation commences when the asset is available for use. Superyacht berths are depreciated from the date of full construction up to the point in time when the long-term licensing contract is signed with the licensee, at which time the carrying amount of such berths is apportioned and accounted for as explained in note 7.7.1. Assets in the course of construction are not depreciated. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.\n \n \n \n \n \n 7.10 Impairment\n 7.10.1 Non-derivative financial assets The Group recognises loss allowances for Expected Credit Losses (\u201cECLs\u201d) on: - financial assets measured at amortised cost; namely trade and other receivables, loan to Parent company and cash at bank; and - debt investments measured at FVOCI, namely investments in debt securities. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: - debt securities that are determined to have low credit risk at the reporting date; and - financial assets for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowances for trade and other receivables are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. Forward-looking information includes the future prospects of the industries in which the Company\u2019s debtors operate, as well as consideration of various external sources of actual and forecast economic information that relate to the Company\u2019s core operations. In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. The Group considers a financial asset to be in default when the debtor is unable to pay its credit obligations to the Group in full. The Group rebuts the 90 days past due presumption since it has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of investment grade.\n \n \n \n \n \n \n Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instruments. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. In the case of short-term, interest- free financial assets, such as trade receivables, ECLs are not discounted. If evidence of a significant increase in credit risk at the individual instrument level is not yet available, the Group performs the assessment of significant increases in credit risk on a collective basis by considering information on, for example, a group or sub-group of financial instruments. Where the Company does not have reasonable and supportable information that is available without undue cost or effort to measure lifetime ECL on an individual instrument basis, lifetime ECL is measured on a collective basis. In such instances, the financial instruments are grouped on the basis of shared credit risk characteristics. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to the Parent company loan, cash at bank and trade and other receivables, are presented separately in the statement of profit or loss and other comprehensive income. For debt securities at FVOCI, the loss allowance is presented in profit or loss below the Operating Profit line item and is recognised in OCI.\n \n \n \n 7.10.2 Non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.\n \n \n \n \n \n 7.10.3 Equity-accounted investees The impairment assessment in respect of the Group\u2019s investment in equity-accounted investees comprises two successive steps: (1) apply the equity method to recognise the investor\u2019s share of any impairment losses for the investee\u2019s identifiable assets: and (2) when there is an indication of a possible impairment, test the investment as a whole and recognise any additional impairment loss. An impairment loss in respect of an equity-accounted investee is measured by comparing the recoverable amount of the investment with its carrying amount. An impairment loss is recognised in profit or loss and is reversed if there has been a favourable change in the estimates used to determine the recoverable amount.\n \n \n \n \n 7.11 Leases\n \n \n \n i. As a lessee\n \n \n The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The estimated useful lives of right-of-use assets as at 31 December 2025 are as follows: \n \n \n \n \n \n \n \n \n \n \n \n
\u2022 Properties 3 to 13 years
\u2022 Water space 73 years from the balance sheet date
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324143816081": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.2 Foreign currency 7.2.1 Foreign operations The assets and liabilities of foreign operations are translated into euro at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into euro at the exchange rates at the dates of the transactions. Foreign currency differences are recognised in OCI and accumulated in the foreign currency translation reserve. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324150321597": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.4 Revenue from contracts with customers Information about the Group\u2019s accounting policies relating to contracts with customers is provided in note 10. \n \n 10 Revenue\n \n \n \n 10.4 Performance obligations and revenue recognition policies\n \n Information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms and the related revenue recognition policies are as follows in notes 10.4.1 and 10.4.2. \n \n \n 10.4.1 Licensing of long-term super-yacht berths The Group recognises revenue at a point in time. Revenue from the licensing of long-term super-yacht berths is recognised upon the signing of the licensing arrangements with the berth holders, on the basis that such give rise to the sale of the Group\u2019s right to the use of such berths (recognised at a point in time i.e. when a berth holder obtains control of the berth space through the execution of a public deed, which is the point in time when real rights are acquired by the berth holder). The Group adjusts the consideration amount as per the contract for the effects of the time value of money if the timing of payments agreed to by the parties provides the customer with a significant benefit of financing the transfer of goods/services to the customer.\n \n \n \n \n 10 Revenue (continued) 10.4 Performance obligations and revenue recognition policies (continued) 10.4.2 Short-term berthing The Group recognises revenue over time. The Group earns income from services provided in respect of short-term berthing contracts, being annual, seasonal and visitor contracts and service fees charged to berth holders. The customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs by making the berth available. The customer benefits from its service of making the berth available evenly throughout the year, meaning the customer benefits from having the berth available, regardless of whether the customer uses it or not. In such case, the best measure of progress towards complete satisfaction of the performance obligation over time is a time-based measure and revenue is thus recognised on a straight-line basis throughout the berthing period. Consequently, such services are deemed to comprise a series of distinct services treated as a single performance obligation satisfied over time. Accordingly, revenue is recognised over the service period. The Group adjusts the consideration amount as per the contract for the effects of the time value of money if the timing of payments agreed to by the parties provides the customer with a significant benefit of financing the transfer of goods/services to the customer. As a practical expedient, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if the Group expects, at contract inception, that the period between when the Group transfers a promised good/service to a customer and when the customer pays for that good/service will be one year or less. Any cash received in advance of the provision of services is recognised within the line item \u2018Contract liabilities\u2019. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324151717177": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.5 Finance income and finance costs The Group and the Company\u2019s finance income and finance costs include: - interest income on investments in debt securities and loan to Parent company, - interest expense on the lease liability, - interest expense on bonds in issue (including amortization of bond issue costs), - the net gain or loss on the disposal of investments in debt securities measured at FVOCI, - impairment losses (and reversals) on investments in debt securities carried at FVOCI and - foreign currency gains and losses on financial assets and liabilities, other than those of an operating nature. Interest income and interest expense is recognised using the effective interest method.\n \n \n \n \n \n \n In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324151939219": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.5 Finance income and finance costs The Group and the Company\u2019s finance income and finance costs include: - interest income on investments in debt securities and loan to Parent company, - interest expense on the lease liability, - interest expense on bonds in issue (including amortization of bond issue costs), - the net gain or loss on the disposal of investments in debt securities measured at FVOCI, - impairment losses (and reversals) on investments in debt securities carried at FVOCI and - foreign currency gains and losses on financial assets and liabilities, other than those of an operating nature. Interest income and interest expense is recognised using the effective interest method.\n \n \n \n \n \n \n \n In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability.\n \n \n However, for financial assets that have become credit impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.\n \n \n \n \n \n \n \n \n \n 7.8 Financial instruments\n \n 7.8.1 Recognition and initial measurement Financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.\n A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at Fair Value through Profit\n \n \n \n \n or Loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue.\n \n A trade receivable without a significant financing component is initially measured at the transaction price. \n \n \n \n \n \n 7.8.2 Classification and subsequent measurement\n \n \n \n Financial assets\n On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI - debt investment; FVOCI \u2013 equity investment; or FVTPL. The classification of financial assets under IFRS 9 Financial Instruments is generally based on the business model in which a financial asset is managed and its contractual cash flows characteristics.\n \n \n The Group has financial assets measured at amortised cost which comprise investment in treasury\n \n \n bills, trade and other receivables, loan to Parent company and cash and cash equivalents.\n The Group also has debt instruments measured at FVOCI which comprise investments in debt securities. \n \n \n Financial assets are not reclassified subsequent to their initial recognition unless the\n \n \n \n \n Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.\n A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\n \n \n \n \n 7 Material accounting policy information (continued) \n \n 7.8 Financial instruments (continued) 7.8.2 Classification and subsequent measurement (continued) Financial assets (continued) \n \n A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. \n \n Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: - contingent events that would change the amount or timing of cash flows, - terms that may adjust the contractual coupon rate, including variable-rate features, - prepayment and extension features, and - terms that limit the Group\u2019s claim to cash flows from specified assets, such as non-recourse features. Financial assets \u2013 Subsequent measurement and gains and losses \n \n Financial assets at amortised cost\n These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. \n \n Any gain or loss on derecognition is\n \n \n recognised in profit or loss. \n \n \n \n \n \n 7 Material accounting policy information (continued) \n \n 7.8 Financial instruments (continued) 7.8.2 Classification and subsequent measurement (continued) \n \n \n Debt investments at FVOCI\n These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. \n \n On derecognition, gains and losses\n \n \n accumulated in OCI are reclassified to profit or loss.\n \n \n \n \n \n \n Financial liabilities \u2013 Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. These financial liabilities comprise bank overdrafts, trade payables and debt securities in issue. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.\n \n \n \n \n \n \n \n \n \n \n 7.8.3 Derecognition\n \n \n Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.\n \n \n \n \n \n \n Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. No provision is recognised if an outflow of economic resources as a result of present obligations is not probable. Such events and conditions are disclosed as contingent liabilities unless the outflow of resources is remote. \n \n \n \n \n \n 7 Material accounting policy information (continued) \n \n \n \n \n 7.10 Impairment\n 7.10.1 Non-derivative financial assets The Group recognises loss allowances for Expected Credit Losses (\u201cECLs\u201d) on: - financial assets measured at amortised cost; namely trade and other receivables, loan to Parent company and cash at bank; and - debt investments measured at FVOCI, namely investments in debt securities. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: - debt securities that are determined to have low credit risk at the reporting date; and - financial assets for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowances for trade and other receivables are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. Forward-looking information includes the future prospects of the industries in which the Company\u2019s debtors operate, as well as consideration of various external sources of actual and forecast economic information that relate to the Company\u2019s core operations. In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. The Group considers a financial asset to be in default when the debtor is unable to pay its credit obligations to the Group in full. The Group rebuts the 90 days past due presumption since it has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of investment grade.\n \n \n \n \n 7 Material accounting policy information (continued) 7.10 Impairment (continued) 7.10.1 Non-derivative financial assets (continued) \n \n \n Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instruments. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. In the case of short-term, interest- free financial assets, such as trade receivables, ECLs are not discounted. If evidence of a significant increase in credit risk at the individual instrument level is not yet available, the Group performs the assessment of significant increases in credit risk on a collective basis by considering information on, for example, a group or sub-group of financial instruments. Where the Company does not have reasonable and supportable information that is available without undue cost or effort to measure lifetime ECL on an individual instrument basis, lifetime ECL is measured on a collective basis. In such instances, the financial instruments are grouped on the basis of shared credit risk characteristics. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to the Parent company loan, cash at bank and trade and other receivables, are presented separately in the statement of profit or loss and other comprehensive income. For debt securities at FVOCI, the loss allowance is presented in profit or loss below the Operating Profit line item and is recognised in OCI.\n \n \n 7.11 Leases\n \n i. As a lessee\n \n The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources, particularly the Group\u2019s debt securities in issue and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments, including in-substance fixed payments; - variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; Variable lease payments that do not depend on an index or rate (such as revenue-based payments) are recognised as an expense as incurred (see note 11.1). The lease liability is measured at amortised cost using the effective interest method. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. \n \n \n \n 7.15 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and cash at bank. Bank overdrafts that are repayable on demand and form an integral part of the company\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324153228544": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.5 Finance income and finance costs The Group and the Company\u2019s finance income and finance costs include: - interest income on investments in debt securities and loan to Parent company, - interest expense on the lease liability, - interest expense on bonds in issue (including amortization of bond issue costs), - the net gain or loss on the disposal of investments in debt securities measured at FVOCI, - impairment losses (and reversals) on investments in debt securities carried at FVOCI and - foreign currency gains and losses on financial assets and liabilities, other than those of an operating nature. Interest income and interest expense is recognised using the effective interest method.\n \n \n \n \n 7 Material accounting policy information (continued) 7.5 Finance income and finance costs (continued) \n \n \n \n \n In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability.\n \n \n However, for financial assets that have become credit impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324153545342": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.5 Finance income and finance costs The Group and the Company\u2019s finance income and finance costs include: - interest income on investments in debt securities and loan to Parent company, - interest expense on the lease liability, - interest expense on bonds in issue (including amortization of bond issue costs), - the net gain or loss on the disposal of investments in debt securities measured at FVOCI, - impairment losses (and reversals) on investments in debt securities carried at FVOCI and - foreign currency gains and losses on financial assets and liabilities, other than those of an operating nature. Interest income and interest expense is recognised using the effective interest method.\n \n \n 7 Material accounting policy information (continued) 7.5 Finance income and finance costs (continued) \n \n \n \n \n In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability.\n \n \n However, for financial assets that have become credit impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324153834423": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.6 Income tax\n Income tax expense comprises current and deferred tax and is recognised in profit or loss. 7.6.1 Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. \n \n 7.6.2 Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324154214008": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.6 Income tax\n \n 7.6.2 Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324154449336": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.7 Property, plant and equipment\n \n 7.7.1 Recognition and measurement Property, plant and equipment of the Group includes superyacht berths that have been completed but not yet licensed (see below), pontoons, improvements to leased property, motor vehicles, office equipment and assets in the course of construction. Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Any common costs incurred for the berths are allocated equally. As part of its operating activities, Grand Harbour Marina p.l.c. licenses out superyacht berths, typically for periods ranging between 25 to 30 years. The cost of such berths is apportioned between that part attributable to the initial licensing period, which is recognised immediately in profit or loss, and that part (the residual amount) attributable to the period which extends beyond the initial licensing period. The method of cost apportionment which is based on the discounted revenue from each long-term sale represents a fair reflection of the pattern of future economic benefits estimated to accrue from the licensing of such berths. The residual amount is classified in the balance sheet as \u2018deferred costs\u2019 and included with non-current assets.\n When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. \n \n \n 7.7.2 Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is recognised in profit or loss. Significant components of individual assets are assessed, and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Berths developed and related improvements to leased property are depreciated over the shorter of the lease term and the useful life of the buildings and improvements, unless it is reasonably certain that the Group will obtain ownership of the land by the end of the lease term. The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\u2022 superyacht berths 50 years
\u2022 landscaping costs 50 years
\u2022 pontoon berths 25 years
\u2022 improvements to leased property 10 years
\u2022 utility modules and switchboards 10 years
\u2022 cable infrastructure 10 years
\u2022 motor vehicles, including shipping vessels 5 years
\u2022 marine and office equipment 5 years
\n In note 16.1, landscaping costs, improvements to leased property and utility modules and switchboards are classified under \u201cImprovements to leased property, landscaping and switchboards\u201d, while cable infrastructure and marine and office equipment are classified under \u201cCable infrastructure, marine & office equipment\u201d.\n \n \n \n 7 Material accounting policy information (continued) \n \n \n 7.7 Property, plant and equipment (continued) 7.7.2 Depreciation (continued) Depreciation commences when the asset is available for use. Superyacht berths are depreciated from the date of full construction up to the point in time when the long-term licensing contract is signed with the licensee, at which time the carrying amount of such berths is apportioned and accounted for as explained in note 7.7.1. Assets in the course of construction are not depreciated. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324155843472": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.7 Property, plant and equipment\n \n 7.7.2 Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is recognised in profit or loss. Significant components of individual assets are assessed, and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Berths developed and related improvements to leased property are depreciated over the shorter of the lease term and the useful life of the buildings and improvements, unless it is reasonably certain that the Group will obtain ownership of the land by the end of the lease term. The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\u2022 superyacht berths 50 years
\u2022 landscaping costs 50 years
\u2022 pontoon berths 25 years
\u2022 improvements to leased property 10 years
\u2022 utility modules and switchboards 10 years
\u2022 cable infrastructure 10 years
\u2022 motor vehicles, including shipping vessels 5 years
\u2022 marine and office equipment 5 years
\n In note 16.1, landscaping costs, improvements to leased property and utility modules and switchboards are classified under \u201cImprovements to leased property, landscaping and switchboards\u201d, while cable infrastructure and marine and office equipment are classified under \u201cCable infrastructure, marine & office equipment\u201d.\n \n 7.7 Property, plant and equipment (continued) 7.7.2 Depreciation (continued) Depreciation commences when the asset is available for use. Superyacht berths are depreciated from the date of full construction up to the point in time when the long-term licensing contract is signed with the licensee, at which time the carrying amount of such berths is apportioned and accounted for as explained in note 7.7.1. Assets in the course of construction are not depreciated. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324160740265": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.7 Property, plant and equipment\n \n 7.7.1 Recognition and measurement Property, plant and equipment of the Group includes superyacht berths that have been completed but not yet licensed (see below), pontoons, improvements to leased property, motor vehicles, office equipment and assets in the course of construction. Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Any common costs incurred for the berths are allocated equally. As part of its operating activities, Grand Harbour Marina p.l.c. licenses out superyacht berths, typically for periods ranging between 25 to 30 years. The cost of such berths is apportioned between that part attributable to the initial licensing period, which is recognised immediately in profit or loss, and that part (the residual amount) attributable to the period which extends beyond the initial licensing period. The method of cost apportionment which is based on the discounted revenue from each long-term sale represents a fair reflection of the pattern of future economic benefits estimated to accrue from the licensing of such berths. The residual amount is classified in the balance sheet as \u2018deferred costs\u2019 and included with non-current assets.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324160937464": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.8 Financial instruments\n \n 7.8.1 Recognition and initial measurement Financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.\n A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at Fair Value through Profit\n \n \n \n \n or Loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue.\n \n A trade receivable without a significant financing component is initially measured at the transaction price. \n \n \n \n \n \n 7.8.2 Classification and subsequent measurement\n \n \n \n Financial assets\n On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI - debt investment; FVOCI \u2013 equity investment; or FVTPL. The classification of financial assets under IFRS 9 Financial Instruments is generally based on the business model in which a financial asset is managed and its contractual cash flows characteristics.\n \n The Group has financial assets measured at amortised cost which comprise investment in treasury\n \n bills, trade and other receivables, loan to Parent company and cash and cash equivalents.\n \n \n Financial assets are not reclassified subsequent to their initial recognition unless the\n \n \n \n Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.\n A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\n \n Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: - contingent events that would change the amount or timing of cash flows, - terms that may adjust the contractual coupon rate, including variable-rate features, - prepayment and extension features, and - terms that limit the Group\u2019s claim to cash flows from specified assets, such as non-recourse features. Financial assets \u2013 Subsequent measurement and gains and losses \n \n Financial assets at amortised cost\n These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. \n \n Any gain or loss on derecognition is\n \n \n recognised in profit or loss. \n \n \n \n \n \n \n \n 7.8.3 Derecognition\n \n \n Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.\n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324161758105": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.5 Finance income and finance costs The Group and the Company\u2019s finance income and finance costs include: - interest income on investments in debt securities and loan to Parent company, - interest expense on the lease liability, - interest expense on bonds in issue (including amortization of bond issue costs), - the net gain or loss on the disposal of investments in debt securities measured at FVOCI, - impairment losses (and reversals) on investments in debt securities carried at FVOCI and - foreign currency gains and losses on financial assets and liabilities, other than those of an operating nature. Interest income and interest expense is recognised using the effective interest method.\n \n In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324170703399": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.15 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and cash at bank. Bank overdrafts that are repayable on demand and form an integral part of the company\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324170856829": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.15 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and cash at bank. Bank overdrafts that are repayable on demand and form an integral part of the company\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows and are presented in current liabilities on the statement of financial position.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324171949359": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.13 Segment reporting Segment results that are reported to the CEO and the Board of Directors of Grand Harbour Marina p.l.c. (the Group\u2019s chief operating decision makers), include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324172155103": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.12 Earnings per share The Group presents basic earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324172317940": { "value": "\n \n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.11 Leases\n \n 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 consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: - the contract involves the use of an identified asset \u2013 this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; and - the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use. \n \n \n i. As a lessee\n \n At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. \n \n The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The estimated useful lives of right-of-use assets as at 31 December 2025 are as follows: \n \n \n \n \n \n \n \n \n \n \n \n
\u2022 Properties 3 to 13 years
\u2022 Water space 73 years from the balance sheet date
\n \n \n 7 Material accounting policy information (continued) 7.11 Leases (continued) i. As a lessee (continued) \n \n The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources, particularly the Group\u2019s debt securities in issue and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments, including in-substance fixed payments; - variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; Variable lease payments that do not depend on an index or rate (such as revenue-based payments) are recognised as an expense as incurred (see note 11.1). The lease liability is measured at amortised cost using the effective interest method. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. \n The Group presents right-of-use assets that do not meet the definition of investment property, and lease liabilities, separately in the statement of financial position.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324172842349": { "value": "\n \n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n 7.10 Impairment\n \n 7.10.2 Non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324173137677": { "value": "\n \n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n 7.10 Impairment\n 7.10.1 Non-derivative financial assets The Group recognises loss allowances for Expected Credit Losses (\u201cECLs\u201d) on: - financial assets measured at amortised cost; namely trade and other receivables, loan to Parent company and cash at bank; and - debt investments measured at FVOCI, namely investments in debt securities. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: - debt securities that are determined to have low credit risk at the reporting date; and - financial assets for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowances for trade and other receivables are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. Forward-looking information includes the future prospects of the industries in which the Company\u2019s debtors operate, as well as consideration of various external sources of actual and forecast economic information that relate to the Company\u2019s core operations. In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. The Group considers a financial asset to be in default when the debtor is unable to pay its credit obligations to the Group in full. The Group rebuts the 90 days past due presumption since it has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of investment grade.\n \n \n \n \n Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instruments. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. In the case of short-term, interest- free financial assets, such as trade receivables, ECLs are not discounted. If evidence of a significant increase in credit risk at the individual instrument level is not yet available, the Group performs the assessment of significant increases in credit risk on a collective basis by considering information on, for example, a group or sub-group of financial instruments. Where the Company does not have reasonable and supportable information that is available without undue cost or effort to measure lifetime ECL on an individual instrument basis, lifetime ECL is measured on a collective basis. In such instances, the financial instruments are grouped on the basis of shared credit risk characteristics. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to the Parent company loan, cash at bank and trade and other receivables, are presented separately in the statement of profit or loss and other comprehensive income. For debt securities at FVOCI, the loss allowance is presented in profit or loss below the Operating Profit line item and is recognised in OCI.\n \n \n \n 7.10.2 Non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.\n \n \n \n 7.10.3 Equity-accounted investees The impairment assessment in respect of the Group\u2019s investment in equity-accounted investees comprises two successive steps: (1) apply the equity method to recognise the investor\u2019s share of any impairment losses for the investee\u2019s identifiable assets: and (2) when there is an indication of a possible impairment, test the investment as a whole and recognise any additional impairment loss. An impairment loss in respect of an equity-accounted investee is measured by comparing the recoverable amount of the investment with its carrying amount. An impairment loss is recognised in profit or loss and is reversed if there has been a favourable change in the estimates used to determine the recoverable amount.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324173425038": { "value": "\n \n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n 7.10 Impairment\n 7.10.1 Non-derivative financial assets The Group recognises loss allowances for Expected Credit Losses (\u201cECLs\u201d) on: - financial assets measured at amortised cost; namely trade and other receivables, loan to Parent company and cash at bank; and - debt investments measured at FVOCI, namely investments in debt securities. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: - debt securities that are determined to have low credit risk at the reporting date; and - financial assets for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowances for trade and other receivables are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. Forward-looking information includes the future prospects of the industries in which the Company\u2019s debtors operate, as well as consideration of various external sources of actual and forecast economic information that relate to the Company\u2019s core operations. In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. The Group considers a financial asset to be in default when the debtor is unable to pay its credit obligations to the Group in full. The Group rebuts the 90 days past due presumption since it has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of investment grade.\n \n Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instruments. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. In the case of short-term, interest- free financial assets, such as trade receivables, ECLs are not discounted. If evidence of a significant increase in credit risk at the individual instrument level is not yet available, the Group performs the assessment of significant increases in credit risk on a collective basis by considering information on, for example, a group or sub-group of financial instruments. Where the Company does not have reasonable and supportable information that is available without undue cost or effort to measure lifetime ECL on an individual instrument basis, lifetime ECL is measured on a collective basis. In such instances, the financial instruments are grouped on the basis of shared credit risk characteristics. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to the Parent company loan, cash at bank and trade and other receivables, are presented separately in the statement of profit or loss and other comprehensive income. For debt securities at FVOCI, the loss allowance is presented in profit or loss below the Operating Profit line item and is recognised in OCI.\n \n 7.10.3 Equity-accounted investees The impairment assessment in respect of the Group\u2019s investment in equity-accounted investees comprises two successive steps: (1) apply the equity method to recognise the investor\u2019s share of any impairment losses for the investee\u2019s identifiable assets: and (2) when there is an indication of a possible impairment, test the investment as a whole and recognise any additional impairment loss. An impairment loss in respect of an equity-accounted investee is measured by comparing the recoverable amount of the investment with its carrying amount. An impairment loss is recognised in profit or loss and is reversed if there has been a favourable change in the estimates used to determine the recoverable amount.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324173658507": { "value": "\n \n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n 7.9 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares, net of any tax effects, are recognised as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12 Income Taxes. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324173803350": { "value": "\n \n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n 7.8 Financial instruments\n \n \n \n \n \n 7.8.2 Classification and subsequent measurement\n \n \n \n \n Financial assets at amortised cost\n \n Any gain or loss on derecognition is\n \n recognised in profit or loss. \n \n Debt investments at FVOCI\n \n On derecognition, gains and losses\n \n accumulated in OCI are reclassified to profit or loss.\n \n \n \n \n \n \n \n 7.8.3 Derecognition\n \n \n Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.\n \n \n \n \n \n \n Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. No provision is recognised if an outflow of economic resources as a result of present obligations is not probable. Such events and conditions are disclosed as contingent liabilities unless the outflow of resources is remote. \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324174324870": { "value": "\n \n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n 7.8 Financial instruments\n \n 7.8.1 Recognition and initial measurement Financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.\n A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at Fair Value through Profit\n \n \n \n or Loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue.\n \n \n \n \n 7.8.2 Classification and subsequent measurement\n \n \n \n \n \n Financial liabilities \u2013 Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. These financial liabilities comprise bank overdrafts, trade payables and debt securities in issue. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.\n \n \n \n \n \n 7.8.3 Derecognition\n \n \n \n \n \n Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. No provision is recognised if an outflow of economic resources as a result of present obligations is not probable. Such events and conditions are disclosed as contingent liabilities unless the outflow of resources is remote. \n \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324204545236": { "value": "\n \n \n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n \n \n \n \n 7.8 Financial instruments\n \n 7.8.1 Recognition and initial measurement Financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.\n A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at Fair Value through Profit\n \n \n \n \n or Loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue.\n \n A trade receivable without a significant financing component is initially measured at the transaction price. \n \n \n \n \n \n 7.8.2 Classification and subsequent measurement\n \n \n \n Financial assets\n On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI - debt investment; FVOCI \u2013 equity investment; or FVTPL. The classification of financial assets under IFRS 9 Financial Instruments is generally based on the business model in which a financial asset is managed and its contractual cash flows characteristics.\n \n \n The Group has financial assets measured at amortised cost which comprise investment in treasury\n \n \n bills, trade and other receivables, loan to Parent company and cash and cash equivalents.\n The Group also has debt instruments measured at FVOCI which comprise investments in debt securities. \n \n \n Financial assets are not reclassified subsequent to their initial recognition unless the\n \n \n \n \n Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.\n A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\n \n \n \n A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. \n \n Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: - contingent events that would change the amount or timing of cash flows, - terms that may adjust the contractual coupon rate, including variable-rate features, - prepayment and extension features, and - terms that limit the Group\u2019s claim to cash flows from specified assets, such as non-recourse features. Financial assets \u2013 Subsequent measurement and gains and losses \n \n Financial assets at amortised cost\n These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. \n \n Any gain or loss on derecognition is\n \n \n recognised in profit or loss. \n \n \n \n \n Debt investments at FVOCI\n These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. \n \n On derecognition, gains and losses\n \n \n accumulated in OCI are reclassified to profit or loss.\n \n \n \n \n \n \n 7.8.3 Derecognition\n \n \n Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324210218404": { "value": "\n \n \n \n 7 Material accounting policy information\n \n \n \n \n 7.8 Financial instruments\n \n \n \n \n \n 7.8.2 Classification and subsequent measurement\n \n \n \n Financial assets\n \n Financial assets are not reclassified subsequent to their initial recognition unless the\n \n Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324210433048": { "value": "\n \n \n 7 Material accounting policy information\n \n \n \n \n \n \n 7.8 Financial instruments\n \n 7.8.1 Recognition and initial measurement Financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.\n A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at Fair Value through Profit\n \n or Loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue.\n \n \n 7.8.2 Classification and subsequent measurement\n \n \n \n Financial liabilities \u2013 Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. These financial liabilities comprise bank overdrafts, trade payables and debt securities in issue. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.\n \n \n \n 7.8.3 Derecognition\n \n \n \n Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. No provision is recognised if an outflow of economic resources as a result of present obligations is not probable. Such events and conditions are disclosed as contingent liabilities unless the outflow of resources is remote. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324222416328": { "value": "\n \n 7 Material accounting policy information\n \n \n \n \n \n \n \n \n 7.8 Financial instruments\n \n 7.8.1 Recognition and initial measurement Financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.\n A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at Fair Value through Profit\n \n \n \n \n or Loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue.\n \n A trade receivable without a significant financing component is initially measured at the transaction price. \n \n \n \n \n \n 7.8.2 Classification and subsequent measurement\n \n \n \n Financial assets\n On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI - debt investment; FVOCI \u2013 equity investment; or FVTPL. The classification of financial assets under IFRS 9 Financial Instruments is generally based on the business model in which a financial asset is managed and its contractual cash flows characteristics.\n \n \n The Group has financial assets measured at amortised cost which comprise investment in treasury\n \n \n bills, trade and other receivables, loan to Parent company and cash and cash equivalents.\n The Group also has debt instruments measured at FVOCI which comprise investments in debt securities. \n \n \n Financial assets are not reclassified subsequent to their initial recognition unless the\n \n \n \n \n Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.\n A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\n \n \n 7.8 Financial instruments (continued) 7.8.2 Classification and subsequent measurement (continued) Financial assets (continued) \n \n A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. \n \n Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: - contingent events that would change the amount or timing of cash flows, - terms that may adjust the contractual coupon rate, including variable-rate features, - prepayment and extension features, and - terms that limit the Group\u2019s claim to cash flows from specified assets, such as non-recourse features. Financial assets \u2013 Subsequent measurement and gains and losses \n \n Financial assets at amortised cost\n These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. \n \n Any gain or loss on derecognition is\n \n \n recognised in profit or loss. \n \n \n \n \n 7.8 Financial instruments (continued) 7.8.2 Classification and subsequent measurement (continued) \n \n \n Debt investments at FVOCI\n These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. \n \n On derecognition, gains and losses\n \n \n accumulated in OCI are reclassified to profit or loss.\n \n \n \n \n \n \n 7.8.3 Derecognition\n \n \n Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324222729679": { "value": "\n 7 Material accounting policy information\n \n \n \n 7.8 Financial instruments\n \n 7.8.1 Recognition and initial measurement Financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.\n \n 7.8.2 Classification and subsequent measurement\n \n Financial liabilities \u2013 Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. These financial liabilities comprise bank overdrafts, trade payables and debt securities in issue. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.\n \n 7.8.3 Derecognition\n \n Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. No provision is recognised if an outflow of economic resources as a result of present obligations is not probable. Such events and conditions are disclosed as contingent liabilities unless the outflow of resources is remote. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324170000357": { "value": "\n \n 8 New or revised standards or Interpretations 8.1 International Financial Reporting standards applicable during the current year During the financial year ended 31 December 2025, the Group and the Company adopted new amendments to existing standards that are mandatory for accounting periods beginning on 1 January 2025. The adoption of these amendments did not have any impact on the Group\u2019s financial position, performance or disclosures. 8.2 International Financial Reporting Standards issued but not yet effective Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements, that are mandatory for the Group's and Company's accounting periods beginning after 1 January 2025. The Group and Company have not early adopted these standards and amendments. IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d was issued by the International Accounting Standards Board and was endorsed by the EU in the first quarter of 2026. The standard will replace IAS 1 and introduces new requirements for the presentation of the statement of profit or loss, including specified subtotals and enhanced disclosure requirements for management- defined performance measures. The Directors are currently assessing the impact that the application of IFRS 18 may have on the presentation and disclosures within the Group\u2019s and the Company\u2019s financial statements in the period of initial application. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324204329015": { "value": "\n 8 New or revised standards or Interpretations 8.1 International Financial Reporting standards applicable during the current year During the financial year ended 31 December 2025, the Group and the Company adopted new amendments to existing standards that are mandatory for accounting periods beginning on 1 January 2025. The adoption of these amendments did not have any impact on the Group\u2019s financial position, performance or disclosures. 8.2 International Financial Reporting Standards issued but not yet effective Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements, that are mandatory for the Group's and Company's accounting periods beginning after 1 January 2025. The Group and Company have not early adopted these standards and amendments. IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d was issued by the International Accounting Standards Board and was endorsed by the EU in the first quarter of 2026. The standard will replace IAS 1 and introduces new requirements for the presentation of the statement of profit or loss, including specified subtotals and enhanced disclosure requirements for management- defined performance measures. The Directors are currently assessing the impact that the application of IFRS 18 may have on the presentation and disclosures within the Group\u2019s and the Company\u2019s financial statements in the period of initial application. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324170039959": { "value": "\n 9 Operating segments 9.1 Information about reportable segments In accordance with the management approach to segment reporting, the Group has identified two reportable segments, namely, the \u201cGrand Harbour Marina\u201d located in Malta, and the \u201cIC Cesme Marina\u201d located in Turkey. Each segment represents the ownership and operation of marina facilities providing berthing and ancillary services for yachts and superyachts. The segments are managed separately due to differing resource allocations and capital requirements. The Chief Executive Officer and the Board of Directors regularly review internal financial and operating reports for each segment in order to assess performance and allocate resources. Segment performance is evaluated based on revenue and profit or loss before tax, as management considers these measures to be the most relevant indicators for assessing performance relative to other entities operating within the same industry. The amounts disclosed for IC Cesme Marina reflect 100% of its assets, liabilities, revenues and expenses prior to the application of the equity method. \n \n 9 Operating segments (continued) 9.1 Information about reportable segments (continued) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2025 Grand Harbour Marina IC Cesme Marina Total Reportable Segments
\u20ac000 \u20ac000 \u20ac000
Reportable segment assets 28,070 30,311 58,381
Reportable segment non- financial non-current assets 11,116 23,980 35,096
Reportable segment liabilities (24,650) (5,155) (29,805)
Segment revenues- external 5,161 9,821 14,982
Finance income 259 1,606 1,865
Finance costs (1,108) (598) (1,706)
Impairment reversal on financial assets 4 - 4
Depreciation (438) (684) (1,122)
Direct costs (1,231) (501) (1,732)
Selling, marketing and other administrative expenses (1,791) (3,934) (5,725)
Income tax expense (442) (933) (1,375)
Capital expenditure 105 308 413
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Reconciliation to Consolidated Amounts
Total Reportable Segments Eliminations Group
\u20ac000 \u20ac000 \u20ac000
Reportable segment assets 58,381 (19,800) 38,581
Reportable segment non- financial non-current assets 35,096 (13,469) 21,627
Reportable segment liabilities (29,805) 5,155 (24,650)
Segment revenues- external 14,982 (9,821) 5,161
Finance income 1,865 (1,606) 259
Finance costs (1,706) 598 (1,108)
Impairment reversal on financial assets 4 - 4
Depreciation (1,122) 684 (438)
Direct costs (1,732) 501 (1,231)
Selling, marketing and other administrative expenses (5,725) 3,934 (1,791)
Income tax expense (1,375) 933 (442)
Capital expenditure 413 (308) 105
\n \n 9 Operating segments (continued) 9.1 Information about reportable segments (continued) Reportable Group segment assets and non-financial non-current assets for 2025 are reconciled as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Assets Non-financial non- current assets
\u20ac000 \u20ac000
Total reportable segments 58,381 35,096
Total assets of IC Cesme (30,311) (23,980)
Total assets of Grand Harbour Marina p.l.c. 28,070 11,116
Equity accounting (see note 18.2) 10,511 10,511
Consolidated assets 38,581 21,627
\n Reportable Group segment profit before tax for 2025 is reconciled as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Grand Harbour Marina IC Cesme Marina Total Reportable Segments
\u20ac000 \u20ac000 \u20ac000
Reportable profit before tax 856 5,420 6,276
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Reconciliation to Consolidated Amounts
Total Reportable Segments Eliminations Group
\u20ac000 \u20ac000 \u20ac000
Reportable profit before tax 6,276 (3,413) 2,863
\u20ac000
Profit before tax
Total reportable segments 6,276
Total profit before tax of IC Cesme (5,420)
Total profit before tax of Grand Harbour Marina 856
Share of profit of IC Cesme Marina 2,007
Consolidated profit before tax 2,863
\n \n 9 Operating segments (continued) 9.1 Information about reportable segments (continued) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 Grand Harbour Marina IC Cesme Marina Total Reportable Segments
\u20ac000 \u20ac000 \u20ac000
Reportable segment assets 28,906 28,540 57,446
Reportable segment non-financial non-current assets 11,490 24,093 35,583
Reportable segment liabilities (25,182) (6,317) (31,499)
Segment revenues- external 8,231 9,201 17,432
Finance income 391 1,538 1,929
Finance costs (1,128) (1,205) (2,333)
Impairment reversal on financial assets 96 - 96
Depreciation (432) (561) (993)
Direct costs (2,563) (576) (3,139)
Selling, marketing and other administrative expenses (2,228) (3,128) (5,356)
Income tax expense (441) (2,575) (3,016)
Capital expenditure 274 252 526
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Reconciliation to Consolidated Amounts
Total Reportable Segments Eliminations Group
\u20ac000 \u20ac000 \u20ac000
Reportable segment assets 57,446 (19,337) 38,109
Reportable segment non-financial non-current assets 35,583 (14,890) 20,693
Reportable segment liabilities (31,499) 6,317 (25,182)
Segment revenues- external 17,432 (9,201) 8,231
Finance income 1,929 (1,538) 391
Finance costs (2,333) 1,205 (1,128)
Impairment reversal on financial assets 96 - 96
Depreciation (993) 561 (432)
Direct costs (3,139) 576 (2,563)
Selling, marketing and other administrative expenses (5,356) 3,128 (2,228)
Income tax expense (3,016) 2,575 (441)
Capital expenditure 526 (252) 274
\n \n 9 Operating segments (continued) 9.1 Information about reportable segments (continued) Reportable Group segment assets and non-financial non-current assets for 2024 are reconciled as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Assets Non-financial non-current assets
\u20ac000 \u20ac000
Total reportable segments 57,446 35,583
Total assets of IC Cesme (28,540) (24,093)
Total assets of Grand Harbour Marina p.l.c. 28,906 11,490
Equity accounting (see note 18.2) 9,203 9,203
Consolidated assets 38,109 20,693
\n Reportable Group segment profit before tax for 2024 is reconciled as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Grand Harbour Marina IC Cesme Marina Total Reportable Segments
\u20ac000 \u20ac000 \u20ac000
Reportable profit before tax 2,367 5,926 8,293
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Reconciliation to Consolidated Amounts
Total Reportable Segments Eliminations Group
\u20ac000 \u20ac000 \u20ac000
Reportable profit before tax 8,293 (4,430) 3,863
\u20ac000
Profit before tax
Total reportable segments 8,293
Total profit before tax of IC Cesme (5,926)
Total profit before tax of Grand Harbour Marina 2,367
Share of profit of IC Cesme Marina 1,496
Consolidated profit before tax 3,863
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324131612625": { "value": "\n \n \n \n \n 10 Revenue\n \n \n 10.1 Revenue streams The Company generates revenue primarily from berthing income on annual, seasonal and visitor berthing contracts. Other income is generated through annual service charges to berth owners and the provision of other ancillary services to marina customers, such as water and electricity. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and Company
Long-term berth sale - 3,750
Annual service charges to berth owners 469 513
Revenue from short-term berthing 3,476 2,994
Ancillary services 1,216 974
Total revenues 5,161 8,231
\n 10.2 Disaggregation of revenue from contracts with customers The following table disaggregates revenue recognised from contracts with customers into appropriate categories, being annual, seasonal and visitor revenue streams for pontoons (i.e., boats under 27.99 metres) and superyachts (i.e., boats over 28 metres) respectively. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
025 2024
\u20ac000 \u20ac000
Revenue from contracts with customers:
Revenue generated from pontoons:
Annual contracts 1,809 1,638
Seasonal contracts 130 131
Visitor contracts 146 221
2,085 1,990
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Revenue generated from superyachts:
Long-term berth sale - 3,750
Annual service charges to berth owners 469 513
Annual contracts 278 205
Seasonal contracts 275 233
Visitor contracts 838 566
1,860 5,267
Revenue from contracts with customers 3,945 7,257
Revenue from ancillary services 1,216 974
Total revenue as reported in note 10.1 5,161 8,231
\n \n \n \n 10 Revenue (continued) 10.3 Contract balances The following table provides information about receivables and contract liabilities from contracts with customers. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Group and Company \u20ac000 \u20ac000
Receivables, which are included in \u2018trade and other receivables\u2019 (note 22.1) 943 1,117
Contract liabilities on trade receivables (note 28) 1,381 1,282
\n The above receivables mainly relate to trade receivables arising on trading operations, and the contract liabilities relate to consideration received in advance from customers for berthing contracts, for which revenue is recognised over time. The amount of \u20ac1,270k (2024: \u20ac1,041k) recognised in contract liabilities at the beginning of the year has been recognised as revenue for the year ended 31 December 2025. As at reporting date, the Company did not have any contract assets as the Company\u2019s rights to consideration for satisfied performance obligations was fully completed and billed in full by the reporting date. \n \n \n \n 10.4 Performance obligations and revenue recognition policies\n \n Information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms and the related revenue recognition policies are as follows in notes 10.4.1 and 10.4.2. \n \n \n 10.4.1 Licensing of long-term super-yacht berths The Group recognises revenue at a point in time. Revenue from the licensing of long-term super-yacht berths is recognised upon the signing of the licensing arrangements with the berth holders, on the basis that such give rise to the sale of the Group\u2019s right to the use of such berths (recognised at a point in time i.e. when a berth holder obtains control of the berth space through the execution of a public deed, which is the point in time when real rights are acquired by the berth holder). The Group adjusts the consideration amount as per the contract for the effects of the time value of money if the timing of payments agreed to by the parties provides the customer with a significant benefit of financing the transfer of goods/services to the customer.\n \n \n \n \n \n \n \n 10 Revenue (continued) 10.4 Performance obligations and revenue recognition policies (continued) 10.4.2 Short-term berthing The Group recognises revenue over time. The Group earns income from services provided in respect of short-term berthing contracts, being annual, seasonal and visitor contracts and service fees charged to berth holders. The customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs by making the berth available. The customer benefits from its service of making the berth available evenly throughout the year, meaning the customer benefits from having the berth available, regardless of whether the customer uses it or not. In such case, the best measure of progress towards complete satisfaction of the performance obligation over time is a time-based measure and revenue is thus recognised on a straight-line basis throughout the berthing period. Consequently, such services are deemed to comprise a series of distinct services treated as a single performance obligation satisfied over time. Accordingly, revenue is recognised over the service period. The Group adjusts the consideration amount as per the contract for the effects of the time value of money if the timing of payments agreed to by the parties provides the customer with a significant benefit of financing the transfer of goods/services to the customer. As a practical expedient, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if the Group expects, at contract inception, that the period between when the Group transfers a promised good/service to a customer and when the customer pays for that good/service will be one year or less. Any cash received in advance of the provision of services is recognised within the line item \u2018Contract liabilities\u2019. \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324170244632": { "value": "\n \n \n \n 10 Revenue\n \n \n 10.1 Revenue streams The Company generates revenue primarily from berthing income on annual, seasonal and visitor berthing contracts. Other income is generated through annual service charges to berth owners and the provision of other ancillary services to marina customers, such as water and electricity. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and Company
Long-term berth sale - 3,750
Annual service charges to berth owners 469 513
Revenue from short-term berthing 3,476 2,994
Ancillary services 1,216 974
Total revenues 5,161 8,231
\n 10.2 Disaggregation of revenue from contracts with customers The following table disaggregates revenue recognised from contracts with customers into appropriate categories, being annual, seasonal and visitor revenue streams for pontoons (i.e., boats under 27.99 metres) and superyachts (i.e., boats over 28 metres) respectively. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
025 2024
\u20ac000 \u20ac000
Revenue from contracts with customers:
Revenue generated from pontoons:
Annual contracts 1,809 1,638
Seasonal contracts 130 131
Visitor contracts 146 221
2,085 1,990
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Revenue generated from superyachts:
Long-term berth sale - 3,750
Annual service charges to berth owners 469 513
Annual contracts 278 205
Seasonal contracts 275 233
Visitor contracts 838 566
1,860 5,267
Revenue from contracts with customers 3,945 7,257
Revenue from ancillary services 1,216 974
Total revenue as reported in note 10.1 5,161 8,231
\n \n 10 Revenue (continued) 10.3 Contract balances The following table provides information about receivables and contract liabilities from contracts with customers. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Group and Company \u20ac000 \u20ac000
Receivables, which are included in \u2018trade and other receivables\u2019 (note 22.1) 943 1,117
Contract liabilities on trade receivables (note 28) 1,381 1,282
\n The above receivables mainly relate to trade receivables arising on trading operations, and the contract liabilities relate to consideration received in advance from customers for berthing contracts, for which revenue is recognised over time. The amount of \u20ac1,270k (2024: \u20ac1,041k) recognised in contract liabilities at the beginning of the year has been recognised as revenue for the year ended 31 December 2025. As at reporting date, the Company did not have any contract assets as the Company\u2019s rights to consideration for satisfied performance obligations was fully completed and billed in full by the reporting date. \n \n \n \n 10.4 Performance obligations and revenue recognition policies\n \n Information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms and the related revenue recognition policies are as follows in notes 10.4.1 and 10.4.2. \n \n \n 10.4.1 Licensing of long-term super-yacht berths The Group recognises revenue at a point in time. Revenue from the licensing of long-term super-yacht berths is recognised upon the signing of the licensing arrangements with the berth holders, on the basis that such give rise to the sale of the Group\u2019s right to the use of such berths (recognised at a point in time i.e. when a berth holder obtains control of the berth space through the execution of a public deed, which is the point in time when real rights are acquired by the berth holder). The Group adjusts the consideration amount as per the contract for the effects of the time value of money if the timing of payments agreed to by the parties provides the customer with a significant benefit of financing the transfer of goods/services to the customer.\n \n \n \n \n 10 Revenue (continued) 10.4 Performance obligations and revenue recognition policies (continued) 10.4.2 Short-term berthing The Group recognises revenue over time. The Group earns income from services provided in respect of short-term berthing contracts, being annual, seasonal and visitor contracts and service fees charged to berth holders. The customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs by making the berth available. The customer benefits from its service of making the berth available evenly throughout the year, meaning the customer benefits from having the berth available, regardless of whether the customer uses it or not. In such case, the best measure of progress towards complete satisfaction of the performance obligation over time is a time-based measure and revenue is thus recognised on a straight-line basis throughout the berthing period. Consequently, such services are deemed to comprise a series of distinct services treated as a single performance obligation satisfied over time. Accordingly, revenue is recognised over the service period. The Group adjusts the consideration amount as per the contract for the effects of the time value of money if the timing of payments agreed to by the parties provides the customer with a significant benefit of financing the transfer of goods/services to the customer. As a practical expedient, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if the Group expects, at contract inception, that the period between when the Group transfers a promised good/service to a customer and when the customer pays for that good/service will be one year or less. Any cash received in advance of the provision of services is recognised within the line item \u2018Contract liabilities\u2019. \n \n 28 Contract liabilities 28.1 \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Customer advances on berthing contracts (see note 28.2) 1,381 1,282
1,381 1,282
\n 28.2 The contract liabilities relate to the consideration received in advance from customers for berthing contracts, for which revenue is recognised over time. Furthermore, the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the year is largely in relation to contracts with an original expected duration of one year or less. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324202847009": { "value": "\n \n \n \n \n \n 11 Expenses 11.1 Expenses by nature\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
Cost of sales:
Direct costs 1,231 2,563
Operating expenses:
Directors' remuneration 38 38
Wages and salaries 765 773
Compulsory social security contributions 49 48
Selling and marketing expenses 60 42
Repairs and maintenance 69 63
Variable lease expense (see note 21.1.5) 153 439
Auditors\u2019 remuneration (see note 12.1) 56 49
Net loss on asset write-off (see note 16.1) 41 53
Operator fees (see note 31.2) 238 464
Depreciation on plant and equipment (see note 16.1) 303 299
Depreciation on right-of-use asset (see note 21.1.1) 135 133
Other operating expenses 322 259
Total expenses recognised in statement of profit or loss 3,460 5,223
\n \n \n \n \n The average number of persons employed during the year was as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
No. No.
Group and company
Operating 18 18
Management and administration 5 5
23 23
\n \n \n \n \n \n 12 Other operating expenses 12.1 Auditors\u2019 remuneration The following fees were charged by, and became payable to the Company\u2019s auditors for services rendered in connection with: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
Audit of the financial statements 52 45
Tax compliance services 3 3
Other assurance services 1 1
56 49
\n \n \n \n \n 12 Other operating expenses (continued) 12.1 Auditors\u2019 remuneration (continued) The audit fee payable to IC Cesme\u2019s auditors for 2025 amounted to \u20ac50k (2024: \u20ac23k), with the Group\u2019s share of such audit fees being \u20ac23k (2024: \u20ac10k). No non-audit fees were incurred by IC Cesme during 2025 (2024: \u20acnil). \n \n \n \n \n \n \n 13 Net finance costs \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance income:
Interest income under the effective interest method on:
Loan to Parent company- measured at amortised cost 47 184
Debt securities 212 207
Finance income 259 391
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance costs:
Interest expense on financial liabilities measured at amortised cost (675) (675)
Interest expense on lease liabilities (see note 21.1.2) (387) (408)
Amortisation of bond issue costs (see note 26.4) (46) (43)
Net foreign exchange losses - (2)
Finance costs (1,108) (1,128)
Net finance costs recognised in statement of profit or loss (849) (737)
\n \n \n \n \n 15 Income taxes 15.1 Amount recognised in profit or loss Current tax is recognised at the corporate rate of 35% on the taxable income for the year from the Company\u2019s marina business activity. Deferred tax charges and credits relate to the marina business activity. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
Current tax
Charge during the year (529) (560)
(529) (560)
Deferred tax
Movement in temporary differences (see note 15.4) 87 119
87 119
Income tax expense on continuing operations recognised in statement of profit or loss (442) (441)
\n 15.2 Reconciliation of tax expense The income tax expense and the result of the accounting profit multiplied by the Maltese tax rate are reconciled as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Group 2025 Company 2024 Group 2024 Company
\u20ac000 \u20ac000 \u20ac000 \u20ac000
Profit before income tax 2,863 856 3,863 2,367
Tax at 8% - - (300) (300)
Tax at 15% (39) (39) (28) (28)
Tax at 35% (1,193) (490) (756) (232)
Tax effect of:
\u2022 Temporary differences (see note 15.4) 87 87 119 119
\u2022 Share of profit of equity- accounted investee 703 - 524 -
Income tax expense for the year (442) (442) (441) (441)
\n Share of profit of equity-accounted investee is not subject to tax. \n \n 15 Income taxes (continued) 15.3 Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Assets Liabilities Net
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Plant and equipment - - (972) (1,022) (972) (1,022)
Right-of-use asset - - (1,675) (1,722) (1,675) (1,722)
Lease liabilities 2,084 2,094 - - 2,084 2,094
Net deferred tax liabilities2,084 2,094 (2,647) (2,744) (563) (650)
\n 15.4 Movement in temporary differences during the year \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Balance 1 January 2025 Movement in temporary differences Balance 31 December 2025
\u20ac000 \u20ac000 \u20ac000
Group and Company
Plant and equipment (1,022) 50 (972)
Right-of-use asset (1,722) 47 (1,675)
Lease liabilities 2,094 (10) 2,084
(650) 87 (563)
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Balance 1 January 2024 Movement in temporary differences Balance 31 December 2024
\u20ac000 \u20ac000 \u20ac000
Group and Company
Plant and equipment (1,096) 74 (1,022)
Right-of-use asset (1,753) 31 (1,722)
Lease liabilities 2,080 14 2,094
(769) 119 (650)
\n \n 16 Property, plant and equipment\n \n 16 Property, plant and equipment (continued) 16.1 (continued) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Group and Company Total Superyacht berths Pontoon berths Improvements to leased property, landscaping & switchboards Motor vehicles, including shipping vessels Cable infrastructure, marine & office equipment Assets in the course of construction
Accumulated depreciation and impairment \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000
Balance at 1 January 2024 5,380 1,460 2,558 740 53 569 -
Depreciation charged for the year 299 83 144 50 2 20 -
Assets written off (53) (24) (29) - - - -
Balance at 31 December 2024 5,626 1,519 2,673 790 55 589 -
Balance at 1 January 2025 5,626 1,519 2,673 790 55 589 -
Depreciation charged for the year 303 83 147 53 2 18 -
Assets written off (10) - (10) - - - -
Balance at 31 December 2025 5,919 1,602 2,810 843 57 607 -
Carrying amounts
Balance at 1 January 2024 4,057 2,737 918 302 4 59 37
Balance at 31 December 2024 3,979 2,629 844 430 2 41 33
Balance at 31 December 2025 3,762 2,568 758 413 - 23 -
\n \n \n 19 Investment in debt securities 19.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Group and Company 2025 \u20ac000 2024 \u20ac000
Opening fair value 7,454 4,392
Acquisition of debt securities* 9,958 2,966
Maturity of debt securities (6,961) -
Net increase/ (decrease) in fair value, recognised in OCI (15) 106
Unwinding of premium paid upon acquisition (9) (10)
Closing fair value 10,427 7,454
Reversal of Expected credit losses on debt securities, recognised in OCI (3) (1)
Non-current 2,974 4,488
Current 7,453 2,966
\n \n 20 Loan to Parent company 20.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Loan to Parent company (see note 20.2) 1,050 1,050
Expected credit loss on loan to Parent company - (1)
Interest receivable on loan to Parent company 12 -
Total 1,062 1,049
At 1 January 1,049 4,619
Loan repayment- (3,635)
Net Interest receivable / (repaid) on loan to Parent company 12 (30)
Reversal in expected credit losses on loan to Parent company 1 -
Reversal of expected credit losses on loan to CNML - 95
At 31 December 1,062 1,049
Non-current - -
Current 1,062 1,049
\n \n \n \n \n \n \n 21 Leases 21.1 As a lessee\n \n \n \n \n The Group leases water space under a deed of sub-emphyteusis (note 16.2) together with other properties including offices and warehouses. Information about leases for which the Group is a lessee is presented below. \n \n 21.1.1 Right-of-use asset\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Water space Other Properties Total
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Group and company
Balance at 1 January 4,409 4,468 511 539 4,920 5,007
Recognition of right-of-use asset - - - 46 - 46
Depreciation on right-of-use asset (60) (59) (75) (74) (135) (133)
Balance at 31 December 4,349 4,409 436 511 4,785 4,920
\n \n \n \n \n \n 21.1.2 Lease liability\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Water space Other Properties Total
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Group and company
Balance at 1 January 5,338 5,280 645 662 5,983 5,942
Recognition of lease liability - - - 46 - 46
Interest expense on lease liabilities (see note 13) 354 350 33 58 387 408
Lease payments related to the year (see note 21.1.5) (293) (292) (125) (121) (418) (413)
Balance at 31 December 5,399 5,338 553 645 5,952 5,983
\n \n \n 23 Cash and cash equivalents 23.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Cash in hand 3 3
Bank balances 4,259 5,530
Investment in Treasury Bills (see note 23.2) - 1,993
4,262 7,526
Expected credit loss on cash and cash equivalents (see note 29.5) (1) (1)
Cash and cash equivalents in the statement of financial position 4,261 7,525
Bank overdraft used for cash management purposes (see note 26.3) (2) (2)
Cash and cash equivalents in the statement of cash flows 4,259 7,523
\n 23.2 Investment in Treasury Bills classified under \u201cCash and cash equivalents\u201d have an original maturity of three months or less from date of acquisition. \n \n 26 Loans and borrowings\n \n 26.4 Debt securities in issue\n \n The bonds are measured at the amount of net proceeds adjusted for the amortisation of the difference between net proceeds and the bond redemption value using the effective interest method as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Original face value of bonds issued 15,000 15,000
Gross amount of bond issue costs (402) (402)
Cumulative amortisation of gross amount of bond issue costs as at 1 January 277 234
Amortisation charge for the year (see note 13) 46 43
Unamortised bond issue costs as at 31 December (79) (125)
Amortised cost and closing carrying amount of the bond liability 14,921 14,875
\n \n \n \n 29 Financial instruments \u2013 fair values and risk management\n \n 29.5 Credit risk\n \n Impairment losses/ reversal on\n \n financial assets recognised in the statement of profit or loss were as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Impairment reversal on debt securities at FVOCI (see note 29.5.2) (3) (1)
Impairment reversal on loan to CNML (see note 29.5.3) - (95)
Impairment reversal on loan to Parent company (see note 29.5.3) (1) -
(4) (96)
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324202556594": { "value": "\n \n \n \n \n 11 Expenses 11.1 Expenses by nature\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
Cost of sales:
Direct costs 1,231 2,563
Operating expenses:
Directors' remuneration 38 38
Wages and salaries 765 773
Compulsory social security contributions 49 48
Selling and marketing expenses 60 42
Repairs and maintenance 69 63
Variable lease expense (see note 21.1.5) 153 439
Auditors\u2019 remuneration (see note 12.1) 56 49
Net loss on asset write-off (see note 16.1) 41 53
Operator fees (see note 31.2) 238 464
Depreciation on plant and equipment (see note 16.1) 303 299
Depreciation on right-of-use asset (see note 21.1.1) 135 133
Other operating expenses 322 259
Total expenses recognised in statement of profit or loss 3,460 5,223
\n \n \n \n \n The average number of persons employed during the year was as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
No. No.
Group and company
Operating 18 18
Management and administration 5 5
23 23
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324202626813": { "value": "\n \n \n \n 11 Expenses 11.1 Expenses by nature\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
Cost of sales:
Direct costs 1,231 2,563
Operating expenses:
Directors' remuneration 38 38
Wages and salaries 765 773
Compulsory social security contributions 49 48
Selling and marketing expenses 60 42
Repairs and maintenance 69 63
Variable lease expense (see note 21.1.5) 153 439
Auditors\u2019 remuneration (see note 12.1) 56 49
Net loss on asset write-off (see note 16.1) 41 53
Operator fees (see note 31.2) 238 464
Depreciation on plant and equipment (see note 16.1) 303 299
Depreciation on right-of-use asset (see note 21.1.1) 135 133
Other operating expenses 322 259
Total expenses recognised in statement of profit or loss 3,460 5,223
\n \n \n \n 31 Related parties\n \n 31.3 Transactions with key management personnel Other than the remuneration payable to the directors (see note 11.1), there were no other transactions with key management personnel. CEO remuneration is borne by a related party. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324202815925": { "value": "\n \n \n 11 Expenses 11.1 Expenses by nature\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
Cost of sales:
Direct costs 1,231 2,563
Operating expenses:
Directors' remuneration 38 38
Wages and salaries 765 773
Compulsory social security contributions 49 48
Selling and marketing expenses 60 42
Repairs and maintenance 69 63
Variable lease expense (see note 21.1.5) 153 439
Auditors\u2019 remuneration (see note 12.1) 56 49
Net loss on asset write-off (see note 16.1) 41 53
Operator fees (see note 31.2) 238 464
Depreciation on plant and equipment (see note 16.1) 303 299
Depreciation on right-of-use asset (see note 21.1.1) 135 133
Other operating expenses 322 259
Total expenses recognised in statement of profit or loss 3,460 5,223
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324204202441": { "value": "\n \n 11 Expenses 11.1 Expenses by nature\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
Cost of sales:
Direct costs 1,231 2,563
Operating expenses:
Directors' remuneration 38 38
Wages and salaries 765 773
Compulsory social security contributions 49 48
Selling and marketing expenses 60 42
Repairs and maintenance 69 63
Variable lease expense (see note 21.1.5) 153 439
Auditors\u2019 remuneration (see note 12.1) 56 49
Net loss on asset write-off (see note 16.1) 41 53
Operator fees (see note 31.2) 238 464
Depreciation on plant and equipment (see note 16.1) 303 299
Depreciation on right-of-use asset (see note 21.1.1) 135 133
Other operating expenses 322 259
Total expenses recognised in statement of profit or loss 3,460 5,223
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324204419768": { "value": "\n 11 Expenses 11.1 Expenses by nature\n \n The average number of persons employed during the year was as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
No. No.
Group and company
Operating 18 18
Management and administration 5 5
23 23
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324201619982": { "value": "\n \n \n 12 Other operating expenses 12.1 Auditors\u2019 remuneration The following fees were charged by, and became payable to the Company\u2019s auditors for services rendered in connection with: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
Audit of the financial statements 52 45
Tax compliance services 3 3
Other assurance services 1 1
56 49
\n \n \n \n \n \n \n 12 Other operating expenses (continued) 12.1 Auditors\u2019 remuneration (continued) The audit fee payable to IC Cesme\u2019s auditors for 2025 amounted to \u20ac50k (2024: \u20ac23k), with the Group\u2019s share of such audit fees being \u20ac23k (2024: \u20ac10k). No non-audit fees were incurred by IC Cesme during 2025 (2024: \u20acnil). \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324202357833": { "value": "\n \n 12 Other operating expenses 12.1 Auditors\u2019 remuneration The following fees were charged by, and became payable to the Company\u2019s auditors for services rendered in connection with: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
Audit of the financial statements 52 45
Tax compliance services 3 3
Other assurance services 1 1
56 49
\n \n \n \n \n 12 Other operating expenses (continued) 12.1 Auditors\u2019 remuneration (continued) The audit fee payable to IC Cesme\u2019s auditors for 2025 amounted to \u20ac50k (2024: \u20ac23k), with the Group\u2019s share of such audit fees being \u20ac23k (2024: \u20ac10k). No non-audit fees were incurred by IC Cesme during 2025 (2024: \u20acnil). \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324202453834": { "value": "\n 12 Other operating expenses 12.1 Auditors\u2019 remuneration The following fees were charged by, and became payable to the Company\u2019s auditors for services rendered in connection with: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
Audit of the financial statements 52 45
Tax compliance services 3 3
Other assurance services 1 1
56 49
\n \n \n 12 Other operating expenses (continued) 12.1 Auditors\u2019 remuneration (continued) The audit fee payable to IC Cesme\u2019s auditors for 2025 amounted to \u20ac50k (2024: \u20ac23k), with the Group\u2019s share of such audit fees being \u20ac23k (2024: \u20ac10k). No non-audit fees were incurred by IC Cesme during 2025 (2024: \u20acnil). \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324184250825": { "value": "\n \n \n \n \n \n \n \n \n 13 Net finance costs \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance income:
Interest income under the effective interest method on:
Loan to Parent company- measured at amortised cost 47 184
Debt securities 212 207
Finance income 259 391
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance costs:
Interest expense on financial liabilities measured at amortised cost (675) (675)
Interest expense on lease liabilities (see note 21.1.2) (387) (408)
Amortisation of bond issue costs (see note 26.4) (46) (43)
Net foreign exchange losses - (2)
Finance costs (1,108) (1,128)
Net finance costs recognised in statement of profit or loss (849) (737)
\n \n \n \n \n \n \n \n \n \n 19 Investment in debt securities 19.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Group and Company 2025 \u20ac000 2024 \u20ac000
Opening fair value 7,454 4,392
Acquisition of debt securities* 9,958 2,966
Maturity of debt securities (6,961) -
Net increase/ (decrease) in fair value, recognised in OCI (15) 106
Unwinding of premium paid upon acquisition (9) (10)
Closing fair value 10,427 7,454
Reversal of Expected credit losses on debt securities, recognised in OCI (3) (1)
Non-current 2,974 4,488
Current 7,453 2,966
\n \n *During the year, management reclassified investments in treasury bills with original maturities ranging between three to twelve months, amounting to \u20ac2,966k as at 31 December 2024, from Trade and other receivables to Investment in debt securities within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity, or profit for the year. During 2025, the Company acquired \u20ac9,958k debt securities (2024: \u20ac2,966k), all of which were European sovereign treasury bills. The unrealised fair value loss of \u20ac15k (2024: gain of \u20ac106k) on the investment in debt securities held as at 31 December 2025 has been presented in OCI and included in the fair value reserve. As at 31 December 2025, the value of corporate debt securities, by reference to quoted market prices on the Malta Stock Exchange, amounted to \u20ac4,464k (2024: \u20ac4,488k). Such instruments are classified as Level 2 investments within the fair value hierarchy. Corporate debt securities at FVOCI have stated interest rates ranging from 3.25% to 4.50% (2024: 3.25% to 4.50%), with maturity dates ranging from 2026 to 2029 (2024: 2026 to 2029). As at 31 December 2025, the value of sovereign treasury bills amounted to \u20ac5,963k (2024: \u20ac2,966k). Such instruments are classified as Level 1 investments within the fair value hierarchy, as their fair value is determined by reference to unadjusted quoted prices in active markets. 19.2 The investments in corporate debt securities are held within a held-to-collect-and-sell business model consistent with the Group\u2019s continuing measurement of such investments, whilst the investments in treasury bills are held within a held-to-collect business model consistent with the Group\u2019s objective of holding such instruments to collect contractual cash flows until maturity. 19.3 Information about the Group\u2019s exposure to credit and market risks for debt investments is disclosed in notes 29.5.2 and 29.7 respectively. \n \n \n \n 20 Loan to Parent company 20.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Loan to Parent company (see note 20.2) 1,050 1,050
Expected credit loss on loan to Parent company - (1)
Interest receivable on loan to Parent company 12 -
Total 1,062 1,049
At 1 January 1,049 4,619
Loan repayment- (3,635)
Net Interest receivable / (repaid) on loan to Parent company 12 (30)
Reversal in expected credit losses on loan to Parent company 1 -
Reversal of expected credit losses on loan to CNML - 95
At 31 December 1,062 1,049
Non-current - -
Current 1,062 1,049
\n \n 20.2 Loan to the Parent company Loan to the Parent company amount to \u20ac1,050k (2024: \u20ac1,050k), the details of which are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Amount \u20ac000 Interest p.a. Maturity date Amount \u20ac000 Interest p.a. Maturity date
Loan Note 1,050 4.50% 30/09/2026 1,050 4.50% 30/09/2026
1,050 1,050
\n All loans to the parent company are unsecured, with the borrower having the option to prepay such loan. Related expected credit losses arising on these loans are set out in note 29.5.3. \n \n \n \n 22 Trade and other receivables 22.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Trade receivables, excluding related parties 943 1,117
Amounts due from related parties (see notes 22.2 and 31.2) 79 39
Prepayments and other receivables 168 232
Balance at 31 December* 1,190 1,388
\n * During the year, management reclassified investments in treasury bills with original maturities ranging between three to twelve months, amounting to \u20ac2,966k as at 31 December 2024, from Trade and other receivables to Investment in debt securities within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity, or profit for the year. \n 22.2 Amounts due from related parties of \u20ac79k (2024: \u20ac39k) is receivable from First Eastern (Holdings) Limited (which together with its wholly owned subsidiary, FE Marina Investments Limited, owns 99.59% of Camper & Nicholsons Marina Investments Limited\u2019s issued share capital) in relation to a 50% recharge by the Company, of one of the Company\u2019s executive\u2019s wage. During the year, the company recharged \u20ac40k (2024: \u20ac38k) to First Eastern (Holdings) Limited. \n 22.3 Receivables are held within a held-to-collect business model (note 7.8.2). The amounts owed from the related parties are unsecured, interest free and repayable on demand. 22.4 Information about the Group\u2019s exposure to credit, market risks and impairment losses for trade and other receivables are disclosed in notes 29.5.1 and 29.7 respectively. \n \n \n \n 23 Cash and cash equivalents 23.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Cash in hand 3 3
Bank balances 4,259 5,530
Investment in Treasury Bills (see note 23.2) - 1,993
4,262 7,526
Expected credit loss on cash and cash equivalents (see note 29.5) (1) (1)
Cash and cash equivalents in the statement of financial position 4,261 7,525
Bank overdraft used for cash management purposes (see note 26.3) (2) (2)
Cash and cash equivalents in the statement of cash flows 4,259 7,523
\n 23.2 Investment in Treasury Bills classified under \u201cCash and cash equivalents\u201d have an original maturity of three months or less from date of acquisition. \n \n \n \n \n \n \n \n \n \n 26 Loans and borrowings\n \n \n \n \n \n \n 26.1 This note provides information about the contractual terms of the Group\u2019s interest-bearing borrowings which are measured at amortised cost. For more information about the Company\u2019s exposures to liquidity and interest rate risks, see notes 29.6 and 29.7.2 respectively. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Non-current
Debt securities in issue (see note 26.4) 14,921 14,875
Current
Bank overdraft (see note 26.3) 2 2
\n \n \n 26 Loans and borrowings (continued) \n \n 26.2 Terms and repayment schedule The terms and conditions of outstanding loans are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Nominal int rate Year of maturity 2025 2024
Face value Carrying amount Face value Carrying amount
\u20ac000 \u20ac000 \u20ac000 \u20ac000
Bank overdraft 4.85% Repayable on demand 2 2 2 2
Unsecured bond 4.50% 2027 15,000 14,921 15,000 14,875
Total interest-bearing liabilities 15,002 14,923 15,002 14,877
\n \n \n \n \n 26.3 Bank overdraft The bank overdraft represents the credit on the Company\u2019s credit card as at 31 December, which is repaid on a monthly basis. This overdraft is secured by a pledge of \u20ac7k over cash balances held by the Company with HSBC Bank Malta plc. An additional \u20ac35k is pledged in favour of a guarantee with MEPA. \n \n \n \n \n \n \n \n \n 26.4 Debt securities in issue\n \n \n The \u20ac15 million bond, issued by the Company in 2017, had a nominal value of \u20ac100 per bond and was issued at par. The bond is subject to a fixed interest rate of 4.5% per annum payable semi-annually in arrears on 22 February and 22 August of each year. All bonds are redeemable at par (\u20ac100 for each bond) on the 23 August 2027. \n \n The bonds are measured at the amount of net proceeds adjusted for the amortisation of the difference between net proceeds and the bond redemption value using the effective interest method as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Original face value of bonds issued 15,000 15,000
Gross amount of bond issue costs (402) (402)
Cumulative amortisation of gross amount of bond issue costs as at 1 January 277 234
Amortisation charge for the year (see note 13) 46 43
Unamortised bond issue costs as at 31 December (79) (125)
Amortised cost and closing carrying amount of the bond liability 14,921 14,875
\n \n \n \n \n \n \n \n 26 Loans and borrowings (continued) \n \n \n 26.4 Debt securities in issue (continued) The movement for the year comprises solely the amortization of bond issue costs. The quoted market price of the bonds on the Official List of the Malta Stock Exchange at 31 December 2025 was \u20ac100.00 (2024: \u20ac98.05). \n \n \n \n \n \n \n \n \n 27 Trade and other payables 27.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Trade payables, excluding related parties 254 207
Amounts due to related parties (see notes 27.2 and 31.2) 176 393
Other trade payables (see note 27.4) 316 303
Accrued expenses 1,085 1,329
1,831 2,232
\n \n 27.2 The amounts owed to the related parties are unsecured, interest free and repayable on demand. \n 27.3 Information about the Group\u2019s exposures to liquidity and currency risks related to trade and other payables is disclosed in notes 29.6 and 29.7.1 respectively. \n \n \n 27.4 Other trade payables include VAT payable of \u20ac133k (2024: \u20ac130k), dividend and bond interest payments held of \u20ac94k (2024: \u20ac85k) and \u20ac89k security deposits withheld from customers (2024: \u20ac88k). \n \n \n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management\n \n \n 29.1 Accounting classification and fair values The following table shows the fair values of financial assets other than the investment in the joint venture and financial liabilities other than lease liabilities. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Fair value measurement using:
31 December Level 1 Level 2 Level 3 Total Carrying amount
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Group and company
Financial assets
Financial assets
Investment in debt securities 5,963 2,966 4,464 4,488 - - 10,427 7,454 10,427 7,454
Financial assets at amortised cost
Loan to Parent company - - 1,062 1,049 - - 1,062 1,049 1,062 1,049
5,963 2,966 5,526 5,537 - - 11,489 8,503 11,489 8,503
Financial liabilities at amortised cost
Unsecured debt securities in issue - - (15,000) (14,707) - - (15,000) (14,707) (14,921) (14,875)
\n \n \n \n 29.2 Measurement of fair values Valuation techniques and significant unobservable inputs\n At the end of the current and the comparative year, the carrying amount of trade receivables and cash and cash equivalents is a reasonable approximation of their fair value due to their short-term maturities. \n \n At 31 December 2025, investment in corporate debt securities with a carrying amount of \u20ac4,464k (2024: \u20ac4,488k) were measured using Level 2 inputs of the fair value hierarchy, by referring to their respective quoted prices in the local market, whilst investment in sovereign treasury bills with a carrying amount of \u20ac5,963k (2024: \u20ac2,966k) were measured using Level 1 inputs of the fair value hierarchy, by reference to unadjusted quoted prices in active markets.\n At the end of the current and the comparative year, the carrying amount of trade and other payables, and bank overdraft is a reasonable approximation of their fair value due to their short-term maturities. \n \n At 31 December 2025, unsecured debt securities in issue were measured at amortised cost with a carrying amount of \u20ac14,921k (2024: \u20ac14,875k). The fair value of this financial liability as at 31 December 2025 amount to \u20ac15,000k (2024: \u20ac14,707k) were measured using Level 2 inputs of the fair value hierarchy, by referring to their respective quoted prices in the local market.\n \n \n \n 29.3 Financial risk management The Group, from its use of financial instruments, has exposure to credit, liquidity, and market risks. 29.4 Risk management framework The Company\u2019s board of directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Group\u2019s audit committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. Where possible, the Group aims to reduce and control risk concentrations. Concentrations of financial risk arise when financial instruments with similar characteristics are influenced in the same way by changes in economic or other factors. The amount of the risk exposure associated with financial instruments sharing similar characteristics is disclosed in more detail in the notes to the financial statements. \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) \n \n \n \n \n 29.5 Credit risk\n \n \n Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s bank balances of \u20ac4,259k (2024: \u20ac7,522k), receivables from customers of \u20ac1,022k (2024: \u20ac1,117k), loans to the Parent company of \u20ac1,062k (2024: \u20ac1,050k) and investments in debt securities of \u20ac10,427k (2024: \u20ac7,454k). The carrying amounts of financial assets represent the maximum credit exposure. \n \n \n Impairment losses/ reversal on\n \n \n \n \n financial assets recognised in the statement of profit or loss were as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Impairment reversal on debt securities at FVOCI (see note 29.5.2) (3) (1)
Impairment reversal on loan to CNML (see note 29.5.3) - (95)
Impairment reversal on loan to Parent company (see note 29.5.3) (1) -
(4) (96)
\n \n \n \n \n 29.5.1 Trade receivables\n The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry. Details of concentration of revenue are included in note 10.2. The Group\u2019s revenue is not concentrated in a small number of customers but is rather dispersed on a large client base made up of local and foreign clients coming from all over the world. Moreover, the Group limits its exposure to credit risk by entering into agreements with clients requiring full payment in advance of their berthing period and having the right to exercise a general lien in case of payment default. The majority of the Group\u2019s customers have been transacting with the Group for over five years, and only 0.05% (2024: 0.07%) of these customers\u2019 balances have been written off or are credit-impaired at the reporting date. In monitoring customer credit risk, this historical information is used to estimate the expected credit losses on trade receivables. At 31 December 2025, the exposure to credit risk for trade receivables by type of counterparty was as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Individuals 104 242
Legal entities 389 438
Agents 450 437
943 1,117
\n \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) \n \n 29.5 Credit risk (continued) 29.5.1 Trade receivables (continued) \n \n The following table provides information about the ageing of trade receivables as at 31 December: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Current (not past due) 265 289
1\u201330 days past due 133 300
31\u201360 days past due 151 204
61\u201390 days past due 243 133
More than 90 days past due 151 191
943 1,117
\n \n \n \n 29.5.1.1 ECL assessment for trade receivables For trade receivables the Group and the Company have applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime ECL. Where the Group has reasonable and supportable information that is available without undue cost or effort to measure lifetime ECLs on an individual instrument basis, such an individual assessment is carried out. Lifetime ECLs on the remaining financial assets are measured on a collective basis, using a provision matrix, estimated based on historical credit loss experience based on the past due status of the debtors. No individual assessment is made as at 31 December 2025. Since loss rates are based on actual credit loss experience over the past five years, the Group\u2019s weighted average loss rate for its receivables is less than 0.05% (2024: 0.07%). In addition, the Group mitigates its credit risk through a statutory lien over vessels berthed at its marinas, which provides the right to detain and, where necessary, enforce recovery against the vessel in the event of non-payment. The Group has a consistent history of successfully enforcing such rights, resulting in negligible credit losses. Accordingly, taking into account both historical credit loss experience and the effect of collateral held, no expected credit losses for trade receivables have been recognised as at 31 December 2025 (2024: \u20acnil). \n \n \n \n 29.5.2 Investment in corporate debt securities The Group limits its exposure to credit risk on corporate debt securities by investing only in liquid debt securities that have the healthiest interest coverage ratios and gearing ratios, such as the net debt to EBITDA ratio. The Group then monitors market price of the companies in which the Group holds its debt securities on the local stock exchange. In addition, the Group invests in short-term sovereign Treasury Bills issued by countries with a minimum credit rating of AA from internationally recognised rating agencies. These instruments typically have maturities of less than 12 months and are held to maturity in order to collect contractual cash flows. \n \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) \n \n 29.5 Credit risk (continued) 29.5.2 Investment in corporate debt securities (continued) \n \n The Group concluded there was no significant change in credit risk on these financial assets and therefore calculated loss allowance equal to 12-month ECLs. In the absence of individual investment grades to local corporate debt issuers, in calculating the probability of default, the Group used each issuer\u2019s interest coverage ratio, being a synthetic credit rating, with the probability of default used in calculating the ECLs ranging from 0.03% to 1.75% (2024: 0.03% to 1.79%). The Company measured loss allowance on the investment in debt securities at an amount equal to 12- month ECLs, which amounted to \u20ac12k (2024: \u20ac15k). The movement in loss allowance is charged to profit \n \n \n or loss and is recognised in OCI.\n The exposure to credit risk for debt securities, net of expected credit losses, at the reporting date by geographic region was as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Country
Malta (see note 19) 4,463 4,488
Germany (see note 19) 1,990 2,966
Austria (see note 19) 1,990 -
Belgium (see note 19) 1,984 -
10,427 7,454
\n\n \n 29.5.3 Amount due from related parties 29.5.3.1 Amount due from Parent company The loss allowance on loan to Parent company of \u20ac1,062k (2024: \u20ac1,050k) has been measured at 12- month ECL, which amounted to \u20acnil (2024: \u20ac1k) and has been included in \u201dLoan to Parent company\u201d in the statement of financial position. \n The exposure to credit risk for the loan to parent company at amortised cost, net of expected credit losses, at the reporting date by geographic region was as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Country
Guernsey (see note 20.2) 1,062 1,049
1,062 1,049
\n\n \n 29.5.3.2 Amount due from other Related Parties Management does not expect to incur any losses on receivables from other related parties. \n \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) \n \n 29.5 Credit risk (continued) 29.5.4 Cash and cash equivalents The Group held cash and cash equivalents of \u20ac4,261k at 31 December 2025 (2024: \u20ac7,525k). The cash and cash equivalent are held with HSBC Bank Malta plc and Bank of Valletta plc, with the latter being an investment grade-rated banking institution having a long-term rating of BBB as per S&P Ratings (2024: BBB). HSBC Bank Malta plc is unrated, and the company's directors have assessed the potential ECL based on the credit strength of its parent, HSBC Holdings plc, taking into account its current external credit ratings in the A/A2 range.. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external ratings of S&P\u2019s. The loss allowance amounted to \u20ac1k (2024: \u20ac1k). The difference in loss allowance, if any, is recognized under \u201cImpairment loss on financial asset\u201d in the statement of profit or loss. \n \n \n 29.6 Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group monitors its cash flow requirements on a weekly basis and ensures that it has sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations. This excludes the potential impact of extreme circumstances that cannot reasonably be predicted. \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) 29.6 Liquidity risk (continued) The following are the contractual maturities of financial liabilities at the reporting date. The amounts are gross, undiscounted and include contractual interest payments. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Carrying amount Contractual cash flows 6 months or less 6 - 12 months 1 - 5 years Over 5 years
\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000
31 December 2025
Financial liabilities
Debt securities in issue (see note 26.4) 14,921 (16,350) (340) (335) (15,675) -
Bank overdraft (see note 26.3) 2 (2) (2) - - -
Trade and other payables (see note 27) 1,207 (1,207) (1,207) - - -
Lease liabilities (see notes 21.1.2 and 29.6.1) 5,952 (36,314) (293) (117) (1,598) (34,306)
22,082 (53,873) (1,842) (452) (17,273) (34,306)
31 December 2024
Financial liabilities
Debt securities in issue (see note 26.4) 14,875 (17,025) (340) (335) (16,350) -
Bank overdraft (see note 26.3) 2 (2) (2) - - -
Trade and other payables (see note 27) 1,609 (1,609) (1,609) - - -
Lease liabilities (see note 21.1.2 and 29.6.1) 5,983 (36,722) (293) (115) (1,613) (34,701)
22,469 (55,358) (2,244) (450) (17,963) (34,701)
\n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) 29.6.1 Maturity analysis of lease liabilities Further information about the maturity of lease liabilities is provided in the table below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Maturity analysis \u2013 contractual undiscounted cash flows
Less than 1 year (410) (408)
1 to 5 years (1,598) (1,613)
6 to 10 years (1,338) (1,396)
11 to 20 years (3,462) (3,412)
21 to 40 years (8,561) (8,436)
More than 40 years (20,945) (21,457)
Total undiscounted lease liabilities at 31 December (36,314) (36,722)
\n \n \n \n 29.7 Market risk\n Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. \n \n 29.7.1 Currency risk The Group\u2019s exposure to currency risk is limited to expenses that are denominated in a currency other than the Company\u2019s functional currency, primarily the British Pound, on intra-group balances. The Group is not exposed to exchange rate movements on the Turkish Lira other than in respect of: - the Group\u2019s share in translating the post-acquisition reserves of its equity-accounted investee from TL to Euro and - the exchange differences arising in the books of the joint venture with TL as its functional currency. The Group does not hedge against exchange gains or losses which may arise on the realisation of amounts receivable and the settlement of amounts payable in foreign currencies. \n 29.7.1.1 Exposure to currency risk and sensitivity analysis The Company\u2019s exposure to currency risk is immaterial. 29.7.2 Interest rate risk The Group adopts a policy of ensuring that the majority of its interest rate risk exposure is at a fixed rate. This is achieved by entering into financial arrangements subject to fixed interest rates. During 2017, the Company issued bonds at a fixed rate of 4.50%, while between 2018 and 2020, the Company has invested in corporate debt securities, all at fixed rates ranging from 3.25% to 4.50% (see note 19). In addition, the rates charged on the Parent company loan is 4.50%, and is not subject to interest rate fluctuations. \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) 29.7 Market risk (continued) 29.7.2.1 Fair value sensitivity analysis for fixed-rate instruments The Group does not account for any fixed-rate financial assets or financial liabilities, at FVTPL. Therefore, a change in interest rates at the reporting date would not affect profit or loss. As a result of changes in fair value of the investments in debt securities at FVOCI, a decrease/ (increase) of 100 basis points in interest rates would have increased/ (decreased) equity by \u20ac60k/ (\u20ac58k) after tax (2024: \u20ac88k/ (\u20ac84k) after tax). This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324190711045": { "value": "\n \n \n \n \n \n \n \n 13 Net finance costs \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance income:
Interest income under the effective interest method on:
Loan to Parent company- measured at amortised cost 47 184
Debt securities 212 207
Finance income 259 391
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance costs:
Interest expense on financial liabilities measured at amortised cost (675) (675)
Interest expense on lease liabilities (see note 21.1.2) (387) (408)
Amortisation of bond issue costs (see note 26.4) (46) (43)
Net foreign exchange losses - (2)
Finance costs (1,108) (1,128)
Net finance costs recognised in statement of profit or loss (849) (737)
\n \n \n \n \n \n \n \n \n 21 Leases 21.1 As a lessee\n \n \n \n 21.1.2 Lease liability\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Water space Other Properties Total
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Group and company
Balance at 1 January 5,338 5,280 645 662 5,983 5,942
Recognition of lease liability - - - 46 - 46
Interest expense on lease liabilities (see note 13) 354 350 33 58 387 408
Lease payments related to the year (see note 21.1.5) (293) (292) (125) (121) (418) (413)
Balance at 31 December 5,399 5,338 553 645 5,952 5,983
\n \n \n \n \n \n 26 Loans and borrowings\n \n \n \n 26.4 Debt securities in issue\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Original face value of bonds issued 15,000 15,000
Gross amount of bond issue costs (402) (402)
Cumulative amortisation of gross amount of bond issue costs as at 1 January 277 234
Amortisation charge for the year (see note 13) 46 43
Unamortised bond issue costs as at 31 December (79) (125)
Amortised cost and closing carrying amount of the bond liability 14,921 14,875
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324192907518": { "value": "\n \n \n \n \n \n \n 13 Net finance costs \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance income:
Interest income under the effective interest method on:
Loan to Parent company- measured at amortised cost 47 184
Debt securities 212 207
Finance income 259 391
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance costs:
Interest expense on financial liabilities measured at amortised cost (675) (675)
Interest expense on lease liabilities (see note 21.1.2) (387) (408)
Amortisation of bond issue costs (see note 26.4) (46) (43)
Net foreign exchange losses - (2)
Finance costs (1,108) (1,128)
Net finance costs recognised in statement of profit or loss (849) (737)
\n \n \n \n \n \n \n 21 Leases 21.1 As a lessee\n \n \n \n \n 21.1.2 Lease liability\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Water space Other Properties Total
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Group and company
Balance at 1 January 5,338 5,280 645 662 5,983 5,942
Recognition of lease liability - - - 46 - 46
Interest expense on lease liabilities (see note 13) 354 350 33 58 387 408
Lease payments related to the year (see note 21.1.5) (293) (292) (125) (121) (418) (413)
Balance at 31 December 5,399 5,338 553 645 5,952 5,983
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324190151180": { "value": "\n \n \n \n \n 13 Net finance costs \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance income:
Interest income under the effective interest method on:
Loan to Parent company- measured at amortised cost 47 184
Debt securities 212 207
Finance income 259 391
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324200340999": { "value": "\n \n \n \n 13 Net finance costs \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance income:
Interest income under the effective interest method on:
Loan to Parent company- measured at amortised cost 47 184
Debt securities 212 207
Finance income 259 391
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324165810604": { "value": "\n \n \n 13 Net finance costs \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance costs:
Interest expense on financial liabilities measured at amortised cost (675) (675)
Interest expense on lease liabilities (see note 21.1.2) (387) (408)
Amortisation of bond issue costs (see note 26.4) (46) (43)
Net foreign exchange losses - (2)
Finance costs (1,108) (1,128)
Net finance costs recognised in statement of profit or loss (849) (737)
\n \n \n \n \n \n \n \n 21 Leases 21.1 As a lessee\n \n \n \n \n \n \n \n \n 21.1.2 Lease liability\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Water space Other Properties Total
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Group and company
Balance at 1 January 5,338 5,280 645 662 5,983 5,942
Recognition of lease liability - - - 46 - 46
Interest expense on lease liabilities (see note 13) 354 350 33 58 387 408
Lease payments related to the year (see note 21.1.5) (293) (292) (125) (121) (418) (413)
Balance at 31 December 5,399 5,338 553 645 5,952 5,983
\n \n \n \n \n \n \n \n \n 26 Loans and borrowings\n \n \n \n \n \n \n 26.4 Debt securities in issue\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Original face value of bonds issued 15,000 15,000
Gross amount of bond issue costs (402) (402)
Cumulative amortisation of gross amount of bond issue costs as at 1 January 277 234
Amortisation charge for the year (see note 13) 46 43
Unamortised bond issue costs as at 31 December (79) (125)
Amortised cost and closing carrying amount of the bond liability 14,921 14,875
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324175912155": { "value": "\n \n 13 Net finance costs \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance costs:
Interest expense on financial liabilities measured at amortised cost (675) (675)
Interest expense on lease liabilities (see note 21.1.2) (387) (408)
Amortisation of bond issue costs (see note 26.4) (46) (43)
Net foreign exchange losses - (2)
Finance costs (1,108) (1,128)
Net finance costs recognised in statement of profit or loss (849) (737)
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324193157432": { "value": "\n 13 Net finance costs \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Finance costs:
Interest expense on financial liabilities measured at amortised cost (675) (675)
Interest expense on lease liabilities (see note 21.1.2) (387) (408)
Amortisation of bond issue costs (see note 26.4) (46) (43)
Net foreign exchange losses - (2)
Finance costs (1,108) (1,128)
Net finance costs recognised in statement of profit or loss (849) (737)
\n \n 21 Leases 21.1 As a lessee\n \n \n 21.1.2 Lease liability\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Water space Other Properties Total
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Group and company
Balance at 1 January 5,338 5,280 645 662 5,983 5,942
Recognition of lease liability - - - 46 - 46
Interest expense on lease liabilities (see note 13) 354 350 33 58 387 408
Lease payments related to the year (see note 21.1.5) (293) (292) (125) (121) (418) (413)
Balance at 31 December 5,399 5,338 553 645 5,952 5,983
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324175843258": { "value": "\n 14 Earnings per share The calculation of basic earnings per share is based on the following profit attributable to ordinary shareholders and the number of ordinary shares outstanding. There are no dilutive shares in issue. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Group
Profit for the year, attributable to the owners of the
Company (in \u20ac000) 2,421 3,422
Number of ordinary shares of the Company (in thousands) 20,000 20,000
Earnings per share (in \u20ac) 0.121 0.171
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324175634142": { "value": "\n \n \n 15 Income taxes 15.1 Amount recognised in profit or loss Current tax is recognised at the corporate rate of 35% on the taxable income for the year from the Company\u2019s marina business activity. Deferred tax charges and credits relate to the marina business activity. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
Current tax
Charge during the year (529) (560)
(529) (560)
Deferred tax
Movement in temporary differences (see note 15.4) 87 119
87 119
Income tax expense on continuing operations recognised in statement of profit or loss (442) (441)
\n 15.2 Reconciliation of tax expense The income tax expense and the result of the accounting profit multiplied by the Maltese tax rate are reconciled as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Group 2025 Company 2024 Group 2024 Company
\u20ac000 \u20ac000 \u20ac000 \u20ac000
Profit before income tax 2,863 856 3,863 2,367
Tax at 8% - - (300) (300)
Tax at 15% (39) (39) (28) (28)
Tax at 35% (1,193) (490) (756) (232)
Tax effect of:
\u2022 Temporary differences (see note 15.4) 87 87 119 119
\u2022 Share of profit of equity- accounted investee 703 - 524 -
Income tax expense for the year (442) (442) (441) (441)
\n Share of profit of equity-accounted investee is not subject to tax. \n \n \n \n \n \n 15 Income taxes (continued) 15.3 Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Assets Liabilities Net
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Plant and equipment - - (972) (1,022) (972) (1,022)
Right-of-use asset - - (1,675) (1,722) (1,675) (1,722)
Lease liabilities 2,084 2,094 - - 2,084 2,094
Net deferred tax liabilities2,084 2,094 (2,647) (2,744) (563) (650)
\n 15.4 Movement in temporary differences during the year \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Balance 1 January 2025 Movement in temporary differences Balance 31 December 2025
\u20ac000 \u20ac000 \u20ac000
Group and Company
Plant and equipment (1,022) 50 (972)
Right-of-use asset (1,722) 47 (1,675)
Lease liabilities 2,094 (10) 2,084
(650) 87 (563)
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Balance 1 January 2024 Movement in temporary differences Balance 31 December 2024
\u20ac000 \u20ac000 \u20ac000
Group and Company
Plant and equipment (1,096) 74 (1,022)
Right-of-use asset (1,753) 31 (1,722)
Lease liabilities 2,080 14 2,094
(769) 119 (650)
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324175745359": { "value": "\n \n 15 Income taxes 15.1 Amount recognised in profit or loss Current tax is recognised at the corporate rate of 35% on the taxable income for the year from the Company\u2019s marina business activity. Deferred tax charges and credits relate to the marina business activity. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
\u20ac000 \u20ac000
Group and company
Current tax
Charge during the year (529) (560)
(529) (560)
Deferred tax
Movement in temporary differences (see note 15.4) 87 119
87 119
Income tax expense on continuing operations recognised in statement of profit or loss (442) (441)
\n 15.2 Reconciliation of tax expense The income tax expense and the result of the accounting profit multiplied by the Maltese tax rate are reconciled as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Group 2025 Company 2024 Group 2024 Company
\u20ac000 \u20ac000 \u20ac000 \u20ac000
Profit before income tax 2,863 856 3,863 2,367
Tax at 8% - - (300) (300)
Tax at 15% (39) (39) (28) (28)
Tax at 35% (1,193) (490) (756) (232)
Tax effect of:
\u2022 Temporary differences (see note 15.4) 87 87 119 119
\u2022 Share of profit of equity- accounted investee 703 - 524 -
Income tax expense for the year (442) (442) (441) (441)
\n Share of profit of equity-accounted investee is not subject to tax. \n \n \n \n 15 Income taxes (continued) 15.3 Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Assets Liabilities Net
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Plant and equipment - - (972) (1,022) (972) (1,022)
Right-of-use asset - - (1,675) (1,722) (1,675) (1,722)
Lease liabilities 2,084 2,094 - - 2,084 2,094
Net deferred tax liabilities2,084 2,094 (2,647) (2,744) (563) (650)
\n 15.4 Movement in temporary differences during the year \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Balance 1 January 2025 Movement in temporary differences Balance 31 December 2025
\u20ac000 \u20ac000 \u20ac000
Group and Company
Plant and equipment (1,022) 50 (972)
Right-of-use asset (1,722) 47 (1,675)
Lease liabilities 2,094 (10) 2,084
(650) 87 (563)
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Balance 1 January 2024 Movement in temporary differences Balance 31 December 2024
\u20ac000 \u20ac000 \u20ac000
Group and Company
Plant and equipment (1,096) 74 (1,022)
Right-of-use asset (1,753) 31 (1,722)
Lease liabilities 2,080 14 2,094
(769) 119 (650)
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324175044763": { "value": "\n \n \n \n 16 Property, plant and equipment\n \n 16.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Group and Company Total Superyacht berths Pontoon berths Improvements to leased property, landscaping & switchboards Motor vehicles, including shipping vessels Cable infrastructure, marine & office equipment Assets in the course of construction
Cost \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000
Balance at 1 January 2024 9,437 4,197 3,476 1,042 57 628 37
Additions 274 10 84 178 - 2 -
Assets written off (106) (59) (43) - - - (4)
Balance at 31 December 2024 9,605 4,148 3,517 1,220 57 630 33
Balance at 1 January 2025 9,605 4,148 3,517 1,220 57 630 33
Additions 105 - 66 36 - - 3
Assets written off (51) - (15) - - - (36)
Deferred costs 22 22 - - - - -
Balance at 31 December 2025 9,681 4,170 3,568 1,256 57 630 -
\n \n \n 16 Property, plant and equipment (continued) 16.1 (continued) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Group and Company Total Superyacht berths Pontoon berths Improvements to leased property, landscaping & switchboards Motor vehicles, including shipping vessels Cable infrastructure, marine & office equipment Assets in the course of construction
Accumulated depreciation and impairment \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000
Balance at 1 January 2024 5,380 1,460 2,558 740 53 569 -
Depreciation charged for the year 299 83 144 50 2 20 -
Assets written off (53) (24) (29) - - - -
Balance at 31 December 2024 5,626 1,519 2,673 790 55 589 -
Balance at 1 January 2025 5,626 1,519 2,673 790 55 589 -
Depreciation charged for the year 303 83 147 53 2 18 -
Assets written off (10) - (10) - - - -
Balance at 31 December 2025 5,919 1,602 2,810 843 57 607 -
Carrying amounts
Balance at 1 January 2024 4,057 2,737 918 302 4 59 37
Balance at 31 December 2024 3,979 2,629 844 430 2 41 33
Balance at 31 December 2025 3,762 2,568 758 413 - 23 -
\n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324174037450": { "value": "\n \n \n 16 Property, plant and equipment\n \n 16.1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Group and Company Total Superyacht berths Pontoon berths Improvements to leased property, landscaping & switchboards Motor vehicles, including shipping vessels Cable infrastructure, marine & office equipment Assets in the course of construction
Accumulated depreciation and impairment \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000
Balance at 1 January 2024 5,380 1,460 2,558 740 53 569 -
Depreciation charged for the year 299 83 144 50 2 20 -
Assets written off (53) (24) (29) - - - -
Balance at 31 December 2024 5,626 1,519 2,673 790 55 589 -
Balance at 1 January 2025 5,626 1,519 2,673 790 55 589 -
Depreciation charged for the year 303 83 147 53 2 18 -
Assets written off (10) - (10) - - - -
Balance at 31 December 2025 5,919 1,602 2,810 843 57 607 -
Carrying amounts
Balance at 1 January 2024 4,057 2,737 918 302 4 59 37
Balance at 31 December 2024 3,979 2,629 844 430 2 41 33
Balance at 31 December 2025 3,762 2,568 758 413 - 23 -
\n \n \n \n \n 21 Leases 21.1 As a lessee\n \n \n \n \n 21.1.1 Right-of-use asset\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Water space Other Properties Total
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Group and company
Balance at 1 January 4,409 4,468 511 539 4,920 5,007
Recognition of right-of-use asset - - - 46 - 46
Depreciation on right-of-use asset (60) (59) (75) (74) (135) (133)
Balance at 31 December 4,349 4,409 436 511 4,785 4,920
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324170359054": { "value": "\n \n 16 Property, plant and equipment\n \n \n 16.2 Area held under title of temporary sub-emphyteusis The Company\u2019s berths and base improvements are situated on an area held under title of temporary emphyteusis. On the 2 June 1999, the Government of Malta entered into a deed of emphyteusis with a consortium, by virtue of which, the consortium was granted rights over parcels of water space measuring 1,410 square metres and situated at Cottonera Waterfront Vittoriosa, Malta, for an initial period of 99 years. On the 4 September 2001, a deed of sub-emphyteusis was entered into between the Company and the consortium, whereby, by virtue of one part of this deed, the Company acquired, by the same title, immovable rights over such water space for the unexpired period of the 99 years, subject to the payment of an annual sub-ground rent (see note 21). This water space is subject to a special legal hypothec in favour of the consortium, in respect of the payment of annual and temporary ground rent (for the unexpired period) imposed on the property, arising by virtue of the said deed of sub-emphyteusis. \n \n \n \n \n \n \n \n 21 Leases 21.1 As a lessee\n \n \n \n \n The Group leases water space under a deed of sub-emphyteusis (note 16.2) together with other properties including offices and warehouses. Information about leases for which the Group is a lessee is presented below. \n \n 21.1.1 Right-of-use asset\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Water space Other Properties Total
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Group and company
Balance at 1 January 4,409 4,468 511 539 4,920 5,007
Recognition of right-of-use asset - - - 46 - 46
Depreciation on right-of-use asset (60) (59) (75) (74) (135) (133)
Balance at 31 December 4,349 4,409 436 511 4,785 4,920
\n \n \n \n \n \n 21.1.2 Lease liability\n \n \n \n \n Lease liabilities included in the statement of financial position at 31 December are analysed as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Current 24 20
Non-current 5,928 5,963
5,952 5,983
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Water space Other Properties Total
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Group and company
Balance at 1 January 5,338 5,280 645 662 5,983 5,942
Recognition of lease liability - - - 46 - 46
Interest expense on lease liabilities (see note 13) 354 350 33 58 387 408
Lease payments related to the year (see note 21.1.5) (293) (292) (125) (121) (418) (413)
Balance at 31 December 5,399 5,338 553 645 5,952 5,983
\n \n \n \n \n \n \n 21 Leases (continued) 21.1 As a lessee (continued) 21.1.2 Lease liability (continued) The total cash outflows for leases amounts to \u20ac571k (2024: \u20ac852k). 21.1.3 Water space lease On the 2 June 1999, the Government of Malta entered into a deed of emphyteusis with a consortium, by virtue of which, the consortium was granted rights over parcels of water space measuring 1,410 square metres and situated at Cottonera Waterfront Vittoriosa, Malta, for an initial period of 99 years. On the 4 September 2001, a deed of sub-emphyteusis was entered into between the Company and the consortium, whereby, by virtue of one part of this deed, the Company acquired, by the same title, immovable rights over such water space for the unexpired period of the 99 years, subject to the payment of an annual sub-ground rent. There are no covenants or restrictions imposed by the lease. 21.1.4 Property lease The Group leases other properties, comprising two offices and three warehouses, with original lease terms of eight to twenty-five years, with the remaining lease terms at 31 December 2025 of one to seven years (2024: one to eight years). By virtue of the other part of the deed of sub-emphyteusis referred to in note 21.1.3, the Company was assigned the right to develop, construct and install, own, operate, manage, control and promote a marina and ancillary facilities, including the right to grant mooring and berthing rights to third parties under such terms and conditions as it deems fit. 21.1.5 Variable lease payments based on sales Under the terms of a Development and Operations Agreement dated 30 June 2000 entered into with the consortium, the Company is required to pay the consortium a yearly fee equivalent to 10% per annum of adjusted revenue, subject to minimum and maximum limits. While the minimum lease payments of the lease are included in the lease liability and the right-of-use asset, the variable lease payments depending on sales are recognised in profit or loss in the period in which such sales are recognised. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Leases with lease payments based on sales
Fixed payments on water space (see note 21.1.2) 293 292
Variable payments on water space (see note 11.1) 153 439
Total payments 446 731
\n \n 21 Leases (continued) 21.1 As a lessee (continued) 21.1.6 Extension and termination options With respect to water space lease, the Company has the option to terminate the Development and th Operations Agreement during the 29 year from the date of the publication of the deed of sub- emphyteusis (being the year 2030) by giving the consortium at least 12 months\u2019 prior written notice. The extension options are exercisable only by the Company and not by the lessor. The Company is reasonably certain not to exercise this option and as such the full term was taken in the calculation of the lease liability. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324150811607": { "value": "\n \n \n \n 17 Investment in subsidiary On 29 June 2011, the Company acquired from Camper & Nicholsons Marinas International Limited the 100% shareholding in Maris Marine Limited (\u201cMML\u201d) for a consideration of \u20ac115. This dormant company is incorporated in the United Kingdom and the registered office of this subsidiary is situated th at \u201d5 Floor, Cording House, 34-35 St James\u2019s Street, London, SW1A 1HD\u201d. The reporting date of this non-trading entity is 31 March. \n \n \n \n \n \n \n \n \n \n 20 Loan to Parent company 20.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Loan to Parent company (see note 20.2) 1,050 1,050
Expected credit loss on loan to Parent company - (1)
Interest receivable on loan to Parent company 12 -
Total 1,062 1,049
At 1 January 1,049 4,619
Loan repayment- (3,635)
Net Interest receivable / (repaid) on loan to Parent company 12 (30)
Reversal in expected credit losses on loan to Parent company 1 -
Reversal of expected credit losses on loan to CNML - 95
At 31 December 1,062 1,049
Non-current - -
Current 1,062 1,049
\n \n 20.2 Loan to the Parent company Loan to the Parent company amount to \u20ac1,050k (2024: \u20ac1,050k), the details of which are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Amount \u20ac000 Interest p.a. Maturity date Amount \u20ac000 Interest p.a. Maturity date
Loan Note 1,050 4.50% 30/09/2026 1,050 4.50% 30/09/2026
1,050 1,050
\n All loans to the parent company are unsecured, with the borrower having the option to prepay such loan. Related expected credit losses arising on these loans are set out in note 29.5.3. \n \n \n \n \n \n 22 Trade and other receivables 22.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Trade receivables, excluding related parties 943 1,117
Amounts due from related parties (see notes 22.2 and 31.2) 79 39
Prepayments and other receivables 168 232
Balance at 31 December* 1,190 1,388
\n * During the year, management reclassified investments in treasury bills with original maturities ranging between three to twelve months, amounting to \u20ac2,966k as at 31 December 2024, from Trade and other receivables to Investment in debt securities within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity, or profit for the year. \n 22.2 Amounts due from related parties of \u20ac79k (2024: \u20ac39k) is receivable from First Eastern (Holdings) Limited (which together with its wholly owned subsidiary, FE Marina Investments Limited, owns 99.59% of Camper & Nicholsons Marina Investments Limited\u2019s issued share capital) in relation to a 50% recharge by the Company, of one of the Company\u2019s executive\u2019s wage. During the year, the company recharged \u20ac40k (2024: \u20ac38k) to First Eastern (Holdings) Limited. \n \n \n \n 27 Trade and other payables 27.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Trade payables, excluding related parties 254 207
Amounts due to related parties (see notes 27.2 and 31.2) 176 393
Other trade payables (see note 27.4) 316 303
Accrued expenses 1,085 1,329
1,831 2,232
\n \n 27.2 The amounts owed to the related parties are unsecured, interest free and repayable on demand. \n \n \n 31 Related parties\n 31.1 Parent and ultimate controlling party The Company is a subsidiary of Camper & Nicholsons Marina Investments Limited (\u201cCNMIL\u201d), the registered office of which is situated at \u201dThe Albany, South Esplanade, St Peter Port, Guernsey GY1 1AQ\u201d. The ultimate controlling party is Mr Victor Chu, the Chairman and principal shareholder of First Eastern (Holdings) Limited, which together with its wholly owned subsidiary, FE Marina Investments Limited, owns 99.59% of CNMIL\u2019s issued share capital (2024: 99.59%). Both First Eastern (Holdings) Limited and FE Marina Investments Limited are incorporated in Hong Kong. As of 30 March 2026, CNMIL holds 17,393,590 shares, equivalent to 86.97% of the Company\u2019s total issued share capital. As described in note 18, the Company holds an investment in a joint venture. CNMIL prepares consolidated financial statements of the Group of which Grand Harbour Marina p.l.c. forms part. \n \n 31 Related parties (continued) 31.2 Related party relationships, transactions and balances Companies forming part of the CNMIL Group are considered by the directors to be related parties as these companies are ultimately owned by CNMIL and First Eastern (Holdings) Limited. The transactions and balances with such parties were as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
First Eastern (Holdings) Limited
Balance receivable at 1 January 39 75
Recharge of expenses (see note 22.1) 40 39
Cash received - (75)
Balance receivable at 31 December (see note 22.1) 79 39
Camper & Nicholsons Marina Investments Limited
Principal in respect of loan note 3 (see note 20.2) 1,050 2,250
Principal received during the year - (1,200)
Interest accrued during the year 47 96
Interest received during the year (35) (96)
Balance receivable at 31 December 1,062 1,050
Camper & Nicholsons Marinas Limited
Balance payable at 1 January (278) (88)
Recruitment and operational service fees (128) (303)
Sales and marketing fees (43) (45)
Management, finance and other related services and expenses (10) (10)
Cash paid 350 168
Balance payable at 31 December (see note 27.1) (109) (278)
Camper & Nicholsons Marinas International Limited
Balance payable at 1 January (115) (57)
Royalty fees as per Trade-Mark License Agreement (67) (115)
Cash paid 115 57
Balance payable at 31 December (see note 27.1) (67) (115)
\n\n \n 31.3 Transactions with key management personnel Other than the remuneration payable to the directors (see note 11.1), there were no other transactions with key management personnel. CEO remuneration is borne by a related party. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324172918835": { "value": "\n \n \n 17 Investment in subsidiary On 29 June 2011, the Company acquired from Camper & Nicholsons Marinas International Limited the 100% shareholding in Maris Marine Limited (\u201cMML\u201d) for a consideration of \u20ac115. This dormant company is incorporated in the United Kingdom and the registered office of this subsidiary is situated th at \u201d5 Floor, Cording House, 34-35 St James\u2019s Street, London, SW1A 1HD\u201d. The reporting date of this non-trading entity is 31 March. \n \n \n \n \n \n \n \n \n \n \n \n 18 Equity-accounted investee\n \n \n \n \n \n 18.1 Cost of acquisition of joint venture On the 17 March 2011, the Company entered into an agreement with its Parent company, as a result of which the Company initially acquired the ownership of 19% in IC Cesme Marina Yatirim, Turizm ve Isletmeleri Anonim Sirketi (\u201cIC Cesme\u201d), a company registered under the laws of Turkey, which company owns and operates a marina in Turkey, and eventually the beneficial interest of 45% therein through the acquisition of MML (see note 17), which held 26% therein for a total consideration of \u20ac1,930k. During that year the Company made an additional shareholder\u2019s contribution of \u20ac244k, which amount has been capitalised as part of the Company\u2019s net investment in the joint venture. The registered address and principal place of business of IC Cesme is Musalla Mh. 1016 SK. No.8, Cesme, Izmir, Turkey. \n \n \n \n \n 18.2 Carrying amount of investment in joint venture\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Group \u20ac000 2025 Company \u20ac000 2024 Group \u20ac000 2024 Company \u20ac000
Fair value of net identifiable assets at date of acquisition 1,082 1,082 1,082 1,082
Goodwill inherent in the cost of investment 848 848 848 848
Consideration paid upon acquisition 1,930 1,930 1,930 1,930
Cumulative capital contributions 244 244 244 244
Cost of investment as at 31 December 2,174 2,174 2,174 2,174
Share of post-acquisition profit brought forward 4,302 2,794
Share of profit for the year 2,019 1,508
Hyperinflationary adjustment brought forward 7,173 2,796
Hyperinflationary adjustment for the year 301 4,377
Depreciation of fair value uplift on acquisition brought forward (378) (366)
Depreciation of fair value uplift on acquisition for the year (12) (12)
Foreign currency translation brought forward (1,894) (1,670)
Foreign currency translation for the year (1,000) (224)
Equity accounted investee as at 31 December 12,685 11,377
\n IC Cesme, the only joint arrangement in which the Group participates, is principally engaged in the operation of a marina in Turkey. IC Cesme is an unlisted joint arrangement and is structured as a separate vehicle and the Group has a residual interest in its net assets. Accordingly, the Group has classified the investment in IC Cesme as a joint venture which is equity accounted. \n \n \n \n In accordance with the agreement under which IC Cesme is established, the Group and the other investors to the joint venture agree to make additional contributions in proportion to their interests, if required.\n \n \n \n \n \n 18 Equity-accounted investee (continued) \n \n \n 18.3 Summary of financial information of joint venture\n The Group\u2019s share of profit in its equity accounted investee for the year, inclusive of the depreciation of fair value uplift upon acquisition, amounted to \u20ac2,007k (2024: \u20ac1,496k). This investee is not listed and consequently no published price quotations are available. The reporting date of this entity is 31 December. The entity is exposed to the country risks relating to Turkey and other risks associated with the trends and future outlook of the marina industry as a whole. The following table summarises the financial information of IC Cesme based on its financial information prepared in accordance with IFRS as adopted by the EU. The tables also reconcile the summarised financial information to the carrying amount of the Group\u2019s interest in IC Cesme, which is accounted for using the equity method of accounting. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Non-current assets 23,980 24,093
Current assets (including cash and cash equivalent of \u20ac5,746k, 2024: \u20ac3,865k) 6,331 4,447
Non-current liabilities (1,799) (1,559)
Current liabilities (including trade and other payables and provisions of \u20ac2,221k, 2024: \u20ac2,954k) (3,356) (4,758)
IC Cesme net assets (liabilities) (100%) at 31 December 25,156 22,223
Group\u2019s share of net assets (45%) 11,320 10,000
Fair value uplift on date of acquisition (less deferred tax impact) 907 907
Cumulative depreciation on fair value uplift, adjusted on consolidation (390) (378)
Goodwill 848 848
Carrying amount of interest in joint venture, as per Statement of financial position (see note 18.2) 12,685 11,377
Revenue 9,821 9,201
Operating expenses (4,435) (3,704)
Depreciation (684) (561)
Results from operating activities 4,702 4,936
Hyperinflationary adjustment for the year (290) 657
Net finance costs (including interest expense of \u20ac562k, net foreign exchange losses of \u20ac36k less interest income of \u20ac1,606k, 2024: including interest expense of \u20ac698k, net foreign exchange losses of \u20ac507k less interest income of \u20ac1,538k) 1,008 333
Profit before tax for the year 5,420 5,926
Income tax expense (933) (2,575)
Total comprehensive income (100%) 4,487 3,351
\n \n \n \n \n 18.3 Summary of financial information of joint venture (continued) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group\u2019s share of total comprehensive income (45%) 2,019 1,508
Hyperinflationary adjustment 301 4,377
Depreciation on fair value uplift of depreciable assets (12) (12)
Share of profit of equity-accounted investee, net of tax, as per statement of profit or loss and OCI 2,308 5,873
Foreign currency translation difference arising during the year (1,000) (224)
Change in carrying amount of interest in joint venture 1,308 5,649
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324173625433": { "value": "\n \n 17 Investment in subsidiary On 29 June 2011, the Company acquired from Camper & Nicholsons Marinas International Limited the 100% shareholding in Maris Marine Limited (\u201cMML\u201d) for a consideration of \u20ac115. This dormant company is incorporated in the United Kingdom and the registered office of this subsidiary is situated th at \u201d5 Floor, Cording House, 34-35 St James\u2019s Street, London, SW1A 1HD\u201d. The reporting date of this non-trading entity is 31 March. \n \n \n \n \n \n \n \n \n 18 Equity-accounted investee\n \n \n \n \n \n 18.1 Cost of acquisition of joint venture On the 17 March 2011, the Company entered into an agreement with its Parent company, as a result of which the Company initially acquired the ownership of 19% in IC Cesme Marina Yatirim, Turizm ve Isletmeleri Anonim Sirketi (\u201cIC Cesme\u201d), a company registered under the laws of Turkey, which company owns and operates a marina in Turkey, and eventually the beneficial interest of 45% therein through the acquisition of MML (see note 17), which held 26% therein for a total consideration of \u20ac1,930k. During that year the Company made an additional shareholder\u2019s contribution of \u20ac244k, which amount has been capitalised as part of the Company\u2019s net investment in the joint venture. The registered address and principal place of business of IC Cesme is Musalla Mh. 1016 SK. No.8, Cesme, Izmir, Turkey. \n \n \n 18.2 Carrying amount of investment in joint venture\n \n \n \n In accordance with the agreement under which IC Cesme is established, the Group and the other investors to the joint venture agree to make additional contributions in proportion to their interests, if required.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324173842244": { "value": "\n 17 Investment in subsidiary On 29 June 2011, the Company acquired from Camper & Nicholsons Marinas International Limited the 100% shareholding in Maris Marine Limited (\u201cMML\u201d) for a consideration of \u20ac115. This dormant company is incorporated in the United Kingdom and the registered office of this subsidiary is situated th at \u201d5 Floor, Cording House, 34-35 St James\u2019s Street, London, SW1A 1HD\u201d. The reporting date of this non-trading entity is 31 March. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324130939955": { "value": "\n \n \n \n \n \n \n \n \n \n 18 Equity-accounted investee\n \n \n \n \n \n 18.1 Cost of acquisition of joint venture On the 17 March 2011, the Company entered into an agreement with its Parent company, as a result of which the Company initially acquired the ownership of 19% in IC Cesme Marina Yatirim, Turizm ve Isletmeleri Anonim Sirketi (\u201cIC Cesme\u201d), a company registered under the laws of Turkey, which company owns and operates a marina in Turkey, and eventually the beneficial interest of 45% therein through the acquisition of MML (see note 17), which held 26% therein for a total consideration of \u20ac1,930k. During that year the Company made an additional shareholder\u2019s contribution of \u20ac244k, which amount has been capitalised as part of the Company\u2019s net investment in the joint venture. The registered address and principal place of business of IC Cesme is Musalla Mh. 1016 SK. No.8, Cesme, Izmir, Turkey. \n \n \n \n \n 18.2 Carrying amount of investment in joint venture\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Group \u20ac000 2025 Company \u20ac000 2024 Group \u20ac000 2024 Company \u20ac000
Fair value of net identifiable assets at date of acquisition 1,082 1,082 1,082 1,082
Goodwill inherent in the cost of investment 848 848 848 848
Consideration paid upon acquisition 1,930 1,930 1,930 1,930
Cumulative capital contributions 244 244 244 244
Cost of investment as at 31 December 2,174 2,174 2,174 2,174
Share of post-acquisition profit brought forward 4,302 2,794
Share of profit for the year 2,019 1,508
Hyperinflationary adjustment brought forward 7,173 2,796
Hyperinflationary adjustment for the year 301 4,377
Depreciation of fair value uplift on acquisition brought forward (378) (366)
Depreciation of fair value uplift on acquisition for the year (12) (12)
Foreign currency translation brought forward (1,894) (1,670)
Foreign currency translation for the year (1,000) (224)
Equity accounted investee as at 31 December 12,685 11,377
\n IC Cesme, the only joint arrangement in which the Group participates, is principally engaged in the operation of a marina in Turkey. IC Cesme is an unlisted joint arrangement and is structured as a separate vehicle and the Group has a residual interest in its net assets. Accordingly, the Group has classified the investment in IC Cesme as a joint venture which is equity accounted. \n \n \n \n In accordance with the agreement under which IC Cesme is established, the Group and the other investors to the joint venture agree to make additional contributions in proportion to their interests, if required.\n \n \n \n \n \n \n \n \n 18 Equity-accounted investee (continued) \n \n \n 18.3 Summary of financial information of joint venture\n The Group\u2019s share of profit in its equity accounted investee for the year, inclusive of the depreciation of fair value uplift upon acquisition, amounted to \u20ac2,007k (2024: \u20ac1,496k). This investee is not listed and consequently no published price quotations are available. The reporting date of this entity is 31 December. The entity is exposed to the country risks relating to Turkey and other risks associated with the trends and future outlook of the marina industry as a whole. The following table summarises the financial information of IC Cesme based on its financial information prepared in accordance with IFRS as adopted by the EU. The tables also reconcile the summarised financial information to the carrying amount of the Group\u2019s interest in IC Cesme, which is accounted for using the equity method of accounting. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Non-current assets 23,980 24,093
Current assets (including cash and cash equivalent of \u20ac5,746k, 2024: \u20ac3,865k) 6,331 4,447
Non-current liabilities (1,799) (1,559)
Current liabilities (including trade and other payables and provisions of \u20ac2,221k, 2024: \u20ac2,954k) (3,356) (4,758)
IC Cesme net assets (liabilities) (100%) at 31 December 25,156 22,223
Group\u2019s share of net assets (45%) 11,320 10,000
Fair value uplift on date of acquisition (less deferred tax impact) 907 907
Cumulative depreciation on fair value uplift, adjusted on consolidation (390) (378)
Goodwill 848 848
Carrying amount of interest in joint venture, as per Statement of financial position (see note 18.2) 12,685 11,377
Revenue 9,821 9,201
Operating expenses (4,435) (3,704)
Depreciation (684) (561)
Results from operating activities 4,702 4,936
Hyperinflationary adjustment for the year (290) 657
Net finance costs (including interest expense of \u20ac562k, net foreign exchange losses of \u20ac36k less interest income of \u20ac1,606k, 2024: including interest expense of \u20ac698k, net foreign exchange losses of \u20ac507k less interest income of \u20ac1,538k) 1,008 333
Profit before tax for the year 5,420 5,926
Income tax expense (933) (2,575)
Total comprehensive income (100%) 4,487 3,351
\n \n \n \n \n \n \n 18 Equity-accounted investee (continued) \n \n \n 18.3 Summary of financial information of joint venture (continued) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group\u2019s share of total comprehensive income (45%) 2,019 1,508
Hyperinflationary adjustment 301 4,377
Depreciation on fair value uplift of depreciable assets (12) (12)
Share of profit of equity-accounted investee, net of tax, as per statement of profit or loss and OCI 2,308 5,873
Foreign currency translation difference arising during the year (1,000) (224)
Change in carrying amount of interest in joint venture 1,308 5,649
\n \n \n \n \n \n \n \n \n 18.4 Impairment assessment of investment in joint venture As explained in note 18.1 the Company acquired its investment in IC Cesme, a joint venture, in 2011. IC Cesme operates a marina with associated landside property in the Izmir region of Turkey, held in terms of a Build-Operate-Transfer agreement expiring in 2067. In view of the geo-political status of the investee\u2019s jurisdiction, the directors have estimated the recoverable amount of the investment in IC Cesme and determined whether it exceeds the carrying amount. This was estimated based on its value in use, determined using a discounted cash flow valuation model by estimating the free cash flow to the firm over the next 10 years and a terminal value at the end of year 10, and discounting them back to the present value with the cost of capital as the discount rate. The following were the assumptions included in the 2025 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme\u2019s management. From years 2 to 10, revenue growth is assumed to converge gradually to the risk-free rate up until Year 10, with the risk-free rate used as a proxy of the growth rate in perpetuity in the terminal year, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme\u2019s management, and remain constant in perpetuity, (c) Reinvestment- Years 1 to 10 is based on the average sales-to-capital ratio of the last two years. In the terminal year, reinvestment is determined as a function of the expected growth rate and the current return on invested capital, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10. In the terminal year, the marginal tax rate is applied in perpetuity, (e) Cost of capital- the discount rate is assumed to remain at current levels until year 10. In the terminal year, it will converge to the cost of capital of a mature and stable company, (f) No excess returns forecasted in the terminal year.\n \n \n \n \n \n \n 18 Equity-accounted investee (continued) 18.4 Impairment assessment of investment in joint venture (continued) \n \n \n \n \n \n The following were the assumptions included in the 2024 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme\u2019s management, Years 2 to 4 revenue growth to be in line with Turkey\u2019s expected real growth rate and inflation rate, then converge to the risk-free rate up until Year 10, after which it will remain unchanged, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme\u2019s management, then converge to 38% up until Year 10, and thereafter remain unchanged, (c) Reinvestment- this is a function of the expected growth rate and the current return on invested capital. As the joint venture does not operate in a capital-intensive industry, this function was set at 50% in Years 1 to 2, 75% in Years 3 to 6, 90% in Years 7 to 9, and 100% in perpetuity, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10, and remain unchanged thereafter, (e) Cost of capital- the discount rate used will converge gradually to the cost of capital of a mature and stable company in Year 10. The estimated recoverable amount of the Company\u2019s investment in IC Cesme\u2019s net assets at Group and Company level exceeds its carrying amount.\n \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324173125367": { "value": "\n \n \n \n \n \n \n \n 18 Equity-accounted investee\n \n \n \n \n \n 18.1 Cost of acquisition of joint venture On the 17 March 2011, the Company entered into an agreement with its Parent company, as a result of which the Company initially acquired the ownership of 19% in IC Cesme Marina Yatirim, Turizm ve Isletmeleri Anonim Sirketi (\u201cIC Cesme\u201d), a company registered under the laws of Turkey, which company owns and operates a marina in Turkey, and eventually the beneficial interest of 45% therein through the acquisition of MML (see note 17), which held 26% therein for a total consideration of \u20ac1,930k. During that year the Company made an additional shareholder\u2019s contribution of \u20ac244k, which amount has been capitalised as part of the Company\u2019s net investment in the joint venture. The registered address and principal place of business of IC Cesme is Musalla Mh. 1016 SK. No.8, Cesme, Izmir, Turkey. \n \n \n \n \n 18.2 Carrying amount of investment in joint venture\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 Group \u20ac000 2025 Company \u20ac000 2024 Group \u20ac000 2024 Company \u20ac000
Fair value of net identifiable assets at date of acquisition 1,082 1,082 1,082 1,082
Goodwill inherent in the cost of investment 848 848 848 848
Consideration paid upon acquisition 1,930 1,930 1,930 1,930
Cumulative capital contributions 244 244 244 244
Cost of investment as at 31 December 2,174 2,174 2,174 2,174
Share of post-acquisition profit brought forward 4,302 2,794
Share of profit for the year 2,019 1,508
Hyperinflationary adjustment brought forward 7,173 2,796
Hyperinflationary adjustment for the year 301 4,377
Depreciation of fair value uplift on acquisition brought forward (378) (366)
Depreciation of fair value uplift on acquisition for the year (12) (12)
Foreign currency translation brought forward (1,894) (1,670)
Foreign currency translation for the year (1,000) (224)
Equity accounted investee as at 31 December 12,685 11,377
\n IC Cesme, the only joint arrangement in which the Group participates, is principally engaged in the operation of a marina in Turkey. IC Cesme is an unlisted joint arrangement and is structured as a separate vehicle and the Group has a residual interest in its net assets. Accordingly, the Group has classified the investment in IC Cesme as a joint venture which is equity accounted. \n \n \n \n In accordance with the agreement under which IC Cesme is established, the Group and the other investors to the joint venture agree to make additional contributions in proportion to their interests, if required.\n \n \n \n \n \n 18.3 Summary of financial information of joint venture\n The Group\u2019s share of profit in its equity accounted investee for the year, inclusive of the depreciation of fair value uplift upon acquisition, amounted to \u20ac2,007k (2024: \u20ac1,496k). This investee is not listed and consequently no published price quotations are available. The reporting date of this entity is 31 December. The entity is exposed to the country risks relating to Turkey and other risks associated with the trends and future outlook of the marina industry as a whole. The following table summarises the financial information of IC Cesme based on its financial information prepared in accordance with IFRS as adopted by the EU. The tables also reconcile the summarised financial information to the carrying amount of the Group\u2019s interest in IC Cesme, which is accounted for using the equity method of accounting. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Non-current assets 23,980 24,093
Current assets (including cash and cash equivalent of \u20ac5,746k, 2024: \u20ac3,865k) 6,331 4,447
Non-current liabilities (1,799) (1,559)
Current liabilities (including trade and other payables and provisions of \u20ac2,221k, 2024: \u20ac2,954k) (3,356) (4,758)
IC Cesme net assets (liabilities) (100%) at 31 December 25,156 22,223
Group\u2019s share of net assets (45%) 11,320 10,000
Fair value uplift on date of acquisition (less deferred tax impact) 907 907
Cumulative depreciation on fair value uplift, adjusted on consolidation (390) (378)
Goodwill 848 848
Carrying amount of interest in joint venture, as per Statement of financial position (see note 18.2) 12,685 11,377
Revenue 9,821 9,201
Operating expenses (4,435) (3,704)
Depreciation (684) (561)
Results from operating activities 4,702 4,936
Hyperinflationary adjustment for the year (290) 657
Net finance costs (including interest expense of \u20ac562k, net foreign exchange losses of \u20ac36k less interest income of \u20ac1,606k, 2024: including interest expense of \u20ac698k, net foreign exchange losses of \u20ac507k less interest income of \u20ac1,538k) 1,008 333
Profit before tax for the year 5,420 5,926
Income tax expense (933) (2,575)
Total comprehensive income (100%) 4,487 3,351
\n \n \n 18.3 Summary of financial information of joint venture (continued) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group\u2019s share of total comprehensive income (45%) 2,019 1,508
Hyperinflationary adjustment 301 4,377
Depreciation on fair value uplift of depreciable assets (12) (12)
Share of profit of equity-accounted investee, net of tax, as per statement of profit or loss and OCI 2,308 5,873
Foreign currency translation difference arising during the year (1,000) (224)
Change in carrying amount of interest in joint venture 1,308 5,649
\n \n 18.4 Impairment assessment of investment in joint venture As explained in note 18.1 the Company acquired its investment in IC Cesme, a joint venture, in 2011. IC Cesme operates a marina with associated landside property in the Izmir region of Turkey, held in terms of a Build-Operate-Transfer agreement expiring in 2067. In view of the geo-political status of the investee\u2019s jurisdiction, the directors have estimated the recoverable amount of the investment in IC Cesme and determined whether it exceeds the carrying amount. This was estimated based on its value in use, determined using a discounted cash flow valuation model by estimating the free cash flow to the firm over the next 10 years and a terminal value at the end of year 10, and discounting them back to the present value with the cost of capital as the discount rate. The following were the assumptions included in the 2025 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme\u2019s management. From years 2 to 10, revenue growth is assumed to converge gradually to the risk-free rate up until Year 10, with the risk-free rate used as a proxy of the growth rate in perpetuity in the terminal year, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme\u2019s management, and remain constant in perpetuity, (c) Reinvestment- Years 1 to 10 is based on the average sales-to-capital ratio of the last two years. In the terminal year, reinvestment is determined as a function of the expected growth rate and the current return on invested capital, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10. In the terminal year, the marginal tax rate is applied in perpetuity, (e) Cost of capital- the discount rate is assumed to remain at current levels until year 10. In the terminal year, it will converge to the cost of capital of a mature and stable company, (f) No excess returns forecasted in the terminal year.\n \n The following were the assumptions included in the 2024 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme\u2019s management, Years 2 to 4 revenue growth to be in line with Turkey\u2019s expected real growth rate and inflation rate, then converge to the risk-free rate up until Year 10, after which it will remain unchanged, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme\u2019s management, then converge to 38% up until Year 10, and thereafter remain unchanged, (c) Reinvestment- this is a function of the expected growth rate and the current return on invested capital. As the joint venture does not operate in a capital-intensive industry, this function was set at 50% in Years 1 to 2, 75% in Years 3 to 6, 90% in Years 7 to 9, and 100% in perpetuity, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10, and remain unchanged thereafter, (e) Cost of capital- the discount rate used will converge gradually to the cost of capital of a mature and stable company in Year 10. The estimated recoverable amount of the Company\u2019s investment in IC Cesme\u2019s net assets at Group and Company level exceeds its carrying amount.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324171313505": { "value": "\n \n 18 Equity-accounted investee\n \n \n \n 18.4 Impairment assessment of investment in joint venture As explained in note 18.1 the Company acquired its investment in IC Cesme, a joint venture, in 2011. IC Cesme operates a marina with associated landside property in the Izmir region of Turkey, held in terms of a Build-Operate-Transfer agreement expiring in 2067. In view of the geo-political status of the investee\u2019s jurisdiction, the directors have estimated the recoverable amount of the investment in IC Cesme and determined whether it exceeds the carrying amount. This was estimated based on its value in use, determined using a discounted cash flow valuation model by estimating the free cash flow to the firm over the next 10 years and a terminal value at the end of year 10, and discounting them back to the present value with the cost of capital as the discount rate. The following were the assumptions included in the 2025 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme\u2019s management. From years 2 to 10, revenue growth is assumed to converge gradually to the risk-free rate up until Year 10, with the risk-free rate used as a proxy of the growth rate in perpetuity in the terminal year, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme\u2019s management, and remain constant in perpetuity, (c) Reinvestment- Years 1 to 10 is based on the average sales-to-capital ratio of the last two years. In the terminal year, reinvestment is determined as a function of the expected growth rate and the current return on invested capital, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10. In the terminal year, the marginal tax rate is applied in perpetuity, (e) Cost of capital- the discount rate is assumed to remain at current levels until year 10. In the terminal year, it will converge to the cost of capital of a mature and stable company, (f) No excess returns forecasted in the terminal year.\n \n \n \n The following were the assumptions included in the 2024 valuation: (a) Revenue- Year 1 revenue to be in line with budget prepared by IC Cesme\u2019s management, Years 2 to 4 revenue growth to be in line with Turkey\u2019s expected real growth rate and inflation rate, then converge to the risk-free rate up until Year 10, after which it will remain unchanged, (b) Operating margins- Year 1 operating margins to be in line with budget prepared by the IC Cesme\u2019s management, then converge to 38% up until Year 10, and thereafter remain unchanged, (c) Reinvestment- this is a function of the expected growth rate and the current return on invested capital. As the joint venture does not operate in a capital-intensive industry, this function was set at 50% in Years 1 to 2, 75% in Years 3 to 6, 90% in Years 7 to 9, and 100% in perpetuity, (d) Tax rate- the tax rate will converge gradually from the current effective tax rate to the marginal tax rate of the country in Year 10, and remain unchanged thereafter, (e) Cost of capital- the discount rate used will converge gradually to the cost of capital of a mature and stable company in Year 10. The estimated recoverable amount of the Company\u2019s investment in IC Cesme\u2019s net assets at Group and Company level exceeds its carrying amount.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324171517102": { "value": "\n \n \n \n \n 19 Investment in debt securities 19.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Group and Company 2025 \u20ac000 2024 \u20ac000
Opening fair value 7,454 4,392
Acquisition of debt securities* 9,958 2,966
Maturity of debt securities (6,961) -
Net increase/ (decrease) in fair value, recognised in OCI (15) 106
Unwinding of premium paid upon acquisition (9) (10)
Closing fair value 10,427 7,454
Reversal of Expected credit losses on debt securities, recognised in OCI (3) (1)
Non-current 2,974 4,488
Current 7,453 2,966
\n \n *During the year, management reclassified investments in treasury bills with original maturities ranging between three to twelve months, amounting to \u20ac2,966k as at 31 December 2024, from Trade and other receivables to Investment in debt securities within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity, or profit for the year. During 2025, the Company acquired \u20ac9,958k debt securities (2024: \u20ac2,966k), all of which were European sovereign treasury bills. The unrealised fair value loss of \u20ac15k (2024: gain of \u20ac106k) on the investment in debt securities held as at 31 December 2025 has been presented in OCI and included in the fair value reserve. As at 31 December 2025, the value of corporate debt securities, by reference to quoted market prices on the Malta Stock Exchange, amounted to \u20ac4,464k (2024: \u20ac4,488k). Such instruments are classified as Level 2 investments within the fair value hierarchy. Corporate debt securities at FVOCI have stated interest rates ranging from 3.25% to 4.50% (2024: 3.25% to 4.50%), with maturity dates ranging from 2026 to 2029 (2024: 2026 to 2029). As at 31 December 2025, the value of sovereign treasury bills amounted to \u20ac5,963k (2024: \u20ac2,966k). Such instruments are classified as Level 1 investments within the fair value hierarchy, as their fair value is determined by reference to unadjusted quoted prices in active markets. 19.2 The investments in corporate debt securities are held within a held-to-collect-and-sell business model consistent with the Group\u2019s continuing measurement of such investments, whilst the investments in treasury bills are held within a held-to-collect business model consistent with the Group\u2019s objective of holding such instruments to collect contractual cash flows until maturity. 19.3 Information about the Group\u2019s exposure to credit and market risks for debt investments is disclosed in notes 29.5.2 and 29.7 respectively. \n \n \n \n \n \n \n \n 20 Loan to Parent company 20.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Loan to Parent company (see note 20.2) 1,050 1,050
Expected credit loss on loan to Parent company - (1)
Interest receivable on loan to Parent company 12 -
Total 1,062 1,049
At 1 January 1,049 4,619
Loan repayment- (3,635)
Net Interest receivable / (repaid) on loan to Parent company 12 (30)
Reversal in expected credit losses on loan to Parent company 1 -
Reversal of expected credit losses on loan to CNML - 95
At 31 December 1,062 1,049
Non-current - -
Current 1,062 1,049
\n \n 20.2 Loan to the Parent company Loan to the Parent company amount to \u20ac1,050k (2024: \u20ac1,050k), the details of which are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Amount \u20ac000 Interest p.a. Maturity date Amount \u20ac000 Interest p.a. Maturity date
Loan Note 1,050 4.50% 30/09/2026 1,050 4.50% 30/09/2026
1,050 1,050
\n All loans to the parent company are unsecured, with the borrower having the option to prepay such loan. Related expected credit losses arising on these loans are set out in note 29.5.3. \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324171640378": { "value": "\n \n \n \n 19 Investment in debt securities 19.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Group and Company 2025 \u20ac000 2024 \u20ac000
Opening fair value 7,454 4,392
Acquisition of debt securities* 9,958 2,966
Maturity of debt securities (6,961) -
Net increase/ (decrease) in fair value, recognised in OCI (15) 106
Unwinding of premium paid upon acquisition (9) (10)
Closing fair value 10,427 7,454
Reversal of Expected credit losses on debt securities, recognised in OCI (3) (1)
Non-current 2,974 4,488
Current 7,453 2,966
\n \n *During the year, management reclassified investments in treasury bills with original maturities ranging between three to twelve months, amounting to \u20ac2,966k as at 31 December 2024, from Trade and other receivables to Investment in debt securities within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity, or profit for the year. During 2025, the Company acquired \u20ac9,958k debt securities (2024: \u20ac2,966k), all of which were European sovereign treasury bills. The unrealised fair value loss of \u20ac15k (2024: gain of \u20ac106k) on the investment in debt securities held as at 31 December 2025 has been presented in OCI and included in the fair value reserve. As at 31 December 2025, the value of corporate debt securities, by reference to quoted market prices on the Malta Stock Exchange, amounted to \u20ac4,464k (2024: \u20ac4,488k). Such instruments are classified as Level 2 investments within the fair value hierarchy. Corporate debt securities at FVOCI have stated interest rates ranging from 3.25% to 4.50% (2024: 3.25% to 4.50%), with maturity dates ranging from 2026 to 2029 (2024: 2026 to 2029). As at 31 December 2025, the value of sovereign treasury bills amounted to \u20ac5,963k (2024: \u20ac2,966k). Such instruments are classified as Level 1 investments within the fair value hierarchy, as their fair value is determined by reference to unadjusted quoted prices in active markets. 19.2 The investments in corporate debt securities are held within a held-to-collect-and-sell business model consistent with the Group\u2019s continuing measurement of such investments, whilst the investments in treasury bills are held within a held-to-collect business model consistent with the Group\u2019s objective of holding such instruments to collect contractual cash flows until maturity. 19.3 Information about the Group\u2019s exposure to credit and market risks for debt investments is disclosed in notes 29.5.2 and 29.7 respectively. \n \n \n \n \n \n 20 Loan to Parent company 20.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Loan to Parent company (see note 20.2) 1,050 1,050
Expected credit loss on loan to Parent company - (1)
Interest receivable on loan to Parent company 12 -
Total 1,062 1,049
At 1 January 1,049 4,619
Loan repayment- (3,635)
Net Interest receivable / (repaid) on loan to Parent company 12 (30)
Reversal in expected credit losses on loan to Parent company 1 -
Reversal of expected credit losses on loan to CNML - 95
At 31 December 1,062 1,049
Non-current - -
Current 1,062 1,049
\n \n 20.2 Loan to the Parent company Loan to the Parent company amount to \u20ac1,050k (2024: \u20ac1,050k), the details of which are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 2024
Amount \u20ac000 Interest p.a. Maturity date Amount \u20ac000 Interest p.a. Maturity date
Loan Note 1,050 4.50% 30/09/2026 1,050 4.50% 30/09/2026
1,050 1,050
\n All loans to the parent company are unsecured, with the borrower having the option to prepay such loan. Related expected credit losses arising on these loans are set out in note 29.5.3. \n \n \n \n \n 26 Loans and borrowings\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Non-current
Debt securities in issue (see note 26.4) 14,921 14,875
Current
Bank overdraft (see note 26.3) 2 2
\n \n \n \n \n 26.4 Debt securities in issue\n \n \n The \u20ac15 million bond, issued by the Company in 2017, had a nominal value of \u20ac100 per bond and was issued at par. The bond is subject to a fixed interest rate of 4.5% per annum payable semi-annually in arrears on 22 February and 22 August of each year. All bonds are redeemable at par (\u20ac100 for each bond) on the 23 August 2027. \n \n The bonds are measured at the amount of net proceeds adjusted for the amortisation of the difference between net proceeds and the bond redemption value using the effective interest method as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Original face value of bonds issued 15,000 15,000
Gross amount of bond issue costs (402) (402)
Cumulative amortisation of gross amount of bond issue costs as at 1 January 277 234
Amortisation charge for the year (see note 13) 46 43
Unamortised bond issue costs as at 31 December (79) (125)
Amortised cost and closing carrying amount of the bond liability 14,921 14,875
\n \n \n \n \n 26.4 Debt securities in issue (continued) The movement for the year comprises solely the amortization of bond issue costs. The quoted market price of the bonds on the Official List of the Malta Stock Exchange at 31 December 2025 was \u20ac100.00 (2024: \u20ac98.05). \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324170648608": { "value": "\n \n 19 Investment in debt securities 19.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Group and Company 2025 \u20ac000 2024 \u20ac000
Opening fair value 7,454 4,392
Acquisition of debt securities* 9,958 2,966
Maturity of debt securities (6,961) -
Net increase/ (decrease) in fair value, recognised in OCI (15) 106
Unwinding of premium paid upon acquisition (9) (10)
Closing fair value 10,427 7,454
Reversal of Expected credit losses on debt securities, recognised in OCI (3) (1)
Non-current 2,974 4,488
Current 7,453 2,966
\n \n \n \n 20 Loan to Parent company 20.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Loan to Parent company (see note 20.2) 1,050 1,050
Expected credit loss on loan to Parent company - (1)
Interest receivable on loan to Parent company 12 -
Total 1,062 1,049
At 1 January 1,049 4,619
Loan repayment- (3,635)
Net Interest receivable / (repaid) on loan to Parent company 12 (30)
Reversal in expected credit losses on loan to Parent company 1 -
Reversal of expected credit losses on loan to CNML - 95
At 31 December 1,062 1,049
Non-current - -
Current 1,062 1,049
\n \n \n 23 Cash and cash equivalents 23.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Cash in hand 3 3
Bank balances 4,259 5,530
Investment in Treasury Bills (see note 23.2) - 1,993
4,262 7,526
Expected credit loss on cash and cash equivalents (see note 29.5) (1) (1)
Cash and cash equivalents in the statement of financial position 4,261 7,525
Bank overdraft used for cash management purposes (see note 26.3) (2) (2)
Cash and cash equivalents in the statement of cash flows 4,259 7,523
\n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management\n \n \n \n \n \n 29.5 Credit risk\n \n \n \n Impairment losses/ reversal on\n \n \n \n financial assets recognised in the statement of profit or loss were as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Impairment reversal on debt securities at FVOCI (see note 29.5.2) (3) (1)
Impairment reversal on loan to CNML (see note 29.5.3) - (95)
Impairment reversal on loan to Parent company (see note 29.5.3) (1) -
(4) (96)
\n \n \n 29.5.1 Trade receivables\n \n 29.5.1.1 ECL assessment for trade receivables For trade receivables the Group and the Company have applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime ECL. Where the Group has reasonable and supportable information that is available without undue cost or effort to measure lifetime ECLs on an individual instrument basis, such an individual assessment is carried out. Lifetime ECLs on the remaining financial assets are measured on a collective basis, using a provision matrix, estimated based on historical credit loss experience based on the past due status of the debtors. No individual assessment is made as at 31 December 2025. Since loss rates are based on actual credit loss experience over the past five years, the Group\u2019s weighted average loss rate for its receivables is less than 0.05% (2024: 0.07%). In addition, the Group mitigates its credit risk through a statutory lien over vessels berthed at its marinas, which provides the right to detain and, where necessary, enforce recovery against the vessel in the event of non-payment. The Group has a consistent history of successfully enforcing such rights, resulting in negligible credit losses. Accordingly, taking into account both historical credit loss experience and the effect of collateral held, no expected credit losses for trade receivables have been recognised as at 31 December 2025 (2024: \u20acnil). \n \n 29.5.2 Investment in corporate debt securities The Group limits its exposure to credit risk on corporate debt securities by investing only in liquid debt securities that have the healthiest interest coverage ratios and gearing ratios, such as the net debt to EBITDA ratio. The Group then monitors market price of the companies in which the Group holds its debt securities on the local stock exchange. In addition, the Group invests in short-term sovereign Treasury Bills issued by countries with a minimum credit rating of AA from internationally recognised rating agencies. These instruments typically have maturities of less than 12 months and are held to maturity in order to collect contractual cash flows. \n \n The Group concluded there was no significant change in credit risk on these financial assets and therefore calculated loss allowance equal to 12-month ECLs. In the absence of individual investment grades to local corporate debt issuers, in calculating the probability of default, the Group used each issuer\u2019s interest coverage ratio, being a synthetic credit rating, with the probability of default used in calculating the ECLs ranging from 0.03% to 1.75% (2024: 0.03% to 1.79%). The Company measured loss allowance on the investment in debt securities at an amount equal to 12- month ECLs, which amounted to \u20ac12k (2024: \u20ac15k). The movement in loss allowance is charged to profit \n \n or loss and is recognised in OCI.\n \n 29.5.3 Amount due from related parties 29.5.3.1 Amount due from Parent company The loss allowance on loan to Parent company of \u20ac1,062k (2024: \u20ac1,050k) has been measured at 12- month ECL, which amounted to \u20acnil (2024: \u20ac1k) and has been included in \u201dLoan to Parent company\u201d in the statement of financial position. \n \n 29.5.3.2 Amount due from other Related Parties Management does not expect to incur any losses on receivables from other related parties. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324162428409": { "value": "\n \n \n \n 22 Trade and other receivables 22.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Trade receivables, excluding related parties 943 1,117
Amounts due from related parties (see notes 22.2 and 31.2) 79 39
Prepayments and other receivables 168 232
Balance at 31 December* 1,190 1,388
\n * During the year, management reclassified investments in treasury bills with original maturities ranging between three to twelve months, amounting to \u20ac2,966k as at 31 December 2024, from Trade and other receivables to Investment in debt securities within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity, or profit for the year. \n 22.2 Amounts due from related parties of \u20ac79k (2024: \u20ac39k) is receivable from First Eastern (Holdings) Limited (which together with its wholly owned subsidiary, FE Marina Investments Limited, owns 99.59% of Camper & Nicholsons Marina Investments Limited\u2019s issued share capital) in relation to a 50% recharge by the Company, of one of the Company\u2019s executive\u2019s wage. During the year, the company recharged \u20ac40k (2024: \u20ac38k) to First Eastern (Holdings) Limited. \n 22.3 Receivables are held within a held-to-collect business model (note 7.8.2). The amounts owed from the related parties are unsecured, interest free and repayable on demand. 22.4 Information about the Group\u2019s exposure to credit, market risks and impairment losses for trade and other receivables are disclosed in notes 29.5.1 and 29.7 respectively. \n \n \n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management\n \n \n \n \n \n \n \n 29.5 Credit risk\n \n \n \n \n 29.5.1 Trade receivables\n The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry. Details of concentration of revenue are included in note 10.2. The Group\u2019s revenue is not concentrated in a small number of customers but is rather dispersed on a large client base made up of local and foreign clients coming from all over the world. Moreover, the Group limits its exposure to credit risk by entering into agreements with clients requiring full payment in advance of their berthing period and having the right to exercise a general lien in case of payment default. The majority of the Group\u2019s customers have been transacting with the Group for over five years, and only 0.05% (2024: 0.07%) of these customers\u2019 balances have been written off or are credit-impaired at the reporting date. In monitoring customer credit risk, this historical information is used to estimate the expected credit losses on trade receivables. At 31 December 2025, the exposure to credit risk for trade receivables by type of counterparty was as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Individuals 104 242
Legal entities 389 438
Agents 450 437
943 1,117
\n \n The following table provides information about the ageing of trade receivables as at 31 December: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Current (not past due) 265 289
1\u201330 days past due 133 300
31\u201360 days past due 151 204
61\u201390 days past due 243 133
More than 90 days past due 151 191
943 1,117
\n \n \n 29.5.1.1 ECL assessment for trade receivables For trade receivables the Group and the Company have applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime ECL. Where the Group has reasonable and supportable information that is available without undue cost or effort to measure lifetime ECLs on an individual instrument basis, such an individual assessment is carried out. Lifetime ECLs on the remaining financial assets are measured on a collective basis, using a provision matrix, estimated based on historical credit loss experience based on the past due status of the debtors. No individual assessment is made as at 31 December 2025. Since loss rates are based on actual credit loss experience over the past five years, the Group\u2019s weighted average loss rate for its receivables is less than 0.05% (2024: 0.07%). In addition, the Group mitigates its credit risk through a statutory lien over vessels berthed at its marinas, which provides the right to detain and, where necessary, enforce recovery against the vessel in the event of non-payment. The Group has a consistent history of successfully enforcing such rights, resulting in negligible credit losses. Accordingly, taking into account both historical credit loss experience and the effect of collateral held, no expected credit losses for trade receivables have been recognised as at 31 December 2025 (2024: \u20acnil). \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260325145303746": { "value": "\n 22 Trade and other receivables 22.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Trade receivables, excluding related parties 943 1,117
Amounts due from related parties (see notes 22.2 and 31.2) 79 39
Prepayments and other receivables 168 232
Balance at 31 December* 1,190 1,388
\n * During the year, management reclassified investments in treasury bills with original maturities ranging between three to twelve months, amounting to \u20ac2,966k as at 31 December 2024, from Trade and other receivables to Investment in debt securities within current assets to better reflect the nature of these balances. This reclassification had no impact on total current assets, total assets, total equity, or profit for the year. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324162304601": { "value": "\n \n \n \n \n 23 Cash and cash equivalents 23.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Cash in hand 3 3
Bank balances 4,259 5,530
Investment in Treasury Bills (see note 23.2) - 1,993
4,262 7,526
Expected credit loss on cash and cash equivalents (see note 29.5) (1) (1)
Cash and cash equivalents in the statement of financial position 4,261 7,525
Bank overdraft used for cash management purposes (see note 26.3) (2) (2)
Cash and cash equivalents in the statement of cash flows 4,259 7,523
\n 23.2 Investment in Treasury Bills classified under \u201cCash and cash equivalents\u201d have an original maturity of three months or less from date of acquisition. \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324162330013": { "value": "\n \n \n \n 23 Cash and cash equivalents 23.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Cash in hand 3 3
Bank balances 4,259 5,530
Investment in Treasury Bills (see note 23.2) - 1,993
4,262 7,526
Expected credit loss on cash and cash equivalents (see note 29.5) (1) (1)
Cash and cash equivalents in the statement of financial position 4,261 7,525
Bank overdraft used for cash management purposes (see note 26.3) (2) (2)
Cash and cash equivalents in the statement of cash flows 4,259 7,523
\n 23.2 Investment in Treasury Bills classified under \u201cCash and cash equivalents\u201d have an original maturity of three months or less from date of acquisition. \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324162157825": { "value": "\n \n \n \n \n 24 Capital and reserves\n \n \n 24.1 Share capital \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Authorised share capital
20,000,000 ordinary shares of \u20ac0.12 each 2,400 2,400
Issued share capital
20,000,000 ordinary shares of \u20ac0.12 each 2,400 2,400
\n 24.2 Shareholders\u2019 rights Ordinary shareholders are entitled to dividends as declared from time to time and rank pari passu with respect to any distribution, whether of dividends or capital, in a winding up or otherwise, and are entitled to one vote per share at general meetings of the Company. \n \n \n 24.3 Exchange translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial results of the joint arrangement from Turkish Lira into Euro. This reserve is not distributable. \n 24.4 Fair value reserve The fair value reserve comprises the cumulative net change in fair value of debt securities at FVOCI until the assets are derecognised or reclassified. This amount is adjusted by the amount of loss allowance. This reserve is not distributable. \n \n \n 24 Capital and reserves (continued) \n \n 24.5 Dividends The amount of \u20ac0.7 million in dividends were declared by the Company for the year ended 31 December 2025 (2024: \u20ac1.2 million), being a dividend per share of \u20ac0.035 (2024: \u20ac0.061). \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324162125704": { "value": "\n \n \n \n 24 Capital and reserves\n \n \n 24.1 Share capital \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Authorised share capital
20,000,000 ordinary shares of \u20ac0.12 each 2,400 2,400
Issued share capital
20,000,000 ordinary shares of \u20ac0.12 each 2,400 2,400
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324161721412": { "value": "\n \n \n 24 Capital and reserves\n \n \n \n 24.5 Dividends The amount of \u20ac0.7 million in dividends were declared by the Company for the year ended 31 December 2025 (2024: \u20ac1.2 million), being a dividend per share of \u20ac0.035 (2024: \u20ac0.061). \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324161823362": { "value": "\n \n 24 Capital and reserves\n \n \n \n 24.3 Exchange translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial results of the joint arrangement from Turkish Lira into Euro. This reserve is not distributable. \n 24.4 Fair value reserve The fair value reserve comprises the cumulative net change in fair value of debt securities at FVOCI until the assets are derecognised or reclassified. This amount is adjusted by the amount of loss allowance. This reserve is not distributable. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324161426467": { "value": "0.035", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "Fxbrl_20260324161629678": { "value": "0.061", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "Fxbrl_20260324161338552": { "value": "\n 25 Capital management The company\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern and to maximise the return to stakeholders through the optimisation of the debt and equity balance. The Board\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on capital, as well as the level of dividends to ordinary shareholders. Based on recommendations of the directors, the company balances its overall capital structure through new share issues as well as the issue of new debt or the redemption of existing debt. The capital structure of the Group consists of debt securities in issue of \u20ac14,921k (2024: \u20ac14,875k) and items presented within equity in the statement of financial position, comprising of share capital, exchange translation reserve, fair value reserve and retained earnings with a total of \u20ac13,931k (2024: \u20ac12,927k). The Group is not subject to any externally imposed capital requirements. There were no changes in the Group\u2019s approach to capital management during the year. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324155041357": { "value": "\n \n \n \n \n \n \n \n \n \n 26 Loans and borrowings\n \n \n \n \n \n \n 26.1 This note provides information about the contractual terms of the Group\u2019s interest-bearing borrowings which are measured at amortised cost. For more information about the Company\u2019s exposures to liquidity and interest rate risks, see notes 29.6 and 29.7.2 respectively. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Non-current
Debt securities in issue (see note 26.4) 14,921 14,875
Current
Bank overdraft (see note 26.3) 2 2
\n \n \n \n \n \n 26 Loans and borrowings (continued) \n \n 26.2 Terms and repayment schedule The terms and conditions of outstanding loans are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Nominal int rate Year of maturity 2025 2024
Face value Carrying amount Face value Carrying amount
\u20ac000 \u20ac000 \u20ac000 \u20ac000
Bank overdraft 4.85% Repayable on demand 2 2 2 2
Unsecured bond 4.50% 2027 15,000 14,921 15,000 14,875
Total interest-bearing liabilities 15,002 14,923 15,002 14,877
\n \n \n \n \n 26.3 Bank overdraft The bank overdraft represents the credit on the Company\u2019s credit card as at 31 December, which is repaid on a monthly basis. This overdraft is secured by a pledge of \u20ac7k over cash balances held by the Company with HSBC Bank Malta plc. An additional \u20ac35k is pledged in favour of a guarantee with MEPA. \n \n \n \n \n \n \n \n \n 26.4 Debt securities in issue\n \n \n The \u20ac15 million bond, issued by the Company in 2017, had a nominal value of \u20ac100 per bond and was issued at par. The bond is subject to a fixed interest rate of 4.5% per annum payable semi-annually in arrears on 22 February and 22 August of each year. All bonds are redeemable at par (\u20ac100 for each bond) on the 23 August 2027. \n \n The bonds are measured at the amount of net proceeds adjusted for the amortisation of the difference between net proceeds and the bond redemption value using the effective interest method as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Original face value of bonds issued 15,000 15,000
Gross amount of bond issue costs (402) (402)
Cumulative amortisation of gross amount of bond issue costs as at 1 January 277 234
Amortisation charge for the year (see note 13) 46 43
Unamortised bond issue costs as at 31 December (79) (125)
Amortised cost and closing carrying amount of the bond liability 14,921 14,875
\n \n \n \n \n \n \n \n 26 Loans and borrowings (continued) \n \n \n 26.4 Debt securities in issue (continued) The movement for the year comprises solely the amortization of bond issue costs. The quoted market price of the bonds on the Official List of the Malta Stock Exchange at 31 December 2025 was \u20ac100.00 (2024: \u20ac98.05). \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324155223645": { "value": "\n \n \n \n \n \n \n \n \n 26 Loans and borrowings\n \n \n \n \n \n \n 26.1 This note provides information about the contractual terms of the Group\u2019s interest-bearing borrowings which are measured at amortised cost. For more information about the Company\u2019s exposures to liquidity and interest rate risks, see notes 29.6 and 29.7.2 respectively. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Non-current
Debt securities in issue (see note 26.4) 14,921 14,875
Current
Bank overdraft (see note 26.3) 2 2
\n \n \n \n 26.2 Terms and repayment schedule The terms and conditions of outstanding loans are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Nominal int rate Year of maturity 2025 2024
Face value Carrying amount Face value Carrying amount
\u20ac000 \u20ac000 \u20ac000 \u20ac000
Bank overdraft 4.85% Repayable on demand 2 2 2 2
Unsecured bond 4.50% 2027 15,000 14,921 15,000 14,875
Total interest-bearing liabilities 15,002 14,923 15,002 14,877
\n \n \n \n \n \n 26.4 Debt securities in issue\n \n \n The \u20ac15 million bond, issued by the Company in 2017, had a nominal value of \u20ac100 per bond and was issued at par. The bond is subject to a fixed interest rate of 4.5% per annum payable semi-annually in arrears on 22 February and 22 August of each year. All bonds are redeemable at par (\u20ac100 for each bond) on the 23 August 2027. \n \n The bonds are measured at the amount of net proceeds adjusted for the amortisation of the difference between net proceeds and the bond redemption value using the effective interest method as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Original face value of bonds issued 15,000 15,000
Gross amount of bond issue costs (402) (402)
Cumulative amortisation of gross amount of bond issue costs as at 1 January 277 234
Amortisation charge for the year (see note 13) 46 43
Unamortised bond issue costs as at 31 December (79) (125)
Amortised cost and closing carrying amount of the bond liability 14,921 14,875
\n \n \n \n \n \n \n 26.4 Debt securities in issue (continued) The movement for the year comprises solely the amortization of bond issue costs. The quoted market price of the bonds on the Official List of the Malta Stock Exchange at 31 December 2025 was \u20ac100.00 (2024: \u20ac98.05). \n \n \n \n \n \n 27 Trade and other payables 27.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Trade payables, excluding related parties 254 207
Amounts due to related parties (see notes 27.2 and 31.2) 176 393
Other trade payables (see note 27.4) 316 303
Accrued expenses 1,085 1,329
1,831 2,232
\n \n 27.2 The amounts owed to the related parties are unsecured, interest free and repayable on demand. \n 27.3 Information about the Group\u2019s exposures to liquidity and currency risks related to trade and other payables is disclosed in notes 29.6 and 29.7.1 respectively. \n \n \n 27.4 Other trade payables include VAT payable of \u20ac133k (2024: \u20ac130k), dividend and bond interest payments held of \u20ac94k (2024: \u20ac85k) and \u20ac89k security deposits withheld from customers (2024: \u20ac88k). \n \n \n \n \n 28 Contract liabilities 28.1 \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Customer advances on berthing contracts (see note 28.2) 1,381 1,282
1,381 1,282
\n 28.2 The contract liabilities relate to the consideration received in advance from customers for berthing contracts, for which revenue is recognised over time. Furthermore, the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the year is largely in relation to contracts with an original expected duration of one year or less. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324154033922": { "value": "\n \n \n \n \n \n \n 26 Loans and borrowings\n \n \n \n \n \n \n \n \n \n 26.3 Bank overdraft The bank overdraft represents the credit on the Company\u2019s credit card as at 31 December, which is repaid on a monthly basis. This overdraft is secured by a pledge of \u20ac7k over cash balances held by the Company with HSBC Bank Malta plc. An additional \u20ac35k is pledged in favour of a guarantee with MEPA. \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324154139569": { "value": "\n \n \n \n \n \n 26 Loans and borrowings\n \n \n \n \n \n \n \n 26.3 Bank overdraft The bank overdraft represents the credit on the Company\u2019s credit card as at 31 December, which is repaid on a monthly basis. This overdraft is secured by a pledge of \u20ac7k over cash balances held by the Company with HSBC Bank Malta plc. An additional \u20ac35k is pledged in favour of a guarantee with MEPA. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324154311230": { "value": "\n \n \n \n \n 26 Loans and borrowings\n \n \n \n \n \n 26.3 Bank overdraft The bank overdraft represents the credit on the Company\u2019s credit card as at 31 December, which is repaid on a monthly basis. This overdraft is secured by a pledge of \u20ac7k over cash balances held by the Company with HSBC Bank Malta plc. An additional \u20ac35k is pledged in favour of a guarantee with MEPA. \n \n 30 Commitments No capital commitments were authorised and contracted for, or yet to be contracted for, at the reporting date and at the end of the comparative period. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324153801753": { "value": "\n \n \n \n \n 27 Trade and other payables 27.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Trade payables, excluding related parties 254 207
Amounts due to related parties (see notes 27.2 and 31.2) 176 393
Other trade payables (see note 27.4) 316 303
Accrued expenses 1,085 1,329
1,831 2,232
\n \n 27.2 The amounts owed to the related parties are unsecured, interest free and repayable on demand. \n 27.3 Information about the Group\u2019s exposures to liquidity and currency risks related to trade and other payables is disclosed in notes 29.6 and 29.7.1 respectively. \n \n \n 27.4 Other trade payables include VAT payable of \u20ac133k (2024: \u20ac130k), dividend and bond interest payments held of \u20ac94k (2024: \u20ac85k) and \u20ac89k security deposits withheld from customers (2024: \u20ac88k). \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324153837609": { "value": "\n \n 27 Trade and other payables 27.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Trade payables, excluding related parties 254 207
Amounts due to related parties (see notes 27.2 and 31.2) 176 393
Other trade payables (see note 27.4) 316 303
Accrued expenses 1,085 1,329
1,831 2,232
\n \n \n \n 27.4 Other trade payables include VAT payable of \u20ac133k (2024: \u20ac130k), dividend and bond interest payments held of \u20ac94k (2024: \u20ac85k) and \u20ac89k security deposits withheld from customers (2024: \u20ac88k). \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324153926971": { "value": "\n 27 Trade and other payables 27.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Group and Company
Trade payables, excluding related parties 254 207
Amounts due to related parties (see notes 27.2 and 31.2) 176 393
Other trade payables (see note 27.4) 316 303
Accrued expenses 1,085 1,329
1,831 2,232
\n \n 27.4 Other trade payables include VAT payable of \u20ac133k (2024: \u20ac130k), dividend and bond interest payments held of \u20ac94k (2024: \u20ac85k) and \u20ac89k security deposits withheld from customers (2024: \u20ac88k). \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324132835890": { "value": "\n \n \n \n \n \n \n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management\n \n \n \n \n \n \n \n \n \n \n 29.1 Accounting classification and fair values The following table shows the fair values of financial assets other than the investment in the joint venture and financial liabilities other than lease liabilities. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Fair value measurement using:
31 December Level 1 Level 2 Level 3 Total Carrying amount
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Group and company
Financial assets
Financial assets
Investment in debt securities 5,963 2,966 4,464 4,488 - - 10,427 7,454 10,427 7,454
Financial assets at amortised cost
Loan to Parent company - - 1,062 1,049 - - 1,062 1,049 1,062 1,049
5,963 2,966 5,526 5,537 - - 11,489 8,503 11,489 8,503
Financial liabilities at amortised cost
Unsecured debt securities in issue - - (15,000) (14,707) - - (15,000) (14,707) (14,921) (14,875)
\n \n \n \n 29.2 Measurement of fair values Valuation techniques and significant unobservable inputs\n \n At 31 December 2025, investment in corporate debt securities with a carrying amount of \u20ac4,464k (2024: \u20ac4,488k) were measured using Level 2 inputs of the fair value hierarchy, by referring to their respective quoted prices in the local market, whilst investment in sovereign treasury bills with a carrying amount of \u20ac5,963k (2024: \u20ac2,966k) were measured using Level 1 inputs of the fair value hierarchy, by reference to unadjusted quoted prices in active markets.\n \n At 31 December 2025, unsecured debt securities in issue were measured at amortised cost with a carrying amount of \u20ac14,921k (2024: \u20ac14,875k). The fair value of this financial liability as at 31 December 2025 amount to \u20ac15,000k (2024: \u20ac14,707k) were measured using Level 2 inputs of the fair value hierarchy, by referring to their respective quoted prices in the local market.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324133104673": { "value": "\n \n \n \n \n \n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management\n \n \n \n \n \n \n \n \n \n \n 29.1 Accounting classification and fair values The following table shows the fair values of financial assets other than the investment in the joint venture and financial liabilities other than lease liabilities. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Fair value measurement using:
31 December Level 1 Level 2 Level 3 Total Carrying amount
2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000 2025 \u20ac000 2024 \u20ac000
Group and company
Financial assets
Financial assets
Investment in debt securities 5,963 2,966 4,464 4,488 - - 10,427 7,454 10,427 7,454
Financial assets at amortised cost
Loan to Parent company - - 1,062 1,049 - - 1,062 1,049 1,062 1,049
5,963 2,966 5,526 5,537 - - 11,489 8,503 11,489 8,503
Financial liabilities at amortised cost
Unsecured debt securities in issue - - (15,000) (14,707) - - (15,000) (14,707) (14,921) (14,875)
\n \n \n \n 29.2 Measurement of fair values Valuation techniques and significant unobservable inputs\n At the end of the current and the comparative year, the carrying amount of trade receivables and cash and cash equivalents is a reasonable approximation of their fair value due to their short-term maturities. \n \n At 31 December 2025, investment in corporate debt securities with a carrying amount of \u20ac4,464k (2024: \u20ac4,488k) were measured using Level 2 inputs of the fair value hierarchy, by referring to their respective quoted prices in the local market, whilst investment in sovereign treasury bills with a carrying amount of \u20ac5,963k (2024: \u20ac2,966k) were measured using Level 1 inputs of the fair value hierarchy, by reference to unadjusted quoted prices in active markets.\n At the end of the current and the comparative year, the carrying amount of trade and other payables, and bank overdraft is a reasonable approximation of their fair value due to their short-term maturities. \n \n At 31 December 2025, unsecured debt securities in issue were measured at amortised cost with a carrying amount of \u20ac14,921k (2024: \u20ac14,875k). The fair value of this financial liability as at 31 December 2025 amount to \u20ac15,000k (2024: \u20ac14,707k) were measured using Level 2 inputs of the fair value hierarchy, by referring to their respective quoted prices in the local market.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324152726641": { "value": "\n \n \n \n \n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management\n \n \n \n \n \n \n \n \n \n \n 29.7 Market risk\n Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. \n \n 29.7.1 Currency risk The Group\u2019s exposure to currency risk is limited to expenses that are denominated in a currency other than the Company\u2019s functional currency, primarily the British Pound, on intra-group balances. The Group is not exposed to exchange rate movements on the Turkish Lira other than in respect of: - the Group\u2019s share in translating the post-acquisition reserves of its equity-accounted investee from TL to Euro and - the exchange differences arising in the books of the joint venture with TL as its functional currency. The Group does not hedge against exchange gains or losses which may arise on the realisation of amounts receivable and the settlement of amounts payable in foreign currencies. \n 29.7.1.1 Exposure to currency risk and sensitivity analysis The Company\u2019s exposure to currency risk is immaterial. 29.7.2 Interest rate risk The Group adopts a policy of ensuring that the majority of its interest rate risk exposure is at a fixed rate. This is achieved by entering into financial arrangements subject to fixed interest rates. During 2017, the Company issued bonds at a fixed rate of 4.50%, while between 2018 and 2020, the Company has invested in corporate debt securities, all at fixed rates ranging from 3.25% to 4.50% (see note 19). In addition, the rates charged on the Parent company loan is 4.50%, and is not subject to interest rate fluctuations. \n \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) 29.7 Market risk (continued) 29.7.2.1 Fair value sensitivity analysis for fixed-rate instruments The Group does not account for any fixed-rate financial assets or financial liabilities, at FVTPL. Therefore, a change in interest rates at the reporting date would not affect profit or loss. As a result of changes in fair value of the investments in debt securities at FVOCI, a decrease/ (increase) of 100 basis points in interest rates would have increased/ (decreased) equity by \u20ac60k/ (\u20ac58k) after tax (2024: \u20ac88k/ (\u20ac84k) after tax). This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324152945477": { "value": "\n \n \n \n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management\n \n \n \n \n \n \n \n \n 29.6 Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group monitors its cash flow requirements on a weekly basis and ensures that it has sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations. This excludes the potential impact of extreme circumstances that cannot reasonably be predicted. \n \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) 29.6 Liquidity risk (continued) The following are the contractual maturities of financial liabilities at the reporting date. The amounts are gross, undiscounted and include contractual interest payments. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Carrying amount Contractual cash flows 6 months or less 6 - 12 months 1 - 5 years Over 5 years
\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000
31 December 2025
Financial liabilities
Debt securities in issue (see note 26.4) 14,921 (16,350) (340) (335) (15,675) -
Bank overdraft (see note 26.3) 2 (2) (2) - - -
Trade and other payables (see note 27) 1,207 (1,207) (1,207) - - -
Lease liabilities (see notes 21.1.2 and 29.6.1) 5,952 (36,314) (293) (117) (1,598) (34,306)
22,082 (53,873) (1,842) (452) (17,273) (34,306)
31 December 2024
Financial liabilities
Debt securities in issue (see note 26.4) 14,875 (17,025) (340) (335) (16,350) -
Bank overdraft (see note 26.3) 2 (2) (2) - - -
Trade and other payables (see note 27) 1,609 (1,609) (1,609) - - -
Lease liabilities (see note 21.1.2 and 29.6.1) 5,983 (36,722) (293) (115) (1,613) (34,701)
22,469 (55,358) (2,244) (450) (17,963) (34,701)
\n \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) 29.6.1 Maturity analysis of lease liabilities Further information about the maturity of lease liabilities is provided in the table below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Maturity analysis \u2013 contractual undiscounted cash flows
Less than 1 year (410) (408)
1 to 5 years (1,598) (1,613)
6 to 10 years (1,338) (1,396)
11 to 20 years (3,462) (3,412)
21 to 40 years (8,561) (8,436)
More than 40 years (20,945) (21,457)
Total undiscounted lease liabilities at 31 December (36,314) (36,722)
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324153243998": { "value": "\n \n \n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management\n \n \n \n \n \n \n \n \n \n \n 29.5 Credit risk\n \n \n Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s bank balances of \u20ac4,259k (2024: \u20ac7,522k), receivables from customers of \u20ac1,022k (2024: \u20ac1,117k), loans to the Parent company of \u20ac1,062k (2024: \u20ac1,050k) and investments in debt securities of \u20ac10,427k (2024: \u20ac7,454k). The carrying amounts of financial assets represent the maximum credit exposure. \n \n \n Impairment losses/ reversal on\n \n \n \n \n financial assets recognised in the statement of profit or loss were as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Impairment reversal on debt securities at FVOCI (see note 29.5.2) (3) (1)
Impairment reversal on loan to CNML (see note 29.5.3) - (95)
Impairment reversal on loan to Parent company (see note 29.5.3) (1) -
(4) (96)
\n \n \n \n \n 29.5.1 Trade receivables\n The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry. Details of concentration of revenue are included in note 10.2. The Group\u2019s revenue is not concentrated in a small number of customers but is rather dispersed on a large client base made up of local and foreign clients coming from all over the world. Moreover, the Group limits its exposure to credit risk by entering into agreements with clients requiring full payment in advance of their berthing period and having the right to exercise a general lien in case of payment default. The majority of the Group\u2019s customers have been transacting with the Group for over five years, and only 0.05% (2024: 0.07%) of these customers\u2019 balances have been written off or are credit-impaired at the reporting date. In monitoring customer credit risk, this historical information is used to estimate the expected credit losses on trade receivables. At 31 December 2025, the exposure to credit risk for trade receivables by type of counterparty was as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Individuals 104 242
Legal entities 389 438
Agents 450 437
943 1,117
\n \n \n 29.5 Credit risk (continued) 29.5.1 Trade receivables (continued) \n \n The following table provides information about the ageing of trade receivables as at 31 December: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Current (not past due) 265 289
1\u201330 days past due 133 300
31\u201360 days past due 151 204
61\u201390 days past due 243 133
More than 90 days past due 151 191
943 1,117
\n \n \n \n 29.5.1.1 ECL assessment for trade receivables For trade receivables the Group and the Company have applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime ECL. Where the Group has reasonable and supportable information that is available without undue cost or effort to measure lifetime ECLs on an individual instrument basis, such an individual assessment is carried out. Lifetime ECLs on the remaining financial assets are measured on a collective basis, using a provision matrix, estimated based on historical credit loss experience based on the past due status of the debtors. No individual assessment is made as at 31 December 2025. Since loss rates are based on actual credit loss experience over the past five years, the Group\u2019s weighted average loss rate for its receivables is less than 0.05% (2024: 0.07%). In addition, the Group mitigates its credit risk through a statutory lien over vessels berthed at its marinas, which provides the right to detain and, where necessary, enforce recovery against the vessel in the event of non-payment. The Group has a consistent history of successfully enforcing such rights, resulting in negligible credit losses. Accordingly, taking into account both historical credit loss experience and the effect of collateral held, no expected credit losses for trade receivables have been recognised as at 31 December 2025 (2024: \u20acnil). \n \n \n \n 29.5.2 Investment in corporate debt securities The Group limits its exposure to credit risk on corporate debt securities by investing only in liquid debt securities that have the healthiest interest coverage ratios and gearing ratios, such as the net debt to EBITDA ratio. The Group then monitors market price of the companies in which the Group holds its debt securities on the local stock exchange. In addition, the Group invests in short-term sovereign Treasury Bills issued by countries with a minimum credit rating of AA from internationally recognised rating agencies. These instruments typically have maturities of less than 12 months and are held to maturity in order to collect contractual cash flows. \n \n \n 29.5 Credit risk (continued) 29.5.2 Investment in corporate debt securities (continued) \n \n The Group concluded there was no significant change in credit risk on these financial assets and therefore calculated loss allowance equal to 12-month ECLs. In the absence of individual investment grades to local corporate debt issuers, in calculating the probability of default, the Group used each issuer\u2019s interest coverage ratio, being a synthetic credit rating, with the probability of default used in calculating the ECLs ranging from 0.03% to 1.75% (2024: 0.03% to 1.79%). The Company measured loss allowance on the investment in debt securities at an amount equal to 12- month ECLs, which amounted to \u20ac12k (2024: \u20ac15k). The movement in loss allowance is charged to profit \n \n \n or loss and is recognised in OCI.\n The exposure to credit risk for debt securities, net of expected credit losses, at the reporting date by geographic region was as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Country
Malta (see note 19) 4,463 4,488
Germany (see note 19) 1,990 2,966
Austria (see note 19) 1,990 -
Belgium (see note 19) 1,984 -
10,427 7,454
\n\n \n 29.5.3 Amount due from related parties 29.5.3.1 Amount due from Parent company The loss allowance on loan to Parent company of \u20ac1,062k (2024: \u20ac1,050k) has been measured at 12- month ECL, which amounted to \u20acnil (2024: \u20ac1k) and has been included in \u201dLoan to Parent company\u201d in the statement of financial position. \n The exposure to credit risk for the loan to parent company at amortised cost, net of expected credit losses, at the reporting date by geographic region was as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Country
Guernsey (see note 20.2) 1,062 1,049
1,062 1,049
\n\n \n 29.5.3.2 Amount due from other Related Parties Management does not expect to incur any losses on receivables from other related parties. \n \n \n 29.5 Credit risk (continued) 29.5.4 Cash and cash equivalents The Group held cash and cash equivalents of \u20ac4,261k at 31 December 2025 (2024: \u20ac7,525k). The cash and cash equivalent are held with HSBC Bank Malta plc and Bank of Valletta plc, with the latter being an investment grade-rated banking institution having a long-term rating of BBB as per S&P Ratings (2024: BBB). HSBC Bank Malta plc is unrated, and the company's directors have assessed the potential ECL based on the credit strength of its parent, HSBC Holdings plc, taking into account its current external credit ratings in the A/A2 range.. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external ratings of S&P\u2019s. The loss allowance amounted to \u20ac1k (2024: \u20ac1k). The difference in loss allowance, if any, is recognized under \u201cImpairment loss on financial asset\u201d in the statement of profit or loss. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324160532928": { "value": "\n \n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management\n \n \n \n \n \n \n 29.3 Financial risk management The Group, from its use of financial instruments, has exposure to credit, liquidity, and market risks. 29.4 Risk management framework The Company\u2019s board of directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Group\u2019s audit committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. Where possible, the Group aims to reduce and control risk concentrations. Concentrations of financial risk arise when financial instruments with similar characteristics are influenced in the same way by changes in economic or other factors. The amount of the risk exposure associated with financial instruments sharing similar characteristics is disclosed in more detail in the notes to the financial statements. \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) \n \n \n \n \n 29.5 Credit risk\n \n \n Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s bank balances of \u20ac4,259k (2024: \u20ac7,522k), receivables from customers of \u20ac1,022k (2024: \u20ac1,117k), loans to the Parent company of \u20ac1,062k (2024: \u20ac1,050k) and investments in debt securities of \u20ac10,427k (2024: \u20ac7,454k). The carrying amounts of financial assets represent the maximum credit exposure. \n \n \n Impairment losses/ reversal on\n \n \n \n \n financial assets recognised in the statement of profit or loss were as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Impairment reversal on debt securities at FVOCI (see note 29.5.2) (3) (1)
Impairment reversal on loan to CNML (see note 29.5.3) - (95)
Impairment reversal on loan to Parent company (see note 29.5.3) (1) -
(4) (96)
\n \n \n \n \n 29.5.1 Trade receivables\n The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry. Details of concentration of revenue are included in note 10.2. The Group\u2019s revenue is not concentrated in a small number of customers but is rather dispersed on a large client base made up of local and foreign clients coming from all over the world. Moreover, the Group limits its exposure to credit risk by entering into agreements with clients requiring full payment in advance of their berthing period and having the right to exercise a general lien in case of payment default. The majority of the Group\u2019s customers have been transacting with the Group for over five years, and only 0.05% (2024: 0.07%) of these customers\u2019 balances have been written off or are credit-impaired at the reporting date. In monitoring customer credit risk, this historical information is used to estimate the expected credit losses on trade receivables. At 31 December 2025, the exposure to credit risk for trade receivables by type of counterparty was as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Individuals 104 242
Legal entities 389 438
Agents 450 437
943 1,117
\n \n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) \n \n 29.5 Credit risk (continued) 29.5.1 Trade receivables (continued) \n \n The following table provides information about the ageing of trade receivables as at 31 December: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Current (not past due) 265 289
1\u201330 days past due 133 300
31\u201360 days past due 151 204
61\u201390 days past due 243 133
More than 90 days past due 151 191
943 1,117
\n \n \n \n 29.5.1.1 ECL assessment for trade receivables For trade receivables the Group and the Company have applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime ECL. Where the Group has reasonable and supportable information that is available without undue cost or effort to measure lifetime ECLs on an individual instrument basis, such an individual assessment is carried out. Lifetime ECLs on the remaining financial assets are measured on a collective basis, using a provision matrix, estimated based on historical credit loss experience based on the past due status of the debtors. No individual assessment is made as at 31 December 2025. Since loss rates are based on actual credit loss experience over the past five years, the Group\u2019s weighted average loss rate for its receivables is less than 0.05% (2024: 0.07%). In addition, the Group mitigates its credit risk through a statutory lien over vessels berthed at its marinas, which provides the right to detain and, where necessary, enforce recovery against the vessel in the event of non-payment. The Group has a consistent history of successfully enforcing such rights, resulting in negligible credit losses. Accordingly, taking into account both historical credit loss experience and the effect of collateral held, no expected credit losses for trade receivables have been recognised as at 31 December 2025 (2024: \u20acnil). \n \n \n \n 29.5.2 Investment in corporate debt securities The Group limits its exposure to credit risk on corporate debt securities by investing only in liquid debt securities that have the healthiest interest coverage ratios and gearing ratios, such as the net debt to EBITDA ratio. The Group then monitors market price of the companies in which the Group holds its debt securities on the local stock exchange. In addition, the Group invests in short-term sovereign Treasury Bills issued by countries with a minimum credit rating of AA from internationally recognised rating agencies. These instruments typically have maturities of less than 12 months and are held to maturity in order to collect contractual cash flows. \n \n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) \n \n 29.5 Credit risk (continued) 29.5.2 Investment in corporate debt securities (continued) \n \n The Group concluded there was no significant change in credit risk on these financial assets and therefore calculated loss allowance equal to 12-month ECLs. In the absence of individual investment grades to local corporate debt issuers, in calculating the probability of default, the Group used each issuer\u2019s interest coverage ratio, being a synthetic credit rating, with the probability of default used in calculating the ECLs ranging from 0.03% to 1.75% (2024: 0.03% to 1.79%). The Company measured loss allowance on the investment in debt securities at an amount equal to 12- month ECLs, which amounted to \u20ac12k (2024: \u20ac15k). The movement in loss allowance is charged to profit \n \n \n or loss and is recognised in OCI.\n The exposure to credit risk for debt securities, net of expected credit losses, at the reporting date by geographic region was as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Country
Malta (see note 19) 4,463 4,488
Germany (see note 19) 1,990 2,966
Austria (see note 19) 1,990 -
Belgium (see note 19) 1,984 -
10,427 7,454
\n\n \n 29.5.3 Amount due from related parties 29.5.3.1 Amount due from Parent company The loss allowance on loan to Parent company of \u20ac1,062k (2024: \u20ac1,050k) has been measured at 12- month ECL, which amounted to \u20acnil (2024: \u20ac1k) and has been included in \u201dLoan to Parent company\u201d in the statement of financial position. \n The exposure to credit risk for the loan to parent company at amortised cost, net of expected credit losses, at the reporting date by geographic region was as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Country
Guernsey (see note 20.2) 1,062 1,049
1,062 1,049
\n\n \n 29.5.3.2 Amount due from other Related Parties Management does not expect to incur any losses on receivables from other related parties. \n \n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) \n \n 29.5 Credit risk (continued) 29.5.4 Cash and cash equivalents The Group held cash and cash equivalents of \u20ac4,261k at 31 December 2025 (2024: \u20ac7,525k). The cash and cash equivalent are held with HSBC Bank Malta plc and Bank of Valletta plc, with the latter being an investment grade-rated banking institution having a long-term rating of BBB as per S&P Ratings (2024: BBB). HSBC Bank Malta plc is unrated, and the company's directors have assessed the potential ECL based on the credit strength of its parent, HSBC Holdings plc, taking into account its current external credit ratings in the A/A2 range.. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external ratings of S&P\u2019s. The loss allowance amounted to \u20ac1k (2024: \u20ac1k). The difference in loss allowance, if any, is recognized under \u201cImpairment loss on financial asset\u201d in the statement of profit or loss. \n \n \n 29.6 Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group monitors its cash flow requirements on a weekly basis and ensures that it has sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations. This excludes the potential impact of extreme circumstances that cannot reasonably be predicted. \n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) 29.6 Liquidity risk (continued) The following are the contractual maturities of financial liabilities at the reporting date. The amounts are gross, undiscounted and include contractual interest payments. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Carrying amount Contractual cash flows 6 months or less 6 - 12 months 1 - 5 years Over 5 years
\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000
31 December 2025
Financial liabilities
Debt securities in issue (see note 26.4) 14,921 (16,350) (340) (335) (15,675) -
Bank overdraft (see note 26.3) 2 (2) (2) - - -
Trade and other payables (see note 27) 1,207 (1,207) (1,207) - - -
Lease liabilities (see notes 21.1.2 and 29.6.1) 5,952 (36,314) (293) (117) (1,598) (34,306)
22,082 (53,873) (1,842) (452) (17,273) (34,306)
31 December 2024
Financial liabilities
Debt securities in issue (see note 26.4) 14,875 (17,025) (340) (335) (16,350) -
Bank overdraft (see note 26.3) 2 (2) (2) - - -
Trade and other payables (see note 27) 1,609 (1,609) (1,609) - - -
Lease liabilities (see note 21.1.2 and 29.6.1) 5,983 (36,722) (293) (115) (1,613) (34,701)
22,469 (55,358) (2,244) (450) (17,963) (34,701)
\n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) 29.6.1 Maturity analysis of lease liabilities Further information about the maturity of lease liabilities is provided in the table below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
2025 \u20ac000 2024 \u20ac000
Maturity analysis \u2013 contractual undiscounted cash flows
Less than 1 year (410) (408)
1 to 5 years (1,598) (1,613)
6 to 10 years (1,338) (1,396)
11 to 20 years (3,462) (3,412)
21 to 40 years (8,561) (8,436)
More than 40 years (20,945) (21,457)
Total undiscounted lease liabilities at 31 December (36,314) (36,722)
\n \n \n \n 29.7 Market risk\n Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. \n \n 29.7.1 Currency risk The Group\u2019s exposure to currency risk is limited to expenses that are denominated in a currency other than the Company\u2019s functional currency, primarily the British Pound, on intra-group balances. The Group is not exposed to exchange rate movements on the Turkish Lira other than in respect of: - the Group\u2019s share in translating the post-acquisition reserves of its equity-accounted investee from TL to Euro and - the exchange differences arising in the books of the joint venture with TL as its functional currency. The Group does not hedge against exchange gains or losses which may arise on the realisation of amounts receivable and the settlement of amounts payable in foreign currencies. \n 29.7.1.1 Exposure to currency risk and sensitivity analysis The Company\u2019s exposure to currency risk is immaterial. 29.7.2 Interest rate risk The Group adopts a policy of ensuring that the majority of its interest rate risk exposure is at a fixed rate. This is achieved by entering into financial arrangements subject to fixed interest rates. During 2017, the Company issued bonds at a fixed rate of 4.50%, while between 2018 and 2020, the Company has invested in corporate debt securities, all at fixed rates ranging from 3.25% to 4.50% (see note 19). In addition, the rates charged on the Parent company loan is 4.50%, and is not subject to interest rate fluctuations. \n \n \n \n \n 29 Financial instruments \u2013 fair values and risk management (continued) 29.7 Market risk (continued) 29.7.2.1 Fair value sensitivity analysis for fixed-rate instruments The Group does not account for any fixed-rate financial assets or financial liabilities, at FVTPL. Therefore, a change in interest rates at the reporting date would not affect profit or loss. As a result of changes in fair value of the investments in debt securities at FVOCI, a decrease/ (increase) of 100 basis points in interest rates would have increased/ (decreased) equity by \u20ac60k/ (\u20ac58k) after tax (2024: \u20ac88k/ (\u20ac84k) after tax). This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324151907264": { "value": "\n \n 30 Commitments No capital commitments were authorised and contracted for, or yet to be contracted for, at the reporting date and at the end of the comparative period. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324124138267": { "value": "Mr Victor Chu", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260324150546607": { "value": "\n 32 Subsequent events Since 28 February 2026, the geopolitical situation in the Middle East has escalated with ramifications on energy prices, global flows in oil and gas, energy prices, inflation and consumer spending. Further details have been described in note 5.4. There is currently no indication that there will be a significant impact on the Group\u2019s financial performance, financial position and cash flows. The situation continues to be closely monitored by management to ensure that the interests of all its stakeholders are safeguarded. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:6354002DAQXPJIZGYH13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "FN20260326131645921": { "value": "Cash and cash equivalents include bank overdrafts that are repayable on demand and form an integral part of the Group\u2019scash management. ", "dimensions": { "concept": "xbrl:note", "noteId": "FN20260326131645921", "language": "en" } }, "FN20260326131435903": { "value": "Comparative information has been reclassified to conform to current year presentation.", "dimensions": { "concept": "xbrl:note", "noteId": "FN20260326131435903", "language": "en" } } } }