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  "documentTitle": "2025 Annual Report",
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      "text": "Net assets: 791",
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      "text": "The tax charge for the year was €17m (2024: tax credit €24m), representing an overall effective tax rate of -32% (2024: -50%). This was due to non-recurring charges and expenses...",
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      "text": "Other net assets/(liabilities) principally comprise: the Group's investment in a 25% stake of PerfectStay, which is recognised as an associate...",
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      "text": "In February 2025, immediately prior to completion of the IPO, loan notes and preference shares, including all accrued interest, were exchanged for share capital in HBG Limited...",
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      "text": "Trade payables and other liabilities increased by 6% to €1,432m at 30 September 2025, due to increased trading volumes.",
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      "text": "Further analysis of Net Debt movements is provided in the \"Liquidity and capital resources\" section of this Financial review.",
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      "text": "1. Non-GAAP metric. Further information on the Group's APMs, including their reconciliation is provided in Alternative performance measures.",
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