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\n\n
\n1. BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL
\nSTATEMENTS
\nNature of operations
\nWith effect from April 18, 2024, the name of the Company was changed from Thunderbird Resorts
\nInc to Agility Real Estate Inc.
\nThe principal activities of Agility Real Estate Inc and its subsidiaries \u201cthe Group\u201d is to develop,
\nown and operate Gaming and real estate properties.
\nThese activities are grouped into the following service lines:
\n\u25cf Hospitality
\n\u25cf Office
\n
\nThe exact mix and distribution of such properties for the year ended December 31, 2023 was
\nhospitality properties in Nicaragua in the form of Gaming, Office property in Peru located in a
\nmixed-use development. The Group also has a joint venture in Costa Rica which owns partially
\ndeveloped hospitality land.
\nGeneral information and statement of compliance with IFRS
\nAgility Real Estate Inc, the Group\u2019s ultimate parent company, is a limited by shares company,
\nincorporated and domiciled in the British Virgin Islands, number 1055634.
\nThe Group\u2019s common shares are listed on Euronext Amsterdam under the symbol \u201cAGIL.\u201d
\n\nThe Group\u2019s 2023 consolidated financial statements have been prepared in accordance with
\nInternational Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC)
\ninterpretations applicable to companies reporting under IFRS. The consolidated financial
\nstatements have been prepared under the historical cost convention, financial assets and financial
\nliabilities (including derivative instruments) at fair value through profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe preparation of financial statements in conformity with IFRS requires the use of certain critical
\naccounting estimates. It also requires management to exercise its judgment in the process of
\napplying the group\u2019s accounting policies. The areas involving a higher degree of judgment or
\ncomplexity, or areas where assumptions and estimates are significant to the consolidated financial
\nstatements are disclosed in note 3, page 56.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
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\n1. BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL
\nSTATEMENTS
\nNature of operations
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\nInc to Agility Real Estate Inc.
\nThe principal activities of Agility Real Estate Inc and its subsidiaries \u201cthe Group\u201d is to develop,
\nown and operate Gaming and real estate properties.
\nThese activities are grouped into the following service lines:
\n\u25cf Hospitality
\n\u25cf Office
\n
\nThe exact mix and distribution of such properties for the year ended December 31, 2023 was
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\nGeneral information and statement of compliance with IFRS
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\nincorporated and domiciled in the British Virgin Islands, number 1055634.
\nThe Group\u2019s common shares are listed on Euronext Amsterdam under the symbol \u201cAGIL.\u201d
\n\nThe Group\u2019s 2023 consolidated financial statements have been prepared in accordance with
\nInternational Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC)
\ninterpretations applicable to companies reporting under IFRS. The consolidated financial
\nstatements have been prepared under the historical cost convention, financial assets and financial
\nliabilities (including derivative instruments) at fair value through profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe preparation of financial statements in conformity with IFRS requires the use of certain critical
\naccounting estimates. It also requires management to exercise its judgment in the process of
\napplying the group\u2019s accounting policies. The areas involving a higher degree of judgment or
\ncomplexity, or areas where assumptions and estimates are significant to the consolidated financial
\nstatements are disclosed in note 3, page 56.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Agility Real Estate Inc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"Tag152": {
"value": "develop, own and operate Gaming and real estate properties.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Agility Real Estate Inc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"Tag154": {
"value": "limited by shares company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"Tag155": {
"value": "British Virgin Islands",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"Tag156": {
"value": "\nThe Group\u2019s 2023 consolidated financial statements have been prepared in accordance with
\nInternational Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC)
\ninterpretations applicable to companies reporting under IFRS. The consolidated financial
\nstatements have been prepared under the historical cost convention, financial assets and financial
\nliabilities (including derivative instruments) at fair value through profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"Tag159": {
"value": "\n2. MANAGEMENT STATEMENT ON \u201cGOING CONCERN\u201d
\nManagement has reviewed their plan with the Directors and has collectively formed a judgment
\nabout the going concern of the Group. In arriving at this judgment, Management has prepared the
\ncash flow projections of the Group. Directors have reviewed this information provided by
\nManagement and have considered the information in relation to the financing uncertainties in the
\ncurrent economic climate, the Group\u2019s existing commitments and the financial resources available
\nto the Group. Specifically, Directors have considered: (i) there are limited sources of new financing
\navailable to the Group; (ii) the Group has limited trading exposures to our local suppliers and retail
\ncustomers; (iii) other risks to which the Group is exposed, the most significant of which is
\nconsidered to be regulatory risk; (iv) sources of Group income, including management fees charged
\nto and income distributed from its various operations; (v) cash generation and debt amortization
\nlevels; (vi) fundamental trends of the Group\u2019s businesses; (vii) ability to re-amortize and unsecured
\nlenders; and (vii) level of interest of third parties in the acquisition of certain operating assets, and
\nstatus of genuine progress and probability of closing within the Going Concern period. The
\nDirectors have also considered these critical factors that might affect continuing operations:
\n
\n\u25cf Special Resolution: On September 21, 2016, the Group\u2019s shareholders approved a special
\nresolution that, among other items, authorized the Board of Directors of the Corporate to sell
\n\u201cany or all remaining assets of the Corporation in such amounts and at such times as determined
\nby the Board of Directors.\u201d This resolution facilitates the sale of any one or any combination
\nof assets required to support maintaining of a going concern by the Group.
\n\u25cf Corporate Expense and Cash Flow: While it increased in 2023 over 2022, largely due to one-
\ntime expenses, Corporate expense has decreased materially in recent years but still must
\naccommodate for compliance as a public company.
\n\u25cf Liquidity and Working Capital: As of the date of publication of this 2023 Annual Report, the
\nGroup forecasts to operate with higher levels of reserves and working capital than in recent
\nyears, but to create a healthy level of working capital reserves for periods beyond the Going
\nConcern period may require the sale of additional assets.
\nIn part, the Group believes that it is in a stronger position to sustain going concern as of the
\npublication date of this 2023 Annual Report as compared to 2022 and that an improving trend has
\nbeen in place for the last three years. Below are other events that could support increased liquidity
\nand reduced risk of Going Concern.
\n\u25cf The Group has made the decision to convert its 6,703 m2 of offices into 71 condominium
\napartments to commence pre-selling in this Q2 2024: Given the performance of the hotel
\nconversion into condominium apartments, the Group has now made the decision to convert its
\noffice complex (located in the same building as the hotel conversion) into 71 condominium
\napartments with 40 mini store rooms and 78 parking spaces (includes parking for visitors). As
\nof the publication of this 2023 Annual Report, we have secured master plan permits that allow
\nthe Group to begin to pre-sell units. We are now working on final construction plans. The
\ndevelopment continues to have active office tenants, but we foresee terminating all leases
\nwithin 2024 and commencing construction to convert the offices into condominiums in early
\n2025. The construction budget is currently forecasted to be approximately $3 million, the value
\nof to-be-sold property to be approximately $12 million and for the project to be fully delivered
\n
\n\n\n\n\n\n\n\n\n\n\n\nand sold in 2026. All estimates are subject to further work and analysis. The Group will keep
\nshareholders apprised.
\n\u25cf Other liquidity events: The Group continues to work with unsecured lenders and, in some
\ncases, to negotiate payment plans and balances that meet the Group\u2019s cash flow. If the Group
\nis not able to create other liquidity events from its remaining Peru, Costa Rica and Nicaragua
\nassets in 2024-2025, it is reasonable to expect that some unsecured lenders may pursue years
\nof litigation at that time, though as to whether this would then have an impact on Going Concern
\nis hard to assess. Regardless, the amount of remain borrowings has been greatly reduced.
\nConsidering the above, Management and Directors are satisfied that the consolidated Group has
\nadequate resources to mitigate the uncertainty and that the Group is able to continue as a going
\nconcern for at least the 12 months following the filing date of this report. For these reasons,
\nManagement and Directors have therefore prepared the consolidated financial statements on a
\ngoing concern basis.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag160": {
"value": "\n
\n
\n3. SIGNIFICANT ACCOUNTING POLICIES
\n\n
\n3.1 Changes in accounting policies
\nThe consolidated financial statements have been prepared in accordance with the accounting
\npolicies adopted in the last annual consolidated financial statements for the year ended
\nDecember 31, 2023, except for the adoption of the following new interpretations, revisions,
\nand amendments to IFRS issued by the International Accounting Standards Board, which are
\nrelevant to, and effective for the Group\u2019s consolidated financial statements for the annual
\nperiod beginning January 1, 2023.
\n\nNew currently effective requirements
\nAmendments to IAS12
\nThe Amendments clarify that the initial recognition exemption set out in IAS 12 does not
\napply to transactions that give rise to equal amounts of taxable and deductible temporary
\ndifferences on initial recognition and require an entity to recognize differed taxes on these
\ntransactions.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
\nThe following is a reconciliation of the financial statement line items due to amendments to
\nIAS 12 as of December 31 and January 1, 2022:
\n
\nCarrying amount at
\nJanuary 1, 2022
\nRemeasurement
\nAmendments to IAS
\n12 Carrying amount
\nat January 1, 2022
\nDeferred tax asset 1,073 716 1,789
\nDeferred tax liability (37) (716) (753)
\nTotal 1,036$ -$ 1,036$
\nCarrying amount at
\nDecember 31, 2022
\nRemeasurement
\nAmendments to IAS
\n12 Carrying amount
\nat December 31,
\n2022
\nDeferred tax asset 589 819 1,408
\nDeferred tax liability (36) (819) (855)
\nTotal 553$ -$ 553$
\nOther accounting pronouncements which have become effective from January 1, 2023 and
\nhave therefore been adopted do not have a significant impact on the Group\u2019s financial results
\nor position.
\n
\n\n\n\n\n\n\n\n\n\nStandards issued but not yet effective
\nAt the date of authorization of these consolidated financial statements, several new, but not
\nyet effective, Standards and amendments to existing Standards, and Interpretations have been
\npublished by the IASB or IFRIC. None of these Standards or amendments to existing Standards
\nhave been adopted early by the Group and no Interpretations have been issued that are
\napplicable and need to be taken into consideration by the Group at either reporting date.
\n
\nManagement anticipates that all relevant pronouncements will be adopted for the first period
\nbeginning on or after the effective date of the pronouncement. New Standards, amendments
\nand Interpretations not adopted in the current year have not been disclosed as they are not
\nexpected to have a material impact on the Group\u2019s consolidated financial statements
\n
\n\n\n\n\n\n\n\n\n\n3.2 Summary of accounting policies
\nThe accounting policies have been applied consistently throughout the Group for the purposes
\nof preparation of these consolidated financial statements.
\nA summary of the Group\u2019s significant accounting policies is set out below.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\nCritical accounting estimates and judgments
\nThe preparation of financial statements with IFRS requires the use of estimates and
\nassumptions that affect the reported amounts of assets and liabilities at the date of the financial
\ninformation and the reported amounts of revenues and expenses during the reporting period.
\nEstimates and judgments are continually evaluated and are based on historical experience and
\nother factors, including expectations of future events that are believed to be reasonable under
\nthe circumstances. The areas involving a higher degree of judgment or complexity, or areas
\nwhere assumptions and estimates are significant to the financial statements are set out below.
\nThe best estimates of the Directors may differ from the actual results.
\n\n3.3 a Depreciable lives of assets and realisable
\nresidual value
\n10
\n3.3 b
\nFuture operating results growth rates, and
\ndiscount factor applied
\n9
\n3.3 c Recognition of deferred tax asset 8
\n3.3 e Determination of control over economic
\nactivities
\n29
\nRecoverability of amounts due from related
\nparties
\n21
\n3.3 h Judgments on probability of payment as a
\nresult of disputes
\n23
\n3.3 i Assessment of significance of debt
\nmodifications
\n17
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\na. Property, plant and equipment
\n All property, plant and equipment are stated at acquired cost less depreciation and
\nimpairment. Land is not depreciated as no finite useful life can be determined. Acquired
\ncost includes expenditures that are directly attributable to the acquisition of the asset.
\n\nDepreciation on assets is calculated using the straight-line method to allocate their cost
\nover their estimated useful lives, as follows:
\nProperties 20 \u2013 30 years
\nFurniture and equipment 3 \u2013 10 years
\nGaming machines 5 \u2013 10 years
\nLeasehold improvements over the lease term
\n
\n\n\n\n\n\nProfits and losses on disposals are determined by comparing proceeds with carrying
\namount. These are included in profit or loss.
\n\nConstruction in progress represents properties under construction and is stated at cost. This
\nincludes cost of construction, borrowing costs, and other direct costs. The assets are not
\ndepreciated until such time that the assets are completed and available for use. Transfers
\nare made from the construction in progress category to the appropriate property, plant and
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\n\nequipment asset categories when the construction of the asset has been substantially
\ncompleted.
\n
\n\n\n\n\n\nManagement reviews the useful lives of depreciable assets at least each reporting date. At
\nDecember 31, 2023, Management assesses that the useful lives represent the expected
\nutility of the assets of the Group. The carrying amounts are analyzed in Note 10. Actual
\nresults, however, may vary due to obsolescence.
\n
\n\n\n\n\n\n\n\nb. Investment property
\nInvestment properties are lands with no defined use, and are accounted for using the cost
\nmodel.
\nInvestment properties are recorded at cost, which comprises its purchase price and any
\ndirectly attributable expenditure; subsequently, on each reporting date these investment
\nproperties are measured at cost less impairment losses.
\n
\n\n\n\n\n\n\n
\n\nc. Impairment testing of intangible assets and property, plant and equipment
\nFor impairment assessment purposes, assets are grouped at the lowest levels for which
\nthere are largely independent cash inflows (cash-generating units). As a result, some assets
\nare tested individually for impairment and some are tested at cash-generating unit level.
\nGoodwill is allocated to those cash-generating units that are expected to benefit from
\nsynergies of the related business combination and represent the lowest level within the
\nGroup at which Management monitors goodwill.
\nCash-generating units to which goodwill has been allocated are tested for impairment at
\nleast annually, as set out in Note 9.
\nAll other individual assets or cash-generating units are tested for impairment whenever
\nevents or changes in circumstances indicate that the carrying amount may not be
\nrecoverable.
\nAn impairment loss is recognized for the amount by which the assets or cash-generating
\nunit\u2019s carrying amount exceeds its recoverable amount, which is the higher of fair value
\nless costs of disposal and value-in-use. To determine the value-in-use, Management
\nestimates expected future cash flows from each cash-generating unit and determines a
\nsuitable rate in order to calculate the present value of those cash flows. The data used for
\nimpairment testing procedures are directly linked to the Group\u2019s latest approved budget,
\nadjusted as necessary to exclude the effects of future reorganizations and asset
\nenhancements. Discount factors are determined individually for each cash-generating unit
\nand reflect Management\u2019s assessment of respective risk profiles, such as market and asset-
\nspecific risks factors. Impairment losses for cash-generating units reduce first the carrying
\namount of any goodwill allocated to that cash-generating unit. Any remaining impairment
\nloss is charged pro rata to the other assets in the cash-generating unit. With the exception
\nof goodwill, all assets are subsequently reassessed for indications that an impairment loss
\npreviously recognized may no longer exist. An impairment loss is reversed if the assets or
\ncash-generating unit\u2019s recoverable amount exceeds its carrying amount.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n\nImpairment losses of continuing operations are recognized in our statement of
\ncomprehensive income in those expense categories consistent with the function of the
\nimpaired asset under review.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\nc. Taxation including deferred tax
\nThe income tax expense recognized in profit or loss comprises the sum of deferred tax and
\ncurrent tax not recognized in other comprehensive income or directly in equity. Current
\ntax is applied to taxable profits at the prevailing rate in the relevant country. Current tax
\nassets and liabilities are measured at the amount expected to be paid to (recovered from)
\ntaxation authorities, using the rates/laws that have been enacted or substantively enacted
\nby the balance sheet date (IAS 12).
\nCurrent income tax assets and/or liabilities comprise those obligations to, or claims from,
\nfiscal authorities relating to the current or prior reporting periods, that are unpaid at the
\nreporting date. Current tax is payable on taxable profit, which differs from profit or loss in
\nthe financial statements.
\n\nDeferred tax is provided for in full, using the liability method, on temporary differences
\narising between the tax bases of assets and liabilities and their carrying amounts in the
\nconsolidated financial statements. However, if deferred tax arises from the initial
\nrecognition of goodwill, it is not recognized nor is deferred tax arising on the initial
\nrecognition of an asset or liability unless the related transaction is a business combination
\nor affects tax or accounting profit. Deferred tax is determined using tax rates (and laws)
\nthat have been enacted or substantively enacted by the reporting date and are expected to
\napply when the related deferred tax asset is realized or the deferred tax liability is settled.
\nWithholding taxes on earnings of foreign operations are provided in the accounts only to
\nthe extent earnings are expected to be repatriated.
\nDeferred tax assets are recognized to the extent that it is probable that future taxable profit
\nwill be available against which the temporary differences can be utilized.
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to set
\noff current taxation assets against current taxation liabilities and it is the intention to settle
\nthese on a net basis.
\nDeferred tax is provided on temporary differences arising on investments in subsidiaries
\nand associates, except where the timing of the reversal of the temporary difference is
\ncontrolled by the Group and it is probable that the temporary difference will not reverse in
\nthe foreseeable future.
\nManagement\u2019s assessment over the probability of future taxable income in which deferred
\ntax assets can be utilized is based on forecasts. The tax rules in the jurisdictions in which
\nthe Group operates are also taken into consideration. The recognition of deferred tax assets
\nsubject to legal or economic uncertainties are assessed by Management on the individual
\nfacts and circumstances.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\nd. Reporting and foreign currency translation
\n\n(a) Functional and presentation currency
\nItems included in the financial statements of each of the Group\u2019s entities are measured
\nusing the currency of the primary economic environment in which the entity operates
\n(the \u201cfunctional currency\u201d). The consolidated financial statements are presented in US-
\ndollars, which is also the Parent Company\u2019s functional currency.
\n
\n\n\n\n\n\n(b) Transactions and balances
\nForeign currency transactions are translated into the functional currency of each
\nindividual entity using the exchange rates prevailing at the dates of the transactions.
\nForeign exchange gains and losses resulting from the settlement of such transactions
\nand from the translation at year-end exchange rates of monetary assets and liabilities
\ndenominated in foreign currencies are recognized in profit or loss in financing costs.
\nWhen a gain or loss on a non-monetary item is recognized in other comprehensive
\nincome, any exchange component of that gain or loss is recognized in other
\ncomprehensive income. When a gain or loss on a non-monetary item is recognized in
\nprofit or loss, any exchange component of that gain or loss is recognized in profit or
\nloss.
\n(c) Foreign operations
\nThe results and financial position of all the Group entities (none of which has the
\ncurrency of a hyper-inflationary economy) that have a functional currency other than
\nthe presentation currency are translated into the presentation currency on consolidation
\nas follows:
\n(i) Assets and liabilities for each statement of financial position presented are
\ntranslated at the closing rate at each reporting date.
\n(ii) Income and expenses for each statement of comprehensive income are translated
\nat average exchange rates (unless this average is not a reasonable approximation
\nof the cumulative effect of the rates prevailing on the transaction dates, in which
\ncase income and expenses are translated at the dates of the transactions) for the
\nperiod presented.
\n(iii) All resulting exchange differences are recognized in other comprehensive
\nincome and accumulated in a separate component of equity.
\nWhen a foreign operation is disposed of or control is lost, the cumulative amount of
\nthe exchange differences relating to that operation accumulated in the separate
\ncomponent of equity is reclassified from equity to profit or loss and recognized as part
\nof the gain or loss on disposal. Goodwill and fair value adjustments arising on the
\nacquisition of a foreign entity are treated as assets and liabilities of the foreign entity
\nand are translated at the closing rate.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\ne. Consolidation
\nThe Group\u2019s consolidated financial statements consolidate the financial statements of
\nAgility Real Estate Inc. and the entities it controls drawn up to December 31, 2023 and its
\ncomparative periods.
\n\n(a) Subsidiaries
\nThe parent controls a subsidiary if it is exposed, or has rights, to variable returns from
\nits involvement with the subsidiary and has the ability to affect those returns through
\nits power over the subsidiary. All subsidiaries are fully consolidated from the date on
\nwhich control is transferred to the Group. They are de-consolidated from the date that
\ncontrol ceases.
\nInter-company transactions, balances and unrealized gains on transactions between
\nGroup subsidiaries are eliminated. Unrealized losses are also eliminated unless the
\ntransaction provides evidence of an impairment of the asset transferred. Accounting
\npolicies as applied to the subsidiaries have been changed where necessary to ensure
\nconsistency with the policies adopted by the Group.
\nNon-controlling interests represent the portion of profit or loss and net assets in
\nsubsidiaries that are not held by the Group and are presented separately within equity
\nin the consolidated statement of financial position, from parent shareholders\u2019 equity.
\n
\n\n\n\n\n\n\n
\n\n(b) Business combinations
\nThe Group applies the acquisition method of accounting when accounting for business
\ncombinations. The cost of an acquisition is measured at the fair value of the assets
\ntransferred, equity instruments issued and liabilities incurred or assumed at the date of
\nexchange. Costs directly attributable to the acquisition are charged to profit or loss as
\nincurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a
\nbusiness combination are measured initially at their fair values at the acquisition date,
\nirrespective of any non-controlling interest. The excess of the cost of acquisition over
\nthe fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as
\ngoodwill. If the cost of acquisition is less than the fair value of the net assets for the
\nsubsidiary acquired, the difference is recognized directly in profit or loss.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n(c) Investment in Joint ventures
\nThe Group has contractual arrangements with other parties which represent joint
\nventures. In this case, the arrangements take the form of agreements to share control
\nover economic activities with Costa Rican assets. Strategic financial and operating
\ndecisions relating to these assets require the unanimous consent of both parties.
\nInvestments in joint ventures are accounted for using the equity method.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\n\n
\n\nAny goodwill or fair value adjustment attributable to the Group\u2019s share in the joint
\nventure is not recognized separately and is included in the amount recognized as
\ninvestment.
\nThe carrying amount of the investment in joint ventures is increased or decreased to
\nrecognize the Group\u2019s share of the profit or loss and other comprehensive income of
\nthe associate and joint venture, adjusted where necessary to ensure consistency with
\nthe accounting policies of the Group.
\nUnrealized gains and losses on transactions between the Group and its joint ventures
\nare eliminated to the extent of the Group\u2019s interest in those entities. Where unrealized
\nlosses are eliminated, the underlying asset is also tested for impairment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\nf. Intangible assets
\n\n(a) Goodwill
\n Goodwill represents the excess of the fair value of consideration transferred in a
\nbusiness combination over the fair value of the Group\u2019s share of the net identifiable
\nassets, liabilities and contingent liabilities at the date of the business combinations and
\nis not amortized. Goodwill is tested annually for impairment and carried at cost less
\naccumulated impairment losses.
\n Gains and losses on the disposal of an entity include the carrying amount of goodwill
\nrelating to the entity sold.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(b) Software and software licenses
\n The Group includes acquired and internally developed software used in operations or
\nadministration as intangible assets. They are accounted for using the cost model
\nwhereby capitalized costs are amortized on a straight-line basis over their estimated
\nuseful life. Residual values and useful lives are reviewed at each reporting date. In
\naddition, they are subject to impairment testing as described in Note 10. The following
\nuseful lives are applied:
\nSoftware 2 \u2013 5 years
\n Amortization has been included within depreciation, amortization and impairment of
\nnon-financial assets. Acquired computer software licenses are capitalized on the basis
\nof the costs incurred to acquire and install the specific software.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\ng. Leases
\nThe Group as a lessee
\nFor any new contracts entered into, the Group considers whether a contract is, or contains
\na lease. A lease is defined as \u201ca contract, or part of a contract, that conveys the right to use
\nan asset (the underlying asset) for a period of time in exchange for consideration\u201d. To apply
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nthis definition, the Group assesses whether the contract meets three key evaluations which
\nare whether or not:
\n\u25cf the contract contains an identified asset, which is either explicitly identified in the
\ncontract or implicitly specified by being identified at the time the asset is made
\navailable to the Group;
\n\u25cf the Group has the right to obtain substantially all of the economic benefits from use of
\nthe identified asset throughout the period of use, considering its rights within the
\ndefined scope of the contract; and
\n\u25cf the Group has the right to direct the use of the identified asset throughout the period of
\nuse. The Group assess whether it has the right to direct \u201chow and for what purpose\u201d
\nthe asset is used throughout the period of use.
\nMeasurement and recognition of leases as a lessee
\nAt lease commencement date, the Group recognizes a right-of-use asset and a lease liability
\non the balance sheet. The right-of-use asset is measured at cost, which is made up of the
\ninitial measurement of the lease liability, any initial direct costs incurred by the Group, an
\nestimate of any costs to dismantle and remove the asset at the end of the lease, and any
\nlease payments made in advance of the lease commencement date (net of any incentives
\nreceived).
\nThe Group depreciates the right-of-use assets on a straight-line basis from the lease
\ncommencement date to the earlier of the end of the useful life of the right-of-use asset or
\nthe end of the lease term.
\nThe Group also assesses the right-of-use asset for impairment when such indicators exist.
\nAt the commencement date, the Group measures the lease liability at the present value of
\nthe lease payments unpaid at that date, discounted using the interest rate implicit in the
\nlease if that rate is readily available or the Group\u2019s incremental borrowing rate.
\nLease payments included in the measurement of the lease liability are made up of fixed
\npayments (including in substance fixed), variable payments based on an index or rate,
\namounts expected to be payable under a residual value guarantee and payments arising
\nfrom options reasonably certain to be exercised.
\nSubsequent to initial measurement, the liability will be reduced for payments made and
\nincreased for interest. Interest is charged on the lease liability at an even rate on the
\ncarrying amount of that liability (see above). It is re-measured to reflect any reassessment
\nor modification, or if there are changes in lease liability.
\nWhen the lease liability is re-measured, the corresponding adjustment is reflected in the
\nright-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero.
\nThe Group has elected to account for short-term leases and leases of low-value assets using
\nthe practical expedients. Instead of recognizing a right-of-use asset and lease liability, the
\npayments in relation to these are recognized as an expense in profit or loss on a straight-
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\nline basis over the lease term. On the statement of financial position, right-of-use assets
\nhave been included in property, plant and equipment (except those meeting the definition
\nof investment property) and lease liabilities have been included in Obligations underleases
\nand hire purchase contracts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nh. Provisions
\n\n(a) Employee benefits
\nThe Group recognizes a liability and an expense for bonuses and profit-sharing based
\non a formula that takes into consideration the Group\u2019s profits. The Group recognizes a
\nprovision where it is contractually obliged to pay the benefits, and/or where there is a
\npast practice that has created a constructive obligation.
\nDefined Benefit Obligation (DBO)
\nManagement\u2019s estimate of the DBO is based on a number of critical underlying
\nassumptions such as standard rates of inflation, mortality, discount rate and
\nanticipation of future salary increase. Variation in these assumptions may significantly
\nimpact the DBO amount and the annual defined benefit expenses. The liability
\nrecognized in the statement of financial position for DBO\u2019s is the present value of the
\nDBO at the report date.
\nManagement estimates the DBO annually using simplifications of the projected unit
\ncredit method as follow: (i) ignore estimated future salary increases, (ii) ignore future
\nservice of current employees and (iii) ignore possible in-service mortality of current
\nemployees between the reporting date and the date employees are expected to begin
\nreceiving post-employment benefits. Discount factors are determined close to each
\nyear-end by reference to high quality corporate bonds that are denominated in the
\ncurrency in which the benefits will be paid and that have terms to maturity
\napproximating the terms of the related liability.
\nService cost on the Group\u2019s defined benefit plan is included in employee benefit
\nexpense. Net interest expense on the net defined benefit liability is included in finance
\ncost. Gains and losses resulting from re-measurements of the defined benefit liability
\nare included in other comprehensive income and are not reclassified to profit or loss in
\nsubsequent periods.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n(b) Other
\nProvisions are recognized when the Group has a present legal or constructive
\nobligation as a result of past events; it is more likely than not that an outflow of
\nresources will be required to settle the obligation, and the amount can be reliably
\nestimated. Provisions are measured at the best estimate of the expenditure required to
\nsettle the present obligation at the end of each reporting period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n(c) Litigation provisions
\nThe Group provides against various litigation proceedings once judgments are
\nrendered against it, as in Management\u2019s view this provides the best indication that
\npayment has become probable. The award amount is used as the Directors\u2019 best
\nestimate of the potential liability, even if the Group is appealing the judgment.
\nProvisions are discounted to their present value, where the time value of money is material.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\ni. Financial instruments
\nNon-derivative financial instruments consist of:
\n\n
\nFinancial assets
\nFinancial assets, which include cash and cash equivalents, trade receivables, unbilled
\nrevenues, finance lease receivables, employee and other advances, investments in equity
\nand debt securities and eligible current and non-current assets.
\n\nFinancial assets are derecognized when substantial risks and rewards of ownership of the
\nfinancial asset have been transferred. In cases where substantial risks and rewards of
\nownership of the financial assets are neither transferred nor retained, financial assets are
\nderecognized only when the Company has not retained control over the financial asset.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial liabilities
\nFinancial liabilities, which include long and short-term loans and borrowings, bank
\noverdrafts, trade payables, eligible current and non-current liabilities.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nSubsequent measurement of financial assets
\nNon-derivative financial instruments are recognized initially at fair value. Subsequent to
\ninitial recognition, non-derivative financial instruments are measured as described below:
\n\n
\nFinancial assets
\nFinancial assets are measured at initial recognition at fair value and are classified and
\nsubsequently measured at fair value through profit or loss, fair value through other
\ncomprehensive income or amortized cost. Financial assets are assigned to these different
\ncategories by Management on initial recognition, depending on the purpose for which they
\nwere acquired. The designation of financial assets is re-evaluated at every reporting date at
\nwhich a choice of classification or accounting treatment is available.
\nAll financial assets are recognized when the Group becomes a party to the contractual
\nprovisions of the instrument.
\n\nTrade receivables, related party receivables and cash and cash equivalents are measured
\nsubsequent to initial recognition at amortized cost using the effective interest method, less
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n\n
\n
\n\n
\nprovision for impairment. Any change in their value through impairment or reversal of
\nimpairment is recognized in profit or loss.
\n\nProvision against trade receivables is made when there is objective evidence that the Group
\nwill not be able to collect all amounts due to it in accordance with the original terms of
\nthose receivables. The Group applies the expected credit loss model for recognizing
\nimpairment loss on trade receivables. Expected credit loss is the difference between the
\ncontractual cash flows and the cash flows that the entity expects to receive, discounted
\nusing the effective interest rate. Loss allowances for trade receivables are measured at an
\namount equal to lifetime expected credit loss. Lifetime expected credit losses are the
\nexpected credit losses that result from all possible default events over the expected life of
\na financial instrument. Lifetime expected credit loss is computed based on a provision
\nmatrix which takes in to account risk profiling of customers and historical credit loss
\nexperience adjusted for forward looking information. Accounts receivable are presented
\nnet of an allowance for doubtful accounts. The carrying amount of the receivable is reduced
\nthrough use of an allowance account.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nA financial asset is derecognized only where the contractual rights to the cash flows from
\nthe asset expire or the financial asset is transferred, and that transfer qualifies for de-
\nrecognition. A financial asset is transferred if the contractual rights to receive the cash
\nflows of the asset have been transferred or the Group retains the contractual rights to
\nreceive the cash flows of the asset but assumes a contractual obligation to pay the cash
\nflows to one or more recipients. A financial asset that is transferred qualifies for de-
\nrecognition if the Group transfers substantially all the risks and rewards of ownership of
\nthe asset, or if the Group neither retains nor transfers substantially all the risks and rewards
\nof ownership but does transfer control of that asset.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\nFinancial liabilities
\nFinancial liabilities are obligations to pay cash or other financial assets and are recognized
\nwhen the Group becomes a party to the contractual provisions of the instrument. Financial
\nliabilities categorized at fair value through profit or loss, are recorded initially at fair value.
\nAll other financial liabilities are recorded initially at fair value, net of direct issue costs.
\n\nFinancial liabilities categorized as at fair value through profit or loss, are measured at each
\nreporting date at fair value, with changes in fair value being recognized in profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nAll other financial liabilities are recorded at amortized cost using the effective interest
\nmethod, with interest-related charges recognized as an expense in finance cost in the
\nstatement of comprehensive income. Finance charges, including premiums payable on
\nsettlement or redemption and direct issue costs, are charged to profit or loss on an accrual
\nbasis using the effective interest method and are added to the carrying amount of the
\ninstrument to the extent that they are not settled in the period in which they arise.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nA financial liability is derecognized only when the obligation is extinguished, that is, when
\nthe obligation is discharged, cancelled or expires. Where an existing financial liability is
\nreplaced by another from the same lender on substantially different terms, or the terms of
\nan existing liability are substantially modified, such an exchange or modification is treated
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n
\n\n
\n
\n\nas de-recognition of the original liability and the recognition of a new liability, such that
\nthe difference in the respective carrying amounts together with any costs or fees incurred
\nare recognized in profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nTrade and other payables are initially recognized at fair value, and subsequently carried at
\namortized cost using the effective interest method. For these financial instruments, the
\ncarrying amounts approximate fair value due to the short-term maturity of these
\ninstruments.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nj. Inventories
\nInventories are valued at the lower of cost and net realizable value. Cost of inventory is
\ndetermined on a \u2018first-in-first-out\u2019 basis. Inventory consists of food, beverages and
\nsupplies.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nk. Cash and cash equivalents
\nCash and cash equivalents include cash in hand, deposits held at call with banks with
\nmaturities of 3 months or less from inception, other short term highly liquid investments
\nthat are readily convertible into known amounts of cash and which are subject to an
\ninsignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown
\nwithin borrowings in current liabilities on the statement of financial position.
\n\nRestricted cash includes all cash balances that are required to be maintained under
\nregulatory requirements. Casino industry regulations vary by country but all require our
\ncasino operations to maintain specified minimum levels of cash to support chips in play,
\nslot hoppers, and reserves.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\nl. Borrowings and borrowing costs
\nBorrowings are classified as current liabilities unless the Group has an unconditional right
\nto defer settlement of the liability for at least 12 months after the period end date.
\n\nBorrowing costs directly attributable to the acquisition, construction or production of a
\nqualifying asset, or assets that take a substantial period of time to prepare for their intended
\nuse or sale are added to the cost of those assets, until such time as the assets are substantially
\nready for their intended use or sale.
\nInvestment income earned on the temporary investment of specific borrowings pending
\ntheir expenditure on qualifying assets is deducted from the borrowing costs eligible for
\ncapitalization.
\nAll other borrowing costs are recognized in profit or loss in the period in which they are
\nincurred.
\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nm. Share capital
\nCommon shares are classified as equity.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n
\n\nWhere the Group purchases the Group\u2019s equity share capital (treasury shares), the
\nconsideration paid, including any directly attributable incremental costs (net of income
\ntaxes) is deducted from equity attributable to the Group\u2019s equity holders until the shares
\nare cancelled or reissued. Where such shares are subsequently sold or reissued, any
\nconsideration received, net of any directly attributable incremental transaction costs and
\nthe related income tax effects are included in equity attributable to the Group\u2019s equity
\nholders.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nn. Share-based payments
\nWhere share options are awarded to employees, the fair value of the options at the date of
\ngrant is charged to profit or loss over the vesting period, with the corresponding credit to
\nthe share option reserve. Non-market vesting conditions are taken into account by adjusting
\nthe number of equity instruments expected to vest at each Balance Sheet date so that,
\nultimately, the cumulative amount recognized over the vesting period is based on the
\nnumber of options that eventually vest.
\nMarket vesting conditions are factored into the fair value of the options granted. As long
\nas all other vesting conditions are satisfied, a change is made irrespective of whether the
\nmarket vesting conditions are satisfied. The cumulative expense is not adjusted for failure
\nto achieve a market vesting condition. Where the terms of the options are modified before
\nthey vest, the increase in the fair value of the options, measured immediately before and
\nafter the modification, is also charged over the remaining vesting period.
\nAll share-based remuneration is ultimately recognized as an expense in profit or loss with
\na corresponding credit to retained earnings. If vesting periods or other vesting conditions
\napply, the expense is allocated over the vesting period, based on the best available estimate
\nof the number of share options expected to vest. Upon exercise of share options, the
\nproceeds received net of any directly attributable transaction costs up are recognized as
\nshare capital.
\nWhere equity instruments are granted to persons other than employees, the Statement of
\nComprehensive Income is charged with the fair value of goods and services received. If
\nfair value cannot be reliably measured the fair value of the goods or services received, the
\nvalue of the services are recognized, and the corresponding increase in equity, is recognized
\nindirectly, by reference to the fair value of the equity instruments granted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\no. Net gaming wins and revenue recognition
\nRevenue is recognized to the extent that it is probable that the economic benefits will flow
\nto the Group, the revenue can be reliably measured, the risks and rewards of ownership
\nhave been transferred to the buyer, the Group no longer has control over the goods, and the
\ncosts incurred in respect of the transaction can be reliably measured. Revenue is
\nrecognized on specific items as follows:
\n(a) Net gaming wins \u2013 Casino revenues represent the net wins/(losses) from gaming
\nactivities, which is, for slot machines, the difference between coins and currencies
\ndeposited into the machines and the payments to customers and, for other (table and
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n
\nsports book) games, the difference between gaming wins and losses. Net gaming wins
\nare recognized when they occur.
\n(b) Food, beverage and hospitality sales \u2013 Revenue is recognized at the point of sale or
\nupon the actual rendering of service.
\n\n
\n\n(c) Interest income \u2013 Revenue is recognized as the interest is accrued (taking into account
\nthe effective yield on the asset).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\nCosts and expenses are recognized in profit or loss upon utilization of the service or at the
\ndate they are incurred.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\np. Earnings per share
\nBasic earnings per share is calculated using the weighted-average number of shares
\noutstanding during the period.
\nThe Group uses the treasury stock method to compute the dilutive effect of options,
\nwarrants and similar instruments. Under this method, the dilutive effect on earnings per
\nshare is recognized on the use of the proceeds that could be obtained upon exercise of
\noptions, warrants and similar instruments. It assumes that the proceeds would be used to
\npurchase common shares at the average market price during the period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nq. Project development costs
\nProject development costs incurred in an effort to identify and develop new Real Estate
\nand Hospitality locations are expensed as incurred.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nr. Profit or loss from discontinued operations
\nA discontinued operation is a component of the entity that either has been disposed of, or
\nis classified as held for sale, and:
\n\u25cf represents a separate major line of business or geographical area of operations;
\n\u25cf is part of a single coordinated plan to dispose of a separate major line of business or
\ngeographical area of operations; or
\n\u25cf is a subsidiary acquired exclusively with a view to resell.
\nProfit or loss from discontinued operations, including prior year components of profit or
\nloss, are presented in a single amount in the statement of comprehensive income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\ns. Fair value measurement
\nFair value is defined as the price that would be received to sell an asset or paid to transfer
\na liability in an orderly transaction between market participants at the measurement date.
\nManagement uses valuation techniques to determine the fair value of financial instruments
\n(where active market quotes are not available) and non-financial assets. This involves
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\ndeveloping estimates and assumptions consistent with how market participants would price
\nthe instrument. Management bases its assumptions on observable data as far as possible
\nbut this is not always available. In that case Management uses the best information
\navailable.
\nEstimated fair values may vary from the actual prices that would be achieved in an arm\u2019s
\nlength transaction at the reporting date.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nThe measurement policies the Group uses for segment reporting under IFRS 8 are the same as those
\nused in its financial statements, except that expenses relating to share-based payments are not
\nincluded in arriving at the operating profit of the operating segments and results for the Group\u2019s
\nequity accounted joint venture is shown proportionally. Corporate assets that are not directly
\nattributable to the business activities of any operating segment are not allocated to a segment.
\nThere have been no changes from prior periods in the measurement methods used to determine
\nreported segment profit or loss. No asymmetrical allocations have been applied between segments.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag161": {
"value": "\n
\n3.1 Changes in accounting policies
\nThe consolidated financial statements have been prepared in accordance with the accounting
\npolicies adopted in the last annual consolidated financial statements for the year ended
\nDecember 31, 2023, except for the adoption of the following new interpretations, revisions,
\nand amendments to IFRS issued by the International Accounting Standards Board, which are
\nrelevant to, and effective for the Group\u2019s consolidated financial statements for the annual
\nperiod beginning January 1, 2023.
\n\nNew currently effective requirements
\nAmendments to IAS12
\nThe Amendments clarify that the initial recognition exemption set out in IAS 12 does not
\napply to transactions that give rise to equal amounts of taxable and deductible temporary
\ndifferences on initial recognition and require an entity to recognize differed taxes on these
\ntransactions.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\nThe following is a reconciliation of the financial statement line items due to amendments to
\nIAS 12 as of December 31 and January 1, 2022:
\n
\nCarrying amount at
\nJanuary 1, 2022
\nRemeasurement
\nAmendments to IAS
\n12 Carrying amount
\nat January 1, 2022
\nDeferred tax asset 1,073 716 1,789
\nDeferred tax liability (37) (716) (753)
\nTotal 1,036$ -$ 1,036$
\nCarrying amount at
\nDecember 31, 2022
\nRemeasurement
\nAmendments to IAS
\n12 Carrying amount
\nat December 31,
\n2022
\nDeferred tax asset 589 819 1,408
\nDeferred tax liability (36) (819) (855)
\nTotal 553$ -$ 553$
\nOther accounting pronouncements which have become effective from January 1, 2023 and
\nhave therefore been adopted do not have a significant impact on the Group\u2019s financial results
\nor position.
\n
\n\n\n\n\n\n\n\n\n\nStandards issued but not yet effective
\nAt the date of authorization of these consolidated financial statements, several new, but not
\nyet effective, Standards and amendments to existing Standards, and Interpretations have been
\npublished by the IASB or IFRIC. None of these Standards or amendments to existing Standards
\nhave been adopted early by the Group and no Interpretations have been issued that are
\napplicable and need to be taken into consideration by the Group at either reporting date.
\n
\nManagement anticipates that all relevant pronouncements will be adopted for the first period
\nbeginning on or after the effective date of the pronouncement. New Standards, amendments
\nand Interpretations not adopted in the current year have not been disclosed as they are not
\nexpected to have a material impact on the Group\u2019s consolidated financial statements
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag162": {
"value": "\nNew currently effective requirements
\nAmendments to IAS12
\nThe Amendments clarify that the initial recognition exemption set out in IAS 12 does not
\napply to transactions that give rise to equal amounts of taxable and deductible temporary
\ndifferences on initial recognition and require an entity to recognize differed taxes on these
\ntransactions.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\nThe following is a reconciliation of the financial statement line items due to amendments to
\nIAS 12 as of December 31 and January 1, 2022:
\n
\nCarrying amount at
\nJanuary 1, 2022
\nRemeasurement
\nAmendments to IAS
\n12 Carrying amount
\nat January 1, 2022
\nDeferred tax asset 1,073 716 1,789
\nDeferred tax liability (37) (716) (753)
\nTotal 1,036$ -$ 1,036$
\nCarrying amount at
\nDecember 31, 2022
\nRemeasurement
\nAmendments to IAS
\n12 Carrying amount
\nat December 31,
\n2022
\nDeferred tax asset 589 819 1,408
\nDeferred tax liability (36) (819) (855)
\nTotal 553$ -$ 553$
\nOther accounting pronouncements which have become effective from January 1, 2023 and
\nhave therefore been adopted do not have a significant impact on the Group\u2019s financial results
\nor position.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag163": {
"value": "\n
\nCritical accounting estimates and judgments
\nThe preparation of financial statements with IFRS requires the use of estimates and
\nassumptions that affect the reported amounts of assets and liabilities at the date of the financial
\ninformation and the reported amounts of revenues and expenses during the reporting period.
\nEstimates and judgments are continually evaluated and are based on historical experience and
\nother factors, including expectations of future events that are believed to be reasonable under
\nthe circumstances. The areas involving a higher degree of judgment or complexity, or areas
\nwhere assumptions and estimates are significant to the financial statements are set out below.
\nThe best estimates of the Directors may differ from the actual results.
\n\n3.3 a Depreciable lives of assets and realisable
\nresidual value
\n10
\n3.3 b
\nFuture operating results growth rates, and
\ndiscount factor applied
\n9
\n3.3 c Recognition of deferred tax asset 8
\n3.3 e Determination of control over economic
\nactivities
\n29
\nRecoverability of amounts due from related
\nparties
\n21
\n3.3 h Judgments on probability of payment as a
\nresult of disputes
\n23
\n3.3 i Assessment of significance of debt
\nmodifications
\n17
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag164": {
"value": "The areas involving a higher degree of judgment or complexity, or areas and estimates are significant to the financial statements are set out below. The best estimates of the Directors may differ from the actual results.\n3.3 a Depreciable lives of assets and realisable
\nresidual value
\n10
\n3.3 b
\nFuture operating results growth rates, and
\ndiscount factor applied
\n9
\n3.3 c Recognition of deferred tax asset 8
\n3.3 e Determination of control over economic
\nactivities
\n29
\nRecoverability of amounts due from related
\nparties
\n21
\n3.3 h Judgments on probability of payment as a
\nresult of disputes
\n23
\n3.3 i Assessment of significance of debt
\nmodifications
\n17
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag165": {
"value": "\n
\n
\na. Property, plant and equipment
\n All property, plant and equipment are stated at acquired cost less depreciation and
\nimpairment. Land is not depreciated as no finite useful life can be determined. Acquired
\ncost includes expenditures that are directly attributable to the acquisition of the asset.
\n\nDepreciation on assets is calculated using the straight-line method to allocate their cost
\nover their estimated useful lives, as follows:
\nProperties 20 \u2013 30 years
\nFurniture and equipment 3 \u2013 10 years
\nGaming machines 5 \u2013 10 years
\nLeasehold improvements over the lease term
\n
\n\n\n\n\n\nProfits and losses on disposals are determined by comparing proceeds with carrying
\namount. These are included in profit or loss.
\n\nConstruction in progress represents properties under construction and is stated at cost. This
\nincludes cost of construction, borrowing costs, and other direct costs. The assets are not
\ndepreciated until such time that the assets are completed and available for use. Transfers
\nare made from the construction in progress category to the appropriate property, plant and
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\nequipment asset categories when the construction of the asset has been substantially
\ncompleted.
\n
\n\n\n\n\n\nManagement reviews the useful lives of depreciable assets at least each reporting date. At
\nDecember 31, 2023, Management assesses that the useful lives represent the expected
\nutility of the assets of the Group. The carrying amounts are analyzed in Note 10. Actual
\nresults, however, may vary due to obsolescence.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag166": {
"value": "Land is not depreciated as no finite useful life can be determined.\nDepreciation on assets is calculated using the straight-line method to allocate their cost
\nover their estimated useful lives, as follows:
\nProperties 20 \u2013 30 years
\nFurniture and equipment 3 \u2013 10 years
\nGaming machines 5 \u2013 10 years
\nLeasehold improvements over the lease term
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag167": {
"value": "\nConstruction in progress represents properties under construction and is stated at cost. This
\nincludes cost of construction, borrowing costs, and other direct costs. The assets are not
\ndepreciated until such time that the assets are completed and available for use. Transfers
\nare made from the construction in progress category to the appropriate property, plant and
\n
\n\n\n\n\n\nequipment asset categories when the construction of the asset has been substantially
\ncompleted.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag168": {
"value": "\nb. Investment property
\nInvestment properties are lands with no defined use, and are accounted for using the cost
\nmodel.
\nInvestment properties are recorded at cost, which comprises its purchase price and any
\ndirectly attributable expenditure; subsequently, on each reporting date these investment
\nproperties are measured at cost less impairment losses.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag169": {
"value": "\n
\n\nc. Impairment testing of intangible assets and property, plant and equipment
\nFor impairment assessment purposes, assets are grouped at the lowest levels for which
\nthere are largely independent cash inflows (cash-generating units). As a result, some assets
\nare tested individually for impairment and some are tested at cash-generating unit level.
\nGoodwill is allocated to those cash-generating units that are expected to benefit from
\nsynergies of the related business combination and represent the lowest level within the
\nGroup at which Management monitors goodwill.
\nCash-generating units to which goodwill has been allocated are tested for impairment at
\nleast annually, as set out in Note 9.
\nAll other individual assets or cash-generating units are tested for impairment whenever
\nevents or changes in circumstances indicate that the carrying amount may not be
\nrecoverable.
\nAn impairment loss is recognized for the amount by which the assets or cash-generating
\nunit\u2019s carrying amount exceeds its recoverable amount, which is the higher of fair value
\nless costs of disposal and value-in-use. To determine the value-in-use, Management
\nestimates expected future cash flows from each cash-generating unit and determines a
\nsuitable rate in order to calculate the present value of those cash flows. The data used for
\nimpairment testing procedures are directly linked to the Group\u2019s latest approved budget,
\nadjusted as necessary to exclude the effects of future reorganizations and asset
\nenhancements. Discount factors are determined individually for each cash-generating unit
\nand reflect Management\u2019s assessment of respective risk profiles, such as market and asset-
\nspecific risks factors. Impairment losses for cash-generating units reduce first the carrying
\namount of any goodwill allocated to that cash-generating unit. Any remaining impairment
\nloss is charged pro rata to the other assets in the cash-generating unit. With the exception
\nof goodwill, all assets are subsequently reassessed for indications that an impairment loss
\npreviously recognized may no longer exist. An impairment loss is reversed if the assets or
\ncash-generating unit\u2019s recoverable amount exceeds its carrying amount.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\nImpairment losses of continuing operations are recognized in our statement of
\ncomprehensive income in those expense categories consistent with the function of the
\nimpaired asset under review.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag170": {
"value": "\nc. Impairment testing of intangible assets and property, plant and equipment
\nFor impairment assessment purposes, assets are grouped at the lowest levels for which
\nthere are largely independent cash inflows (cash-generating units). As a result, some assets
\nare tested individually for impairment and some are tested at cash-generating unit level.
\nGoodwill is allocated to those cash-generating units that are expected to benefit from
\nsynergies of the related business combination and represent the lowest level within the
\nGroup at which Management monitors goodwill.
\nCash-generating units to which goodwill has been allocated are tested for impairment at
\nleast annually, as set out in Note 9.
\nAll other individual assets or cash-generating units are tested for impairment whenever
\nevents or changes in circumstances indicate that the carrying amount may not be
\nrecoverable.
\nAn impairment loss is recognized for the amount by which the assets or cash-generating
\nunit\u2019s carrying amount exceeds its recoverable amount, which is the higher of fair value
\nless costs of disposal and value-in-use. To determine the value-in-use, Management
\nestimates expected future cash flows from each cash-generating unit and determines a
\nsuitable rate in order to calculate the present value of those cash flows. The data used for
\nimpairment testing procedures are directly linked to the Group\u2019s latest approved budget,
\nadjusted as necessary to exclude the effects of future reorganizations and asset
\nenhancements. Discount factors are determined individually for each cash-generating unit
\nand reflect Management\u2019s assessment of respective risk profiles, such as market and asset-
\nspecific risks factors. Impairment losses for cash-generating units reduce first the carrying
\namount of any goodwill allocated to that cash-generating unit. Any remaining impairment
\nloss is charged pro rata to the other assets in the cash-generating unit. With the exception
\nof goodwill, all assets are subsequently reassessed for indications that an impairment loss
\npreviously recognized may no longer exist. An impairment loss is reversed if the assets or
\ncash-generating unit\u2019s recoverable amount exceeds its carrying amount.
\n
\n\n\n\n\n\nImpairment losses of continuing operations are recognized in our statement of
\ncomprehensive income in those expense categories consistent with the function of the
\nimpaired asset under review.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag171": {
"value": "\n
\nc. Taxation including deferred tax
\nThe income tax expense recognized in profit or loss comprises the sum of deferred tax and
\ncurrent tax not recognized in other comprehensive income or directly in equity. Current
\ntax is applied to taxable profits at the prevailing rate in the relevant country. Current tax
\nassets and liabilities are measured at the amount expected to be paid to (recovered from)
\ntaxation authorities, using the rates/laws that have been enacted or substantively enacted
\nby the balance sheet date (IAS 12).
\nCurrent income tax assets and/or liabilities comprise those obligations to, or claims from,
\nfiscal authorities relating to the current or prior reporting periods, that are unpaid at the
\nreporting date. Current tax is payable on taxable profit, which differs from profit or loss in
\nthe financial statements.
\n\nDeferred tax is provided for in full, using the liability method, on temporary differences
\narising between the tax bases of assets and liabilities and their carrying amounts in the
\nconsolidated financial statements. However, if deferred tax arises from the initial
\nrecognition of goodwill, it is not recognized nor is deferred tax arising on the initial
\nrecognition of an asset or liability unless the related transaction is a business combination
\nor affects tax or accounting profit. Deferred tax is determined using tax rates (and laws)
\nthat have been enacted or substantively enacted by the reporting date and are expected to
\napply when the related deferred tax asset is realized or the deferred tax liability is settled.
\nWithholding taxes on earnings of foreign operations are provided in the accounts only to
\nthe extent earnings are expected to be repatriated.
\nDeferred tax assets are recognized to the extent that it is probable that future taxable profit
\nwill be available against which the temporary differences can be utilized.
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to set
\noff current taxation assets against current taxation liabilities and it is the intention to settle
\nthese on a net basis.
\nDeferred tax is provided on temporary differences arising on investments in subsidiaries
\nand associates, except where the timing of the reversal of the temporary difference is
\ncontrolled by the Group and it is probable that the temporary difference will not reverse in
\nthe foreseeable future.
\nManagement\u2019s assessment over the probability of future taxable income in which deferred
\ntax assets can be utilized is based on forecasts. The tax rules in the jurisdictions in which
\nthe Group operates are also taken into consideration. The recognition of deferred tax assets
\nsubject to legal or economic uncertainties are assessed by Management on the individual
\nfacts and circumstances.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag172": {
"value": "\nDeferred tax is provided for in full, using the liability method, on temporary differences
\narising between the tax bases of assets and liabilities and their carrying amounts in the
\nconsolidated financial statements. However, if deferred tax arises from the initial
\nrecognition of goodwill, it is not recognized nor is deferred tax arising on the initial
\nrecognition of an asset or liability unless the related transaction is a business combination
\nor affects tax or accounting profit. Deferred tax is determined using tax rates (and laws)
\nthat have been enacted or substantively enacted by the reporting date and are expected to
\napply when the related deferred tax asset is realized or the deferred tax liability is settled.
\nWithholding taxes on earnings of foreign operations are provided in the accounts only to
\nthe extent earnings are expected to be repatriated.
\nDeferred tax assets are recognized to the extent that it is probable that future taxable profit
\nwill be available against which the temporary differences can be utilized.
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to set
\noff current taxation assets against current taxation liabilities and it is the intention to settle
\nthese on a net basis.
\nDeferred tax is provided on temporary differences arising on investments in subsidiaries
\nand associates, except where the timing of the reversal of the temporary difference is
\ncontrolled by the Group and it is probable that the temporary difference will not reverse in
\nthe foreseeable future.
\nManagement\u2019s assessment over the probability of future taxable income in which deferred
\ntax assets can be utilized is based on forecasts. The tax rules in the jurisdictions in which
\nthe Group operates are also taken into consideration. The recognition of deferred tax assets
\nsubject to legal or economic uncertainties are assessed by Management on the individual
\nfacts and circumstances.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag173": {
"value": "\n
\nd. Reporting and foreign currency translation
\n\n(a) Functional and presentation currency
\nItems included in the financial statements of each of the Group\u2019s entities are measured
\nusing the currency of the primary economic environment in which the entity operates
\n(the \u201cfunctional currency\u201d). The consolidated financial statements are presented in US-
\ndollars, which is also the Parent Company\u2019s functional currency.
\n
\n\n\n\n\n\n(b) Transactions and balances
\nForeign currency transactions are translated into the functional currency of each
\nindividual entity using the exchange rates prevailing at the dates of the transactions.
\nForeign exchange gains and losses resulting from the settlement of such transactions
\nand from the translation at year-end exchange rates of monetary assets and liabilities
\ndenominated in foreign currencies are recognized in profit or loss in financing costs.
\nWhen a gain or loss on a non-monetary item is recognized in other comprehensive
\nincome, any exchange component of that gain or loss is recognized in other
\ncomprehensive income. When a gain or loss on a non-monetary item is recognized in
\nprofit or loss, any exchange component of that gain or loss is recognized in profit or
\nloss.
\n(c) Foreign operations
\nThe results and financial position of all the Group entities (none of which has the
\ncurrency of a hyper-inflationary economy) that have a functional currency other than
\nthe presentation currency are translated into the presentation currency on consolidation
\nas follows:
\n(i) Assets and liabilities for each statement of financial position presented are
\ntranslated at the closing rate at each reporting date.
\n(ii) Income and expenses for each statement of comprehensive income are translated
\nat average exchange rates (unless this average is not a reasonable approximation
\nof the cumulative effect of the rates prevailing on the transaction dates, in which
\ncase income and expenses are translated at the dates of the transactions) for the
\nperiod presented.
\n(iii) All resulting exchange differences are recognized in other comprehensive
\nincome and accumulated in a separate component of equity.
\nWhen a foreign operation is disposed of or control is lost, the cumulative amount of
\nthe exchange differences relating to that operation accumulated in the separate
\ncomponent of equity is reclassified from equity to profit or loss and recognized as part
\nof the gain or loss on disposal. Goodwill and fair value adjustments arising on the
\nacquisition of a foreign entity are treated as assets and liabilities of the foreign entity
\nand are translated at the closing rate.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag174": {
"value": "\n(a) Functional and presentation currency
\nItems included in the financial statements of each of the Group\u2019s entities are measured
\nusing the currency of the primary economic environment in which the entity operates
\n(the \u201cfunctional currency\u201d). The consolidated financial statements are presented in US-
\ndollars, which is also the Parent Company\u2019s functional currency.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag175": {
"value": "\n
\n
\n
\ne. Consolidation
\nThe Group\u2019s consolidated financial statements consolidate the financial statements of
\nAgility Real Estate Inc. and the entities it controls drawn up to December 31, 2023 and its
\ncomparative periods.
\n\n(a) Subsidiaries
\nThe parent controls a subsidiary if it is exposed, or has rights, to variable returns from
\nits involvement with the subsidiary and has the ability to affect those returns through
\nits power over the subsidiary. All subsidiaries are fully consolidated from the date on
\nwhich control is transferred to the Group. They are de-consolidated from the date that
\ncontrol ceases.
\nInter-company transactions, balances and unrealized gains on transactions between
\nGroup subsidiaries are eliminated. Unrealized losses are also eliminated unless the
\ntransaction provides evidence of an impairment of the asset transferred. Accounting
\npolicies as applied to the subsidiaries have been changed where necessary to ensure
\nconsistency with the policies adopted by the Group.
\nNon-controlling interests represent the portion of profit or loss and net assets in
\nsubsidiaries that are not held by the Group and are presented separately within equity
\nin the consolidated statement of financial position, from parent shareholders\u2019 equity.
\n
\n\n\n\n\n\n\n
\n\n(b) Business combinations
\nThe Group applies the acquisition method of accounting when accounting for business
\ncombinations. The cost of an acquisition is measured at the fair value of the assets
\ntransferred, equity instruments issued and liabilities incurred or assumed at the date of
\nexchange. Costs directly attributable to the acquisition are charged to profit or loss as
\nincurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a
\nbusiness combination are measured initially at their fair values at the acquisition date,
\nirrespective of any non-controlling interest. The excess of the cost of acquisition over
\nthe fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as
\ngoodwill. If the cost of acquisition is less than the fair value of the net assets for the
\nsubsidiary acquired, the difference is recognized directly in profit or loss.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n(c) Investment in Joint ventures
\nThe Group has contractual arrangements with other parties which represent joint
\nventures. In this case, the arrangements take the form of agreements to share control
\nover economic activities with Costa Rican assets. Strategic financial and operating
\ndecisions relating to these assets require the unanimous consent of both parties.
\nInvestments in joint ventures are accounted for using the equity method.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n\nAny goodwill or fair value adjustment attributable to the Group\u2019s share in the joint
\nventure is not recognized separately and is included in the amount recognized as
\ninvestment.
\nThe carrying amount of the investment in joint ventures is increased or decreased to
\nrecognize the Group\u2019s share of the profit or loss and other comprehensive income of
\nthe associate and joint venture, adjusted where necessary to ensure consistency with
\nthe accounting policies of the Group.
\nUnrealized gains and losses on transactions between the Group and its joint ventures
\nare eliminated to the extent of the Group\u2019s interest in those entities. Where unrealized
\nlosses are eliminated, the underlying asset is also tested for impairment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag176": {
"value": "\n(a) Subsidiaries
\nThe parent controls a subsidiary if it is exposed, or has rights, to variable returns from
\nits involvement with the subsidiary and has the ability to affect those returns through
\nits power over the subsidiary. All subsidiaries are fully consolidated from the date on
\nwhich control is transferred to the Group. They are de-consolidated from the date that
\ncontrol ceases.
\nInter-company transactions, balances and unrealized gains on transactions between
\nGroup subsidiaries are eliminated. Unrealized losses are also eliminated unless the
\ntransaction provides evidence of an impairment of the asset transferred. Accounting
\npolicies as applied to the subsidiaries have been changed where necessary to ensure
\nconsistency with the policies adopted by the Group.
\nNon-controlling interests represent the portion of profit or loss and net assets in
\nsubsidiaries that are not held by the Group and are presented separately within equity
\nin the consolidated statement of financial position, from parent shareholders\u2019 equity.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag177": {
"value": "\n
\n\n(b) Business combinations
\nThe Group applies the acquisition method of accounting when accounting for business
\ncombinations. The cost of an acquisition is measured at the fair value of the assets
\ntransferred, equity instruments issued and liabilities incurred or assumed at the date of
\nexchange. Costs directly attributable to the acquisition are charged to profit or loss as
\nincurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a
\nbusiness combination are measured initially at their fair values at the acquisition date,
\nirrespective of any non-controlling interest. The excess of the cost of acquisition over
\nthe fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as
\ngoodwill. If the cost of acquisition is less than the fair value of the net assets for the
\nsubsidiary acquired, the difference is recognized directly in profit or loss.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag178": {
"value": "\n(b) Business combinations
\nThe Group applies the acquisition method of accounting when accounting for business
\ncombinations. The cost of an acquisition is measured at the fair value of the assets
\ntransferred, equity instruments issued and liabilities incurred or assumed at the date of
\nexchange. Costs directly attributable to the acquisition are charged to profit or loss as
\nincurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a
\nbusiness combination are measured initially at their fair values at the acquisition date,
\nirrespective of any non-controlling interest. The excess of the cost of acquisition over
\nthe fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as
\ngoodwill. If the cost of acquisition is less than the fair value of the net assets for the
\nsubsidiary acquired, the difference is recognized directly in profit or loss.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag179": {
"value": "\n
\n\n(c) Investment in Joint ventures
\nThe Group has contractual arrangements with other parties which represent joint
\nventures. In this case, the arrangements take the form of agreements to share control
\nover economic activities with Costa Rican assets. Strategic financial and operating
\ndecisions relating to these assets require the unanimous consent of both parties.
\nInvestments in joint ventures are accounted for using the equity method.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\nAny goodwill or fair value adjustment attributable to the Group\u2019s share in the joint
\nventure is not recognized separately and is included in the amount recognized as
\ninvestment.
\nThe carrying amount of the investment in joint ventures is increased or decreased to
\nrecognize the Group\u2019s share of the profit or loss and other comprehensive income of
\nthe associate and joint venture, adjusted where necessary to ensure consistency with
\nthe accounting policies of the Group.
\nUnrealized gains and losses on transactions between the Group and its joint ventures
\nare eliminated to the extent of the Group\u2019s interest in those entities. Where unrealized
\nlosses are eliminated, the underlying asset is also tested for impairment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag180": {
"value": "\n(c) Investment in Joint ventures
\nThe Group has contractual arrangements with other parties which represent joint
\nventures. In this case, the arrangements take the form of agreements to share control
\nover economic activities with Costa Rican assets. Strategic financial and operating
\ndecisions relating to these assets require the unanimous consent of both parties.
\nInvestments in joint ventures are accounted for using the equity method.
\n
\n\n\n\n\n\nAny goodwill or fair value adjustment attributable to the Group\u2019s share in the joint
\nventure is not recognized separately and is included in the amount recognized as
\ninvestment.
\nThe carrying amount of the investment in joint ventures is increased or decreased to
\nrecognize the Group\u2019s share of the profit or loss and other comprehensive income of
\nthe associate and joint venture, adjusted where necessary to ensure consistency with
\nthe accounting policies of the Group.
\nUnrealized gains and losses on transactions between the Group and its joint ventures
\nare eliminated to the extent of the Group\u2019s interest in those entities. Where unrealized
\nlosses are eliminated, the underlying asset is also tested for impairment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag335": {
"value": "\n
\n
\nf. Intangible assets
\n\n(a) Goodwill
\n Goodwill represents the excess of the fair value of consideration transferred in a
\nbusiness combination over the fair value of the Group\u2019s share of the net identifiable
\nassets, liabilities and contingent liabilities at the date of the business combinations and
\nis not amortized. Goodwill is tested annually for impairment and carried at cost less
\naccumulated impairment losses.
\n Gains and losses on the disposal of an entity include the carrying amount of goodwill
\nrelating to the entity sold.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(b) Software and software licenses
\n The Group includes acquired and internally developed software used in operations or
\nadministration as intangible assets. They are accounted for using the cost model
\nwhereby capitalized costs are amortized on a straight-line basis over their estimated
\nuseful life. Residual values and useful lives are reviewed at each reporting date. In
\naddition, they are subject to impairment testing as described in Note 10. The following
\nuseful lives are applied:
\nSoftware 2 \u2013 5 years
\n Amortization has been included within depreciation, amortization and impairment of
\nnon-financial assets. Acquired computer software licenses are capitalized on the basis
\nof the costs incurred to acquire and install the specific software.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag336": {
"value": "\n(a) Goodwill
\n Goodwill represents the excess of the fair value of consideration transferred in a
\nbusiness combination over the fair value of the Group\u2019s share of the net identifiable
\nassets, liabilities and contingent liabilities at the date of the business combinations and
\nis not amortized. Goodwill is tested annually for impairment and carried at cost less
\naccumulated impairment losses.
\n Gains and losses on the disposal of an entity include the carrying amount of goodwill
\nrelating to the entity sold.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag337": {
"value": "\n(b) Software and software licenses
\n The Group includes acquired and internally developed software used in operations or
\nadministration as intangible assets. They are accounted for using the cost model
\nwhereby capitalized costs are amortized on a straight-line basis over their estimated
\nuseful life. Residual values and useful lives are reviewed at each reporting date. In
\naddition, they are subject to impairment testing as described in Note 10. The following
\nuseful lives are applied:
\nSoftware 2 \u2013 5 years
\n Amortization has been included within depreciation, amortization and impairment of
\nnon-financial assets. Acquired computer software licenses are capitalized on the basis
\nof the costs incurred to acquire and install the specific software.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag338": {
"value": "\ng. Leases
\nThe Group as a lessee
\nFor any new contracts entered into, the Group considers whether a contract is, or contains
\na lease. A lease is defined as \u201ca contract, or part of a contract, that conveys the right to use
\nan asset (the underlying asset) for a period of time in exchange for consideration\u201d. To apply
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nthis definition, the Group assesses whether the contract meets three key evaluations which
\nare whether or not:
\n\u25cf the contract contains an identified asset, which is either explicitly identified in the
\ncontract or implicitly specified by being identified at the time the asset is made
\navailable to the Group;
\n\u25cf the Group has the right to obtain substantially all of the economic benefits from use of
\nthe identified asset throughout the period of use, considering its rights within the
\ndefined scope of the contract; and
\n\u25cf the Group has the right to direct the use of the identified asset throughout the period of
\nuse. The Group assess whether it has the right to direct \u201chow and for what purpose\u201d
\nthe asset is used throughout the period of use.
\nMeasurement and recognition of leases as a lessee
\nAt lease commencement date, the Group recognizes a right-of-use asset and a lease liability
\non the balance sheet. The right-of-use asset is measured at cost, which is made up of the
\ninitial measurement of the lease liability, any initial direct costs incurred by the Group, an
\nestimate of any costs to dismantle and remove the asset at the end of the lease, and any
\nlease payments made in advance of the lease commencement date (net of any incentives
\nreceived).
\nThe Group depreciates the right-of-use assets on a straight-line basis from the lease
\ncommencement date to the earlier of the end of the useful life of the right-of-use asset or
\nthe end of the lease term.
\nThe Group also assesses the right-of-use asset for impairment when such indicators exist.
\nAt the commencement date, the Group measures the lease liability at the present value of
\nthe lease payments unpaid at that date, discounted using the interest rate implicit in the
\nlease if that rate is readily available or the Group\u2019s incremental borrowing rate.
\nLease payments included in the measurement of the lease liability are made up of fixed
\npayments (including in substance fixed), variable payments based on an index or rate,
\namounts expected to be payable under a residual value guarantee and payments arising
\nfrom options reasonably certain to be exercised.
\nSubsequent to initial measurement, the liability will be reduced for payments made and
\nincreased for interest. Interest is charged on the lease liability at an even rate on the
\ncarrying amount of that liability (see above). It is re-measured to reflect any reassessment
\nor modification, or if there are changes in lease liability.
\nWhen the lease liability is re-measured, the corresponding adjustment is reflected in the
\nright-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero.
\nThe Group has elected to account for short-term leases and leases of low-value assets using
\nthe practical expedients. Instead of recognizing a right-of-use asset and lease liability, the
\npayments in relation to these are recognized as an expense in profit or loss on a straight-
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nline basis over the lease term. On the statement of financial position, right-of-use assets
\nhave been included in property, plant and equipment (except those meeting the definition
\nof investment property) and lease liabilities have been included in Obligations underleases
\nand hire purchase contracts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag339": {
"value": "\n
\nh. Provisions
\n\n(a) Employee benefits
\nThe Group recognizes a liability and an expense for bonuses and profit-sharing based
\non a formula that takes into consideration the Group\u2019s profits. The Group recognizes a
\nprovision where it is contractually obliged to pay the benefits, and/or where there is a
\npast practice that has created a constructive obligation.
\nDefined Benefit Obligation (DBO)
\nManagement\u2019s estimate of the DBO is based on a number of critical underlying
\nassumptions such as standard rates of inflation, mortality, discount rate and
\nanticipation of future salary increase. Variation in these assumptions may significantly
\nimpact the DBO amount and the annual defined benefit expenses. The liability
\nrecognized in the statement of financial position for DBO\u2019s is the present value of the
\nDBO at the report date.
\nManagement estimates the DBO annually using simplifications of the projected unit
\ncredit method as follow: (i) ignore estimated future salary increases, (ii) ignore future
\nservice of current employees and (iii) ignore possible in-service mortality of current
\nemployees between the reporting date and the date employees are expected to begin
\nreceiving post-employment benefits. Discount factors are determined close to each
\nyear-end by reference to high quality corporate bonds that are denominated in the
\ncurrency in which the benefits will be paid and that have terms to maturity
\napproximating the terms of the related liability.
\nService cost on the Group\u2019s defined benefit plan is included in employee benefit
\nexpense. Net interest expense on the net defined benefit liability is included in finance
\ncost. Gains and losses resulting from re-measurements of the defined benefit liability
\nare included in other comprehensive income and are not reclassified to profit or loss in
\nsubsequent periods.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n(b) Other
\nProvisions are recognized when the Group has a present legal or constructive
\nobligation as a result of past events; it is more likely than not that an outflow of
\nresources will be required to settle the obligation, and the amount can be reliably
\nestimated. Provisions are measured at the best estimate of the expenditure required to
\nsettle the present obligation at the end of each reporting period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n(c) Litigation provisions
\nThe Group provides against various litigation proceedings once judgments are
\nrendered against it, as in Management\u2019s view this provides the best indication that
\npayment has become probable. The award amount is used as the Directors\u2019 best
\nestimate of the potential liability, even if the Group is appealing the judgment.
\nProvisions are discounted to their present value, where the time value of money is material.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag340": {
"value": "\n(a) Employee benefits
\nThe Group recognizes a liability and an expense for bonuses and profit-sharing based
\non a formula that takes into consideration the Group\u2019s profits. The Group recognizes a
\nprovision where it is contractually obliged to pay the benefits, and/or where there is a
\npast practice that has created a constructive obligation.
\nDefined Benefit Obligation (DBO)
\nManagement\u2019s estimate of the DBO is based on a number of critical underlying
\nassumptions such as standard rates of inflation, mortality, discount rate and
\nanticipation of future salary increase. Variation in these assumptions may significantly
\nimpact the DBO amount and the annual defined benefit expenses. The liability
\nrecognized in the statement of financial position for DBO\u2019s is the present value of the
\nDBO at the report date.
\nManagement estimates the DBO annually using simplifications of the projected unit
\ncredit method as follow: (i) ignore estimated future salary increases, (ii) ignore future
\nservice of current employees and (iii) ignore possible in-service mortality of current
\nemployees between the reporting date and the date employees are expected to begin
\nreceiving post-employment benefits. Discount factors are determined close to each
\nyear-end by reference to high quality corporate bonds that are denominated in the
\ncurrency in which the benefits will be paid and that have terms to maturity
\napproximating the terms of the related liability.
\nService cost on the Group\u2019s defined benefit plan is included in employee benefit
\nexpense. Net interest expense on the net defined benefit liability is included in finance
\ncost. Gains and losses resulting from re-measurements of the defined benefit liability
\nare included in other comprehensive income and are not reclassified to profit or loss in
\nsubsequent periods.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag341": {
"value": "\n
\n
\n
\ni. Financial instruments
\nNon-derivative financial instruments consist of:
\n\n
\nFinancial assets
\nFinancial assets, which include cash and cash equivalents, trade receivables, unbilled
\nrevenues, finance lease receivables, employee and other advances, investments in equity
\nand debt securities and eligible current and non-current assets.
\n\nFinancial assets are derecognized when substantial risks and rewards of ownership of the
\nfinancial asset have been transferred. In cases where substantial risks and rewards of
\nownership of the financial assets are neither transferred nor retained, financial assets are
\nderecognized only when the Company has not retained control over the financial asset.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial liabilities
\nFinancial liabilities, which include long and short-term loans and borrowings, bank
\noverdrafts, trade payables, eligible current and non-current liabilities.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nSubsequent measurement of financial assets
\nNon-derivative financial instruments are recognized initially at fair value. Subsequent to
\ninitial recognition, non-derivative financial instruments are measured as described below:
\n\n
\nFinancial assets
\nFinancial assets are measured at initial recognition at fair value and are classified and
\nsubsequently measured at fair value through profit or loss, fair value through other
\ncomprehensive income or amortized cost. Financial assets are assigned to these different
\ncategories by Management on initial recognition, depending on the purpose for which they
\nwere acquired. The designation of financial assets is re-evaluated at every reporting date at
\nwhich a choice of classification or accounting treatment is available.
\nAll financial assets are recognized when the Group becomes a party to the contractual
\nprovisions of the instrument.
\n\nTrade receivables, related party receivables and cash and cash equivalents are measured
\nsubsequent to initial recognition at amortized cost using the effective interest method, less
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n
\n\n
\nprovision for impairment. Any change in their value through impairment or reversal of
\nimpairment is recognized in profit or loss.
\n\nProvision against trade receivables is made when there is objective evidence that the Group
\nwill not be able to collect all amounts due to it in accordance with the original terms of
\nthose receivables. The Group applies the expected credit loss model for recognizing
\nimpairment loss on trade receivables. Expected credit loss is the difference between the
\ncontractual cash flows and the cash flows that the entity expects to receive, discounted
\nusing the effective interest rate. Loss allowances for trade receivables are measured at an
\namount equal to lifetime expected credit loss. Lifetime expected credit losses are the
\nexpected credit losses that result from all possible default events over the expected life of
\na financial instrument. Lifetime expected credit loss is computed based on a provision
\nmatrix which takes in to account risk profiling of customers and historical credit loss
\nexperience adjusted for forward looking information. Accounts receivable are presented
\nnet of an allowance for doubtful accounts. The carrying amount of the receivable is reduced
\nthrough use of an allowance account.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nA financial asset is derecognized only where the contractual rights to the cash flows from
\nthe asset expire or the financial asset is transferred, and that transfer qualifies for de-
\nrecognition. A financial asset is transferred if the contractual rights to receive the cash
\nflows of the asset have been transferred or the Group retains the contractual rights to
\nreceive the cash flows of the asset but assumes a contractual obligation to pay the cash
\nflows to one or more recipients. A financial asset that is transferred qualifies for de-
\nrecognition if the Group transfers substantially all the risks and rewards of ownership of
\nthe asset, or if the Group neither retains nor transfers substantially all the risks and rewards
\nof ownership but does transfer control of that asset.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\nFinancial liabilities
\nFinancial liabilities are obligations to pay cash or other financial assets and are recognized
\nwhen the Group becomes a party to the contractual provisions of the instrument. Financial
\nliabilities categorized at fair value through profit or loss, are recorded initially at fair value.
\nAll other financial liabilities are recorded initially at fair value, net of direct issue costs.
\n\nFinancial liabilities categorized as at fair value through profit or loss, are measured at each
\nreporting date at fair value, with changes in fair value being recognized in profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nAll other financial liabilities are recorded at amortized cost using the effective interest
\nmethod, with interest-related charges recognized as an expense in finance cost in the
\nstatement of comprehensive income. Finance charges, including premiums payable on
\nsettlement or redemption and direct issue costs, are charged to profit or loss on an accrual
\nbasis using the effective interest method and are added to the carrying amount of the
\ninstrument to the extent that they are not settled in the period in which they arise.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nA financial liability is derecognized only when the obligation is extinguished, that is, when
\nthe obligation is discharged, cancelled or expires. Where an existing financial liability is
\nreplaced by another from the same lender on substantially different terms, or the terms of
\nan existing liability are substantially modified, such an exchange or modification is treated
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n\nas de-recognition of the original liability and the recognition of a new liability, such that
\nthe difference in the respective carrying amounts together with any costs or fees incurred
\nare recognized in profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nTrade and other payables are initially recognized at fair value, and subsequently carried at
\namortized cost using the effective interest method. For these financial instruments, the
\ncarrying amounts approximate fair value due to the short-term maturity of these
\ninstruments.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag342": {
"value": "\n
\nFinancial assets
\nFinancial assets, which include cash and cash equivalents, trade receivables, unbilled
\nrevenues, finance lease receivables, employee and other advances, investments in equity
\nand debt securities and eligible current and non-current assets.
\n\nFinancial assets are derecognized when substantial risks and rewards of ownership of the
\nfinancial asset have been transferred. In cases where substantial risks and rewards of
\nownership of the financial assets are neither transferred nor retained, financial assets are
\nderecognized only when the Company has not retained control over the financial asset.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\nFinancial assets
\nFinancial assets are measured at initial recognition at fair value and are classified and
\nsubsequently measured at fair value through profit or loss, fair value through other
\ncomprehensive income or amortized cost. Financial assets are assigned to these different
\ncategories by Management on initial recognition, depending on the purpose for which they
\nwere acquired. The designation of financial assets is re-evaluated at every reporting date at
\nwhich a choice of classification or accounting treatment is available.
\nAll financial assets are recognized when the Group becomes a party to the contractual
\nprovisions of the instrument.
\n\nTrade receivables, related party receivables and cash and cash equivalents are measured
\nsubsequent to initial recognition at amortized cost using the effective interest method, less
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\nprovision for impairment. Any change in their value through impairment or reversal of
\nimpairment is recognized in profit or loss.
\n\nProvision against trade receivables is made when there is objective evidence that the Group
\nwill not be able to collect all amounts due to it in accordance with the original terms of
\nthose receivables. The Group applies the expected credit loss model for recognizing
\nimpairment loss on trade receivables. Expected credit loss is the difference between the
\ncontractual cash flows and the cash flows that the entity expects to receive, discounted
\nusing the effective interest rate. Loss allowances for trade receivables are measured at an
\namount equal to lifetime expected credit loss. Lifetime expected credit losses are the
\nexpected credit losses that result from all possible default events over the expected life of
\na financial instrument. Lifetime expected credit loss is computed based on a provision
\nmatrix which takes in to account risk profiling of customers and historical credit loss
\nexperience adjusted for forward looking information. Accounts receivable are presented
\nnet of an allowance for doubtful accounts. The carrying amount of the receivable is reduced
\nthrough use of an allowance account.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nA financial asset is derecognized only where the contractual rights to the cash flows from
\nthe asset expire or the financial asset is transferred, and that transfer qualifies for de-
\nrecognition. A financial asset is transferred if the contractual rights to receive the cash
\nflows of the asset have been transferred or the Group retains the contractual rights to
\nreceive the cash flows of the asset but assumes a contractual obligation to pay the cash
\nflows to one or more recipients. A financial asset that is transferred qualifies for de-
\nrecognition if the Group transfers substantially all the risks and rewards of ownership of
\nthe asset, or if the Group neither retains nor transfers substantially all the risks and rewards
\nof ownership but does transfer control of that asset.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag343": {
"value": "\nFinancial assets are derecognized when substantial risks and rewards of ownership of the
\nfinancial asset have been transferred. In cases where substantial risks and rewards of
\nownership of the financial assets are neither transferred nor retained, financial assets are
\nderecognized only when the Company has not retained control over the financial asset.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nA financial asset is derecognized only where the contractual rights to the cash flows from
\nthe asset expire or the financial asset is transferred, and that transfer qualifies for de-
\nrecognition. A financial asset is transferred if the contractual rights to receive the cash
\nflows of the asset have been transferred or the Group retains the contractual rights to
\nreceive the cash flows of the asset but assumes a contractual obligation to pay the cash
\nflows to one or more recipients. A financial asset that is transferred qualifies for de-
\nrecognition if the Group transfers substantially all the risks and rewards of ownership of
\nthe asset, or if the Group neither retains nor transfers substantially all the risks and rewards
\nof ownership but does transfer control of that asset.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nA financial liability is derecognized only when the obligation is extinguished, that is, when
\nthe obligation is discharged, cancelled or expires. Where an existing financial liability is
\nreplaced by another from the same lender on substantially different terms, or the terms of
\nan existing liability are substantially modified, such an exchange or modification is treated
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nas de-recognition of the original liability and the recognition of a new liability, such that
\nthe difference in the respective carrying amounts together with any costs or fees incurred
\nare recognized in profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag344": {
"value": "\nFinancial liabilities
\nFinancial liabilities, which include long and short-term loans and borrowings, bank
\noverdrafts, trade payables, eligible current and non-current liabilities.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\nFinancial liabilities
\nFinancial liabilities are obligations to pay cash or other financial assets and are recognized
\nwhen the Group becomes a party to the contractual provisions of the instrument. Financial
\nliabilities categorized at fair value through profit or loss, are recorded initially at fair value.
\nAll other financial liabilities are recorded initially at fair value, net of direct issue costs.
\n\nFinancial liabilities categorized as at fair value through profit or loss, are measured at each
\nreporting date at fair value, with changes in fair value being recognized in profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nAll other financial liabilities are recorded at amortized cost using the effective interest
\nmethod, with interest-related charges recognized as an expense in finance cost in the
\nstatement of comprehensive income. Finance charges, including premiums payable on
\nsettlement or redemption and direct issue costs, are charged to profit or loss on an accrual
\nbasis using the effective interest method and are added to the carrying amount of the
\ninstrument to the extent that they are not settled in the period in which they arise.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nA financial liability is derecognized only when the obligation is extinguished, that is, when
\nthe obligation is discharged, cancelled or expires. Where an existing financial liability is
\nreplaced by another from the same lender on substantially different terms, or the terms of
\nan existing liability are substantially modified, such an exchange or modification is treated
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\nas de-recognition of the original liability and the recognition of a new liability, such that
\nthe difference in the respective carrying amounts together with any costs or fees incurred
\nare recognized in profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nTrade and other payables are initially recognized at fair value, and subsequently carried at
\namortized cost using the effective interest method. For these financial instruments, the
\ncarrying amounts approximate fair value due to the short-term maturity of these
\ninstruments.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag345": {
"value": "\nTrade receivables, related party receivables and cash and cash equivalents are measured
\nsubsequent to initial recognition at amortized cost using the effective interest method, less
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\nprovision for impairment. Any change in their value through impairment or reversal of
\nimpairment is recognized in profit or loss.
\n\nProvision against trade receivables is made when there is objective evidence that the Group
\nwill not be able to collect all amounts due to it in accordance with the original terms of
\nthose receivables. The Group applies the expected credit loss model for recognizing
\nimpairment loss on trade receivables. Expected credit loss is the difference between the
\ncontractual cash flows and the cash flows that the entity expects to receive, discounted
\nusing the effective interest rate. Loss allowances for trade receivables are measured at an
\namount equal to lifetime expected credit loss. Lifetime expected credit losses are the
\nexpected credit losses that result from all possible default events over the expected life of
\na financial instrument. Lifetime expected credit loss is computed based on a provision
\nmatrix which takes in to account risk profiling of customers and historical credit loss
\nexperience adjusted for forward looking information. Accounts receivable are presented
\nnet of an allowance for doubtful accounts. The carrying amount of the receivable is reduced
\nthrough use of an allowance account.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag346": {
"value": "\nProvision against trade receivables is made when there is objective evidence that the Group
\nwill not be able to collect all amounts due to it in accordance with the original terms of
\nthose receivables. The Group applies the expected credit loss model for recognizing
\nimpairment loss on trade receivables. Expected credit loss is the difference between the
\ncontractual cash flows and the cash flows that the entity expects to receive, discounted
\nusing the effective interest rate. Loss allowances for trade receivables are measured at an
\namount equal to lifetime expected credit loss. Lifetime expected credit losses are the
\nexpected credit losses that result from all possible default events over the expected life of
\na financial instrument. Lifetime expected credit loss is computed based on a provision
\nmatrix which takes in to account risk profiling of customers and historical credit loss
\nexperience adjusted for forward looking information. Accounts receivable are presented
\nnet of an allowance for doubtful accounts. The carrying amount of the receivable is reduced
\nthrough use of an allowance account.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag347": {
"value": "\nFinancial liabilities categorized as at fair value through profit or loss, are measured at each
\nreporting date at fair value, with changes in fair value being recognized in profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag348": {
"value": "\n
\n\n
\n\nAll other financial liabilities are recorded at amortized cost using the effective interest
\nmethod, with interest-related charges recognized as an expense in finance cost in the
\nstatement of comprehensive income. Finance charges, including premiums payable on
\nsettlement or redemption and direct issue costs, are charged to profit or loss on an accrual
\nbasis using the effective interest method and are added to the carrying amount of the
\ninstrument to the extent that they are not settled in the period in which they arise.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n(c) Interest income \u2013 Revenue is recognized as the interest is accrued (taking into account
\nthe effective yield on the asset).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag349": {
"value": "\n
\n\nAll other financial liabilities are recorded at amortized cost using the effective interest
\nmethod, with interest-related charges recognized as an expense in finance cost in the
\nstatement of comprehensive income. Finance charges, including premiums payable on
\nsettlement or redemption and direct issue costs, are charged to profit or loss on an accrual
\nbasis using the effective interest method and are added to the carrying amount of the
\ninstrument to the extent that they are not settled in the period in which they arise.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag350": {
"value": "\nAll other financial liabilities are recorded at amortized cost using the effective interest
\nmethod, with interest-related charges recognized as an expense in finance cost in the
\nstatement of comprehensive income. Finance charges, including premiums payable on
\nsettlement or redemption and direct issue costs, are charged to profit or loss on an accrual
\nbasis using the effective interest method and are added to the carrying amount of the
\ninstrument to the extent that they are not settled in the period in which they arise.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n(c) Interest income \u2013 Revenue is recognized as the interest is accrued (taking into account
\nthe effective yield on the asset).
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag351": {
"value": "\nTrade and other payables are initially recognized at fair value, and subsequently carried at
\namortized cost using the effective interest method. For these financial instruments, the
\ncarrying amounts approximate fair value due to the short-term maturity of these
\ninstruments.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag352": {
"value": "\nj. Inventories
\nInventories are valued at the lower of cost and net realizable value. Cost of inventory is
\ndetermined on a \u2018first-in-first-out\u2019 basis. Inventory consists of food, beverages and
\nsupplies.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag353": {
"value": "\n
\nk. Cash and cash equivalents
\nCash and cash equivalents include cash in hand, deposits held at call with banks with
\nmaturities of 3 months or less from inception, other short term highly liquid investments
\nthat are readily convertible into known amounts of cash and which are subject to an
\ninsignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown
\nwithin borrowings in current liabilities on the statement of financial position.
\n\nRestricted cash includes all cash balances that are required to be maintained under
\nregulatory requirements. Casino industry regulations vary by country but all require our
\ncasino operations to maintain specified minimum levels of cash to support chips in play,
\nslot hoppers, and reserves.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag354": {
"value": "\nRestricted cash includes all cash balances that are required to be maintained under
\nregulatory requirements. Casino industry regulations vary by country but all require our
\ncasino operations to maintain specified minimum levels of cash to support chips in play,
\nslot hoppers, and reserves.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag355": {
"value": "\n
\n
\n
\nl. Borrowings and borrowing costs
\nBorrowings are classified as current liabilities unless the Group has an unconditional right
\nto defer settlement of the liability for at least 12 months after the period end date.
\n\nBorrowing costs directly attributable to the acquisition, construction or production of a
\nqualifying asset, or assets that take a substantial period of time to prepare for their intended
\nuse or sale are added to the cost of those assets, until such time as the assets are substantially
\nready for their intended use or sale.
\nInvestment income earned on the temporary investment of specific borrowings pending
\ntheir expenditure on qualifying assets is deducted from the borrowing costs eligible for
\ncapitalization.
\nAll other borrowing costs are recognized in profit or loss in the period in which they are
\nincurred.
\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag367": {
"value": "\nBorrowing costs directly attributable to the acquisition, construction or production of a
\nqualifying asset, or assets that take a substantial period of time to prepare for their intended
\nuse or sale are added to the cost of those assets, until such time as the assets are substantially
\nready for their intended use or sale.
\nInvestment income earned on the temporary investment of specific borrowings pending
\ntheir expenditure on qualifying assets is deducted from the borrowing costs eligible for
\ncapitalization.
\nAll other borrowing costs are recognized in profit or loss in the period in which they are
\nincurred.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag356": {
"value": "\nm. Share capital
\nCommon shares are classified as equity.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nWhere the Group purchases the Group\u2019s equity share capital (treasury shares), the
\nconsideration paid, including any directly attributable incremental costs (net of income
\ntaxes) is deducted from equity attributable to the Group\u2019s equity holders until the shares
\nare cancelled or reissued. Where such shares are subsequently sold or reissued, any
\nconsideration received, net of any directly attributable incremental transaction costs and
\nthe related income tax effects are included in equity attributable to the Group\u2019s equity
\nholders.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag357": {
"value": "\nWhere the Group purchases the Group\u2019s equity share capital (treasury shares), the
\nconsideration paid, including any directly attributable incremental costs (net of income
\ntaxes) is deducted from equity attributable to the Group\u2019s equity holders until the shares
\nare cancelled or reissued. Where such shares are subsequently sold or reissued, any
\nconsideration received, net of any directly attributable incremental transaction costs and
\nthe related income tax effects are included in equity attributable to the Group\u2019s equity
\nholders.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag358": {
"value": "\nn. Share-based payments
\nWhere share options are awarded to employees, the fair value of the options at the date of
\ngrant is charged to profit or loss over the vesting period, with the corresponding credit to
\nthe share option reserve. Non-market vesting conditions are taken into account by adjusting
\nthe number of equity instruments expected to vest at each Balance Sheet date so that,
\nultimately, the cumulative amount recognized over the vesting period is based on the
\nnumber of options that eventually vest.
\nMarket vesting conditions are factored into the fair value of the options granted. As long
\nas all other vesting conditions are satisfied, a change is made irrespective of whether the
\nmarket vesting conditions are satisfied. The cumulative expense is not adjusted for failure
\nto achieve a market vesting condition. Where the terms of the options are modified before
\nthey vest, the increase in the fair value of the options, measured immediately before and
\nafter the modification, is also charged over the remaining vesting period.
\nAll share-based remuneration is ultimately recognized as an expense in profit or loss with
\na corresponding credit to retained earnings. If vesting periods or other vesting conditions
\napply, the expense is allocated over the vesting period, based on the best available estimate
\nof the number of share options expected to vest. Upon exercise of share options, the
\nproceeds received net of any directly attributable transaction costs up are recognized as
\nshare capital.
\nWhere equity instruments are granted to persons other than employees, the Statement of
\nComprehensive Income is charged with the fair value of goods and services received. If
\nfair value cannot be reliably measured the fair value of the goods or services received, the
\nvalue of the services are recognized, and the corresponding increase in equity, is recognized
\nindirectly, by reference to the fair value of the equity instruments granted.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag359": {
"value": "\no. Net gaming wins and revenue recognition
\nRevenue is recognized to the extent that it is probable that the economic benefits will flow
\nto the Group, the revenue can be reliably measured, the risks and rewards of ownership
\nhave been transferred to the buyer, the Group no longer has control over the goods, and the
\ncosts incurred in respect of the transaction can be reliably measured. Revenue is
\nrecognized on specific items as follows:
\n(a) Net gaming wins \u2013 Casino revenues represent the net wins/(losses) from gaming
\nactivities, which is, for slot machines, the difference between coins and currencies
\ndeposited into the machines and the payments to customers and, for other (table and
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\nsports book) games, the difference between gaming wins and losses. Net gaming wins
\nare recognized when they occur.
\n(b) Food, beverage and hospitality sales \u2013 Revenue is recognized at the point of sale or
\nupon the actual rendering of service.
\n\n
\n\n(c) Interest income \u2013 Revenue is recognized as the interest is accrued (taking into account
\nthe effective yield on the asset).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\nCosts and expenses are recognized in profit or loss upon utilization of the service or at the
\ndate they are incurred.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag360": {
"value": "\np. Earnings per share
\nBasic earnings per share is calculated using the weighted-average number of shares
\noutstanding during the period.
\nThe Group uses the treasury stock method to compute the dilutive effect of options,
\nwarrants and similar instruments. Under this method, the dilutive effect on earnings per
\nshare is recognized on the use of the proceeds that could be obtained upon exercise of
\noptions, warrants and similar instruments. It assumes that the proceeds would be used to
\npurchase common shares at the average market price during the period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag361": {
"value": "\nq. Project development costs
\nProject development costs incurred in an effort to identify and develop new Real Estate
\nand Hospitality locations are expensed as incurred.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag362": {
"value": "\n
\n\nr. Profit or loss from discontinued operations
\nA discontinued operation is a component of the entity that either has been disposed of, or
\nis classified as held for sale, and:
\n\u25cf represents a separate major line of business or geographical area of operations;
\n\u25cf is part of a single coordinated plan to dispose of a separate major line of business or
\ngeographical area of operations; or
\n\u25cf is a subsidiary acquired exclusively with a view to resell.
\nProfit or loss from discontinued operations, including prior year components of profit or
\nloss, are presented in a single amount in the statement of comprehensive income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag363": {
"value": "\nr. Profit or loss from discontinued operations
\nA discontinued operation is a component of the entity that either has been disposed of, or
\nis classified as held for sale, and:
\n\u25cf represents a separate major line of business or geographical area of operations;
\n\u25cf is part of a single coordinated plan to dispose of a separate major line of business or
\ngeographical area of operations; or
\n\u25cf is a subsidiary acquired exclusively with a view to resell.
\nProfit or loss from discontinued operations, including prior year components of profit or
\nloss, are presented in a single amount in the statement of comprehensive income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag364": {
"value": "\ns. Fair value measurement
\nFair value is defined as the price that would be received to sell an asset or paid to transfer
\na liability in an orderly transaction between market participants at the measurement date.
\nManagement uses valuation techniques to determine the fair value of financial instruments
\n(where active market quotes are not available) and non-financial assets. This involves
\n
\n\n\n\n\n\n\n\n\n\n\n\n\ndeveloping estimates and assumptions consistent with how market participants would price
\nthe instrument. Management bases its assumptions on observable data as far as possible
\nbut this is not always available. In that case Management uses the best information
\navailable.
\nEstimated fair values may vary from the actual prices that would be achieved in an arm\u2019s
\nlength transaction at the reporting date.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag365": {
"value": "\n
\n4. SEGMENTAL INFORMATION
\nIn identifying its operating segments, Management generally follows the Group's geographic
\ncountry lines. These operating segments are monitored by the Group\u2019s chief operating decision
\nmakers and strategic decisions are made on the basis of adjusted operating results.
\nThe activities undertaken by each operating segment include the operation of casinos and related
\nfood, beverage and hospitality activities.
\nEach of these operating segments is managed separately by country managers as each country has
\na different regulatory environment and customs, as well as, different marketing approaches. All
\ninter-segment transfers are carried out at arm's length prices when they occur.
\n\n
\n\nThe measurement policies the Group uses for segment reporting under IFRS 8 are the same as those
\nused in its financial statements, except that expenses relating to share-based payments are not
\nincluded in arriving at the operating profit of the operating segments and results for the Group\u2019s
\nequity accounted joint venture is shown proportionally. Corporate assets that are not directly
\nattributable to the business activities of any operating segment are not allocated to a segment.
\nThere have been no changes from prior periods in the measurement methods used to determine
\nreported segment profit or loss. No asymmetrical allocations have been applied between segments.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\nOperating segments
\nCosta Rica
\nNicaragua
\nPeru
\n2023 2022 2023 2022 2023 2022
\nContinui ng operations
\nTotal revenue
\n-
\n
\n
\n-
\n
\n
\n14,621
\n
\n
\n13,461
\n
\n
\n864
\n
\n
\n946
\n
\n
\nOperating profit / (loss) before: project development, depreciation,
\namortization and other gains and losses (Adjusted EBITDA)
\n- - 4,300 4,261 287 426
\nProject development
\n-
\n
\n
\n-
\n
\n
\n(42)
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nDepreciation and amortization
\n-
\n
\n
\n-
\n
\n
\n(1,017)
\n
\n
\n(1,075)
\n
\n
\n(60)
\n
\n
\n(117)
\n
\n
\nOther gains and (losses)
\n-
\n
\n
\n-
\n
\n
\n12
\n
\n
\n(50)
\n
\n
\n700
\n
\n
\n(1)
\n
\n
\nSegments result
\n-
\n
\n
\n-
\n
\n
\n3,253
\n
\n
\n3,136
\n
\n
\n927
\n
\n
\n308
\n
\n
\nForeign exchange gain / (loss)
\n-
\n
\n
\n-
\n
\n
\n(13)
\n
\n
\n(17)
\n
\n
\n(85)
\n
\n
\n40
\n
\n
\nShare of profit / (loss) from equity accounted investments
\n242
\n
\n
\n93
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nFinance costs
\n-
\n
\n
\n-
\n
\n
\n(178)
\n
\n
\n(499)
\n
\n
\n-
\n
\n
\n(234)
\n
\n
\nFinance income
\n-
\n
\n
\n-
\n
\n
\n12
\n
\n
\n13
\n
\n
\n-
\n
\n
\n-
\n
\n
\nOther interest
\n-
\n
\n
\n-
\n
\n
\n(47)
\n
\n
\n(29)
\n
\n
\n-
\n
\n
\n(52)
\n
\n
\nManagement fees - intercompany charges
\n-
\n
\n
\n-
\n
\n
\n(630)
\n
\n
\n(1,057)
\n
\n
\n-
\n
\n
\n-
\n
\n
\nProfit / (loss) before taxation
\n242
\n
\n
\n93
\n
\n
\n2,397
\n
\n
\n1,547
\n
\n
\n842
\n
\n
\n62
\n
\n
\nTaxation
\n-
\n
\n
\n-
\n
\n
\n(737)
\n
\n
\n(457)
\n
\n
\n(660)
\n
\n
\n(982)
\n
\n
\nProfit / (loss) for the year-continuing operations
\n242
\n
\n
\n93
\n
\n
\n1,660
\n
\n
\n1,090
\n
\n
\n182
\n
\n
\n(920)
\n
\n
\nProfit / (loss) for the year-discontinued operations
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n2,082
\n
\n
\n4,865
\n
\n
\nProfit / (loss) for the year
\n242
\n
\n
\n93
\n
\n
\n1,660
\n
\n
\n1,090
\n
\n
\n2,264
\n
\n
\n3,945
\n
\n
\nCurrency translation reserve and remeasurement of employee benefits
\n- - 74 - - -
\nTotal comprehensive income for the year
\n242
\n
\n
\n93
\n
\n
\n1,734
\n
\n
\n1,090
\n
\n
\n2,264
\n
\n
\n3,945
\n
\n
\nNon-controlling interest
\n-
\n
\n
\n-
\n
\n
\n(764)
\n
\n
\n(481)
\n
\n
\n-
\n
\n
\n-
\n
\n
\nTotal comprehensive income attri butable to owners of the
\n242 93 970 609 2,264 3,945
\nAssets and l i abilities
\nSegment intangible assets:
\nIntangible assets with indefinite useful lives
\n-
\n
\n
\n-
\n
\n
\n1,387
\n
\n
\n1,387
\n
\n
\n-
\n
\n
\n-
\n
\n
\nIntangible assets with finite useful lives
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n5
\n
\n
\n5
\n
\n
\nSegment assets:
\nProperty, plant and equipment
\n-
\n
\n
\n-
\n
\n
\n5,346
\n
\n
\n5,557
\n
\n
\n2,364
\n
\n
\n2,341
\n
\n
\nOther segment assets (including cash)
\n(1,066)
\n
\n
\n(1,043)
\n
\n
\n3,637
\n
\n
\n3,876
\n
\n
\n17,786
\n
\n
\n18,792
\n
\n
\nTotal segment assets
\n(1,066)
\n
\n
\n(1,043)
\n
\n
\n10,370
\n
\n
\n10,820
\n
\n
\n20,155
\n
\n
\n21,138
\n
\n
\nAssets classified as held for sale
\n4,860
\n
\n
\n4,251
\n
\n
\n-
\n
\n
\n-
\n
\n
\n110
\n
\n
\n674
\n
\n
\nTotal assets
\n3,794
\n
\n
\n3,208
\n
\n
\n10,370
\n
\n
\n10,820
\n
\n
\n20,265
\n
\n
\n21,812
\n
\n
\nTotal segment li abilities
\n-
\n
\n
\n-
\n
\n
\n5,881
\n
\n
\n7,009
\n
\n
\n962
\n
\n
\n2,420
\n
\n
\nLiabilities associated with assets held for sale
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nTotal li abilities
\n-
\n
\n
\n-
\n
\n
\n5,881
\n
\n
\n7,009
\n
\n
\n962
\n
\n
\n2,420
\n
\n
\nNet assets
\n3,794
\n
\n
\n3,208
\n
\n
\n4,489
\n
\n
\n3,811
\n
\n
\n19,303
\n
\n
\n19,392
\n
\n
\nNon-controlli ng interest
\n-
\n
\n
\n-
\n
\n
\n1,732
\n
\n
\n1,747
\n
\n
\n-
\n
\n
\n-
\n
\n
\nOther segment items
\nCapital expenditure
\n-
\n
\n
\n-
\n
\n
\n874
\n
\n
\n498
\n
\n
\n17
\n
\n
\n672
\n
\n
\nDepreciation and amortization
\n-
\n
\n
\n-
\n
\n
\n1,017
\n
\n
\n1,075
\n
\n
\n60
\n
\n
\n117
\n
\n\n\n\n\n\n\n\n\n\n\nTotal Operation
\n Corporate and non-
\nallocated (1)
\n Costa Rica IFRS 11
\nAdjustments (2)
\nTotal
\n2023 2022 2023 2022 2023 2022 2023 2022
\nContinuing operations
\nTotal revenue
\n15,485
\n
\n
\n14,407
\n
\n
\n-
\n
\n
\n120
\n
\n
\n-
\n
\n
\n-
\n
\n
\n15,485
\n
\n
\n14,527
\n
\n
\nOperating profit / (loss) before: project development, depreciation,
\namortization and other gains and losses (Adjusted EBITDA)
\n4,587 4,687 (1,813) (1,057) - - 2,774 3,630
\nProject development
\n(42)
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n(42)
\n
\n
\n-
\n
\n
\nDepreciation and amortization
\n(1,077) (1,192) - - - - (1,077) (1,192)
\nOther gains and (losses)
\n712
\n
\n
\n(51)
\n
\n
\n1,249
\n
\n
\n1,534
\n
\n
\n-
\n
\n
\n-
\n
\n
\n1,961
\n
\n
\n1,483
\n
\n
\nSegments result
\n4,180
\n
\n
\n3,444
\n
\n
\n(564)
\n
\n
\n477
\n
\n
\n-
\n
\n
\n-
\n
\n
\n3,616
\n
\n
\n3,921
\n
\n
\nForeign exchange gain / (loss)
\n(98)
\n
\n
\n23
\n
\n
\n(66)
\n
\n
\n138
\n
\n
\n-
\n
\n
\n-
\n
\n
\n(164)
\n
\n
\n161
\n
\n
\nShare of profit / (loss) from equity accounted investments
\n242
\n
\n
\n93
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n242
\n
\n
\n93
\n
\n
\nFinance costs
\n(178)
\n
\n
\n(733)
\n
\n
\n(632)
\n
\n
\n(836)
\n
\n
\n-
\n
\n
\n-
\n
\n
\n(810)
\n
\n
\n(1,569)
\n
\n
\nFinance income
\n12
\n
\n
\n13
\n
\n
\n37
\n
\n
\n27
\n
\n
\n-
\n
\n
\n-
\n
\n
\n49
\n
\n
\n40
\n
\n
\nOther interest
\n(47)
\n
\n
\n(81)
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n(47)
\n
\n
\n(81)
\n
\n
\nManagement fees - intercompany charges
\n(630)
\n
\n
\n(1,057)
\n
\n
\n630
\n
\n
\n1,050
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n(7)
\n
\n
\nProfit / (loss) before taxation
\n3,481
\n
\n
\n1,702
\n
\n
\n(595)
\n
\n
\n856
\n
\n
\n-
\n
\n
\n-
\n
\n
\n2,886
\n
\n
\n2,558
\n
\n
\nTaxation
\n(1,397)
\n
\n
\n(1,439)
\n
\n
\n(148)
\n
\n
\n(192)
\n
\n
\n-
\n
\n
\n-
\n
\n
\n(1,545)
\n
\n
\n(1,631)
\n
\n
\nProfit / (loss) for the year-continuing operations
\n2,084 263 (743) 664 - - 1,341 927
\nProfit / (loss) for the year-discontinued operations
\n2,082
\n
\n
\n4,865
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n2,082
\n
\n
\n4,865
\n
\n
\nProfit / (loss) for the year
\n4,166
\n
\n
\n5,128
\n
\n
\n(743)
\n
\n
\n664
\n
\n
\n-
\n
\n
\n-
\n
\n
\n3,423
\n
\n
\n5,792
\n
\n
\nCurrency translation reserve and remeasurement of employee benefits
\n74 - 459 74 - - 533 74
\nTotal comprehensive income for the year
\n4,240
\n
\n
\n5,128
\n
\n
\n(284)
\n
\n
\n738
\n
\n
\n-
\n
\n
\n-
\n
\n
\n3,956
\n
\n
\n5,866
\n
\n
\nNon-controlling interest
\n(764)
\n
\n
\n(481)
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n(764)
\n
\n
\n(481)
\n
\n
\nTotal comprehensive income attributable to owners of the
\n3,476 4,647 (284) 738 - - 3,192 5,385
\nAssets and liabilities
\nSegment intangible assets:
\nIntangible assets with indefinite useful lives
\n1,387
\n
\n
\n1,387
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n1,387
\n
\n
\n1,387
\n
\n
\nIntangible assets with finite useful lives
\n5 5 - - - - 5 5
\nSegment assets:
\nProperty, plant and equipment
\n7,710
\n
\n
\n7,898
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n7,710
\n
\n
\n7,898
\n
\n
\nOther segment assets (including cash)
\n20,357
\n
\n
\n21,625
\n
\n
\n(8,677)
\n
\n
\n(6,579)
\n
\n
\n1,369
\n
\n
\n784
\n
\n
\n13,049
\n
\n
\n15,830
\n
\n
\nTotal segment assets
\n29,459
\n
\n
\n30,915
\n
\n
\n(8,677)
\n
\n
\n(6,579)
\n
\n
\n1,369
\n
\n
\n784
\n
\n
\n22,151
\n
\n
\n25,120
\n
\n
\nAssets classified as held for sale
\n4,970
\n
\n
\n4,925
\n
\n
\n-
\n
\n
\n-
\n
\n
\n(4,860)
\n
\n
\n(4,251)
\n
\n
\n110
\n
\n
\n674
\n
\n
\nTotal assets
\n34,429 35,840 (8,677) (6,579) (3,491) (3,467) 22,261 25,794
\nTotal segment liabil ities
\n6,843
\n
\n
\n9,429
\n
\n
\n11,157
\n
\n
\n15,428
\n
\n
\n-
\n
\n
\n-
\n
\n
\n18,000
\n
\n
\n24,857
\n
\n
\nLiabilities associated with assets held for sale
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nTotal liabiliti es
\n6,843
\n
\n
\n9,429
\n
\n
\n11,157
\n
\n
\n15,428
\n
\n
\n-
\n
\n
\n-
\n
\n
\n18,000
\n
\n
\n24,857
\n
\n
\nNet assets / (li abilities)
\n27,586 26,411 (19,834) (22,007) (3,491) (3,467) 4,261 937
\nNon-controlling interest
\n1,732
\n
\n
\n1,747
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n1,732
\n
\n
\n1,747
\n
\n
\nOther segment items
\nCapital expenditure
\n891
\n
\n
\n1,170
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n891
\n
\n
\n1,170
\n
\n
\nDepreciation and amortization
\n1,077 1,192 - - - - 1,077 1,192
\n(1)
\n Includes non-operating entities
\n(2)
\n Includes adjustment to Costa Rica segment results for equity accounting under IFRS 11.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag366": {
"value": "\nThe measurement policies the Group uses for segment reporting under IFRS 8 are the same as those
\nused in its financial statements, except that expenses relating to share-based payments are not
\nincluded in arriving at the operating profit of the operating segments and results for the Group\u2019s
\nequity accounted joint venture is shown proportionally. Corporate assets that are not directly
\nattributable to the business activities of any operating segment are not allocated to a segment.
\nThere have been no changes from prior periods in the measurement methods used to determine
\nreported segment profit or loss. No asymmetrical allocations have been applied between segments.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag381": {
"value": "\n
\n
\n\n\n\n
\n\n5. OTHER GAINS AND (LOSSES)
\n2023 2022
\nGain on sale, write off of assets and liabilities (a) 1,109$ (40)$
\nGain on debt extinguishment (b) 711 -
\nSettlement of THLA tax case (c) 309 -
\nReimbursement to Group on lender settlement (d) 67 -
\nOther (e) 68 -
\nSettlement of other liabilities (f) (258) -
\nSettlement of Costa Rica litigation (g) (30) -
\nRestructuring costs (h) (15) (11)
\nTax liability Guatemala - (109)
\nSun Nippon Company S.A.C. - Coin-in Settlement -$ 1,643$
\nTotal 1,961$ 1,483$
\n
\na. Gain on sale, write off of assets and liabilities
\nDuring the year ended December 31, 2023, the Group recognized gains on the disposal of
\nproperty, plant, and equipment of $3,000, gain on penalty from contract cancelation of $43,000,
\nfair value gain on financial asset through profit and loss of $15,000, and gain from write-off of
\naged liabilities of $1,072,000, partially offset by a bad debt provision of $24,000.
\nb. Gain on debt extinguishment
\nDuring the year ended December 31, 2023, the group negotiated settlements with two lenders
\nextinguishing $1,232,000 of principal and $164,000 of accrued interest .The settlements
\nresulted in a $711,000 gain on debt extinguishment.
\nc. Settlement of THLA tax case
\nDuring the year ended December 31, 2023, SUNAT, the Peruvian tax authority recognized
\nIGV paid by THLA for the year 2013 as a credit to be applied against any taxes owed by the
\ncompany. The credit resulted in the recognition of a gain and was used to settle income taxes
\nowed in relation to the 2008 THLA tax case.
\nd. Reimbursement to Group on lender settlement
\nDuring the year ended December 31, 2023, the group collected reimbursements and advances
\nmade to certain parties of $67,000.
\ne. Other
\nDuring the year ended December 31, 2023, The group recorded gains of $68,000 related to
\nrefunds of court fees and utilities charges.
\n\n\n
\n\n\n\n
\n\n\n\n\n
\n\nf. Settlement of other liabilities
\nDuring the year ended December 31, 2023, the group settled litigation with a former employee
\nresulting in a loss of $258,000.
\ng. Settlement of Costa Rica litigation
\nDuring the year ended December 31, 2023, the group settled litigation in Costa Rica with a
\nformer employee resulting in a loss of $30,000.
\nh. Restructuring costs
\nDuring the year ended December 31, 2023, in an effort to restructure Peru overhead, the Group
\nreduced its Peru head count. The restructuring costs are made up of severance settlements to
\nliquidate employees totaling $15,000.
\n
\n\n\n\n
\n\n\n\n30. OPERATING, GENERAL AND ADMINISTRATIVE EXPENSES
\n As at December 31, 2023, operating, general and administrative expenses consist of the following:
\n2023 2022
\nWages and benefits 3,966 3,267
\nOffice and administration 1,837 1,699
\nProfessional services 959 1,013
\nDirectors fees 48 48
\nTravel and accomodations 23 35
\nAdvertising, promotion and marketing
\n289 137
\nRent expenses 32 149
\nInsurance 118 91
\nRepair and maintenance 484 363
\nBank charges 331 302
\nTaxes and licences 341 275
\nTotal 8,428$ 7,379$
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag382": {
"value": "\n\n\n
\n\n5. OTHER GAINS AND (LOSSES)
\n2023 2022
\nGain on sale, write off of assets and liabilities (a) 1,109$ (40)$
\nGain on debt extinguishment (b) 711 -
\nSettlement of THLA tax case (c) 309 -
\nReimbursement to Group on lender settlement (d) 67 -
\nOther (e) 68 -
\nSettlement of other liabilities (f) (258) -
\nSettlement of Costa Rica litigation (g) (30) -
\nRestructuring costs (h) (15) (11)
\nTax liability Guatemala - (109)
\nSun Nippon Company S.A.C. - Coin-in Settlement -$ 1,643$
\nTotal 1,961$ 1,483$
\n
\na. Gain on sale, write off of assets and liabilities
\nDuring the year ended December 31, 2023, the Group recognized gains on the disposal of
\nproperty, plant, and equipment of $3,000, gain on penalty from contract cancelation of $43,000,
\nfair value gain on financial asset through profit and loss of $15,000, and gain from write-off of
\naged liabilities of $1,072,000, partially offset by a bad debt provision of $24,000.
\nb. Gain on debt extinguishment
\nDuring the year ended December 31, 2023, the group negotiated settlements with two lenders
\nextinguishing $1,232,000 of principal and $164,000 of accrued interest .The settlements
\nresulted in a $711,000 gain on debt extinguishment.
\nc. Settlement of THLA tax case
\nDuring the year ended December 31, 2023, SUNAT, the Peruvian tax authority recognized
\nIGV paid by THLA for the year 2013 as a credit to be applied against any taxes owed by the
\ncompany. The credit resulted in the recognition of a gain and was used to settle income taxes
\nowed in relation to the 2008 THLA tax case.
\nd. Reimbursement to Group on lender settlement
\nDuring the year ended December 31, 2023, the group collected reimbursements and advances
\nmade to certain parties of $67,000.
\ne. Other
\nDuring the year ended December 31, 2023, The group recorded gains of $68,000 related to
\nrefunds of court fees and utilities charges.
\n\n\n
\n\n\n\nf. Settlement of other liabilities
\nDuring the year ended December 31, 2023, the group settled litigation with a former employee
\nresulting in a loss of $258,000.
\ng. Settlement of Costa Rica litigation
\nDuring the year ended December 31, 2023, the group settled litigation in Costa Rica with a
\nformer employee resulting in a loss of $30,000.
\nh. Restructuring costs
\nDuring the year ended December 31, 2023, in an effort to restructure Peru overhead, the Group
\nreduced its Peru head count. The restructuring costs are made up of severance settlements to
\nliquidate employees totaling $15,000.
\n
\n\n\n\n\n\n30. OPERATING, GENERAL AND ADMINISTRATIVE EXPENSES
\n As at December 31, 2023, operating, general and administrative expenses consist of the following:
\n2023 2022
\nWages and benefits 3,966 3,267
\nOffice and administration 1,837 1,699
\nProfessional services 959 1,013
\nDirectors fees 48 48
\nTravel and accomodations 23 35
\nAdvertising, promotion and marketing
\n289 137
\nRent expenses 32 149
\nInsurance 118 91
\nRepair and maintenance 484 363
\nBank charges 331 302
\nTaxes and licences 341 275
\nTotal 8,428$ 7,379$
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag398": {
"value": "\n5. OTHER GAINS AND (LOSSES)
\n2023 2022
\nGain on sale, write off of assets and liabilities (a) 1,109$ (40)$
\nGain on debt extinguishment (b) 711 -
\nSettlement of THLA tax case (c) 309 -
\nReimbursement to Group on lender settlement (d) 67 -
\nOther (e) 68 -
\nSettlement of other liabilities (f) (258) -
\nSettlement of Costa Rica litigation (g) (30) -
\nRestructuring costs (h) (15) (11)
\nTax liability Guatemala - (109)
\nSun Nippon Company S.A.C. - Coin-in Settlement -$ 1,643$
\nTotal 1,961$ 1,483$
\n
\na. Gain on sale, write off of assets and liabilities
\nDuring the year ended December 31, 2023, the Group recognized gains on the disposal of
\nproperty, plant, and equipment of $3,000, gain on penalty from contract cancelation of $43,000,
\nfair value gain on financial asset through profit and loss of $15,000, and gain from write-off of
\naged liabilities of $1,072,000, partially offset by a bad debt provision of $24,000.
\nb. Gain on debt extinguishment
\nDuring the year ended December 31, 2023, the group negotiated settlements with two lenders
\nextinguishing $1,232,000 of principal and $164,000 of accrued interest .The settlements
\nresulted in a $711,000 gain on debt extinguishment.
\nc. Settlement of THLA tax case
\nDuring the year ended December 31, 2023, SUNAT, the Peruvian tax authority recognized
\nIGV paid by THLA for the year 2013 as a credit to be applied against any taxes owed by the
\ncompany. The credit resulted in the recognition of a gain and was used to settle income taxes
\nowed in relation to the 2008 THLA tax case.
\nd. Reimbursement to Group on lender settlement
\nDuring the year ended December 31, 2023, the group collected reimbursements and advances
\nmade to certain parties of $67,000.
\ne. Other
\nDuring the year ended December 31, 2023, The group recorded gains of $68,000 related to
\nrefunds of court fees and utilities charges.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag383": {
"value": "\n6. COMPENSATION OF KEY PERSONNEL
\nKey Management of the Group are the members of the Board of Directors and officers.
\nThe remuneration of key management personnel during the year was as follows:
\n
\n2023 2022
\nSalaries and bonuses 1,216 669
\nShort-term benefits 50 29
\nTotal 1,266$ 698$
\nThe following table provides additional detail of remuneration to key management personnel
\nduring the year:
\n
\n\n\n\nName
\nOfficer/Director
\nSalary
\nBonus
\nSeverance
\nShort-term
\nbenefits
\nTotal
\ncompensation
\nSalomon Guggenheim
\n (1)
\nDirector-Officer
\n274
\n$
\n
\n47
\n$
\n
\n-
\n$
\n
\n7
\n$
\n
\n328
\n$
\n
\nAlbert Atallah
\n(2)
\nOfficer
\n180
\n
\n
\n83
\n
\n
\n102
\n
\n
\n26
\n
\n
\n391
\n
\n
\nPeter Lesar
\n(3)
\nOfficer
\n240
\n
\n
\n242
\n
\n
\n-
\n
\n
\n17
\n
\n
\n499
\n
\n
\nStephan Fitch Director 24 - - - 24
\nReto Stadelmann Director 24 - - - 24
\nTotal 742$ 372$ 102$ 50$ 1,266$
\n(1)
\nAggregate other compensation includes discretionary expenses of $7,000.
\n(2)
\nAggregate other compensation includes discretionary expenses of $26,000. Mr. Atallah was a Director-Employee until his retirement on
\nDecember 31, 2023.
\n(3)
\nAggregate other compensation includes discretionary expenses of $17,000.
\nThe remuneration of key personnel is determined by the compensation committee taking into
\naccount the performance of individuals and market trends.
\n
\n\n\n\nTransaction with Officers and Directors included within borrowings
\nSalomon Guggenheim, who previous to the middle of 2013 only held the roles of Director and
\nadvisor to the Group, is a director and not a beneficial owner in a company called India Ltd. The
\nGroup has been loaned various amounts by India Ltd. Please see Officer related party in the table
\nbelow for amount due and interest paid to India Ltd. during 2023 and 2022.
\n
\n\n\n\n\n\n\n\n2023 2022
\nAmount due Interest paid Amount due Interest paid
\nCountry
\nOfficer related party Corporate 1,495 - 1,372 -
\nTotal 1,495$ -$ 1,372$ -$
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag384": {
"value": "\n
\n\n
\n\n
\n\n
\n\n
\n\n7. FINANCING COSTS AND INCOME
\nFinance cost and income includes all interest-related expenses and income, other than those arising
\nfrom financial assets at fair value through profit or loss. The following amounts have been included
\nin profit or loss for the reporting periods presented:
\n2023 2022
\nFinance cost
\nBank loans 32$ 267$
\nOther loans 471 560
\nRelated party loans 123 113
\nRelated party payables - 120
\nFinance charges payable under finance leases and hire purchase contracts
\n138 453
\nAmortization of borrowing costs - 8
\nOther finance charges 46 48
\nTotal finance costs (on a historical cost basis) 810 1,569
\nFinance income
\nBank interest receivable 49 29
\nRelated party interest receivable - 11
\nTotal finance income (on a historical cost basis) 49$ 40$
\nOther interest
\nOther interest 47 81
\nTotal other interest 47$ 81$
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag385": {
"value": "\n
\n\n
\n\n
\n\n
\n\n7. FINANCING COSTS AND INCOME
\nFinance cost and income includes all interest-related expenses and income, other than those arising
\nfrom financial assets at fair value through profit or loss. The following amounts have been included
\nin profit or loss for the reporting periods presented:
\n2023 2022
\nFinance cost
\nBank loans 32$ 267$
\nOther loans 471 560
\nRelated party loans 123 113
\nRelated party payables - 120
\nFinance charges payable under finance leases and hire purchase contracts
\n138 453
\nAmortization of borrowing costs - 8
\nOther finance charges 46 48
\nTotal finance costs (on a historical cost basis) 810 1,569
\nFinance income
\nBank interest receivable 49 29
\nRelated party interest receivable - 11
\nTotal finance income (on a historical cost basis) 49$ 40$
\nOther interest
\nOther interest 47 81
\nTotal other interest 47$ 81$
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag386": {
"value": "\n
\n\n
\n\n
\n\n7. FINANCING COSTS AND INCOME
\nFinance cost and income includes all interest-related expenses and income, other than those arising
\nfrom financial assets at fair value through profit or loss. The following amounts have been included
\nin profit or loss for the reporting periods presented:
\n2023 2022
\nFinance cost
\nBank loans 32$ 267$
\nOther loans 471 560
\nRelated party loans 123 113
\nRelated party payables - 120
\nFinance charges payable under finance leases and hire purchase contracts
\n138 453
\nAmortization of borrowing costs - 8
\nOther finance charges 46 48
\nTotal finance costs (on a historical cost basis) 810 1,569
\nFinance income
\nBank interest receivable 49 29
\nRelated party interest receivable - 11
\nTotal finance income (on a historical cost basis) 49$ 40$
\nOther interest
\nOther interest 47 81
\nTotal other interest 47$ 81$
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag387": {
"value": "\n
\n\n
\n\n7. FINANCING COSTS AND INCOME
\nFinance cost and income includes all interest-related expenses and income, other than those arising
\nfrom financial assets at fair value through profit or loss. The following amounts have been included
\nin profit or loss for the reporting periods presented:
\n2023 2022
\nFinance cost
\nBank loans 32$ 267$
\nOther loans 471 560
\nRelated party loans 123 113
\nRelated party payables - 120
\nFinance charges payable under finance leases and hire purchase contracts
\n138 453
\nAmortization of borrowing costs - 8
\nOther finance charges 46 48
\nTotal finance costs (on a historical cost basis) 810 1,569
\nFinance income
\nBank interest receivable 49 29
\nRelated party interest receivable - 11
\nTotal finance income (on a historical cost basis) 49$ 40$
\nOther interest
\nOther interest 47 81
\nTotal other interest 47$ 81$
\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag388": {
"value": "\n
\n\n7. FINANCING COSTS AND INCOME
\nFinance cost and income includes all interest-related expenses and income, other than those arising
\nfrom financial assets at fair value through profit or loss. The following amounts have been included
\nin profit or loss for the reporting periods presented:
\n2023 2022
\nFinance cost
\nBank loans 32$ 267$
\nOther loans 471 560
\nRelated party loans 123 113
\nRelated party payables - 120
\nFinance charges payable under finance leases and hire purchase contracts
\n138 453
\nAmortization of borrowing costs - 8
\nOther finance charges 46 48
\nTotal finance costs (on a historical cost basis) 810 1,569
\nFinance income
\nBank interest receivable 49 29
\nRelated party interest receivable - 11
\nTotal finance income (on a historical cost basis) 49$ 40$
\nOther interest
\nOther interest 47 81
\nTotal other interest 47$ 81$
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag389": {
"value": "\n7. FINANCING COSTS AND INCOME
\nFinance cost and income includes all interest-related expenses and income, other than those arising
\nfrom financial assets at fair value through profit or loss. The following amounts have been included
\nin profit or loss for the reporting periods presented:
\n2023 2022
\nFinance cost
\nBank loans 32$ 267$
\nOther loans 471 560
\nRelated party loans 123 113
\nRelated party payables - 120
\nFinance charges payable under finance leases and hire purchase contracts
\n138 453
\nAmortization of borrowing costs - 8
\nOther finance charges 46 48
\nTotal finance costs (on a historical cost basis) 810 1,569
\nFinance income
\nBank interest receivable 49 29
\nRelated party interest receivable - 11
\nTotal finance income (on a historical cost basis) 49$ 40$
\nOther interest
\nOther interest 47 81
\nTotal other interest 47$ 81$
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag390": {
"value": "\n
\n
\n\n8. INCOME TAXES AND DEFERRED TAX LIABILITY
\na) Tax charged in profit or loss
\n2023 2022 (restated)
\nCurrent Income Tax
\nForeign tax
\n1,277$ 1,130$
\nTotal current income tax
\n1,277 1,130
\nDeferred Tax
\nOrigination and reversal of temporary differences
\n268 501
\nTotal deferred tax
\n268 501
\nTax charged in the statement of comprehensive income
\n1,545$ 1,631$
\nTaxes allocated to:
\nLoss for the year
\n1,545 1,631
\nTotals
\n1,545$ 1,631$
\n
\n\n\n\n
\n\n\n\n\n
\n\nb) Reconciliation of the total tax charge
\nThe tax expense in the statement of comprehensive income for the year is higher than the
\nstandard rate of corporate tax in the British Virgin Islands of 0%. The differences are
\nreconciled below:
\n2023 2022 (restated)
\nAccounting profit / (loss) before income tax
\n2,886$ 2,558$
\nEffect of different tax rates on overseas earnings
\n1,545 1,631
\nTotal tax expense reported in the statement of income
\n1,545$ 1,631$
\nDeferred income tax assets
\nTemporary differences on net assets
\n940 1,408
\nTotal deferred tax
\n940$ 1,408$
\nDeferred income tax liabilities
\nOther
\n685 855
\nTotal deferred tax liabilities
\n685$ 855$
\nAt December 31, 2023, the Group has unrecognized United States income tax net operating losses
\nof $18,231,000 (2022 - $18,622,000). These operating losses expire at various dates for up to 20
\nyears. The potential income tax benefits related to United States loss carry forwards have not been
\nreflected in the accounts as the Group does not anticipate future United States net income.
\nThe Group has recorded a deferred tax asset in the amount of $940,000 (2022 restated -
\n$1,408,000), related to leases in the Group\u2019s Nicaragua Subsidiary and to provisions and book
\nreserves in certain Peru subsidiaries.
\nStatement of Financial Position
\nStatement of Financial Position
\n2023
\n2022 (restated)
\nDeferred Tax
\nAssets
\nDeferred Tax
\nLiabilities
\nDeferred Tax
\nTotal
\nDeferred Tax
\nAssets
\nDeferred Tax
\nLiabilities
\nDeferred Tax
\nTotal
\nBalance at beginning of year
\n1,408$ (855)$ 553$ 1,789$ (753)$ 1,036$
\nMovement in profit or loss
\n(460) 161 (299) (383) (118) (501)
\nForeign exchange and other
\n(8) 9 1 2 16 18
\nBalance at end of year
\n940$ (685)$ 255$ 1,408$ (855)$ 553$
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag391": {
"value": "\n8. INCOME TAXES AND DEFERRED TAX LIABILITY
\na) Tax charged in profit or loss
\n2023 2022 (restated)
\nCurrent Income Tax
\nForeign tax
\n1,277$ 1,130$
\nTotal current income tax
\n1,277 1,130
\nDeferred Tax
\nOrigination and reversal of temporary differences
\n268 501
\nTotal deferred tax
\n268 501
\nTax charged in the statement of comprehensive income
\n1,545$ 1,631$
\nTaxes allocated to:
\nLoss for the year
\n1,545 1,631
\nTotals
\n1,545$ 1,631$
\n
\n\n\n\nb) Reconciliation of the total tax charge
\nThe tax expense in the statement of comprehensive income for the year is higher than the
\nstandard rate of corporate tax in the British Virgin Islands of 0%. The differences are
\nreconciled below:
\n2023 2022 (restated)
\nAccounting profit / (loss) before income tax
\n2,886$ 2,558$
\nEffect of different tax rates on overseas earnings
\n1,545 1,631
\nTotal tax expense reported in the statement of income
\n1,545$ 1,631$
\nDeferred income tax assets
\nTemporary differences on net assets
\n940 1,408
\nTotal deferred tax
\n940$ 1,408$
\nDeferred income tax liabilities
\nOther
\n685 855
\nTotal deferred tax liabilities
\n685$ 855$
\nAt December 31, 2023, the Group has unrecognized United States income tax net operating losses
\nof $18,231,000 (2022 - $18,622,000). These operating losses expire at various dates for up to 20
\nyears. The potential income tax benefits related to United States loss carry forwards have not been
\nreflected in the accounts as the Group does not anticipate future United States net income.
\nThe Group has recorded a deferred tax asset in the amount of $940,000 (2022 restated -
\n$1,408,000), related to leases in the Group\u2019s Nicaragua Subsidiary and to provisions and book
\nreserves in certain Peru subsidiaries.
\nStatement of Financial Position
\nStatement of Financial Position
\n2023
\n2022 (restated)
\nDeferred Tax
\nAssets
\nDeferred Tax
\nLiabilities
\nDeferred Tax
\nTotal
\nDeferred Tax
\nAssets
\nDeferred Tax
\nLiabilities
\nDeferred Tax
\nTotal
\nBalance at beginning of year
\n1,408$ (855)$ 553$ 1,789$ (753)$ 1,036$
\nMovement in profit or loss
\n(460) 161 (299) (383) (118) (501)
\nForeign exchange and other
\n(8) 9 1 2 16 18
\nBalance at end of year
\n940$ (685)$ 255$ 1,408$ (855)$ 553$
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag392": {
"value": "\n
\n\n
\n\n
\n\n
\n\n9. INTANGIBLE ASSETS
\n2023 2022
\nGoodwill
\nOthers
\n(Software
\nand license)
\nTotal Goodwill
\nOthers
\n(Software
\nand license)
\nTotal
\nCost
\nBalance at beginning of year
\n1,387
\n$
\n
\n3,044
\n$
\n
\n4,431
\n$
\n
\n1,387
\n$
\n
\n3,044
\n$
\n
\n4,431
\n$
\n
\nAdditions
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nSale of subsidiary
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nBalance at end of year
\n1,387
\n
\n
\n3,044
\n
\n
\n4,431
\n
\n
\n1,387
\n
\n
\n3,044
\n
\n
\n4,431
\n
\n
\nAccumulated amortization and impairment
\nBalance at beginning of year
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\n-
\n
\n
\n3,040
\n
\n
\n3,040
\n
\n
\nChange for the year
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n(1)
\n
\n
\n(1)
\n
\n
\nBalance at end of year
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\nCarrying amount
\nAt beginning of year
\n1,387 5 1,392 1,387 4 1,391
\nAt end of year
\n1,387$ 5$ 1,392$ 1,387$ 5$ 1,392$
\n
\n\n\n\nImpairment review
\nFor the purposes of assessing potential impairment, the Group\u2019s assets are grouped and reviewed
\nfor impairment at the lowest cash generating unit (CGU) level, where cash flows are independent
\nof one another. The review is focused on our ongoing operating segments located in Nicaragua,
\nwhere GCU is deemed by operating location/venue.
\nFor the purpose of annual impairment testing, goodwill in Nicaragua was allocated to each
\nindividual CGU proportional to its percentage of country-wide revenue.
\n2023
\nGoodwill
\nOther assets
\nconsidered for
\nimpairment
\nTotal assets
\nconsidered for
\nimpairment
\nNicaragua 1,387 5,284 6,671
\nTotal 1,387$ 5,284$ 6,671$
\n(1) Calculated as net asset of the CGU plus borrowings less cash and cash equivalents.
\nThe recoverable amount of each CGU was determined based on value-in-use calculations. The
\nfollowing paragraphs describe the key assumptions on which Management has based its cash flow
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n\nprojections for the period covered by the most recent budgets/forecasts and a description of
\nManagement\u2019s approach to determining the value(s) assigned to each key assumption.
\nManagement\u2019s key assumptions to forecast cash flow include:
\n1. Revenue and revenue growth: Revenue and revenue growth was considered as a key
\nassumption. Specifically, revenue for future years was forecasted by: a) Taking into account
\nas a base line the revenue generated in each CGU in 2023; and b) Increasing that base line
\nrevenue equal to an organic growth that is equal to the long-term GDP growth forecasted by
\nindependent analysts for Nicaragua.
\n2. Cost of goods sold and growth of costs of goods sold: Cost of goods sold and growth in cost
\nof goods sold was considered as a key assumption. Specifically, costs of goods sold for future
\nyears was forecasted by: a) Taking into account as a base line the cost of goods sold in each
\nCGU in 2023; and b) Increasing that base line cost of goods sold by the long-term rate of
\ninflation rate forecasted by independent analysts for Nicaragua.
\n3. Operating costs and growth of operating costs: Operating costs and growth in operating costs
\nwas considered as a key assumption. Specifically, operating costs for future years were
\nforecasted by: a) Taking into account as a base line the operating cost of in each CGU in 2023;
\nand b) Increasing those base line operating costs by the long-term rate of inflation rate
\nforecasted by independent analysts for Nicaragua.
\n4. Depreciation and amortization: Depreciation and amortization are forecasted based on the
\nknown future schedule of depreciation and amortization as of December 31, 2023 for each
\nCGU, and then adjusted based on the future depreciation of assets to be purchased in the future
\nusing maintenance capex. For the purpose of annual impairment testing, depreciation and
\namortization in Nicaragua were allocated to each individual CGU proportional to its percentage
\nof country-wide revenue.
\n5. Financing costs, net: Financing costs, net are forecasted based on the schedule of all known
\ndebt as of December 31, 2023 for each CGU. For the purpose of annual impairment testing,
\nfinancing costs, net in Nicaragua were allocated to each individual CGU proportional to its
\npercentage of country-wide revenue.
\n6. Direct and indirect taxes: Direct and indirect taxes were forecasted based on the tax regime in
\nplace as of December 31, 2023.
\n7. Maintenance Capex: Maintenance capex was forecasted for future years based on the
\npercentage of revenue allocated to maintenance capex in 2023 for each CGU.
\nDiscount rates
\nThe present value of the expected cash flows of each segment is determined by applying a suitable
\ndiscount rate. The discount rate was derived based on the calculation of Weighted Average Cost of
\nCapital (WACC) for the Group, adjusted to reflect market data for companies in the gaming
\nindustry. The discount rates reflect appropriate adjustments relating to market risk and specific risk
\nfactors of each segment (incorporating adjustments for geographic location and currency risk). The
\ndiscount rate applied to Nicaragua was 16.23%.
\n With regard to the assessment of value in use of each acquisition, there are possible changes in key
\nassumptions that could cause the carrying value of the unit to exceed its recoverable amount. These
\nare discussed below:
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n\n1. Revenue and revenue growth: Gaming revenue can be impacted by a) Changes in drop levels,
\nwhich may be affected by the number of customers, seasonality, effective marketing efforts, a
\nchange in technology, competition or regulatory changes; and b) Changes in Hold %,
\nrepresenting the probability of individual games, which change can happen through chance,
\nchanges in gaming regulation and changes in gaming technology. Hotel revenue can be
\nimpacted by competition and seasonality. Growth rates, which are based on estimated GDP
\ngrowth may be affected by material shifts in disposable income available for entertainment and
\nhospitality.
\n2. Cost of goods sold and growth of costs of goods sold: Costs of goods sold can be impacted by
\nchanges in the market price of different goods and services, our competitiveness and
\nrequirements to increase promotional allowances, and by payroll adjustments because of
\nchanges in labor market conditions and/or management efficiencies. Cost of goods growth
\nrates, which are based on estimated inflation rates, may be affected by changes in market and/or
\neconomic conditions.
\n3. Operating costs and growth of operating costs: Operating costs can be impacted by changes in
\nthe market price of different goods and services, our competitiveness and requirements to
\nincrease marketing expense, and by payroll adjustments because of changes in labor market
\nconditions and/or management efficiencies. Operating cost growth rates, which are based on
\nestimated inflation rates, may be affected by changes in market and/or economic conditions.
\n4. Depreciation and amortization: Depreciation and amortization may be affected by the addition
\nor sale of depreciable property, plant and equipment, including capital expenditures for
\nmaintenance purposes.
\n5. Financing costs, net: Financial Costs, net may be affected by the addition or pre-payment of
\ndebt from the current debt schedule and by changes in the financial interest charged by banks.
\n6. Direct and indirect taxes: Direct and indirect taxes may be affected by changes in tax
\nlegislation, regulation and judicial rulings.
\n7. Maintenance Capex: Maintenance capex may be affected by the non-planned deterioration of
\nassets, whose replacement will deviate from the investment time and investment amount
\nconsidered in our estimations.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag393": {
"value": "\n
\n\n
\n\n
\n\n9. INTANGIBLE ASSETS
\n2023 2022
\nGoodwill
\nOthers
\n(Software
\nand license)
\nTotal Goodwill
\nOthers
\n(Software
\nand license)
\nTotal
\nCost
\nBalance at beginning of year
\n1,387
\n$
\n
\n3,044
\n$
\n
\n4,431
\n$
\n
\n1,387
\n$
\n
\n3,044
\n$
\n
\n4,431
\n$
\n
\nAdditions
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nSale of subsidiary
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nBalance at end of year
\n1,387
\n
\n
\n3,044
\n
\n
\n4,431
\n
\n
\n1,387
\n
\n
\n3,044
\n
\n
\n4,431
\n
\n
\nAccumulated amortization and impairment
\nBalance at beginning of year
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\n-
\n
\n
\n3,040
\n
\n
\n3,040
\n
\n
\nChange for the year
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n(1)
\n
\n
\n(1)
\n
\n
\nBalance at end of year
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\nCarrying amount
\nAt beginning of year
\n1,387 5 1,392 1,387 4 1,391
\nAt end of year
\n1,387$ 5$ 1,392$ 1,387$ 5$ 1,392$
\n
\n\n\n\nImpairment review
\nFor the purposes of assessing potential impairment, the Group\u2019s assets are grouped and reviewed
\nfor impairment at the lowest cash generating unit (CGU) level, where cash flows are independent
\nof one another. The review is focused on our ongoing operating segments located in Nicaragua,
\nwhere GCU is deemed by operating location/venue.
\nFor the purpose of annual impairment testing, goodwill in Nicaragua was allocated to each
\nindividual CGU proportional to its percentage of country-wide revenue.
\n2023
\nGoodwill
\nOther assets
\nconsidered for
\nimpairment
\nTotal assets
\nconsidered for
\nimpairment
\nNicaragua 1,387 5,284 6,671
\nTotal 1,387$ 5,284$ 6,671$
\n(1) Calculated as net asset of the CGU plus borrowings less cash and cash equivalents.
\nThe recoverable amount of each CGU was determined based on value-in-use calculations. The
\nfollowing paragraphs describe the key assumptions on which Management has based its cash flow
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n\nprojections for the period covered by the most recent budgets/forecasts and a description of
\nManagement\u2019s approach to determining the value(s) assigned to each key assumption.
\nManagement\u2019s key assumptions to forecast cash flow include:
\n1. Revenue and revenue growth: Revenue and revenue growth was considered as a key
\nassumption. Specifically, revenue for future years was forecasted by: a) Taking into account
\nas a base line the revenue generated in each CGU in 2023; and b) Increasing that base line
\nrevenue equal to an organic growth that is equal to the long-term GDP growth forecasted by
\nindependent analysts for Nicaragua.
\n2. Cost of goods sold and growth of costs of goods sold: Cost of goods sold and growth in cost
\nof goods sold was considered as a key assumption. Specifically, costs of goods sold for future
\nyears was forecasted by: a) Taking into account as a base line the cost of goods sold in each
\nCGU in 2023; and b) Increasing that base line cost of goods sold by the long-term rate of
\ninflation rate forecasted by independent analysts for Nicaragua.
\n3. Operating costs and growth of operating costs: Operating costs and growth in operating costs
\nwas considered as a key assumption. Specifically, operating costs for future years were
\nforecasted by: a) Taking into account as a base line the operating cost of in each CGU in 2023;
\nand b) Increasing those base line operating costs by the long-term rate of inflation rate
\nforecasted by independent analysts for Nicaragua.
\n4. Depreciation and amortization: Depreciation and amortization are forecasted based on the
\nknown future schedule of depreciation and amortization as of December 31, 2023 for each
\nCGU, and then adjusted based on the future depreciation of assets to be purchased in the future
\nusing maintenance capex. For the purpose of annual impairment testing, depreciation and
\namortization in Nicaragua were allocated to each individual CGU proportional to its percentage
\nof country-wide revenue.
\n5. Financing costs, net: Financing costs, net are forecasted based on the schedule of all known
\ndebt as of December 31, 2023 for each CGU. For the purpose of annual impairment testing,
\nfinancing costs, net in Nicaragua were allocated to each individual CGU proportional to its
\npercentage of country-wide revenue.
\n6. Direct and indirect taxes: Direct and indirect taxes were forecasted based on the tax regime in
\nplace as of December 31, 2023.
\n7. Maintenance Capex: Maintenance capex was forecasted for future years based on the
\npercentage of revenue allocated to maintenance capex in 2023 for each CGU.
\nDiscount rates
\nThe present value of the expected cash flows of each segment is determined by applying a suitable
\ndiscount rate. The discount rate was derived based on the calculation of Weighted Average Cost of
\nCapital (WACC) for the Group, adjusted to reflect market data for companies in the gaming
\nindustry. The discount rates reflect appropriate adjustments relating to market risk and specific risk
\nfactors of each segment (incorporating adjustments for geographic location and currency risk). The
\ndiscount rate applied to Nicaragua was 16.23%.
\n With regard to the assessment of value in use of each acquisition, there are possible changes in key
\nassumptions that could cause the carrying value of the unit to exceed its recoverable amount. These
\nare discussed below:
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n\n1. Revenue and revenue growth: Gaming revenue can be impacted by a) Changes in drop levels,
\nwhich may be affected by the number of customers, seasonality, effective marketing efforts, a
\nchange in technology, competition or regulatory changes; and b) Changes in Hold %,
\nrepresenting the probability of individual games, which change can happen through chance,
\nchanges in gaming regulation and changes in gaming technology. Hotel revenue can be
\nimpacted by competition and seasonality. Growth rates, which are based on estimated GDP
\ngrowth may be affected by material shifts in disposable income available for entertainment and
\nhospitality.
\n2. Cost of goods sold and growth of costs of goods sold: Costs of goods sold can be impacted by
\nchanges in the market price of different goods and services, our competitiveness and
\nrequirements to increase promotional allowances, and by payroll adjustments because of
\nchanges in labor market conditions and/or management efficiencies. Cost of goods growth
\nrates, which are based on estimated inflation rates, may be affected by changes in market and/or
\neconomic conditions.
\n3. Operating costs and growth of operating costs: Operating costs can be impacted by changes in
\nthe market price of different goods and services, our competitiveness and requirements to
\nincrease marketing expense, and by payroll adjustments because of changes in labor market
\nconditions and/or management efficiencies. Operating cost growth rates, which are based on
\nestimated inflation rates, may be affected by changes in market and/or economic conditions.
\n4. Depreciation and amortization: Depreciation and amortization may be affected by the addition
\nor sale of depreciable property, plant and equipment, including capital expenditures for
\nmaintenance purposes.
\n5. Financing costs, net: Financial Costs, net may be affected by the addition or pre-payment of
\ndebt from the current debt schedule and by changes in the financial interest charged by banks.
\n6. Direct and indirect taxes: Direct and indirect taxes may be affected by changes in tax
\nlegislation, regulation and judicial rulings.
\n7. Maintenance Capex: Maintenance capex may be affected by the non-planned deterioration of
\nassets, whose replacement will deviate from the investment time and investment amount
\nconsidered in our estimations.
\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag394": {
"value": "\n
\n\n
\n\n9. INTANGIBLE ASSETS
\n2023 2022
\nGoodwill
\nOthers
\n(Software
\nand license)
\nTotal Goodwill
\nOthers
\n(Software
\nand license)
\nTotal
\nCost
\nBalance at beginning of year
\n1,387
\n$
\n
\n3,044
\n$
\n
\n4,431
\n$
\n
\n1,387
\n$
\n
\n3,044
\n$
\n
\n4,431
\n$
\n
\nAdditions
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nSale of subsidiary
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nBalance at end of year
\n1,387
\n
\n
\n3,044
\n
\n
\n4,431
\n
\n
\n1,387
\n
\n
\n3,044
\n
\n
\n4,431
\n
\n
\nAccumulated amortization and impairment
\nBalance at beginning of year
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\n-
\n
\n
\n3,040
\n
\n
\n3,040
\n
\n
\nChange for the year
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n(1)
\n
\n
\n(1)
\n
\n
\nBalance at end of year
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\nCarrying amount
\nAt beginning of year
\n1,387 5 1,392 1,387 4 1,391
\nAt end of year
\n1,387$ 5$ 1,392$ 1,387$ 5$ 1,392$
\n
\n\n\n\nImpairment review
\nFor the purposes of assessing potential impairment, the Group\u2019s assets are grouped and reviewed
\nfor impairment at the lowest cash generating unit (CGU) level, where cash flows are independent
\nof one another. The review is focused on our ongoing operating segments located in Nicaragua,
\nwhere GCU is deemed by operating location/venue.
\nFor the purpose of annual impairment testing, goodwill in Nicaragua was allocated to each
\nindividual CGU proportional to its percentage of country-wide revenue.
\n2023
\nGoodwill
\nOther assets
\nconsidered for
\nimpairment
\nTotal assets
\nconsidered for
\nimpairment
\nNicaragua 1,387 5,284 6,671
\nTotal 1,387$ 5,284$ 6,671$
\n(1) Calculated as net asset of the CGU plus borrowings less cash and cash equivalents.
\nThe recoverable amount of each CGU was determined based on value-in-use calculations. The
\nfollowing paragraphs describe the key assumptions on which Management has based its cash flow
\n
\n\n\n\n
\n\n\n\n
\n\nprojections for the period covered by the most recent budgets/forecasts and a description of
\nManagement\u2019s approach to determining the value(s) assigned to each key assumption.
\nManagement\u2019s key assumptions to forecast cash flow include:
\n1. Revenue and revenue growth: Revenue and revenue growth was considered as a key
\nassumption. Specifically, revenue for future years was forecasted by: a) Taking into account
\nas a base line the revenue generated in each CGU in 2023; and b) Increasing that base line
\nrevenue equal to an organic growth that is equal to the long-term GDP growth forecasted by
\nindependent analysts for Nicaragua.
\n2. Cost of goods sold and growth of costs of goods sold: Cost of goods sold and growth in cost
\nof goods sold was considered as a key assumption. Specifically, costs of goods sold for future
\nyears was forecasted by: a) Taking into account as a base line the cost of goods sold in each
\nCGU in 2023; and b) Increasing that base line cost of goods sold by the long-term rate of
\ninflation rate forecasted by independent analysts for Nicaragua.
\n3. Operating costs and growth of operating costs: Operating costs and growth in operating costs
\nwas considered as a key assumption. Specifically, operating costs for future years were
\nforecasted by: a) Taking into account as a base line the operating cost of in each CGU in 2023;
\nand b) Increasing those base line operating costs by the long-term rate of inflation rate
\nforecasted by independent analysts for Nicaragua.
\n4. Depreciation and amortization: Depreciation and amortization are forecasted based on the
\nknown future schedule of depreciation and amortization as of December 31, 2023 for each
\nCGU, and then adjusted based on the future depreciation of assets to be purchased in the future
\nusing maintenance capex. For the purpose of annual impairment testing, depreciation and
\namortization in Nicaragua were allocated to each individual CGU proportional to its percentage
\nof country-wide revenue.
\n5. Financing costs, net: Financing costs, net are forecasted based on the schedule of all known
\ndebt as of December 31, 2023 for each CGU. For the purpose of annual impairment testing,
\nfinancing costs, net in Nicaragua were allocated to each individual CGU proportional to its
\npercentage of country-wide revenue.
\n6. Direct and indirect taxes: Direct and indirect taxes were forecasted based on the tax regime in
\nplace as of December 31, 2023.
\n7. Maintenance Capex: Maintenance capex was forecasted for future years based on the
\npercentage of revenue allocated to maintenance capex in 2023 for each CGU.
\nDiscount rates
\nThe present value of the expected cash flows of each segment is determined by applying a suitable
\ndiscount rate. The discount rate was derived based on the calculation of Weighted Average Cost of
\nCapital (WACC) for the Group, adjusted to reflect market data for companies in the gaming
\nindustry. The discount rates reflect appropriate adjustments relating to market risk and specific risk
\nfactors of each segment (incorporating adjustments for geographic location and currency risk). The
\ndiscount rate applied to Nicaragua was 16.23%.
\n With regard to the assessment of value in use of each acquisition, there are possible changes in key
\nassumptions that could cause the carrying value of the unit to exceed its recoverable amount. These
\nare discussed below:
\n
\n\n\n\n
\n\n\n\n
\n\n1. Revenue and revenue growth: Gaming revenue can be impacted by a) Changes in drop levels,
\nwhich may be affected by the number of customers, seasonality, effective marketing efforts, a
\nchange in technology, competition or regulatory changes; and b) Changes in Hold %,
\nrepresenting the probability of individual games, which change can happen through chance,
\nchanges in gaming regulation and changes in gaming technology. Hotel revenue can be
\nimpacted by competition and seasonality. Growth rates, which are based on estimated GDP
\ngrowth may be affected by material shifts in disposable income available for entertainment and
\nhospitality.
\n2. Cost of goods sold and growth of costs of goods sold: Costs of goods sold can be impacted by
\nchanges in the market price of different goods and services, our competitiveness and
\nrequirements to increase promotional allowances, and by payroll adjustments because of
\nchanges in labor market conditions and/or management efficiencies. Cost of goods growth
\nrates, which are based on estimated inflation rates, may be affected by changes in market and/or
\neconomic conditions.
\n3. Operating costs and growth of operating costs: Operating costs can be impacted by changes in
\nthe market price of different goods and services, our competitiveness and requirements to
\nincrease marketing expense, and by payroll adjustments because of changes in labor market
\nconditions and/or management efficiencies. Operating cost growth rates, which are based on
\nestimated inflation rates, may be affected by changes in market and/or economic conditions.
\n4. Depreciation and amortization: Depreciation and amortization may be affected by the addition
\nor sale of depreciable property, plant and equipment, including capital expenditures for
\nmaintenance purposes.
\n5. Financing costs, net: Financial Costs, net may be affected by the addition or pre-payment of
\ndebt from the current debt schedule and by changes in the financial interest charged by banks.
\n6. Direct and indirect taxes: Direct and indirect taxes may be affected by changes in tax
\nlegislation, regulation and judicial rulings.
\n7. Maintenance Capex: Maintenance capex may be affected by the non-planned deterioration of
\nassets, whose replacement will deviate from the investment time and investment amount
\nconsidered in our estimations.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag395": {
"value": "\n
\n\n9. INTANGIBLE ASSETS
\n2023 2022
\nGoodwill
\nOthers
\n(Software
\nand license)
\nTotal Goodwill
\nOthers
\n(Software
\nand license)
\nTotal
\nCost
\nBalance at beginning of year
\n1,387
\n$
\n
\n3,044
\n$
\n
\n4,431
\n$
\n
\n1,387
\n$
\n
\n3,044
\n$
\n
\n4,431
\n$
\n
\nAdditions
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nSale of subsidiary
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nBalance at end of year
\n1,387
\n
\n
\n3,044
\n
\n
\n4,431
\n
\n
\n1,387
\n
\n
\n3,044
\n
\n
\n4,431
\n
\n
\nAccumulated amortization and impairment
\nBalance at beginning of year
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\n-
\n
\n
\n3,040
\n
\n
\n3,040
\n
\n
\nChange for the year
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n(1)
\n
\n
\n(1)
\n
\n
\nBalance at end of year
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\nCarrying amount
\nAt beginning of year
\n1,387 5 1,392 1,387 4 1,391
\nAt end of year
\n1,387$ 5$ 1,392$ 1,387$ 5$ 1,392$
\n
\n\n\n\nImpairment review
\nFor the purposes of assessing potential impairment, the Group\u2019s assets are grouped and reviewed
\nfor impairment at the lowest cash generating unit (CGU) level, where cash flows are independent
\nof one another. The review is focused on our ongoing operating segments located in Nicaragua,
\nwhere GCU is deemed by operating location/venue.
\nFor the purpose of annual impairment testing, goodwill in Nicaragua was allocated to each
\nindividual CGU proportional to its percentage of country-wide revenue.
\n2023
\nGoodwill
\nOther assets
\nconsidered for
\nimpairment
\nTotal assets
\nconsidered for
\nimpairment
\nNicaragua 1,387 5,284 6,671
\nTotal 1,387$ 5,284$ 6,671$
\n(1) Calculated as net asset of the CGU plus borrowings less cash and cash equivalents.
\nThe recoverable amount of each CGU was determined based on value-in-use calculations. The
\nfollowing paragraphs describe the key assumptions on which Management has based its cash flow
\n
\n\n\n\nprojections for the period covered by the most recent budgets/forecasts and a description of
\nManagement\u2019s approach to determining the value(s) assigned to each key assumption.
\nManagement\u2019s key assumptions to forecast cash flow include:
\n1. Revenue and revenue growth: Revenue and revenue growth was considered as a key
\nassumption. Specifically, revenue for future years was forecasted by: a) Taking into account
\nas a base line the revenue generated in each CGU in 2023; and b) Increasing that base line
\nrevenue equal to an organic growth that is equal to the long-term GDP growth forecasted by
\nindependent analysts for Nicaragua.
\n2. Cost of goods sold and growth of costs of goods sold: Cost of goods sold and growth in cost
\nof goods sold was considered as a key assumption. Specifically, costs of goods sold for future
\nyears was forecasted by: a) Taking into account as a base line the cost of goods sold in each
\nCGU in 2023; and b) Increasing that base line cost of goods sold by the long-term rate of
\ninflation rate forecasted by independent analysts for Nicaragua.
\n3. Operating costs and growth of operating costs: Operating costs and growth in operating costs
\nwas considered as a key assumption. Specifically, operating costs for future years were
\nforecasted by: a) Taking into account as a base line the operating cost of in each CGU in 2023;
\nand b) Increasing those base line operating costs by the long-term rate of inflation rate
\nforecasted by independent analysts for Nicaragua.
\n4. Depreciation and amortization: Depreciation and amortization are forecasted based on the
\nknown future schedule of depreciation and amortization as of December 31, 2023 for each
\nCGU, and then adjusted based on the future depreciation of assets to be purchased in the future
\nusing maintenance capex. For the purpose of annual impairment testing, depreciation and
\namortization in Nicaragua were allocated to each individual CGU proportional to its percentage
\nof country-wide revenue.
\n5. Financing costs, net: Financing costs, net are forecasted based on the schedule of all known
\ndebt as of December 31, 2023 for each CGU. For the purpose of annual impairment testing,
\nfinancing costs, net in Nicaragua were allocated to each individual CGU proportional to its
\npercentage of country-wide revenue.
\n6. Direct and indirect taxes: Direct and indirect taxes were forecasted based on the tax regime in
\nplace as of December 31, 2023.
\n7. Maintenance Capex: Maintenance capex was forecasted for future years based on the
\npercentage of revenue allocated to maintenance capex in 2023 for each CGU.
\nDiscount rates
\nThe present value of the expected cash flows of each segment is determined by applying a suitable
\ndiscount rate. The discount rate was derived based on the calculation of Weighted Average Cost of
\nCapital (WACC) for the Group, adjusted to reflect market data for companies in the gaming
\nindustry. The discount rates reflect appropriate adjustments relating to market risk and specific risk
\nfactors of each segment (incorporating adjustments for geographic location and currency risk). The
\ndiscount rate applied to Nicaragua was 16.23%.
\n With regard to the assessment of value in use of each acquisition, there are possible changes in key
\nassumptions that could cause the carrying value of the unit to exceed its recoverable amount. These
\nare discussed below:
\n
\n\n\n\n1. Revenue and revenue growth: Gaming revenue can be impacted by a) Changes in drop levels,
\nwhich may be affected by the number of customers, seasonality, effective marketing efforts, a
\nchange in technology, competition or regulatory changes; and b) Changes in Hold %,
\nrepresenting the probability of individual games, which change can happen through chance,
\nchanges in gaming regulation and changes in gaming technology. Hotel revenue can be
\nimpacted by competition and seasonality. Growth rates, which are based on estimated GDP
\ngrowth may be affected by material shifts in disposable income available for entertainment and
\nhospitality.
\n2. Cost of goods sold and growth of costs of goods sold: Costs of goods sold can be impacted by
\nchanges in the market price of different goods and services, our competitiveness and
\nrequirements to increase promotional allowances, and by payroll adjustments because of
\nchanges in labor market conditions and/or management efficiencies. Cost of goods growth
\nrates, which are based on estimated inflation rates, may be affected by changes in market and/or
\neconomic conditions.
\n3. Operating costs and growth of operating costs: Operating costs can be impacted by changes in
\nthe market price of different goods and services, our competitiveness and requirements to
\nincrease marketing expense, and by payroll adjustments because of changes in labor market
\nconditions and/or management efficiencies. Operating cost growth rates, which are based on
\nestimated inflation rates, may be affected by changes in market and/or economic conditions.
\n4. Depreciation and amortization: Depreciation and amortization may be affected by the addition
\nor sale of depreciable property, plant and equipment, including capital expenditures for
\nmaintenance purposes.
\n5. Financing costs, net: Financial Costs, net may be affected by the addition or pre-payment of
\ndebt from the current debt schedule and by changes in the financial interest charged by banks.
\n6. Direct and indirect taxes: Direct and indirect taxes may be affected by changes in tax
\nlegislation, regulation and judicial rulings.
\n7. Maintenance Capex: Maintenance capex may be affected by the non-planned deterioration of
\nassets, whose replacement will deviate from the investment time and investment amount
\nconsidered in our estimations.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag396": {
"value": "\n9. INTANGIBLE ASSETS
\n2023 2022
\nGoodwill
\nOthers
\n(Software
\nand license)
\nTotal Goodwill
\nOthers
\n(Software
\nand license)
\nTotal
\nCost
\nBalance at beginning of year
\n1,387
\n$
\n
\n3,044
\n$
\n
\n4,431
\n$
\n
\n1,387
\n$
\n
\n3,044
\n$
\n
\n4,431
\n$
\n
\nAdditions
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nSale of subsidiary
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nBalance at end of year
\n1,387
\n
\n
\n3,044
\n
\n
\n4,431
\n
\n
\n1,387
\n
\n
\n3,044
\n
\n
\n4,431
\n
\n
\nAccumulated amortization and impairment
\nBalance at beginning of year
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\n-
\n
\n
\n3,040
\n
\n
\n3,040
\n
\n
\nChange for the year
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n(1)
\n
\n
\n(1)
\n
\n
\nBalance at end of year
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\n-
\n
\n
\n3,039
\n
\n
\n3,039
\n
\n
\nCarrying amount
\nAt beginning of year
\n1,387 5 1,392 1,387 4 1,391
\nAt end of year
\n1,387$ 5$ 1,392$ 1,387$ 5$ 1,392$
\n
\n\n\n\n10. PROPERTY, PLANT AND EQUIPMENT
\nProperty
\n(1)
\nLeasehold
\nimprovements
\nGaming
\nmachines
\nFurniture and
\nequipment
\nConstruction in
\nprogress and
\nadvances
\nTotal
\nCost
\nAs of January 1, 2023 10,386$ 1,622$ 4,754$ 3,896$ -$ 20,658$
\nForeign exchange adjustments 9 (17) (42) (26) - (76)
\nAdditions - - 246 212 433 891
\nDisposals - - - (95) - (95)
\nTransfers 17 26 203 187 (433) -
\nAs of December 31, 2023 10,412 1,631 5,161 4,174 - 21,378
\nDepreciation
\nAs of January 1, 2023 3,404$ 1,534$ 4,348$ 3,474$ -$ 12,760$
\nForeign exchange adjustments (5) (17) (36) (23) - (81)
\nCharge for the year 732 32 155 158 - 1,077
\nDisposals - - - (88) - (88)
\nAs of December 31, 2023 4,131 1,549 4,467 3,521 - 13,668
\nNet book value as of January 1, 2023
\n6,982
\n
\n
\n88
\n
\n
\n406
\n
\n
\n422
\n
\n
\n-
\n
\n
\n7,898
\n
\n
\nNet book value as of December 31, 2023
\n6,281
\n$
\n
\n82
\n$
\n
\n694
\n$
\n
\n653
\n$
\n
\n-
\n$
\n
\n$
\n7,710
\n
\nProperty
\n(1)
\nLeasehold
\nimprovements
\nGaming
\nmachines
\nFurniture and
\nequipment
\nConstruction in
\nprogress and
\nadvances
\nTotal
\nCost
\nAs of January 1, 2022 10,465$ 1,654$ 4,834$ 3,914$ 18$ 20,885$
\nForeign exchange adjustments (7) (32) (73) (50) 1 (161)
\nAdditions 617 (4) 248 307 2 1,170
\nTransfer to Assets Held for Sale (672) - - - - (672)
\nDisposals (32) (255) (277) - (564)
\nTransfers 15 4 - 2 (21) -
\nAs of December 31, 2022 10,386 1,622 4,754 3,896 - 20,658
\nDepreciation
\nAs of January 1, 2022 2,818$ 1,511$ 4,463$ 3,608$ -$ 12,400$
\nForeign exchange adjustments (14) (30) (66) (45) - (155)
\nCharge for the year 797 53 196 146 - 1,192
\nCorrection to accumulated depreciation (176) - - - - (176)
\nDisposals (21) (245) (235) - (501)
\nAs of December 31, 2021 3,404 1,534 4,348 3,474 - 12,760
\nNet book value as of January 1, 2022
\n7,647
\n
\n
\n143
\n
\n
\n371
\n
\n
\n306
\n
\n
\n18
\n
\n
\n8,485
\n
\n
\nNet book value as of December 31, 2022
\n6,982
\n$
\n
\n88
\n$
\n
\n406
\n$
\n
\n422
\n$
\n
\n-
\n$
\n
\n7,898
\n(1) Includes right-of-use assets, whose net value as of December 31, 2023 is $2,108,000 (2022 - $2,728,000).
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag397": {
"value": "\n
\n\n10. PROPERTY, PLANT AND EQUIPMENT
\nProperty
\n(1)
\nLeasehold
\nimprovements
\nGaming
\nmachines
\nFurniture and
\nequipment
\nConstruction in
\nprogress and
\nadvances
\nTotal
\nCost
\nAs of January 1, 2023 10,386$ 1,622$ 4,754$ 3,896$ -$ 20,658$
\nForeign exchange adjustments 9 (17) (42) (26) - (76)
\nAdditions - - 246 212 433 891
\nDisposals - - - (95) - (95)
\nTransfers 17 26 203 187 (433) -
\nAs of December 31, 2023 10,412 1,631 5,161 4,174 - 21,378
\nDepreciation
\nAs of January 1, 2023 3,404$ 1,534$ 4,348$ 3,474$ -$ 12,760$
\nForeign exchange adjustments (5) (17) (36) (23) - (81)
\nCharge for the year 732 32 155 158 - 1,077
\nDisposals - - - (88) - (88)
\nAs of December 31, 2023 4,131 1,549 4,467 3,521 - 13,668
\nNet book value as of January 1, 2023
\n6,982
\n
\n
\n88
\n
\n
\n406
\n
\n
\n422
\n
\n
\n-
\n
\n
\n7,898
\n
\n
\nNet book value as of December 31, 2023
\n6,281
\n$
\n
\n82
\n$
\n
\n694
\n$
\n
\n653
\n$
\n
\n-
\n$
\n
\n$
\n7,710
\n
\nProperty
\n(1)
\nLeasehold
\nimprovements
\nGaming
\nmachines
\nFurniture and
\nequipment
\nConstruction in
\nprogress and
\nadvances
\nTotal
\nCost
\nAs of January 1, 2022 10,465$ 1,654$ 4,834$ 3,914$ 18$ 20,885$
\nForeign exchange adjustments (7) (32) (73) (50) 1 (161)
\nAdditions 617 (4) 248 307 2 1,170
\nTransfer to Assets Held for Sale (672) - - - - (672)
\nDisposals (32) (255) (277) - (564)
\nTransfers 15 4 - 2 (21) -
\nAs of December 31, 2022 10,386 1,622 4,754 3,896 - 20,658
\nDepreciation
\nAs of January 1, 2022 2,818$ 1,511$ 4,463$ 3,608$ -$ 12,400$
\nForeign exchange adjustments (14) (30) (66) (45) - (155)
\nCharge for the year 797 53 196 146 - 1,192
\nCorrection to accumulated depreciation (176) - - - - (176)
\nDisposals (21) (245) (235) - (501)
\nAs of December 31, 2021 3,404 1,534 4,348 3,474 - 12,760
\nNet book value as of January 1, 2022
\n7,647
\n
\n
\n143
\n
\n
\n371
\n
\n
\n306
\n
\n
\n18
\n
\n
\n8,485
\n
\n
\nNet book value as of December 31, 2022
\n6,982
\n$
\n
\n88
\n$
\n
\n406
\n$
\n
\n422
\n$
\n
\n-
\n$
\n
\n7,898
\n(1) Includes right-of-use assets, whose net value as of December 31, 2023 is $2,108,000 (2022 - $2,728,000).
\n
\n\n\n\n
\n\n\n\n\n
\n\nAssets pledged as security
\nAssets with the following amounts have been pledged to secure borrowings of the Group:
\nDecember 31, 2023 December 31, 2022
\nCost Amortized cost Cost Amortized cost
\nProperty 2,036$ 637$ 2,043$ 711$
\nTotal 2,036$ 637$ 2,043$ 711$
\nThe carrying value of assets held under finance leases and hire purchase contracts at December
\n31, 2023 was $2,109,000 (2022 - $2,729,000).
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag400": {
"value": "\nAssets pledged as security
\nAssets with the following amounts have been pledged to secure borrowings of the Group:
\nDecember 31, 2023 December 31, 2022
\nCost Amortized cost Cost Amortized cost
\nProperty 2,036$ 637$ 2,043$ 711$
\nTotal 2,036$ 637$ 2,043$ 711$
\nThe carrying value of assets held under finance leases and hire purchase contracts at December
\n31, 2023 was $2,109,000 (2022 - $2,729,000).
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag401": {
"value": "\n11. Investment Property
\nInvestment property includes land in the Group's Nicaraguan subsidiary located adjacent to its
\nheadquarters on the highway to Masaya, whose use has not been defined by the Group. The land
\nis carried at historical cost.
\n2023 2022
\nLand 1,079 1,091
\nTotal 1,079$ 1,091$
\nThe fair value of this property is up to $4,249,000, according to the last valuation performed by an
\nindependent appraisal.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag402": {
"value": "\n
\n\n
\n\n12. ASSETS CLASSIFIED AS HELD FOR SALE AND DISCONTINUED
\nOPERATIONS
\nIn 2021, the Group decided to convert it\u2019s 66-suite hotel in Lima, Peru into a 66-unit condominium
\napartment complex. As of October 31, 2021 the Group\u2019s Peru hotel ceased operations as a hotel
\nand legally cancelled its hotel operating license. The Group has completed the process to: i) Legally
\nsub-divide the former hotel in to 66 individually titled apartment units; ii) Procure all change of
\nuse and other regulatory approvals. The decision was taken in line with the Group\u2019s strategy to
\nreduce debt and to improve the Group\u2019s financial position. The Peru hotel operation has been
\nreported as a discontinued operation. As of the date of publication of this 2023 Annual Report, the
\nGroup has sold 65 out of the 66 apartment units: 15 apartments and 30 parking spaces were sold in
\n2023.
\nRevenues and expenses, gains and losses relating to the Peru hotel operation have been eliminated
\nfrom the Group\u2019s statement of comprehensive income and are shown in a single line item on the
\nface of the statement of comprehensive income (see \u201cprofit/ (loss) for the period from discontinued
\noperations\u201d).
\n2023 2022
\nFood, beverage, hospitality and other sales -$ -$
\nTotal revenue
\n- -
\nCost of goods sold - -
\nGross profit
\n- -
\nOther operating costs
\nOperating, general and administrative (199) (483)
\nDepreciation and amortization - -
\nOther (losses) and gains 40 62
\nOperating (loss) / profit
\n(159) (421)
\nLoss before tax
\n(159) (421)
\nProfit for the year
\n(159) (421)
\nGain on disposal 2,241 5,286
\nProfit / (loss) for the year from discontinued operations
\n2,082$ 4,865$
\nThe carrying amount of Peru hotel assets that are held for sale may be summarized as follows:
\nPeru Hotel
\n2023 2022
\nProperty, plant and equipment
\n110$ 674$
\nAssets classified as held for sale 110$ 674$
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n
\n\nCash flows generated by the Peru Hotel operation for the reporting period are summarized as
\nfollows:
\n2023 2022
\nNet cash from operating activities
\n(159) (421)
\nNet cash (used) for investing activities
\n- (672)
\nNet cash (used) for financing activities
\n- -
\nEffect of foreign exchange adjustment - -
\nCash flows from discontinued operations (159)$ (1,093)$
\nGain on disposal
\nDuring the period ended December 31, 2023, 15 apartments and 30 parking spaces held for sale
\nwere sold. There is 1 apartment and 9 parking spaces pending and expected to be sold in 2024. The
\ntransactions resulted in a gain on disposal to the Group of approximately $2.24 million. The
\nconsideration received was approximately $2.8 million in cash as described below.
\nPeru Asset Sales
\nProperty, plant and equipment
\n579$
\nNet assets disposed
\n579$
\nConsideration in cash
\n2,819
\nFair value of proceeds
\n2,819$
\nGain on Disposal 2,240$
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag403": {
"value": "\n
\n\n12. ASSETS CLASSIFIED AS HELD FOR SALE AND DISCONTINUED
\nOPERATIONS
\nIn 2021, the Group decided to convert it\u2019s 66-suite hotel in Lima, Peru into a 66-unit condominium
\napartment complex. As of October 31, 2021 the Group\u2019s Peru hotel ceased operations as a hotel
\nand legally cancelled its hotel operating license. The Group has completed the process to: i) Legally
\nsub-divide the former hotel in to 66 individually titled apartment units; ii) Procure all change of
\nuse and other regulatory approvals. The decision was taken in line with the Group\u2019s strategy to
\nreduce debt and to improve the Group\u2019s financial position. The Peru hotel operation has been
\nreported as a discontinued operation. As of the date of publication of this 2023 Annual Report, the
\nGroup has sold 65 out of the 66 apartment units: 15 apartments and 30 parking spaces were sold in
\n2023.
\nRevenues and expenses, gains and losses relating to the Peru hotel operation have been eliminated
\nfrom the Group\u2019s statement of comprehensive income and are shown in a single line item on the
\nface of the statement of comprehensive income (see \u201cprofit/ (loss) for the period from discontinued
\noperations\u201d).
\n2023 2022
\nFood, beverage, hospitality and other sales -$ -$
\nTotal revenue
\n- -
\nCost of goods sold - -
\nGross profit
\n- -
\nOther operating costs
\nOperating, general and administrative (199) (483)
\nDepreciation and amortization - -
\nOther (losses) and gains 40 62
\nOperating (loss) / profit
\n(159) (421)
\nLoss before tax
\n(159) (421)
\nProfit for the year
\n(159) (421)
\nGain on disposal 2,241 5,286
\nProfit / (loss) for the year from discontinued operations
\n2,082$ 4,865$
\nThe carrying amount of Peru hotel assets that are held for sale may be summarized as follows:
\nPeru Hotel
\n2023 2022
\nProperty, plant and equipment
\n110$ 674$
\nAssets classified as held for sale 110$ 674$
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\nCash flows generated by the Peru Hotel operation for the reporting period are summarized as
\nfollows:
\n2023 2022
\nNet cash from operating activities
\n(159) (421)
\nNet cash (used) for investing activities
\n- (672)
\nNet cash (used) for financing activities
\n- -
\nEffect of foreign exchange adjustment - -
\nCash flows from discontinued operations (159)$ (1,093)$
\nGain on disposal
\nDuring the period ended December 31, 2023, 15 apartments and 30 parking spaces held for sale
\nwere sold. There is 1 apartment and 9 parking spaces pending and expected to be sold in 2024. The
\ntransactions resulted in a gain on disposal to the Group of approximately $2.24 million. The
\nconsideration received was approximately $2.8 million in cash as described below.
\nPeru Asset Sales
\nProperty, plant and equipment
\n579$
\nNet assets disposed
\n579$
\nConsideration in cash
\n2,819
\nFair value of proceeds
\n2,819$
\nGain on Disposal 2,240$
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag404": {
"value": "\n12. ASSETS CLASSIFIED AS HELD FOR SALE AND DISCONTINUED
\nOPERATIONS
\nIn 2021, the Group decided to convert it\u2019s 66-suite hotel in Lima, Peru into a 66-unit condominium
\napartment complex. As of October 31, 2021 the Group\u2019s Peru hotel ceased operations as a hotel
\nand legally cancelled its hotel operating license. The Group has completed the process to: i) Legally
\nsub-divide the former hotel in to 66 individually titled apartment units; ii) Procure all change of
\nuse and other regulatory approvals. The decision was taken in line with the Group\u2019s strategy to
\nreduce debt and to improve the Group\u2019s financial position. The Peru hotel operation has been
\nreported as a discontinued operation. As of the date of publication of this 2023 Annual Report, the
\nGroup has sold 65 out of the 66 apartment units: 15 apartments and 30 parking spaces were sold in
\n2023.
\nRevenues and expenses, gains and losses relating to the Peru hotel operation have been eliminated
\nfrom the Group\u2019s statement of comprehensive income and are shown in a single line item on the
\nface of the statement of comprehensive income (see \u201cprofit/ (loss) for the period from discontinued
\noperations\u201d).
\n2023 2022
\nFood, beverage, hospitality and other sales -$ -$
\nTotal revenue
\n- -
\nCost of goods sold - -
\nGross profit
\n- -
\nOther operating costs
\nOperating, general and administrative (199) (483)
\nDepreciation and amortization - -
\nOther (losses) and gains 40 62
\nOperating (loss) / profit
\n(159) (421)
\nLoss before tax
\n(159) (421)
\nProfit for the year
\n(159) (421)
\nGain on disposal 2,241 5,286
\nProfit / (loss) for the year from discontinued operations
\n2,082$ 4,865$
\nThe carrying amount of Peru hotel assets that are held for sale may be summarized as follows:
\nPeru Hotel
\n2023 2022
\nProperty, plant and equipment
\n110$ 674$
\nAssets classified as held for sale 110$ 674$
\n
\n\n\n\n\n\nCash flows generated by the Peru Hotel operation for the reporting period are summarized as
\nfollows:
\n2023 2022
\nNet cash from operating activities
\n(159) (421)
\nNet cash (used) for investing activities
\n- (672)
\nNet cash (used) for financing activities
\n- -
\nEffect of foreign exchange adjustment - -
\nCash flows from discontinued operations (159)$ (1,093)$
\nGain on disposal
\nDuring the period ended December 31, 2023, 15 apartments and 30 parking spaces held for sale
\nwere sold. There is 1 apartment and 9 parking spaces pending and expected to be sold in 2024. The
\ntransactions resulted in a gain on disposal to the Group of approximately $2.24 million. The
\nconsideration received was approximately $2.8 million in cash as described below.
\nPeru Asset Sales
\nProperty, plant and equipment
\n579$
\nNet assets disposed
\n579$
\nConsideration in cash
\n2,819
\nFair value of proceeds
\n2,819$
\nGain on Disposal 2,240$
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag405": {
"value": "\n
\n\n13. TRADE AND OTHER RECEIVABLES
\nTrade and other receivables consist of the following:
\n2023
\n2022
\n(1)
\nTrade and other receivables (Non-current)
\nDeposits for rental, land and equipment
\n65 83
\nOther receivables
\n752 753
\nTotal trade and other receivables (non-current)
\n817$ 836$
\nTrade and other receivables (Current)
\nTrade receivables, gross
\n1,059
\n
\n
\n1,065
\n
\n
\nAllowance for credit losses
\n(906)
\n
\n
\n(884)
\n
\n
\nNotes receivable
\n- 2
\nPrepaid expense
\n144 155
\nValue added tax and employee receivables
\n388 335
\nTotal trade and other receivables (current)
\n685$ 673$
\n(1)
\n Figures have been adjusted for comparative purposes.
\nTrade and other receivables
\nThe carrying value of the trade receivables is considered a reasonable approximation of fair value.
\nAll of the Group\u2019s trade and other receivables have been reviewed for indicators of impairment.
\nCertain trade receivables were found to be impaired and a provision of $22,000 (2022 - $Nil) has
\nbeen recorded accordingly.
\n
\n\n\n\n\n\nThe age of the trade receivables past due but not impaired is as follows:
\n2023 2022
\nNot more than 3 months 110 99
\nMore than 3 months but not more than 6 months 7 27
\nMore than 6 months but not more than 1 year 8 37
\nMore than 1 year 28 18
\nTotal 153$ 181$
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag406": {
"value": "\n13. TRADE AND OTHER RECEIVABLES
\nTrade and other receivables consist of the following:
\n2023
\n2022
\n(1)
\nTrade and other receivables (Non-current)
\nDeposits for rental, land and equipment
\n65 83
\nOther receivables
\n752 753
\nTotal trade and other receivables (non-current)
\n817$ 836$
\nTrade and other receivables (Current)
\nTrade receivables, gross
\n1,059
\n
\n
\n1,065
\n
\n
\nAllowance for credit losses
\n(906)
\n
\n
\n(884)
\n
\n
\nNotes receivable
\n- 2
\nPrepaid expense
\n144 155
\nValue added tax and employee receivables
\n388 335
\nTotal trade and other receivables (current)
\n685$ 673$
\n(1)
\n Figures have been adjusted for comparative purposes.
\nTrade and other receivables
\nThe carrying value of the trade receivables is considered a reasonable approximation of fair value.
\nAll of the Group\u2019s trade and other receivables have been reviewed for indicators of impairment.
\nCertain trade receivables were found to be impaired and a provision of $22,000 (2022 - $Nil) has
\nbeen recorded accordingly.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag407": {
"value": "\n 14. INVENTORIES
\n2023 2022
\nFood and beverage supplies 96 77
\nCasino goods and promotional items 83 63
\nHotel food service and room supplies - -
\nUniform and operational supplies 48 56
\nGaming machine parts 55 33
\nTotal 282$ 229$
\n
\nCost of goods sold within Cost of sales was $1,138,832 for the year ended December 31, 2023 and
\n$921,098 for the year ended December 31, 2022. There were inventory write downs of $0 in 2023
\n(2022 - $0).
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag408": {
"value": "Cost of goods sold within Cost of sales was $1,138,832 for the year ended December 31, 2023 and $921,098 for the year ended December 31, 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag409": {
"value": "\n
\n\n
\n
\n\n15. CASH AND CASH EQUIVALENTS
\n For the purpose of the consolidated cash flow statement, cash and cash equivalents comprise the
\nfollowing at December 31, 2023 and December 31, 2022:
\n2023 2022
\nCash at banks and on hand 3,127 5,957
\nRestricted cash 859 618
\nShort-term deposits 208 205
\nTotal 4,194$ 6,780$
\n
\n\n\n\n
\nCash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits
\nare made for varying periods of time between one day and three months, depending on the
\nimmediate cash requirements of the Group, and earn interest at the respective short-term deposit
\nrates. The fair value of cash and short-term deposits is $3,127,000 as of December 31, 2023 (2022
\n- $5,957,000).
\n\nRestricted cash includes the casino\u2019s bankroll, hopper loads, and a certificate of deposit that renews
\nmonthly and yields interest of 1.5% per year that is required by the gaming authorities in Nicaragua.
\nThe Group classifies the casino bankroll as restricted, as these balances are required to operate the
\nbusiness, thus these funds cannot be used to pay the obligations of the Group. The fair value of
\nrestricted cash is $1,067,000 at December 31, 2023 (2022 - $823,000).
\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag410": {
"value": "\n
\n
\n\n15. CASH AND CASH EQUIVALENTS
\n For the purpose of the consolidated cash flow statement, cash and cash equivalents comprise the
\nfollowing at December 31, 2023 and December 31, 2022:
\n2023 2022
\nCash at banks and on hand 3,127 5,957
\nRestricted cash 859 618
\nShort-term deposits 208 205
\nTotal 4,194$ 6,780$
\n
\n\n\n\n
\nCash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits
\nare made for varying periods of time between one day and three months, depending on the
\nimmediate cash requirements of the Group, and earn interest at the respective short-term deposit
\nrates. The fair value of cash and short-term deposits is $3,127,000 as of December 31, 2023 (2022
\n- $5,957,000).
\n\nRestricted cash includes the casino\u2019s bankroll, hopper loads, and a certificate of deposit that renews
\nmonthly and yields interest of 1.5% per year that is required by the gaming authorities in Nicaragua.
\nThe Group classifies the casino bankroll as restricted, as these balances are required to operate the
\nbusiness, thus these funds cannot be used to pay the obligations of the Group. The fair value of
\nrestricted cash is $1,067,000 at December 31, 2023 (2022 - $823,000).
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag411": {
"value": "\n15. CASH AND CASH EQUIVALENTS
\n For the purpose of the consolidated cash flow statement, cash and cash equivalents comprise the
\nfollowing at December 31, 2023 and December 31, 2022:
\n2023 2022
\nCash at banks and on hand 3,127 5,957
\nRestricted cash 859 618
\nShort-term deposits 208 205
\nTotal 4,194$ 6,780$
\n
\n\n\n\nRestricted cash includes the casino\u2019s bankroll, hopper loads, and a certificate of deposit that renews
\nmonthly and yields interest of 1.5% per year that is required by the gaming authorities in Nicaragua.
\nThe Group classifies the casino bankroll as restricted, as these balances are required to operate the
\nbusiness, thus these funds cannot be used to pay the obligations of the Group. The fair value of
\nrestricted cash is $1,067,000 at December 31, 2023 (2022 - $823,000).
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag412": {
"value": "\n
\n\n16. TRADE AND OTHER PAYABLES
\n2023 2022
\nTrade and other payables (Non-current)
\nTrade and other payables
\n32 32
\nOther liabilities
\n455 197
\nDeferred Income
\n13 14
\nTotal trade and other payables (non-current)
\n500$ 243$
\nTrade and other payables (current)
\nTrade and other payables
\n1,824 3,684
\nOther accrued liabilities
\n1,267 2,509
\nTotal trade and other payables (current)
\n3,091$ 6,193$
\n
\n Current - trade payables are non-interest bearing and are normally settled on 30-to-90-day terms.
\n
\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag413": {
"value": "\n16. TRADE AND OTHER PAYABLES
\n2023 2022
\nTrade and other payables (Non-current)
\nTrade and other payables
\n32 32
\nOther liabilities
\n455 197
\nDeferred Income
\n13 14
\nTotal trade and other payables (non-current)
\n500$ 243$
\nTrade and other payables (current)
\nTrade and other payables
\n1,824 3,684
\nOther accrued liabilities
\n1,267 2,509
\nTotal trade and other payables (current)
\n3,091$ 6,193$
\n
\n Current - trade payables are non-interest bearing and are normally settled on 30-to-90-day terms.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag414": {
"value": "\n17. BORROWINGS
\nBorrowings consist of loans payable detailed as follows:
\nSchedule of principal repayments
\n2024 2025 2026 2027 2028 Thereafter
\nUnamortized
\npremiums, discounts
\n& issuance costs
\nTotal
\nInterest Rate
\n(1)
\n:
\n>10% 144$ -$ -$ -$ -$ -$ -$ 144$
\n8% to 9%
\n (2)
\n7,201
\n
\n
\n1
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n7,202
\n
\n
\n<5% 533 - - - - - - 533
\nTotal pri ncipal repayments 7,878$ 1$ -$ -$ -$ -$ -$ 7,879$
\n1. Floating rate loans are calculated as of the effective rate on December 31, 2023.
\n2024 2025 2026 2027 2028 Thereafter
\nUnamortized
\npremiums, discounts
\n& issuance costs
\nTotal
\nCountry:
\nCorporate
\n(2)
\n7,725$ -$ -$ -$ -$ -$ -$ 7,725$
\nNicaragua 153 1 - - - - - 154
\nTotal pri ncipal repayments 7,878$ 1$ -$ -$ -$ -$ -$ 7,879$
\n2.
\nThe Group's parent entity (Corporate) assumed outstanding debt balances of our Guatemala and Poland entities. The balances outstanding at December 31, 2023 for
\nGuatemala and Poland were $129,675 and $302,301 respectively.
\nBorrowing summary
\n2023 2022
\nTotal borrowing 7,879 9,057
\nLess current portion of borrowings (7,878) (8,764)
\nBorrowing non-current 1$ 293$
\n
\nThe following table provides additional detail of additions, refinancing, repayments, and disposals
\ntaking place during the year:
\nAdditions Summary
\nBalance
\nDec 31, 2022
\nAdditions
\nInterest
\nCapitalization
\nRefinancing
\nExtinguishment
\nRepayments
\nBalance
\nDec 31, 2023
\nLoans with financial entities 365$ -$ -$ -$ (212)$ 153$
\nLoans with non-financial entities 8,692 - 588 (1,232) (322) 7,726
\nTotal 9,057$ -$ 588$ (1,232)$ (534)$ 7,879$
\n
\nNotes
\nAdditions
\nThere were no new loans for the year ended December 31, 2023.
\n
\n\n\n\n\n\n\n\nInterest Capitalization
\na. The Group has promissory notes with private lenders where principal and interest payments
\nare deferred. Loan interest is accrued and capitalized until maturity. During the year ended
\nDecember 31, 2023, accrued interest of $588,000 was capitalized and added to outstanding
\nprincipal balances.
\nRepayments
\na. During the year ended December 31, 2023, the Group repaid or extinguished a total of $212,000
\nand $1,554,000 of loan principal of loans with financial entities and loans with non-financial
\nentities, respectively.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag415": {
"value": "\n
\n\n18. PROVISIONS
\nCurrent Non-Current Current Non-Current
\n2023 2023 2022 2022
\nEmployee benefits
\n388$ 345$ 392$ 357$
\nOther
\n256 - 25 -
\nLitigation provisions
\n- - - 467
\n644$ 345$ 417$ 824$
\nEmployee
\nbenefits
\nLitigation Other Total
\nBalance at January 1, 2022
\n551$ 922$ 26$ 1,499$
\nProvisions recognized
\n591 - 62 653
\nProvisions utilized
\n(385)
\n
\n
\n(493)
\n
\n
\n(63)
\n
\n
\n(941)
\n
\n
\nProvisions released
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nDifferences arising from foreign exchange
\n(8) 38 - 30
\nBalance at December 31, 2022
\n749 467 25 1,241
\nProvisions recognized
\n594 - 303 897
\nProvisions utilized
\n(550)
\n
\n
\n-
\n
\n
\n(70)
\n
\n
\n(620)
\n
\n
\nProvisions released
\n(58)
\n
\n
\n(477)
\n
\n
\n-
\n
\n
\n(535)
\n
\n
\nDifferences arising from foreign exchange
\n(2) 10 (2) 6
\nBalance at December 31, 2023
\n733$ -$ 256$ 989$
\n
\n\n\n\n
\n\n\n\n
\n\nEmployee benefits
\nCurrent employee benefits are paid time off for vacations and sick time earned but not yet used by
\nthe employee. Non-current employee benefits include severance pay, which is the cost associated
\nwith the severance packages as described below:
\nThe subsidiary employee provisions by country are as follows:
\nNicaragua
\nThe Nicaraguan Labor Code established a severance payment plan for employees in the event of
\ndeath, retirement or dismissal without just cause. This compensation is determined according to
\nemployee length of service. The plan compiles a month of salary for each labor year (for the first
\nthree labor years) and twenty days of salary after the fourth labor year, until the compensation
\nreaches a maximum of five months\u2019 salary. Compensation cannot be less than one month\u2019s salary
\nor more than five months\u2019 salary.
\nThe amount of $733,000 (2022- $749,000) includes $457,000 of retirement benefit obligations.
\nFor determination of the retirement benefit obligations in 2023 and 2022, the following actuarial
\nassumptions were used:
\n
\n2023 2022
\nDiscount rates 9.61% and 10.25% 7.87% and 8.01%
\nExpected rate of salary increases 0% 1%
\nStaff turnover 5 and 7 years 5 and 7 years
\nThe Group records a monthly provision as an expense to the respective period to cover any
\nseverance payment reimbursement incurred by the Group to terminated employees under this plan.
\nAs of December 31, 2023, the Group has recorded provisions amounting to $168,000 (2022 -
\n$334,000), which represents Management\u2019s best estimate of the liability. This is an accrual under
\nNicaraguan law and is not a pension scheme.
\nAdditionally, the other countries in which the Group operates have various severance requirements
\nas described in Note 3. The severance requirements are classified as long term. The short-term
\nemployee benefits are primarily accrued vacation payable to employees.
\n
\n\n\n\nLitigation
\nPeru THLA tax cases
\nIn a ruling by the tax Court (Tax Court File 15182-2014), involving SUNAT resolutions
\n0220030035681-0220030035690 for the tax year 2008 related to withholding on payments made
\nabroad. The tax assessment is made up of principal of S/. 257,954 plus interest of S/. 317,825 (US$
\n69,473 interest: US$85,598). In separate Resolutions 0220020013107-0220020013114, the tax
\nauthorities issued fines related to the prior mentioned resolutions in the amount of S/.107,530 plus
\n
\n\n\n\n\n\n\n\ninterest of S/.134,033 (US$28,960 interest: US$36,098). A provision had been recognized in
\nconnection with the resolution above totaling S/. 843,741 (US$227,240) including tax, penalties
\nand interest. As of December 31, 2023 This tax case has been paid in full and the provision totaling
\nS/. 843,741 has been released.
\nThe appeal also refers to Resolution 0220030036535-0220030036541 for the tax year 2008 related
\nto payments in advance of the income tax of S/. 45,337 plus interest of S/. 49,585 (US$13,288,
\ninterest: US$13,354). Resolutions 0220020013229-0220020013238 imposed fines related to the
\nprior mentioned resolutions of S/. 381,969 plus interest of S/. 456,403 (US$102,873, interest:
\nUS$122,920). A provision has been recognized in connection with the resolution above totaling
\nS/. 940,923 (US$253,413) including tax, penalties and interest. As of December 31, 2023 This tax
\ncase has been paid in full and the provision totaling S/. 940,923 has been released.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag416": {
"value": "\n18. PROVISIONS
\nCurrent Non-Current Current Non-Current
\n2023 2023 2022 2022
\nEmployee benefits
\n388$ 345$ 392$ 357$
\nOther
\n256 - 25 -
\nLitigation provisions
\n- - - 467
\n644$ 345$ 417$ 824$
\nEmployee
\nbenefits
\nLitigation Other Total
\nBalance at January 1, 2022
\n551$ 922$ 26$ 1,499$
\nProvisions recognized
\n591 - 62 653
\nProvisions utilized
\n(385)
\n
\n
\n(493)
\n
\n
\n(63)
\n
\n
\n(941)
\n
\n
\nProvisions released
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\nDifferences arising from foreign exchange
\n(8) 38 - 30
\nBalance at December 31, 2022
\n749 467 25 1,241
\nProvisions recognized
\n594 - 303 897
\nProvisions utilized
\n(550)
\n
\n
\n-
\n
\n
\n(70)
\n
\n
\n(620)
\n
\n
\nProvisions released
\n(58)
\n
\n
\n(477)
\n
\n
\n-
\n
\n
\n(535)
\n
\n
\nDifferences arising from foreign exchange
\n(2) 10 (2) 6
\nBalance at December 31, 2023
\n733$ -$ 256$ 989$
\n
\n\n\n\nEmployee benefits
\nCurrent employee benefits are paid time off for vacations and sick time earned but not yet used by
\nthe employee. Non-current employee benefits include severance pay, which is the cost associated
\nwith the severance packages as described below:
\nThe subsidiary employee provisions by country are as follows:
\nNicaragua
\nThe Nicaraguan Labor Code established a severance payment plan for employees in the event of
\ndeath, retirement or dismissal without just cause. This compensation is determined according to
\nemployee length of service. The plan compiles a month of salary for each labor year (for the first
\nthree labor years) and twenty days of salary after the fourth labor year, until the compensation
\nreaches a maximum of five months\u2019 salary. Compensation cannot be less than one month\u2019s salary
\nor more than five months\u2019 salary.
\nThe amount of $733,000 (2022- $749,000) includes $457,000 of retirement benefit obligations.
\nFor determination of the retirement benefit obligations in 2023 and 2022, the following actuarial
\nassumptions were used:
\n
\n2023 2022
\nDiscount rates 9.61% and 10.25% 7.87% and 8.01%
\nExpected rate of salary increases 0% 1%
\nStaff turnover 5 and 7 years 5 and 7 years
\nThe Group records a monthly provision as an expense to the respective period to cover any
\nseverance payment reimbursement incurred by the Group to terminated employees under this plan.
\nAs of December 31, 2023, the Group has recorded provisions amounting to $168,000 (2022 -
\n$334,000), which represents Management\u2019s best estimate of the liability. This is an accrual under
\nNicaraguan law and is not a pension scheme.
\nAdditionally, the other countries in which the Group operates have various severance requirements
\nas described in Note 3. The severance requirements are classified as long term. The short-term
\nemployee benefits are primarily accrued vacation payable to employees.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag417": {
"value": "\n
\n\n
\n
\n\n19. SHARE CAPITAL AND RESERVES
\nA majority of the Group\u2019s shareholders voted in favor of continuing the Group\u2019s charter from the
\nYukon, Canada to the British Virgin Islands (\u201cBVI\u201d). The Group formally continued its corporate
\ncharter into the BVI effective October 6, 2006 and filed \u201cdiscontinuation documents\u201d with the
\nYukon Registrar. Holders of common shares are entitled to one vote for each share held. There are
\nno restrictions that limit the Group\u2019s ability to pay dividends on its common stock. The Group has
\nnot issued preferred shares. The Group\u2019s common stock has no par value.
\nNumber of
\nshares
\nShare capital
\n($USD in 000's)
\nShares authorized
\n500,000,000 common shares without par value
\n500,000,000 preferred shares without par value
\nShares issued
\nBalance as at December 31, 2021 30,914,077 111,757$
\nShare based payments
\n-
\n
\n
\n-
\n
\n
\nBalance as at December 31, 2022 30,914,077 111,757$
\n Shares issued
\n3,000,000
\n
\n
\n147
\n
\n
\nBalance as at December 31, 2023 33,914,077 111,904$
\n
\n\n\n\n
\n\nOptions
\nThe Group, through its Board of Directors and shareholders, adopted two Stock Option Plans, the
\nfirst on July 1, 1997, and the second on June 25, 2005. Both plans will continue separate and apart
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n\nfrom one another. The Group has granted a number of stock options and entered into various
\nagreements of which up to no shares remain available for purchase pursuant to options granted
\nunder these plans. All of the stock options issued under these plans are nontransferable and
\nterminate on the earlier of the expiry date or 30 days after the grantee ceases to be employed by the
\nGroup.
\nStock option plan I dated July 1, 1997 and Stock option plan II dated June 25, 2005
\nOptions granted under these plans were awarded by the Board of Directors at its sole discretion to
\nselect Directors and employees. The options granted to the option holder may be exercised in whole
\nor in part at any time, or from time-to-time during the exercise period. The options may lapse due
\nto time limitations, death or change in employment status. The price at which an option holder may
\npurchase a share upon the exercise of an option, shall be set forth in the option certificate, but not
\nless than the market value of the Group shares as of the award date. Option grants have ceased
\nunder both plans as of November 19, 2007.
\n2007 Equity incentive plan dated November 20, 2007 (amended in August 2009)
\nThe 2007 Equity Plan was amended in 2009 to authorize the Directors, at their discretion, to award
\ngrants in an aggregate amount of up to 5% of the Company issued and outstanding shares. Our
\n2007 Equity Incentive Plan (the \u201c2007 Equity Plan\u201d) is designed to enable us and our affiliates to
\nobtain and retain the services of the types of employees, consultants and directors who will
\ncontribute to our long-term success and to provide incentives that are linked directly to increases
\nin share value which will inure to the benefits of all of our shareholders. We have reserved up to
\n5% of our current issued and outstanding common shares, as of any given date, for the issuance of
\nshares, which may be awarded under such Equity Plan.
\nThere are no outstanding options as of December 31, 2023.
\n
\n\n\n\n\n\n\n\nCurrency translation reserve
\nThe translation reserve represents the foreign currency translation differences arising from the
\ntranslation of our subsidiary financial statements into United States dollars.
\nRetained earnings / (loss)
\nRetained earnings / (loss) are the accumulated retained profits and/or losses.
\nShare options reserve
\nThe Group issues equity-settled share-based payments to certain employees and Directors. For all
\nshare-based payment arrangements granted, an expense is recognized in profit or loss with a
\ncorresponding credit to equity. The fair value of share options is expensed over the vesting period
\nof the options, based on an estimate of the number of shares that will eventually vest, and adjusted
\nfor the effect of non-market-based vesting conditions. The corresponding credit is taken to the share
\noptions reserve. The fair value is calculated using the Black-Scholes pricing model.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag418": {
"value": "\n
\n
\n\n19. SHARE CAPITAL AND RESERVES
\nA majority of the Group\u2019s shareholders voted in favor of continuing the Group\u2019s charter from the
\nYukon, Canada to the British Virgin Islands (\u201cBVI\u201d). The Group formally continued its corporate
\ncharter into the BVI effective October 6, 2006 and filed \u201cdiscontinuation documents\u201d with the
\nYukon Registrar. Holders of common shares are entitled to one vote for each share held. There are
\nno restrictions that limit the Group\u2019s ability to pay dividends on its common stock. The Group has
\nnot issued preferred shares. The Group\u2019s common stock has no par value.
\nNumber of
\nshares
\nShare capital
\n($USD in 000's)
\nShares authorized
\n500,000,000 common shares without par value
\n500,000,000 preferred shares without par value
\nShares issued
\nBalance as at December 31, 2021 30,914,077 111,757$
\nShare based payments
\n-
\n
\n
\n-
\n
\n
\nBalance as at December 31, 2022 30,914,077 111,757$
\n Shares issued
\n3,000,000
\n
\n
\n147
\n
\n
\nBalance as at December 31, 2023 33,914,077 111,904$
\n
\n\n\n\n
\n\nOptions
\nThe Group, through its Board of Directors and shareholders, adopted two Stock Option Plans, the
\nfirst on July 1, 1997, and the second on June 25, 2005. Both plans will continue separate and apart
\n
\n\n\n\n
\n\n\n\n
\n\nfrom one another. The Group has granted a number of stock options and entered into various
\nagreements of which up to no shares remain available for purchase pursuant to options granted
\nunder these plans. All of the stock options issued under these plans are nontransferable and
\nterminate on the earlier of the expiry date or 30 days after the grantee ceases to be employed by the
\nGroup.
\nStock option plan I dated July 1, 1997 and Stock option plan II dated June 25, 2005
\nOptions granted under these plans were awarded by the Board of Directors at its sole discretion to
\nselect Directors and employees. The options granted to the option holder may be exercised in whole
\nor in part at any time, or from time-to-time during the exercise period. The options may lapse due
\nto time limitations, death or change in employment status. The price at which an option holder may
\npurchase a share upon the exercise of an option, shall be set forth in the option certificate, but not
\nless than the market value of the Group shares as of the award date. Option grants have ceased
\nunder both plans as of November 19, 2007.
\n2007 Equity incentive plan dated November 20, 2007 (amended in August 2009)
\nThe 2007 Equity Plan was amended in 2009 to authorize the Directors, at their discretion, to award
\ngrants in an aggregate amount of up to 5% of the Company issued and outstanding shares. Our
\n2007 Equity Incentive Plan (the \u201c2007 Equity Plan\u201d) is designed to enable us and our affiliates to
\nobtain and retain the services of the types of employees, consultants and directors who will
\ncontribute to our long-term success and to provide incentives that are linked directly to increases
\nin share value which will inure to the benefits of all of our shareholders. We have reserved up to
\n5% of our current issued and outstanding common shares, as of any given date, for the issuance of
\nshares, which may be awarded under such Equity Plan.
\nThere are no outstanding options as of December 31, 2023.
\n
\n\n\n\n\n\n\n\nCurrency translation reserve
\nThe translation reserve represents the foreign currency translation differences arising from the
\ntranslation of our subsidiary financial statements into United States dollars.
\nRetained earnings / (loss)
\nRetained earnings / (loss) are the accumulated retained profits and/or losses.
\nShare options reserve
\nThe Group issues equity-settled share-based payments to certain employees and Directors. For all
\nshare-based payment arrangements granted, an expense is recognized in profit or loss with a
\ncorresponding credit to equity. The fair value of share options is expensed over the vesting period
\nof the options, based on an estimate of the number of shares that will eventually vest, and adjusted
\nfor the effect of non-market-based vesting conditions. The corresponding credit is taken to the share
\noptions reserve. The fair value is calculated using the Black-Scholes pricing model.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag419": {
"value": "\n19. SHARE CAPITAL AND RESERVES
\nA majority of the Group\u2019s shareholders voted in favor of continuing the Group\u2019s charter from the
\nYukon, Canada to the British Virgin Islands (\u201cBVI\u201d). The Group formally continued its corporate
\ncharter into the BVI effective October 6, 2006 and filed \u201cdiscontinuation documents\u201d with the
\nYukon Registrar. Holders of common shares are entitled to one vote for each share held. There are
\nno restrictions that limit the Group\u2019s ability to pay dividends on its common stock. The Group has
\nnot issued preferred shares. The Group\u2019s common stock has no par value.
\nNumber of
\nshares
\nShare capital
\n($USD in 000's)
\nShares authorized
\n500,000,000 common shares without par value
\n500,000,000 preferred shares without par value
\nShares issued
\nBalance as at December 31, 2021 30,914,077 111,757$
\nShare based payments
\n-
\n
\n
\n-
\n
\n
\nBalance as at December 31, 2022 30,914,077 111,757$
\n Shares issued
\n3,000,000
\n
\n
\n147
\n
\n
\nBalance as at December 31, 2023 33,914,077 111,904$
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag420": {
"value": "\nOptions
\nThe Group, through its Board of Directors and shareholders, adopted two Stock Option Plans, the
\nfirst on July 1, 1997, and the second on June 25, 2005. Both plans will continue separate and apart
\n
\n\n\n\nfrom one another. The Group has granted a number of stock options and entered into various
\nagreements of which up to no shares remain available for purchase pursuant to options granted
\nunder these plans. All of the stock options issued under these plans are nontransferable and
\nterminate on the earlier of the expiry date or 30 days after the grantee ceases to be employed by the
\nGroup.
\nStock option plan I dated July 1, 1997 and Stock option plan II dated June 25, 2005
\nOptions granted under these plans were awarded by the Board of Directors at its sole discretion to
\nselect Directors and employees. The options granted to the option holder may be exercised in whole
\nor in part at any time, or from time-to-time during the exercise period. The options may lapse due
\nto time limitations, death or change in employment status. The price at which an option holder may
\npurchase a share upon the exercise of an option, shall be set forth in the option certificate, but not
\nless than the market value of the Group shares as of the award date. Option grants have ceased
\nunder both plans as of November 19, 2007.
\n2007 Equity incentive plan dated November 20, 2007 (amended in August 2009)
\nThe 2007 Equity Plan was amended in 2009 to authorize the Directors, at their discretion, to award
\ngrants in an aggregate amount of up to 5% of the Company issued and outstanding shares. Our
\n2007 Equity Incentive Plan (the \u201c2007 Equity Plan\u201d) is designed to enable us and our affiliates to
\nobtain and retain the services of the types of employees, consultants and directors who will
\ncontribute to our long-term success and to provide incentives that are linked directly to increases
\nin share value which will inure to the benefits of all of our shareholders. We have reserved up to
\n5% of our current issued and outstanding common shares, as of any given date, for the issuance of
\nshares, which may be awarded under such Equity Plan.
\nThere are no outstanding options as of December 31, 2023.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag6": {
"value": "\n20. EARNINGS PER SHARE
\nThe following weighted average numbers of shares were used for computation of earnings per
\nshare:
\n
\n2023
\n2022
\nShares used in computation of basic loss per share (000's)
\n32,414
\n
\n
\n30,914
\n
\n
\nShares used in computation of diluted loss per share (000's)
\n32,414 30,914
\nEarnings / (loss) for the period attributable to the parent 2,691$ 5,311$
\nBasic earnings / (loss) per share 0.08 0.17
\nDiluted earnings / (loss) per share 0.08 0.17
\nBasic earnings per share is calculated by dividing the net gain for the year by the weighted average
\nshares used in the computation of basic earnings per share. Diluted earnings per share is calculated
\nby dividing the net gain for the year by the weighted average shares used in the computation of
\ndiluted earnings per share.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag12": {
"value": "0.08",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag13": {
"value": "0.17",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag7": {
"value": "\n21. RELATED PARTY TRANSACTIONS
\n2023 2022
\nCurrent Non-Current Current Non-Current
\nDue from related parties
\nNicaraguan Partners -$ 41$ -$ 42$
\nCosta Rican Joint Venture 2,132 - 2,085 -
\nTransactions with officers - 7 - 391
\n2,132$ 48$ 2,085$ 433$
\nDue to related parties
\nNicaraguan Partners 207$
\n-$
\n208$
\n-$
\nTransaction with officers -
\n-
\n1,453
\n-
\n207$ -$ 1,661$ -$
\n
\n\n\n\n\n\n\n\n
\nDue from related parties
\nReceivables from joint ventures and related party receivables
\nThe Group charges management, marketing, administration and royalty fees to its subsidiaries and
\njoint ventures. The income and expenses associated with management fees between subsidiaries
\nhave been eliminated in their entirety in these consolidated financial statements. The related party
\nreceivable represents amounts due from the Group\u2019s partners in its non-wholly owned subsidiaries.
\nAll receivables are non-interest bearing and are due on demand by the Group. The Group has not
\nprovided for an allowance against these amounts as these amounts are deemed collectible by the
\nGroup.
\nIncluded in due from related parties is $2,132,000 (2022 \u2013 $2,085,000) due from our Costa Rica
\njoint ventures which are accounted for under the equity method, these receivables are non-interest
\nbearing and are due on demand by the Group. Balances will be settled upon the sale of certain real
\nestate in Costa Rica. Additionally, $41,000 (2022 \u2013 $42,000) is due from a shareholder in the
\nNicaraguan operation for their portion of the loan attributed to the purchase of the majority interest
\nin Nicaragua in October 2004.
\nIncluded in due from related parties are loans to officers for $Nil (2021 - $391,000). The amounts
\ndue from officers were as follows: Albert Atallah $248,000 ($225,000 plus $23,000 accrued
\ninterest); Peter LeSar $143,000 ($125,000 plus accrued interest $18,000). The amounts due from
\nofficers was settled during the period ended December 31, 2023. The remaining $7,000 recorded
\nin Due from related parties relates to a payment made on behalf of a director. This amount will
\neither be settled in cash or offset against future director fees.
\nDue to related parties
\nPayable to joint ventures and related party payables
\nIncluded in due to related parties are amounts due to the Group\u2019s Nicaraguan partners $208,000
\n(2022 \u2013 $208,000) for their portion of the accrued, but not yet paid management fees from the
\nNicaraguan entity.
\nIncluded in due to related parties are accrued wages owed to the Groups\u2019 officers and directors
\ntotaling $Nil (2022 \u2013 $1,453,000). The amounts owed were as follows: Salomon Guggenheim $Nil
\n(2022 - $545,000); Peter LeSar $Nil (2022 - $507,000); Albert Atallah $Nil (2022 - $400,000).
\nThere are $Nil (2022 - $1,000) owed to directors as of December 31, 2023. As of December 31,
\n2023 the amounts due to officers and directors were paid in full.
\n\nTransaction with Officers and Directors included within borrowings
\nSalomon Guggenheim, who previous to the middle of 2013 only held the roles of Director and
\nadvisor to the Group, is a director and not a beneficial owner in a company called India Ltd. The
\nGroup has been loaned various amounts by India Ltd. Please see Officer related party in the table
\nbelow for amount due and interest paid to India Ltd. during 2023 and 2022.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n2023 2022
\nAmount due Interest paid Amount due Interest paid
\nCountry
\nOfficer related party Corporate 1,495 - 1,372 -
\nTotal 1,495$ -$ 1,372$ -$
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag8": {
"value": "\n22. OBLIGATIONS UNDER OPERATING LEASES, FINANCE LEASES
\nAND HIRE PURCHASE CONTRACTS
\nObligations under finance leases and hire purchase contracts
\nThe Groups Nicaragua subsidiary has leases for four casino properties and related parking areas,
\ntwo residential properties. The lease liabilities are secured by the related underlying assets. As at
\nDecember 31, 2023, future minimum lease payments under leases and hire purchase contracts of
\nthe Group are as follows:
\n
\nFuture commitments due Future commitments due
\n December 31, 2023 December 31, 2022
\nMinimun Lease
\nPayments
\nPresent value
\nMinimun Lease
\nPayments
\nPresent value
\nNot longer than one year 1,012$ 656$ 1,353$ 877$
\nAfter one year but not more than five years 2,606 1,963 3,567 2,558
\nAfter five years 556 460 867 684
\nSub total 4,174 3,079 5,787 4,119
\nPresent value of minimum lease payments 4,174$ 3,079$ 5,787$ 4,119$
\nObligations under leases and hire purchase
\ncontracts current
\n(656)$ (877)$
\nObligations under leases and hire purchase
\ncontracts non-current
\n2,423$ 3,242$
\n
\n\n\n\n\n\n\n\nAssets held under finance leases and hire purchase contracts as of December 31, 2023 and
\nDecember 31, 2022:
\n
\n2023 2022
\nCost Amortized cost Cost Amortized cost
\nRight-of-use assets 4,770 2,109 4,822 2,729
\nTotal 4,770$ 2,109$ 4,822$ 2,729$
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag9": {
"value": "\n
\n\n
\n\n23. COMMITMENTS AND CONTINGENCIES
\nAs at December 31, 2023, principal payments required under the terms of the loan agreements and
\ntheir liabilities in each for the next five years are as follows:
\n
\nYear ending December 31:
\n2024 7,878
\n2025 1
\n2026 -
\n2027 -
\n2028 -
\nThereafter -
\nSubtotal 7,879
\nLess: Debt Issuance Costs -
\n7,879$
\nSet out below is an overview of our ongoing contingencies, many of which are as a result of
\nregulatory uncertainty. An estimate of the financial effect of each contingency is disclosed unless
\na reasonable estimate of the financial effect cannot be made.
\na. Peru tax controversies
\nThunderbird Hoteles Las Americas, S.A. \u2013 Tax issues: Tax issues: The company has filed an
\nappeal procedure in a ruling by the Tax Court (Tax Court File 15182-2014), related to
\nResolutions 0220030035681-0220030035690 for the tax year 2008 referred to withholdings of
\npayments made abroad in a total principal amount of S/. 257,954 plus interest in a total of S/.
\n317,825 (amounts in US$ 67,527, interest: US$83,200). In separate Resolutions
\n0220020013107-0220020013114 the tax authorities issued fines related to the prior mentioned
\nresolutions in the amount of S/.107,530 plus interest in a total of S/.134,033 (amounts in
\nUS$28,149 interest: US$35,087). A provision has been recognized in connection with the
\nresolution above totaling S/. 843,741 (US$220,875) including tax, penalties and interest. The
\nappeal also refers to Resolution 0220030036535-0220030036541 for the tax year 2008 related
\nto payments in advance of the income tax for a total amount of S/. 45,337 plus interest in a total
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
\n\nof S/. 49,585 (amounts in US$11,868, interest: US$12,980). Resolutions 0220020013229-
\n0220020013238 imposed fines related to the prior mentioned resolutions for the amount in total
\nof S/. 381,969 plus interest in a total of S/. 456,403 (amounts in US$99,992, interest:
\nUS$119,477). Through Resolution N\u00b0 7826-11-2022 (served on November 18, 2022) the Tax
\nCourt has solved the tax proceeding related to 2008 Income Tax. The Tax Court has confirmed
\nthe tax debt related to (i) Income Tax Retained in 2008 for interest on loans from related parties;
\n(ii) payments on account of Income Tax for the year 2008 and (iii) income tax for 2008
\n(deduction of interest not recorded in the accounts). A provision was made in connection with
\nthe above resolution for a total of S/. 940,923 (US$246,315) including tax, penalties and
\ninterest. The relevant tax debt assessed in this case was duly paid in Q1 2023.
\nThrough Intendancy Resolution 0250140020952, SUNAT issued a 2013 IGV with an assessed
\ntax debt amounting S/. 1,013,295 (approximately US$271,770). This tax debt was originated
\nas a consequence of SUNAT\u2019s 2007 IGV assessment, which the Tax Court through Resolution
\n11395-4-2021 considered null, with no legal grounds, revoking it. Through resolution 11390-
\n4-2019 the Tax Court ruled that the result of this procedure depended on the result of 2007
\nprocess. 2013 IGV tax assessment stated in Resolution 0250140020952 was dismissed (based
\non Resolution 11395-4-2021) and amount has been included in Note 5, Other Gain and Losses.
\nThunderbird Hoteles Las Americas, S.A. \u2013 \u201cAlcabala\u201d (Property Transfer Tax) process: On
\nSeptember 25, 2007, THLA received a notification in connection with a resolution issued by
\nthe Tax Administration Service (SUNAT) demanding payment of US$ 522,824 (S/. 1,969,742)
\nfor a property transfer tax resulting from the purchase of the land and the building located at
\nAlcanfores 475, Miraflores. SUNAT asserted that THLA wrongly calculated the tax on the
\nfirst-time sale of such property (sold by La Caja Militar to THLA).
\nOn October 24, 2007, THLA filed an appeal against the resolution issued by SUNAT. THLA
\nasserts that it had paid the corresponding property transfer tax for the land, as well as the VAT
\nfor a part of the building. THLA argues that the property transfer tax was not paid for part of
\nthe building as the sale of such part of the building was a first-time sale performed by the
\ncontractor and was exempt from tax. On October 17, 2014, the Tax Court ruled that the
\nresolution issued by the SUNAT was void as it had not been properly supported (such
\nresolution did not specify the reasons why the SUNAT considered that the total of the transfer
\nwas subject to property transfer tax).
\nOn March 12, 2015, SUNAT issued a new resolution in respect of the same issues, but provided
\nno additional evidentiary support for its position. SUNAT\u2019s new resolution (Resolution N\u00ba 045-
\n012-00073684), demanded the payment of the property transfer tax for the same land and the
\nsame building for a total of S/. 1,052,993 (including interests and penalties), approximately
\nUS$282,417. THLA argued once again that the resolution issued by SUNAT lacks the proper
\nsupporting documentation. SUNAT claims that THLA must pay the property transfer tax but
\ndoes not explain the legal basis supporting such standpoint.
\nOn April 13, 2015, THLA filed its opposition against Resolution N\u00ba 045-012-00073684
\nasserting that THLA was not required to pay any property transfer tax and requesting that the
\nnew resolution be declared void as it lacked proper support. Such claim is currently under
\nreview. THLA contends that it is probable that the Tax Court, for a second time, will declare
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
\n\nsuch resolution to be void. The opposition writ is pending a ruling by the Municipal
\nAdministration (1st administrative instance). Should the opposition writ be rejected, THLA is
\nentitled to file an appeal writ before the Tax Court (second administrative instance).
\nb. Costa Rica tax controversies
\nBy way of background, the income tax in Costa Rica is collected by the General Income Tax
\nOffice. The Group previously owned various Costa Rica subsidiaries including, Thunderbird
\nGran Entretenimiento, S.A. (\u201cTGE\u201d), and Grupo Thunderbird de Costa Rica, S.A. (\u201cGTCR\u201d).
\nOn February 27, 2015, the Group sold its entire economic interest and management rights in
\nits Costa Rican operations (of which the Group had approximately a 50% share) to CIRSA
\nInternational Gaming Corporation (\u201cCIRSA\u201d), for a net price (gross price less debt payoff less
\nworking capital adjustments) of approximately $8.1 million. The $8.1 million net amount
\nreceived was also net of approximately $192 thousand contingent tax liability paid by the group
\nto the Costa Rica tax authority to cover GTCR contested tax liability and for the approximate
\n$3.088 million TGE contested tax liability paid to the Costa Rica tax authority. These contested
\ntax liabilities are fully described below. These payments to the Costa Rican tax authority were
\nrequired to be paid as a condition to closing the sale of the Group\u2019s interest in the Costa Rica
\noperation. The payment made by the Group and its partner was made without prejudice or
\nadmission of liability and therefore, does not alter the Group\u2019s position of taking a provision
\nfor these contingent taxes in 2014.
\nFollowing the sale of the Costa Rica operations, and as part of the Group\u2019s commitment on the
\nsale of the operations, TGE continued to be engaged in a certain tax procedure. In addition,
\nthe Group\u2019s 50% ownership in King Lion Network is engaged in a tax controversy as described
\nbelow. The following sections describe the current status/outcome of these three tax
\ncontroversies:
\n(i) TGE received a proposed income tax assessment in Q1-2012 of $600 thousand for the tax
\nyear ended December 31, 2009, and a proposed tax assessment of $800 thousand for the
\ntax year ended December 31, 2010. Additional gaming taxes of $200 thousand were
\nassessed for each tax year ended December 31, 2009 and 2010. The assessments for both
\ntax years were related to certain expenses which were deemed to be non-allowable
\ndeductions by the General Income Tax Office and for the imputation of interest income on
\nintercompany advance balances. These matters were appealed to the Tribunal Fiscal
\nAdministrative (\u201cTFA\u201d) during Q3 and Q4 of 2012. On January 16, 2013, the Group was
\nadvised that the Administrator Tribunal Appeal was denied in regards to the TGE tax
\nmatter. The Group filed a lawsuit at the Court level in August 2014 to revoke the tax
\nassessment. In February 2015, the Group paid the tax authorities $3.088 million on the
\nalleged tax liability. The payment to the Costa Rican tax authority was required to be paid
\nas a condition to closing the sale of the Group\u2019s interest in Costa Rica to CIRSA, as
\ndescribed below. The payment made by the Group was made without prejudice or
\nadmission of liability. The preliminary hearing of the case was heard in June 2015 and the
\nAdministrative file is being reviewed by the Court. A trial date was set for June 2018. The
\nGroup continues with the judicial procedure and its claim to revoke the tax assessment so
\nTGE could recover a portion of the payment over time. In relation to this, Cirsa Gran
\nEntretenimiento de Costa Rica, S.A. (formerly TGE) filed an administrative procedure
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
\n\nagainst the Tax Authority before the Administrative Court contested the legality of certain
\nAdministrative Resolutions of the Direction of Great National Tax Payers of Costa Rica
\nand the Fiscal Tribunal. There was a hearing on this case in June 2018. The Administrative
\nCourt rendered a judgment (number 62-2018-VIII) against TGE on July 12, 2018. TGE
\nfiled an appeal on August 7, 2018 in the First Chamber of the Supreme Court in respect of
\nthe only remaining issue for this controversy case, which is the legal fees to be charged
\nagainst the taxpayer TGE for failing to prevail in the lawsuit. The legal fees are
\napproximately $310,000 and the tax appeal is pending.
\n(ii) The Costa Rica Tax authorities have assessed a tax against King Lion Network for the tax
\nyear 2011 for approximately 17.2 million colones (or $30 thousand) representing tax and
\ninterests due the non-recognition of the interests paid for the purchase of the shares related
\nto the Tres Rios Project. The Company presented the appeal to this assessment on time
\nand the case remains pending.
\nc. Costa Rica-CIRSA Escrow claim
\nIn March of 2020, MMG Bank Corporation notified CIRSA, Thunderbird Resorts Inc. and
\nAngular Investments S.A. that MMG Bank Corporation intended to make a disbursement of
\n$532,906 to Thunder Resorts Inc. and to Angular Investments S.A. pursuant to that certain
\nEscrow Agreement dated February 25, 2015. CIRSA filed an objection to release of escrow
\nproceeds on the basis that CIRSA\u2019S objection is based on three sets of factors:(1) Labor Law
\nSuit/controversy filed by Murray Jo Zimmer and Michael G. Fox (sometimes collectively
\nreferred to as \u201cZIMMER AND FOX\u201d) against Grupo Cirsa De Costa Rica S.A. in which
\nZIMMER AND FOX are seeking an estimated seven million dollars; (2) Certain Labor claims
\nfiled by \u201cother employees of CIRSA\u201d; (3) Certain Tax Claims filed by the Costa Rica tax
\nadministration against companies sold by Thunderbird Resorts Inc. to CIRSA Thunderbird
\nResorts Inc. disputed each of the claims that CIRSA. The general basis for disputing each of
\nCIRSA\u2019s claims as well as any claim that Thunderbird Resorts Inc. violated the Stock Purchase
\nAgreement dated February 25, 2015 are completely without basis in law or in fact. Moreover,
\nTRI\u2019s position in respect of the issues raised by CIRSA and so called breach of the SPA is that
\nTRI\u2019s is not jointly and severally liable with Angular, Zimmer and Fox and demanded that the
\nescrow proceeds ought to be disbursed solely to Thunderbird.
\nBy the way of background, in a related matter to the San Diego Federal District Court action,
\nin February 2015, the Group had previously consummated Stock Purchase Agreement (SPA)
\nin which CIRSA acquired the shares of Grupo Thunderbird De Costa Rica from Thunderbird
\nResorts Inc. (TRI) and Angular Investments S.A. The SPA provided that a certain portion of
\nthe monies to be paid by CIRSA to TRI/Angular were to be held in escrow pursuant to the
\nSPA. In February 2015, CIRSA delivered $2,125,000, to the Escrow Agent (the \u201cEscrow
\nAmount\u201d) in accordance with the terms and conditions of the SPA. The Escrow Agreement
\nprovided for a claims procedure by which certain claims could be made by third parties/tax
\nauthorities, vendors to be paid from the Escrow. In December 2017 and in March 2018,
\nZIMMER AND FOX acting as employees of GTCR filed certain claims against CIRS, GTCR
\nand TRI. TRI position is that ZIMMER AND FOX had claimed in bad faith that they were
\nentitled to a series of labor rights. The SPA and all related documents support the fact that
\nZIMMER AND FOX as a \"seller shareholder\" waived and released any and all claims, rights,
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
\n\netc. that he may have had, including social benefits under Costa Rica law. TRI believe
\nZIMMER AND FOX have waived all his claims and therefore their labor claim is without
\nmerit. Based on our information and belief, ZIMMER intended to file this labor complaint in
\nresponse to TRI\u2019s actions against him wherein TRI had filed the aforementioned lawsuit against
\nZIMMER in the Federal District Court of San Diego, California, Zimmer\u2019s bad faith as he is
\nattempting to retaliate against TRI for the actions that TRI has taken against him in the USA
\nlitigation. TRI believes that ZIMMER\u2019s claim is without merit and ultimately the labor tribunal
\nmade a ruling that ZIMMER\u2019S claims against GTCR were without merit.
\nA ruling was issued by the Labor Judge of the 1st judicial circuit of San Jose on October 8,
\n2018, in which the Labor Judge declared that the lawsuit filed by Jo Zimmer against Grupo
\nCirsa de Costa Rica had no legal basis and issued an order against Zimmer to pay the costs and
\nexpenses of the judicial process. Murray Jo Zimmer appealed ruling No. 2080 on October 12,
\n2018. In June 2022, the 2nd Tribunal of the Supreme Court ruled the Resolution 2022-001356,
\nwhich is final and non-appealable, confirming the prior decisions against the plaintiff Murray
\nJo Zimmer. Cirsa is claiming certain legal fees related to this case against the escrow. TRI
\nconsiders these legal fees need to be paid directly by Murray Jo Zimmer, as dictated by the
\njudge in the ruling.
\nIn relation to the Michael Fox case, TRI was not served with this labor lawsuit, but in the aim
\nof affording evidence and facts to the procedure, it filed voluntarily its response to the labor
\nclaim before the 2nd Labor Court of San Jose, Costa Rica. A hearing for this case scheduled
\nfor November 2020, which was suspended on account of the Court\u2019s request to amend certain
\nevidence previously received. New hearing date was appointed on October 4th, 2022, but
\npostponed to September 11, 2023 due the requirement of a professional translator for the
\nplaintiff. FOX, Cirsa and TRI agreed to enter in a settlement agreement in which Michael Fox
\ndesist of his labor case against Cirsa and TRI and in an effort to terminate with this litigation,
\nboth defendant companies assumed the payment of FOX lawyer fees. This final settlement
\nwas signed in front of the Labor Court of the 2nd Judicial Circuit of San Jose on September
\n8th, 2023, being this final and non-appealable, terminating with Fox litigation.
\nTRI has disputed each of the claims that CIRSA made against the Escrow. The general basis
\nfor disputing each of CIRSA\u2019s claims, as well as, any claim that Thunderbird Resorts Inc.
\nviolated the Stock Purchase Agreement dated February 25, 2015 are completely without basis
\nin law or in fact. Neither ZIMMER AND FOX are entitled to any payment as has been
\npreviously mentioned in the description of their respective labor cases. Moreover, TRI position
\nin respect of the issues raised by CIRSA and so-called breach of the SPA is that TRI is not
\njointly and severally liable with Angular, Zimmer and Fox. Certain distributions and claims
\nhave been paid out of the escrow, and a total of approximately US$1.5M remains as balance in
\nthe escrow account as of December 31, 2023.
\nd. Canadian tax controversy
\nThunderbird Gaming, Inc. (\u201cTGI\u201d), a wholly-owned subsidiary of the Group that has been
\ninactive since 1996, received notification of a reassessment from the Canada Revenue Agency
\n(\u201cCRA\u201d) with respect to a transfer of assets in 1996 in relation to the California Indian gaming
\nbusiness previously operated by TGI. Specifically, this reassessment stems from a transfer of
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
\n\nassets which CRA contends was undervalued. The reassessment is in the amount of Canadian
\ndollar (\u201cCDN\u201d) $380 thousand (US $381 thousand at December 31, 2010).
\nTGI submitted applications to CRA utilizing its net operating loss (\u201cNOL\u201d) in a manner that
\nreduced the actual tax liability to zero and is taking the position that the valuation of assets was
\naccurate in order to preserve its NOL. By taking this position, TGI believes it avoids the
\nimposition of interest on tax, which is the subject of the reassessment.
\nFurther, TGI filed a fairness application with the appropriate Canadian taxing authority
\nrequesting a complete abatement of the alleged interest imposed on the alleged tax liability.
\nIn this filing, management alleges that TGI received unconscionable and egregious treatment
\nfrom CRA in addition to experiencing excessive delays in the reassessment process. TGI also
\nfiled an appeal of CRA\u2019s assessment with the tax courts in Canada in which TGI will attempt
\nto establish that the underlying tax liability should never have been assessed.
\nThe fairness application was rejected and in March 2007, TGI abandoned further appeal to the
\ntax courts in Canada.
\nAlthough the Group believes CRA\u2019s case is without merit, the liability is contained within an
\ninsolvent subsidiary and consequently, even though TGI is responsible for the liability, the
\nGroup\u2019s parent and subsidiaries have no exposure to the TGI liability. The Group does not
\nexpect that CRA will collect the judgment as TGI is insolvent and therefore there is no accrual
\nin these consolidated financial statements related to this reassessment.
\ne. Guatemala Tax cases
\nThe Superintendencia de Administraci\u00f3n Tributaria-SAT (the Guatemalan tax authority) has
\nattempted to open up Thunderbird de Guatemala, S.A. tax audits for 2009 and 2010, which the
\nGroup has been challenging. By the way of background, on March 20, 2017, Thunderbird de
\nGuatemala was notified of decisions made by the Second Tribunal of Accounts and
\nControversies, which has decided over a Recusal Appeal, conceded to be in favor of
\nThunderbird de Guatemala and an Appeal for Reversal related to certain documents that the
\nTax Authority is requesting for the tax years 2008 and 2009 and the company considered time-
\nbarred. The Tribunal alleged that the matter as discussed, related to whether the delivery of
\ncertain documents, were or were not legally required under a statute of limitations. With this
\ndecision made, Thunderbird de Guatemala defense prepared its arguments and challenged the
\nmain matter of this case in relation to the statute of limitations of the Tax Years 2008 and 2009.
\nIn January 2021, the Company was notified that the Court ruled against Thunderbird de
\nGuatemala in this 2009 tax case. The Company strongly believes in its arguments; specifically,
\nthat the case is time barred. The Company filed an \u201cAmparo\u201d in January of 2021 to continue
\ndefending its position before the Supreme Court. The writ of Amparo is generally described as
\na remedy available to any person whose right to life, liberty and security is violated or
\nthreatened with violation by an unlawful act or omission of a public official or employee, or of
\na private individual or entity. Court took knowledge of the Amparo in June 2021 and denied
\nit in July 2023. At this instance, no further challenges are available.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n
\n\nf. San Diego Federal District Court
\nIn July 2023 following eight years of litigation spanning the globe, upon payment of a
\nconfidential sum to Mitchell, Thunderbird and Jack R. Mitchell, with his wholly owned
\ncompany, Mitzim entered into a settlement of all claims including the federal court in San
\nDiego, the ICC in Hong Kong, and collection actions taken in the BVI and in Costa Rica. The
\nParties agreed that neither will make, publish, or communicate any statement that defames,
\ndisparages, or places the other, or any of the Party\u2019s owners, members, partners, affiliates,
\nagents, directors, or officers. in a false light. This provision includes any postings, blogs, or
\ncommunication with any media source, social media site, or account which seeks to damage
\nthe reputation of a Party to this Agreement or any such Party\u2019s owners, members, partners,
\naffiliates, agents, directors, or officers. Within the terms of the settlement agreement the parties
\nacknowledged and agreed that Thunderbird as a public company has a continuing obligation to
\ndisclose material information including the history and nature of the lawsuits among the
\nparties, along with the existence and terms of this Settlement Agreement, in that regard, the
\nparties have settled their claims and released each other, with none of the parties admitting
\nfault.
\ng. The Group\u2019s entry and exit from the India market
\nThe Group entered the India market in 2008 by initiating a hotel project in Daman, India, which
\nis located just north of Maharashtra State whose capital is Mumbai (formerly Bombay). The
\nproject known as \u201cThunderbird Resorts \u2013 Daman\u201d has faced both regulatory delays outside the
\nGroup\u2019s control, as well as cost overruns in construction and pre-operating interest / expense
\ndue to the delays which ultimately caused the Group to exit the India market in April 2015.
\nThe entire history of the entry and exit as well as settlements with various parties is fully
\ndescribed in previously filed financial statements. All settlements have been completely
\nsatisfied with the exception of the settlement with Maravege. In that regard, The Group entered
\ninto a revised settlement with Maravege for an amount of U$815,000 which was entered on
\nJanuary 13th, 2023, with an outstanding payable of US$292,997.00 as December 31, 2023 as
\nincluded in other non-current liabilities. The Company has two years to pay-off this
\noutstanding payable.
\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag10": {
"value": "\n
\n\n23. COMMITMENTS AND CONTINGENCIES
\nAs at December 31, 2023, principal payments required under the terms of the loan agreements and
\ntheir liabilities in each for the next five years are as follows:
\n
\nYear ending December 31:
\n2024 7,878
\n2025 1
\n2026 -
\n2027 -
\n2028 -
\nThereafter -
\nSubtotal 7,879
\nLess: Debt Issuance Costs -
\n7,879$
\nSet out below is an overview of our ongoing contingencies, many of which are as a result of
\nregulatory uncertainty. An estimate of the financial effect of each contingency is disclosed unless
\na reasonable estimate of the financial effect cannot be made.
\na. Peru tax controversies
\nThunderbird Hoteles Las Americas, S.A. \u2013 Tax issues: Tax issues: The company has filed an
\nappeal procedure in a ruling by the Tax Court (Tax Court File 15182-2014), related to
\nResolutions 0220030035681-0220030035690 for the tax year 2008 referred to withholdings of
\npayments made abroad in a total principal amount of S/. 257,954 plus interest in a total of S/.
\n317,825 (amounts in US$ 67,527, interest: US$83,200). In separate Resolutions
\n0220020013107-0220020013114 the tax authorities issued fines related to the prior mentioned
\nresolutions in the amount of S/.107,530 plus interest in a total of S/.134,033 (amounts in
\nUS$28,149 interest: US$35,087). A provision has been recognized in connection with the
\nresolution above totaling S/. 843,741 (US$220,875) including tax, penalties and interest. The
\nappeal also refers to Resolution 0220030036535-0220030036541 for the tax year 2008 related
\nto payments in advance of the income tax for a total amount of S/. 45,337 plus interest in a total
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\nof S/. 49,585 (amounts in US$11,868, interest: US$12,980). Resolutions 0220020013229-
\n0220020013238 imposed fines related to the prior mentioned resolutions for the amount in total
\nof S/. 381,969 plus interest in a total of S/. 456,403 (amounts in US$99,992, interest:
\nUS$119,477). Through Resolution N\u00b0 7826-11-2022 (served on November 18, 2022) the Tax
\nCourt has solved the tax proceeding related to 2008 Income Tax. The Tax Court has confirmed
\nthe tax debt related to (i) Income Tax Retained in 2008 for interest on loans from related parties;
\n(ii) payments on account of Income Tax for the year 2008 and (iii) income tax for 2008
\n(deduction of interest not recorded in the accounts). A provision was made in connection with
\nthe above resolution for a total of S/. 940,923 (US$246,315) including tax, penalties and
\ninterest. The relevant tax debt assessed in this case was duly paid in Q1 2023.
\nThrough Intendancy Resolution 0250140020952, SUNAT issued a 2013 IGV with an assessed
\ntax debt amounting S/. 1,013,295 (approximately US$271,770). This tax debt was originated
\nas a consequence of SUNAT\u2019s 2007 IGV assessment, which the Tax Court through Resolution
\n11395-4-2021 considered null, with no legal grounds, revoking it. Through resolution 11390-
\n4-2019 the Tax Court ruled that the result of this procedure depended on the result of 2007
\nprocess. 2013 IGV tax assessment stated in Resolution 0250140020952 was dismissed (based
\non Resolution 11395-4-2021) and amount has been included in Note 5, Other Gain and Losses.
\nThunderbird Hoteles Las Americas, S.A. \u2013 \u201cAlcabala\u201d (Property Transfer Tax) process: On
\nSeptember 25, 2007, THLA received a notification in connection with a resolution issued by
\nthe Tax Administration Service (SUNAT) demanding payment of US$ 522,824 (S/. 1,969,742)
\nfor a property transfer tax resulting from the purchase of the land and the building located at
\nAlcanfores 475, Miraflores. SUNAT asserted that THLA wrongly calculated the tax on the
\nfirst-time sale of such property (sold by La Caja Militar to THLA).
\nOn October 24, 2007, THLA filed an appeal against the resolution issued by SUNAT. THLA
\nasserts that it had paid the corresponding property transfer tax for the land, as well as the VAT
\nfor a part of the building. THLA argues that the property transfer tax was not paid for part of
\nthe building as the sale of such part of the building was a first-time sale performed by the
\ncontractor and was exempt from tax. On October 17, 2014, the Tax Court ruled that the
\nresolution issued by the SUNAT was void as it had not been properly supported (such
\nresolution did not specify the reasons why the SUNAT considered that the total of the transfer
\nwas subject to property transfer tax).
\nOn March 12, 2015, SUNAT issued a new resolution in respect of the same issues, but provided
\nno additional evidentiary support for its position. SUNAT\u2019s new resolution (Resolution N\u00ba 045-
\n012-00073684), demanded the payment of the property transfer tax for the same land and the
\nsame building for a total of S/. 1,052,993 (including interests and penalties), approximately
\nUS$282,417. THLA argued once again that the resolution issued by SUNAT lacks the proper
\nsupporting documentation. SUNAT claims that THLA must pay the property transfer tax but
\ndoes not explain the legal basis supporting such standpoint.
\nOn April 13, 2015, THLA filed its opposition against Resolution N\u00ba 045-012-00073684
\nasserting that THLA was not required to pay any property transfer tax and requesting that the
\nnew resolution be declared void as it lacked proper support. Such claim is currently under
\nreview. THLA contends that it is probable that the Tax Court, for a second time, will declare
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\nsuch resolution to be void. The opposition writ is pending a ruling by the Municipal
\nAdministration (1st administrative instance). Should the opposition writ be rejected, THLA is
\nentitled to file an appeal writ before the Tax Court (second administrative instance).
\nb. Costa Rica tax controversies
\nBy way of background, the income tax in Costa Rica is collected by the General Income Tax
\nOffice. The Group previously owned various Costa Rica subsidiaries including, Thunderbird
\nGran Entretenimiento, S.A. (\u201cTGE\u201d), and Grupo Thunderbird de Costa Rica, S.A. (\u201cGTCR\u201d).
\nOn February 27, 2015, the Group sold its entire economic interest and management rights in
\nits Costa Rican operations (of which the Group had approximately a 50% share) to CIRSA
\nInternational Gaming Corporation (\u201cCIRSA\u201d), for a net price (gross price less debt payoff less
\nworking capital adjustments) of approximately $8.1 million. The $8.1 million net amount
\nreceived was also net of approximately $192 thousand contingent tax liability paid by the group
\nto the Costa Rica tax authority to cover GTCR contested tax liability and for the approximate
\n$3.088 million TGE contested tax liability paid to the Costa Rica tax authority. These contested
\ntax liabilities are fully described below. These payments to the Costa Rican tax authority were
\nrequired to be paid as a condition to closing the sale of the Group\u2019s interest in the Costa Rica
\noperation. The payment made by the Group and its partner was made without prejudice or
\nadmission of liability and therefore, does not alter the Group\u2019s position of taking a provision
\nfor these contingent taxes in 2014.
\nFollowing the sale of the Costa Rica operations, and as part of the Group\u2019s commitment on the
\nsale of the operations, TGE continued to be engaged in a certain tax procedure. In addition,
\nthe Group\u2019s 50% ownership in King Lion Network is engaged in a tax controversy as described
\nbelow. The following sections describe the current status/outcome of these three tax
\ncontroversies:
\n(i) TGE received a proposed income tax assessment in Q1-2012 of $600 thousand for the tax
\nyear ended December 31, 2009, and a proposed tax assessment of $800 thousand for the
\ntax year ended December 31, 2010. Additional gaming taxes of $200 thousand were
\nassessed for each tax year ended December 31, 2009 and 2010. The assessments for both
\ntax years were related to certain expenses which were deemed to be non-allowable
\ndeductions by the General Income Tax Office and for the imputation of interest income on
\nintercompany advance balances. These matters were appealed to the Tribunal Fiscal
\nAdministrative (\u201cTFA\u201d) during Q3 and Q4 of 2012. On January 16, 2013, the Group was
\nadvised that the Administrator Tribunal Appeal was denied in regards to the TGE tax
\nmatter. The Group filed a lawsuit at the Court level in August 2014 to revoke the tax
\nassessment. In February 2015, the Group paid the tax authorities $3.088 million on the
\nalleged tax liability. The payment to the Costa Rican tax authority was required to be paid
\nas a condition to closing the sale of the Group\u2019s interest in Costa Rica to CIRSA, as
\ndescribed below. The payment made by the Group was made without prejudice or
\nadmission of liability. The preliminary hearing of the case was heard in June 2015 and the
\nAdministrative file is being reviewed by the Court. A trial date was set for June 2018. The
\nGroup continues with the judicial procedure and its claim to revoke the tax assessment so
\nTGE could recover a portion of the payment over time. In relation to this, Cirsa Gran
\nEntretenimiento de Costa Rica, S.A. (formerly TGE) filed an administrative procedure
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\nagainst the Tax Authority before the Administrative Court contested the legality of certain
\nAdministrative Resolutions of the Direction of Great National Tax Payers of Costa Rica
\nand the Fiscal Tribunal. There was a hearing on this case in June 2018. The Administrative
\nCourt rendered a judgment (number 62-2018-VIII) against TGE on July 12, 2018. TGE
\nfiled an appeal on August 7, 2018 in the First Chamber of the Supreme Court in respect of
\nthe only remaining issue for this controversy case, which is the legal fees to be charged
\nagainst the taxpayer TGE for failing to prevail in the lawsuit. The legal fees are
\napproximately $310,000 and the tax appeal is pending.
\n(ii) The Costa Rica Tax authorities have assessed a tax against King Lion Network for the tax
\nyear 2011 for approximately 17.2 million colones (or $30 thousand) representing tax and
\ninterests due the non-recognition of the interests paid for the purchase of the shares related
\nto the Tres Rios Project. The Company presented the appeal to this assessment on time
\nand the case remains pending.
\nc. Costa Rica-CIRSA Escrow claim
\nIn March of 2020, MMG Bank Corporation notified CIRSA, Thunderbird Resorts Inc. and
\nAngular Investments S.A. that MMG Bank Corporation intended to make a disbursement of
\n$532,906 to Thunder Resorts Inc. and to Angular Investments S.A. pursuant to that certain
\nEscrow Agreement dated February 25, 2015. CIRSA filed an objection to release of escrow
\nproceeds on the basis that CIRSA\u2019S objection is based on three sets of factors:(1) Labor Law
\nSuit/controversy filed by Murray Jo Zimmer and Michael G. Fox (sometimes collectively
\nreferred to as \u201cZIMMER AND FOX\u201d) against Grupo Cirsa De Costa Rica S.A. in which
\nZIMMER AND FOX are seeking an estimated seven million dollars; (2) Certain Labor claims
\nfiled by \u201cother employees of CIRSA\u201d; (3) Certain Tax Claims filed by the Costa Rica tax
\nadministration against companies sold by Thunderbird Resorts Inc. to CIRSA Thunderbird
\nResorts Inc. disputed each of the claims that CIRSA. The general basis for disputing each of
\nCIRSA\u2019s claims as well as any claim that Thunderbird Resorts Inc. violated the Stock Purchase
\nAgreement dated February 25, 2015 are completely without basis in law or in fact. Moreover,
\nTRI\u2019s position in respect of the issues raised by CIRSA and so called breach of the SPA is that
\nTRI\u2019s is not jointly and severally liable with Angular, Zimmer and Fox and demanded that the
\nescrow proceeds ought to be disbursed solely to Thunderbird.
\nBy the way of background, in a related matter to the San Diego Federal District Court action,
\nin February 2015, the Group had previously consummated Stock Purchase Agreement (SPA)
\nin which CIRSA acquired the shares of Grupo Thunderbird De Costa Rica from Thunderbird
\nResorts Inc. (TRI) and Angular Investments S.A. The SPA provided that a certain portion of
\nthe monies to be paid by CIRSA to TRI/Angular were to be held in escrow pursuant to the
\nSPA. In February 2015, CIRSA delivered $2,125,000, to the Escrow Agent (the \u201cEscrow
\nAmount\u201d) in accordance with the terms and conditions of the SPA. The Escrow Agreement
\nprovided for a claims procedure by which certain claims could be made by third parties/tax
\nauthorities, vendors to be paid from the Escrow. In December 2017 and in March 2018,
\nZIMMER AND FOX acting as employees of GTCR filed certain claims against CIRS, GTCR
\nand TRI. TRI position is that ZIMMER AND FOX had claimed in bad faith that they were
\nentitled to a series of labor rights. The SPA and all related documents support the fact that
\nZIMMER AND FOX as a \"seller shareholder\" waived and released any and all claims, rights,
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\netc. that he may have had, including social benefits under Costa Rica law. TRI believe
\nZIMMER AND FOX have waived all his claims and therefore their labor claim is without
\nmerit. Based on our information and belief, ZIMMER intended to file this labor complaint in
\nresponse to TRI\u2019s actions against him wherein TRI had filed the aforementioned lawsuit against
\nZIMMER in the Federal District Court of San Diego, California, Zimmer\u2019s bad faith as he is
\nattempting to retaliate against TRI for the actions that TRI has taken against him in the USA
\nlitigation. TRI believes that ZIMMER\u2019s claim is without merit and ultimately the labor tribunal
\nmade a ruling that ZIMMER\u2019S claims against GTCR were without merit.
\nA ruling was issued by the Labor Judge of the 1st judicial circuit of San Jose on October 8,
\n2018, in which the Labor Judge declared that the lawsuit filed by Jo Zimmer against Grupo
\nCirsa de Costa Rica had no legal basis and issued an order against Zimmer to pay the costs and
\nexpenses of the judicial process. Murray Jo Zimmer appealed ruling No. 2080 on October 12,
\n2018. In June 2022, the 2nd Tribunal of the Supreme Court ruled the Resolution 2022-001356,
\nwhich is final and non-appealable, confirming the prior decisions against the plaintiff Murray
\nJo Zimmer. Cirsa is claiming certain legal fees related to this case against the escrow. TRI
\nconsiders these legal fees need to be paid directly by Murray Jo Zimmer, as dictated by the
\njudge in the ruling.
\nIn relation to the Michael Fox case, TRI was not served with this labor lawsuit, but in the aim
\nof affording evidence and facts to the procedure, it filed voluntarily its response to the labor
\nclaim before the 2nd Labor Court of San Jose, Costa Rica. A hearing for this case scheduled
\nfor November 2020, which was suspended on account of the Court\u2019s request to amend certain
\nevidence previously received. New hearing date was appointed on October 4th, 2022, but
\npostponed to September 11, 2023 due the requirement of a professional translator for the
\nplaintiff. FOX, Cirsa and TRI agreed to enter in a settlement agreement in which Michael Fox
\ndesist of his labor case against Cirsa and TRI and in an effort to terminate with this litigation,
\nboth defendant companies assumed the payment of FOX lawyer fees. This final settlement
\nwas signed in front of the Labor Court of the 2nd Judicial Circuit of San Jose on September
\n8th, 2023, being this final and non-appealable, terminating with Fox litigation.
\nTRI has disputed each of the claims that CIRSA made against the Escrow. The general basis
\nfor disputing each of CIRSA\u2019s claims, as well as, any claim that Thunderbird Resorts Inc.
\nviolated the Stock Purchase Agreement dated February 25, 2015 are completely without basis
\nin law or in fact. Neither ZIMMER AND FOX are entitled to any payment as has been
\npreviously mentioned in the description of their respective labor cases. Moreover, TRI position
\nin respect of the issues raised by CIRSA and so-called breach of the SPA is that TRI is not
\njointly and severally liable with Angular, Zimmer and Fox. Certain distributions and claims
\nhave been paid out of the escrow, and a total of approximately US$1.5M remains as balance in
\nthe escrow account as of December 31, 2023.
\nd. Canadian tax controversy
\nThunderbird Gaming, Inc. (\u201cTGI\u201d), a wholly-owned subsidiary of the Group that has been
\ninactive since 1996, received notification of a reassessment from the Canada Revenue Agency
\n(\u201cCRA\u201d) with respect to a transfer of assets in 1996 in relation to the California Indian gaming
\nbusiness previously operated by TGI. Specifically, this reassessment stems from a transfer of
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\nassets which CRA contends was undervalued. The reassessment is in the amount of Canadian
\ndollar (\u201cCDN\u201d) $380 thousand (US $381 thousand at December 31, 2010).
\nTGI submitted applications to CRA utilizing its net operating loss (\u201cNOL\u201d) in a manner that
\nreduced the actual tax liability to zero and is taking the position that the valuation of assets was
\naccurate in order to preserve its NOL. By taking this position, TGI believes it avoids the
\nimposition of interest on tax, which is the subject of the reassessment.
\nFurther, TGI filed a fairness application with the appropriate Canadian taxing authority
\nrequesting a complete abatement of the alleged interest imposed on the alleged tax liability.
\nIn this filing, management alleges that TGI received unconscionable and egregious treatment
\nfrom CRA in addition to experiencing excessive delays in the reassessment process. TGI also
\nfiled an appeal of CRA\u2019s assessment with the tax courts in Canada in which TGI will attempt
\nto establish that the underlying tax liability should never have been assessed.
\nThe fairness application was rejected and in March 2007, TGI abandoned further appeal to the
\ntax courts in Canada.
\nAlthough the Group believes CRA\u2019s case is without merit, the liability is contained within an
\ninsolvent subsidiary and consequently, even though TGI is responsible for the liability, the
\nGroup\u2019s parent and subsidiaries have no exposure to the TGI liability. The Group does not
\nexpect that CRA will collect the judgment as TGI is insolvent and therefore there is no accrual
\nin these consolidated financial statements related to this reassessment.
\ne. Guatemala Tax cases
\nThe Superintendencia de Administraci\u00f3n Tributaria-SAT (the Guatemalan tax authority) has
\nattempted to open up Thunderbird de Guatemala, S.A. tax audits for 2009 and 2010, which the
\nGroup has been challenging. By the way of background, on March 20, 2017, Thunderbird de
\nGuatemala was notified of decisions made by the Second Tribunal of Accounts and
\nControversies, which has decided over a Recusal Appeal, conceded to be in favor of
\nThunderbird de Guatemala and an Appeal for Reversal related to certain documents that the
\nTax Authority is requesting for the tax years 2008 and 2009 and the company considered time-
\nbarred. The Tribunal alleged that the matter as discussed, related to whether the delivery of
\ncertain documents, were or were not legally required under a statute of limitations. With this
\ndecision made, Thunderbird de Guatemala defense prepared its arguments and challenged the
\nmain matter of this case in relation to the statute of limitations of the Tax Years 2008 and 2009.
\nIn January 2021, the Company was notified that the Court ruled against Thunderbird de
\nGuatemala in this 2009 tax case. The Company strongly believes in its arguments; specifically,
\nthat the case is time barred. The Company filed an \u201cAmparo\u201d in January of 2021 to continue
\ndefending its position before the Supreme Court. The writ of Amparo is generally described as
\na remedy available to any person whose right to life, liberty and security is violated or
\nthreatened with violation by an unlawful act or omission of a public official or employee, or of
\na private individual or entity. Court took knowledge of the Amparo in June 2021 and denied
\nit in July 2023. At this instance, no further challenges are available.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\nf. San Diego Federal District Court
\nIn July 2023 following eight years of litigation spanning the globe, upon payment of a
\nconfidential sum to Mitchell, Thunderbird and Jack R. Mitchell, with his wholly owned
\ncompany, Mitzim entered into a settlement of all claims including the federal court in San
\nDiego, the ICC in Hong Kong, and collection actions taken in the BVI and in Costa Rica. The
\nParties agreed that neither will make, publish, or communicate any statement that defames,
\ndisparages, or places the other, or any of the Party\u2019s owners, members, partners, affiliates,
\nagents, directors, or officers. in a false light. This provision includes any postings, blogs, or
\ncommunication with any media source, social media site, or account which seeks to damage
\nthe reputation of a Party to this Agreement or any such Party\u2019s owners, members, partners,
\naffiliates, agents, directors, or officers. Within the terms of the settlement agreement the parties
\nacknowledged and agreed that Thunderbird as a public company has a continuing obligation to
\ndisclose material information including the history and nature of the lawsuits among the
\nparties, along with the existence and terms of this Settlement Agreement, in that regard, the
\nparties have settled their claims and released each other, with none of the parties admitting
\nfault.
\ng. The Group\u2019s entry and exit from the India market
\nThe Group entered the India market in 2008 by initiating a hotel project in Daman, India, which
\nis located just north of Maharashtra State whose capital is Mumbai (formerly Bombay). The
\nproject known as \u201cThunderbird Resorts \u2013 Daman\u201d has faced both regulatory delays outside the
\nGroup\u2019s control, as well as cost overruns in construction and pre-operating interest / expense
\ndue to the delays which ultimately caused the Group to exit the India market in April 2015.
\nThe entire history of the entry and exit as well as settlements with various parties is fully
\ndescribed in previously filed financial statements. All settlements have been completely
\nsatisfied with the exception of the settlement with Maravege. In that regard, The Group entered
\ninto a revised settlement with Maravege for an amount of U$815,000 which was entered on
\nJanuary 13th, 2023, with an outstanding payable of US$292,997.00 as December 31, 2023 as
\nincluded in other non-current liabilities. The Company has two years to pay-off this
\noutstanding payable.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag11": {
"value": "\n23. COMMITMENTS AND CONTINGENCIES
\nAs at December 31, 2023, principal payments required under the terms of the loan agreements and
\ntheir liabilities in each for the next five years are as follows:
\n
\nYear ending December 31:
\n2024 7,878
\n2025 1
\n2026 -
\n2027 -
\n2028 -
\nThereafter -
\nSubtotal 7,879
\nLess: Debt Issuance Costs -
\n7,879$
\nSet out below is an overview of our ongoing contingencies, many of which are as a result of
\nregulatory uncertainty. An estimate of the financial effect of each contingency is disclosed unless
\na reasonable estimate of the financial effect cannot be made.
\na. Peru tax controversies
\nThunderbird Hoteles Las Americas, S.A. \u2013 Tax issues: Tax issues: The company has filed an
\nappeal procedure in a ruling by the Tax Court (Tax Court File 15182-2014), related to
\nResolutions 0220030035681-0220030035690 for the tax year 2008 referred to withholdings of
\npayments made abroad in a total principal amount of S/. 257,954 plus interest in a total of S/.
\n317,825 (amounts in US$ 67,527, interest: US$83,200). In separate Resolutions
\n0220020013107-0220020013114 the tax authorities issued fines related to the prior mentioned
\nresolutions in the amount of S/.107,530 plus interest in a total of S/.134,033 (amounts in
\nUS$28,149 interest: US$35,087). A provision has been recognized in connection with the
\nresolution above totaling S/. 843,741 (US$220,875) including tax, penalties and interest. The
\nappeal also refers to Resolution 0220030036535-0220030036541 for the tax year 2008 related
\nto payments in advance of the income tax for a total amount of S/. 45,337 plus interest in a total
\n
\n\n\n\n\n\n\n\nof S/. 49,585 (amounts in US$11,868, interest: US$12,980). Resolutions 0220020013229-
\n0220020013238 imposed fines related to the prior mentioned resolutions for the amount in total
\nof S/. 381,969 plus interest in a total of S/. 456,403 (amounts in US$99,992, interest:
\nUS$119,477). Through Resolution N\u00b0 7826-11-2022 (served on November 18, 2022) the Tax
\nCourt has solved the tax proceeding related to 2008 Income Tax. The Tax Court has confirmed
\nthe tax debt related to (i) Income Tax Retained in 2008 for interest on loans from related parties;
\n(ii) payments on account of Income Tax for the year 2008 and (iii) income tax for 2008
\n(deduction of interest not recorded in the accounts). A provision was made in connection with
\nthe above resolution for a total of S/. 940,923 (US$246,315) including tax, penalties and
\ninterest. The relevant tax debt assessed in this case was duly paid in Q1 2023.
\nThrough Intendancy Resolution 0250140020952, SUNAT issued a 2013 IGV with an assessed
\ntax debt amounting S/. 1,013,295 (approximately US$271,770). This tax debt was originated
\nas a consequence of SUNAT\u2019s 2007 IGV assessment, which the Tax Court through Resolution
\n11395-4-2021 considered null, with no legal grounds, revoking it. Through resolution 11390-
\n4-2019 the Tax Court ruled that the result of this procedure depended on the result of 2007
\nprocess. 2013 IGV tax assessment stated in Resolution 0250140020952 was dismissed (based
\non Resolution 11395-4-2021) and amount has been included in Note 5, Other Gain and Losses.
\nThunderbird Hoteles Las Americas, S.A. \u2013 \u201cAlcabala\u201d (Property Transfer Tax) process: On
\nSeptember 25, 2007, THLA received a notification in connection with a resolution issued by
\nthe Tax Administration Service (SUNAT) demanding payment of US$ 522,824 (S/. 1,969,742)
\nfor a property transfer tax resulting from the purchase of the land and the building located at
\nAlcanfores 475, Miraflores. SUNAT asserted that THLA wrongly calculated the tax on the
\nfirst-time sale of such property (sold by La Caja Militar to THLA).
\nOn October 24, 2007, THLA filed an appeal against the resolution issued by SUNAT. THLA
\nasserts that it had paid the corresponding property transfer tax for the land, as well as the VAT
\nfor a part of the building. THLA argues that the property transfer tax was not paid for part of
\nthe building as the sale of such part of the building was a first-time sale performed by the
\ncontractor and was exempt from tax. On October 17, 2014, the Tax Court ruled that the
\nresolution issued by the SUNAT was void as it had not been properly supported (such
\nresolution did not specify the reasons why the SUNAT considered that the total of the transfer
\nwas subject to property transfer tax).
\nOn March 12, 2015, SUNAT issued a new resolution in respect of the same issues, but provided
\nno additional evidentiary support for its position. SUNAT\u2019s new resolution (Resolution N\u00ba 045-
\n012-00073684), demanded the payment of the property transfer tax for the same land and the
\nsame building for a total of S/. 1,052,993 (including interests and penalties), approximately
\nUS$282,417. THLA argued once again that the resolution issued by SUNAT lacks the proper
\nsupporting documentation. SUNAT claims that THLA must pay the property transfer tax but
\ndoes not explain the legal basis supporting such standpoint.
\nOn April 13, 2015, THLA filed its opposition against Resolution N\u00ba 045-012-00073684
\nasserting that THLA was not required to pay any property transfer tax and requesting that the
\nnew resolution be declared void as it lacked proper support. Such claim is currently under
\nreview. THLA contends that it is probable that the Tax Court, for a second time, will declare
\n
\n\n\n\n\n\n\n\nsuch resolution to be void. The opposition writ is pending a ruling by the Municipal
\nAdministration (1st administrative instance). Should the opposition writ be rejected, THLA is
\nentitled to file an appeal writ before the Tax Court (second administrative instance).
\nb. Costa Rica tax controversies
\nBy way of background, the income tax in Costa Rica is collected by the General Income Tax
\nOffice. The Group previously owned various Costa Rica subsidiaries including, Thunderbird
\nGran Entretenimiento, S.A. (\u201cTGE\u201d), and Grupo Thunderbird de Costa Rica, S.A. (\u201cGTCR\u201d).
\nOn February 27, 2015, the Group sold its entire economic interest and management rights in
\nits Costa Rican operations (of which the Group had approximately a 50% share) to CIRSA
\nInternational Gaming Corporation (\u201cCIRSA\u201d), for a net price (gross price less debt payoff less
\nworking capital adjustments) of approximately $8.1 million. The $8.1 million net amount
\nreceived was also net of approximately $192 thousand contingent tax liability paid by the group
\nto the Costa Rica tax authority to cover GTCR contested tax liability and for the approximate
\n$3.088 million TGE contested tax liability paid to the Costa Rica tax authority. These contested
\ntax liabilities are fully described below. These payments to the Costa Rican tax authority were
\nrequired to be paid as a condition to closing the sale of the Group\u2019s interest in the Costa Rica
\noperation. The payment made by the Group and its partner was made without prejudice or
\nadmission of liability and therefore, does not alter the Group\u2019s position of taking a provision
\nfor these contingent taxes in 2014.
\nFollowing the sale of the Costa Rica operations, and as part of the Group\u2019s commitment on the
\nsale of the operations, TGE continued to be engaged in a certain tax procedure. In addition,
\nthe Group\u2019s 50% ownership in King Lion Network is engaged in a tax controversy as described
\nbelow. The following sections describe the current status/outcome of these three tax
\ncontroversies:
\n(i) TGE received a proposed income tax assessment in Q1-2012 of $600 thousand for the tax
\nyear ended December 31, 2009, and a proposed tax assessment of $800 thousand for the
\ntax year ended December 31, 2010. Additional gaming taxes of $200 thousand were
\nassessed for each tax year ended December 31, 2009 and 2010. The assessments for both
\ntax years were related to certain expenses which were deemed to be non-allowable
\ndeductions by the General Income Tax Office and for the imputation of interest income on
\nintercompany advance balances. These matters were appealed to the Tribunal Fiscal
\nAdministrative (\u201cTFA\u201d) during Q3 and Q4 of 2012. On January 16, 2013, the Group was
\nadvised that the Administrator Tribunal Appeal was denied in regards to the TGE tax
\nmatter. The Group filed a lawsuit at the Court level in August 2014 to revoke the tax
\nassessment. In February 2015, the Group paid the tax authorities $3.088 million on the
\nalleged tax liability. The payment to the Costa Rican tax authority was required to be paid
\nas a condition to closing the sale of the Group\u2019s interest in Costa Rica to CIRSA, as
\ndescribed below. The payment made by the Group was made without prejudice or
\nadmission of liability. The preliminary hearing of the case was heard in June 2015 and the
\nAdministrative file is being reviewed by the Court. A trial date was set for June 2018. The
\nGroup continues with the judicial procedure and its claim to revoke the tax assessment so
\nTGE could recover a portion of the payment over time. In relation to this, Cirsa Gran
\nEntretenimiento de Costa Rica, S.A. (formerly TGE) filed an administrative procedure
\n
\n\n\n\n\n\n\n\nagainst the Tax Authority before the Administrative Court contested the legality of certain
\nAdministrative Resolutions of the Direction of Great National Tax Payers of Costa Rica
\nand the Fiscal Tribunal. There was a hearing on this case in June 2018. The Administrative
\nCourt rendered a judgment (number 62-2018-VIII) against TGE on July 12, 2018. TGE
\nfiled an appeal on August 7, 2018 in the First Chamber of the Supreme Court in respect of
\nthe only remaining issue for this controversy case, which is the legal fees to be charged
\nagainst the taxpayer TGE for failing to prevail in the lawsuit. The legal fees are
\napproximately $310,000 and the tax appeal is pending.
\n(ii) The Costa Rica Tax authorities have assessed a tax against King Lion Network for the tax
\nyear 2011 for approximately 17.2 million colones (or $30 thousand) representing tax and
\ninterests due the non-recognition of the interests paid for the purchase of the shares related
\nto the Tres Rios Project. The Company presented the appeal to this assessment on time
\nand the case remains pending.
\nc. Costa Rica-CIRSA Escrow claim
\nIn March of 2020, MMG Bank Corporation notified CIRSA, Thunderbird Resorts Inc. and
\nAngular Investments S.A. that MMG Bank Corporation intended to make a disbursement of
\n$532,906 to Thunder Resorts Inc. and to Angular Investments S.A. pursuant to that certain
\nEscrow Agreement dated February 25, 2015. CIRSA filed an objection to release of escrow
\nproceeds on the basis that CIRSA\u2019S objection is based on three sets of factors:(1) Labor Law
\nSuit/controversy filed by Murray Jo Zimmer and Michael G. Fox (sometimes collectively
\nreferred to as \u201cZIMMER AND FOX\u201d) against Grupo Cirsa De Costa Rica S.A. in which
\nZIMMER AND FOX are seeking an estimated seven million dollars; (2) Certain Labor claims
\nfiled by \u201cother employees of CIRSA\u201d; (3) Certain Tax Claims filed by the Costa Rica tax
\nadministration against companies sold by Thunderbird Resorts Inc. to CIRSA Thunderbird
\nResorts Inc. disputed each of the claims that CIRSA. The general basis for disputing each of
\nCIRSA\u2019s claims as well as any claim that Thunderbird Resorts Inc. violated the Stock Purchase
\nAgreement dated February 25, 2015 are completely without basis in law or in fact. Moreover,
\nTRI\u2019s position in respect of the issues raised by CIRSA and so called breach of the SPA is that
\nTRI\u2019s is not jointly and severally liable with Angular, Zimmer and Fox and demanded that the
\nescrow proceeds ought to be disbursed solely to Thunderbird.
\nBy the way of background, in a related matter to the San Diego Federal District Court action,
\nin February 2015, the Group had previously consummated Stock Purchase Agreement (SPA)
\nin which CIRSA acquired the shares of Grupo Thunderbird De Costa Rica from Thunderbird
\nResorts Inc. (TRI) and Angular Investments S.A. The SPA provided that a certain portion of
\nthe monies to be paid by CIRSA to TRI/Angular were to be held in escrow pursuant to the
\nSPA. In February 2015, CIRSA delivered $2,125,000, to the Escrow Agent (the \u201cEscrow
\nAmount\u201d) in accordance with the terms and conditions of the SPA. The Escrow Agreement
\nprovided for a claims procedure by which certain claims could be made by third parties/tax
\nauthorities, vendors to be paid from the Escrow. In December 2017 and in March 2018,
\nZIMMER AND FOX acting as employees of GTCR filed certain claims against CIRS, GTCR
\nand TRI. TRI position is that ZIMMER AND FOX had claimed in bad faith that they were
\nentitled to a series of labor rights. The SPA and all related documents support the fact that
\nZIMMER AND FOX as a \"seller shareholder\" waived and released any and all claims, rights,
\n
\n\n\n\n\n\n\n\netc. that he may have had, including social benefits under Costa Rica law. TRI believe
\nZIMMER AND FOX have waived all his claims and therefore their labor claim is without
\nmerit. Based on our information and belief, ZIMMER intended to file this labor complaint in
\nresponse to TRI\u2019s actions against him wherein TRI had filed the aforementioned lawsuit against
\nZIMMER in the Federal District Court of San Diego, California, Zimmer\u2019s bad faith as he is
\nattempting to retaliate against TRI for the actions that TRI has taken against him in the USA
\nlitigation. TRI believes that ZIMMER\u2019s claim is without merit and ultimately the labor tribunal
\nmade a ruling that ZIMMER\u2019S claims against GTCR were without merit.
\nA ruling was issued by the Labor Judge of the 1st judicial circuit of San Jose on October 8,
\n2018, in which the Labor Judge declared that the lawsuit filed by Jo Zimmer against Grupo
\nCirsa de Costa Rica had no legal basis and issued an order against Zimmer to pay the costs and
\nexpenses of the judicial process. Murray Jo Zimmer appealed ruling No. 2080 on October 12,
\n2018. In June 2022, the 2nd Tribunal of the Supreme Court ruled the Resolution 2022-001356,
\nwhich is final and non-appealable, confirming the prior decisions against the plaintiff Murray
\nJo Zimmer. Cirsa is claiming certain legal fees related to this case against the escrow. TRI
\nconsiders these legal fees need to be paid directly by Murray Jo Zimmer, as dictated by the
\njudge in the ruling.
\nIn relation to the Michael Fox case, TRI was not served with this labor lawsuit, but in the aim
\nof affording evidence and facts to the procedure, it filed voluntarily its response to the labor
\nclaim before the 2nd Labor Court of San Jose, Costa Rica. A hearing for this case scheduled
\nfor November 2020, which was suspended on account of the Court\u2019s request to amend certain
\nevidence previously received. New hearing date was appointed on October 4th, 2022, but
\npostponed to September 11, 2023 due the requirement of a professional translator for the
\nplaintiff. FOX, Cirsa and TRI agreed to enter in a settlement agreement in which Michael Fox
\ndesist of his labor case against Cirsa and TRI and in an effort to terminate with this litigation,
\nboth defendant companies assumed the payment of FOX lawyer fees. This final settlement
\nwas signed in front of the Labor Court of the 2nd Judicial Circuit of San Jose on September
\n8th, 2023, being this final and non-appealable, terminating with Fox litigation.
\nTRI has disputed each of the claims that CIRSA made against the Escrow. The general basis
\nfor disputing each of CIRSA\u2019s claims, as well as, any claim that Thunderbird Resorts Inc.
\nviolated the Stock Purchase Agreement dated February 25, 2015 are completely without basis
\nin law or in fact. Neither ZIMMER AND FOX are entitled to any payment as has been
\npreviously mentioned in the description of their respective labor cases. Moreover, TRI position
\nin respect of the issues raised by CIRSA and so-called breach of the SPA is that TRI is not
\njointly and severally liable with Angular, Zimmer and Fox. Certain distributions and claims
\nhave been paid out of the escrow, and a total of approximately US$1.5M remains as balance in
\nthe escrow account as of December 31, 2023.
\nd. Canadian tax controversy
\nThunderbird Gaming, Inc. (\u201cTGI\u201d), a wholly-owned subsidiary of the Group that has been
\ninactive since 1996, received notification of a reassessment from the Canada Revenue Agency
\n(\u201cCRA\u201d) with respect to a transfer of assets in 1996 in relation to the California Indian gaming
\nbusiness previously operated by TGI. Specifically, this reassessment stems from a transfer of
\n
\n\n\n\n\n\n\n\nassets which CRA contends was undervalued. The reassessment is in the amount of Canadian
\ndollar (\u201cCDN\u201d) $380 thousand (US $381 thousand at December 31, 2010).
\nTGI submitted applications to CRA utilizing its net operating loss (\u201cNOL\u201d) in a manner that
\nreduced the actual tax liability to zero and is taking the position that the valuation of assets was
\naccurate in order to preserve its NOL. By taking this position, TGI believes it avoids the
\nimposition of interest on tax, which is the subject of the reassessment.
\nFurther, TGI filed a fairness application with the appropriate Canadian taxing authority
\nrequesting a complete abatement of the alleged interest imposed on the alleged tax liability.
\nIn this filing, management alleges that TGI received unconscionable and egregious treatment
\nfrom CRA in addition to experiencing excessive delays in the reassessment process. TGI also
\nfiled an appeal of CRA\u2019s assessment with the tax courts in Canada in which TGI will attempt
\nto establish that the underlying tax liability should never have been assessed.
\nThe fairness application was rejected and in March 2007, TGI abandoned further appeal to the
\ntax courts in Canada.
\nAlthough the Group believes CRA\u2019s case is without merit, the liability is contained within an
\ninsolvent subsidiary and consequently, even though TGI is responsible for the liability, the
\nGroup\u2019s parent and subsidiaries have no exposure to the TGI liability. The Group does not
\nexpect that CRA will collect the judgment as TGI is insolvent and therefore there is no accrual
\nin these consolidated financial statements related to this reassessment.
\ne. Guatemala Tax cases
\nThe Superintendencia de Administraci\u00f3n Tributaria-SAT (the Guatemalan tax authority) has
\nattempted to open up Thunderbird de Guatemala, S.A. tax audits for 2009 and 2010, which the
\nGroup has been challenging. By the way of background, on March 20, 2017, Thunderbird de
\nGuatemala was notified of decisions made by the Second Tribunal of Accounts and
\nControversies, which has decided over a Recusal Appeal, conceded to be in favor of
\nThunderbird de Guatemala and an Appeal for Reversal related to certain documents that the
\nTax Authority is requesting for the tax years 2008 and 2009 and the company considered time-
\nbarred. The Tribunal alleged that the matter as discussed, related to whether the delivery of
\ncertain documents, were or were not legally required under a statute of limitations. With this
\ndecision made, Thunderbird de Guatemala defense prepared its arguments and challenged the
\nmain matter of this case in relation to the statute of limitations of the Tax Years 2008 and 2009.
\nIn January 2021, the Company was notified that the Court ruled against Thunderbird de
\nGuatemala in this 2009 tax case. The Company strongly believes in its arguments; specifically,
\nthat the case is time barred. The Company filed an \u201cAmparo\u201d in January of 2021 to continue
\ndefending its position before the Supreme Court. The writ of Amparo is generally described as
\na remedy available to any person whose right to life, liberty and security is violated or
\nthreatened with violation by an unlawful act or omission of a public official or employee, or of
\na private individual or entity. Court took knowledge of the Amparo in June 2021 and denied
\nit in July 2023. At this instance, no further challenges are available.
\n
\n\n\n\n\n\n\n\nf. San Diego Federal District Court
\nIn July 2023 following eight years of litigation spanning the globe, upon payment of a
\nconfidential sum to Mitchell, Thunderbird and Jack R. Mitchell, with his wholly owned
\ncompany, Mitzim entered into a settlement of all claims including the federal court in San
\nDiego, the ICC in Hong Kong, and collection actions taken in the BVI and in Costa Rica. The
\nParties agreed that neither will make, publish, or communicate any statement that defames,
\ndisparages, or places the other, or any of the Party\u2019s owners, members, partners, affiliates,
\nagents, directors, or officers. in a false light. This provision includes any postings, blogs, or
\ncommunication with any media source, social media site, or account which seeks to damage
\nthe reputation of a Party to this Agreement or any such Party\u2019s owners, members, partners,
\naffiliates, agents, directors, or officers. Within the terms of the settlement agreement the parties
\nacknowledged and agreed that Thunderbird as a public company has a continuing obligation to
\ndisclose material information including the history and nature of the lawsuits among the
\nparties, along with the existence and terms of this Settlement Agreement, in that regard, the
\nparties have settled their claims and released each other, with none of the parties admitting
\nfault.
\ng. The Group\u2019s entry and exit from the India market
\nThe Group entered the India market in 2008 by initiating a hotel project in Daman, India, which
\nis located just north of Maharashtra State whose capital is Mumbai (formerly Bombay). The
\nproject known as \u201cThunderbird Resorts \u2013 Daman\u201d has faced both regulatory delays outside the
\nGroup\u2019s control, as well as cost overruns in construction and pre-operating interest / expense
\ndue to the delays which ultimately caused the Group to exit the India market in April 2015.
\nThe entire history of the entry and exit as well as settlements with various parties is fully
\ndescribed in previously filed financial statements. All settlements have been completely
\nsatisfied with the exception of the settlement with Maravege. In that regard, The Group entered
\ninto a revised settlement with Maravege for an amount of U$815,000 which was entered on
\nJanuary 13th, 2023, with an outstanding payable of US$292,997.00 as December 31, 2023 as
\nincluded in other non-current liabilities. The Company has two years to pay-off this
\noutstanding payable.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag368": {
"value": "\n
\n\n24. RISK MANAGEMENT OBJECTIVES AND POLICIES
\nThe Group is exposed to market risk through its use of financial instruments and specifically to
\ncurrency risk, interest rate risk and credit risk, which result from both its operating and investing
\nactivities. The Group\u2019s risk management is coordinated at its headquarters, in close cooperation
\nwith the Board of Directors, and focuses on actively securing the Group\u2019s short to medium term
\ncash flows by minimizing the exposure to financial markets. Long term financial investments are
\nmanaged to generate lasting returns.
\nThe Group does not actively engage in the trading of financial assets for speculative purposes nor
\ndoes it write options. The most significant financial risks to which the Group is exposed to are
\ndescribed below.
\n
\n\n\n\n
\n\n\n\n
\n\n
\n\n
\n\nForeign currency sensitivity
\nMost of the Group\u2019s transactions are carried out in the functional currency where the operations
\nreside. Exposures to currency exchange rates arise from the Group\u2019s loans payable, intercompany
\npayables and cash balances, which are primarily denominated in US-dollars.
\nTo mitigate the Group\u2019s exposure to foreign currency risk, non-functional currency cash flows are
\nmonitored. Generally, where the amounts to be paid for purchases completed in US-dollars versus
\nthe functional currency the financing of the purchase is short term; therefore, a decision is made to
\neither finance the equipment or to pay in cash depending on the current value of the US-dollar
\ncompared to the functional currency.
\nUS-dollar currency denominated financial assets and liabilities in entities whose functional
\ncurrency is not US-dollar are as follows:
\nUS-dollar amounts
\n2023 2022
\nNominal amounts Country
\nFinancial assets
\nNicaragua
\n1,077$ 1,358$
\nPeru
\n1,298 2,234
\nFinancial liabilities
\nNicaragua
\n(1,207) (1,236)
\nPeru
\n- -
\nShort term exposure
\n1,168$ 2,356$
\nFinancial liabilities
\nNicaragua
\n- (293)
\nPeru
\n- -
\nLong term exposure
\n-$ (293)$
\n
\nThe following table illustrates the sensitivity of the net income (loss) for the year and equity in
\nregards to the Group\u2019s financial assets and financial liabilities and the US-dollar exchange rates.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n\n\n
\n\n
\n\n
\n
\n\nIt assumes a percentage change of the US-dollar against the other currencies for the year ended at
\nDecember 31, 2023 and 2022. These percentages have been determined based on the average
\nmarket volatility in exchange rates in the previous 12 months. If the US-dollar had weakened
\nagainst the functional currencies according to the percentages below then this would have had the
\nfollowing impact on net income and equity:
\n2023
\n2022
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nCountry
\nCosta Rica
\n5.35% 14$ 168$ 6.04% 6$ 152$
\nNicaragua
\n0.01% 0 1 0.04% 0 1
\nPeru
\n23.56% 698 5,458 132.45% (16,102) (71,114)
\nTotal
\n712$ 5,626$ (16,096)$ (70,960)$
\n
\nIf the US-dollar had strengthened against the functional currencies according to the percentages
\nbelow then this would have had the following impact on net income and equity:
\n2023 2022
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nCountry
\nCosta Rica
\n5.35% (12)$ (150)$ 6.04% (6)$ (135)$
\nNicaragua
\n0.01% (1) (0) 0.04% (1) (1)
\nPeru
\n23.56% (432) (3,376) 132.45% (2,248) (9,928)
\nTotal
\n(445)$ (3,527)$ (2,255)$ (10,063)$
\n
\n\n\n\n
\nInterest rate sensitivity
\nThe Group\u2019s policy is to minimize interest rate cash flow risk exposures on long-term financing.
\nLonger-term are therefore usually at fixed rates. At December 31, 2023, the Group is exposed to
\nchanges in borrowings market interest rates through some of its bank borrowings of approximately
\n$152,902 as of December 31, 2023 (2022 - $364,925), which are subject to variable interest rates.
\nAs in the previous year, all other financial assets and liabilities have fixed rates. The impact on
\nprofit or loss of a reasonably possible change in interest rates of +/- .11% as of December 31, 2023
\n(2022 - +/- .23%) with effect from the beginning of the year, would be an increase of $162 (2022 -
\n$853) or a decrease of $162 (2022 - $853). These changes in interest rates are considered to be
\nreasonably possible based on observation of current market conditions.
\nThe calculations are based on the Group\u2019s financial instruments held at each statement of financial
\nposition date. All other variables are held constant.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n\n\n25. FINANCIAL INSTRUMENT BY CATEGORY
\n
\nLoans, receivables
\nand other finacial
\nassets
\nGroup
\nDecember 31, 2023
\nAssets as per statement of financial position
\nTrade and other receivable
\n3,344$
\nOther financial assets
\n127
\nCash and cash equivalents
\n4,194
\nTotal
\n7,665$
\nLoans, receivables
\nand other finacial
\nassets
\nLiabilities as per statement of financial position
\nBorrowings
\n10,958$
\nTrade and other payables
\n3,298
\nOther financial liabilities
\n370
\nTotal
\n14,626$
\nLoans, receivables
\nand other finacial
\nassets
\nGroup
\nDecember 31, 2022
\nAssets as per statement of financial position
\nTrade and other receivable
\n3,810$
\nOther financial assets
\n112
\nCash and cash equivalents
\n6,780
\nTotal
\n10,702$
\nOther financial
\nliabilities
\nLiabilities as per statement of financial position
\nBorrowings
\n13,176$
\nTrade and other payables
\n7,854
\nOther financial liabilities
\n529
\nTotal
\n21,559$
\n
\n\n\n\n
\n\n
\n
\n26. FINANCIAL INSTRUMENTS
\n\nCredit risk analysis:
\nThe Group continuously monitors defaults of customers and other counter parties, identified either
\nindividually or by group, and incorporates this information into its credit risk controls. Where
\navailable at reasonable cost, external credit rating and/or reports on customers and other
\ncounterparties are obtained and used. The Group\u2019s policy is to deal only with creditworthy
\ncounterparties.
\nThe Group\u2019s Management considers that all financial assets that are not impaired for each of the
\nreporting dates under review are of good credit quality, including those that are past due.
\nIn respect of trade and other receivables, the Group is not exposed to any significant credit risk
\nexposure to any single counterparty or any group of counterparties having similar characteristics.
\nThe credit risk for liquid funds and other short-term financial assets is considered negligible, since
\nthe counterparties are reputable banks with high quality external credit ratings.
\n
\n\n\n\n\nLiquidity risk analysis:
\nThe Group measures its liquidity needs by:
\n\u2022 Monitoring short-term obligations on a country-by-country and global, consolidated basis, with
\nshort-term inflows and outflows forecasted for the financial year, updated weekly.
\n\u2022 Monitoring long-term, scheduled debt servicing payments.
\n\u2022 Rolling forward 5-year cash flow models each month based on the financial results year-to-date
\nthrough the previous month.
\nThe Group has the capacity to manage liquidity with a number of different tools at its disposal,
\nincluding:
\n\u2022 Raising of debt or equity capital at both the operations and Group levels.
\n\u2022 Selling of non-strategic assets.
\n\u2022 Restructuring or deferral of unsecured lenders.
\n\u2022 Restructuring of salaries of key personnel.
\n\u2022 Deferral or aging of accounts payables.
\n\u2022 Cost management programs at both the operations and Group levels.
\nBased on the information available today and the liquidity tools at its disposal, Management
\nanticipates that the Group can meet its liquidity needs over the next 12 months primarily from
\noperational cash flows as set out in Note 2.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n
\n\nAs at December 31, 2023, the table set below shows the Group\u2019s liabilities maturities per year:
\n
\n
\n2024
\n2025
\n2026
\n2027
\n2028
\nThereafter
\nTotal
\nLong-term bank loans 176$ -$ -$ -$ -$ -$ 176$
\nFinance lease obligations 1,012 952 773 627 254 556 4,174
\nLoans with non-financial entities
\n8,032 - - - - - 8,032
\nTrade and other payables 2,404 - - - - - 2,404
\nDue to related parties
\n207
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n207
\n
\n
\nTotal 11,831$ 952$ 773$ 627$ 254$ 556$ 14,993$
\nThis compares to the maturity of the Group\u2019s financial liabilities in the previous reporting period
\nas stated below:
\n
\n2023
\n2024
\n2025
\n2026
\n2027
\nThereafter
\nTotal
\nLong-term bank loans 113$ 316$ -$ -$ -$ -$ 429$
\nFinance lease obligations 1,353 1,124 988 800 655 867 5,787
\nLoans with non-financial entities
\n9,579 - - - - - 9,579
\nTrade and other payables 4,286 - - - - - 4,286
\nDue to related parties
\n1,661
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n1,661
\n
\n
\nTotal 16,992$ 1,440$ 988$ 800$ 655$ 867$ 21,742$
\n
\n\n\n\n\n
\n\n
\nFair value measurement methods:
\nThe methods and valuation techniques used for the purposes of measuring fair value are unchanged
\nfrom the previous reporting period. Measurement methods for financial assets and liabilities
\naccounted for at amortized cost are described below.
\nThe carrying amount of trade and other receivables, cash and cash equivalents, and trade and other
\npayables is considered a reasonable approximation of fair value. The fair value of borrowings has
\nbeen estimated at amortized cost.
\n\nFinancial assets at FVTPL:
\nFinancial assets at FVTPL include holding in a diversified investment fund with most of the
\npositions in gold and listed equity securities. The Group accounts for the investment at FVTPL and
\ndid not make the irrevocable election to account for it at FVOCI. The fair value was $127,000 as
\nof December 31, 2023 (2022 - $112,000).
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n\n27. CAPITAL MANAGEMENT POLICIES AND PROCEDURES
\nThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as
\na going concern in order to provide returns for shareholders and benefits for other stakeholders and
\nto maintain an optimal capital structure to reduce the cost of capital.
\nIn order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to
\nreduce debt. Consistent with others in the industry, the Group monitors capital on the basis of its
\nleverage ratio. This ratio is calculated as net debt divided by EBITDA.
\n
\n2023 2022
\nThe leverage ratios at December 31, 2023 and 2022 were as follows:
\nTotal borrowings and finance lease obligations (Note 17 and 22)
\n10,958$ 13,176$
\nLess: Cash and cash equivalents and Restricted cash
\n(4,194) (6,780)
\nLess: Accrued interest
\n(370) (529)
\nNet Debt
\n6,394$ 5,867$
\nOperating profit from continuing operations before other gain and loss items
\n1,655 2,431
\nAdd: Depreciation and amortization
\n1,077 1,192
\nEBITDA
\n2,732$ 3,623$
\nLeverage ratio
\n2.34 1.62
\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag369": {
"value": "\n24. RISK MANAGEMENT OBJECTIVES AND POLICIES
\nThe Group is exposed to market risk through its use of financial instruments and specifically to
\ncurrency risk, interest rate risk and credit risk, which result from both its operating and investing
\nactivities. The Group\u2019s risk management is coordinated at its headquarters, in close cooperation
\nwith the Board of Directors, and focuses on actively securing the Group\u2019s short to medium term
\ncash flows by minimizing the exposure to financial markets. Long term financial investments are
\nmanaged to generate lasting returns.
\nThe Group does not actively engage in the trading of financial assets for speculative purposes nor
\ndoes it write options. The most significant financial risks to which the Group is exposed to are
\ndescribed below.
\n
\n\n\n\n
\n\n
\n\nForeign currency sensitivity
\nMost of the Group\u2019s transactions are carried out in the functional currency where the operations
\nreside. Exposures to currency exchange rates arise from the Group\u2019s loans payable, intercompany
\npayables and cash balances, which are primarily denominated in US-dollars.
\nTo mitigate the Group\u2019s exposure to foreign currency risk, non-functional currency cash flows are
\nmonitored. Generally, where the amounts to be paid for purchases completed in US-dollars versus
\nthe functional currency the financing of the purchase is short term; therefore, a decision is made to
\neither finance the equipment or to pay in cash depending on the current value of the US-dollar
\ncompared to the functional currency.
\nUS-dollar currency denominated financial assets and liabilities in entities whose functional
\ncurrency is not US-dollar are as follows:
\nUS-dollar amounts
\n2023 2022
\nNominal amounts Country
\nFinancial assets
\nNicaragua
\n1,077$ 1,358$
\nPeru
\n1,298 2,234
\nFinancial liabilities
\nNicaragua
\n(1,207) (1,236)
\nPeru
\n- -
\nShort term exposure
\n1,168$ 2,356$
\nFinancial liabilities
\nNicaragua
\n- (293)
\nPeru
\n- -
\nLong term exposure
\n-$ (293)$
\n
\nThe following table illustrates the sensitivity of the net income (loss) for the year and equity in
\nregards to the Group\u2019s financial assets and financial liabilities and the US-dollar exchange rates.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n
\n\nIt assumes a percentage change of the US-dollar against the other currencies for the year ended at
\nDecember 31, 2023 and 2022. These percentages have been determined based on the average
\nmarket volatility in exchange rates in the previous 12 months. If the US-dollar had weakened
\nagainst the functional currencies according to the percentages below then this would have had the
\nfollowing impact on net income and equity:
\n2023
\n2022
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nCountry
\nCosta Rica
\n5.35% 14$ 168$ 6.04% 6$ 152$
\nNicaragua
\n0.01% 0 1 0.04% 0 1
\nPeru
\n23.56% 698 5,458 132.45% (16,102) (71,114)
\nTotal
\n712$ 5,626$ (16,096)$ (70,960)$
\n
\nIf the US-dollar had strengthened against the functional currencies according to the percentages
\nbelow then this would have had the following impact on net income and equity:
\n2023 2022
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nCountry
\nCosta Rica
\n5.35% (12)$ (150)$ 6.04% (6)$ (135)$
\nNicaragua
\n0.01% (1) (0) 0.04% (1) (1)
\nPeru
\n23.56% (432) (3,376) 132.45% (2,248) (9,928)
\nTotal
\n(445)$ (3,527)$ (2,255)$ (10,063)$
\n
\n\n\n\n
\nInterest rate sensitivity
\nThe Group\u2019s policy is to minimize interest rate cash flow risk exposures on long-term financing.
\nLonger-term are therefore usually at fixed rates. At December 31, 2023, the Group is exposed to
\nchanges in borrowings market interest rates through some of its bank borrowings of approximately
\n$152,902 as of December 31, 2023 (2022 - $364,925), which are subject to variable interest rates.
\nAs in the previous year, all other financial assets and liabilities have fixed rates. The impact on
\nprofit or loss of a reasonably possible change in interest rates of +/- .11% as of December 31, 2023
\n(2022 - +/- .23%) with effect from the beginning of the year, would be an increase of $162 (2022 -
\n$853) or a decrease of $162 (2022 - $853). These changes in interest rates are considered to be
\nreasonably possible based on observation of current market conditions.
\nThe calculations are based on the Group\u2019s financial instruments held at each statement of financial
\nposition date. All other variables are held constant.
\n
\n\n\n\n
\n\n\n\n
\n
\n26. FINANCIAL INSTRUMENTS
\n\nCredit risk analysis:
\nThe Group continuously monitors defaults of customers and other counter parties, identified either
\nindividually or by group, and incorporates this information into its credit risk controls. Where
\navailable at reasonable cost, external credit rating and/or reports on customers and other
\ncounterparties are obtained and used. The Group\u2019s policy is to deal only with creditworthy
\ncounterparties.
\nThe Group\u2019s Management considers that all financial assets that are not impaired for each of the
\nreporting dates under review are of good credit quality, including those that are past due.
\nIn respect of trade and other receivables, the Group is not exposed to any significant credit risk
\nexposure to any single counterparty or any group of counterparties having similar characteristics.
\nThe credit risk for liquid funds and other short-term financial assets is considered negligible, since
\nthe counterparties are reputable banks with high quality external credit ratings.
\n
\n\n\n\n\nLiquidity risk analysis:
\nThe Group measures its liquidity needs by:
\n\u2022 Monitoring short-term obligations on a country-by-country and global, consolidated basis, with
\nshort-term inflows and outflows forecasted for the financial year, updated weekly.
\n\u2022 Monitoring long-term, scheduled debt servicing payments.
\n\u2022 Rolling forward 5-year cash flow models each month based on the financial results year-to-date
\nthrough the previous month.
\nThe Group has the capacity to manage liquidity with a number of different tools at its disposal,
\nincluding:
\n\u2022 Raising of debt or equity capital at both the operations and Group levels.
\n\u2022 Selling of non-strategic assets.
\n\u2022 Restructuring or deferral of unsecured lenders.
\n\u2022 Restructuring of salaries of key personnel.
\n\u2022 Deferral or aging of accounts payables.
\n\u2022 Cost management programs at both the operations and Group levels.
\nBased on the information available today and the liquidity tools at its disposal, Management
\nanticipates that the Group can meet its liquidity needs over the next 12 months primarily from
\noperational cash flows as set out in Note 2.
\n
\n\n\n\n
\n\n\n\n
\n
\n\nAs at December 31, 2023, the table set below shows the Group\u2019s liabilities maturities per year:
\n
\n
\n2024
\n2025
\n2026
\n2027
\n2028
\nThereafter
\nTotal
\nLong-term bank loans 176$ -$ -$ -$ -$ -$ 176$
\nFinance lease obligations 1,012 952 773 627 254 556 4,174
\nLoans with non-financial entities
\n8,032 - - - - - 8,032
\nTrade and other payables 2,404 - - - - - 2,404
\nDue to related parties
\n207
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n207
\n
\n
\nTotal 11,831$ 952$ 773$ 627$ 254$ 556$ 14,993$
\nThis compares to the maturity of the Group\u2019s financial liabilities in the previous reporting period
\nas stated below:
\n
\n2023
\n2024
\n2025
\n2026
\n2027
\nThereafter
\nTotal
\nLong-term bank loans 113$ 316$ -$ -$ -$ -$ 429$
\nFinance lease obligations 1,353 1,124 988 800 655 867 5,787
\nLoans with non-financial entities
\n9,579 - - - - - 9,579
\nTrade and other payables 4,286 - - - - - 4,286
\nDue to related parties
\n1,661
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n1,661
\n
\n
\nTotal 16,992$ 1,440$ 988$ 800$ 655$ 867$ 21,742$
\n
\n\n\n\n\n
\n\n
\nFair value measurement methods:
\nThe methods and valuation techniques used for the purposes of measuring fair value are unchanged
\nfrom the previous reporting period. Measurement methods for financial assets and liabilities
\naccounted for at amortized cost are described below.
\nThe carrying amount of trade and other receivables, cash and cash equivalents, and trade and other
\npayables is considered a reasonable approximation of fair value. The fair value of borrowings has
\nbeen estimated at amortized cost.
\n\nFinancial assets at FVTPL:
\nFinancial assets at FVTPL include holding in a diversified investment fund with most of the
\npositions in gold and listed equity securities. The Group accounts for the investment at FVTPL and
\ndid not make the irrevocable election to account for it at FVOCI. The fair value was $127,000 as
\nof December 31, 2023 (2022 - $112,000).
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n27. CAPITAL MANAGEMENT POLICIES AND PROCEDURES
\nThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as
\na going concern in order to provide returns for shareholders and benefits for other stakeholders and
\nto maintain an optimal capital structure to reduce the cost of capital.
\nIn order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to
\nreduce debt. Consistent with others in the industry, the Group monitors capital on the basis of its
\nleverage ratio. This ratio is calculated as net debt divided by EBITDA.
\n
\n2023 2022
\nThe leverage ratios at December 31, 2023 and 2022 were as follows:
\nTotal borrowings and finance lease obligations (Note 17 and 22)
\n10,958$ 13,176$
\nLess: Cash and cash equivalents and Restricted cash
\n(4,194) (6,780)
\nLess: Accrued interest
\n(370) (529)
\nNet Debt
\n6,394$ 5,867$
\nOperating profit from continuing operations before other gain and loss items
\n1,655 2,431
\nAdd: Depreciation and amortization
\n1,077 1,192
\nEBITDA
\n2,732$ 3,623$
\nLeverage ratio
\n2.34 1.62
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag370": {
"value": "\n
\n\nForeign currency sensitivity
\nMost of the Group\u2019s transactions are carried out in the functional currency where the operations
\nreside. Exposures to currency exchange rates arise from the Group\u2019s loans payable, intercompany
\npayables and cash balances, which are primarily denominated in US-dollars.
\nTo mitigate the Group\u2019s exposure to foreign currency risk, non-functional currency cash flows are
\nmonitored. Generally, where the amounts to be paid for purchases completed in US-dollars versus
\nthe functional currency the financing of the purchase is short term; therefore, a decision is made to
\neither finance the equipment or to pay in cash depending on the current value of the US-dollar
\ncompared to the functional currency.
\nUS-dollar currency denominated financial assets and liabilities in entities whose functional
\ncurrency is not US-dollar are as follows:
\nUS-dollar amounts
\n2023 2022
\nNominal amounts Country
\nFinancial assets
\nNicaragua
\n1,077$ 1,358$
\nPeru
\n1,298 2,234
\nFinancial liabilities
\nNicaragua
\n(1,207) (1,236)
\nPeru
\n- -
\nShort term exposure
\n1,168$ 2,356$
\nFinancial liabilities
\nNicaragua
\n- (293)
\nPeru
\n- -
\nLong term exposure
\n-$ (293)$
\n
\nThe following table illustrates the sensitivity of the net income (loss) for the year and equity in
\nregards to the Group\u2019s financial assets and financial liabilities and the US-dollar exchange rates.
\n
\n\n\n\n
\n\n\n\n
\n
\n\nIt assumes a percentage change of the US-dollar against the other currencies for the year ended at
\nDecember 31, 2023 and 2022. These percentages have been determined based on the average
\nmarket volatility in exchange rates in the previous 12 months. If the US-dollar had weakened
\nagainst the functional currencies according to the percentages below then this would have had the
\nfollowing impact on net income and equity:
\n2023
\n2022
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nCountry
\nCosta Rica
\n5.35% 14$ 168$ 6.04% 6$ 152$
\nNicaragua
\n0.01% 0 1 0.04% 0 1
\nPeru
\n23.56% 698 5,458 132.45% (16,102) (71,114)
\nTotal
\n712$ 5,626$ (16,096)$ (70,960)$
\n
\nIf the US-dollar had strengthened against the functional currencies according to the percentages
\nbelow then this would have had the following impact on net income and equity:
\n2023 2022
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nCountry
\nCosta Rica
\n5.35% (12)$ (150)$ 6.04% (6)$ (135)$
\nNicaragua
\n0.01% (1) (0) 0.04% (1) (1)
\nPeru
\n23.56% (432) (3,376) 132.45% (2,248) (9,928)
\nTotal
\n(445)$ (3,527)$ (2,255)$ (10,063)$
\n
\n\n\n\n
\nInterest rate sensitivity
\nThe Group\u2019s policy is to minimize interest rate cash flow risk exposures on long-term financing.
\nLonger-term are therefore usually at fixed rates. At December 31, 2023, the Group is exposed to
\nchanges in borrowings market interest rates through some of its bank borrowings of approximately
\n$152,902 as of December 31, 2023 (2022 - $364,925), which are subject to variable interest rates.
\nAs in the previous year, all other financial assets and liabilities have fixed rates. The impact on
\nprofit or loss of a reasonably possible change in interest rates of +/- .11% as of December 31, 2023
\n(2022 - +/- .23%) with effect from the beginning of the year, would be an increase of $162 (2022 -
\n$853) or a decrease of $162 (2022 - $853). These changes in interest rates are considered to be
\nreasonably possible based on observation of current market conditions.
\nThe calculations are based on the Group\u2019s financial instruments held at each statement of financial
\nposition date. All other variables are held constant.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag371": {
"value": "\nForeign currency sensitivity
\nMost of the Group\u2019s transactions are carried out in the functional currency where the operations
\nreside. Exposures to currency exchange rates arise from the Group\u2019s loans payable, intercompany
\npayables and cash balances, which are primarily denominated in US-dollars.
\nTo mitigate the Group\u2019s exposure to foreign currency risk, non-functional currency cash flows are
\nmonitored. Generally, where the amounts to be paid for purchases completed in US-dollars versus
\nthe functional currency the financing of the purchase is short term; therefore, a decision is made to
\neither finance the equipment or to pay in cash depending on the current value of the US-dollar
\ncompared to the functional currency.
\nUS-dollar currency denominated financial assets and liabilities in entities whose functional
\ncurrency is not US-dollar are as follows:
\nUS-dollar amounts
\n2023 2022
\nNominal amounts Country
\nFinancial assets
\nNicaragua
\n1,077$ 1,358$
\nPeru
\n1,298 2,234
\nFinancial liabilities
\nNicaragua
\n(1,207) (1,236)
\nPeru
\n- -
\nShort term exposure
\n1,168$ 2,356$
\nFinancial liabilities
\nNicaragua
\n- (293)
\nPeru
\n- -
\nLong term exposure
\n-$ (293)$
\n
\nThe following table illustrates the sensitivity of the net income (loss) for the year and equity in
\nregards to the Group\u2019s financial assets and financial liabilities and the US-dollar exchange rates.
\n
\n\n\n\nIt assumes a percentage change of the US-dollar against the other currencies for the year ended at
\nDecember 31, 2023 and 2022. These percentages have been determined based on the average
\nmarket volatility in exchange rates in the previous 12 months. If the US-dollar had weakened
\nagainst the functional currencies according to the percentages below then this would have had the
\nfollowing impact on net income and equity:
\n2023
\n2022
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nCountry
\nCosta Rica
\n5.35% 14$ 168$ 6.04% 6$ 152$
\nNicaragua
\n0.01% 0 1 0.04% 0 1
\nPeru
\n23.56% 698 5,458 132.45% (16,102) (71,114)
\nTotal
\n712$ 5,626$ (16,096)$ (70,960)$
\n
\nIf the US-dollar had strengthened against the functional currencies according to the percentages
\nbelow then this would have had the following impact on net income and equity:
\n2023 2022
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nPercentage
\nchange
\nNet effect on
\nincome
\nNet effect on
\nequity
\nCountry
\nCosta Rica
\n5.35% (12)$ (150)$ 6.04% (6)$ (135)$
\nNicaragua
\n0.01% (1) (0) 0.04% (1) (1)
\nPeru
\n23.56% (432) (3,376) 132.45% (2,248) (9,928)
\nTotal
\n(445)$ (3,527)$ (2,255)$ (10,063)$
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag372": {
"value": "\nCredit risk analysis:
\nThe Group continuously monitors defaults of customers and other counter parties, identified either
\nindividually or by group, and incorporates this information into its credit risk controls. Where
\navailable at reasonable cost, external credit rating and/or reports on customers and other
\ncounterparties are obtained and used. The Group\u2019s policy is to deal only with creditworthy
\ncounterparties.
\nThe Group\u2019s Management considers that all financial assets that are not impaired for each of the
\nreporting dates under review are of good credit quality, including those that are past due.
\nIn respect of trade and other receivables, the Group is not exposed to any significant credit risk
\nexposure to any single counterparty or any group of counterparties having similar characteristics.
\nThe credit risk for liquid funds and other short-term financial assets is considered negligible, since
\nthe counterparties are reputable banks with high quality external credit ratings.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag373": {
"value": "\nLiquidity risk analysis:
\nThe Group measures its liquidity needs by:
\n\u2022 Monitoring short-term obligations on a country-by-country and global, consolidated basis, with
\nshort-term inflows and outflows forecasted for the financial year, updated weekly.
\n\u2022 Monitoring long-term, scheduled debt servicing payments.
\n\u2022 Rolling forward 5-year cash flow models each month based on the financial results year-to-date
\nthrough the previous month.
\nThe Group has the capacity to manage liquidity with a number of different tools at its disposal,
\nincluding:
\n\u2022 Raising of debt or equity capital at both the operations and Group levels.
\n\u2022 Selling of non-strategic assets.
\n\u2022 Restructuring or deferral of unsecured lenders.
\n\u2022 Restructuring of salaries of key personnel.
\n\u2022 Deferral or aging of accounts payables.
\n\u2022 Cost management programs at both the operations and Group levels.
\nBased on the information available today and the liquidity tools at its disposal, Management
\nanticipates that the Group can meet its liquidity needs over the next 12 months primarily from
\noperational cash flows as set out in Note 2.
\n
\n\n\n\nAs at December 31, 2023, the table set below shows the Group\u2019s liabilities maturities per year:
\n
\n
\n2024
\n2025
\n2026
\n2027
\n2028
\nThereafter
\nTotal
\nLong-term bank loans 176$ -$ -$ -$ -$ -$ 176$
\nFinance lease obligations 1,012 952 773 627 254 556 4,174
\nLoans with non-financial entities
\n8,032 - - - - - 8,032
\nTrade and other payables 2,404 - - - - - 2,404
\nDue to related parties
\n207
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n207
\n
\n
\nTotal 11,831$ 952$ 773$ 627$ 254$ 556$ 14,993$
\nThis compares to the maturity of the Group\u2019s financial liabilities in the previous reporting period
\nas stated below:
\n
\n2023
\n2024
\n2025
\n2026
\n2027
\nThereafter
\nTotal
\nLong-term bank loans 113$ 316$ -$ -$ -$ -$ 429$
\nFinance lease obligations 1,353 1,124 988 800 655 867 5,787
\nLoans with non-financial entities
\n9,579 - - - - - 9,579
\nTrade and other payables 4,286 - - - - - 4,286
\nDue to related parties
\n1,661
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n-
\n
\n
\n1,661
\n
\n
\nTotal 16,992$ 1,440$ 988$ 800$ 655$ 867$ 21,742$
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag374": {
"value": "\n
\n\n
\nFair value measurement methods:
\nThe methods and valuation techniques used for the purposes of measuring fair value are unchanged
\nfrom the previous reporting period. Measurement methods for financial assets and liabilities
\naccounted for at amortized cost are described below.
\nThe carrying amount of trade and other receivables, cash and cash equivalents, and trade and other
\npayables is considered a reasonable approximation of fair value. The fair value of borrowings has
\nbeen estimated at amortized cost.
\n\nFinancial assets at FVTPL:
\nFinancial assets at FVTPL include holding in a diversified investment fund with most of the
\npositions in gold and listed equity securities. The Group accounts for the investment at FVTPL and
\ndid not make the irrevocable election to account for it at FVOCI. The fair value was $127,000 as
\nof December 31, 2023 (2022 - $112,000).
\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag375": {
"value": "\n
\nFair value measurement methods:
\nThe methods and valuation techniques used for the purposes of measuring fair value are unchanged
\nfrom the previous reporting period. Measurement methods for financial assets and liabilities
\naccounted for at amortized cost are described below.
\nThe carrying amount of trade and other receivables, cash and cash equivalents, and trade and other
\npayables is considered a reasonable approximation of fair value. The fair value of borrowings has
\nbeen estimated at amortized cost.
\n\nFinancial assets at FVTPL:
\nFinancial assets at FVTPL include holding in a diversified investment fund with most of the
\npositions in gold and listed equity securities. The Group accounts for the investment at FVTPL and
\ndid not make the irrevocable election to account for it at FVOCI. The fair value was $127,000 as
\nof December 31, 2023 (2022 - $112,000).
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag376": {
"value": "\nFinancial assets at FVTPL:
\nFinancial assets at FVTPL include holding in a diversified investment fund with most of the
\npositions in gold and listed equity securities. The Group accounts for the investment at FVTPL and
\ndid not make the irrevocable election to account for it at FVOCI. The fair value was $127,000 as
\nof December 31, 2023 (2022 - $112,000).
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag377": {
"value": "\n27. CAPITAL MANAGEMENT POLICIES AND PROCEDURES
\nThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as
\na going concern in order to provide returns for shareholders and benefits for other stakeholders and
\nto maintain an optimal capital structure to reduce the cost of capital.
\nIn order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to
\nreduce debt. Consistent with others in the industry, the Group monitors capital on the basis of its
\nleverage ratio. This ratio is calculated as net debt divided by EBITDA.
\n
\n2023 2022
\nThe leverage ratios at December 31, 2023 and 2022 were as follows:
\nTotal borrowings and finance lease obligations (Note 17 and 22)
\n10,958$ 13,176$
\nLess: Cash and cash equivalents and Restricted cash
\n(4,194) (6,780)
\nLess: Accrued interest
\n(370) (529)
\nNet Debt
\n6,394$ 5,867$
\nOperating profit from continuing operations before other gain and loss items
\n1,655 2,431
\nAdd: Depreciation and amortization
\n1,077 1,192
\nEBITDA
\n2,732$ 3,623$
\nLeverage ratio
\n2.34 1.62
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag378": {
"value": "\n
\n\n28. INVESTMENT IN JOINT VENTURE
\nThe Group has a material joint venture in a Costa Rican company, King Lion Network, S.A.
\n(\u201cKLN\u201d).
\nName of the joint venture
\nCountry of
\nincorporation and
\nprincipal place of
\nbusiness
\nPrincipal activity
\nProportion of ownership
\nheld by the Group
\n2023
\n2022
\nKing Lion Network, S.A.
\nCosta Rica Land Company 50% 50%
\n
\n\n\n\n
\n\n\n\n
\n\nThe investments in the Costa Rica joint venture is accounted for using the equity method in
\naccordance with IAS 28.
\nA reconciliation of the financial information above to the carrying amount of the investment in the
\nGroup\u2019s Costa Rica joint venture is set out below:
\n
\n2023 2022
\nCurrent assets 9,737$ 8,520$
\nTotal assets
\n9,737 8,520
\nCurrent liabilities (4,248) (4,155)
\nTotal liabilities
\n(4,248) (4,155)
\nTotal net assets 5,489 4,365
\nProportion of ownership interest held by Group 50% 50%
\nCarrying amount of investment in joint venture
\n2,745 2,183
\nFinancial statements for the Group\u2019s Costa Rica joint venture is as follows:
\n2023 2022
\nProfit / (loss) for the period
\n 484 186
\nProportion of ownership interest held by Group 50% 50%
\nGroup's share of loss for the period $ 242 $ 93
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag379": {
"value": "\n28. INVESTMENT IN JOINT VENTURE
\nThe Group has a material joint venture in a Costa Rican company, King Lion Network, S.A.
\n(\u201cKLN\u201d).
\nName of the joint venture
\nCountry of
\nincorporation and
\nprincipal place of
\nbusiness
\nPrincipal activity
\nProportion of ownership
\nheld by the Group
\n2023
\n2022
\nKing Lion Network, S.A.
\nCosta Rica Land Company 50% 50%
\n
\n\n\n\nThe investments in the Costa Rica joint venture is accounted for using the equity method in
\naccordance with IAS 28.
\nA reconciliation of the financial information above to the carrying amount of the investment in the
\nGroup\u2019s Costa Rica joint venture is set out below:
\n
\n2023 2022
\nCurrent assets 9,737$ 8,520$
\nTotal assets
\n9,737 8,520
\nCurrent liabilities (4,248) (4,155)
\nTotal liabilities
\n(4,248) (4,155)
\nTotal net assets 5,489 4,365
\nProportion of ownership interest held by Group 50% 50%
\nCarrying amount of investment in joint venture
\n2,745 2,183
\nFinancial statements for the Group\u2019s Costa Rica joint venture is as follows:
\n2023 2022
\nProfit / (loss) for the period
\n 484 186
\nProportion of ownership interest held by Group 50% 50%
\nGroup's share of loss for the period $ 242 $ 93
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag380": {
"value": "\n29. PRINCIPAL SUBSIDIARIES
\nThe Group owns directly or indirectly the following companies. The principal operations are
\ncarried out in the country of registration; all subsidiaries have a December 31 year-end. The Group
\ncomprises a large number of companies and it is not practical to list all of them below. This list
\ntherefore includes those companies which the Directors consider principally affect the results or
\nfinancial position of the Group.
\nThe following is a table of our organizational structure of material subsidiaries, including our
\neffective record ownership structure as of December 31, 2023:
\nName of subsidiary
\nJurisdiction
\nof formation
\nEffective
\nownership interest
\nThunderbird Entertainment, S.A, Panama 100%
\nThunderbird Greeley, Inc. California 100%
\nTotal Gaming, Inc. California 100%
\nThunderbird Hoteles Las Americas S.A. Peru 100%
\nBuena Esperanza Limitada S.A. Nicaragua 55.9 % (indirect)
\nCamino Real (BVI) Investments Ltd. British Virgin Islands 100%
\nInternational Thunderbird (BVI) Ltd. British Virgin Islands 100%
\nInternational Thunderbird Brazil (BVI) Ltd. British Virgin Islands 100%
\n
\nThe Group includes a subsidiary, Buena Esperanza Limitada, S.A. (\u201cBELSA\u201d), with material non-
\ncontrolling interest (\u201cNCI\u201d):
\nName
\nCountry of
\nincorporation and
\nprincipal place of
\nbusiness
\n Principal
\nactivity
\nProportion of ownership
\nheld by the NCI
\n2023 2022
\nBuena Ezperanza Limitada, S.A. (\"BELSA\")
\nNicaragua Gaming 44.10% 44.10%
\n
\nDividends of $779,000 were paid to the NCI of BELSA during the year 2023 and $962,000 in 2022.
\n
\n\n\n\n\nSummarized financial information for BELSA, before intragroup eliminations, is set out below:
\n
\n
\n(in thousands)
\n2023 2022
\nNon-current assets
\n7,413$ 7,143$
\nCurrent assets
\n2,624 2,635
\nTotal assets
\n10,037 9,778
\nNon-current liabilities
\n(3,454) (3,928)
\nCurrent liabilities
\n(3,481) (3,426)
\nTotal liabilities
\n(6,935) (7,354)
\nEquity attributable to the owners of the parent
\n1,370 677
\nNon-controlling interest
\n1,732 1,747
\nBELSA
\n(in thousands)
\n2023 2022
\nRevenue
\n14,621$ 13,461$
\nProfit / (Loss) for the year attributable to the owners of the
\nparent
\n928 609
\nProfit / (Loss) for the year attributable to NCI
\n732 481
\nProfit / (Loss) for the year
\n 1,660
\n 1,090
\nOther comprehensive income for the year attributable to the
\nowners of the parent
\n72 50
\nOther comprehensive income for the year for the year
\nattributable to NCI
\n33 -
\nOther comprehensive income for the year
\n 105
\n 50
\nBELSA
\n2023 2022
\nNet cash from operating activities
\n $ 3,232
\n $ 3,057
\nNet cash used in investing activities
\n (850)
\n (527)
\nNet cash (used in) from financing activities
\n (2,376)
\n (2,419)
\nEffect of foreign exchange adjustment
\n (24)
\n (42)
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag5": {
"value": "\n\n\n\n\n30. OPERATING, GENERAL AND ADMINISTRATIVE EXPENSES
\n As at December 31, 2023, operating, general and administrative expenses consist of the following:
\n2023 2022
\nWages and benefits 3,966 3,267
\nOffice and administration 1,837 1,699
\nProfessional services 959 1,013
\nDirectors fees 48 48
\nTravel and accomodations 23 35
\nAdvertising, promotion and marketing
\n289 137
\nRent expenses 32 149
\nInsurance 118 91
\nRepair and maintenance 484 363
\nBank charges 331 302
\nTaxes and licences 341 275
\nTotal 8,428$ 7,379$
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag4": {
"value": "\n31. SUBSEQUENT EVENTS
\nThese are the material events to disclose from December 31, 2023 through the release of this
\n2023 Annual Report.
\n
\n\u25cf The Group had its Annual General Meeting on January 31, 2024, in which shareholders
\napproved: 1) Stephan Fitch, Reto Stadelmann and Salomon Guggenheim re-elected as
\ndirectors; and 2) The change of name of the Company from Thunderbird Resorts, Inc. to
\nAgility Real Estate Inc.
\n\u25cf Post the Shareholders Assembly, the Board of Directors named Peter LeSar as Chief
\nExecutive Officer, and Chief Financial Officer and named Yazmina Escobar as General
\nCounsel and Corporate Secretary of the Group. Salomon Guggenheim was named
\nExecutive Chairman of the Board of Directors.
\n\u25cf The legal name of the entity was duly approved in the Public Registry of the British Virgin
\nIslands on April 18, 2024 and the symbol at Euronext change from TBIRD to AGIL on
\nApril 22, 2024.
\n
\n\n\n\n\u25cf In Q2 2024, the Group has made the decision to convert its 6,703 m2 of offices into 71
\ncondominium apartments to commence pre-selling in this Q2 2024: As of the publication
\nof this 2023 Annual Report, we have secured master plan permits that allow the Group to
\nbegin to pre-sell units. We are now working on final construction plans. The development
\ncontinues to have active office tenants, but we foresee terminating all leases within 2024
\nand commencing construction to convert the offices into condominiums in early 2025. The
\nconstruction budget is currently forecasted to be approximately $3 million, the value of to-
\nbe-sold property to be approximately $12 million and for the project to be fully delivered
\nand sold in 2026. All estimates are subject to further work and analysis. The Group will
\nkeep shareholders apprised.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag399": {
"value": "Icaza, Gonzalez-Ruiz & Aleman (BVI) Trust Limited Tortola Pier Park, Building 1, Second Floor Wickhams Cay 1, Road Town, Tortola British Virgin Islands ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:984500C784DD41E4AC47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"footnote1": {
"value": "(1) 2022 has been restated due to amendment to IAS 12. Please refer to 3.1 in the notes to the Consolidated Financial Statements.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote1",
"language": "en"
}
},
"footnote2": {
"value": "(1)
\n
\nAdjusted for comparison purposes
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote2",
"language": "en"
}
}
}
}