29. Fair values

31/12/2025	Financial assets at amortised cost	Financial assets at fair value	Financial liabilities at amortised cost	Total carrying amount	Total fair value	Level 1	Level 2	Level 3

Financial assets not at fair value
Loans issued (Note 11)	7,928	-	-	7,928	7,928	-	-	-
Other financials assets (Note 11)	1,127	-	-	1,127	1,127	-	-	-
Trade and other receivables (Note 13)	480,802	-	-	480,802	480,802	-	-	-
Cash and cash equivalents (Note 14)	120,004	-	-	120,004	120,004	-	-	-
	609,861	-	-	609,861	609,861	-	-	-
Financial assets at fair value
Investments in non-listed equity investments at FV (Note 11)	-	780	-	780	780	-	-	780
Hedging derivatives (Note 18)	-	3,700	-	3,700	3,700	-	3,700	-
	-	4,481	-	4,481	4,481	-	3,700	780
Financial liabilities not at fair value
Interest bearing borrowings (Note 16)	-	-	1,095,961	1,095,961	-	-	-	-
Other financials liabilities (Note 14)	-	-	122	122	-	-	-	-
Trade and other payables (Note 16)	-	-	493,237	493,237	-	-	-	-
	-	-	1,589,321	1,589,321	-	-	-	-

31/12/2024	Financial assets at amortised cost	Financial assets at fair value	Financial liabilities at amortised cost	Total carrying amount	Total fair value	Level 1	Level 2	Level 3

Financial assets not at fair value
Loans issued (Note 11)	24,896	-	-	24,896	24,896	-	-	-
Other financials assets (Note 11)	710	-	-	710	710	-	-	-
Trade and other receivables (Note 13)	456,908	-	-	456,908	456,908	-	-	-
Cash and cash equivalents (Note 14)	266,563	-	-	266,563	266,563	-	-	-
	749,077	-	-	749,077	749,077	-	-	-
Financial assets at fair value
Investments in non-listed equity investments at FV (Note 11)	-	780	-	780	780	-	-	780
Hedging derivatives (Note 18)	-	1,069	-	1,069	1,069	-	1,069	-
	-	1,849	-	1,849	1,849	-	1,069	780
Financial liabilities not at fair value
Interest bearing borrowings (Note 16)	-	-	1,009,685	1,009,685	-	-	-	-
Other financials liabilities (Note 14)	-	-	993	993	-	-	-	-
Trade and other payables (Note 16)	-	-	472,346	472,346	-	-	-	-
	-	-	1,483,024	1,483,024	-	-	-	-

Financial Assets and Liabilities

For financial instruments, the carrying amount represents a reasonable approximation of fair value. As a result, no separate fair value disclosure is included for these financial instruments.

Investments in non-listed equity investments at FV

Investments in non-listed equity investments at FV are classified as level 3. The fair values of the non-listed equity investments have been estimated using a discounted cash flow (DCF) model, which necessitates management to make several key assumptions regarding the model inputs, such as forecast cash flows, the discount rate, credit risk, and volatility. Management has assessed the probabilities of the various estimates within the range, which are integral to the determination of fair value for these investments. Notably, the analysis revealed that there is materially no difference between the cost and the fair value calculated through the DCF model. Consequently, management has concluded that it is appropriate to carry these non-listed equity investments at cost in the financial statements, reflecting their fair value assessment.

Hedging derivatives

The hedging derivatives are classified as Level 2 valuation method. The fair value of the interest rate swaps is based on the statement of the market-to-market valuations of the relevant counterparties. The models of the counterparties value the interest rate swaps as the difference between a fixed-rate loan and a variable-rate loan, given the market interest rate of the counterparty on the reference date.
The fair value of trade receivables, cash and trade payables approximate their carrying value.