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"s8_notes__6__5": {
"value": "New Amsterdam Invest N.V.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
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"s8_notes__6__7": {
"value": "N.V.",
"dimensions": {
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},
"s8_notes__6__6": {
"value": "Amsterdam, the Netherlands",
"dimensions": {
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"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__8": {
"value": "the Netherlands",
"dimensions": {
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"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__9": {
"value": "Herengracht 280, 1016BX",
"dimensions": {
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"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__11": {
"value": "The principal activities of the Company and its subsidiaries (\u201cthe Group\u201d) are to drive businesses in the real estate sector (mainly offices), with principal operations in Europe, including the Netherlands, Germany, the United Kingdom and the United States of America. The Group is principally involved in leasing investment property under operating leases. After acquisition, property management will be transferred to Group companies.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__10": {
"value": "The principal activities of the Company and its subsidiaries (\u201cthe Group\u201d) are to drive businesses in the real estate sector (mainly offices), with principal operations in Europe, including the Netherlands, Germany, the United Kingdom and the United States of America.",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__13": {
"value": "The information and figures in these financial statements are presented in euros (*\u20ac 1,000). All amounts have been rounded to the nearest thousand unless otherwise indicated. The consolidated financial statements for the year ended 31 December 2023 were authorized for issue by the Supervisory Board on 8 May 2024 and will be presented to the shareholders for approval on 21 June 2024. These are the Group\u2019s first consolidated financial statements. The comparatives pertain to the year ended 31 December 2022 and pertain only to the Company as it did not have any subsidiaries yet in the comparative period. The financial statements have been audited by the Company\u2019s statutory auditor.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__12": {
"value": "The consolidated financial statements for the year ended 31 December 2023 were authorized for issue by the Supervisory Board on 8 May 2024 and will be presented to the shareholders for approval on 21 June 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__15": {
"value": "Basis of preparation The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union, and Title 9 of Book 2 of the Dutch Civil Code (DCC).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__14": {
"value": "Basis of preparation The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union, and Title 9 of Book 2 of the Dutch Civil Code (DCC).",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__16": {
"value": "Going concern At the time of authorizing the financial statements for issue, the Management Board has a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future. Thus they have applied the going concern basis of accounting in preparing these consolidated financial statements. The Company has taken into account both operational and financial aspects and has drawn up a plan in which the foreseeable business processes and their continuity are closely monitored. The most important key figures in the context of the going concern assumption as on 31 December 2023 are as follows: (*\u20ac1,000) 31 December 2023 31 December 2022 Equity 44,270 48,520 Result -4,796 -2,080 Working capital 1,621 72 Solvency 52.42% 99.46% Liquidity: Cash generated from/(used in) operations 1,370 -754 Cash and cash equivalents 5,490 16",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__18": {
"value": "New and amended IFRS Accounting Standards that are mandatorily applicable for the current year Amendments to IAS 1 Presentation of Financial Statements The group has adopted the amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies, replacing all instances of the term \u2018significant accounting policies\u2019 with \u2018material accounting policy information\u2019. Accounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__17": {
"value": "New and amended IFRS Accounting Standards that are mandatorily applicable for the current year Amendments to IAS 1 Presentation of Financial Statements The group has adopted the amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies, replacing all instances of the term \u2018significant accounting policies\u2019 with \u2018material accounting policy information\u2019. Accounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__19": {
"value": "Significant accounting estimates and judgements The preparation of the consolidated financial statements involves making judgments, estimates and assumptions with respect to the recognition and measurements of assets, liabilities, income and expenses. Estimates and judgements will be continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. For more detailed information, we refer to the applicable notes. Significant judgments Assessment whether a business has been acquired by the Company A business combination is a transaction or other event in which the Company obtains control of one or more businesses. The Company applies the purchase method of accounting to such transactions. The Management Board has assessed whether the acquired investment properties or acquired group companies including their properties (reference is made to note 1) constitute a business or businesses and has concluded that this is not the case. In reaching this conclusion, the Management Board has considered that substantially all of the fair value of the gross assets acquired in these transactions is concentrated in a single identifiable asset or group of similar identifiable assets, being the investment properties. Therefore, the Company has not applied the purchase method of accounting to the transaction referred to as the Business Combination as well as subsequent acquisitions of investment properties. The Warrants The Warrants issued classify as equity. The Warrants are subject to anti-dilution provisions in accordance with the terms and conditions set out in the Prospectus. Because the anti-dilution provisions attempt to put the holders of the Warrants in the same economic position relative to ordinary shareholders after the restructuring, the Company concludes that the fixed-for-fixed criterium is met. Treasury Shares The Company was incorporated on 19 May 2021, by New Amsterdam Invest Participaties B.V. (NAIP), issuing 1,275,000 ordinary shares with a nominal value of \u20ac 0.04 in total \u20ac 51,000. On July 8th, 2021, the Company repurchased from NAIP 1,127,693 Ordinary Shares against no consideration. The promoter contribution as agreed at incorporation was aggregated to the amount of \u20ac 750,000. The repurchase of shares was done anticipating on the conversion of warrants and promoter shares at business combination date, hence by repurchasing the shares the Company ensured a sufficient level of shares in view of the automatic warrant conversion. The repurchase was done against no consideration so that the share capital of the Company would not be diluted. As a consequence, they have been deducted from equity at the amount of the consideration paid, being nil. As long as these Ordinary Shares are held in treasury by the Company, they do not yield dividends, do not entitle the holders to voting rights, and do not count towards the calculation of dividends or voting percentages. Transaction costs Only incremental costs that are attributable directly to equity transactions such as issuing equity instruments are recognized in equity. In 2021, the Company issued new shares and simultaneously listed these shares. The following incremental costs were recognized in equity: \u2022 fees for legal and tax advice related to the share issue; \u2022 the cost of preparing the prospectus; \u2022 fees incurred in respect of valuing the shares; and \u2022 underwriting fees. In 2023, significant costs were incurred for preparation of the Circular. As these costs were not incremental to the issue of any equity instruments, these were expensed in the income statement. Classification of ordinary shares, promoter shares and priority shares as equity In prior years, the Company identified the classification of the ordinary shares, promoter shares and the priority shares as equity instruments as significant judgments. This was due to the redemption features in the event of a business combination occurring or not occurring, as well as the assessment of whether such redemption was at the discretion of the Company. The Escrow Account In the previous year, based on the Company\u2019s assessment and as a consequence of the restrictions agreed upon for this account, the Escrow account could not be considered a demand deposit as amounts could only be withdrawn in specific circumstances. The Company\u2019s Escrow Agent would only instruct the Escrow Foundation to release the Escrow Amount to the Company in certain circumstances as referred to in our annual report 2022. Therefore, the Company concluded that the amounts on the Escrow account should not be classified as cash and cash equivalents, as they are not held for the purpose of meeting short-term cash commitments. The Escrow account balance as at 31 December 2022 was therefore recognized as other financial assets within current assets. The Escrow account has been released to the Company starting 2 June 2023, and as such this no longer constitutes a significant judgment as at 31 December 2023. Significant estimates Valuation of investment properties Fair value is the market value that would be paid by market participants at the measurement date and adjusted, if necessary, for the differences in the nature, location or condition of the specific asset. Fair values of investment properties are determined by the Management Board based on appraisals that are performed by professional independent certified appraisers who hold recognized professional qualifications and have experience in the location and category of the investment property being valued. A full valuation is performed every other year and/or in case of a triggering event, and a desktop review is performed at least annually. The independent appraisers are instructed to determine the fair value of the property in accordance with the International Valuation Standards (IVSC). These guidelines contain mandatory rules and best practice guidelines for valuers. The remuneration of the appraisers is based on a fixed fee per property. Appraisals are based on assumptions that include the estimated rental value of the property in operation, net rental income, future capital expenditure and the net market yield of the property. As a result, the value of the property in operation is subject to a degree of uncertainty. The actual outcomes may therefore differ from the assumptions. This may have a positive or negative effect on the value of the property in operation, and consequently on the result. For further details on the valuation of investment properties, reference is made to note 1. Valuation of VAT receivable At the end of 2022, the Company was informed by the Dutch tax authority that the Company is not taxable for VAT purposes. As a consequence, the total amount of the refunded tax for periods to 31 December 2023 of \u20ac 340k is therefore potentially repayable to the tax authorities. The Company does not agree with this decision and is still confident that the tax authority will reconsider its position but has nonetheless impaired its receivable. Further details are provided in note 3. Valuation of deferred tax assets The Company recognizes deferred tax assets arising from tax losses carried forward and deductible temporary di\ufb00erences, to the extent that it is probable that su\ufb03cient future taxable profits will be available against which the deductible temporary di\ufb00erences and tax losses carried forward can be utilized. Assessing the probability of future taxable profits involves significant estimation uncertainty as it requires forecasting taxable income and deductible expenses, while taking into account the horizon to utilize tax losses carried forward. Further details are provided in note 2.",
"dimensions": {
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"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__21": {
"value": "Significant estimates Valuation of investment properties Fair value is the market value that would be paid by market participants at the measurement date and adjusted, if necessary, for the differences in the nature, location or condition of the specific asset. Fair values of investment properties are determined by the Management Board based on appraisals that are performed by professional independent certified appraisers who hold recognized professional qualifications and have experience in the location and category of the investment property being valued. A full valuation is performed every other year and/or in case of a triggering event, and a desktop review is performed at least annually. The independent appraisers are instructed to determine the fair value of the property in accordance with the International Valuation Standards (IVSC). These guidelines contain mandatory rules and best practice guidelines for valuers. The remuneration of the appraisers is based on a fixed fee per property. Appraisals are based on assumptions that include the estimated rental value of the property in operation, net rental income, future capital expenditure and the net market yield of the property. As a result, the value of the property in operation is subject to a degree of uncertainty. The actual outcomes may therefore differ from the assumptions. This may have a positive or negative effect on the value of the property in operation, and consequently on the result. For further details on the valuation of investment properties, reference is made to note 1. Valuation of VAT receivable At the end of 2022, the Company was informed by the Dutch tax authority that the Company is not taxable for VAT purposes. As a consequence, the total amount of the refunded tax for periods to 31 December 2023 of \u20ac 340k is therefore potentially repayable to the tax authorities. The Company does not agree with this decision and is still confident that the tax authority will reconsider its position but has nonetheless impaired its receivable. Further details are provided in note 3. Valuation of deferred tax assets The Company recognizes deferred tax assets arising from tax losses carried forward and deductible temporary di\ufb00erences, to the extent that it is probable that su\ufb03cient future taxable profits will be available against which the deductible temporary di\ufb00erences and tax losses carried forward can be utilized. Assessing the probability of future taxable profits involves significant estimation uncertainty as it requires forecasting taxable income and deductible expenses, while taking into account the horizon to utilize tax losses carried forward. Further details are provided in note 2.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__20": {
"value": "Significant estimates Valuation of investment properties Fair value is the market value that would be paid by market participants at the measurement date and adjusted, if necessary, for the differences in the nature, location or condition of the specific asset. Fair values of investment properties are determined by the Management Board based on appraisals that are performed by professional independent certified appraisers who hold recognized professional qualifications and have experience in the location and category of the investment property being valued. A full valuation is performed every other year and/or in case of a triggering event, and a desktop review is performed at least annually. The independent appraisers are instructed to determine the fair value of the property in accordance with the International Valuation Standards (IVSC). These guidelines contain mandatory rules and best practice guidelines for valuers. The remuneration of the appraisers is based on a fixed fee per property. Appraisals are based on assumptions that include the estimated rental value of the property in operation, net rental income, future capital expenditure and the net market yield of the property. As a result, the value of the property in operation is subject to a degree of uncertainty. The actual outcomes may therefore differ from the assumptions. This may have a positive or negative effect on the value of the property in operation, and consequently on the result. For further details on the valuation of investment properties, reference is made to note 1. Valuation of VAT receivable At the end of 2022, the Company was informed by the Dutch tax authority that the Company is not taxable for VAT purposes. As a consequence, the total amount of the refunded tax for periods to 31 December 2023 of \u20ac 340k is therefore potentially repayable to the tax authorities. The Company does not agree with this decision and is still confident that the tax authority will reconsider its position but has nonetheless impaired its receivable. Further details are provided in note 3. Valuation of deferred tax assets The Company recognizes deferred tax assets arising from tax losses carried forward and deductible temporary di\ufb00erences, to the extent that it is probable that su\ufb03cient future taxable profits will be available against which the deductible temporary di\ufb00erences and tax losses carried forward can be utilized. Assessing the probability of future taxable profits involves significant estimation uncertainty as it requires forecasting taxable income and deductible expenses, while taking into account the horizon to utilize tax losses carried forward. Further details are provided in note 2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__22": {
"value": "Material accounting policies The material accounting policies adopted in the preparation of the consolidated financial statements are set out below. The policies have been consistently applied to all the years presented, unless otherwise stated. Basis of consolidation As a result of the Company\u2019s recent acquisitions (reference is made to note 1), it is the first time that the Company presents consolidated financial statements. The consolidated financial statements incorporate the financial information of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Company: \u2022 Has the power over the investee; \u2022 Is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 Can use its power to affect its returns. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to align the accounting policies with the Group\u2019s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Non-controlling interests in subsidiaries are recognized separately from the equity of the subsidiaries owned by the Group. Non-controlling interests of shareholders who possess present ownership interests that entitle them to a proportionate share of the net assets upon liquidation may be initially measured at fair value or at the non-controlling interests' proportionate share of the fair value of the acquiree's identifiable net assets. The choice of measurement is made on a case-by-case basis. After acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity. Foreign currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in euros, which is the Company\u2019s functional currency and the Group\u2019s presentation currency. The Company has determined that it operates as an independent investor from its subsidiaries (with functional currencies different from the euro) rather than an extension of its subsidiaries, and accordingly has assessed that the Company\u2019s functional currency is the euro, being the currency in which funds from financing activities are generated and cash is typically retained, given the lack of operational activities at the standalone holding level. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement within financial income and expenses. For the purpose of preparing the consolidated financial statements, the assets and liabilities of the Group's foreign operations are converted into the reporting currency at the exchange rates prevailing on the reporting date. Income and expense items are converted at the average exchange rates for the period, unless the exchange rates fluctuate significantly throughout that period, in which case the exchange rates at the date of the transactions are used. Any differences that arise from these conversions are recognized in other comprehensive income and are accumulated in the currency translation reserve within equity. These differences are also attributed to non-controlling interests when appropriate. When the Group disposes of a foreign operation (i.e., a disposal of the Group's entire interest in a foreign operation or a disposal involving the loss of control over a subsidiary that includes a foreign operation or a partial disposal of an interest in a joint arrangement or an associate that includes a foreign operation, of which the retained interest becomes a financial asset), all of the exchange differences accumulated in the currency translation reserve relating to that operation are reclassified to profit or loss. Acquisitions of investment property Upon acquiring an investment property or, alternatively, control over a subsidiary that owns an investment property, the Company assesses whether such a transaction constitutes a business combination. In making this assessment, on a case-by-case basis, the Company may consider if substantially all of the fair value of the gross assets acquired in the transactions is concentrated in a single identifiable asset or group of similar identifiable assets, typically being the investment property. When a transaction is deemed not to qualify as a business combination, the Company treats the identifiable acquired assets and liabilities of the investee in accordance with the relevant accounting policies. The consideration transferred in the transaction is then allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. No goodwill arises as a consequence of such a transaction or event. Investment property Investment property, held to earn rental income and/or capital appreciation (including property under construction for such purposes), is measured initially at cost, including transaction costs. Transaction costs include legal fees, property transfer tax and other costs that are directly attributable to the acquisition of the property. It is subsequently measured at fair value at each financial position date. Gains or losses arising from changes in the fair value of investment property are included in profit or loss in the period they arise. Investment property is derecognized if disposed of or permanently withdrawn from use with no future economic benefits expected. Any gain or loss arising on the derecognition of the investment property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognized. Lessor accounting The Group concludes leases for its property as a lessor. Lease contracts in which the Group is a lessor are classified as financial or operational leases. When the conditions of the lease indicate that virtually all risks and benefits of ownership are transferred to the lessee, the contract is classified as a financial lease. All other lease contracts are classified as operational leases. The Group lets its property in the form of operational leases. Rental income from operational leases is recognized straight-lined over the duration of the relevant lease. Such income is classified as revenue in the income statement. Initial direct costs incurred in the acquisition of the operational lease are added to the book value of the leased assets and recognized straight-lined over the lease term as a charge. Rent-free periods, lease discounts and other lease incentives are recognized as an integral part of total gross rental income. If a contract contains both lease and non-lease components, the Group applies IFRS 15 to allocate the fee based on the contract to each component. Revenue from service charges The Group recognizes revenue from non-lease components included in contracts with tenants. Where there are service contracts with third parties (for which the costs are recognized and classified as direct related costs in the income statement), service charges are recovered from tenants. The service charge is priced and contracted based on market prices relevant to the location. The services are included in the lease agreement and mainly relate to insurance, energy, cleaning and security services. The service charge income is recognized as control over the service is transferred to the tenant, which is evenly over time of the service rendered as the tenant simultaneously receives and consumes the benefits from the provided service. This coincides with the payments made by tenants for the services charges. As such, the Company\u2019s right to consideration corresponds directly with the value to the customer of the Company\u2019s performance to date. Therefore, the Company applies the practical expedient provided by IFRS 15 to recognize revenue from service charges in the amount to which the Company has a right to invoice. Revenues from service charges are presented as gross revenues when the Company acts as a principal. Financial instruments Financial assets and financial liabilities are recognized in the Company\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Subsequent to initial recognition a financial asset that is a debt instrument is classified as either at amortized cost, at fair value through other comprehensive income or at fair value through profit or loss. The Company currently only has financial assets in the first category. Interest income from these financial assets is included under financial income in the income statement. The Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost, applying a three-stage impairment model. For lease receivables and receivables from service contracts, lifetime expected credit losses are recognized (in accordance with the simplified approach permitted by IFRS 9 \u2018Financial Instruments\u2019). Loans, borrowings, accounts payable and other financial liabilities are presented as current liabilities when the Company does not have the unconditional right to defer settlement for at least twelve months after the reporting period. After initial recognition, financial liabilities are subsequently measured at amortized cost using the effective interest rate method. Interest expenses under the application of the effective interest rate method are included under financial expenses in the income statement. Financial assets and liabilities are derecognized when the contractual rights or obligations to the cash flows discharged, cancelled or expired, or a financial asset is transferred, and the transfer qualifies for derecognition. Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Income taxes The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses carried forward. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. Deferred income tax is provided in full on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss (i.e., the acquisition of investment property in a transaction that is not a business combination). Deferred tax is calculated at the tax rates that are expected to apply in the period when the asset is realized based on tax laws and rates that have been enacted or substantively enacted at the reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. A deferred tax asset is recognized for all deductible temporary differences and tax losses carried forward to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Cash flow statement The Group reports cash flows from operating activities using the indirect method. Interest received and interest paid are presented within operating cash flows. The acquisitions of investment properties are disclosed as cash flows from investing activities as this most appropriately reflects the Group\u2019s business activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__23": {
"value": "Basis of consolidation As a result of the Company\u2019s recent acquisitions (reference is made to note 1), it is the first time that the Company presents consolidated financial statements. The consolidated financial statements incorporate the financial information of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Company: \u2022 Has the power over the investee; \u2022 Is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 Can use its power to affect its returns. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to align the accounting policies with the Group\u2019s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Non-controlling interests in subsidiaries are recognized separately from the equity of the subsidiaries owned by the Group. Non-controlling interests of shareholders who possess present ownership interests that entitle them to a proportionate share of the net assets upon liquidation may be initially measured at fair value or at the non-controlling interests' proportionate share of the fair value of the acquiree's identifiable net assets. The choice of measurement is made on a case-by-case basis. After acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__24": {
"value": "Non-controlling interests in subsidiaries are recognized separately from the equity of the subsidiaries owned by the Group. Non-controlling interests of shareholders who possess present ownership interests that entitle them to a proportionate share of the net assets upon liquidation may be initially measured at fair value or at the non-controlling interests' proportionate share of the fair value of the acquiree's identifiable net assets. The choice of measurement is made on a case-by-case basis. After acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__26": {
"value": "Foreign currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in euros, which is the Company\u2019s functional currency and the Group\u2019s presentation currency. The Company has determined that it operates as an independent investor from its subsidiaries (with functional currencies different from the euro) rather than an extension of its subsidiaries, and accordingly has assessed that the Company\u2019s functional currency is the euro, being the currency in which funds from financing activities are generated and cash is typically retained, given the lack of operational activities at the standalone holding level.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__25": {
"value": "Foreign currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in euros, which is the Company\u2019s functional currency and the Group\u2019s presentation currency. The Company has determined that it operates as an independent investor from its subsidiaries (with functional currencies different from the euro) rather than an extension of its subsidiaries, and accordingly has assessed that the Company\u2019s functional currency is the euro, being the currency in which funds from financing activities are generated and cash is typically retained, given the lack of operational activities at the standalone holding level. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement within financial income and expenses. For the purpose of preparing the consolidated financial statements, the assets and liabilities of the Group's foreign operations are converted into the reporting currency at the exchange rates prevailing on the reporting date. Income and expense items are converted at the average exchange rates for the period, unless the exchange rates fluctuate significantly throughout that period, in which case the exchange rates at the date of the transactions are used. Any differences that arise from these conversions are recognized in other comprehensive income and are accumulated in the currency translation reserve within equity. These differences are also attributed to non-controlling interests when appropriate. When the Group disposes of a foreign operation (i.e., a disposal of the Group's entire interest in a foreign operation or a disposal involving the loss of control over a subsidiary that includes a foreign operation or a partial disposal of an interest in a joint arrangement or an associate that includes a foreign operation, of which the retained interest becomes a financial asset), all of the exchange differences accumulated in the currency translation reserve relating to that operation are reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__27-1": {
"value": "Acquisitions of investment property Upon acquiring an investment property or, alternatively, control over a subsidiary that owns an investment property, the Company assesses whether such a transaction constitutes a business combination. In making this assessment, on a case-by-case basis, the Company may consider if substantially all of the fair value of the gross assets acquired in the transactions is concentrated in a single identifiable asset or group of similar identifiable assets, typically being the investment property. When a transaction is deemed not to qualify as a business combination, the Company treats the identifiable acquired assets and liabilities of the investee in accordance with the relevant accounting policies. The consideration transferred in the transaction is then allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. No goodwill arises as a consequence of such a transaction or event.Investment property Investment property, held to earn rental income and/or capital appreciation (including property under construction for such purposes), is measured initially at cost, including transaction costs. Transaction costs include legal fees, property transfer tax and other costs that are directly attributable to the acquisition of the property. It is subsequently measured at fair value at each financial position date. Gains or losses arising from changes in the fair value of investment property are included in profit or loss in the period they arise. Investment property is derecognized if disposed of or permanently withdrawn from use with no future economic benefits expected. Any gain or loss arising on the derecognition of the investment property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__29-1": {
"value": "Investment property Investment property, held to earn rental income and/or capital appreciation (including property under construction for such purposes), is measured initially at cost, including transaction costs. Transaction costs include legal fees, property transfer tax and other costs that are directly attributable to the acquisition of the property. It is subsequently measured at fair value at each financial position date. Gains or losses arising from changes in the fair value of investment property are included in profit or loss in the period they arise. Investment property is derecognized if disposed of or permanently withdrawn from use with no future economic benefits expected. Any gain or loss arising on the derecognition of the investment property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognized.Fair value measurement A number of assets and liabilities included in the Group\u2019s financial statements require measurement at, and/or disclosure of, fair value. The fair value measurement of the Group\u2019s financial and non-financial assets and liabilities utilizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into different levels based on how observable the inputs used in the valuation technique utilized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in active markets for identical items (unadjusted) \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs \u2022 Level 3: Unobservable inputs (i.e., not derived from market data). The classification of an item into the above levels is based on the lowest level of the inputs used that has a significant effect on the fair value measurement of the item. Transfers of items between levels are recognised in the period they occur. The only item in the statement of financial position at the end of either period presented in these consolidated financial statements that are carried at fair value on a recurring on non-recurring basis are the investment properties. These are carried at fair value on a recurring basis. For details on the fair value measurement, reference is made to note 1.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__30": {
"value": "Lessor accounting The Group concludes leases for its property as a lessor. Lease contracts in which the Group is a lessor are classified as financial or operational leases. When the conditions of the lease indicate that virtually all risks and benefits of ownership are transferred to the lessee, the contract is classified as a financial lease. All other lease contracts are classified as operational leases. The Group lets its property in the form of operational leases. Rental income from operational leases is recognized straight-lined over the duration of the relevant lease. Such income is classified as revenue in the income statement. Initial direct costs incurred in the acquisition of the operational lease are added to the book value of the leased assets and recognized straight-lined over the lease term as a charge. Rent-free periods, lease discounts and other lease incentives are recognized as an integral part of total gross rental income. If a contract contains both lease and non-lease components, the Group applies IFRS 15 to allocate the fee based on the contract to each component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__31": {
"value": "Revenue from service charges The Group recognizes revenue from non-lease components included in contracts with tenants. Where there are service contracts with third parties (for which the costs are recognized and classified as direct related costs in the income statement), service charges are recovered from tenants. The service charge is priced and contracted based on market prices relevant to the location. The services are included in the lease agreement and mainly relate to insurance, energy, cleaning and security services. The service charge income is recognized as control over the service is transferred to the tenant, which is evenly over time of the service rendered as the tenant simultaneously receives and consumes the benefits from the provided service. This coincides with the payments made by tenants for the services charges. As such, the Company\u2019s right to consideration corresponds directly with the value to the customer of the Company\u2019s performance to date. Therefore, the Company applies the practical expedient provided by IFRS 15 to recognize revenue from service charges in the amount to which the Company has a right to invoice. Revenues from service charges are presented as gross revenues when the Company acts as a principal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__35": {
"value": "Financial instruments Financial assets and financial liabilities are recognized in the Company\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Subsequent to initial recognition a financial asset that is a debt instrument is classified as either at amortized cost, at fair value through other comprehensive income or at fair value through profit or loss. The Company currently only has financial assets in the first category. Interest income from these financial assets is included under financial income in the income statement. The Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost, applying a three-stage impairment model. For lease receivables and receivables from service contracts, lifetime expected credit losses are recognized (in accordance with the simplified approach permitted by IFRS 9 \u2018Financial Instruments\u2019). Loans, borrowings, accounts payable and other financial liabilities are presented as current liabilities when the Company does not have the unconditional right to defer settlement for at least twelve months after the reporting period. After initial recognition, financial liabilities are subsequently measured at amortized cost using the effective interest rate method. Interest expenses under the application of the effective interest rate method are included under financial expenses in the income statement. Financial assets and liabilities are derecognized when the contractual rights or obligations to the cash flows discharged, cancelled or expired, or a financial asset is transferred, and the transfer qualifies for derecognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__34": {
"value": "Financial instruments Financial assets and financial liabilities are recognized in the Company\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Subsequent to initial recognition a financial asset that is a debt instrument is classified as either at amortized cost, at fair value through other comprehensive income or at fair value through profit or loss. The Company currently only has financial assets in the first category. Interest income from these financial assets is included under financial income in the income statement. The Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost, applying a three-stage impairment model. For lease receivables and receivables from service contracts, lifetime expected credit losses are recognized (in accordance with the simplified approach permitted by IFRS 9 \u2018Financial Instruments\u2019). Loans, borrowings, accounts payable and other financial liabilities are presented as current liabilities when the Company does not have the unconditional right to defer settlement for at least twelve months after the reporting period. After initial recognition, financial liabilities are subsequently measured at amortized cost using the effective interest rate method. Interest expenses under the application of the effective interest rate method are included under financial expenses in the income statement. Financial assets and liabilities are derecognized when the contractual rights or obligations to the cash flows discharged, cancelled or expired, or a financial asset is transferred, and the transfer qualifies for derecognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__33-1": {
"value": "Financial instruments Financial assets and financial liabilities are recognized in the Company\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Subsequent to initial recognition a financial asset that is a debt instrument is classified as either at amortized cost, at fair value through other comprehensive income or at fair value through profit or loss. The Company currently only has financial assets in the first category. Interest income from these financial assets is included under financial income in the income statement. The Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost, applying a three-stage impairment model. For lease receivables and receivables from service contracts, lifetime expected credit losses are recognized (in accordance with the simplified approach permitted by IFRS 9 \u2018Financial Instruments\u2019). Loans, borrowings, accounts payable and other financial liabilities are presented as current liabilities when the Company does not have the unconditional right to defer settlement for at least twelve months after the reporting period. After initial recognition, financial liabilities are subsequently measured at amortized cost using the effective interest rate method. Interest expenses under the application of the effective interest rate method are included under financial expenses in the income statement. Financial assets and liabilities are derecognized when the contractual rights or obligations to the cash flows discharged, cancelled or expired, or a financial asset is transferred, and the transfer qualifies for derecognition.Fair value measurement A number of assets and liabilities included in the Group\u2019s financial statements require measurement at, and/or disclosure of, fair value. The fair value measurement of the Group\u2019s financial and non-financial assets and liabilities utilizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into different levels based on how observable the inputs used in the valuation technique utilized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in active markets for identical items (unadjusted) \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs \u2022 Level 3: Unobservable inputs (i.e., not derived from market data). The classification of an item into the above levels is based on the lowest level of the inputs used that has a significant effect on the fair value measurement of the item. Transfers of items between levels are recognised in the period they occur. The only item in the statement of financial position at the end of either period presented in these consolidated financial statements that are carried at fair value on a recurring on non-recurring basis are the investment properties. These are carried at fair value on a recurring basis. For details on the fair value measurement, reference is made to note 1.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__32": {
"value": "Financial instruments Financial assets and financial liabilities are recognized in the Company\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Subsequent to initial recognition a financial asset that is a debt instrument is classified as either at amortized cost, at fair value through other comprehensive income or at fair value through profit or loss. The Company currently only has financial assets in the first category. Interest income from these financial assets is included under financial income in the income statement. The Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost, applying a three-stage impairment model. For lease receivables and receivables from service contracts, lifetime expected credit losses are recognized (in accordance with the simplified approach permitted by IFRS 9 \u2018Financial Instruments\u2019). Loans, borrowings, accounts payable and other financial liabilities are presented as current liabilities when the Company does not have the unconditional right to defer settlement for at least twelve months after the reporting period. After initial recognition, financial liabilities are subsequently measured at amortized cost using the effective interest rate method. Interest expenses under the application of the effective interest rate method are included under financial expenses in the income statement. Financial assets and liabilities are derecognized when the contractual rights or obligations to the cash flows discharged, cancelled or expired, or a financial asset is transferred, and the transfer qualifies for derecognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__36": {
"value": "Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__38": {
"value": "Subsequent to initial recognition a financial asset that is a debt instrument is classified as either at amortized cost, at fair value through other comprehensive income or at fair value through profit or loss. The Company currently only has financial assets in the first category. Interest income from these financial assets is included under financial income in the income statement. The Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost, applying a three-stage impairment model. For lease receivables and receivables from service contracts, lifetime expected credit losses are recognized (in accordance with the simplified approach permitted by IFRS 9 \u2018Financial Instruments\u2019).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__37": {
"value": "Subsequent to initial recognition a financial asset that is a debt instrument is classified as either at amortized cost, at fair value through other comprehensive income or at fair value through profit or loss. The Company currently only has financial assets in the first category. Interest income from these financial assets is included under financial income in the income statement. The Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost, applying a three-stage impairment model. For lease receivables and receivables from service contracts, lifetime expected credit losses are recognized (in accordance with the simplified approach permitted by IFRS 9 \u2018Financial Instruments\u2019).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__39": {
"value": "Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__41": {
"value": "Income taxes The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses carried forward. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. Deferred income tax is provided in full on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss (i.e., the acquisition of investment property in a transaction that is not a business combination). Deferred tax is calculated at the tax rates that are expected to apply in the period when the asset is realized based on tax laws and rates that have been enacted or substantively enacted at the reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. A deferred tax asset is recognized for all deductible temporary differences and tax losses carried forward to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__40": {
"value": "Income taxes The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses carried forward. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. Deferred income tax is provided in full on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss (i.e., the acquisition of investment property in a transaction that is not a business combination). Deferred tax is calculated at the tax rates that are expected to apply in the period when the asset is realized based on tax laws and rates that have been enacted or substantively enacted at the reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. A deferred tax asset is recognized for all deductible temporary differences and tax losses carried forward to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__42": {
"value": "Cash flow statement The Group reports cash flows from operating activities using the indirect method. Interest received and interest paid are presented within operating cash flows. The acquisitions of investment properties are disclosed as cash flows from investing activities as this most appropriately reflects the Group\u2019s business activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__43": {
"value": "Financial risk management The Company\u2019s Management Board has the overall responsibility for the establishment and oversight of the Company\u2019s risk management framework. The Company\u2019s risk management policies are established to identify and analyze the risks faced by the Company, 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. Starting 2 June 2023 the Company has business activities. As such the credit, liquidity and market-risk changed during the financial year 2023 from limited-medium to medium. Up till now the Company has not used foreign exchange contracts and/or foreign exchange options and does not deal with such financial derivatives. On the balance sheet date, financial instruments if applicable are reviewed to see whether or not an objective indication exists for the impairment of a financial asset or a group of financial assets. Fair value measurement A number of assets and liabilities included in the Group\u2019s financial statements require measurement at, and/or disclosure of, fair value. The fair value measurement of the Group\u2019s financial and non-financial assets and liabilities utilizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into different levels based on how observable the inputs used in the valuation technique utilized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in active markets for identical items (unadjusted) \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs \u2022 Level 3: Unobservable inputs (i.e., not derived from market data). The classification of an item into the above levels is based on the lowest level of the inputs used that has a significant effect on the fair value measurement of the item. Transfers of items between levels are recognised in the period they occur. The only item in the statement of financial position at the end of either period presented in these consolidated financial statements that are carried at fair value on a recurring on non-recurring basis are the investment properties. These are carried at fair value on a recurring basis. For details on the fair value measurement, reference is made to note 1. Classification of financial assets and liabilities Financial assets and liabilities that are recognized on the statement of financial position are classified in the following table, also disclosing the fair value of instruments that are carried at amortized cost: Carried at amortized cost Fair value (*\u20ac1,000) 31 December 31 December 31 December 31 December 2023 2022 2023 2022 Financial assets Accounts receivable 516 0 516 0 Escrow account 0 48,436 0 48,436 Current account participant 0 7 0 7 Current account investors 130 0 130 0 Other financial assets 145 137 145 137 Total financial assets 791 48,580 791 48,580 Financial liabilities Loans bank 35,393 0 35,393 0 Trade payables 136 20 136 20 Current account related party 0 104 104 Loan related party USA 2,201 0 2,201 0 Other financial liabilities 1,468 140 1,468 140 Total financial liabilities 39,198 264 39,198 264Credit risk Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company\u2019s receivables. The Company\u2019s credit risk mainly relates to its accounts/lease receivables and the cash and cash equivalents that are placed with a number of banks. The Company manages the exposure on its cash and cash equivalents placed with banks by only working with reputable banks that have proven in the past to be financially stable, have appropriate licenses to operate and are under the supervision of regulatory authorities. The credit risk arising from accounts/lease receivables is limited by carefully screening potential tenants in advance. Security is also required from tenants in the form of guaranteed deposits or bank guarantees and rents are paid in advance. As the Company has measures in place that reduce the credit risk exposure to a su\ufb03ciently low level, it has not insured its receivables. Instead, in the event of (expected) collectability issues or defaults, this is re\ufb02ected in the lifetime expected credit losses that are recognized on the relevant receivables to cover the potential loss. Loss rates are determined based on expectations on economic downturn and review of the tenant portfolio as at the balance sheet date. In measuring expected credit losses, receivables are grouped according to their ageing profile. Based on this ageing profile, any significant increase in credit risk since initial recognition is determined. As at 31 December 2023, the Company has recognized expected credit losses on its accounts receivable of \u20ac 50k. The Company\u2019s maximum exposure to credit risk equals the outstanding balance of its financial assets. Liquidity risk Liquidity risk is the risk that the Company 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 objective when managing liquidity is to ensure, as far as possible, that it will 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 Company\u2019s reputation. As at 31 December 2023, the Company has sufficient funds and borrowing capacities. Ultimate responsibility for liquidity risk management rests with the Management Board, which has established an appropriate and also practical liquidity risk management procedure regarding Company\u2019s short and medium-term funding and liquidity. The Company manages liquidity risk by maintaining reserve borrowing facilities and by continuously monitoring forecast and actual cash flows. The following maturity analyses detail the remaining undiscounted cash flows under its non-derivative financial liabilities (the Company currently does not have derivative financial liabilities), classified by their maturity, being the earliest date on which the Company can be required to settle the liability. These analyses include both interest and principal cash flows. Short term Long term Total (*\u20ac1,000) >1 year <5 31 December < 1 year > 5 years years 2023 Loans bank \u2013 principal amounts 0 24,165 11,592 35,757 Loans bank \u2013 interest payable 2,459 9,566 1,929 13,954 Trade payables 136 0 0 136 Loan related party USA 2,201 0 0 2,201 Other financial liabilities 1,468 0 0 1,468 Total 6,264 33,731 13,521 53,516 Short term Long term Total (*\u20ac1,000) >1 year <5 31 December < 1 year > 5 years years 2022 Trade payables 20 0 0 20 Current account related party 104 0 0 104 Other financial liabilities 140 0 0 140 Total 264 0 0 264 Market risk Market risk is the risk that changes in market prices \u2013 e.g., interest rates, currency rates and equity prices \u2013 will affect the Company\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. Currency risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group operates in various currency environments and is exposed to foreign exchange risks, mainly with respect to the US Dollar and Great British Pound. The Group currently does not hedge the foreign exchange risks associated with its net investments in foreign operations, and accordingly does hold any foreign currency derivatives. The following exchange rates against the euro, were used for these consolidated financial statements: 31 December Business 31 December 2023 Combination date 2022 (2 June 2023) US Dollar (USD) 0.87 0.86 n/a Great British Pound (GBP) 1.10 1.07 n/a The following table details the sensitivity of consolidated equity and net income had the year-end exchange rates varied by a reasonably possible change in such rates \u2013 all other variables held constant. For purposes of the sensitivity analysis, financial instruments are only considered sensitive to foreign exchange rates when they are not denominated in the functional currency of the group company holding the relevant financial instrument. The impact on year-end equity excludes the impact on profit or loss. The currency risk mainly arises from intercompany loans provided to the UK and US subsidiaries in Great British Pounds and US Dollars, respectively, that form part of the net investment in the subsidiaries for which the exchange differences are recognized in equity through other comprehensive income. To a lesser extent, currency risk arises from the current accounts with said subsidiaries as well as Great British Pound and US Dollar bank account balances, on which exchange differences are accounted for through profit or loss. 2023 2022 (*\u20ac1,000) Impact on Impact on Impact on Impact on profit or loss y/e equity profit or loss y/e equity GBP + 10% 581 3,912 0 0 GBP \u2013 10% -529 -3,557 0 0 USD + 10% 5 202 0 0 USD \u2013 10% -5 -183 0 0Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company is mainly exposed to interest rate risk from its long-term borrowings. It manages interest risk through agreeing such borrowings at fixed interest rates where possible or as deemed appropriate. As a consequence, for fixed interest loans, the risk related to future cash flows is mitigated, though the Company is exposed to the risk that the fair value of such borrowings will fluctuate. This risk is not expressed in these financial statements since the borrowings are carried at amortized cost. As at year-end 2023, the Company is exposed to interest rate risk from its loan from Banco Santander, which is agreed at a variable rate. The following table details the sensitivity of consolidated equity and net income had the interest rate varied by a reasonably possible change in such rate \u2013 all other variables held constant. The impact on year-end equity excludes the impact on profit or loss. 2023 2022 (*\u20ac1,000) Impact on Impact on Impact on Impact on profit or loss y/e equity profit or loss y/e equity Interest +100bp -275 0 0 0 Interest -100bp 275 0 0 0Other price risk Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, other than arising from currency risk or interest rate risk. Based on the Company\u2019s activities, it has not identified exposure to other forms of price risk such as commodity price risk or equity price risk. Capital risk management The Company\u2019s objectives when managing capital are to safeguard the Company\u2019s ability to continue as a going concern and maintain an optimal capital structure to reduce the cost of capital. The Company considers its equity as its capital. In order to maintain the Company\u2019s capital structure, the Company may issue new shares to maintain an optimal capital structure.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__46-1": {
"value": "Fair value measurement A number of assets and liabilities included in the Group\u2019s financial statements require measurement at, and/or disclosure of, fair value. The fair value measurement of the Group\u2019s financial and non-financial assets and liabilities utilizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into different levels based on how observable the inputs used in the valuation technique utilized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in active markets for identical items (unadjusted) \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs \u2022 Level 3: Unobservable inputs (i.e., not derived from market data). The classification of an item into the above levels is based on the lowest level of the inputs used that has a significant effect on the fair value measurement of the item. Transfers of items between levels are recognised in the period they occur. The only item in the statement of financial position at the end of either period presented in these consolidated financial statements that are carried at fair value on a recurring on non-recurring basis are the investment properties. These are carried at fair value on a recurring basis. For details on the fair value measurement, reference is made to note 1.Revaluation The fair values of investment property classify as level 3 valuations in the fair value hierarchy. For further details on the valuation methodology of investment properties, reference is made to the disclosure of significant estimates. Management has made use of independent external expert appraisers in determining the fair values of the investment properties. These experts have applied models to determine the fair value using an income approach, based on the contracts with tenants. The most important principles and (ranges of) assumptions used in determining the fair values are as follows: 31 December 31 December 2023 2022 Combined appraisal value (\u20ac*1,000) 77,416 0 Market rent per sqm (\u20ac) 151 \u2013 378 n/a Weighted average lease term in years 3 \u2013 21 n/a Net yield 6.5% - 9.0% n/a As a result of the revaluation of the investment properties as at the balance sheet date, transaction costs that were incurred on investments and initially recognized as part of the cost of the investment property, are effectively recognized directly in profit or loss as part of the revaluation result. This accounts for a significant portion of the revaluations recognized in 2023. Being a level 3 valuation, the valuation of investment properties is highly dependent on unobservable inputs. As a result, the fair value of the investment properties is sensitive to a change in those inputs. To this end, we note that some of the Company\u2019s investment properties are multi-tenant properties with long-term lease contracts. In addition, lease terms tend to be long. This reduces the sensitivity of the fair value to vacancy, frequent changes in lease contracts and market rents, which in turn are interrelated with the net yield of a property.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__49": {
"value": "Classification of financial assets and liabilities Financial assets and liabilities that are recognized on the statement of financial position are classified in the following table, also disclosing the fair value of instruments that are carried at amortized cost: Carried at amortized cost Fair value (*\u20ac1,000) 31 December 31 December 31 December 31 December 2023 2022 2023 2022 Financial assets Accounts receivable 516 0 516 0 Escrow account 0 48,436 0 48,436 Current account participant 0 7 0 7 Current account investors 130 0 130 0 Other financial assets 145 137 145 137 Total financial assets 791 48,580 791 48,580 Financial liabilities Loans bank 35,393 0 35,393 0 Trade payables 136 20 136 20 Current account related party 0 104 104 Loan related party USA 2,201 0 2,201 0 Other financial liabilities 1,468 140 1,468 140 Total financial liabilities 39,198 264 39,198 264",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__50": {
"value": "Credit risk Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company\u2019s receivables. The Company\u2019s credit risk mainly relates to its accounts/lease receivables and the cash and cash equivalents that are placed with a number of banks. The Company manages the exposure on its cash and cash equivalents placed with banks by only working with reputable banks that have proven in the past to be financially stable, have appropriate licenses to operate and are under the supervision of regulatory authorities. The credit risk arising from accounts/lease receivables is limited by carefully screening potential tenants in advance. Security is also required from tenants in the form of guaranteed deposits or bank guarantees and rents are paid in advance. As the Company has measures in place that reduce the credit risk exposure to a su\ufb03ciently low level, it has not insured its receivables. Instead, in the event of (expected) collectability issues or defaults, this is re\ufb02ected in the lifetime expected credit losses that are recognized on the relevant receivables to cover the potential loss. Loss rates are determined based on expectations on economic downturn and review of the tenant portfolio as at the balance sheet date. In measuring expected credit losses, receivables are grouped according to their ageing profile. Based on this ageing profile, any significant increase in credit risk since initial recognition is determined. As at 31 December 2023, the Company has recognized expected credit losses on its accounts receivable of \u20ac 50k. The Company\u2019s maximum exposure to credit risk equals the outstanding balance of its financial assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__51": {
"value": "The credit risk arising from accounts/lease receivables is limited by carefully screening potential tenants in advance. Security is also required from tenants in the form of guaranteed deposits or bank guarantees and rents are paid in advance. As the Company has measures in place that reduce the credit risk exposure to a su\ufb03ciently low level, it has not insured its receivables. Instead, in the event of (expected) collectability issues or defaults, this is re\ufb02ected in the lifetime expected credit losses that are recognized on the relevant receivables to cover the potential loss. Loss rates are determined based on expectations on economic downturn and review of the tenant portfolio as at the balance sheet date. In measuring expected credit losses, receivables are grouped according to their ageing profile. Based on this ageing profile, any significant increase in credit risk since initial recognition is determined. As at 31 December 2023, the Company has recognized expected credit losses on its accounts receivable of \u20ac 50k.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__52": {
"value": "Liquidity risk Liquidity risk is the risk that the Company 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 objective when managing liquidity is to ensure, as far as possible, that it will 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 Company\u2019s reputation. As at 31 December 2023, the Company has sufficient funds and borrowing capacities. Ultimate responsibility for liquidity risk management rests with the Management Board, which has established an appropriate and also practical liquidity risk management procedure regarding Company\u2019s short and medium-term funding and liquidity. The Company manages liquidity risk by maintaining reserve borrowing facilities and by continuously monitoring forecast and actual cash flows. The following maturity analyses detail the remaining undiscounted cash flows under its non-derivative financial liabilities (the Company currently does not have derivative financial liabilities), classified by their maturity, being the earliest date on which the Company can be required to settle the liability. These analyses include both interest and principal cash flows. Short term Long term Total (*\u20ac1,000) >1 year <5 31 December < 1 year > 5 years years 2023 Loans bank \u2013 principal amounts 0 24,165 11,592 35,757 Loans bank \u2013 interest payable 2,459 9,566 1,929 13,954 Trade payables 136 0 0 136 Loan related party USA 2,201 0 0 2,201 Other financial liabilities 1,468 0 0 1,468 Total 6,264 33,731 13,521 53,516 Short term Long term Total (*\u20ac1,000) >1 year <5 31 December < 1 year > 5 years years 2022 Trade payables 20 0 0 20 Current account related party 104 0 0 104 Other financial liabilities 140 0 0 140 Total 264 0 0 264 Market risk Market risk is the risk that changes in market prices \u2013 e.g., interest rates, currency rates and equity prices \u2013 will affect the Company\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. Currency risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group operates in various currency environments and is exposed to foreign exchange risks, mainly with respect to the US Dollar and Great British Pound. The Group currently does not hedge the foreign exchange risks associated with its net investments in foreign operations, and accordingly does hold any foreign currency derivatives. The following exchange rates against the euro, were used for these consolidated financial statements: 31 December Business 31 December 2023 Combination date 2022 (2 June 2023) US Dollar (USD) 0.87 0.86 n/a Great British Pound (GBP) 1.10 1.07 n/a The following table details the sensitivity of consolidated equity and net income had the year-end exchange rates varied by a reasonably possible change in such rates \u2013 all other variables held constant. For purposes of the sensitivity analysis, financial instruments are only considered sensitive to foreign exchange rates when they are not denominated in the functional currency of the group company holding the relevant financial instrument. The impact on year-end equity excludes the impact on profit or loss. The currency risk mainly arises from intercompany loans provided to the UK and US subsidiaries in Great British Pounds and US Dollars, respectively, that form part of the net investment in the subsidiaries for which the exchange differences are recognized in equity through other comprehensive income. To a lesser extent, currency risk arises from the current accounts with said subsidiaries as well as Great British Pound and US Dollar bank account balances, on which exchange differences are accounted for through profit or loss. 2023 2022 (*\u20ac1,000) Impact on Impact on Impact on Impact on profit or loss y/e equity profit or loss y/e equity GBP + 10% 581 3,912 0 0 GBP \u2013 10% -529 -3,557 0 0 USD + 10% 5 202 0 0 USD \u2013 10% -5 -183 0 0Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company is mainly exposed to interest rate risk from its long-term borrowings. It manages interest risk through agreeing such borrowings at fixed interest rates where possible or as deemed appropriate. As a consequence, for fixed interest loans, the risk related to future cash flows is mitigated, though the Company is exposed to the risk that the fair value of such borrowings will fluctuate. This risk is not expressed in these financial statements since the borrowings are carried at amortized cost. As at year-end 2023, the Company is exposed to interest rate risk from its loan from Banco Santander, which is agreed at a variable rate. The following table details the sensitivity of consolidated equity and net income had the interest rate varied by a reasonably possible change in such rate \u2013 all other variables held constant. The impact on year-end equity excludes the impact on profit or loss. 2023 2022 (*\u20ac1,000) Impact on Impact on Impact on Impact on profit or loss y/e equity profit or loss y/e equity Interest +100bp -275 0 0 0 Interest -100bp 275 0 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__53-1": {
"value": "Market risk Market risk is the risk that changes in market prices \u2013 e.g., interest rates, currency rates and equity prices \u2013 will affect the Company\u2019s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.Currency risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group operates in various currency environments and is exposed to foreign exchange risks, mainly with respect to the US Dollar and Great British Pound. The Group currently does not hedge the foreign exchange risks associated with its net investments in foreign operations, and accordingly does hold any foreign currency derivatives. The following exchange rates against the euro, were used for these consolidated financial statements: 31 December Business 31 December 2023 Combination date 2022 (2 June 2023) US Dollar (USD) 0.87 0.86 n/a Great British Pound (GBP) 1.10 1.07 n/a The following table details the sensitivity of consolidated equity and net income had the year-end exchange rates varied by a reasonably possible change in such rates \u2013 all other variables held constant. For purposes of the sensitivity analysis, financial instruments are only considered sensitive to foreign exchange rates when they are not denominated in the functional currency of the group company holding the relevant financial instrument. The impact on year-end equity excludes the impact on profit or loss. The currency risk mainly arises from intercompany loans provided to the UK and US subsidiaries in Great British Pounds and US Dollars, respectively, that form part of the net investment in the subsidiaries for which the exchange differences are recognized in equity through other comprehensive income. To a lesser extent, currency risk arises from the current accounts with said subsidiaries as well as Great British Pound and US Dollar bank account balances, on which exchange differences are accounted for through profit or loss. 2023 2022 (*\u20ac1,000) Impact on Impact on Impact on Impact on profit or loss y/e equity profit or loss y/e equity GBP + 10% 581 3,912 0 0 GBP \u2013 10% -529 -3,557 0 0 USD + 10% 5 202 0 0 USD \u2013 10% -5 -183 0 0Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company is mainly exposed to interest rate risk from its long-term borrowings. It manages interest risk through agreeing such borrowings at fixed interest rates where possible or as deemed appropriate. As a consequence, for fixed interest loans, the risk related to future cash flows is mitigated, though the Company is exposed to the risk that the fair value of such borrowings will fluctuate. This risk is not expressed in these financial statements since the borrowings are carried at amortized cost. As at year-end 2023, the Company is exposed to interest rate risk from its loan from Banco Santander, which is agreed at a variable rate. The following table details the sensitivity of consolidated equity and net income had the interest rate varied by a reasonably possible change in such rate \u2013 all other variables held constant. The impact on year-end equity excludes the impact on profit or loss. 2023 2022 (*\u20ac1,000) Impact on Impact on Impact on Impact on profit or loss y/e equity profit or loss y/e equity Interest +100bp -275 0 0 0 Interest -100bp 275 0 0 0Other price risk Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, other than arising from currency risk or interest rate risk. Based on the Company\u2019s activities, it has not identified exposure to other forms of price risk such as commodity price risk or equity price risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__55": {
"value": "The following table details the sensitivity of consolidated equity and net income had the year-end exchange rates varied by a reasonably possible change in such rates \u2013 all other variables held constant. For purposes of the sensitivity analysis, financial instruments are only considered sensitive to foreign exchange rates when they are not denominated in the functional currency of the group company holding the relevant financial instrument. The impact on year-end equity excludes the impact on profit or loss. The currency risk mainly arises from intercompany loans provided to the UK and US subsidiaries in Great British Pounds and US Dollars, respectively, that form part of the net investment in the subsidiaries for which the exchange differences are recognized in equity through other comprehensive income. To a lesser extent, currency risk arises from the current accounts with said subsidiaries as well as Great British Pound and US Dollar bank account balances, on which exchange differences are accounted for through profit or loss. 2023 2022 (*\u20ac1,000) Impact on Impact on Impact on Impact on profit or loss y/e equity profit or loss y/e equity GBP + 10% 581 3,912 0 0 GBP \u2013 10% -529 -3,557 0 0 USD + 10% 5 202 0 0 USD \u2013 10% -5 -183 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__58": {
"value": "Capital risk management The Company\u2019s objectives when managing capital are to safeguard the Company\u2019s ability to continue as a going concern and maintain an optimal capital structure to reduce the cost of capital. The Company considers its equity as its capital. In order to maintain the Company\u2019s capital structure, the Company may issue new shares to maintain an optimal capital structure.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__59": {
"value": "1. Investment property Movements in investment property during the year were as follows: (*\u20ac1,000) 2023 2022 Balance as at 1 January 0 0 Investments at full costs 83,182 0 Expenditure after acquisition 237 0 Revaluation of investment property, based on appraisals -4,929 0 Foreign currency translation -1,074 0 Balance as at 31 December 77,416 0 Investments On 2 June 2023, the Company\u2019s shareholders approved the proposed Somerset Group Business Combination. Following the approval, the Company incorporated/ acquired the following companies: (1) Somerset Park B.V. was incorporated as a Dutch private company with limited liability; (2) Somerset Park B.V. acquired Somerset Park Holding UK Ltd (a limited liability company) and Somerset Park Holding USA LLC; (3) Somerset Park Holding UK Ltd acquired the following UK private limited company\u2019s: Somerset Land and Property Ltd, Glasgow Land and Property Ltd, Sutherland Land and Property Ltd, Edinburgh Land and Property Ltd and Somerset Park Property Management Ltd; (4) Somerset Park Holding USA LLC acquired SP Property Management US and MACE Investments II LLC, which owns 71.25% of Interra One Park Ten LLC. Subsequently, Sutherland Land and Property Ltd purchased the property Sutherland House in Glasgow, and Glasgow Land and Property Ltd purchased the property Blythswood Square in Glasgow. More information on these acquisitions is provided in note 17. On 13 July 2023, Forthstone Land & Property Ltd has been incorporated by Somerset Park Holding UK Ltd. On 25 September 2023, Forthstone Land & Property Ltd acquired the property Forthstone, South Gyle Business Park, Edinburgh (\u201dForthstone\u201d) in the UK. The Forthstone, property is let in its entirety to Motability Operations Ltd on a full Repairing and Insuring Lease started 23 August 2019 until 7 January 2037. The property has been fully refurbished to an exceptional standard and provides modern, Grade A open-plan office space divided over three floors. The total passing rent for the 35,370 square feet (3,286 square meter) property is \u00a3 734,150 per annum, which equates to \u00a3 21.00 per square foot for the office space and \u00a3 10.50 per square foot for the reception area. The lease benefits from OMRV rents reviews. The total consideration for Forthstone, including transaction costs, amounts to \u20ac 11,127k (\u00a3 9,667k) and has been financed with a combination of equity (available in cash) and debt (LTV loan). The investment property consists of five properties in the United Kingdom and one property in the United States of America, held by local group companies. The breakdown of the investments per property is as follows: (*\u20ac1,000) 31 December 31 December 2023 2022 Somerset House, Birmingham 16,841 0 Interra One Park Ten, Houston 17,948 0 Travelodge, Edinburgh 11,569 0 Sutherland House, Glasgow 10,475 0 Blythswood Square, Glasgow 10,360 0 Forthstone, Edinburgh 10,222 0 Total investments 77,416 0 The investments can be reconciled to the cash flow statement as follows: (*\u20ac1,000) 2023 2022 Cost of the investment properties at acquisition 78,446 0 Transaction costs 4,737 0 Full cost 83,182 0 Less: Other net assets (liabilities) acquired -28,514 0 Less: Non-controlling interest recognised -812 0 Plus: Expenditures after acquisition 237 0 Cash outflow as per cash flow statement 54,093 0 The cash outflow as per the cash flow statement is presented net of cash and cash equivalents acquired of \u20ac 461k. The other net assets (liabilities) acquired can be specified as follows: (*\u20ac1,000) 2023 2022 Non-current assets 129 0 Current assets 625 0 Trade payables -209 0 Other short-term liabilities -915 0 Bank loan -11,679 0 Loan related party USA -2,261 0 Vendor loan -14,204 0 Total other net assets (liabilities) acquired -28,514 0Revaluation The fair values of investment property classify as level 3 valuations in the fair value hierarchy. For further details on the valuation methodology of investment properties, reference is made to the disclosure of significant estimates. Management has made use of independent external expert appraisers in determining the fair values of the investment properties. These experts have applied models to determine the fair value using an income approach, based on the contracts with tenants. The most important principles and (ranges of) assumptions used in determining the fair values are as follows: 31 December 31 December 2023 2022 Combined appraisal value (\u20ac*1,000) 77,416 0 Market rent per sqm (\u20ac) 151 \u2013 378 n/a Weighted average lease term in years 3 \u2013 21 n/a Net yield 6.5% - 9.0% n/a As a result of the revaluation of the investment properties as at the balance sheet date, transaction costs that were incurred on investments and initially recognized as part of the cost of the investment property, are effectively recognized directly in profit or loss as part of the revaluation result. This accounts for a significant portion of the revaluations recognized in 2023. Being a level 3 valuation, the valuation of investment properties is highly dependent on unobservable inputs. As a result, the fair value of the investment properties is sensitive to a change in those inputs. To this end, we note that some of the Company\u2019s investment properties are multi-tenant properties with long-term lease contracts. In addition, lease terms tend to be long. This reduces the sensitivity of the fair value to vacancy, frequent changes in lease contracts and market rents, which in turn are interrelated with the net yield of a property.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__60-1": {
"value": "The investments can be reconciled to the cash flow statement as follows: (*\u20ac1,000) 2023 2022 Cost of the investment properties at acquisition 78,446 0 Transaction costs 4,737 0 Full cost 83,182 0 Less: Other net assets (liabilities) acquired -28,514 0 Less: Non-controlling interest recognised -812 0 Plus: Expenditures after acquisition 237 0 Cash outflow as per cash flow statement 54,093 0 The cash outflow as per the cash flow statement is presented net of cash and cash equivalents acquired of \u20ac 461k. The other net assets (liabilities) acquired can be specified as follows: (*\u20ac1,000) 2023 2022 Non-current assets 129 0 Current assets 625 0 Trade payables -209 0 Other short-term liabilities -915 0 Bank loan -11,679 0 Loan related party USA -2,261 0 Vendor loan -14,204 0 Total other net assets (liabilities) acquired -28,514 0Movements in borrowings Movements in borrowings, both cash and non-cash, are disclosed in the table below. (*\u20ac1,000) 2023 2022 Balance as at 1 January 0 0 Changes from financing cash flows Proceeds received from bank loans 24,184 0 Proceeds received from bridge loans 9,643 0 Repayments of vendor loans -14,313 0 Repayments of bridge loans -9,643 0 Subtotal changes from financing cash flows 9,871 0 Changes arising from obtaining control of subsidiaries Bank loans acquired 11,679 0 Affiliated party/related party loans acquired 2,261 0 Vendor loans acquired 14,204 0 Subtotal changes arising from obtaining control of subsidiaries 28,145 0 Changes in foreign exchange rates -453 0 Other changes 31 0 Balance as at 31 December 37,594 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__62-1": {
"value": "2. Deferred tax assets and liabilities The current tax is based on the taxable result per entity for the reporting period. Up to 31 December 2023 New Amsterdam Invest N.V. recognized losses. A deferred tax asset is recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. Based on the prudential principle, the Company had not recognized a deferred tax asset on the decreased valuation of its investment properties up until 30 June 2023. As at 31 December 2023, the Company has re-assessed this and has concluded that convincing evidence exists to support the recognition of deferred tax assets, on account of the cash flow forecasts of the Company\u2019s investment properties and corresponding forecasted taxable results. Deferred taxes have been accounted for based on a tax rate of 25.8% (or 19% for expected profits up to \u20ac 200k) in the Netherlands, 25% in the United Kingdom and 26% in the United States. The breakdown of the deferred tax position, per class of underlying temporary difference or unused tax losses carried forward, is as follows: 31 December 31 December (*\u20ac1,000) 2023 2022 Tax losses carried forward 735 0 Total deferred tax asset 735 0 Investment properties -116 0 Total deferred tax liability -116 0 Net deferred tax position 619 0 The Group has recognized deferred tax losses in relation to tax losses carried forward for an amount of \u20ac 1,957k in the Netherlands (carried forward indefinitely) and \u20ac 919k in the United Kingdom (carried forward indefinitely). As at 31 December 2023, the total amount of unused tax losses and deductible temporary differences for which no deferred tax asset has been recognized amounts to \u20ac 4,914k. This pertains to deductible temporary differences on the investment properties in the UK as future taxable profits against which these can be realized are deemed insufficiently certain. As at 31 December 2022, the total amount of unused tax losses and deductible temporary differences for which no deferred tax asset had been recognized amounted to \u20ac 2,081k. This pertained to tax losses carried forward. The movements in the deferred tax position during the year are detailed in the following table: (*\u20ac1,000) 2023 2022 Balance as at 1 January 0 0 Recognized in profit or loss 605 0 Currency translation differences recognized in OCI 15 0 Balance as at 31 December 619 014. Income tax The corporate income tax charge/(benefit) as per the income statement can be broken down as follows: (*\u20ac1,000) 2023 2022 Deferred tax expense/(income) relating to origination and 116 0 reversal of temporary differences Deferred tax expense/(income) relating to (de)recognition of -735 0 unused tax losses Deferred tax expense/(benefit) -619 0 Current period tax charge/(benefit) 14 0 Adjustments recognized for current tax of prior periods 0 0 Current tax expense/(benefit) 14 0 Total income tax expense/(benefit) -605 0 The amount of income tax recognized in OCI amounts to nil (2022: nil). Effective tax reconciliation The Company is domiciled in the Netherlands and its subsidiaries operate predominantly in the United Kingdom and the United States. As a basis for the effective tax reconciliation, the Management Board has applied the applicable tax rates in the Netherlands to the Company\u2019s result before tax. Such rates are 25.8%, or 19% for profits up to \u20ac 200k (2022: 25,8%, or 15% for profits up to \u20ac 395k). (*\u20ac1,000) 2023 2022 Result before tax -5,401 -2,080 Tax expense at the Company\u2019s statutory tax rate -1,380 -494 Effect of foreign tax rates 48 0 Utilization of previously unrecognized tax losses -8 0 Recognition of previously unrecognized tax losses -505 0 Tax losses and deductible temporary differences not recognized 1,235 494 Prior period tax adjustments 0 0 Other 5 0 Total income tax expense/(benefit) -605 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__63-1": {
"value": "3. Value Added Tax For the period to 02 June 2023, being the date of the acquisition of the investment properties, the Company did not have revenue, and as a result, the Company had only refundable value added tax returns to submit. The Company provided the tax authorities with the quarterly tax returns on time. Since 2021 the Company received a refundable amount regarding the tax returns to the amount of \u20ac 43k. The main receivable at balance sheet date amounts to \u20ac 340k outstanding (31 December 2022: \u20ac 176k), of which \u20ac 330k has been impaired (31 December 2022: nil). In 2021 the Company was informed by the tax authorities that they want to review the position of the SPAC to consider whether it is taxable under value added tax. At the end of 2022, the Company was informed by the tax authorities that New Amsterdam Invest N.V. is not taxable under VAT. The Company does not agree with this decision and will continue to challenge the tax authorities on this. The receivable has been impaired accordingly, with the expense recognized as part of the Other expenses in the income statement.9. Tax liabilities Tax liabilities are made up as follows: 31 December 31 December (*\u20ac1,000) 2023 2022 Corporate income tax payable 42 0 Wage tax payable 24 0 VAT payable 39 0 Total tax liabilities 105 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__64-1": {
"value": "4. Escrow account At settlement date the Company issued 2,455,125 Units against \u20ac 20 per Unit, consisting of 4,910,250 Ordinary Shares against a price of \u20ac 10 per share and 2,455,125 IPO-warrants and 2,455,125 BC Warrants. The amount received \u20ac 49,102,500 less an amount of \u20ac 500,000 (the \u201cReserved Amount\u201d) has been transferred directly to the Company\u2019s Escrow Account. The company agreed upon an Escrow Agreement dated 22 June 2021. A number of the Specific terms and conditions, and processes managing the liquidity, is disclosed in the company\u2019s financial statements 2022. On June 2, 2023 after the shareholders approved the Somerset Park Business Combination, the Escrow account was released and the remaining balance on the date of the financial position is now classified as cash and cash equivalents. The release is presented as a cash flow from investing activities in the cash flow statement. The movements are as follows: (*\u20ac1,000) Balance as at 19 May 2021 0 Proceeds from investors 48,602 Negative interest, period 1 July 2021 to 31 December 2021 -133 Balance as at 31 December 2021 48,469 Negative interest, period 1 January 2022 to 31 December 2022 -33 Balance as at 31 December 2022 48,436 Positive interest 501 Received in cash (including interest received) -48,937 Balance as at 31 December 2023 05. Other assets and prepaid expenses Items recognized within other assets and prepaid expenses fall due in less than one year. The fair value of the receivables approximates their carrying amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__65": {
"value": "5. Other assets and prepaid expenses Items recognized within other assets and prepaid expenses fall due in less than one year. The fair value of the receivables approximates their carrying amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__68": {
"value": "6. Cash and Cash Equivalents Cash and cash equivalents relate to current bank accounts. These accounts are available for use by the company and can be qualified as unrestricted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__67": {
"value": "6. Cash and Cash Equivalents Cash and cash equivalents relate to current bank accounts. These accounts are available for use by the company and can be qualified as unrestricted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__69": {
"value": "7. Equity Share capital The Company\u2019s authorized share capital as at 31 December 2023 amounts to \u20ac 247k, consisting of 6,185,255 Ordinary Shares with a nominal value of \u20ac 0.04 each (unchanged from prior year). At the date of incorporation the Company issued 1,275,000 ordinary shares with a nominal value of \u20ac 0.04 each (\u201cOrdinary Shares\u201d), to New Amsterdam Invest Participaties B.V. (\u201cNAIP Holding\u201d) resulting in an issued share capital in the amount of \u20ac51,000. On 8 July 2021, the Company repurchased from NAIP Holding 1,127,693 Ordinary Shares against no consideration. The remaining ordinary shares have been converted to convertible Promoter Shares. As at 31 December 2022, NAIP Holding held 147,307 convertible Promoter Shares with a nominal value of \u20ac 0.04 each. Following the shareholder's approval at the Annual General Meeting on 2 June 2023 of the Somerset Park Business Combination, 50% of the Promoter Shares were automatically converted into ordinary shares based on the Promoter Share Conversion Ratio. As a result, the ordinary shares held by NAIP Holding increased by 257,789 ordinary shares, from 1,000,000 ordinary shares to 1,257,789 ordinary shares. The promoter shares decreased by 73,654 promoter shares from 147,307 promoter shares to 73,653 promoter shares, and the ordinary shares held by the Company decreased by 184,135 ordinary shares from 1,112,693 ordinary shares to 943,558 ordinary shares. The total number of shares did not change. Number of shares 31 31 December December Type of shares % 2023 2022 Ordinary Shares issued to investors, admitted listing and 74.6 3,910,250 3,910,250 trading Ordinary Shares issued to the Promoters (Cornerstone 24.0 1,257,789 1,000,000 Investment), admitted to listing and trading Promoter shares 1.4 73,653 147,307 Priority Shares issued to Sichting Prioriteit New Amsterdam 0.0 5 5 Invest 100.0 5,241,697 5,057,562 Ordinary Shares owned by the Company (Treasury Shares) 943,558 1,127,693 Shares in total 6,185,255 6,185,255 Share capital at \u20ac0.04 per share (\u20ac * 1,000) 247 247Promoter shares The Promoter Shares are not admitted to listing and trading on any trading platform. The Promoter Shares are subject to anti-dilution provisions in accordance with the terms and conditions set out in the Prospectus. Subject to the terms and conditions set out in this Prospectus, each Promoter Share converts into 3.5 Ordinary Shares (the \u201cPromoter Share Conversion Ratio\u201d), resulting in a conversion into a maximum of 257.787 Ordinary Shares (31 December 2022: 515,574 Ordinary Shares). The conversion is contingent upon a Share Price Hurdle of \u20ac 11.50 per share. Warrants As at 31 December 2023, there were 2,455,125 IPO-warrants and 2,455,125 BC-Warrants outstanding. As at 31 December 2022, only the IPO-Warrants were outstanding. The Warrants (IPO and BC) automatically and mandatorily convert when both (1) the Business Combination Completion Date has occurred and (2) the closing price of the Ordinary Shares on Euronext Amsterdam reaches the Share Price Hurdle being \u20ac 11.50 per share, without any further action being required from the Warrant Holder. The Share Price Hurdle will be met when the share closing price for available shares on Euronext is at the target price for at least 15 out of 30 consecutive trading days. The Warrants can be sold on the stock market separately from the Ordinary Shares. The Warrants will be converted into a number of Ordinary Shares corresponding with the Warrant Conversion Ratio. The conversion rate amounts to 0.15 or 6.67 Warrants per Ordinary Share. The Company will only adjust the Share Price Hurdle and, where appropriate, the Warrant Conversion Ratio or, take other appropriate remedial actions, if dilutive events occur (anti-dilution provisions). The Priority Shares The Priority Shares have been issued to Stichting Prioriteit New Amsterdam Invest (Stichting). Dutch law recognizes the legitimate interest of a Dutch company to use protective measures if this is in the interest of the Company. The issuance of Priority Shares to a foundation is a known protective measure in the Netherlands. Share premium The share premium reserve relates to contribution on issued shares in excess of the nominal value of the shares (above par value), and further relates to the contribution regarding the warrants. During the year the Company received, as requested, an amount of \u20ac 350k from the Promoters (2022: \u20ac 768). Part of this amount is used to fund the running costs of 2023, and, in line with the Prospectus, accounted for as share premium at the amount of \u20ac 343k (2022: \u20ac 747k). Non-controlling interests The Group\u2019s subsidiary Interra One Park Ten LLC, with its principal place of business in the United States, in which the Group has an ownership interest of 71.25%, has a significant non-controlling interest. The profit allocated to that non-controlling interest for 2023 amounts to \u20ac 111k (2022: nil) and the carrying amount of the non-controlling interest as at 31 December 2023 amounts to \u20ac 840k (31 December 2022: nil). No dividends were paid to the non-controlling shareholders in 2023 (2022: nil). Summarized financial information of Interra One Park Ten LLC is provided in the following table. 31 December 31 December (*\u20ac1,000) 2023 2022 Non-current assets 17,948 0 Current assets 864 0 Non-current liabilities -11,596 0 Current liabilities -879 0 Revenues 1,869 0 Profit or loss 594 0 Total comprehensive income 509 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__70": {
"value": "Share capital The Company\u2019s authorized share capital as at 31 December 2023 amounts to \u20ac 247k, consisting of 6,185,255 Ordinary Shares with a nominal value of \u20ac 0.04 each (unchanged from prior year). At the date of incorporation the Company issued 1,275,000 ordinary shares with a nominal value of \u20ac 0.04 each (\u201cOrdinary Shares\u201d), to New Amsterdam Invest Participaties B.V. (\u201cNAIP Holding\u201d) resulting in an issued share capital in the amount of \u20ac51,000. On 8 July 2021, the Company repurchased from NAIP Holding 1,127,693 Ordinary Shares against no consideration. The remaining ordinary shares have been converted to convertible Promoter Shares. As at 31 December 2022, NAIP Holding held 147,307 convertible Promoter Shares with a nominal value of \u20ac 0.04 each. Following the shareholder's approval at the Annual General Meeting on 2 June 2023 of the Somerset Park Business Combination, 50% of the Promoter Shares were automatically converted into ordinary shares based on the Promoter Share Conversion Ratio. As a result, the ordinary shares held by NAIP Holding increased by 257,789 ordinary shares, from 1,000,000 ordinary shares to 1,257,789 ordinary shares. The promoter shares decreased by 73,654 promoter shares from 147,307 promoter shares to 73,653 promoter shares, and the ordinary shares held by the Company decreased by 184,135 ordinary shares from 1,112,693 ordinary shares to 943,558 ordinary shares. The total number of shares did not change. Number of shares 31 31 December December Type of shares % 2023 2022 Ordinary Shares issued to investors, admitted listing and 74.6 3,910,250 3,910,250 trading Ordinary Shares issued to the Promoters (Cornerstone 24.0 1,257,789 1,000,000 Investment), admitted to listing and trading Promoter shares 1.4 73,653 147,307 Priority Shares issued to Sichting Prioriteit New Amsterdam 0.0 5 5 Invest 100.0 5,241,697 5,057,562 Ordinary Shares owned by the Company (Treasury Shares) 943,558 1,127,693 Shares in total 6,185,255 6,185,255 Share capital at \u20ac0.04 per share (\u20ac * 1,000) 247 247",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__71": {
"value": "Number of shares 31 31 December December Type of shares % 2023 2022 Ordinary Shares issued to investors, admitted listing and 74.6 3,910,250 3,910,250 trading Ordinary Shares issued to the Promoters (Cornerstone 24.0 1,257,789 1,000,000 Investment), admitted to listing and trading Promoter shares 1.4 73,653 147,307 Priority Shares issued to Sichting Prioriteit New Amsterdam 0.0 5 5 Invest 100.0 5,241,697 5,057,562 Ordinary Shares owned by the Company (Treasury Shares) 943,558 1,127,693 Shares in total 6,185,255 6,185,255 Share capital at \u20ac0.04 per share (\u20ac * 1,000) 247 247",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__72": {
"value": "Share premium The share premium reserve relates to contribution on issued shares in excess of the nominal value of the shares (above par value), and further relates to the contribution regarding the warrants. During the year the Company received, as requested, an amount of \u20ac 350k from the Promoters (2022: \u20ac 768). Part of this amount is used to fund the running costs of 2023, and, in line with the Prospectus, accounted for as share premium at the amount of \u20ac 343k (2022: \u20ac 747k).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__73": {
"value": "Non-controlling interests The Group\u2019s subsidiary Interra One Park Ten LLC, with its principal place of business in the United States, in which the Group has an ownership interest of 71.25%, has a significant non-controlling interest. The profit allocated to that non-controlling interest for 2023 amounts to \u20ac 111k (2022: nil) and the carrying amount of the non-controlling interest as at 31 December 2023 amounts to \u20ac 840k (31 December 2022: nil). No dividends were paid to the non-controlling shareholders in 2023 (2022: nil). Summarized financial information of Interra One Park Ten LLC is provided in the following table. 31 December 31 December (*\u20ac1,000) 2023 2022 Non-current assets 17,948 0 Current assets 864 0 Non-current liabilities -11,596 0 Current liabilities -879 0 Revenues 1,869 0 Profit or loss 594 0 Total comprehensive income 509 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__74": {
"value": "8. Borrowings Borrowings are made up as follows: 31 December 31 December (*\u20ac1,000) 2023 2022 Loans bank 35,393 0 Loan related party USA 2,201 0 Total borrowings 37,594 0 Of which classified as long term 35,393 0 Of which classified as short term 2,201 0 Loans bank The investment Interra One Park Ten is partly financed with an external bank loan, to be extended, if necessary, with an external credit, resulting in a total facility of $ 14,950, of which $ 2,162 remains unutilized as at 31 December 2023. The carrying amount on 31 December 2023 amounted to \u20ac 11,469k ($ 12,653k). The annual interest amounts to 4.25% for the period up until the end of April 2024, and 5.29% as from the end of April 2024. The loan matures after 5 years (maturing in 2027) with a 5-year extension option, including a reset of interest rate to market interest rates. This option is exercisable in April 2024. The principal and interest payments are based on a 25-year amortization schedule. This loan was acquired as part of the acquisition of Interra One Park Ten. This investment property serves as security under the loan. The UK properties have been financed with an external bank loan of \u00a3 20,992k. The carrying amount on 31 December 2023 amounted to \u20ac 23,924k (\u00a3 20,782k). The annual interest amounts is due based on the market rate of interest plus a margin of 2.6%. The loan matures in full after 5 years (maturing in 2028). The investment properties in the UK serve as security for the loan. As at 31 December 2023, the loans include an amount of unamortised transaction costs of \u20ac 365k. Loan related party UK / Vendor loan affiliated company When negotiations with an external credit institution within the United Kingdom were still ongoing, the Company took out bridge loans. This short-term loan is arranged with a related party instead of a bank as it provides a lower interest rate and the absence of a bank commission costs. The unsecured bridge loan related to the Business Combination amounted to \u20ac 14,226k and related to the acquisition of Forthstone \u20ac 4,606k. Bridge loans carried an annual interest rate of 4%. Bridge loans were replaced with a long-term bank loan before the end of 2023. External bridge loan Also in connection with the acquisition of Forthstone, the Company took out a bridge loan with a third party in the amount of \u20ac 6,674k, which was replaced with a long-term bank loan before the end of 2023. Loan related party USA MACE Investments II LLC is an intermediate holding company in the United States of America and is one of the entities whose shares were purchased as part of the Business Combination (referred to within the Circular). The transaction included the acquisition of an existing loan granted by the trustee as part of the purchase of the property Interra One Park Ten. This short-term loan, without security, qualifies as a loan to an affiliated company from 2 June 2023. The yearly interest amounts to 4%. The balance at 31 December 2023 amounts to \u20ac2,201k. Movements in borrowings Movements in borrowings, both cash and non-cash, are disclosed in the table below. (*\u20ac1,000) 2023 2022 Balance as at 1 January 0 0 Changes from financing cash flows Proceeds received from bank loans 24,184 0 Proceeds received from bridge loans 9,643 0 Repayments of vendor loans -14,313 0 Repayments of bridge loans -9,643 0 Subtotal changes from financing cash flows 9,871 0 Changes arising from obtaining control of subsidiaries Bank loans acquired 11,679 0 Affiliated party/related party loans acquired 2,261 0 Vendor loans acquired 14,204 0 Subtotal changes arising from obtaining control of subsidiaries 28,145 0 Changes in foreign exchange rates -453 0 Other changes 31 0 Balance as at 31 December 37,594 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__76-1": {
"value": "Loans bank The investment Interra One Park Ten is partly financed with an external bank loan, to be extended, if necessary, with an external credit, resulting in a total facility of $ 14,950, of which $ 2,162 remains unutilized as at 31 December 2023. The carrying amount on 31 December 2023 amounted to \u20ac 11,469k ($ 12,653k). The annual interest amounts to 4.25% for the period up until the end of April 2024, and 5.29% as from the end of April 2024. The loan matures after 5 years (maturing in 2027) with a 5-year extension option, including a reset of interest rate to market interest rates. This option is exercisable in April 2024. The principal and interest payments are based on a 25-year amortization schedule. This loan was acquired as part of the acquisition of Interra One Park Ten. This investment property serves as security under the loan. The UK properties have been financed with an external bank loan of \u00a3 20,992k. The carrying amount on 31 December 2023 amounted to \u20ac 23,924k (\u00a3 20,782k). The annual interest amounts is due based on the market rate of interest plus a margin of 2.6%. The loan matures in full after 5 years (maturing in 2028). The investment properties in the UK serve as security for the loan.19. Contingencies and commitments As part of the acquisition of MACE Investments II LLC, the Group acquired deferred tax claims on the existing revaluations of the investment property within said entity in the amount of \u20ac 889k, of which \u20ac 734k is attributable to the Company and the remainder to the non-controlling interest. Of this \u20ac 889k, \u20ac 64k has been recognized as a deferred tax liability that is the result of a revaluation directly after acquisition. The remaining deferred tax claims could not be recognized on the consolidated balance sheet as the transaction did not qualify as a business combination but was accounted for as an acquisition of assets and liabilities. Therefore, no deferred tax liability could be recognized at the acquisition date under the initial recognition exemption for deferred taxes. Consequently, these are treated as contingent liabilities. The Company has short service agreements with an ICT provider and a lease of real estate for two workplaces at our office in Amsterdam. The rolling service agreement with the ICT provider has an indefinite term. The monthly payment based on the price level 2023 amounts to \u20ac 1k. The contract for the two workplaces expires on 30 September 2024. The monthly payment amounts to \u20ac 2k. These costs are expensed when incurred since the Company applies the practical expedient for short-term leases to this contract.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__75-1": {
"value": "Loans bank The investment Interra One Park Ten is partly financed with an external bank loan, to be extended, if necessary, with an external credit, resulting in a total facility of $ 14,950, of which $ 2,162 remains unutilized as at 31 December 2023. The carrying amount on 31 December 2023 amounted to \u20ac 11,469k ($ 12,653k). The annual interest amounts to 4.25% for the period up until the end of April 2024, and 5.29% as from the end of April 2024. The loan matures after 5 years (maturing in 2027) with a 5-year extension option, including a reset of interest rate to market interest rates. This option is exercisable in April 2024. The principal and interest payments are based on a 25-year amortization schedule. This loan was acquired as part of the acquisition of Interra One Park Ten. This investment property serves as security under the loan. The UK properties have been financed with an external bank loan of \u00a3 20,992k. The carrying amount on 31 December 2023 amounted to \u20ac 23,924k (\u00a3 20,782k). The annual interest amounts is due based on the market rate of interest plus a margin of 2.6%. The loan matures in full after 5 years (maturing in 2028). The investment properties in the UK serve as security for the loan.19. Contingencies and commitments As part of the acquisition of MACE Investments II LLC, the Group acquired deferred tax claims on the existing revaluations of the investment property within said entity in the amount of \u20ac 889k, of which \u20ac 734k is attributable to the Company and the remainder to the non-controlling interest. Of this \u20ac 889k, \u20ac 64k has been recognized as a deferred tax liability that is the result of a revaluation directly after acquisition. The remaining deferred tax claims could not be recognized on the consolidated balance sheet as the transaction did not qualify as a business combination but was accounted for as an acquisition of assets and liabilities. Therefore, no deferred tax liability could be recognized at the acquisition date under the initial recognition exemption for deferred taxes. Consequently, these are treated as contingent liabilities. The Company has short service agreements with an ICT provider and a lease of real estate for two workplaces at our office in Amsterdam. The rolling service agreement with the ICT provider has an indefinite term. The monthly payment based on the price level 2023 amounts to \u20ac 1k. The contract for the two workplaces expires on 30 September 2024. The monthly payment amounts to \u20ac 2k. These costs are expensed when incurred since the Company applies the practical expedient for short-term leases to this contract.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__77": {
"value": "As at 31 December 2023, the loans include an amount of unamortised transaction costs of \u20ac 365k.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__82": {
"value": "10. Rental Income The gross rental income is made up as follows: (*\u20ac1,000) 2023 2022 Income from operating leases 3,639 0 Income from service contracts 935 0 Income from lease termination fees 12 0 Total rental income 4,586 0 The gross rental income excludes VAT and relates to the period 2 June 2023 to 31 December 2023. The income from operating leases does not include variable lease payments that do not depend on an index or a rate. Gross rental income includes the recharge of service costs over this period (shown as income from service contracts in the table above). The outgoing services costs are classified as direct related costs in the income statement. A maturity of remaining undiscounted lease payments for operating leases to be received as at 31 December 2023 is disclosed in the table below. As at 31 December 2022, there were no operating leases in which the Company was a lessor. 2024 2025 2026 2027 2028 Later Total 31 (*\u20ac1,000) years December 2023 Undiscounted receipts 6,588 6,044 5,389 4,915 4,537 34,219 61,691",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__81": {
"value": "10. Rental Income The gross rental income is made up as follows: (*\u20ac1,000) 2023 2022 Income from operating leases 3,639 0 Income from service contracts 935 0 Income from lease termination fees 12 0 Total rental income 4,586 0 The gross rental income excludes VAT and relates to the period 2 June 2023 to 31 December 2023. The income from operating leases does not include variable lease payments that do not depend on an index or a rate. Gross rental income includes the recharge of service costs over this period (shown as income from service contracts in the table above). The outgoing services costs are classified as direct related costs in the income statement. A maturity of remaining undiscounted lease payments for operating leases to be received as at 31 December 2023 is disclosed in the table below. As at 31 December 2022, there were no operating leases in which the Company was a lessor. 2024 2025 2026 2027 2028 Later Total 31 (*\u20ac1,000) years December 2023 Undiscounted receipts 6,588 6,044 5,389 4,915 4,537 34,219 61,691",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__80": {
"value": "10. Rental Income The gross rental income is made up as follows: (*\u20ac1,000) 2023 2022 Income from operating leases 3,639 0 Income from service contracts 935 0 Income from lease termination fees 12 0 Total rental income 4,586 0 The gross rental income excludes VAT and relates to the period 2 June 2023 to 31 December 2023. The income from operating leases does not include variable lease payments that do not depend on an index or a rate. Gross rental income includes the recharge of service costs over this period (shown as income from service contracts in the table above). The outgoing services costs are classified as direct related costs in the income statement. A maturity of remaining undiscounted lease payments for operating leases to be received as at 31 December 2023 is disclosed in the table below. As at 31 December 2022, there were no operating leases in which the Company was a lessor. 2024 2025 2026 2027 2028 Later Total 31 (*\u20ac1,000) years December 2023 Undiscounted receipts 6,588 6,044 5,389 4,915 4,537 34,219 61,691",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__83": {
"value": "The outgoing services costs are classified as direct related costs in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__86": {
"value": "11. Expenses The breakdown of operating expenses (other than the revaluation of investment property which is detailed in note 1 and the personnel expenses which are detailed in note 12) is as follows: (*\u20ac1,000) 2023 2022 Legal and professional fees Legal advisory services and broker fees 1,137 55 Subtotal legal and professional fees 1,137 55 Administrative and overhead expenses Audit and advisory fees 367 129 Administration services 44 0 Management fees 102 0 Printing 75 0 Other 120 0 Subtotal administrative and overhead expenses 708 129 General expenses Insurance 152 126 Regulatory expenses 29 0 Communication expenses 16 24 Office and IT expenses 20 38 Depreciation 7 6 Other 32 77 Subtotal general expenses 256 271 Other expenses Business Combination expenses 413 0 Impairment VAT receivable 330 0 Bank expenses 109 0 Subtotal other expenses 852 0 Total expenses 2,953 455",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__85": {
"value": "11. Expenses The breakdown of operating expenses (other than the revaluation of investment property which is detailed in note 1 and the personnel expenses which are detailed in note 12) is as follows: (*\u20ac1,000) 2023 2022 Legal and professional fees Legal advisory services and broker fees 1,137 55 Subtotal legal and professional fees 1,137 55 Administrative and overhead expenses Audit and advisory fees 367 129 Administration services 44 0 Management fees 102 0 Printing 75 0 Other 120 0 Subtotal administrative and overhead expenses 708 129 General expenses Insurance 152 126 Regulatory expenses 29 0 Communication expenses 16 24 Office and IT expenses 20 38 Depreciation 7 6 Other 32 77 Subtotal general expenses 256 271 Other expenses Business Combination expenses 413 0 Impairment VAT receivable 330 0 Bank expenses 109 0 Subtotal other expenses 852 0 Total expenses 2,953 455Please note that in prior year\u2019s financial statements, the Company classified expenses legal fees (\u20ac 55k) and audit fees (\u20ac 129k) as part of the general expenses. In the comparatives in these consolidated financial statements, these expenses have been reclassified to legal and professional fees, and administrative and overhead expenses, respectively. The table above shows Business Combination expenses of \u20ac 413k in 2023. When considering an allocation of other expenses that are directly attributable to the Business Combination (which have been classified on other lines in the table above), the total of Business Combination expenses amounts to \u20ac 545k. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__84-1": {
"value": "11. Expenses The breakdown of operating expenses (other than the revaluation of investment property which is detailed in note 1 and the personnel expenses which are detailed in note 12) is as follows: (*\u20ac1,000) 2023 2022 Legal and professional fees Legal advisory services and broker fees 1,137 55 Subtotal legal and professional fees 1,137 55 Administrative and overhead expenses Audit and advisory fees 367 129 Administration services 44 0 Management fees 102 0 Printing 75 0 Other 120 0 Subtotal administrative and overhead expenses 708 129 General expenses Insurance 152 126 Regulatory expenses 29 0 Communication expenses 16 24 Office and IT expenses 20 38 Depreciation 7 6 Other 32 77 Subtotal general expenses 256 271 Other expenses Business Combination expenses 413 0 Impairment VAT receivable 330 0 Bank expenses 109 0 Subtotal other expenses 852 0 Total expenses 2,953 455Please note that in prior year\u2019s financial statements, the Company classified expenses legal fees (\u20ac 55k) and audit fees (\u20ac 129k) as part of the general expenses. In the comparatives in these consolidated financial statements, these expenses have been reclassified to legal and professional fees, and administrative and overhead expenses, respectively. The table above shows Business Combination expenses of \u20ac 413k in 2023. When considering an allocation of other expenses that are directly attributable to the Business Combination (which have been classified on other lines in the table above), the total of Business Combination expenses amounts to \u20ac 545k. 12. Personnel expenses The breakdown is as follows: (*\u20ac1,000) 2023 2022 Gross wages 262 0 Social security charges 33 0 Equity-settled share-based payment 84 1,416 Contractors 188 87 Supervisory Board expenses 85 85 Other 12 4 Total personnel expenses 665 1,592 Share-based payments During 2022, immediately following Settlement the four Managing Directors, through NAIP Holding, held 147,307 convertible shares with a nominal value of \u20ac 0.04 each (the \u201cPromoter Shares\u201d). The Promoter Shares were not admitted to listing and trading on any trading platform. The Promoter Shares are subject to anti-dilution provisions in accordance with the terms and conditions set out in the Company\u2019s Prospectus. Subject to the terms and conditions set out in this Prospectus, each Promoter Share would convert into 3.5 Ordinary Shares (the \u201cPromoter Share Conversion Ratio\u201d), resulting in a conversion into a maximum of 515,574 Ordinary Shares. The conversion was contingent upon a Business Combination and a Share Price Hurdle of \u20ac 11.50 per share. These Promoter Shares have been obtained by the Promoters at an aggregated price of \u20ac 750k to supplement with the amount of the \u201cOptional promoter Contribution\u201d. These shares were issued to the Promoters at a discounted price in exchange for their services. This is considered an equity-settled share-based payment that resulted in a non-cash charge of \u20ac 1,416k which has been recognized within other reserves. During 2023, the Business Combination occurred and therefore, the Promoter Shares have vested. Therefore, the remaining expenses relating to the 2021 grant have been recognized in the income statement, in the amount of \u20ac 84k. Number of employees The Company had no employees during 2023 or 2022, except for the 4 members of the Management Board (starting 2 June 2023). Further the Company solely utilized self-employed contractors, for which expenses have been classified as part of the administrative & overhead expenses. Remuneration of Managing Directors and Supervisory Directors Up to the date of the Business Combination, the Management Board has not received any cash remuneration. The remuneration of the Management Board from 2 June 2023 to 31 December 2023 amounts to \u20ac 262k, with social security charges of \u20ac 33k. Together with the share-based payment expense of \u20ac 84k this brings the total key management remuneration to \u20ac 379k (2022: \u20ac 1,416k). The members of the Management Board do not hold shares or options in New Amsterdam Invest N.V., other than the promoter shares and the cornerstone shares and cornerstone warrants. The Company has not issued loans, advances or financial guarantees to members of the Management Board. The remuneration of the members of the Supervisory Board on a yearly basis amount to \u20ac 35k for the chairman and to \u20ac 25k for each other member. Total remuneration of the Supervisory Board amounted to \u20ac 85k plus \u20ac 11k travel expenses (2022: \u20ac 85k). These expenses have been presented as part of the general expenses. The members of the Supervisory Board do not hold shares or options in New Amsterdam Invest N.V. The Company has not issued loans, advances or financial guarantees to members of the Supervisory Board. Shares or options on shares have not been and will not be awarded to members of the Supervisory Board.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__88": {
"value": "Please note that in prior year\u2019s financial statements, the Company classified expenses legal fees (\u20ac 55k) and audit fees (\u20ac 129k) as part of the general expenses. In the comparatives in these consolidated financial statements, these expenses have been reclassified to legal and professional fees, and administrative and overhead expenses, respectively. The table above shows Business Combination expenses of \u20ac 413k in 2023. When considering an allocation of other expenses that are directly attributable to the Business Combination (which have been classified on other lines in the table above), the total of Business Combination expenses amounts to \u20ac 545k. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__87": {
"value": "Please note that in prior year\u2019s financial statements, the Company classified expenses legal fees (\u20ac 55k) and audit fees (\u20ac 129k) as part of the general expenses. In the comparatives in these consolidated financial statements, these expenses have been reclassified to legal and professional fees, and administrative and overhead expenses, respectively. The table above shows Business Combination expenses of \u20ac 413k in 2023. When considering an allocation of other expenses that are directly attributable to the Business Combination (which have been classified on other lines in the table above), the total of Business Combination expenses amounts to \u20ac 545k. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfReasonWhyFinancialStatementsAreNotEntirelyComparable",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__94": {
"value": "12. Personnel expenses The breakdown is as follows: (*\u20ac1,000) 2023 2022 Gross wages 262 0 Social security charges 33 0 Equity-settled share-based payment 84 1,416 Contractors 188 87 Supervisory Board expenses 85 85 Other 12 4 Total personnel expenses 665 1,592 Share-based payments During 2022, immediately following Settlement the four Managing Directors, through NAIP Holding, held 147,307 convertible shares with a nominal value of \u20ac 0.04 each (the \u201cPromoter Shares\u201d). The Promoter Shares were not admitted to listing and trading on any trading platform. The Promoter Shares are subject to anti-dilution provisions in accordance with the terms and conditions set out in the Company\u2019s Prospectus. Subject to the terms and conditions set out in this Prospectus, each Promoter Share would convert into 3.5 Ordinary Shares (the \u201cPromoter Share Conversion Ratio\u201d), resulting in a conversion into a maximum of 515,574 Ordinary Shares. The conversion was contingent upon a Business Combination and a Share Price Hurdle of \u20ac 11.50 per share. These Promoter Shares have been obtained by the Promoters at an aggregated price of \u20ac 750k to supplement with the amount of the \u201cOptional promoter Contribution\u201d. These shares were issued to the Promoters at a discounted price in exchange for their services. This is considered an equity-settled share-based payment that resulted in a non-cash charge of \u20ac 1,416k which has been recognized within other reserves. During 2023, the Business Combination occurred and therefore, the Promoter Shares have vested. Therefore, the remaining expenses relating to the 2021 grant have been recognized in the income statement, in the amount of \u20ac 84k.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__90": {
"value": "12. Personnel expenses The breakdown is as follows: (*\u20ac1,000) 2023 2022 Gross wages 262 0 Social security charges 33 0 Equity-settled share-based payment 84 1,416 Contractors 188 87 Supervisory Board expenses 85 85 Other 12 4 Total personnel expenses 665 1,592 Share-based payments During 2022, immediately following Settlement the four Managing Directors, through NAIP Holding, held 147,307 convertible shares with a nominal value of \u20ac 0.04 each (the \u201cPromoter Shares\u201d). The Promoter Shares were not admitted to listing and trading on any trading platform. The Promoter Shares are subject to anti-dilution provisions in accordance with the terms and conditions set out in the Company\u2019s Prospectus. Subject to the terms and conditions set out in this Prospectus, each Promoter Share would convert into 3.5 Ordinary Shares (the \u201cPromoter Share Conversion Ratio\u201d), resulting in a conversion into a maximum of 515,574 Ordinary Shares. The conversion was contingent upon a Business Combination and a Share Price Hurdle of \u20ac 11.50 per share. These Promoter Shares have been obtained by the Promoters at an aggregated price of \u20ac 750k to supplement with the amount of the \u201cOptional promoter Contribution\u201d. These shares were issued to the Promoters at a discounted price in exchange for their services. This is considered an equity-settled share-based payment that resulted in a non-cash charge of \u20ac 1,416k which has been recognized within other reserves. During 2023, the Business Combination occurred and therefore, the Promoter Shares have vested. Therefore, the remaining expenses relating to the 2021 grant have been recognized in the income statement, in the amount of \u20ac 84k. Number of employees The Company had no employees during 2023 or 2022, except for the 4 members of the Management Board (starting 2 June 2023). Further the Company solely utilized self-employed contractors, for which expenses have been classified as part of the administrative & overhead expenses. Remuneration of Managing Directors and Supervisory Directors Up to the date of the Business Combination, the Management Board has not received any cash remuneration. The remuneration of the Management Board from 2 June 2023 to 31 December 2023 amounts to \u20ac 262k, with social security charges of \u20ac 33k. Together with the share-based payment expense of \u20ac 84k this brings the total key management remuneration to \u20ac 379k (2022: \u20ac 1,416k). The members of the Management Board do not hold shares or options in New Amsterdam Invest N.V., other than the promoter shares and the cornerstone shares and cornerstone warrants. The Company has not issued loans, advances or financial guarantees to members of the Management Board. The remuneration of the members of the Supervisory Board on a yearly basis amount to \u20ac 35k for the chairman and to \u20ac 25k for each other member. Total remuneration of the Supervisory Board amounted to \u20ac 85k plus \u20ac 11k travel expenses (2022: \u20ac 85k). These expenses have been presented as part of the general expenses. The members of the Supervisory Board do not hold shares or options in New Amsterdam Invest N.V. The Company has not issued loans, advances or financial guarantees to members of the Supervisory Board. Shares or options on shares have not been and will not be awarded to members of the Supervisory Board.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__91": {
"value": "Number of employees The Company had no employees during 2023 or 2022, except for the 4 members of the Management Board (starting 2 June 2023). Further the Company solely utilized self-employed contractors, for which expenses have been classified as part of the administrative & overhead expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__93-1": {
"value": "Remuneration of Managing Directors and Supervisory Directors Up to the date of the Business Combination, the Management Board has not received any cash remuneration. The remuneration of the Management Board from 2 June 2023 to 31 December 2023 amounts to \u20ac 262k, with social security charges of \u20ac 33k. Together with the share-based payment expense of \u20ac 84k this brings the total key management remuneration to \u20ac 379k (2022: \u20ac 1,416k). The members of the Management Board do not hold shares or options in New Amsterdam Invest N.V., other than the promoter shares and the cornerstone shares and cornerstone warrants. The Company has not issued loans, advances or financial guarantees to members of the Management Board. The remuneration of the members of the Supervisory Board on a yearly basis amount to \u20ac 35k for the chairman and to \u20ac 25k for each other member. Total remuneration of the Supervisory Board amounted to \u20ac 85k plus \u20ac 11k travel expenses (2022: \u20ac 85k). These expenses have been presented as part of the general expenses. The members of the Supervisory Board do not hold shares or options in New Amsterdam Invest N.V. The Company has not issued loans, advances or financial guarantees to members of the Supervisory Board. Shares or options on shares have not been and will not be awarded to members of the Supervisory Board.17. Related party transactions During the financial year 2023, there were a number of related party transactions. Given the extent and size of the related party transactions, the Management Board has disclosed these in detail in this report. All legal entities that can be controlled, jointly controlled or significantly influenced are considered to be a related party. Also, entities which can control, jointly control or significantly influence the Company are considered a related party. In addition, the managing directors and members of the supervisory board and close relatives are regarded as related parties. The related party transactions during 2023 can be classified into the following categories: \u2022 Acquisition and financing of investment properties \u2022 Financial positions with related parties \u2022 Conversion of the promoter shares (share-based payment) \u2022 Optional promoter contribution \u2022 Hiring of staff \u2022 Remuneration of the Management Board and Supervisory Board Below, further details are provided on each category. Acquisition and financing of investment properties Introduction It was a challenge as a SPAC to identify one or more operating companies in the real estate industry, which would meet the Company\u2019s financial and quantitative parameters. On that basis, the Management Board decided to find the most suitable Business Combination for its shareholders, and started to look for multiple operating companies that could be grouped together in a Business Combination meeting the required parameters and factors. Eventually, the Management Board identified five real estate properties (one in the United States of America and four in the United Kingdom) owned by different operating real estate companies. Together they could form a group that would meet the Company's considerations and rationale for a Business Combination. Such Business Combination would, however, given the Company\u2019s governance structure, first need to be approved by the shareholders during the Company\u2019s Shareholders Meeting. In anticipation of this, after consultation with the Supervisory Board, the Management Board decided to secure the selected real estate properties making use of an independent trustee, until such time that shareholder approval of the Business Combination could be obtained. The ultimate beneficiaries, until the date of the approval of the Business Combination, were the members of the Management Board of New Amsterdam Invest N.V. in person. Three of the five secured investment properties have been closed before 2 June 2023, the date of the Shareholders Meeting. These investments had been temporarily financed by the trustee with a Vendor Loan provided by the members of the Management Board. Subsequently, the Business Combination was approved by the Company\u2019s shareholders during the Shareholders Meeting held on 2 June 2023. Thereafter, the Company obtained the shares of the trusts that held the properties and related borrowings. The table below sets out the purchase prices of the investment properties that were acquired by the Company from related parties (as part of the transactions as described below) as at 2 June 2023. These purchase prices were determined using fair values that were determined by independent third-party appraisers, determined at dates close to the date of the Business Combination. The transaction costs are amounts paid either by the trust or directly upon close (for the properties that were acquired after obtaining control over the trusts). The column Investment reflects the sum of the two, being the cost of the properties to the Company. (*\u20ac1,000) Purchase Transaction costs Investment price Somerset House, Birmingham 17,651 1,307 18,958 Travelodge, Edinburgh 11,683 855 12,537 Blythswood Square, Glasgow 10,465 694 11,159 Sutherland House, Glasgow 10,523 758 11,281 Interra One Park Ten, Houston 17,902 359* 18,262 68,225 3,973 72,197 * Transaction costs for Interra One Park Ten were not incurred in 2023 but by Interra One Park Ten LLC at the time of the acquisition of the property by this entity in 2022. Refer to the section \u2018Interra One Park Ten, Houston\u2019 below. After the approval of the Business Combination involving the Somerset Park Group, the purchase of the properties/real estate entities took place. This transaction was carried out by acquiring the shares of the following companies: \u2022 MACE Investments II LLC, which in turn owns 71.25% of Interra One Park Ten LLC \u2022 Somerset Land and Property Ltd; \u2022 Glasgow Land and Property Ltd; \u2022 Sutherland Land and Property Ltd; and \u2022 Edinburgh Land and Property Ltd. Since the fair value of the trusts\u2019 assets and liabilities was substantially all concentrated in the investment properties, these transactions were not accounted for as business combinations under IFRS 3 but as asset acquisitions. Reference is made to the section significant judgments in the consolidated financial statements. The sections below disclose each of the transactions in detail. Note 1 to the consolidated financial statements discloses detail of the assets and liabilities acquired as part of the transactions of the trusts, which facilitates reconciliation to the consolidated statement of cash flows. Note 8 to the consolidated financial statements discloses details of the borrowings that were acquired as part of the acquisitions of the trusts, and amounts that were subsequently repaid, to facilitate reconciliation to the consolidated statement of cash flows. It should be noted that while the shares in the UK trusts were acquired at nominal value (\u00a3 5 each), part of the existing bridge financing in the form of vendor loans in the trusts was immediately repaid upon acquisition by the Company. As such, this was still considered as an investing cash flow, where the Company effectively acquired the investment properties along with a lower loan. These vendor loans had been obtained by the trusts/acquisition vehicles because discussions with banks in the UK had not yet been completed on the date of acquisition (these discussions ultimately ended in the loan provided by Santander in November 2023). Therefore, the private company of the members of the Management Board arranged this temporary bridging loan (vendor loan). The Management Board decided to arrange the vendor loan with a related party, instead of a bank, to achieve a lower interest rate and avoid costly fees. The interest was set at 4% per year. The loan was fully repaid in 2023, with the funds received from the external financing. Although all of these transactions were performed with the trustee, these transactions qualify as related party transactions at arm\u2019s length. Management ensured the \u2018arm\u2019s length\u2019 principle by using appropriate appraisals of the properties as at the acquisition date. The investment property Forthstone was acquired after 2 June 2023 and does not qualify as a related party transaction. For a very short period in 2023, the Management Board provided a bridge loan (included in the vendor loan) for a part of the purchase price for this property. In addition, a second bridge loan was obtained from a third party. Bridge loans were repaid when the Company was able to secure external financing with Santander in November 2023 as noted above. Interra One Park Ten, Houston As of 2 April 2022, a declaration was issued to create a Trust, Mace Capital Trust, regarding Mace Investments II LLC, a Florida limited liability company, in trust, to be held, administered and disposed of by the US Trustee, Mr. Rainer Filthaut, and its beneficiaries, being the four promoters of New Amsterdam Invest N.V. In addition to acting as Trustee, Mr. Rainer Filthaut is company director and holder of a deferred share. The other four (4) non-voting shareholders are comprised of the members of the Management Board of New Amsterdam Invest N.V. Interra One Park Ten LLC was incorporated on 20 April 2022. The shares are issued to Class \"A\" members and Class \"B\" members. Class \"B\" members are entitled to a yearly preferred return equal to eight percent (8%) of the members unreturned capital contributions. The remaining profit is equally distributable among the members. The main shareholder (71,25% Class \"B\") of Interra One Park Ten, LLC is MACE Investment II LLC. The remaining shares (25% Class \"A \") are held by Mr. Jacob Polatsek in person and (3,75% Class \"B\") by his investment firm Interra One Park Ten Invest. MACE Investments II LLC entered into a service contract with an Interra Capital Group Company, owned by Mr. Jacob Polatsek, where he and his staff will be responsible for management of this property. The services, to be delivered relate to accounting, management, repairs, maintenance, cleaning, security etc. Interra One Park Ten LLC acquired the investment property One Park Ten Plaza in Houston. Interra One Park Ten LLC acquired and owns the office building as of 9 February 2022, being One Park Ten Plaza. The purchase price paid by Interra One Park Ten LLC to acquire the real estate property Somerset House amounted to \u20ac 13,745k or $15,700k (excluding transaction costs). The total investment including transaction costs and tenant improvements amounted to \u20ac 14.3 million or $ 16.3 million, has been financed with a Vendor Loan of \u20ac 3.7 million or $ 4.2 million provided by MACE Capital Trust, of which the beneficiaries are the members of the Management Board of New Amsterdam Invest N.V., and a loan issued by United Texas Bank of \u20ac 10.6 million or $ 12.1 million. The nature and scope of this transaction was explained in detail in the circular issued by us in preparation for the general meeting of shareholders last June 2, 2023. For this we refer you to this document The breakdown of the purchase of the property at 29 April 2022 and the movement of the book value of the investment property till 2 June 2023, and before depreciation is as follows: (*US$1,000) Purchase at 29 April 2022 15,700 Transaction costs and tenant improvements 627 Balance and book value as at 31 December 2022 16.327 Tenant improvements period 1 January 2023 to 2 June 2023 343 Net leasing commissions, as part of the property investment 165 Balance and book value as at 2 June 2023 16,835 Market value of the property as at 2 June 2023 19,800 Valuation difference, exclusive of depreciation 2,965 The beneficiaries of MACE Investments II LLC were the members of the Management Board, with the shares being held by a trust. On 2 June 2023, the Company acquired the shares of this company. The purchase price of the shares was set at \u20ac 3,007k ($ 3,220k), based on the market value of the assets and liabilities of the company, with the real estate being revalued to fair value ($ 19,800k), reflecting at arm\u2019s length conditions as per 2 June 2023. The revaluation to market value was based on the appraisals received from two different independent experts. The total depreciation till 2 June 2023 which is not included in the book value at costs as specified above, amounts to approximately $ 3 million. This depreciation is mitigated by a tax deductible step up of approximately $ 2 million. The benefits, if any, will come to both the partners of Interra, being Mr. Jacob Polatsek in person, by his investment firm Interra One Park Ten Invest and by MACE Capital a private company owned by the members of the Management Board of New Amsterdam Invest N.V. The interest ndcharge on the vendor loan from the date of acquisition until the 2 of June 2023 amounts to $ 89k and the benefit will come to MACE Capital Trust, of which the beneficiaries are the members of the Management Board of New Amsterdam Invest N.V. Based on the increase in price of the investment property since the date of acquisition by the trust (9 February 2022), valuation of the property at market value was requested by the Company from 2 independent appraisers. The two different valuations indicated a value range of $ 19,800k to $ 20,000k. This fully substantiates that the equity transaction in which this investment property was included is a transaction at arm's length. The main reason behind the price increase is in our view the fact that at the date of purchase the property could be qualified as a \u201cdistressed property\u201d and at moment of purchase there was still uncertainty in the market surrounding COVID. The difference with the original purchase price of $ 2,965 and the potential impact of the depreciation less step up (see before) is attributable to the members of the Management Board of New Amsterdam Invest N.V, and Mr. Jacob Polatsek in person and his investment firm. The loan and the capital to this company was provided by a private company owned by the members of the Management Board for the total amount of \u20ac 3,195k ($ 3,421k, consisting of a vendor loan of $ 2,421 and capital of $ 1,000) and was part of this transaction, together with the other assets and liabilities, including an existing bank loan from United Texas Bank in the amount of \u20ac11,667k ($ 12,493k). The operational results, depreciation and distributions until ndthe 2 of June 2023, belonging to the beneficiaries of the trust and settled at the date of acquisition, are as follows: (*$1,000) Capital provided by the Management Board at inception 1,000 Profit excluding depreciation 2022 666 Depreciation 2022 -2,604 Profit excluding depreciation 2023 until 2 June 470 Depreciation 2023 -200 Distributions to shareholders -1,562 -2,230 Revaluation investment property 4,863 Vendor loan 779 Deferred tax liability recognised -192 Purchase price (\u20ac 3,007) 3,220 The identifiable assets and liabilities as at the date of the acquisition of the shares and the cost allocated to them are as follows: Assets as at NCI and 2 June 2023 liabilities as (*\u20ac1,000) at 2 June 2023 Investment property 18,262 Non-controlling interest 812 Cash and cash equivalents 125 Loans bank 11,679 Other current assets 137 Loan related party USA 2,261 Trade payables 207 Other current liabilities 558 Total assets 18,524 Total NCI and liabilities 15,517 Consideration paid 3,007 Total 18,524 After the acquisition, in which the consideration that was allocated to the investment property was \u20ac 18,262k, constituting its cost, the property was subsequently revalued to its fair value, with a gain of \u20ac 226k being recognized in the income statement, along with a corresponding deferred tax charge of \u20ac 64k. UK entities Given the limited time difference between the time of the securitization and the closing of the investment properties and the time of the acquisition and approval of the Business Combination on 2 June 2023, the shares of the trust companies in the UK (these are the acquisition vehicles, whereby the company sought to create a trust-like structure, and are hereafter referred to as \u201ctrusts\u201d) have been acquired at par value as of that date. The investment properties Somerset House (owned by the trust Somerset Land and Property Ltd.) and Travelodge (owned by the trust Edinburgh Land and Property Ltd.) were already owned by the relevant trust company before 2 June 2023, together with the 100% financing thereof which was also acquired at face value, comparable to the market value (based on independent valuations). The transaction costs incurred in the acquisition of these properties were also incurred already by the trust and financed through the vendor loans as well. The income from the lease of these properties less costs and taxes, from the moment of securitization and the closing until June 2, 2023 is accrued to the owners of the trust, being the private companies of NAI\u2019s Management Board. This concerns a profit of \u00a3 65k (\u00a3 83k less taxes \u00a3 18k) and was set off against the vendor loan from these private companies at the moment of the Business Combination. The final purchases of the properties Sutherland and Blythswood (by Glasgow Land and ndProperty Ltd) have been realized just after the 2 of June 2023. The interest charge on the vendor loan ndfrom the date of acquisition until the 2 of June 2023 amounts to \u00a3 351k. Below we have included an overview per acquired UK property and the considerations that management had in assessing this transaction. Somerset House, Birmingham The negotiations with respect to the acquisition of Somerset House were initiated on 20 October 2022. The Heads of Terms were agreed on 7 November 2022. The legal due diligence was finalised in mid-November 2022 and the closing date of the aforementioned acquisition was on 28 February 2023. As of 9 November 2022, a certificate of incorporation of a private limited company Somerset Land and Property Ltd, and a statement of initial significant control declaration, has been agreed regarding Somerset Land and Property Ltd, a limited liability company, in trust, to be held, administered and disposed of by the UK trustee, Mr. Yonah Chaim Reich, for the benefit of its beneficiaries, being the four promoters of New Amsterdam Invest N.V. In addition to acting as Trustee, Mr. Yonah Chaim Reich is company director and holder of a deferred share. The other four (4) non-voting shareholders are comprised of the members of the Management Board of New Amsterdam Invest N.V. Somerset Land and Property Ltd acquired and owns the office building as of 28 February 2023, being Somerset House. The purchase price paid by Somerset Land and Property Ltd to acquire the real estate property Somerset House amounted to \u20ac 18,958k or \u00a3 16,304k (including transaction costs). The total investment including transaction costs and taxes has been financed with a Vendor Loan provided by a private company owned by the members of the Management Board of New Amsterdam Invest N.V. The share capital of Somerset Land and Property Ltd was originally divided into one ordinary deferred share and four ordinary non-voting shares. The ordinary deferred share was held by Mr. Yonah Chaim Reich, who hold 75% or more of the voting rights in Somerset Land and Property Ltd. Furthermore, he had the right to appoint or remove the majority of the board of directors of Somerset Land and Property Ltd. The holder of the ordinary deferred shares had full rights with respect to voting but restricted rights to dividends and distributions as set out in the company's articles of association. On the other hand, ordinary non-voting shares had no rights with respect to voting but full rights to dividends and distributions as set out in the company's articles of association. The net result after tax for the period until 2 June 2023, totaling \u00a3 114k (\u00a3 144k less taxes \u00a3 30k), was attributable to the holders of the non-voting shares being the members of the Management Board of New Amsterdam Invest N.V. This was settled through the vendor loan. The interest charge on the vendor loan from the date of acquisition until the 2nd of June 2023 amounts to \u00a3 167k. New Amsterdam Invest N.V. acquired all the shares of Somerset Land and Property Ltd at the nominal value of \u00a3 5 on 2 June 2023. Somerset Land and Property Ltd main assets consists out of the property valuated at the costs of investment (acquisition price) fully funded by the Vendor Loan. Based on a valuation performed by an external valuator in April 2023 the purchase price of the investment property excluding transaction costs was considered by management to be in line with the market value. The identifiable assets and liabilities as at the date of the acquisition of the shares and the cost allocated to them are as follows: Assets as at Liabilities as (*\u20ac1,000) 2 June 2023 at 2 June 2023 Investment property 18,958 Vendor loan 19,329 Cash and cash equivalents 62 Trade payables 1 Other current assets 455 Other current liabilities 145 Total assets 19,475 Total liabilities 19,475 Travelodge, Edinburgh The negotiations with respect to the acquisition of Travelodge were initiated on 7 October 2022. The Head of Terms were agreed on 2 November 2022. The legal due diligence was finalised beginning of November 2022 and the closing date of the acquisition was on 10 November 2022. As of the 9th November 2022, a certificate of incorporation of a private limited company Edinburgh Land and Property Ltd, and a statement of initial significant control declaration, has been agreed regarding Edinburgh Land and Property Ltd, a limited liability company, in trust, to be held, administered and disposed of by the UK trustee, Mr. Yonah Chaim Reich, for the benefit of its beneficiaries, being the four promoters of New Amsterdam Invest N.V. In addition to acting as Trustee, Mr. Yonah Chaim Reich is company director and holder of a deferred share. The other four (4) non-voting shareholders are comprised of the members of the Management Board of New Amsterdam Invest N.V. Edinburgh Land and Property Ltd acquired and owns a real estate property as from 10 November 2022, being a hotel fully tenanted by Travelodge Hotels Limited. The purchase price for the acquisition of this real estate property by Edinburgh Land and Property Ltd amounts to \u20ac 12,537k or \u00a3 10,782k exclusive of VAT and transaction costs. The total investment including transaction costs and taxes has been financed with a Vendor Loan provided by a private company owned by the members of the Management Board of New Amsterdam Invest N.V. The share capital of Edinburgh Land and Property Ltd was divided into one ordinary deferred share and four ordinary non-voting shares. The ordinary deferred share was held by Mr. Yonah Chaim Reich, who held 75% or more of the voting rights in Edinburgh Land and Property Ltd. Furthermore, he had the right to appoint or remove the majority of the board of directors of Edinburgh Land and Property Ltd. The holder of the ordinary deferred share had full rights with respect to voting but restricted rights to dividends and distributions as set out in the company's articles of association. On the other hand, ordinary non-voting shares had no rights with respect to voting but full rights to dividends and distributions as set out in the company's articles of association. The net result after tax for the period until 2 June 2023 amounts to \u00a3 -39k (\u00a3 -48k plus tax benefit of \u00a3 9k) and is attributable to the holders of the non-voting shares being the members of the Management Board of New Amsterdam Invest N.V. This was settled through the vendor loan. The interest charge on the vendor ndloan from the date of acquisition until the 2 of June 2023 amounts to \u00a3 184k. New Amsterdam Invest acquired the shares of Edinburgh Land and Property Ltd at the nominal value of \u00a3 5 on 2 June 2023. Edinburgh Land and Property Ltd main assets consists out of the property valuated at the costs of investment (acquisition price) fully funded by the Vendor Loan. Based on a valuation performed by an external valuator in April 2023 the purchase price of the investment property excluding transaction costs was in line with the market value. The identifiable assets and liabilities as at the date of the acquisition of the shares and the cost allocated to them are as follows: Assets as at Liabilities as at (*\u20ac1,000) 2 June 2023 2 June 2023 Investment property 12,537 Vendor loan 12,757 Other non-current assets 11 Other current liabilities 68 Cash and cash equivalents 274 Other current assets 4 Total assets 12,826 Total liabilities 12,826 Blythswood Square, Glasgow On 9 November 2022, a certificate of incorporation of a private limited company Manchester Land and Property Ltd, and a statement of initial significant control declaration, has been agreed regarding Manchester Land and Property Ltd, a limited liability company, in trust, to be held, administered and disposed of by the UK trustee, Mr. Yonah Chaim Reich, for the benefit of its beneficiaries. In addition to acting as Trustee, Mr. Yonah Chaim Reich is company director and holder of a deferred share. The other four (4) non-voting shareholders were comprised of the Managing Board of New Amsterdam Invest N.V. Ordinary deferred shares had full rights with respect to voting but restricted rights to dividends and distributions as set out in the company's articles of association. On the other hand, ordinary non-voting shares had no rights with respect to voting but full rights to dividends and distributions as set out in the company's articles of association. Advanced negotiations with a selected property in Manchester fell through on 27 January 2023. As a result, the articles of association have been amended and the Company has been renamed to Glasgow Land and Property Ltd on 2 March 2023. Negotiations to acquire the property Two-Fout Blythswood Square started on 8 February 2023, the Heads of Terms were agreed on 24 February 2023 and the legal due diligence was completed on 9 March 2023 (no material findings). The exchange (signing of the provisional contract) was on 10 March 2023 and the date of transfer 5 June 2023. The purchase price paid by Glasgow Land and Property Ltd to acquire the real estate property Two-Four Blythswood Square amounts to \u20ac11,159k (\u00a3 9,597k) including transaction costs. This was based on a valuation performed by an external valuator. The net result after tax for the period until 2 June 2023 amounts to \u00a3 -10k (\u00a3 -13k plus tax benefit of \u00a3 3k) and is attributable to the holders of the non-voting shares being the members of the Management Board of New Amsterdam Invest N.V. This was settled through the vendor loan. No interest has been charged on the vendor loan. The Company acquired the shares of Glasgow Land and Property Ltd on 2 June 2023 at the nominal value of \u00a3 5. The identifiable assets and liabilities as at the date of the acquisition of the shares and the cost allocated to them are as follows: Assets as at Liabilities as at (*\u20ac1,000) 2 June 2023 2 June 2023 Non-current assets 38 Vendor loan 3 Other current assets 13 Other current liabilities 48 Total assets 51 Total liabilities 51 Sutherland House, Glasgow On 24 March 2022, a certificate of incorporation of a private limited company Sutherland Land and Property Ltd, and a statement of initial significant control declaration, has been agreed regarding Sutherland Land and Property Ltd, a limited liability company, in trust, held, administered and to be disposed of by the UK Trustee, Mr. Yonah Chaim Reich, for the benefit of its beneficiaries. In addition to acting as Trustee, Mr. Yonah Chaim Reich is company director and holder of a deferred share. The other four (4) non-voting shareholders were comprised of the Managing Board of New Amsterdam Invest N.V. Ordinary deferred shares had full rights with respect to voting but restricted rights to dividends and distributions as set out in the company's articles of association. On the other hand, ordinary non-voting shares had no rights with respect to voting but full rights to dividends and distributions as set out in the company's articles of association. Negotiations started on 6 December 2022, on 9 March the Heads of Terms were agreed and on 11 April 2023 the legal due diligence was completed (no material findings). The exchange (signing of the provisional contract) was on 12 April 2023 and the date of the transfer 1 July 2023. The purchase price paid by Sutherland Land and Property Ltd to acquire the real estate property Sutherland House amounts to \u20ac11,281 (\u00a3 9,702) including transaction costs. This was based on a valuation performed by an external valuator. The net result after tax for the period until 2 June 2023 was nil. The Company acquired the shares of Sutherland Land and Property Ltd at the nominal value of \u00a3 5 on 2 June 2023. The identifiable assets and liabilities as at the date of the acquisition of the shares and the cost allocated to them are as follows: Assets as at 2 Liabilities as at (*\u20ac1,000) June 2023 2 June 2023 Investment property 80 Other current liabilities 96 Other current assets 16 Total assets 96 Total liabilities 96 Financial positions with related parties The table below details the outstanding receivables from and payables to related parties, as well as the interest charged. Assets Interest Assets Interest (liabilities) as at income (liabilities) as income (*\u20ac1,000) 31 December (expense) at 31 (expense) 2023 2023 December 2022 2022 Loan related party USA -2,201 -69 0 0 Current account related party 0 0 -104 0 Current account participant 0 0 7 0 Current account investors 130 10 0 0 The loan related party USA relates to the existing related party loan payable that was included in MACE Investments II LLC already prior to the Company acquiring its share in this entity. The current account participant relates to the current account with New Amsterdam Invest Participaties B.V. (NAIP). The current account investors relates to the current account with Van Dam, Van Dam & Verkade B.V., a private company of the members of the Management Board. The current account related party in prior year concerned the pre-incorporation expenses which had been charged to the Company after incorporation. These costs were made on terms equivalent to those that prevail in arm\u2019s length transactions. The Company did not provide any securities. No interest has been charged. Optional Promoter Contribution As highlighted in the Prospectus, the participants contractually agreed to provide the Company with additional capital in an aggregate amount of \u20ac 750k (the \u201cPromoter Contribution\u201d). The Promoter Contribution, together with the Reserved Amount of \u20ac 500k from investors, has been used to cover the Offering Expenses. Furthermore, it has been agreed that in the event that the Promoter Contribution and the Reserved Amount are insufficient to fund the Offering Expenses and the Initial Working Capital, the promoters will contribute additional funds to The Company to cover the shortfall (the \u201cOptional Promoter Contribution\u201d). During 2022 the Optional Promoter Contribution amounted to \u20ac 747k. In 2023, the Company requested and received \u20ac 350k from the Promoters. Part of this was used to fund the running costs for the period 1 January 2023 till 2 June 2023, in line with the Prospectus, accounted for as a share premium to the amount of \u20ac 343k. The remaining balance is classified as a receivable in the current account with New Amsterdam Invest Participaties Holding B.V. The total promoter contribution until 2 June 2023 (including the Optional Promoter Contribution) amounts to \u20ac 1,828k. Conversion of the promoter shares (share-based payment) New Amsterdam Invest N.V. was incorporated on 19 May 2021, as a public limited liability company under the laws of the Netherlands. As a result of the IPO, the shares became accessible to the general public. Following the offering, the Company issued its share capital, with 6,037,943 Ordinary Shares, 147,307 Promoter Shares and 5 Priority Shares, each with a nominal value of \u20ac 0.04. All issued Shares were paid up. The Promoter Shares serve to compensate the Promoters for their commitments and the significant time and efforts they dedicate to the Company. The Promoter Shares are held by NAIP Holding B.V., and the Promoters are indirectly, via their personal holding companies, the sole shareholders of NAIP Holding B.V. Upon the approval by the Company\u2019s shareholders on 2 June 2023 of the incorporation of Somerset Park B.V., 50% of the Promoter Shares have been automatically converted into ordinary shares in accordance with the Promoter Share Conversion Ratio. As a result, the ordinary shares held by NAIP Holding increased by 257,789 ordinary shares, from 1,000,000 ordinary shares to 1,257,789 ordinary shares. The promoter shares decreased by 73,654 promoter shares from 147,308 promoter shares to 73,653 promoter shares, and the ordinary shares held by the Company decreased with 184,135 ordinary shares from 1,112,693 ordinary shares to 943,558 ordinary shares. The total number of shares did not change. The issuance of the Promoter Shares by the Company Is treated as an equity-settled share-based payment within the scope of IFRS 2 as the Promoters are being awarded these shares at a discounted price in exchange for their services (as referred to within the Prospectus). For the period 1 January 2023 to 2 June 2023, this results in a total non-cash charge of \u20ac 84k which is accounted for within other reserves (an amount of \u20ac 56k is classified as Business Combination costs and the remaining amount of \u20ac28k is classified as operational running costs). Hiring of staff New Amsterdam Invest hires the office manager from an affiliated company owned by the members of the Management Board. The fee for the period February 2022 till December 2023 amounts to \u20ac 90k excluding VAT. An amount of \u20ac 50k pertains to 2023 and has been charged to the profit and loss account. Composition of the group The consolidated financial statements include the financial information of New Amsterdam Invest N.V. and its direct and indirect subsidiaries as included in the following table: Statutory seat 31 December 31 December 2023 2022 Somerset Park B.V. the Netherlands 100% - Somerset Park Holding UK Ltd United Kingdom 100% - Somerset Park Holding USA LLC United States 100% - Somerset Land and Property Ltd United Kingdom 100% - Glasgow Land and Property Ltd United Kingdom 100% - Sutherland Land and Property Ltd United Kingdom 100% - Edinburgh Land and Property Ltd United Kingdom 100% - Somerset Park Property Management Ltd United Kingdom 100% - SP Property Management US LLC United States 100% - MACE Investments II LLC United States 100% - Interra One Park Ten LLC United States 71.25% - Forthstone Land & Property Ltd United Kingdom 100% -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__92": {
"value": "Remuneration of Managing Directors and Supervisory Directors Up to the date of the Business Combination, the Management Board has not received any cash remuneration. The remuneration of the Management Board from 2 June 2023 to 31 December 2023 amounts to \u20ac 262k, with social security charges of \u20ac 33k. Together with the share-based payment expense of \u20ac 84k this brings the total key management remuneration to \u20ac 379k (2022: \u20ac 1,416k). The members of the Management Board do not hold shares or options in New Amsterdam Invest N.V., other than the promoter shares and the cornerstone shares and cornerstone warrants. The Company has not issued loans, advances or financial guarantees to members of the Management Board. The remuneration of the members of the Supervisory Board on a yearly basis amount to \u20ac 35k for the chairman and to \u20ac 25k for each other member. Total remuneration of the Supervisory Board amounted to \u20ac 85k plus \u20ac 11k travel expenses (2022: \u20ac 85k). These expenses have been presented as part of the general expenses. The members of the Supervisory Board do not hold shares or options in New Amsterdam Invest N.V. The Company has not issued loans, advances or financial guarantees to members of the Supervisory Board. Shares or options on shares have not been and will not be awarded to members of the Supervisory Board.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__100": {
"value": "13. Financial income and expense The financial income and expense can be broken down as follows: (*\u20ac1,000) 2023 2022 Interest income (expense) on Escrow account 502 -33 Bank interest 54 0 Interest on loans -1,093 0 Exchange differences -41 0 Total financial income (expense) -578 -33",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__99": {
"value": "13. Financial income and expense The financial income and expense can be broken down as follows: (*\u20ac1,000) 2023 2022 Interest income (expense) on Escrow account 502 -33 Bank interest 54 0 Interest on loans -1,093 0 Exchange differences -41 0 Total financial income (expense) -578 -33",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__98": {
"value": "13. Financial income and expense The financial income and expense can be broken down as follows: (*\u20ac1,000) 2023 2022 Interest income (expense) on Escrow account 502 -33 Bank interest 54 0 Interest on loans -1,093 0 Exchange differences -41 0 Total financial income (expense) -578 -33",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__97": {
"value": "13. Financial income and expense The financial income and expense can be broken down as follows: (*\u20ac1,000) 2023 2022 Interest income (expense) on Escrow account 502 -33 Bank interest 54 0 Interest on loans -1,093 0 Exchange differences -41 0 Total financial income (expense) -578 -33",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__96": {
"value": "13. Financial income and expense The financial income and expense can be broken down as follows: (*\u20ac1,000) 2023 2022 Interest income (expense) on Escrow account 502 -33 Bank interest 54 0 Interest on loans -1,093 0 Exchange differences -41 0 Total financial income (expense) -578 -33",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__95": {
"value": "13. Financial income and expense The financial income and expense can be broken down as follows: (*\u20ac1,000) 2023 2022 Interest income (expense) on Escrow account 502 -33 Bank interest 54 0 Interest on loans -1,093 0 Exchange differences -41 0 Total financial income (expense) -578 -33",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__101": {
"value": "14. Income tax The corporate income tax charge/(benefit) as per the income statement can be broken down as follows: (*\u20ac1,000) 2023 2022 Deferred tax expense/(income) relating to origination and 116 0 reversal of temporary differences Deferred tax expense/(income) relating to (de)recognition of -735 0 unused tax losses Deferred tax expense/(benefit) -619 0 Current period tax charge/(benefit) 14 0 Adjustments recognized for current tax of prior periods 0 0 Current tax expense/(benefit) 14 0 Total income tax expense/(benefit) -605 0 The amount of income tax recognized in OCI amounts to nil (2022: nil). Effective tax reconciliation The Company is domiciled in the Netherlands and its subsidiaries operate predominantly in the United Kingdom and the United States. As a basis for the effective tax reconciliation, the Management Board has applied the applicable tax rates in the Netherlands to the Company\u2019s result before tax. Such rates are 25.8%, or 19% for profits up to \u20ac 200k (2022: 25,8%, or 15% for profits up to \u20ac 395k). (*\u20ac1,000) 2023 2022 Result before tax -5,401 -2,080 Tax expense at the Company\u2019s statutory tax rate -1,380 -494 Effect of foreign tax rates 48 0 Utilization of previously unrecognized tax losses -8 0 Recognition of previously unrecognized tax losses -505 0 Tax losses and deductible temporary differences not recognized 1,235 494 Prior period tax adjustments 0 0 Other 5 0 Total income tax expense/(benefit) -605 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__103": {
"value": "15. Earnings per share Basic and diluted earnings per share are detailed in the table below. As there are no instruments with dilutive effects, diluted earnings per share equal basic earnings per share. In this context we note that the IPO and BC Warrants, as well as the Promoter Shares, were not in the money and therefore are considered antidilutive for both periods presented. 2023 2022 Net income/(loss) attributable to ordinary shareholders (\u20ac * 1,000) -4,907 -2,080 Weighted average number of ordinary shares 5,060,686 4,910,250 Earnings per share (\u20ac) -0.97 -0.42",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__104": {
"value": "16. Segment information Single operating segment Information on operating segments is reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is the person or body that allocates resources to and assesses the performance of the operating segments of an entity. The Group has determined that its chief operating decision maker is the Management Board of the Company. Consistent with how operating results and regularly reviewed by the Management Board to make decisions about resources to be allocated and assessing performance, the Group identifies only one operating segment at this time. As such, these consolidated financial statements do not include separate segment disclosures other than information about geographical areas and major customers. Information about geographical areas and major customers In 2023, the Company held investment properties in the United States of America and the United Kingdom. The table below discloses the geographical distribution of investment properties and rental income realized from those properties. The Company does not have rental income or investment properties in the Netherlands. (*\u20ac1,000) 2023 2022 Rental income UK 2,620 0 Rental income USA 1,966 0 Total rental income 4,586 0 Investment properties UK 59,468 0 Investment properties USA 17,948 0 Total carrying value of investment properties as at 31 77,416 0 December In 2023 the Company had one major customer from which the rental income exceeded 10% of total rental income, in the amount of \u20ac 535k (2022: not applicable). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__106": {
"value": "Composition of the group The consolidated financial statements include the financial information of New Amsterdam Invest N.V. and its direct and indirect subsidiaries as included in the following table: Statutory seat 31 December 31 December 2023 2022 Somerset Park B.V. the Netherlands 100% - Somerset Park Holding UK Ltd United Kingdom 100% - Somerset Park Holding USA LLC United States 100% - Somerset Land and Property Ltd United Kingdom 100% - Glasgow Land and Property Ltd United Kingdom 100% - Sutherland Land and Property Ltd United Kingdom 100% - Edinburgh Land and Property Ltd United Kingdom 100% - Somerset Park Property Management Ltd United Kingdom 100% - SP Property Management US LLC United States 100% - MACE Investments II LLC United States 100% - Interra One Park Ten LLC United States 71.25% - Forthstone Land & Property Ltd United Kingdom 100% -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__107": {
"value": "18. Audit fees Fees expensed related to services provided by the Company\u2019s statutory auditor, BDO Audit & Assurance B.V., are classified as part of administrative & overhead expenses. The amounts expensed are disclosed below. (*\u20ac1,000) 2023 2022 Audit of the financial statements 318 129 Other audit services 0 0 Tax advisory services 0 0 Other non-audit services 0 0 Total 318 129",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__110": {
"value": "19. Contingencies and commitments As part of the acquisition of MACE Investments II LLC, the Group acquired deferred tax claims on the existing revaluations of the investment property within said entity in the amount of \u20ac 889k, of which \u20ac 734k is attributable to the Company and the remainder to the non-controlling interest. Of this \u20ac 889k, \u20ac 64k has been recognized as a deferred tax liability that is the result of a revaluation directly after acquisition. The remaining deferred tax claims could not be recognized on the consolidated balance sheet as the transaction did not qualify as a business combination but was accounted for as an acquisition of assets and liabilities. Therefore, no deferred tax liability could be recognized at the acquisition date under the initial recognition exemption for deferred taxes. Consequently, these are treated as contingent liabilities. The Company has short service agreements with an ICT provider and a lease of real estate for two workplaces at our office in Amsterdam. The rolling service agreement with the ICT provider has an indefinite term. The monthly payment based on the price level 2023 amounts to \u20ac 1k. The contract for the two workplaces expires on 30 September 2024. The monthly payment amounts to \u20ac 2k. These costs are expensed when incurred since the Company applies the practical expedient for short-term leases to this contract.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__111": {
"value": "20. Events after balance sheet date For the property Somerset House, as per 31 December 2023 in our books at \u00a3 14,630k (\u20ac 16,841), one of the tenants was in financial difficulties and was under so called \u201cCVA\u201d. As per balance sheet date, management was negotiating renewal of the contract with a new tenant and the administrators of the existing tenant, the negotiations were at the same conditions as with the tenant that was in financial difficulties. The new lease was signed in March 2024, resolving the potential issue and uncertainty that the external appraiser had to factor in the valuation as per 31 December 2023. For this subsequent event it was decided, to have a new valuation carried out by the appraiser that also valued the property as per 31 December 2023 and also to request a second opinion from a second estate agency. These valuations carried out in March 2024 resulted in a market value of the investment property Somerset House in the range of \u00a3 15,510k to \u00a3 15,650k. For the other investment properties there was no reason to have a new valuation carried out. Further there have been no events after the balance sheet date requiring disclosure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:724500JXEXUGEATP5L52",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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}
}