Good Group (International) Limited Consolidated Financial Statements 2024 PDF

Contents Abbreviations and key..................................................................................................................................................... 2 Introduction...........................................................................................................

Contents Abbreviations and key..................................................................................................................................................... 2 Introduction................................................................................................................................................................... 3 Consolidated statement of profit or loss........................................................................................................................ 11 Consolidated statement of comprehensive income.......................................................................................................... 13 Consolidated statement of financial position.................................................................................................................. 15 Consolidated statement of changes in equity................................................................................................................. 17 Consolidated statement of cash flows............................................................................................................................ 20 Notes to the consolidated financial statements.............................................................................................................. 24 Appendix 1 – Consolidated statement of profit or loss and other comprehensive income (example of a single statement). 154 Appendix 2 – Consolidated statement of profit or loss (example of expenses disclosed by nature)................................... 156 Appendix 3 – Consolidated statement of cash flows (example of the direct method)....................................................... 157 Appendix 4 – Material accounting policy information – an illustrative example............................................................... 158 Appendix 5 – Illustrative disclosure about Pillar Two taxes........................................................................................... 161 1 Good Group (International) Limited Abbreviations and key The following styles of abbreviation are used in this set of International GAAP® Illustrative Financial Statements: IAS 33.41 International Accounting Standard No. 33, paragraph 41 IAS 1.BC13 International Accounting Standard No. 1, Basis for Conclusions, paragraph 13 IFRS 2.44 International Financial Reporting Standard No. 2, paragraph 44 SIC 29.6 Standing Interpretations Committee Interpretation No. 29, paragraph 6 (SIC interpretations) IFRIC 5.6 IFRS Interpretations Committee (formerly IFRIC) Interpretation No. 5, paragraph 6 IFRS 9.IG.G.2 International Financial Reporting Standard No. 9 — Guidance on Implementing IFRS 9 Section G: Other, paragraph G.2 IAS 32.AG3 International Accounting Standard No. 32 — Appendix A — Application Guidance, paragraph AG3 Commentary on The commentary explains how the requirements of IFRS accounting standards have been IFRS accounting implemented in arriving at the illustrative disclosure standards Commentary on The commentary explains how the impact from climate change has been considered in preparing the climate-related illustrative financial statements and what factors an entity may need to consider in this regard. matters Commentary on The commentary explains which issues an entity may need to consider in relation to the current macroeconomic macroeconomic and geopolitical uncertainty. and geopolitical uncertainty GAAP Generally Accepted Accounting Principles/Practice IFRS® Accounting IFRS® accounting standards issued by the IASB Standards IASB® International Accounting Standards Board IAS® International Accounting Standards IFRS IFRS Interpretations Committee (the Committee) Interpretations (formerly International Financial Reporting Interpretations Committee (IFRIC®)) Committee SIC® Standing Interpretations Committee IFRIC Interpretations by the IFRS Interpretations Committee (formerly IFRIC) interpretations SIC Interpretations Interpretations by the SIC Good Group (International) Limited 2 Introduction This publication contains an illustrative set of consolidated financial statements for Good Group (International) Limited (the parent) and its subsidiaries (the Group) that is prepared in accordance with IFRS accounting standards. The Group is a fictitious, large publicly listed manufacturing company. The parent is incorporated in a fictitious country within Europe. The presentation currency of the Group is the euro (€). Objective This set of illustrative financial statements is one of many prepared by EY to assist you in preparing your own financial statements. The illustrative financial statements are intended to reflect transactions, events and circumstances that we consider to be most common for a broad range of companies across a wide variety of industries. Certain disclosures are included in these financial statements merely for illustrative purposes, even though they may be regarded as items, transactions or accounting policy information that are not material for Good Group. How to use these illustrative financial statements to prepare entity-specific disclosures Users of this publication are encouraged to prepare entity-specific disclosures. Transactions and arrangements other than those applicable to the Group may require additional disclosures. It should be noted that the illustrative financial statements of the Group are not designed to satisfy any stock market or country-specific regulatory requirements, nor is this publication intended to reflect disclosure requirements that apply mainly to regulated or specialised industries. Notations shown in the right-hand margin of each page are references to paragraphs in IFRS accounting standards that describe the specific disclosure requirements. Commentaries are provided to explain the basis for the disclosure or to address alternative disclosures not included in the illustrative financial statements. For a more comprehensive list of disclosure requirements, please refer to EY's International GAAP® Disclosure Checklist. If questions arise as to the requirements in IFRS accounting standards, it is essential to refer to the relevant source material and, where necessary, to seek appropriate professional advice. Improving disclosure effectiveness Terms such as ’disclosure overload’ and ‘cutting the clutter’, and more precisely ‘disclosure effectiveness’, describe a problem in financial reporting that has become a priority issue for the International Accounting Standards Board (IASB or Board), local standard setters, and regulatory bodies. The growth and complexity of financial statement disclosure is also drawing significant attention from financial statement preparers, and more importantly, the users of financial statements. Notes structure Considering the purpose of Good Group (International) Limited – Illustrative consolidated financial statements for the year ended 31 December 2024, the notes largely follow the order in which items are presented in the primary financial statements. Paragraph 113 of IAS 1 Presentation of Financial Statements requires the notes to be presented in a systematic manner and paragraph 114 provides examples of different systematic orderings and groupings that preparers may consider. An alternative structure that some may find more effective in permitting the users to identify the relevant information more easily, involves reorganising the notes according to their nature and perceived importance. An illustrative ordering of the alternative structure that is based on seven different notes sections is summarised in the table below: Sections Content Corporate and Group information Corporate information Group information Basis of preparation and other accounting Basis of preparation policies Summary of other accounting policies Changes in accounting policies and errors Fair value measurement Climate-related matters Standards issued but not yet effective Group business, operations, and management Revenue from contracts with customers Financial instruments risk management objectives and policies Capital management Distributions made and proposed 3 Good Group (International) Limited  Sections Content Segment information Basis of consolidation and information on material partly-owned subsidiaries Interest in joint ventures and investment in an associate Significant transactions and events Business combinations and goodwill Non-current assets held for sale and discontinued operations Goodwill and intangible assets with indefinite useful lives Related party disclosures Events after the reporting period Detailed information on statement of profit or Other operating income loss and OCI items Other operating expenses Finance costs Finance income Other income Depreciation, amortisation, lease payments, foreign exchange differences and costs of inventories Administrative expenses Employee benefits expense Research and development costs Share-based payments Earnings per share (EPS) Detailed information on statement of financial Property, plant and equipment position items Investment properties Intangible assets Financial assets and liabilities Inventories Trade receivables and contract assets Cash and short-term deposits Issued capital and reserves Provisions Pensions and other post-employment benefits Government grants Contract liabilities Trade and other payables Income tax Leases Commitments and contingencies Commitments Legal claim contingency Guarantees Other contingent liabilities By structuring the notes according to their nature and perceived importance, users may find it easier to extract the relevant information. In addition, information about accounting policies, judgements, key estimates and assumptions could alternatively be placed within the same note as the related qualitative and quantitative disclosures to provide a more holistic discussion to users of the financial statements. The alternative structure summarised above has been applied in Good Group (International) Limited –Alternative Format. As the key difference between the illustrative financial statements herein and in the alternative format illustrative financial statements is the structuring of the notes, Good Group (International) Limited – Alternative Format is a useful tool for entities exploring ways to enhance the effectiveness of their financial statements’ disclosures. Good Group (International) Limited 4  Entities may find that other structures are better for enhancing disclosure effectiveness, and the approach summarised above and illustrated in Good Group (International) Limited –Alternative Format is only intended to illustrate that IFRS accounting standards allow for alternative notes structures. Entities should carefully assess their specific circumstances and the preferences of the primary users before deciding on notes’ structure. Engagement of key stakeholders will be a critical part of any process to make significant changes to the financial statements. Materiality assessments Applying the concept of materiality requires judgement, in particular, in relation to matters of presentation and disclosure, and inappropriate application of the concept may be another cause of the perceived disclosure problem. IFRS accounting standards set out a set of minimum disclosure requirements which, in practice, too often is complied with without consideration of the information’s relevance for the specific entity. That is, if the transaction or item is immaterial to the entity, then it is not relevant to users of financial statements, in which case, IFRS accounting standards do not require the item to be disclosed (IAS 1.31). If immaterial information is included in the financial statements, the amount of information may potentially reduce the transparency and usefulness of the financial statements as the material and, thus, relevant information, loses prominence. IFRS Practice Statement 2 Making Materiality Judgements provides practical guidance and examples that entities may find helpful in deciding whether information is material. Entities are encouraged to consider it when making materiality judgements. Effective for annual periods beginning on or after 1 January 2023, the IASB amended IAS 1 and IFRS Practice Statement 2 to provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. For an illustration of how the materiality assessment could be performed for disclosures of accounting policies, please refer to Appendix 4. For further guidance on the amendments, please refer to our publication, Applying IFRS: Disclosure of accounting policy information. As explained above, the primary purpose of these financial statements is to illustrate how the most commonly applicable disclosure requirements can be met. Therefore, they include disclosures that may, in practice, be deemed not material to Good Group. It is essential that entities consider their own specific circumstances when determining which disclosures to include. These financial statements are not intended to act as guidance for making the materiality assessments; they must always be tailored to ensure that an entity’s financial statements reflect and portray its specific circumstances and its own materiality considerations. Only then will the financial statements provide decision-useful financial information. For more guidance on how to improve disclosure effectiveness, please refer to our publication, Applying IFRS: Enhancing communication effectiveness (February 2017). 5 Good Group (International) Limited Alternative performance measures The use of alternative performance measures (APMs or “non-GAAP measures”) is popular in communicating financial information to investors. APMs are financial measures that are not defined in the applicable reporting framework. The number of APMs in use is large and varied depending on the message the entities are trying to convey. The IASB has recognised that management-defined performance measures (MPMs), which are a subset of alternative performance measures that are subtotals based on income and expenses and meet certain criteria, can provide useful information about entities’ financial performance. IFRS 18 Presentation and Disclosure in Financial Statements, which will become effective on 1 January 2027. This will require entities to provide disclosures about MPMs in a single note in the financial statements. Entities that are considering to present APMs in their financial statements should refer to our publications, Applying IFRS: Alternative Performance Measures (https://www.ey.com/en_gl/ifrs-technical-resources/applying-ifrs-alternative- performance-measures) (October 2018). Climate-related matters Stakeholders are increasingly interested in the impact of climate change on entities’ business models, cash flows, financial position and financial performance. While IFRS accounting standards do not explicitly refer to climate-related matters, entities must consider them in applying IFRS accounting standards when the effect of those matters is material. In its educational material published in November 2020 (republished July 2023), the IASB clarified its view that existing IFRS accounting standards require entities to consider climate-related matters. In March 2023, the IASB added a project to its work plan to consider whether and how entities can provide better information about climate-related risks in their financial statements, and what actions, if any, the IASB could take to improve the information it requires entities to provide about climate-related matters. Climate-related risks include both physical risks and transition risks. Physical risks include the risk of loss due to specific weather events (such as storms or wildfires), so-called acute physical risks, and risks due to longer- term changes (such as rising sea levels). Transition risks relate to the risk of financial loss due to the economic transition toward a more sustainable economy. Where relevant, climate-related matters have been addressed in separate commentaries and illustrative disclosures in these financial statements. Note 2.6 has been added to provide an overview of areas in the financial statements that have been impacted by climate-related matters. As the impact of climate-related matters differs significantly across entities and industries, entities need to consider carefully any specific impacts on their business, arising from physical and transition risks when preparing their financial statements. The level of disclosure provided may also be impacted be the expectations of regulators, depending on the jurisdiction. For example, regulators may require disclosure of climate-related matters that have not traditionally been considered material in financial statements. Reporting on climate-related matters outside the financial statements is included in what is commonly referred to as "sustainability reporting", which refers to reporting on environmental, social and governance matters. Sustainability reporting is not illustrated nor addressed in this publication. As part of its work on sustainability reporting and climate-related matters’ impact on financial statements, the IFRS Foundation’s standard-setting bodies – the IASB and the International Sustainability Standards Board (ISSB) – have emphasised the concept of connectivity between financial statements and sustainability disclosures. This concept includes, but is not limited to, providing investors with holistic, comprehensive and coherent information about an entity. Regulators have also highlighted the need for consistency in how climate-related matters are treated in IFRS financial statements and in other financial and non-financial information provided by entities. Entities that are considering climate-related matters in their financial statements should also refer to our publications, IFRS Developments: 177 Effects of climate-related matters on financial statements (November 2020) and Applying IFRS – Connected Financial Reporting: Accounting for Climate Change (updated May 2024). Macroeconomic and geopolitical uncertainty In recent years, there has been significant commodity price volatility, high inflation, rising interest rates and increasing energy prices linked to geopolitical uncertainty and tensions that have affected the current economic environment. The accounting issues that entities will need to pay special attention to as a result include, but are not limited to: impairment of assets; expected credit losses; pensions; determination of fair values; disclosures; and hyperinflation. Where relevant, these accounting issues have been addressed in commentary throughout this publication. However, as the impact largely depends on the nature of an entity’s business and the extent to which it has been affected, relevant accounting issues have not been illustrated in these consolidated financial statements themselves. Good Group (International) Limited 6 Entities should consider whether additional disclosures are necessary to explain macroeconomic and geopolitical events and related transactions subsequent to the previous reporting period that are significant to their financial statements. For instance, the current macroeconomic and geopolitical environment affects the assumptions and estimation uncertainty associated with the measurement of assets and liabilities. Therefore, entities should carefully consider whether additional disclosures are necessary to help users of financial statements understand the impact of those uncertainties and corresponding judgements applied in the financial statements. The purpose of the commentaries on macroeconomic and geopolitical uncertainty is to aid entities in making assessments as to the impact of current macroeconomic and geopolitical environment on recognition, measurement, presentation, and disclosures. Entities should also consider the latest local guidance released in their jurisdiction along with other publications available on ey.com/ifrs. Illustrative financial statements We provide a number of industry-specific illustrative financial statements and illustrative financial statements addressing specific circumstances that you may consider. The entire series of illustrative financial statements comprises: Good Group (International) Limited Good Group (International) Limited –Alternative Format Good Group (International) Limited — Illustrative interim condensed consolidated financial statements Good First-time Adopter (International) Limited Good Investment Fund Limited (Equity) Good Investment Fund Limited (Liability) Good Real Estate Group (International) Limited Good Mining (International) Limited Good Petroleum (International) Limited Good Bank (International) Limited Good Life Insurance (International) Limited - Selected Illustrative Disclosures from IFRS 17, IFRS 9 and IFRS 7 Good General Insurance (International) Limited - Selected Illustrative Disclosures from IFRS 17, IFRS 9 and IFRS 7 Good Group (International) Limited – Agriculture: Supplement to Illustrative Consolidated Financial Statements IFRS accounting standards The abbreviation IFRS Standards is defined in paragraph 2 of the Preface to International Financial Reporting Standards to include “standards and interpretations approved by the IASB, and International Accounting Standards (IAS Standards) and Standing Interpretations Committee interpretations issued under previous Constitutions”. This is also noted in paragraph 7 of IAS 1 and paragraph 5 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Following the formation of the IFRS Foundation’s separate standard-setting body for IFRS Sustainability Disclosure Standards, the International Sustainability Standards Board (ISSBTM), the IFRS Foundation has clarified that the standards issued by the IASB should be referred to as ‘IFRS Accounting Standards’.1 Thus, when financial statements are described as complying with IFRS accounting standards, this means that they comply with the entire body of pronouncements sanctioned by the IASB. This includes the IAS Standards, IFRS accounting standards and Interpretations originated by the IFRS Interpretations Committee (IFRIC interpretations and SIC Interpretations). International Accounting Standards Board (IASB) The IASB is the independent standard-setting body of the IFRS Foundation (an independent not-for-profit private sector organisation working in the public interest) responsible for the development and publication of IFRS accounting standards. This includes the IFRS for SMEs accounting standard, and approving Interpretations of IFRS accounting standards as developed by the IFRS Interpretations Committee. In fulfilling its standard-setting duties, the IASB follows a due process, of which the publication of consultative documents, such as discussion papers and exposure drafts, for public comment is an important component. 1 IFRS Foundation® Trade Mark Guidelines. IFRS Foundation, 2023 7 Good Group (International) Limited The IFRS Interpretations Committee (Interpretations Committee) The Interpretations Committee is a committee, appointed by the IFRS Foundation Trustees that assists the IASB in maintaining and supporting the consistent application of IFRS accounting standards for the benefit of users, preparers and auditors of financial statements. The Interpretations Committee addresses issues of reasonably widespread importance, rather than issues of concern to only a small set of entities. These include any identified financial reporting issues not addressed in IFRS accounting standards. The Interpretations Committee also advises the IASB on issues to be considered in the annual improvements to IFRS accounting standards projects. IFRS accounting standards as at 30 June 2024 As a general approach, these illustrative financial statements do not early adopt standards, amendments or interpretations before their effective date. The standards applied in these illustrative financial statements are those that were in issue as at 30 June 2024 and effective for annual periods beginning on or after 1 January 2024. It is important to note that these illustrative financial statements will require continual updating as standards are issued and/or revised. Users of this publication are cautioned to check that there has been no change in requirements of IFRS accounting standards between 30 June 2024 and the date on which their financial statements are authorised for issue. In accordance with paragraph 30 of IAS 8, specific disclosure requirements apply for standards and interpretations issued but not yet effective (see Note 36 of these illustrative financial statements). Furthermore, if the financial year of an entity is other than the calendar year, new and revised standards applied in these illustrative financial statements may not be applicable. For instance, the Group has adopted Disclosures: Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 in its 2024 illustrative financial statements. An entity with a financial year that commences on, for example, 1 October and ends on 30 September would have to adopt the amendments in its annual financial statements beginning on 1 October 2024. Therefore, the amendments would not have been applicable in the financial statements of an entity with a year-end of 30 September 2024, unless it voluntarily chose to early adopt the standard. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1. While a number of sections have been brought forward from IAS 1 with limited changes, IFRS 18 introduces new requirements for presentation within the statement of loss, including specified totals and subtotals. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements and the notes. Narrow scope amendments have been made to IAS 7 Statement of Cash Flows, and some requirements previously included within IAS 1 have been moved to IAS 8, which has been renamed IAS 8 Basis of Preparation of Financial Statements. These new requirements are expected to impact all reporting entities. IFRS 18 and all consequential amendments are effective for reporting periods beginning on or after 1 January 2027, with earlier application permitted. Retrospective application is required. Entities are strongly encouraged to begin analysing the new requirements. Many entities will need to identify and collect information, which, in some cases, may necessitate changes to their internal information systems. For additional information on IFRS 18, please refer to our publication, Applying IFRS - A closer look at IFRS 18. For an overview of all upcoming changes in standards and interpretations, please refer to our quarterly IFRS Update publication. Accounting policy choices Accounting policies are broadly defined in IAS 8 and include not just the explicit elections provided for in some standards, but also other conventions and practices that are adopted in applying principle-based standards. In some cases, IFRS accounting standards permit more than one accounting treatment for a transaction or event. IAS 8 requires an entity to select and apply its accounting policies consistently for similar transactions, events and/or conditions, unless an IFRS accounting standard specifically requires or permits categorisation of items for which different policies may be appropriate. Where an IFRS accounting standard requires or permits such categorisation, an appropriate accounting policy is selected and applied consistently to each category. Therefore, once a choice of one of the alternative treatments has been made, it becomes an accounting policy and must be applied consistently. Changes in accounting policies should only be made if required by a standard or interpretation, or if the change results in the financial statements providing reliable and more relevant information. In this publication, when a choice is permitted by IFRS accounting standards, the Group has adopted one of the treatments as appropriate to the circumstances of the Group. In these cases, the commentary provides details of which policy has been selected, and the reasons for this policy selection. Good Group (International) Limited 8 Financial review by management Many entities present a financial review by management that is outside the financial statements. IFRS accounting standards do not require the presentation of such information, although paragraph 13 of IAS 1 gives a brief outline of what may be included in an annual report. IFRS Practice Statement 1, Management Commentary provides a non-binding framework for the presentation of a management commentary that relates to financial statements prepared in accordance with IFRS accounting standards. If a company decides to follow the guidance in the Practice Statement, management is encouraged to explain the extent to which the Practice Statement has been followed. A statement of compliance with the Practice Statement is only permitted if it is followed in its entirety. The content of a financial review by management is often determined by local market requirements or issues specific to a particular jurisdiction. No financial review by management has been included for the Group. Changes in the 2024 edition of Good Group (International) Limited annual financial statements The standards and interpretations listed below have become effective since 1 July 2023 for annual periods beginning on or after 1 January 2024. While the list of new standards is provided below, not all of these new standards will have an impact on these illustrative financial statements. To the extent these illustrative financial statements have changed since the 2023 edition due to changes in standards and interpretations, the impact of those changes is disclosed in Note 2.4. Other changes from the 2023 edition have been made in order to reflect practice developments and to improve the overall quality of the illustrative financial statements. Changes to IFRS accounting standards The following amendments became effective as at 1 January 2024: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to IAS 1 Lease Liability in a Sale and Leaseback – Amendments to IFRS 16 Disclosures: Supplier Finance Arrangements -Amendments to IAS 7 and IFRS 7 9 Good Group (International) Limited  Good Group (International) Limited Consolidated Financial Statements 31 December 2024 Commentary Good Group (International) Limited is a limited company incorporated and domiciled in Euroland and whose shares are publicly traded. Financial statements of that category of entity are usually subject to mandatory audit either under International Standards on Auditing (ISA) or local audit standards and auditor’s report should be disclosed together with the annual financial statements. However, this publication is not intended to provide guidance on the application of ISA 700 (Revised) Forming an Opinion and Reporting on Financial Statements or the specific requirements of individual jurisdictions. Hence, an illustrative auditor’s report on the consolidated financial statements of Good Group (International) Limited has not been include d. Good Group (International) Limited 10 Consolidated statement of profit or loss for the year ended 31 December 2024 IAS 1.10(b) 2024 2023 IAS 1.51(c) €000 €000 Notes Restated IAS 1.51((c)(e) Continuing operations (Note 2.5) IAS 1.81A Revenue from contracts with customers 4 179,058 159,088 IFRS 15.113(a) Rental income 18 1,404 1,377 Revenue 180,462 160,465 IAS 1.82(a) Cost of sales (136,569) (128,386) IAS 1.103 Gross profit 43,893 32,079 IAS 1.85, IAS 1.103 Other operating income 13.1 2,435 2,548 IAS 1.103 Selling and distribution expenses (14,001) (12,964) IAS 1.99, IAS 1.103 Administrative expenses 13.9 (18,290) (12,011) IAS 1.99, IAS 1.103 Other operating expenses 13.2 (2,554) (353) IAS 1.99, IAS 1.103 IAS 1.85, IAS Operating profit 11,483 9,299 1.BC55-56 IAS 1.82(b), IFRS Finance costs 13.3 (1,366) (1,268) 7.20 Finance income 13.4 202 145 Other income 13.5 98 66 Share of profit of an associate and a joint IAS.82(c) venture 10,11 671 638 Profit before tax from continuing operations 11,088 8,880 IAS 1.85 IAS 1.82(d), IAS Income tax expense 15 (3,092) (2,233) 12.77 Profit for the year from continuing operations 7,996 6,647 IAS 1.85 Discontinued operations Profit/(loss) after tax for the year from IAS 1.82 (ea) discontinued operations 14 220 (188) IFRS 5.33(a) Profit for the year 8,216 6,459 IAS 1.81A(a) Attributable to: Equity holders of the parent 7,928 6,220 IAS 1.81B (a) (ii) Non-controlling interests 288 239 IAS 1.81B (a)(i) 8,216 6,459 Earnings per share 16 IAS 33.66  Basic, profit for the year attributable to ordinary equity holders of the parent €0.38 €0.33  Diluted, profit for the year attributable to ordinary equity holders of the parent €0.38 €0.32 Earnings per share for continuing operations 16  Basic, profit from continuing operations attributable to ordinary equity holders of the parent €0.37 €0.34  Diluted, profit from continuing operations attributable to ordinary equity holders of the parent €0.37 €0.33 P. Goodman, Chairman L. Goodright, Group Chief Executive 31 January 2025 11 Good Group (International) Limited Commentary on IFRS accounting standards IAS 1.10 suggests titles for the primary financial statements, such as ‘statement of profit or loss and other comprehensive income’ or ‘statement of financial position’. Entities are, however, permitted to use other titles, such as ‘income statement’ or ‘balance sheet’. The Group applies the titles suggested in IAS 1. There is no specific requirement to identify restatements to prior period financial statements on the face of the financial statements. IAS 8 requires details to be provided only in the notes. The Group illustrates how an entity may supplement the requirements of IAS 8 so that it is clear to the reader that amounts in the prior period financial statements have been adjusted in comparati ve period(s) of the current period financial statements. IFRS 15.113(a) requires revenue recognised from contracts with customers to be disclosed separately from other sources of revenue, unless presented separately in the statement of comprehensive income or statement of profit or loss. The Group has elected to present the revenue from contracts with customers as a line item in the statement of profit or loss separate from the other source of revenue. IFRS 15 Revenue from Contracts with Customers only applies to a subset of total revenue (i.e., revenue from contracts with customers). IFRS 15 defines revenue as ‘income arising in the course of an entity’s ordinary activities’, but it excludes some revenue contracts from its scope (e.g., leases). IFRS 15 does not explicitly require an entity to use the term ‘revenue from contracts with cus tomers’. Therefore, entities may use different terminology in their financial statements to describe revenue arising from transactions that are within the scope of IFRS 15. However, entities should ensure the terms used are not misleading and allow users to distinguish revenue from contracts with customers from other sources of revenue. The Group also presented a line item for total revenue on the face of the statement of profit or loss as required by IAS 1.82(a). The Group presented rental income as part of revenue as it arises in the course of its ordinary activities. Cost of sales includes costs of inventories recognised as expense. IAS 2.34 requires that when inventories are sold, the carrying amount of those inventories must be recognised as an expense in the period in which the related revenue is recognised. IAS 1.99 requires expenses to be analysed either by their nature or by their function within the statement of profit or loss, whichever provides information that is reliable and more relevant. If expenses are analysed by function, information about th e nature of expenses must be disclosed in the notes. The Group has presented the analysis of expenses by function. In Appendix 3, the consolidated statement of profit or loss is presented with an analysis of expenses by nature. The Group has presented operating profit in the statement of profit or loss although not required by IAS 1. The terms ‘operating profit’ or ‘operating income’ are not defined in IFRS. IAS 1.BC56 states that the IASB recognises that an entity may elect to disclose the results of operating activities, or a similar line item, even though this term is not defined. The entity should ensure the amount disclosed is representative of activities that would normally be considered to be ‘operating’. For instance, “it would be inappropriate to exclude items clearly related to operations (such as inventory write-downs and restructuring and relocation expenses) because they occur irregularly or infrequently or are unusual in amount. Similarly, it would be inappropriate to exclude items on the grounds that they do not involve cash flows, such as depreciation and amortisation expenses” (IAS 1.BC56). In practice, other titles, such as earnings before interest and taxation (EBIT), are sometimes used to refer to an operating result. Such subtotals are subject to the guidance included in IAS 1.85A. The Group has presented its share of profit of an associate and joint venture using the equity method under IAS 28 Investments in Associates and Joint Ventures after the line-item ‘operating profits’ IAS 1.82(c) requires ‘share of the profit or loss of associates and joint ventures accounted for using the equity method’ to be presented in a separate line item on the face of the statement profit or loss. In complying with this requirement, the Group combines the share of profit or loss from an associate and a joint venture in one line item. Regulators or standard setters in certain jurisdictions recommend or accept share of the profit/loss of equity method investees being presented with reference to whether the operations of the investees are closely related to that of the report ing entity. This may result in the share of profit/loss of certain equity method investees being included in the operating profit, while the share of profit/loss of other equity method investees being excluded from operating profit. In other jurisdictions, regulators or standard setters believe that IAS 1.82(c) requires that share of profit/loss of equity method investees be presented as one line item (or, alternatively, as two or more adjacent line items, with a separate line for the sub-total). This may cause diversity in practice. IAS 33.68 requires presentation of basic and diluted earnings per share (EPS) for discontinued operations either on the face of the statement of profit or loss or in the notes to the financial statements. The Group has elected to show this information with other disclosures required for discontinued operations in Note 14 and to show the EPS information for continuing operations on the face of the statement of profit or loss. IAS 1.82(ba) requires that the statement of profit or loss include line items that present the impairment losses (including reversals of impairment losses or impairment gains) determined in accordance with IFRS 9 Financial Instruments. The Group did not present its impairment losses determined in accordance with IFRS 9 separately in the statement of profit or loss as the amounts are not considered material. IFRS 16.49 requires a lessee to present in the statement of profit or loss, the interest expense on lease liabilities separately from the depreciation charge for the right-of-use asset. The interest expense on the lease liabilities is a component of finance costs, which IAS 1.82(b) requires to be presented separately in the statement of profit or loss. Consistent with this requirement, the Group presented interest expense on lease liabilities under ‘finance costs’ and the depreciation charge on the right-of-use asset under ‘cost of sales’ and ’administrative expenses’. Good Group (International) Limited 12 Consolidated statement of comprehensive income for the year ended 31 December 2024 IAS 1.51(c) IAS 1.81A 2024 2023 IAS 1.10(b) €000 €000 IAS 1.51(d),(e) Notes Restated (Note 2.5) IAS 1.90 IAS 12.61A Profit for the year 8,216 6,459 IAS 1.81A(a) Other comprehensive income IAS 1.82A Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax): Net gain on hedge of a net investment 195 − IFRS 9.6.5.13 IAS 21.32 Exchange differences on translation of foreign operations 21.3,25 (246) (117) IAS 21.52(b) IFRS 7.20(a)(i) Net gain/(loss) on cash flow hedges 21.3,25 (618) 24 Net change in costs of hedging 21.3,25 (22) − Net loss on debt instruments at fair value through other comprehensive income 21.3,25 (15) (1) IFRS 7.20(a)(vii) Share of other comprehensive loss of an associate 11 (30) − IAS 1.82A(b) Net other comprehensive loss that may be reclassified to IAS 1.82A profit or loss in subsequent periods (736) (94) Other comprehensive income that will not be reclassified to profit or loss in subsequent periods (net of tax): Net gain/(loss) on equity instruments designated at fair value through other comprehensive income 25 (18) 7 IFRS 7.20(a)(vii) IAS 19.120(c) Remeasurement gain/(loss) on defined benefit plans 32 257 (273) IAS 19.122 Revaluation of office properties in Euroland 17 592 − IAS 16.39 Share of other comprehensive income of an associate 11 30 − IAS 1.82A(b) Net other comprehensive income/(loss) that will not be IAS 1.82A reclassified to profit or loss in subsequent periods 861 (266) Other comprehensive income/(loss) for the year, net of tax 125 (360) IAS 1.81A(b) Total comprehensive income for the year, net of tax 8,341 6,099 IAS 1.81A(c) Attributable to: Equity holders of the parent 8,053 5,860 IAS 1.81B(b) (ii) Non-controlling interests 288 239 IAS 1.81B(b) (i) 8,341 6,099 13 Good Group (International) Limited Commentary on IFRS accounting standards The Group has elected as an accounting policy to present two statements, a statement of profit or loss and a statement of comprehensive income, rather than a single statement of profit or loss and other comprehensive income combining the two elements. If a two-statement approach is adopted, the statement of profit or loss must be followed directly by the statement of comprehensive income. For illustrative purposes, the disclosure of a single statement of profit or loss and other comprehensive income is presented in Appendix 1. There is no specific requirement to identify restatements to prior period financial statements on the face of the financial statements. IAS 8 requires details to be provided only in the notes. The Group illustrates how an entity may supplement the requirements of IAS 8 so that it is clear to the reader that amounts in the prior period financial statements have been adjusted in comparati ve period(s) of the current period financial statements. IAS 1.90 requires an entity to disclose the amount of income tax relating to each item of other comprehensive income (OCI), including reclassification adjustments, either in the statement of comprehensive income or in the notes. The Group presented each item of OCI net of the related tax effects in the statement above. The Group then disclosed the income tax effects of each item of OCI in Note 15 and the reclassification adjustments in Note 25. Another alternative provided by IAS 1.91 is to present the different items of OCI before the related tax effects with one amount shown for the aggregate amount of income tax relating to those items. An entity electing this alternative must allocate the tax between those items that ‘may be reclassified to profit or loss’ and ‘will not be reclassified to profit or loss’ in subsequent periods. This alternative is illustrated in Appendix 1. IAS 1.82A requires that items that may be reclassified subsequently to profit or loss, when specific conditions are met, must be grouped on the face of the statement of comprehensive income. Similarly, items that will not be reclassified must also be grouped together. In order to make these disclosures, an entity must analyse whether its OCI items are eligible to be subsequently reclassified to profit or loss under IFRS accounting standards. The Group has presented, in OCI the gains and losses arising from cash flow hedges, including those related to foreign currency and commodity forward contracts that are hedges of forecast inventory purchases, that may be reclassified to profit or loss in subsequent periods. Under IFRS 9.6.5.11(d)(i), if a hedged forecast transaction subsequently results in the recognition of a non- financial asset, the entity must remove the amount from the cash flow hedge reserve and include it directly in the initial cost or other carrying amount of the asset as a basis adjustment. IAS 1.96 states that reclassification adjustments do not arise if a cash flow hedge results in amounts that are removed from the cash flow hedge reserve or a separate component of equity and inc luded directly in the initial cost or other carrying amount of an asset. In subsequent periods, the amount previously recorded in the cash flow hedge reserve may be recognised in profit or loss when the asset (liability) is being recovered (settled). Furthermore, other comprehensive income arising from a cash flow hedge of a future transaction of a non-financial item may not always result in a basis adjustment. These amounts might be reclassified to profit or loss in the case of a loss that is expected not to be partially or fully recovered (IFRS 9.6.5.11(d)(iii)), or if the future cash flows are no longer expected to occur (IFRS 9.6.5.12(b)). The Group concluded that it should present other comprehensive income arising from cash flow hedges consistently with the requirements for items of other comprehensive income that may be reclassified subsequently to profit or loss when specified conditions are met. Under the requirements of IAS 1.82A and the Implementation Guidance to IAS 1, entities must present the share of the OCI item s of equity method investees (i.e., associates and joint ventures), in aggregate as single line items within the ’may be reclassified’ and the ‘will not be reclassified’ groups. As at 31 December 2024, the Group’s associate has financial assets at fair value through OCI and an office building located in Euroland that is accounted for under the revaluation model. Consequently, the Group presents items of other comprehensive income related to the associate in two separate line items in the consolidated statement of comprehensive income. Good Group (International) Limited 14 Consolidated statement of financial position IAS 1.10(a) As at as at 31 December 2024 2024 2023 1 January 2023 IAS 1.10(f) IAS 1.51(c) €000 €000 €000 Notes Restated Restated IAS 1.51(d),(e) Assets (Note 2.5) (Note 2.5) IAS 1.40A, IAS 1.40B Non-current assets IAS 1.60 Property, plant and equipment 17 32,979 24,329 18,940 IAS 1.54(a) Investment properties 18 8,893 7,983 7,091 IAS 1.54(b) Intangible assets and goodwill 19 6,019 2,461 2,114 IAS 1.54(c) Right-of-use assets 31 2,908 2,732 2,915 IFRS 16.47 Investment in an associate and a joint venture 10,11 3,187 2,516 1,878 IAS 1.54(e), IAS 28.38 Non-current financial assets 21 3,761 2,816 2,273 IAS 1.54(d), IFRS 7.8 Deferred tax assets 15 389 365 321 IAS 1.54(o), IAS 1.56 58,136 43,202 35,532 Current assets IAS 1.60, IAS 1.66 Inventories 22 26,027 23,830 24,296 IAS 1.54(g) Right of return assets 4 1,124 929 856 IFRS 15.B21 Trade receivables 4,23 25,672 22,290 25,537 IAS 1.54(h), IFRS 15.105 Contract assets 4,23 4,541 5,180 3,450 IFRS 15.105 Prepayments 244 165 226 IAS 1.55 Other current financial assets 21 551 153 137 IAS 1.54(d), IFRS 7.8 Cash and short-term deposits 24 17,528 14,916 11,066 IAS 1.54(i) 75,687 67,463 65,568 Assets held for sale 14 13,554 — — IAS 1.54(j), IFRS 5.38 89,241 67,463 65,568 Total assets 147,377 110,665 101,100 Equity and liabilities Equity IAS 1.54(r), IAS 1.78(e) Issued capital 25 21,888 19,388 19,388 Share premium 25 4,780 80 — Treasury shares 25 (508) (654) (774) Other capital reserves 25 1,171 864 566 Retained earnings 31,622 25,929 21,582 Other components of equity (642) (505) (418) Reserves of a disposal group held for sale 14 46 — — IFRS 5.38 Equity attributable to equity holders of the parent 58,357 45,102 40,344 Non-controlling interests 2,410 740 208 IAS 1.54(q) Total equity 60,767 45,842 40,552 Non-current liabilities IAS 1.60 Interest-bearing loans and borrowings 21 22,147 23,313 21,358 IAS 1.54(m) Other non-current financial liabilities 21 806 — — IAS 1.54(m), IFRS 7.8 Provisions 27 1,898 19 15 IAS 1.54(l) Government grants 28 3,300 1,400 1,300 IAS 20.24 Contract liabilities 4,29 2,962 888 692 IFRS 15.105 Net employee defined benefit liabilities 32 3,050 2,977 2,526 IAS 1.55, IAS 1.78(d) Deferred tax liabilities 15 2,454 607 780 IAS 1.54(o), IAS 1.56 36,617 29,204 26,671 Current liabilities IAS 1.60, IAS 1.69 Trade and other payables 30 16,969 20,023 18,248 IAS 1.54(k) Contract liabilities 4,29 2,880 2,486 1,836 IFRS 15.105 Refund liabilities 4 6,242 5,844 3,796 IFRS 15.B21 Interest-bearing loans and borrowings 21 2,832 3,142 4,834 IAS 1.54(m), IFRS 7.8(g) Other current financial liabilities 21 2,953 254 303 IAS 1.54(m), IFRS 7.8 Government grants 28 149 151 150 IAS 1.55, IAS 20.24 Income tax payable 3,511 3,563 4,625 IAS 1.54(n) Provisions 27 922 156 85 IAS 1.54(l) Dividends payable 26 410 — — 36,868 35,619 33,877 Liabilities directly associated with the assets held for sale 14 13,125 — — IAS 1.54(p), IFRS 5.38 49,993 35,619 33,877 Total liabilities 86,610 64,823 60,548 Total equity and liabilities 147,377 110,665 101,100 15 Good Group (International) Limited Commentary on IFRS accounting standards IAS 1 requires an entity to present a statement of financial position at the beginning of the earliest comparative period whe n: it applies an accounting policy retrospectively; it makes a retrospective restatement of items in its financial statements; or when it reclassifies items in its financial statements (IAS 1.10(f)), and the change has a material effect on the statement of financial position. In these situations, IAS 1.40A states that an entity must present, at a minimum, three statements of financial position, two of each of the other statements and the related notes. The three statements of financial position include the statement of financial position as at the current annual period year end, the statement of financial position as at the previous annual period year end, and the statement of financial position as at the beginning of the previous annual period (’the opening balance sheet’, often ref erred to as the ‘third balance sheet’). As the Group restated the financial statements to correct an error retrospectively, it has included a third balance sheet as at 1 January 2023. Such an additional balance sheet is only required if the adjustment to opening balances is considered to be material (IAS 1.40A(b)). However, the notes related to the third balance sheet are not required, nor are additional statements of profit or loss and other comprehensive income, changes in equity or cash flows (IAS 1.40C). There is no specific requirement to identify restatements to prior period financial statements on the face of the financial statements. IAS 8 requires details to be provided only in the notes. The Group illustrates how an entity may supplement the requirements of IAS 8 so that it is clear to the reader that amounts in the prior period financial statements have been adjusted in comparati ve period(s) of the current period financial statements. In accordance with IAS 1.60, the Group has presented current and non-current assets, and current and non-current liabilities, as separate classifications in the statement of financial position. IAS 1 does not require a specific order of the two classifications. The Group has elected to present non-current assets and liabilities before current assets and liabilities. IAS 1 requires entities to present assets and liabilities in order of liquidity when this presentation is reliable and more relevant. The Group presented ‘contract assets’ and ‘contract liabilities’ in the statement of financial position using the terminology from IFRS 15. IFRS 15.109 allows an entity to use alternative descriptions. However, it must disclose sufficient information so that users of the financial statements can clearly distinguish between unconditional rights to receive consideration (receivables) and conditional rights to receive consideration (contract assets). IFRS 15.B25 requires an entity to present the refund liability separately from the corresponding asset (on a gross basis, rather than a net basis). The Group presented ‘right of return assets’ and ‘refund liabilities’ separately in the statement of financial position. IFRS 16.47 requires a lessee to either present in the statement of financial position, or disclose in the notes, the right-of-use assets separately from other assets and lease liabilities separately from other liabilities. If a lessee does not present right-of-use assets separately in the statement of financial position, the lessee is required to include right-of-use assets within the same line item that the corresponding underlying assets would be presented if they were owned (e.g., under property, plant and equipment) and it is required to disclose which line items in the statement of financial position include those right-of-use assets. Similarly, if the lessee does not present lease liabilities separately in the statement of financial position, the lessee is required to disclose the line items in the statement of financial position which include those liabilities. The Group presented its ‘Right-of-use assets’ separately in the statement of financial position. The related lease liabilities were presented in the line item ‘Interest-bearing loans and borrowings’. Under IFRS 16.48, right-of-use assets that meet the definition of investment property must be presented in the statement of financial position as investment property. The Group does not have right-of-use assets that meet the definition of investment property. Good Group (International) Limited 16 Consolidated statement of changes in equity for the year ended 31 December 2024 Attributable to the equity holders of the parent Fair value IAS 1.10(c) Other reserve of Foreign Reserve of IAS 1.49 Issued Share Treasury capital Cash flow Cost of financial currency Asset disposal Non- IAS 1.51(b),(c) capital premium shares reserves Retained hedge hedging assets at translation revaluation group held controlling Total IAS 1.106(d) (Note 25) (Note 25) (Note 25) (Note 25) earnings reserve reserve FVOCI reserve surplus for sale Total interest equity €000 €000 €000 €000 €000 €000 €000 €000 €000 €000 €000 €000 €000 €000 IAS 1.51(d),(e) As at 1 January 2024 19,388 80 (654) 864 25,929 (70) − 9 (444) − − 45,102 740 45,842 Profit for the period − − − − 7,928 − − − − − − 7,928 288 8,216 IAS 1.106(d)(i) Other comprehensive income (Note 25) − − − − 257 (618) (22) (63) (51) 622 − 125 − 125 IAS 1.106(d)(ii) Total comprehensive income − − − − 8,185 (618) (22) (63) (51) 622 − 8,053 288 8,341 IAS 1.106(a) Depreciation transfer for office properties in Euroland − − − − 80 − − − − (80) − − − − IAS 1.96 Discontinued operations (Note 14) − − − − − − − (46) − − 46 − − − IFRS 5.38 Issue of share capital (Note 25) 2,500 4,703 − − − − − − − − − 7,203 − 7,203 IAS 1.106(d)(iii) Exercise of options (Note 25) − 29 146 − − − − − − − − 175 − 175 IAS 1.106(d)(iii), IFRS 2.50 Share based payments (Note 33) − − − 307 − − − − − − − 307 − 307 IAS 32.39, Transaction costs related to issue of IAS 1.109 share capital (Note 8) − (32) − − − − − − − − − (32) − (32) IAS 1.107 Cash dividends (Note 26) − − − − (2,389) − − − − − − (2,389) (30) (2,419) Transfer of fair value reserve of equity instruments designated at FVOCI − − − − 7 − − (7) − − − − − − Transfer of cash flow hedge reserve to inventories − − − − − 126 2 − − − − 128 − 128 Acquisition of a subsidiary (Note 8) − − − − − − − − − − − − 1,547 1,547 IAS 1.106(d)(iii) Acquisition of non-controlling interests (Note 8) − − − − (190) − − − − − − (190) (135) (325) IAS 1.106(d)(iii) At 31 December 2024 21,888 4,780 (508) 1,171 31,622 (562) (20) (107) (495) 542 46 58,357 2,410 60,767 17 Good Group (International) Limited Consolidated statement of changes in equity for the year ended 31 December 2023 (restated) Attributable to the equity holders of the parent Fair value IAS 1.10(c) Other reserve of Foreign IAS 1.49 Issued Share Treasury capital Cash flow financial currency Non- IAS 1.51(b),(c) capital premium shares reserves Retained hedge assets at translation controlling Total IAS 8.28 (Note 25) (Note 25) (Note 25) (Note 25) earnings reserve FVOCI reserve Total interest equity IAS 1.106(d) €000 €000 €000 €000 €000 €000 €000 €000 €000 €000 €000 IAS 1.51(d),(e) As at 1 January 2023 19,388 − (774) 566 22,282 (94) 3 (327)) 41,044 208 41,252 Adjustment on correction of error (net of tax) (Note 2.5) − − − − (700) − − − (700) - (700) IAS 1.106(b) As at 1 January 2023 (restated) 19,388 − (774) 566 21,582 (94) 3 (327) 40,344 208 40,552 Profit for the period − − − − 6,220 − − − 6,220 239 6,459 IAS 1.106(d)(i) Other comprehensive income (Note 25) − − − − (273) 24 6 (117) (360) − (360) IAS 1.106(d)(ii) Total comprehensive income − − − − 5,947 24 6 (117)) 5,860 239 6,099 IAS 1.106(a) Exercise of options (Note 25) − 80 120 − − − − − 200 − 200 IAS 1.106(d)(iii), Share-based payments (Note 33) − − − 298 − − − − 298 − 298 IFRS 2.50 Dividends (Note 26) − − − − (1,600) − − − (1,600) (49) (1,649) IAS 1.107 Non-controlling interests arising on a business 342 combination (Note 8) − − − − − − − − − 342 IAS 1.106(d)(iii) At 31 December 2023 (restated) 19,388 80 (654) 864 25,929 (70) 9 (444)) 45,102 740 45,842 Good Group (International) Limited 18  Commentary on IFRS accounting standards There is no specific requirement to identify adjustments made retrospectively on the face of the financial statements, except for the effect of a retrospective application or restatement on each component of equity (IAS 1.106(b)). IAS 8 requires details to be given only in the notes. By labelling the comparatives ‘Restated’, the Group illustrates how an entity may supplement the requirements of IAS 8 so that it is clear to the user that adjustments to the amounts in prior financial statements have been reflected in the comparative periods as presented in the current period financial statements. For equity-settled share-based payment transactions, IFRS 2.7 requires entities to recognise an increase in equity when goods or services are received. However, IFRS 2 Share-based Payment does not specify where in equity this should be recognised. The Group has chosen to recognise the credit in other capital reserves. In some jurisdictions, it is common to transfer amounts recognised in other capital reserves to share premium or retained earnings when the share options are exercised or expire. Such transfer is also permitted by IFRS 2.23. However, the transfer to share premium is subject to legal restrictions that are in force in each jurisdiction. The Group has elected to continue to present other capital reserves separately. The Group provided treasury shares to employees exercising share options and elected to recognise the excess of cash received over the acquisition cost of those treasury shares in share premium. The acquisition of an additional ownership interest in a subsidiary without a change of control is accounted for as an equity transaction in accordance with IFRS 10 Consolidated Financial Statements. Any excess or deficit of consideration paid over the carrying amount of the non-controlling interests is recognised in equity of the parent in transactions where the non-controlling interests are acquired or sold without loss of control. The Group has elected to recognise this effect in retained earnings. With respect to the subsidiary to which these non-controlling interests relate, there were no accumulated components recognised in OCI. If there had been such components, those would have been reallocated within equity of the parent (e.g., foreign curre ncy translation reserve or fair value reserve of financial assets at FVOCI). IFRS 5.38 requires that items recognised in OCI related to discontinued operations must be separately disclosed. The Group presents this effect in the statement of changes in equity above. However, presentation of such items within discontinued operations does not change the nature of the reserve. Generally, reclassification to profit or loss will only occur if and when required by IFRS accounting standards. The Group recognises remeasurement gains and losses arising on defined benefit pension plans in OCI in accordance with IAS 19 Employee Benefits. As they will never be reclassified into profit or loss, they are immediately recorded in retained earnings (refer to the statement of comprehensive income). IAS 19 does not require separate presentation of those components in the statement of changes in equity but an entity may choose to present the remeasurement gains and losses in a separate re serve within the statement of changes in equity. The amounts presented as change in the asset revaluation surplus and the fair value reserve of financial assets at FVOCI include a share of other comprehensive income of the associate, which relates to the revaluation of an office building in Euroland an d the remeasurement of debt instruments at fair value through OCI. IAS 1 specifically requires that entities must present the share of other comprehensive income items of their equity method investees, in aggregate, as a single line item within the ’to be reclassified’ and the ‘not to be reclassified’ groups in the other comprehensive income section. IAS 28, IAS 1 and IFRS 12 Disclosure of Interests in Other Entities do not provide specific guidance on how the investor should present its accumulated share of other comprehensive income of equity-accounted investees. The Guidance on implementing IAS 1 contains an example in which the accumulated property, plant and equipment revaluation gain is included into the revaluation surplus of the investor. Good Group applies a similar presentation of accumulated items of o ther comprehensive income of its associate. However, as current IFRS accounting standards do not contain specific requirements on this issue, other presentation approaches may also be acceptable. IFRS 9.B5.7.1 states that accumulated gains and losses recognised in OCI for equity financial assets must not be subsequently transferred to profit or loss. However, the entity may transfer the cumulative gain or loss within equity. The Group transfer red the accumulated gain on its equity financial assets from OCI to retained earnings upon derecognition of the financial asset. IFRS 9.6.5.11(d)(i) requires that if a hedged forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, or a hedged forecast transaction for a non-financial asset or a non-financial liability becomes a firm commitment for which fair value hedge accounting is applied, the entity must remove that amount from the cash flow hedge rese rve and include it directly in the initial cost or other carrying amount of the asset or liability. This is not a reclassification adjustment and, as such, it does not affect OCI. The Group has cash flow hedge reserve on its cash flow hedges of forecast inventory purchases that was included in the carrying amount of inventories. 19 Good Group (International) Limited Consolidated statement of cash flows IAS 1.49 for the year ended 31 December 2022 2024 2023 IAS 1.51(c) IAS 1.10(d) Notes €000 €000 IAS 1.51(d),(e) Restated IAS 7.10, Operating activities (Note 2.5) IAS 7.18(b) Profit before tax from continuing operations 11,088 8,880 Profit/(loss) before tax from discontinued operations 14 213 (193) Profit before tax 11,301 8,687 Adjustments to reconcile profit before tax to net cash flows: IAS 7.20(b) Depreciation and impairment of property, plant and equipment and right-of-use assets 17, 31 4,341 3,794 Amortisation and impairment of intangible assets and impairment of goodwill 19 325 174 Equipment received from customers 17 (190) (150) Share-based payment expense 33 412 492 Decrease in fair value of investment properties 18 306 300 Net foreign exchange differences (365) (240) Gain on disposal of property, plant and equipment 13.1 (532) (2,007) Fair value adjustment of a contingent consideration 8 358 — Finance income 13.4 (202) (145) IAS 7.20(c) Finance costs 13.3 1,366 1,268 IAS 7.20(c) Other income 13.5 (98) (66) Net loss on derivative instruments at fair value through profit or loss 652 − Share of profit of an associate and a joint venture 10,11 (671) (638) Movements in provisions, pensions and government grants (815) (65) Working capital changes: IAS 7.20(a) Decrease/(increase) in trade receivables, contract assets and prepayments (7,102) 2,431 Decrease in inventories and right of return assets 1,129 1,111 Increase in trade and other payables, contract liabilities and refund liabilities 4,511 2,530 14,726 17,476 Interest received 250 221 IAS 7.31 Interest paid (1,067) (1,173) IAS 7.31 Income tax paid (2,935) (3,999) IAS 7.35 Net cash flows from operating activities 10,974 12,525 Investing activities IAS 7.10, IAS 7.21 Proceeds from sale of property, plant and equipment 1,990 2,319 IAS 7.16(b) Purchase of property, plant and equipment 17 (10,167) (7,581) IAS 7.16(a) Purchase of investment properties 18 (1,216) (1,192) IAS 7.16(a) Purchase of financial instruments (272) (225) IAS 7.16(c) Proceeds from sale of financial instruments 328 145 IAS 7.16(d) Development expenditures 19 (587) (390) IAS 7.16(a) Acquisition of a subsidiary, net of cash acquired 8 230 (1,450) IAS 7.39 Receipt of government grants 28 2,951 642 Net cash flows used in investing activities (6,743) (7,732) Financing activities IAS 7.10, IAS 7.21 Proceeds from exercise of share options 175 200 IAS 7.17(a) Acquisition of non-controlling interests 8 (325) − IAS 7.42A Transaction costs on issue of shares 25 (32) − IAS 7.17(a) Payment of principal portion of lease liabilities 31 (406) (341) IAS 7.17(e) Proceeds from borrowings 5,649 4,871 IAS 7.17(c) Repayment of borrowings (2,032) (4,250) IAS 7.17(d) Dividends paid to equity holders of the parent 26 (1,979) (1,600) IAS 7.31 Dividends paid to non-controlling interests (30) (49) IFRS 12.B10(a) Net cash flows from/(used in) financing activities 1,020 (1,169) Net increase in cash and cash equivalents 5,251 3,624 Net foreign exchange difference 339 326 IAS 7.28 Cash and cash equivalents at 1 January 12,266 8,316 Cash and cash equivalents at 31 December 24 17,856 12,266 IAS 7.45 Good Group (International) Limited 20  Commentary on IFRS accounting standards IAS 7.18 allows entities to report cash flows from operating activities using either the direct method or the indirect method. The Group presents its cash flows using the indirect method. A statement of cash flows prepared using the direct method for opera ting activities is presented in Appendix 3 for illustrative purposes. There is no specific requirement to identify adjustments made retrospectively on the face of the financial statements, except for the effect of a retrospective application or restatement on each component of equity (IAS 1.106(b)). IAS 8 requires details to be given only in the notes. By labelling the comparatives ‘Restated’, the Group illustrates how an entity may supplement the requirements of IAS 8 so that it is clear to the user that adjustments to the amounts in prior financial statements have been reflected in the comparative periods as presented in the current period financial statements. This is consistent with the illustrative example in IAS 8.IG.1.6. The Group has reconciled profit before tax to net cash flows from operating activities. However, reconciliation from profit after tax is also acceptable under IAS 7 Statement of Cash Flows. IAS 7.33 permits interest paid to be shown as operating or financing activities and interest received to be shown as operatin g or investing activities, as deemed relevant for the entity. The Group has elected to classify interest received and interest paid (including interest on lease liabilities and interest arising from revenue contracts, if there is any) as cash flows from operating activities. Certain working capital adjustments and other adjustments included in the statement of cash flows, reflect the change in balances between 2024 and 2023, including the 2024 balances of the discontinued operations grouped in line-items ‘assets classified as held for sale’ and ‘liabilities directly associated with the assets classified as held for sale’. IFRS 16.50 requires that in the statement of cash flows, a lessee classifies: cash payments for the principal portion of the lease liability within financing activities; cash payments for the interest portion of the lease liability applying the requirement s in IAS 7 for interest paid (i.e., IAS 7.31-33); and short-term lease payments, payments for leases of low-value assets and variable lease payments not included in the measurement of the lease liability within operating activities. Non-cash activity (e.g., the initial recognition of the lease at commencement) is required to be disclosed as a supplemental non-cash item in accordance with IAS 7.43 (see Note 31). 21 Good Group (International) Limited Index to notes to the consolidated financial statements 1. Corporate information......................................................................................................................... 24 2. Accounting policies............................................................................................................................. 24 2.1 Basis of preparation.................................................................................................................... 24 2.2 Basis of consolidation.................................................................................................................. 26 2.3 Summary of accounting policies................................................................................................... 27 2.4 Changes in accounting policies and disclosures.............................................................................. 54 2.5 Correction of an error................................................................................................................. 55 2.6 Climate-related matters............................................................................................................... 56 3. Significant accounting judgements, estimates and assumptions.............................................................. 57 4. Revenue from contracts with customers............................................................................................... 65 4.1 Disaggregated revenue information.............................................................................................. 65 4.2 Contract balances....................................................................................................................... 66 4.3 Right of return assets and refund liabilities.................................................................................... 67 4.4 Performance obligations.............................................................................................................. 67 5. Segment information........................................................................................................................... 69 6. Capital management........................................................................................................................... 72 7. Group information............................................................................................................................... 73 8. Business combinations and acquisition of non-controlling interests......................................................... 74 9. Partly-owned subsidiaries.................................................................................................................... 78 10. Interest in a joint venture.................................................................................................................. 80 11. Investment in an associate................................................................................................................. 82 12. Fair value measurement.................................................................................................................... 83 13. Other income and expenses.............................................................................................................. 87 13.1 Other operating income............................................................................................................. 87 13.2 Other operating expenses.................................