fast-2022-12-31-en

New Contracts signed

Contracts terminated

Locations closed

In conversation with our CEO

In 2022, energy was a central theme in many ways. The war in Ukraine

accelerated the price increase of fossil fuels, which had already started in 2021.

The energy crisis that followed resulted in inflation levels that were

unprecedented in Europe and beyond. Despite skyrocketing energy prices and

wavering consumer confidence, Fastned continued its growth path and reached

new milestones, selling more green energy than ever before. In this

conversation, we look back at a turbulent year, discuss highlights and

challenges, and look ahead at how Fastned plays a key role in the growing

European charging industry.

Michiel, looking back at 2022, what stood out most?

The energy crisis and the unprecedented inflation levels that followed clearly

put a stamp on the economies in Europe and beyond. Governments, businesses

and citizens realised more than ever the importance of becoming less

dependent on fossil fuels. Conserving energy and investing in renewable energy

sources became top of mind for many.

Even though we're selling energy from renewable sources, our business was not

immune to the energy crisis, as the commodity prices of the clean energy we

sell were just as volatile as those of fossil fuels. Yet it did not slow down our

business, and I look back with pride at a year in which we again made big steps

towards realising our mission of accelerating the transition to sustainable

mobility. The company grew rapidly on all levels. We opened a record number of

59 new stations across all markets, welcoming an exponentially growing number

of customers. We also upgraded many existing stations, preparing them for

strong future growth in demand for fast charging. At the end of the year, we had

over 1,200 chargers in operation.

Only a year ago, I was proud to say that we crossed the mark of one million

charging sessions. In 2022, customers charged their electric cars 2.32 million

times at our stations!

Obviously, a lot of work was done to make that happen. The growth of our

organisation continued, with 60 people joining the team. Hiring more talent is

crucial in further increasing the pace of adding new stations to our network,

from network developers and architects to construction managers,

maintenance staff and software engineers.

At the end of the year, Fastned employed 159 highly motivated people from over

35 different nationalities. They all want to contribute to our mission. Even in

times when labour markets are tight, each month, people join our team because

they want to work for an employer that takes a leading role in accelerating the


Fastned \| 2022 Annual Report	7

energy transition. Seeing all these people working together, speeding up the

rollout of our network of fast charging stations across Europe to give freedom

to electric drivers, inspires me every day.

Investing in the future growth of the company also requires big financial

investments. The funding climate was challenging in 2022, yet you secured

more funding. How did you do that?

In 2021, Fastned raised 150 million euro in equity, which enabled us to scale up

fast and increase the current growth of the company. To finance growth in the

coming years, we needed to attract new investments and to do that, we

organised our first capital markets day, which we called 'Charging Day'.

Together with Victor, our CFO, and the Executive Team, we presented the

Fastned strategy to a wide range of investors during an online event. The event

took place in June, but it’s still watched regularly by potential investors. In

October, Schroders Capital’s infrastructure fund invested 75 million euro in

Fastned, a clear signal that our strategy is convincing to large institutional

investors. This 10% stake in our company, together with a new bond issuance,

completed the funding for our construction plans up until year end 2024.

Let’s look at the financial results during the year. You mentioned Fastned

wasn’t immune to the energy crisis, did it impact your margins in 2022?

In response to the volatile energy prices, we started a more flexible pricing

strategy where we reassess our prices regularly and adapt them when

necessary. By responding quickly to changing market circumstances, we were

able to largely maintain our gross margin: the gross profit per kWh only

decreased by 5% to an average of 39 cents per kWh.

The price increases did not have a noticeable effect on our sales. It proves the

resilience of our business model: drivers continue to fast-charge, even when

prices increase. We want to ensure fair pricing while maintaining a healthy

margin and follow the developments in the commodity markets closely. In early

2023 we were able to lower prices in most of our markets.

All in all, our revenue from charging almost tripled in 2022, largely because of

higher volumes. The sale of electric cars again grew strongly last year. This

growing number of electric drivers charged at more Fastned stations, using

more chargers, thus leading to an increase in energy sold of 148%. It’s only the

beginning: while electric car sales in our European markets are rising quickly, the

percentage of electric cars in the total European car fleet is still very low, rising

from 2% to 2.9%. In the coming decades, millions of new electric vehicles will hit

the roads.

That will require sufficient charging infrastructure. Are countries doing enough

to prepare the roads for all these expected electric vehicles?

Most countries realise a lot needs to be done. In France, for instance, motorway

operators used a tender system to select charging companies that will build the

charging infrastructure along the French motorway network. Fastned won 23

locations last year and, thanks to our decade-long experience, we were able to

open no less than 59 stations before the year was over, including two stations

north of Paris, with 16 chargers each, our largest stations ever built!

In Germany, the government introduced the 'Deutschlandnetz' programme, an

initiative that aims to establish full coverage of fast charging infrastructure

across the country. Fastned is closely following these developments and we

expect to hear later this year what that means for the growth of our network in

Germany.

The Netherlands has been a front-runner for a long time, introducing fast

charging along its highways via a tender system more than 10 years ago. This

resulted in one of the most advanced fast charging networks in Europe, thanks

to Fastned seizing the opportunity to start building stations many years ago

when not many saw the need for electric charging. Late last year, the Dutch

government announced bold plans to ensure a smooth transition from petrol

stations to charging stations in the coming decades. We applaud these

measures as they show that the Dutch government clearly supports the

transition to electric mobility.

Fastned’s network currently covers six countries, and we are preparing entry

into new markets. We have a lot of experience advising authorities at local and

national levels on how to create the best conditions for building the

infrastructure and adhering to EU regulations that require a charging station

every 60 kilometres.

Fastned wants to build one thousand stations before 2030.

How are you progressing on that front?

In 2022, we obtained 50 new locations to build a charging station. At the end of

2022, we had 244 stations in operation and another 132 locations in

development. Obtaining more locations to make sure we have a pipeline of new

sites is key to our strategy, and we do this in multiple ways. We are constantly

participating in multiple tenders to secure locations along public motorways. At

the same time, we look for high-traffic locations on private land. For instance, in

the UK, where we developed partnerships with private landowners and secured

eight new sites. We’re expanding our team of network developers in existing

and new markets to speed up this process.


Fastned \| 2022 Annual Report	8

You are aiming for 1,000 charging stations before 2030. That means you have

to speed up your building pace further. Is that realistic?

We’re building up the pipeline, and we’re speeding up construction. In 2022, we

built a record number of 59 stations, and the pace is going up. With more

people on board and a streamlined building process in place, we aim to

accelerate our build pace. We can do this because we’ve built strong design and

construction teams that are involved every step of the way: From designing the

station to fit the local requirements, to building it together with our suppliers

with whom we have long-term relationships, and also connecting it to the

electricity supply.

The energy crisis speeds up the electrification trend. This comes with new

challenges, such as increased pressure on electricity grids. Grid connections

are obviously crucial when rolling out your network of charging stations. Is this

a bottleneck in your growth plans?

In the Netherlands, distribution network operators have difficulty keeping up

with the growing demand for electricity from new housing and industries

converting to electricity. This sometimes puts a limit to new connections to the

distribution network. As the trend of electrification is happening throughout

Europe, we expect - depending on the speed of transition - to see similar issues

in other countries in the future. In reaction to this trend we are applying for new

grid connections at even earlier stages in our planning, and grid connections

have become a more important component of the overall planning process.

What does it mean to our growth plans? Well, in some cases we are

experiencing delays of up to a year or more, but when looking at the entire

development portfolio, the impact remains limited. And don’t forget, in the

Netherlands, we already have more than 150 stations connected to the grid,

which puts us at a clear advantage over new entrants to the market.

In recent years more players have entered the market and competition is

growing. How can you stay ahead of the game?

First of all, new players are entering the market, but that same market is growing

exponentially, so from that perspective, competition is not getting more

intense. And we have a clear advantage over those new entrants. Fastned

started a decade ago with building the first stations. Over the years we

continuously improved our charging concept based on our experience with

customers and suppliers. From station design to customer care and

maintenance, we’re best in class. Together, all these elements make up one of

the best charging concepts in the market. Last year’s study we did on Google

location review data showed that Fastned ranks best. In addition, we won

valuable awards in three different markets as customers recognise Fastned

offers a charging experience that’s much more than a single charger on a

parking lot. And we will make it even better in the years to come.

So all things considered, you're optimistic about the future?

The future of driving is electric, and Fastned is a leader in the charging industry.

In the last years, we’ve prepared our organisation for the growth to come and we

continue to do so. We’ve shown that we can speed up the rollout of our network

and we’re taking this even further. Everyone at Fastned is committed to

contributing to our success and committed to our mission. So yes, I’m

optimistic!

I look at the energy crisis through a positive lens as well. While some fear the

current high energy prices could slow down the energy transition, I see

increased momentum with governments, businesses and citizens alike backing

the shift to clean, renewable energy. Looking back at this challenging period, I

hope we can conclude that it helped boost the transition to sustainable energy,

bringing us closer to a fossil fuel-free world.

Michiel Langezaal

CEO


Fastned \| 2022 Annual Report	9

Our mission and

strategy

Climate change is one of the biggest challenges that

humanity now faces, and its consequences are

devastating. One of the important root causes is driving

cars with internal combustion engines that emit CO2 in

our atmosphere.

In 2012, Bart Lubbers and Michiel Langezaal were

convinced that electric mobility needed to be

accelerated to address this issue, and that it would only

happen when charging becomes hassle-free and

available to all. They were convinced that electric

mobility was the future and that Europe needed a fast

charging network. However, back then, not many people

shared that same conviction. In fact, people didn’t want

to invest in charging infrastructure until the number of

electric cars on the road would be much larger. Hence,

we faced the chicken-and-egg problem, and Fastned

was founded to address this situation. The company

recognised the significant value of investing early in

charging stations in great locations for the future.

Our mission

Fastned wants to give freedom to electric drivers and

accelerate the transition to electric mobility. On our

horizon we see a Fastned network of a thousand stations

across Europe, where we sell only energy from renewable

sources like the sun and wind.

We are at Day 1 of an exponentially

growing charging market

When Fastned was started more than 10 years ago, many

people were questioning whether electric cars were the

future. Today, we can safely say that the shift to electric

cars is unstoppable. The demand for battery electric

vehicles (BEVs) - measured in BEV sales - has been

breaking records year after year. You can learn more

about this in our Market Outlook section, where we share

four important trends that indicate the transition is

expected to speed up. And speed up, it will. Around 20%

of new cars sold in our markets are electric, therefore the

percentage of electric cars in the entire car fleet on the

roads will grow even faster, from only 1-2% today to large

numbers in the next few years.

This is why the charging market will be a growth market

for several decades to come, and that’s why we take a

long term perspective on it.

Fast charging will be the fastest growing market

segment

Where will all those electric cars charge? Most of the

early EV drivers charged mainly at home, but when, over

time, all cars transition to electric, the majority of drivers

will not have a driveway. They will require public

infrastructure to refill their batteries.

We believe in the construction of large, scalable fast

charging stations where hundreds of vehicles can charge

each day. AC (or slow) charging alone cannot be the

solution, as one slow charging pole can only service a

handful of EVs. So the need for fast charging is

accelerating even faster than the charging market as a

whole.

Moreover, the car industry’s rapid development in

producing batteries that are bigger and faster to charge

makes fast charging even more attractive every year.

Location, location, location

Now that we know fast charging is key to the charging

market, we need to ask ourselves a key question: where

should these fast charging stations be located?

Fastned aims for high-traffic locations where we can

build large stations that are clearly visible from the road

so drivers, as well as future customers, know where they

can charge. Our yellow solar canopies and strong

branding are crucial in this. There should also be room to

grow to accommodate the increasing number of

customers in years to come, ultimately servicing

hundreds of cars each day.

Competitive tenders to accelerate the energy

transition

These locations are often found at motorway service

areas. In Europe, these are most often owned by

governments that grant concessions to charging

companies. Our decade-long experience has taught us

that competitive tenders are the best way to grant

concessions. They allow all parties interested in

investing in the energy transition to participate, and this

leads to a faster realisation of larger stations. That’s why

we advise governments across Europe to start tender

procedures to roll out their charging infrastructure.

Fastned has built an unparalleled track record of winning

above 20% of tender lots.

But not all locations are public. We estimate that there

are some hundred thousand petrol stations in Europe,

and that there will be around a hundred thousand fast

charging stations in two decades from now. Around

10,000 are at A+ locations. These are the locations we

seek, and we expect that the owners of these sites will

choose their charging concepts in the coming decade.

With the best charging concept in the market, Fastned

should be very well-positioned to partner with them.

Learn more about how Fastned has been successful at

acquiring locations through tenders and individual

transactions in 2022 in Chapter 3.

The best charging experience

Fastned started a decade ago with acquiring the permits

for the first charging stations, building our first stations,

developing a software backbone on which we run our

charging infrastructure and much, much more. In the

following years, we learned from our customers and

continuously improved our charging concept by

implementing new station designs and adding and

improving services like the Fastned App and Autocharge.

Read more about how we work to perfect our charging

experience in Chapter 4.

Together, these elements make up one of the best

charging concepts in the market. As a testament to our

efforts, we received the highest Google rating in the

market and won three valuable awards in 2022. We value

the recognition from our customers and the industry

highly, since everyday we set out to have the best

charging experience. This recognition also helps us win

concession tenders and individual deals with private

landowners that increasingly see the importance of a

great charging concept.

Fastned is uniquely positioned

Thus, we believe fast charging is a very attractive

segment of the charging market. This is why, over the last

decade, we have worked hard to put in place what we

believe are the fundamentals for a thriving fast charging

business.

This makes Fastned uniquely positioned to take

advantage of the exponentially growing number of

electric vehicles we will see on the roads in the years to

come.


Fastned \| 2022 Annual Report	11

We are convinced, at Fastned, that the future is electric. This is why, in the last

decade, we’ve prepared our organisation for the growth to come, and we

continue to do so. In 2022, we’ve shown that we can speed up the rollout of our

network and therefore give more power to our mission: building the

infrastructure to give freedom to EV drivers.

The shift to electric is confirmed

In 2022, despite the effects of the energy crisis, we managed to deliver more

than twice the amount of electricity to our customers in 2022 compared to

2021.

As in previous years, the most important driver for this growth is the

accelerating shift towards electric vehicles and new regulations in favour of the

transition. More electric vehicles driving around means more demand for

charging. In 2022, 23% more electric kilometres were driven in Europe1

compared to 2021, and in the Netherlands, the share of public charging

increased in the mix, as home charging decreased from 51% in 2021 to 42% in

20222.

With electric vehicle sales as a percentage of new cars sold at over 10% in

Europe in 2022 (Netherlands - 23%, UK - 16.6%, Germany - 17.7%, France 13.3%),

we can confidently say that the future is electric, and that this future has begun.

Government regulations, increasing numbers of electric vehicles, advances in

battery technology, growing consumer preference and better charging

infrastructure continued to be the key drivers behind this transition.

Our performance in 2022 followed in the same direction: our revenue almost

tripled, the number of active customers grew by 96% compared to 2021, and we

registered more than 2.32 million charging sessions (+114% vs 2021). We also

exceeded our record of 27 'best days ever' in terms of volume of energy sold.

Charging Day: our first capital markets day

As a result of Fastned's growth and positive results, we set ambitions and

financial targets for the coming years. In order to present them to investors and

analysts, we held our first capital markets day, a virtual event3, in June 2022,

during which members of the Executive Team elaborated on the company’s

business model and strategic direction.

Significant investments to pursue our future growth

The success of our capital markets day combined with Fastned's strong

performance led to exciting investment opportunities. In October 2022,

Fastned announced a 75 million euro private placement with the infrastructure

fund of global asset manager Schroders Capital, giving the new investor a 10.6%

share in Fastned's capital. This long-term strategic investment helps fund

Fastned's future network. It's also a clear signal that Fastned's strategy is

convincing to large institutional investors.

Schroders Capital is represented on Fastned's Supervisory Board by Jérôme

Janssen. In this role, he will bring his expertise and experience in investing in

the infrastructure sector, with a particular focus on energy transition.

During the year, Fastned also raised additional funding through two rounds of

bonds issuances in May and December, raising respectively 23 million euro and

13 million euro. Both bonds pay 5% interest and have a maturity of 4.5 years.

Holders of Fastned bonds bought before April 2019 could extend their

investment by exchanging those bonds for bonds in the new issue.

Given market developments, Fastned will continue to invest along three axes:

more stations, with more and faster chargers. The capital raised in 2022 allows

us to play a significant role in supporting the realisation of a European-wide fast

charging network.


Fastned \| 2022 Annual Report	13

1 https://static1.squarespace.com/static/5e4f9d80c0af800afd6a8048/t/626182c7e90e1d1701a7e65b/1650557649212/ChargeUpEurope_StateoftheIndustry_2022.pdf

2 https://www.evrijders.nl/uploads/editor/Nationaal-Laadonderzoek-2022.pdf

3 https://fastnedcharging.com/hq/charging-day/

Designed to scale

The key to growth for Fastned is having fast charging capacity available at high

traffic locations and to cater to rapidly growing demand. With the market

accelerating, investment in the capacity to keep up with growth is crucial. High

station utilisations are good for business (unit economics) but they do signal a

need of expansion to enable future growth.

As our top stations regularly show utilisation numbers well above 30%, we

believe that we can, over time, run the network as a whole at around 30% time-

based utilisation while still providing a great customer experience. As this is

time-based utilisation, it would mean that all the chargers in the station are

occupied more than seven hours per day.

To ensure we are delivering the best service, we keep on upgrading and

expanding our stations.

In the last quarter of 2022, with 1,237 chargers operational (2021: 759), the

average utilisation of our network stood at 13.2% (2021: 10.4%). Moreover, 71% of

our stations now have 300kW chargers, allowing all cars equipped with high-

speed charging technology to charge very rapidly. Faster charging allows us to

deliver more kWh with the same utilisation whilst improving the customer

experience, making it an important growth factor. As a result, during the fourth

quarter, we hit a milestone of two million successfully launched charging

sessions since 1 January, 2022.

Also in 2022, we deployed and upgraded our network at a pace never met

before. We were able to reach those record-breaking numbers while facing the

energy crisis and coronavirus pandemic, thanks to thorough preparation of the

organisation at all levels in the years before.

Other steps in the construction process can have impact on the speed of our

network expansion in terms of time and effort, such as grid connections. These

are becoming more difficult to obtain due to the energy transition efforts. One

of the ways we try to mitigate this risk is by applying for them before

construction begins.

However, we stay focused on accelerating towards our goal of 1,000 stations in

our network before 2030 by developing a strong portfolio of locations,

diversifying our supply chain and applying for permits and grid connections well

in advance so we can deliver electric freedom to our customers.

A new Executive team

To support the growth of the company and reinforce the base to accelerate the

pace of the network roll-out, a new Executive Team was introduced in 2022. This

new leadership organisation is composed of professionals of different

backgrounds, bringing their expertise and years of experience to Fastned's

growing operations. Divided into two main streams 'Delivery' and 'Pipeline', the

Executive Team covers the following business aspects:

•Commercial

•Operations & Analytics

•Product & Engineering

•Construction Management

•Location Design

•Network Development

The Executive Team is supervised by the CEO and the CFO, who remain the

authority when it comes to decision making.

Building a community around electric mobility

While Fastned's internal community and leadership team were reinforced in

2022, actions were taken to enlarge our external community around our

mission, giving freedom to EV drivers and accelerating the transition to electric

mobility.

Because the second part of our mission statement, 'accelerate the transition', is

as important as the first one, we like to engage in conversations with all kinds of

stakeholders and we do not hesitate to question the status quo. For example, in

2022, we launched 'Confessions of a Petroholic', a podcast miniseries featuring

leading figures in the European EV community. These EV pioneers shared their

personal journeys from petrol cars to electric vehicles, and tips for inspiring the

next generation of EV drivers. We distilled the interviews into a scripted

podcast that followed protagonist Miles Dawson's transition from a 'petrol

head' to an EV driver as a guide for those considering making the switch to

electric mobility.


Fastned \| 2022 Annual Report	14

We love to meet with people and we learn from these encounters: drivers’

expectations, new innovations and even commercial opportunities. Inspired by

this dynamic, Fastned participated in several external events in 2022 including

Fully Charged (Amsterdam, May) and the EV Experience (Zandvoort,

September), engaging both B2B and B2C audiences with a focus on brand

awareness and public affairs.

Being proactively cooperative and aware of our business environment brings

partnership opportunities. In 2022, Fastned and charger manufacturer EVBox

launched a pilot to try out of one of the first 400kW chargers in Europe at one of

our Dutch stations and gathered customer feedback to improve the charger's

abilities.

The Commercial Team also works to create synergies with car manufacturers.

Our team tests most new EVs coming to market and, as a result, we are able to

create battery charging curves for customers, provide new information for our

support team and test new charging functionalities. We also collaborated with

innovative car brands to offer customer test drives at our stations. We plan to

participate in these kinds of research and collaboration opportunities in all of

our markets as they become available.

Moreover, in 2022 Fastned added 13 more contracts with charge card providers,

bringing the total to 51. We believe in the direct relationships between Fastned

and charge card providers to secure smooth session starting and payment

processes for our customers.

Our mission to accelerate the transition to electric mobility is shared with many

EV enthusiasts. We value these communities and partnerships highly and are

committed to build on them. Fastned is also part of thought groups

representing the electric mobility industry, contributing to shaping tomorrow's

charging infrastructure.


Fastned \| 2022 Annual Report	15

In 2022, electric vehicle sales continued to accelerate in our markets, and

renewable electricity generated in Europe exceeded its previous records,

despite two years of corona pandemic and an energy crisis. These confirmed

the energy transition is here for good. To offer EV drivers fast charging

infrastructure in the right place at the right time, we advocate for fair and

transparent tenders, especially on highway networks. This allows us to build

large stations at high-traffic locations, essential to enable people to drive

wherever they want to go.

Electricity from renewable sources

Fastned only provides electricity coming from the sun and the wind. In 2022,

despite complexities due to the energy crisis, the EU generated more solar

energy than ever, exceeding fossil gas by 2% and reaching 39TWh (+24%

compared to 2021). Many EU countries are clearly showing their willingness to

act in favour of the development of renewable energy, an approach supported

by Fastned. Germany, France and the Netherlands are leading developers of

solar generation capacity in Europe with a 25% increase in 2022. The Dutch

produced 14%4 of their own power from solar, surpassing coal-generated

energy production. These are encouraging developments in times when energy

markets are tensed since the start of the war in Ukraine

Impact of the war in Ukraine

The Russian invasion of Ukraine and the war that followed between the two

countries are a tragedy for the people of Ukraine. They also caused disruption to

business and economic activity in the region and around the world. Fastned is

not active in Ukraine, Russia or neighbouring Belarus, nor does it directly or

indirectly source critical materials from the region. However, the war impacted

the energy markets and the economic climate in Europe as a whole. This crisis

has caused increased volatility in wholesale market electricity prices. Another

effect of the war is increased station construction costs due to raw material

price and labour cost increases. In the end, the crisis had a very limited impact

on our station rollout pace until now.

Impact of volatile energy markets

As mentioned above, the war between Russia and Ukraine resulted in highly

volatile energy markets and electricity prices that skyrocketed. Fastned, like

many charging providers, needed to rethink its energy procurement and pricing

strategy.

To continue running a sustainable business and providing the best fast charging

service while expanding our network, we increased our prices in August 2022.

We shared this decision via a public price change announcement.

We review energy prices on a monthly basis and adapt our pricing accordingly,

increasing the price when we have to, and decreasing it when we can. Our

approach resulted in six price changes through the end of the year, in one or

more of our markets.

As transparency is one of Fastned's key guiding principles, we used all channels

available to communicate upcoming price changes to our customers. We

experienced no volume drops as a consequence of these changes. The low price

elasticity shows the strength of our concept in a developing market.

Electricity purchase prices on the wholesale market

in the Netherlands since January 2020


Fastned \| 2022 Annual Report	17

4 EMBER, European Electricity Review 2023: https://ember-climate.org/insights/research/european-electricity-review-2023/#supporting-material-downloads

Market Outlook

We have managed to stay flexible in 2022 despite the tension felt around the

world during the year. Our market outlook remains very positive as the transition

to electric mobility is becoming increasingly dynamic. We see four main market

trends:

•Government regulation and support: the EU has agreed to phase out the

sale of new fossil fuel cars by 2035. It guarantees a transition away from

internal combustion engine vehicles, favouring electric vehicles. For

example, France announced financial support for households to shift

from petrol to electric vehicles.

•Increasing supply of electric vehicles: car manufacturers are ramping up

production capacity to comply with regulations and to react to

competitive pressure.

•Growing consumer preference: electric cars are becoming more

attractive due to longer ranges and a wider selection of models.

•Increasing charging speed, bigger and cheaper batteries, and better

infrastructure: these reduce (or eliminate) range anxiety, making

electric vehicles more attractive.

And, as driving an electric vehicle becomes more mainstream, we increasingly

see adoption in urban areas where people cannot install home chargers. As a

result, more drivers depend on public charging infrastructure including large,

fast charging stations to fulfil their charging needs.

To accelerate this transition for all EV drivers, our mission is to provide the

charging infrastructure that allows them to move freely and take more, longer

trips. Large fast charging stations at high-traffic locations are key to enabling a

large-scale and successful shift to electric mobility. Our business model,

building scalable stations, is the answer to the growing charging demand as the

shift continues and supports the electric revolution ahead of us.

As Frans Timmermans, European Commission Vice-President and responsible

for the Green Deal, said: 'The era of cheap fossil fuel is over. For good. It will not

come back'.


Fastned \| 2022 Annual Report	18

You started at Fastned in 2022, assuming the role of Commercial Director.

Can you tell us more about your decision?

Indeed, I started at Fastned in March 2022. I was living in Vienna with my family

when I saw the announcement of the vacancy. I have been closely following

Fastned for some years because the company intrigued me. The builder

mentality very much coincided with my own values. In order to make the

transition to electric mobility work, one needs to get going and build the

infrastructure. The fact that Fastned started already 10 years ago with only a

handful of electric vehicles on the roads was both smart and brave. Having

worked for some great brands and businesses, I wanted to support Fastned in

further building the organisation. Fastned ticked some interesting boxes:

mission-driven, exponential growth with room for creativity in the commercial

process, in touch with reality and … Dutch. This last piece was important as we

were thinking about returning to the Netherlands.

What were the focus areas for the Commercial team this year?

Building our brand presence, engaging and educating different groups of

people, and continuously improving the customer experience have been on our

radar for the full year. These topics will stay in focus for the coming period as

well. We want to make the transition to electric mobility as easy as possible, we

want people to feel good about charging at Fastned, and we want to support

people who want to make the transition to e-mobility.

In 2022 we did that, amongst other things, by participating in some industry

events. These are great opportunities to meet our customers, other industry

leaders, location owners and other stakeholders. One event in particular was our

capital markets day: called 'Charging Day' we explained our vision and strategy

to (potential) investors. We also initiated and executed several projects to make

the charging experience better and to help navigate to our locations more

easily. Furthermore, we worked on our brand, built an engaged community on

social media and ran a first campaign called ‘Confessions of a Petroholic’ to

support everyone to choose an electric vehicle.

The year 2022 was also the year of the war in Ukraine with terrible human

consequences and the energy crisis. The commercial team has worked on our

energy procurement and pricing strategy to navigate through the volatile

market.

We want to set a transparent and fair price for our customers. When we promise

transparency and fairness, we mean that we will increase prices when we have to

and lower them when we can. And we have been doing so, adapting prices

depending on the country and communicating very clearly on all our platforms:

mobile app, website, chargers and social media. In 2022, we made several price

changes in a relatively short period of time, which did not negatively impact our

volumes.

A closing word about Fastned’s brand?

The Fastned brand is a strong brand, built over the years. Our iconic yellow

canopy and best-in-class reliability have been core to our brand. This year, we

have worked on the more intangible aspects of the brand. 'Why is Fastned here?'

What would we like people to think, feel and do when thinking about us? We

want people in all European countries to know us and know what we stand for.

Brands are such a catalyst for growth. Our brand helps to engage people with

our mission, navigating strategic choices and feeds in and out of the

organisation’s culture. In a fast-growing organisation like ours, it is important to

make people part of the brand so that in everything they do, they know why their

role is so important. The brand is also crucial for EV drivers to find their way to

our stations. We want to be the brand they think of when opening their

navigation tool to find a place to charge their car, and we want them to feel

good about all aspects of the charging experience.


Fastned \| 2022 Annual Report	19

The development of a pipeline of high-quality charging station locations is key

to giving people confidence to drive an EV without range anxiety. We do our

part by vying for new locations via tender processes, collaborating with

private landowners, growing our location pipeline and securing top-quality

materials from suppliers to build our award-winning stations.

Building the infrastructure via public tenders

To realise our network of large and scalable stations, we need to secure large

plots of land situated directly along high-traffic roads. These locations, such as

motorway service areas, are usually owned or regulated by governments, and

parts of them are leased out to petrol stations.

Since we started our operations in the Netherlands in 2012, we have been

advocating for public tender procedures that ensure fair competition and equal

market access to the charging market. We are convinced that transparent

competitive tenders are best in making sure the best party wins, the best

infrastructure for the electric driver is realised and the energy transition is

accelerated. Some countries have already launched large-scale public tenders

on their highway networks and these provide great opportunities to Fastned.

Others are still working on such a system and could benefit from the knowledge

we have build on tenders over the past years. Hence we often are asked by

authorities to provide our view on how to realise fast charging infrastructure in

the public domain.

Acquiring more sites through tenders

Fastned has an unparalleled track record when it comes to winning public

tenders. During 2022, we strengthened our presence along French highways,

with the acquisition of 25 highway sites, and also in Switzerland, where we

acquired rights to three additional locations situated at highway exits from the

federal road office FEDRO. This brings the total number of locations that

Fastned is developing in collaboration with highway networks to 268.

Our success in winning tenders launched by both public and private highway

operators proves that Fastned’s concept is a reliable, customer-friendly and

scalable solution for on-the-go charging.

Tender systems are not only the most effective way to get access to highway

locations for companies such as Fastned. They also result in a more dense

charging network. We see that in markets with open and competitive access to

highway locations via tenders, the charging infrastructure is better developed

and electric car adoption is higher. Furthermore, local governments and private

landowners are more active in (re)developing land for charging infrastructure.


Fastned \| 2022 Annual Report	21

Collaborating with private landowners

In some countries, highway locations are not under control of governments

(United Kingdom) or not open for competition. And, therefore large tender

procedures have not been available so far. Instead, in these countries, we focus

on building charging stations at highway exits. As a result, Fastned engages with

private landowners. With the shift to electric vehicles becoming more and more

visible, the long-term value of hosting Fastned stations is becoming more

obvious to private landowners: local governments often stimulate the building

of charging stations and they can generate traffic for other businesses on their

land.

In many countries, authorities now add charging infrastructure as a required

part of new development planning. Instead of turning to slow charging

infrastructure with limited returns and value for site visitors, developers more

and more see the value of a fast charging partner that provides an additional

revenue stream. We aim to partner with landowners who share our vision of

long-term collaboration and also want to introduce our large scalable charging

concept that allows for a great user experience. Indeed, Fastned's best-in-class

concept will provide opportunities for many in this huge transition.

Growth of the pipeline

As a result of this two-pillar strategy, in 2022, we added a total of 50 new

locations to our pipeline. We also closed our first three locations in The Hague

at the end of their concession periods, and removed two sites from the German

pipeline where no development is possible. This raises the total number of

acquired locations from 331 sites at the end of 2021 to 376 by the end of 2022.

Building stations faster

We subscribe to the concept of 'If you want something done, do it yourself'. We

take this advice seriously as, over the years, we have honed our expertise in, for

example, the fields of design and architecture, construction management and

maintenance. We chose to internalise many functions we consider important to

the delivery the best charging experience. Interestingly, we see many of our

competitors doing the opposite and externalising certain functions in order to

close the experience gap. As a result, we gained a reputation of expertise in our

field.

To support this, we grew our team of project managers, construction managers

and engineering specialists to 15 members across all markets by the end of the

year. Together they delivered 59 new stations and realised four expansions and

three redevelopment projects last year.

In addition, we know that having a reliable supply chain in place is another key to

our success. This is why we build strong relationships with best-in-class

suppliers with expertise we don’t have. They deliver key components that are

crucial to our operations: chargers, solar panels, lighting, certified wood and

much more. Together with these partners, we continue to innovate and improve

these components to lower costs and continuously improve the charging

experience.

In each country, we have local supply chains in place that usually consist of

contractors for civil works, electrical installations and station assembly. These

companies are experts in their fields, familiar with local regulations and able to

build at a pace of one station per two weeks.

In 2022, such a quality supply chain has been pivotal: we were able to open 59

new stations in our network despite the energy crisis and material shortages. As

we plan to accelerate our network rollout, we need to ensure that our supply

chain is robust and stations are completed in time. That’s why we aim to multi-

source all key materials and components and to make sure we have sound

contracts in place with all of our suppliers.

Moreover, because it is our mission to accelerate the transition to electric

mobility in order to fight climate change, we aim for the lowest CO2 footprint

possible from the moment a station concept is devised. To build on this, in 2022

we collaborated with our Dutch construction partner Ecocare to pilot a low-

emission construction process for our Lingehorst station in the Gelderland

province of the Netherlands. You can learn more about the pilot in the section

'Our impact on the environment', beginning on page 48.

Because 2022 was a challenging year for many reasons including scarcity in the

supply chain, an unprecedented cold snap and an extreme workload for grid

operators, we faced some repercussions. These included delays in the pace of

our station openings, some of which we postponed to the first weeks of 2023.

As a result, we hit our company milestone of building 250 stations in mid-

February 2023. We plan to accelerate the building pace which is necessary to

meet our goal of 1,000 stations in 2030.

The following pages provide an overview of the key steps we've made in each of

the countries in which Fastned is present.


Fastned \| 2022 Annual Report	22

Belgium

The Belgian network has doubled from nine to 18 charging stations in 2022.

The majority of the new charging stations are on locations tendered out by the

Flemish road operator Agentschap Wegen en Verkeer. Within this group of AWV

locations, Fastned operates 10 charging stations on MSAs (motorway rest areas)

along the Flemish highways, and three stations at busy highway exits.

With 25 locations in development and most of them in building permit phase,

the aim is to continue the growth of the network in 2023. Geographically, the

planned locations are still mostly in Flanders but we will see the opening of the

first Fastned charging station in the Walloon region in 2023.

On top of opening of new stations, we upgraded four highway locations with

300kW chargers.

As it is uncertain when the first public tenders in the Walloon region will come

and a general Flemish public tender framework for city-based fast charging

stations is still in design phase, the focus on location acquisition has been

shifting towards privately-owned locations.

In addition, the electrification of the Belgian car park is expected to accelerate

significantly in 2023, driven by changes in the fiscal regime for company cars.

This highlights Belgium as a very interesting area for new station development

for the coming years.

In order to be ready for this (r)evolution, the Belgian team roughly tripled in size

in 2022, with more team growth on the horizon. A larger team is key to tackling

the challenges ahead including further market penetration in Wallonia, an

increasing construction pace, and the addition of amenities to new and existing

Fastned charging stations across the country.


Fastned \| 2022 Annual Report	23

France

In 2022, Fastned’s network grew significantly in France, from six to 23 stations.

The country has been catching up with its European neighbours regarding the

transition to e-mobility. In 2021, French highway operators organised public

tenders to allocate service areas to charging companies. Fastned participated

in a significant number of them and won a total of 25 locations in key areas. In

addition to the nine locations won in 2020, Fastned had the highest win rate in

these tenders. To develop a strong and diversified portfolio of sites, we also

secured three leases on locations from private landowners.

To not only deliver on our mission but to also meet objectives set by both the

government and highway operators, the team managed to build 17 new stations,

14 of them during the fourth quarter only, a record number in Fastned’s history.

By the end of the year, our French network counted 23 operational stations

boasting a total of 151 chargers. Our Aires de Vémars Est and Ouest stations,

located on the A1 on the axis Paris-Bruxelles and near Charles de Gaulle Airport,

are the largest stations Fastned has ever built. Each station hosts 16 charging

spots delivering up to 300kW each.

We are creating strong partnerships with public authorities to support

governmental objectives related to the acceleration of the transition to e-

mobility. This year, a significant step was taken in our financing capability by

securing a 50 million euro credit line with Caisse des Dépôts (Banque des

Territoires) to finance the rollout of our French network. In the face of the

energy crisis and the price rise as a consequence of it, Fastned proactively

works with French policymakers to create a favourable economic landscape for

the rollout of clean mobility.

Six new members joined the team, bringing all kinds of expertise: construction,

recruitment, architecture, network development, legal and communication,

enabling Fastned to pursue high-paced development in the country.

In October 2022, Automobile Propre, a media and opinion leader in the EV field,

awarded Fastned with the 'Golden Watt' for the best charging network. We are

very proud of this recognition, as we work on a daily basis to provide the best

fast charging experience to our customers with a focus on reliable and user-

friendly service.


Fastned \| 2022 Annual Report	24

Germany

Fastned's network in Germany grew from 31 to 37 stations in 2022.

Fast charging is a key enabler to the German 'Verkehrswende'. Fastned

contributed to the development of the government's 'Masterplan Charging

Infrastructure 2.0', which sets out important initiatives to improve the charging

landscape across Germany. This includes federal and municipal governments

making more land available, speeding up permitting and grid connection

procedures, and offering more transparent tenders. The government’s

'Deutschlandnetz' programme, which aims to establish full coverage of fast

charging infrastructure across the country, remains a potential enabler for fast

charging in Germany, although the process is still ongoing and no tenders have

been awarded yet. Throughout 2023, Fastned will remain closely involved in the

implementation of these measures.

In the meantime, Fastned continues to advocate for more land to be made

available directly along the highways through fair and transparent tender

procedures. We are in continuous contact with private landlords to acquire

locations suitable for fast charging stations close to highway exits. Additionally,

there are many ongoing discussions to bring fast charging into German cities to

serve the demand of electric drivers without private charging possibilities.

In 2022, Fastned opened six new stations, resulting in a network totalling 37

operational stations in Germany at year-end. Amongst them was Fastned’s

largest German station yet, in Bochum-Stahlhausen, offering 10 charging spots

and a playground next to a restaurant in the centre of the Ruhrgebiet.

Fastned also invested in the customer experience, growth and profitability of

the existing German network during the year. Two rounds of comprehensive

upgrades resulted in 13 stations equipped with the fastest chargers and

additional charging capacity to serve growing demand, reduce waiting times

and improve utilisation. We expanded the first German Fastned station in

Limburg-Süd, which opened in 2018, by adding another eight additional

charging spots.

To accelerate the expansion of the German network, the team grew by five new

members in 2022. Our increased presence in the country also led to recognition

in the German media: several TV programmes and newspaper articles featured

Fastned, praising the Fastned charging concept and noting the lack of

competition along German highways.


Fastned \| 2022 Annual Report	25

United Kingdom

In 2022, Fastned counted 12 operational stations in the United Kingdom.

The government of the United Kingdom, in contrast to other European

governments, does not own much land along high-traffic corridors. Fastned’s

location acquisition strategy therefore leans more on developing partnerships

with private landowners and participating in the commercial real estate market.

In total, Fastned secured eight new sites in the United Kingdom in 2022.

Despite this, during the year, we saw the results of two significant partnerships

with the public sector. In May, Scottish Transport Minister Jenny Gilruth MSP

officially opened the largest public ultra-rapid hub in Scotland, Fastned’s Palace

Grounds location, just south of Glasgow. In July, Trudie Harrison MP (then

Transport Decarbonisation Minister) opened Fastned’s station at Energy

Superhub Oxford, part of the most powerful charging hub in Europe. Both

locations are large and highly scalable, and are already providing clear value to

local and passing drivers.

By year-end, Fastned counted 12 operational stations in the United Kingdom,

four of which opened in 2022. In June, Fastned opened its first station in

London, Ramac Way (Greenwich). It is already one of the top-performing sites in

Fastned’s network, proving crucial 24-hour charging for London’s private-hire

taxis that are making the shift to electric in response to the city’s zero emissions

policies.

A highlight of 2022 was Fastned’s recognition as UK charging points app Zap

Map's joint top charge point operator of the year, based on its annual survey of

thousands of EV drivers. With just a small number of locations in the United

Kingdom, we were able to demonstrate our market leadership in terms of

customer focus and reliability.

Continuing our mission to provide electric freedom for all EV drivers, Fastned

became a founding network member of ChargeSafe, a new charging location

rating system that considers the needs of disabled users, as well as critical site

security concerns like CCTV presence and adequate nighttime lighting.

In 2023, Fastned will accelerate its construction programme and add to the

construction team to roll out a growing pipeline of stations, which now includes

the first freehold (Fastned-owned) locations in the country.


Fastned \| 2022 Annual Report	26

Netherlands

In 2022, Fastned opened its 150th station in the Netherlands.

The Netherlands is determined to make the energy transition a reality. In 2022,

solar energy exceeded gas-generated energy for the first time, a big leap for the

country, which makes it possible to remain optimistic about its future

renewable energy strategy. The Dutch EV fleet is already ahead in terms of

electrification compared to other markets, with a total of 3% of vehicles on the

streets already being electric. In 2022, 23%5 of new cars sold were electric

vehicles, another step forward for the country.

In December, the Dutch Government took an ambitious action to further

accelerate the transition to e-mobility, setting an example for other European

countries. A proposal was made to gradually work towards 100% zero-emission

motorway service areas by 2050. The Dutch Minister of Infrastructure and Water

Management proposed to make charging an exclusive and separate right with

strong emphasis on fair competition and network growth. In 2023, the policy

will be finalised, and it appears to be evolving in a positive direction. The

proposed vision shows ambition and courage that we can only applaud.

In total, at the end of 2022, Fastned operated 151 fast charging stations in the

Netherlands, with 22 new stations opened during the year and 30 locations in

the pipeline. Additionally, by the end of the year, more than 90% of our stations

were equipped with 150kW chargers.

To support the acceleration of operations, the Amsterdam office welcomed 28

new team members in departments including construction, operations,

architecture, communication and maintenance.

Fastned's expansion in the Netherlands confirms its position as an industry

leader.


Fastned \| 2022 Annual Report	27

5 https://insideevs.com/news/631777/netherlands-plugin-car-sales-december2022/

Switzerland

In 2022, Fastned opened its third station in Switzerland and grew the new

locations pipeline.

We celebrated three years of presence in Switzerland in 2022. A lot has

happened since late 2014, when we began to advocate for a public tender for

the realisation of charging stations along Swiss highways. This led to a tender

for 100 rest areas to be equipped with charging infrastructure in 2018. We

acquired one of the five available batches of 20 highway locations, each with

30-year long concessions, the maximum possible outcome.

Since then, we have worked on permissions to build large charging stations on

these sites. Country-specific circumstances lead to longer processes than in

other markets: mountainous terrain and challenging building conditions take

more time. Luckily, the Swiss government has also foreseen these challenges

and has phased the realisation plan of the 20 locations over a timeline of several

years.

Thanks to the progress made in station design developments, permit

applications underway and collaboration with the Swiss highway authorities,

Fastned opened Apfelwuhr Nord station, offering EV drivers four charging spots

on the highway 3 in the Graubünden Kanton, before the end of 2022. Moreover,

Fastned acquired three more locations on the FEDRO highway network.


Fastned \| 2022 Annual Report	28

New Markets

Since winning our first locations in the Netherlands now more than 10 years

ago, we have steadily and strategically expanded our network to new

countries, all the while working closely with stakeholders to advocate for open

and transparent tenders. We believe these are key to a thriving fast charging

market.

Our international expansion started in 2018 with the opening of the first German

station Limburg an der Lahn. The next year, we entered the UK market with our

first station, followed by Belgium and Switzerland in 2020, and France in 2021.

In 2022, we built a dedicated team to support our expansion into new

geographies. They also investigate innovative partnerships and business

models, as well as acquisitions, to grow and thrive in an evolving market.

In general, we first target countries adjacent to our network with an extensive

motorway network (such as Spain or Italy), and those with a high percentage of

new electric car sales (Denmark). We have also started to monitor other markets

more closely (Ireland and Poland). The EU Alternative Fuels Infrastructure

Regulation requires charging infrastructure every 60 kilometres, so it is

expected that the EV charging market will take leaps forward in these markets.

New business models

Alongside the traditional lease models, we are looking into different site

acquisition options such as land purchase. In 2022, Fastned completed its first

land purchase at a location in the United Kingdom. In 2023, we expect to close a

couple more purchasing transactions, but the strategy remains to focus mainly

on long-term lease agreements.

New Markets is leading business development efforts in these countries

including liaising with local and national authorities, motorway operators,

potential commercial partners and trade associations.

In 2023 we will begin hiring teams and opening offices in new countries while

rolling out pilots for new kinds of partnerships in the countries where we

currently operate.


Fastned \| 2022 Annual Report	29

What is it like to lead the Customer Operations team of

a company like Fastned?

You could think that it is easy, as we register excellent satisfaction scores year

after year. But with such success comes great responsibility. We are a mission-

driven company, here to provide electric freedom to all EV drivers. We want

them to feel comfortable, safe, and not to worry if the charger is going to work

or not.

At Fastned, it just works. Our team is composed of committed people, always

ready to implement new ideas to improve our customer service and experience.

This constant drive for improvement keeps us on our toes!

With the fast pace of innovations in e-mobility, can EV drivers keep up with all

the new technology?

Indeed, we are growing in a challenging environment, with technology that

evolves very quickly. More and more people are shifting from fossil fuels to

driving electric and we are happy to help them make the transition. However,

people are not always aware that driving electric is almost being part of a new

culture. So, it is our job to help them understand how it all works. In order to do

so, we implement support in new languages, build up our FAQs and adapt our

app.

What are the main success factors of the Customer Operations team?

Key to our success is the fact that our customer support agents are mission-

driven: they really want to help electric drivers. Together with our external

partner EVA Global, which provides support when our agents are not available,

our agents answer calls in six languages.

Our agents also closely work with other departments to stay informed on the

latest company updates, and, most importantly, to let them know what

challenges our customers face. For instance, in 2022 we worked on a project

based on customer feedback with the Data and Product teams. Together, we

added new features to the Fastned mobile app, including an improved

Autocharge functionality.

What are the team's successes in 2022?

A great customer experience is fundamental to the success of Fastned. And the

expertise of the Customer Support team plays a significant role in this. We see

the number of customer increasing rapidly every quarter. That's why we keep on

focusing on short support waiting times and agent training so we can help our

customers in many ways, 24/7. Our Net Promoter Score reached 53 this year and

this is a great example of our success so far. Fastned’s customers are our best

ambassadors and we take great pride in keeping them happy.


Fastned \| 2022 Annual Report	30

We believe that a great charging experience is fundamental to giving EV

drivers a true sense of freedom on the road. For this reason, we work to perfect

the Fastned customer journey from locating a Fastned station to fast charging

and easy payment, and everything in between. We strive to give our customers

a 'first time right' charging experience - every single time.

Electricity purchasing and our pricing

Fastned provides renewable power from solar and wind-based sources

exclusively. However, the current energy market spot pricing mechanisms do

not distinguish between renewable and non-renewable sources, causing

renewable energy prices to increase in line with fossil production prices. We use

the EU's Guarantee of Origin (GoO) system to ensure that for every kWh of

electricity we sell, one kWh of renewable energy has been produced. We do this

on a country-by-country basis as much as possible, buying for instance German

GoOs for all kWh's sold in Germany, to stimulate local renewable production.

Transparent and fair pricing are two of Fastned’s leading principles. As energy

prices across Europe rose during summer 2022, we decided to take action and

raise our prices to continue running a sustainable business. We communicated

these changes to all our customers through different platforms and channels:

our mobile app, our website and our stations.

Continuous improvement

To accelerate the transition to electric mobility, we want to make charging a

more convenient, intuitive and fun experience compared to refuelling at a petrol

station. Therefore, in 2022 we continued to invest in the customer experience:

•We continued to upgrade existing stations by adding more and faster

chargers. At the end of 2022, over 70% of our stations had one or more

300 kW fast chargers. We continued to diversify our supplier base for

chargers. We initiated a pilot with the EVBox Troniq Modular High Power

(400kW) charger and the ABB Terra 360 (360kW) charger.

•The average number of chargers per station reached 5.1 at year-end, up

from 4.0 at the end of 2021: we added 152 newer and faster chargers to

48 stations.

•We significantly strengthened our in-house Field Operations team in

charge of maintaining and upgrading our charger base. This will be key

in maintaining our industry-leading uptime and reliability in the context

of our rapid expansion and increasing station utilisation.

•We solidified our data backbone with the cloud-based platform

Databricks. This lakehouse gives us analysis and machine learning tools,

helping us to automate and create valuable insights.


Fastned \| 2022 Annual Report	32

•In 2022, we upgraded our software platform Revolt to fully support the

rollout of payment terminals to our stations. This allows any visitor to

pay with a bank card or credit card without prior registration. The first

terminals were installed on chargers in France in November, and this

rollout will continue across the entire network in 2023.

•For handling the increasing session volume, in 2022 we invested heavily

in the scalability of our billing and invoicing capabilities in the Revolt

platform. This helps us to continue delivering invoicing clarity to all

customers in line with our stance on pricing transparency.

•As a pilot, on Dutch highways we installed Fastned signs made out of

bio-based materials to increase our visibility. We will follow up on this

with an assessment in 2023.

•We continued to develop our shop concept and are building a team to

bring this to market.

•We kept on exploring developments to extend our mission to other

vehicles, such as trucks.

•To make the Fastned charging experience even more pleasant and

welcoming, we added greeneries to our station designs as well as bins.

All those improvements did not go unnoticed. In the last quarter of 2022,

Fastned received three awards in three different markets. These awards

highlight Fastned's best-in-class charging experience that we offer to our

customers: Zap Map 'Best EV charging network 2023' (UK), Autoblog.nl 'Best

fast charging networks' (Netherlands), Automobile Propre 'Watt d’or of Best

charging network' (France).

Revolt, the backbone of our charging experience

To begin with, Revolt, our internally-built software platform, forms the heart of

our operations. It functions as the technology backbone for scalability and

provides the basis for a flawless charging experience. In 2022 our in-house

Product & Engineering team further enhanced Revolt.

During 2022, Revolt supported an uptime of 99%, while growth in terms of

sessions and revenue volume more than doubled. This is thanks to a high

availability setup with significant redundancy of systems, the possibility to scale

up bandwidth in a matter of minutes, and zero downtime (non-disruptive)

deployment of software updates. The architecture of Revolt enables the

processing of high volumes of concurrent user traffic, resulting in a reliable

charging experience.

The Product & Engineering team expanded and continued to deliver high-

quality, secure and scalable digital product iterations of Revolt updates in 2022.

We will continue to do the same in 2023, with the aim to keep improving the

Fastned digital experience and to keep delivering the best charging experience.

The Fastned app

Another essential tool in our customer-centric strategy is the Fastned app. It

creates a strong link between the EV driver and Fastned. Through the app, we

make charging accessible for all. We do so by providing relevant information

such as station locations, travel itineraries, number of chargers available at each

station, and even the number of chargers that are currently in use. It also shares

educational content about the EV charging experience: charging curves and

related advice that are specific to the EV model that a customer drives.

Additionally, customers can pay for their charging sessions seamlessly via the

app.

In 2022, we made a significant upgrade to our Autocharge feature, a

functionality created back in 2016 when Fastned joined forces with charger

manufacturer ABB to bring more simple charging to all EV drivers. Using

Autocharge, all customers need to do to charge is simply connect chargers to

their vehicles and the charging process will start automatically. This year, we

celebrated the fifth anniversary of launching Autocharge and introduced

another security update to improve the encryption of data and ease-of-use in

order to boost its adoption by customers and mobile app users.

Our design, a winning modular concept

Continuous improvement of our station concept is key to delivering the best

charging experience to our customers, from new designs to new amenities, as

innovation does not only lie in technology. Our internal team of architects, who

have more than 10 years of experience building and designing fast charging

stations, invented a unique and iconic design that was an important driver of

our brand establishment over the years. Providing electric freedom for EV

drivers is the core of our creativity and it inspires us to develop even more ideas

and concepts. Above all, we want our stations to be easy to access, even when

traffic increases ten- or even hundredfold, and for the customer to leave with a

full battery (and a smile).

The modular station concept allows us not only to maximise the utilisation rate

per charger and serve millions of EV drivers, but also to offer an extensive range

of possibilities for expanding our services to other kinds of vehicles such as

trucks, and propose new amenities for EV drivers.

In fact, we think the evolution of our stations to offer more amenities will result

in an even better charging break for EV drivers. Our vision of the 'station of the

future' includes catering service, social safety and reducing pedestrian transit.

Because we want our stations to be accessible for all EV drivers, all of our new

stations offer extra space to allow for people with disabilities, including


Fastned \| 2022 Annual Report	33

wheelchair users, to easily operate our chargers and connect them to their

vehicles.

In addition, as announced during our Charging Day event, the transition to clean

mobility is expanding to more types of vehicles, and we want to be a part of it.

Our design team has been working on how to provide access to electric trucks

at our stations by performing truck path analysis and conducting test drives on-

site. Our designs are ready and we hope to roll out this new feature in the near

future.

To gain more visibility on the road, we started installing totems at the entrances

of our stations in the Netherlands, Switzerland and France.

We also strongly believe that a friendly and clean atmosphere is essential for a

great charging experience. In this spirit, in 2022 we started installing bins and

greeneries at our stations.

Smoothing the process from charging to payment with Network Operations

The Network Operations team ensures that our stations run smoothly and that

our customers enjoy the best possible charging experience at all times. This

experience starts from the moment they arrive at our stations and covers all

steps of charging and payment until they head back on the road.

Our Network Operations team uses advanced analytics to detect issues within

our network in real-time. Thanks to these processes, we delivered a ‘best in

industry’ network uptime of 99%.

Key 2022 achievements include the installation of more than 100 payment

terminals on our chargers (to be rolled out to all stations in the first half of

2023), improvements to our presence on key navigation platforms such as

Google Maps, installation of signage on Dutch highways, as well as significant

advances in automated network monitoring.

Learning from our customers' feedback

We want to make our customers happy. We want to empower them to drive an

electric car wherever they want to go, and for range anxiety to be a long-

forgotten memory. We also want to see them enjoy stopping at comfortable

and well-equipped charging stations with amenities to meet their needs.

We measure this degree of satisfaction regularly by asking customers one

simple question: 'How likely is it that you would recommend Fastned to a friend

or colleague?' Our Net Promoter Score (NPS), an index on a scale from minus

100 to 100 that shows the willingness of our customers to recommend our

products or services to others. At the end of 2022, our NPS was 53, a score

considered 'excellent'. The survey also showed that customers are most

satisfied with the reliability of Fastned’s service, with an average score of 4.26

out of 5, and the ease of use, with a score of 4.48 out of 5 for all survey

respondents.

Through this survey, we also learned that 59% of Fastned’s customers are

‘promoters’ and gave a score of 9 or 10. About 35% of Fastned’s customers gave

a score of 8 or 7, while 6% of respondents gave a score of 6 or lower

(‘detractors’). This is the highest result we have seen since Fastned started

sending out this survey to customers in 2016.

Additionally, we ask for first-time feedback from all our registered users on our

mobile app. We find their feedback especially important, as in this rapidly

growing market we will soon be serving even more first-time users. We want

their first sessions to be flawless, so we are keen to understand where we can

improve. In 2022, the average rating for a first charging session was 8.5 (on a

scale of 1-10, 10 being the best), slightly up from last year (8.1 in 2021).


Fastned \| 2022 Annual Report	34

Our customer support experience is a fundamental part of Fastned's operations.

Our customers can rely on 24/7 support in six languages, short waiting times on

the phone (median of 8 seconds, including listening to the menu) and quick

responses via email (median 1.5 hours).

The team continuously works with other departments to share the issues our

customers face so we can find ways to improve their experiences. Fastned is

one of the few charging networks to have in-house customer service, which

contributes to this success.

In 2022, the team also enhanced self-help capabilities for customers by

revamping our support page, introducing new contact channels and supporting

the Product team to implement new features on our mobile app. These

improvements allowed us to reduce the contact rate to 1.3% (contacts on

sessions), and resulted in a CSAT score (satisfaction of customers with their

support experience) of 85%. We made these strides while handling an increase

in the customer base (+96% vs 2021) and the number of charging sessions

(+114% vs 2021), which further underscores the expertise of the team.

Data-driven insights and improvements

Among EV drivers, Fastned is known as one of the most customer-centric and

reliable fast charging networks in Europe. This is illustrated by our average

Google location rating of 4.4 out of 5, which is the highest across the industry,

as well as three charging awards we received in 2022 (in the Netherlands, France

and UK).

We credit our success to our customer-first approach and our relentless focus

on internalising key capabilities, as well as the drive to continuously strengthen

our technology backbone.

In 2022, we took another step forward in optimising the reliability of our

network by implementing our data lakehouse and developing advanced

analytics models. We achieved this by integrating various proprietary backend

data sources into our data lakehouse including raw charger data, logs on past

charger failures, customer service data and technical vehicle data.

Our Data & Insights team ensures we track all operational data across the

organisation to enable short feedback loops, continuous improvement and

unlocking insights and new opportunities. 2022 has been a step-change year in

which we migrated our full data infrastructure to the Databricks data lakehouse

platform. This empowered the broader organisation to have a unified view of all

its data readily available as a single source of truth. This provides valuable

insights that support running the business on a day-to-day basis as well as

strategic decision making.

Having this unified visibility was key in the last quarter of the year, as it allowed

Fastned to manage the volatile energy market. Data and insights were integral in

ensuring Fastned made quick and productive decisions regarding price

changes. Additionally, the data lakehouse enables us to automate charger

monitoring across the network, helping to ensure continued high-uptime of

99%, even when more and more new chargers are added each month.

Unlocking all these data points also helps us to look forward. We use our data

lakehouse for network expansion and the early identification of where to add

chargers to existing stations, or even where to build new stations. We do this by

applying models on, for instance, traffic data, (forecasted) EV density and

various proprietary and open datasets. This resulted in the creation of a

dedicated location intelligence team to support our network development.

Station maintenance and upgrades through Field Operations

Our charging stations remain in optimal condition for our customers thanks to

the Field Operations team, through a combination of preventative and

corrective maintenance of our chargers. The team also looks after the physical

structures (our iconic canopy) and all aspects of safety and cleanliness when it

comes to our stations. In 2022, we invested heavily in hiring skilled field

engineers in our local markets. This makes us significantly more adept at

resolving charger issues swiftly at every single one of our stations. In doing so,

we reduced travel time and optimised our field engineers' 'tool time' metric.

In addition to station upgrades, hundreds of chargers were equipped with cable

management systems and we started the roll out of bins on our stations, which

will continue in 2023.

Opening of Lingehorst station in the Netherlands


Fastned \| 2022 Annual Report	35

Can you tell us about Fastned's in-house Field Operations team?

Having this capability enables us to perform better maintenance than all other

parties in this growing market. Keeping it in-house makes us move fast and

deliver the uptime that customers expect and deserve. This team also performs

all station upgrades. Not only do we keep the knowledge in-house, but we also

learn from every situation and can act accordingly. I'm happy to say that four

new members joined the Field Operations team in 2022 to cover our ever-

expanding network. Although we're on the road a lot, we regularly meet up to

share knowledge. All engineers are highly skilled and not afraid to take initiative

when trying to find the best way to get the job done. We learn along the way and

share our experiences with the team. That's the secret of our success!

Can you give us an example of one of the team's big achievements in 2022?

In 2022, we upgraded most of our German stations in a very short period of

time. This was a logistical challenge, but due to the fact that we have shared

knowledge and expertise, we were able to conquer the challenge with ease. We

started off in the north of Germany and then came back to the Netherlands. A

month later, we returned to Germany and executed the 'Hyper Convoy', an

eight-day station upgrade campaign covering the south of Germany. During

this upgrade project, our largest to date, seven team members drove 12,000

electric kilometres, adding a total of 28 fast chargers to our German stations, all

of which offer charging speeds of up to 300 kW.

We saw more than 1,200 chargers installed in Fastned's network by the end of

2022. Can you tell us about this milestone?

Indeed, this is a result of our growth and a very important milestone. In 2022, we

pushed the average number of chargers per station up from 4.0 to 5.1 at the end

of the year by building bigger stations and upgrading existing ones. The Field

Operations team upgraded 48 stations and installed 152 additional and faster

chargers. Upgrading our stations to keep up with our fast-growing customer

base helps us deliver a best-in-class service, faster charging and ever more

charging spots.

You joined Fastned seven years ago. How do you reflect on the company’s

evolution?

When I joined, the company was quite small, which meant that we all had to be

very hands-on and build our business from the ground up. There was no market,

so we created one. When we set up the Field Operations team, I was the first

person on it.

Today, you see the progress we have made when you look at the stations. Not

only are they beautifully designed, but they are also smart: easy to maintain,

scalable and fit for the best customer experience. To this day, we still sit down

on a regular basis to keep finding ways to improve. This is the strength of the

team. We are not, and have never been afraid to challenge the status quo

because we are driven by our mission: freedom for electric drivers.


Fastned \| 2022 Annual Report	36

We seek talented, motivated individuals to help us achieve our mission, and we

strongly believe that hiring a diverse group of people delivers top-notch

results. We also work to make Fastned a great employer. This includes

nurturing a ‘think like a founder’ culture, fostering an inclusive working

environment and offering competitive employee benefits.

Growing the team

The year 2022 was one of rapid growth and of reaching new milestones, not only

on the operational level, but also on the talent side. Because growing our pool of

talented, committed professionals is crucial for us, we built up our People and

Culture function. This team will work to give more clarity on Fastned's hiring

strategy and talent development, as well as to enable the growth of our business

now and in the years to come.

Fastned recruits for a variety of talent to match the different types of operations

we run in six countries. New colleagues with all kinds of expertise are needed at

almost all of our offices. These roles include maintenance staff, customer

service staff, location developers, tender specialists, architects and of course,

more employees on the various staff functions.

Recruiting creative, passionate professionals who contribute to the success of

Fastned has always been, and will continue to be a top priority for the coming

years. Our favourable work environment contributes to retaining talent. In 2022

we saw an employee turnover rate of 11%.

Keeping our employees happy is a key part of our long-term people strategy. For

this reason, we launched an engagement survey that covered topics like

employees' views on top management, as well as Fastned ways of working,

culture, values and employee affinity to the brand. The results of the survey, to

be disclosed in early 2023, will be used to shape the organisation and wider

business agenda for the upcoming year with key points of focus for

improvement.

Diverse backgrounds, unique strengths

One of our key principles in growing the team and an important contributing

factor to Fastned's success has always been the diverse backgrounds of our

employees, united by our mission and values. At Fastned, every employee is

equally welcome, respected, supported and valued. We are proud of our

workforce of more than 35 nationalities and counting, and believe that diverse

teams enable us to explore different perspectives and challenge our ways of

thinking. Championing diversity also contributes to better decision-making and

to better understanding our customers, who are just as diverse as we are.

That’s why Fastned stands for equal opportunities for everyone: our goal is to

create an inclusive environment that fosters acceptance. No matter their

gender identity, sexual orientation, religion, ethnicity, age, neurodiversity,

disability status or citizenship, all are welcome. We actively seek to hire people

who bring authenticity and their unique strengths to the company. Bringing

together all our individual strengths creates a dynamic culture that supports a

successful business.

In 2022, we launched our very first employee resource group, Fastned Queers, a

grassroots initiative by and for LGBTQ+ employees, open to everyone. This

group was formed to ensure LGBTQ+ perspectives are represented within

Fastned, to ensure a safe space for LGBTQ+ employees to speak with peers

about personal and professional matters, to create educational initiatives for


Fastned \| 2022 Annual Report	38

Fastned, and to show support for our LGBTQ+ customers. The group meets on a

regular basis.

In the same vein, to maintain an open and safe work environment for everyone at

Fastned, an employee survey was conducted in May 2022 about undesirable

behaviour, psychological safety, and diversity and inclusion in the workplace.

The results and input gathered will be used as a starting point for shaping

Fastned’s Diversity, Equity and Inclusion training and strategy as of 2023.

On top of that, one of Fastned’s diversity policy objectives is to improve gender

diversity. In 2022, women made up 33% of Fastned's workforce. We aim for

women to represent at least 30% of the Management Board, the Supervisory

Board and the Board of the Shareholders Foundation.

So far, at Fastned, women represent:

•More than one third of Fastned's Executive Team

•Half the members of the Supervisory Board

•Two thirds of the FAST board (representing our shareholders).

Our culture

Just as diversity contributes to a positive work environment, at Fastned, all

employees are encouraged to think like a founder, and they work to 'deliver

WOW' across the business and to our customers. As an introduction to

Fastned's history, vision and way of working, all new employees participate in

onboarding sessions consisting in classes led by in-house topic leads or

experts. These sessions are held every month at the Amsterdam office and are

one of the first opportunities for new joiners to network with colleagues from

different teams and departments.

Internal communication is essential to maintaining Fastned's strong company

culture, and for this reason in 2022 we redesigned our monthly all-company All

Hands meetings: all employees from all offices are invited to attend remotely or

also in-person at the rotating host office. During each All Hands, we spotlight

new team members, announce key strategic initiatives and follow up on

ongoing projects.

With a team growing at such a fast pace in different countries, team building is

essential to maintain a strong, cohesive Fastned spirit. Employees are invited to

visit other countries’ offices and meet with each other on a regular basis, thus

promoting creative synergies among teams. Ever year the company takes the

initiative to gather all employees together in one place creating even more

opportunities to celebrate success and grow as one team.

Training: building our programme

Because an employee's professional development is an essential part of our

culture, in 2022 Fastned introduced a leadership training programme for the

executive and senior management teams. Spanning from 2022 to 2023, the

programme consists of 10 modules covering topics such as 'Leadership values

and ambition', 'Psychological safety' and 'Driving a feedback culture'. Later in

2023, we plan to expand the training to other employee groups.

Also, in late 2022, Fastned ran an employee survey to gain insight into designing

a training programme in 2023 that will match employee’s needs and

expectations.


Fastned \| 2022 Annual Report	39

Benefits

Another pillar of our People & Culture strategy is to offer our employees a

competitive benefits program. Outside of the office, Fastned provides a variety

of options to make work life as flexible as possible for everyone, ranging from

flexible working hours to offering part-time employment opportunities.

Fastned supports family planning through parental leave for employees with

families of all types. As of 2022, Fastned elected to supplement pay up to 100%

of maternity and paternity leaves in the Netherlands.

When it comes to transportation, we provide all our employees with access to a

shared, fully electric vehicle fleet and free public transport for their commutes

to work in most countries.

Employees are also encouraged to propose sustainable initiatives to improve

the company's office environments in line with Fastned's values. For instance,

the free vegetarian meals and snacks in its offices and weekly fitness classes

that Fastned provides are a result of grassroots initiatives.

And, we want to let everyone share in Fastned’s success. All employees working

for Fastned for more than six months are eligible for the employee option plan

and can share in the value creation of the company.

Inflation in 2022

Similar to attractive benefits, a fair salary structure contributes significantly to

employee retention. We find it important to review it to stay in line with rising

inflation. By doing this, we ensure that our employees can continue to afford

day-to-day costs and that we stay competitive in the job market. In Q3 2022, all

Fastned employees received an inflationary salary increase.

Empowering employee development

As a positive outcome of these efforts mentioned above, the Fastned team grew

quickly in 2022. Therefore, we implemented a new HRIS platform to manage our

people and HR processes more efficiently. This platform provides better

oversight and visibility of the business to our People and Culture team, gives

access to insights and resources for managers to lead effectively, and offers

tools and information to empower employee development.

The new platform also facilitates our internal employee performance review

process. This is an opportunity for employees to evaluate their performance

with their manager and peers on an annual basis, as well as to set goals for

personal and professional growth.


Fastned \| 2022 Annual Report	40

You joined Fastned in 2021. What drew you to the company, and why?

When I read the vacancy, I could sense the enthusiasm for Fastned’s mission

throughout the entire text. I could tell that this was a company that was aiming

to make a positive impact on this world. The ambition and future-mindedness of

the company, while also focusing on creating a pleasant working environment,

made me very curious to learn more.

We hear you’re a new dad–congratulations! How was your parental leave, and

what it is like to work at Fastned and be a parent?

Thanks! Yes, last summer I had a son, and I was able to spend nine happy (and

sometimes exhausting) weeks with him after he was born. This really wasn’t a

given, due to the special circumstance of his birth. My husband and I were lucky

to have him through surrogacy, and since I’m not his legal father yet, this meant

that I wasn’t entitled to any formal leave. Luckily this wasn’t an issue for Fastned,

and because of this special circumstance, they even offered me more than the

standard six weeks leave to really get our family started on a solid base.

Returning to work was also easy since I was able to spread out the additional

weeks of paternal leave to take one day off every week, for the entire first year of

parenthood.

What do you think about Fastned’s approach when it comes to Diversity, Equity

and Inclusion (DE&I)?

Fastned encourages employee-led initiatives, which has resulted in great

projects over the years! Take, for example, Fastned Queers, which LGBTQ+ staff

formed as the company’s first employee resource group (ERG). Our goal is to

represent our community within the company, setting up educational events

and also organising fun activities like queer movie nights. On top of that,

Fastned is working on creating a more structured committee for DE&I, which

allows this queer ERG to also formally represent the LGBTQ+ perspective within

the broader company.

What are the projects you’re most excited about when it comes to Fastned and

DE&I for 2023?

I’m really looking forward to the panel discussion I will be hosting during our

internal Fastned Days strategy event in mid-March! For this workshop we invited

some external experts who can tell us a lot more about how to create a

workspace that promotes diversity and safety. Other than that, I hope we will be

able to also organise some more fun events and discuss what Fastned could do

during Pride Month.


Fastned \| 2022 Annual Report	41

Our sustainability ambitions, drawing the roadmap

Sustainability reporting, including compliance with reporting standards and

EU legislation, is key to gaining access to financial markets. Doing so, we can

enable Fastned’s sustainable, exponential growth. Performing well on ESG

benchmarks and increasing our reporting transparency give (prospective)

investors and other stakeholders confidence that Fastned is a future-proof

company, contributing to the betterment of people and the planet.

Setting the path: Sustainability reporting roadmap

In Q3 2022, Fastned hired its first dedicated sustainability manager. As we value

making a positive contribution to the fight against climate change, we have

begun our sustainability reporting journey to provide more disclosure for our

stakeholders. Our goal is to become proactively compliant with EU and Dutch

sustainability reporting regulations, including the Corporate Sustainability

Reporting Directive (CSRD), before we are in scope, which we estimate to be in

2025.

In 2023, we will implement a sustainability reporting platform to help us collect,

analyse and report Environmental, Social and Governance (ESG) KPIs following

the GRI reporting standards and the EU Taxonomy. We expect to share a more

comprehensive ESG dataset in Fastned’s 2023 Annual Report.

Sustainable Development Goals

In 2022, Fastned adopted five United Nations (UN) Sustainable Development

Goals (SDGs) to align with the UN 2030 Agenda for Sustainable Development,

which is a plan of action for people, planet and prosperity. With the adoption of

these five UN SDGs, Fastned joins hundreds of organisations around the world

in the pursuit of eradicating poverty and shifting the world onto a sustainable

and resilient path. As we continue on our sustainability reporting journey,

several of our ESG KPIs and targets will link to the following UN SDGs:




Climate Action	Sustainable Cities and Communities	Gender Equality	Industry, Innovation and Infrastructure	Responsible Consumption and Production


Fastned \| 2022 Annual Report	43

Materiality assessment and material topics

We launched our first materiality assessment in the fourth quarter of 2022. This

assessment helps Fastned identify and prioritise the most material (relevant)

topics for our key stakeholders, and is a fundamental part of sustainability

reporting according to GRI Standards. Material topics are topics that represent

an organisation’s most significant impacts on the economy, environment and

people, including impacts on their human rights. By gathering input from

different groups, our sustainability reporting will bring increased value to

Fastned and to its stakeholders.

First, we defined nine key stakeholder groups:

1.Employees

2.Customers

3.Suppliers/vendors

4.Local and national Governments

5.Landlords

6.MSPs

7.Institutional investors

8.Retail investors

9.Fastned Supervisory Board and FAST Foundation Board

We then determined 16 relevant (and possibly material) topics based on their

(potential) impact on Fastned, our stakeholders and society.

Next, we shortlisted these topics based on their relevance to Fastned’s mission

and main objective. These are, respectively: to accelerate the transition to e-

mobility, and to continue creating a network of fast-charging stations powered

by renewable energy.


1. Climate change 2. Environmental sustainability 3. Energy transition 4. Responsible supply chain 5. Talent and development 6. Diversity & Inclusion 7. Economic value generated 8. Suppliers 9. Grid infrastructure/ development	10. Cybersecurity and privacy 11. Charging station network development 12. Reliability of fast charging services 13. Government policies 14. Business ethics, laws and regulations 15. Innovation 16. Customer experience

Our key stakeholders then evaluated these 16 topics based on their

relationships with Fastned to reflect the concept of 'Double Materiality'. This

term describes how corporate information can be important both for its

implications about a firm’s financial value, and also about a firm’s impact on the

world at large, particularly with regard to climate change and other

environmental impact.

Based on these results, we scored the topics and netted out on the following

material topics for Fastned:


	Charging station network development The expansion of the Fastned network, including the search and acquisition of new sites, location design, construction engineering and IT software development.
	Reliability of fast charging services The operation and maintenance of Fastned stations, including administrative offices and customer service.
	Customer experience Providing customers with the best charging experience.
	Energy transition The global energy sector’s shift from fossil-based systems of energy production and consumption — including oil, natural gas and coal — to renewable energy sources like wind and solar, as well as lithium-ion batteries.
	Grid infrastructure/development The expansion of contracted electricity grid infrastructure in our key markets.
	Innovation Change in the technology and product standards of BEVs and fast chargers.
	Environmental sustainability Stewardship of the environment and natural resources, especially where our offices and stations are located.
	Climate change Long-term shifts in temperatures and weather patterns driven by human activities, primarily linked to burning fossil fuels like coal, oil and gas.

In 2023, we will report our progress on these topics through several KPIs, in

addition to the ESG KPIs covered by the GRI Standards.


Fastned \| 2022 Annual Report	44

Our first-ever CDP score

In 2022, Fastned participated for the first time in the Carbon Disclosure Project

(CDP), receiving a 'C' score, which is in line with the global average for

participating organisations. We acknowledge that we have scored below the

European and Energy/Utility Sector averages of both 'B,' and we aim to improve

our score in the coming years by disclosing more information about our

sustainable business operations and efforts to fight climate change. This is in

line with our mission to accelerate the transition to sustainable mobility.

EU Taxonomy

A key objective of the European Commission’s action plan on financing

sustainable growth is to reorient capital flows towards sustainable investment

and to ensure market transparency. To achieve this objective, the Commission

called for the creation of an EU classification system for sustainable activities.

As a result, the EU Taxonomy was adopted in 2021.

The EU Taxonomy requires economic activities in the EU to fulfil certain

requirements:

•Substantially contribute to one of the six environmental objectives–this

indicates 'eligibility'

•Do no significant harm (DNSH) in relation to the other environmental

objectives

•The activity is carried out in compliance with the minimum safeguards

•An activity is 'aligned' with the EU Taxonomy if it complies with all three

of these steps.

Although the EU Taxonomy mentions six defined environmental objectives, only

two of them are currently open for activity classification and reporting: 'Climate

Change Mitigation' and 'Climate Change Adaptation'.

As of 2022, Fastned is currently not in scope of the Non-Financial Reporting

Directive (NFRD) and thus not in scope for the Corporate Sustainability

Reporting Directive (CSRD). Therefore, we only voluntarily disclose our EU

Taxonomy eligibility information in preparation for mandatory Taxonomy-

alignment reporting. This information is not prepared to meet alignment

requirements, nor has it been audited or assured. We have prepared this

information to comply with the requirements set out in the Disclosures

Delegated Act.

We have concluded that Fastned is EU Taxonomy-eligible under the

environmental objective Climate Change Mitigation, as the company’s main

revenue-generating activity contributes directly to our mission: Building

infrastructure for low carbon transport (land transport). As such, we have

included all of Fastned’s business activities in the company’s EU Taxonomy

eligibility calculations. Please refer to the table below for the share of eligible

and non-eligible activities for the years 2022 and 2021.


	Share of eligible activities: 2022	Share of non-eligible activities: 2022	Share of eligible activities: 2021	Share of non-eligible activities: 2021
Turnover	100%	0%	100%	0%
CapEx	100%	0%	100%	0%
OpEx	100%	0%	100%	0%

Turnover: Our turnover is 100% related to selling renewable energy via fast-

charging infrastructure. Therefore, we consider it 100% eligible. We included

sales of electricity, sales of renewable energy units, maintenance fees and other

revenue, other revenues relating to charging, and station construction as part of

service concessions in our Turnover calculation. Please see Note 6 in Part 2 for

more information.

CapEx: All of our capital expenditure is related to selling renewable energy via

fast-charging infrastructure. Therefore, our CapEx is also considered 100%

eligible. We included intangible assets; property, plant and equipment; and

right-of-use assets in our CapEx calculation. Please see Notes 11, 12 and 13 in

Part 2 for more information.

OpEx: All of our operational expenditure is related to selling renewable energy

via fast-charging infrastructure. Therefore, in the same vein, our OpEx is

considered 100% eligible. Operating costs that are directly related to Fastned

stations, such as grid fees, rent and maintenance are included in this

calculation. We also include indirect operating costs that can be attributed to

the ongoing operations of Fastned’s existing network. This primarily covers

salaries and other network operations-related costs like office rent, customer

service and administration. We refer to the cost of sales related to charging,

cost of sales from station construction as part of service concessions, other

operating/(loss), selling and distribution expenses, administrative expenses,

other operating expenses, finance cost, and finance income when making our

OpEx calculation. Please see our Consolidated Statement of Profit or Loss and

related notes for more information.

Fastned will continue to monitor EU Taxonomy developments in order to report

in line with requirements.


Fastned \| 2022 Annual Report	45

Stakeholder dialogue table

Fastned engages regularly with a diverse group of stakeholders that has a wide array of interests and motivations. Dialogue with each group takes place on different

levels within our organisation and is often a part of our daily operations. The table below provides more transparency into the formal and informal interactions we have

with a variety of Fastned’s valued stakeholders. These stakeholders also give feedback to help us determine our material topics and to ensure that our strategy and

reporting are in line with their expectations.


Stakeholder group	Their expectations	How we engage with them	Key topics discussed in 2022
Employees	•Engaging, collaborative workplace •Supportive work environment with freedom to be oneself •Personal and professional development and growth	•Monthly company-wide meetings •Company-wide internal communications platform •Annual in-person company meetings and team-building trips •Annual employee engagement survey •Annual individual performance reviews	•Company strategy and operations •Company performance •Employee performance •Diversity and inclusion •Fostering a safe, respectful environment for employees
Customers	•A reliable network of fast-charging stations across Europe •Easy charging and payment experience •Accessible, helpful and knowledgeable customer support	•Email communications about fast- charging information •Fastned mobile application •Social media •24/7 customer service phone line in four languages •Email and chat support •Regularly updated FAQ page on Fastned website	•Changes to kWh pricing •Opening of new stations/network expansion •General questions regarding charging •Payment questions •Customer feedback
Suppliers/vendors	•Ethical conduct and mutual trust •Strong, long-lasting partnerships •Commitment and cooperation	•Regular meetings •Online communication •Testing and continuous improvement	•Scaling of supply chain •Proactively securing material supply •How to reduce Fastned’s environmental impact •Electrification of station construction process
Landlords	•Reliable high-speed EV charging stations •Traffic generation for other tenants on their land •Exposure to growing EV market, portfolio diversification •Commitment and cooperation	•Regular meetings •Online communication	•Addition of amenities
MSP's	•A reliable network of fast-charging stations across Europe •Easy charging and payment experience •Timely and accurate invoicing •Cooperation	•Regular meetings •Online communication •Industry association meetings	•Changes to kWh pricing •Tax law compliance •Customer experience •Price transparency


Fastned \| 2022 Annual Report	46


National and local governments	•Development of fast-charging infrastructure on main transport arteries •Making the phase-out of cars with combustion engines by 2030 possible	•Engagement in sector associations •Participation in public consultations	•Policy environment promoting rollout of fast- charging infrastructure
Institutional investors	•Fastned delivers on short-term and medium-term targets •Fastned continues exponential growth in future •Transparency •Strong leadership team •Continue following Fastned’s mission	•Quarterly performance updates •Annual reports •Non-deal roadshows •Investor conferences •Analyst communication •Capital market days	•Management of macroeconomic factors •Network development and growth •Sustainability strategy and progress on roadmap •Profitability
Retail investors	•Fastned’s stable financial performance •Transparency •Sustainability reporting	•Newsletters •Quarterly performance updates •Annual reports •Marketing for new bond issuances •Online communication •IR phone line/mailbox	•Communications regarding process and structure of retail bonds issued in 2022 •Future investment opportunities
Fastned Supervisory Board and FAST Foundation Board	•Employees and operations to drive the company and confirm its mission •Effectiveness of the company's internal risk management and control systems •Integrity and quality of financial reporting •Establishing and maintaining strong relationships with all company stakeholders	•Regular meetings as necessary •Formal quarterly meetings •Internal communications channels •Meeting of depository receipt holders •Annual General Meeting	•Shareholder affairs •Company budget, funding and liquidity •Long-term strategy •HR and organizational strategy •Sustainability strategy


Fastned \| 2022 Annual Report	47

Our impact on the environment

As the transition to clean renewable energy and electric transport is in full

swing and we continue to build more charging stations, we want to give more

transparency to, and further build on, our efforts to reduce our impact on the

environment.

Displacing fossil fuel emissions with every kWh sold

Our core business is to sell electricity to electric drivers, and every kWh sold

displaces fossil fuel emissions. In 2022 alone we can report a total of 40,750

tonnes of CO2 emissions avoided, an increase of 148% compared to 2021. Total

emissions avoided since Fastned was founded now stands at 75,646 tonnes of

CO2, which shows that growth in this area is exponential. This is equivalent to

about 196,680 economy flights from Amsterdam to Rome, based on Climate

Neutral Group research6.

Life cycle analysis of a Fastned station

We build stations to empower drivers to have electric freedom and to

accelerate the transition to sustainable mobility. As the creation and delivery of

the materials we use to build our stations is both an energy- and emissions-

intensive process, we have embarked on a journey to understand, and ultimately

reduce, Fastned’s carbon footprint. We took our first step in the second half of

2022, when we conducted a life cycle analysis (LCA) on a standard 4.2 station

with four chargers covered by two canopies, built in 2022.

We learned that building a standard station using the materials in our 2022

catalogue amounts to approximately 85 tonnes of CO2. This is equivalent to

about 221 economy flights from Amsterdam to Rome, based on Climate Neutral

Group research6.

Please note, there are two limitations in the calculation of this figure. As we did

not receive supplier-specific PV data, we made an estimation for the PV panel

portion of the station's carbon emissions using publicly-available resources.

Regarding charger information, we made our calculation based on a publicly-

available third-party Alpitronic charger LCA for a 300 kW charger with two

charging points.

We plan to further adjust and extrapolate this data to make a basic calculation

of the carbon footprint of our entire portfolio of Fastned stations in 2023.

And, in the year to come, we will move forward with establishing our CO2

emissions reduction strategy and related targets based on analysis results. This

work will also contribute to our CO2 Performance Ladder certification efforts

(see related paragraph in this section for more information). We will continue to

assess our carbon footprint and work to reduce it wherever possible through

approaches like supplier innovation and station design adjustments.

An example of a Fastned 4.2 station at Aire des Crêts blancs, France


Fastned \| 2022 Annual Report	48

6 https://www.climateneutralgroup.com/en/news/what-exactly-is-1-tonne-of-co2/#

Low-emissions Lingehorst construction pilot

In 2022, Fastned and its construction partners built a new fast charging station

with eight chargers at the Lingehorst service area (A2, Beesd) in a low-

emissions way. The project was Fastned’s first attempt to build a station using

emissions-free construction methods.

In this pilot we achieved a substantial reduction of 81.85% nitrogen oxide

emissions (-22.1 kg NOx) and 77.15% less carbon dioxide was emitted (-6,222.2

kg CO2) compared to a traditionally-built Fastned station of equal size. As a

baseline, the construction process for the same size station using diesel-

powered machinery would emit 27.0 kg NOx and 8,064.9 kg CO2. We worked

with an independent research agency to make the official AERIUS calculations

for this project. Please note, the scope of the pilot only concerned the

emissions for the construction work on-site. The CO2 emissions of the

electricity used and the emissions resulting from the production and transport

of materials and services have not been taken into account.

The lessons from this pilot will be used to further reduce emissions at future

station construction sites.

Scope 1, 2 and business travel emissions

To begin to understand our carbon footprint, we have calculated our Scope 1, 2

and 3 (business travel) emissions for the year 2021 and are working on

calculations for the year 2022 with the help of Dutch consulting firm Climate

Neutral Group. We make these calculations in line with the GHG Protocol, and

we distinguish between emissions according to three scopes: Scope 1 (direct

emissions), Scope 2 (indirect emissions, released by the purchase of electricity

or heat, for example), and Scope 3 (other indirect emissions). The footprint is

calculated for the six Fastned offices in the following countries: the

Netherlands, Belgium, Germany, France, Switzerland and the UK.

At the time of Fastned’s 2022 Annual Report publish date, we did not yet have

enough data to make a full calculation for the year 2022. As a result, we plan to

share both years’ Scope emissions calculations together at a later date, for sake

of comparison.

CO2 Performance Ladder (Prestatieladder) certification preparation

The CO2 Performance Ladder is a Dutch sustainability instrument that helps

companies and governments to reduce CO2 and costs within business

operations, in projects and in the supply chain. The Performance Ladder is used

as a CO2 management system and as a tendering instrument.

As part of the CO2 Performance Ladder certification process, in 2023 Fastned

will conduct an in-depth analysis of CO2 emissions sources across the

organisation and will set and approve a CO2 emissions reduction strategy based

on analysis results.

Fastned has the ambition to achieve Level 3 of the certification in the second

half of 2023 via planned audits performed by auditor DEKRA.

Sustainable station operations and maintenance

Our stations are designed in a maintenance-friendly way that allows them to be

easily cleaned, and we can service our stations through remote maintenance

abilities. In fact, we have our own software backend to monitor and optimise

maintenance missions. When it comes to energy consumption, our stations are

capable of producing energy through their photovoltaic roof panels. The

electricity produced can be used to run the station’s auxiliary systems, lighting,

communication equipment and heating of the chargers when it's cold. Any

surplus power is delivered to cars charging at the station, supplementing the

power drawn from the grid or returned to the grid itself.

For maintenance needs, we service our stations with our fully-electric fleet of

Fastned passenger vehicles and maintenance vans.

As our stations are largely unmanned, we have added solar-powered BigBelly

waste bins to some of our locations in Germany, Belgium and the Netherlands

for customer waste disposal in 2022. We use BigBelly bins because they are

connected to a cloud platform to enable 'smart' waste-management. This

ensures the space is litter-free for our customers and the environment, and that

the bins are not full beyond their capacity. We plan to add these bins to nearly

all of our stations, in all countries where we are present, in 2023.

Regarding waste collected at charging stations, we work with local

organisations to collect and properly sort, recycle and dispose of waste

according to local regulations.

To keep stations clean, we contract cleaning companies in each country where

we are located. We ensure that the cleaning crews use green soap, other non-

toxic cleaning products and water to clean stations.

Responsible disposal of chargers

Regarding end-of-life for our high-speed charging equipment, when station

chargers are no longer fast enough for our customers, they are often still fast

enough for another user, or their materials still have value. Keeping in mind the

principles of reduced consumption and production (UN SDG 12) and in an effort

to extend the life cycles of the equipment we use, we consider the following

options for extending the charger’s lifecycle:

•Sell the used charger on the second-hand market

•Move the slower charger from its highway location to one of our

supermarket locations


Fastned \| 2022 Annual Report	49

If the charger is no longer functional, we consider the following options for

charger disposal:

•If the charger has been damaged due to an accident, we disassemble it

to save as many spare parts as we can and scrap remaining damaged

pieces, like housings, with a third party

•We ship any broken or worn components back to suppliers for

refurbishment and/or recycling

In this way, we prevent metals and electronic waste from entering waste

streams.

Sustainable practices in the Amsterdam office (our largest office):

•Vegetarian meals: A grassroots initiative started by employees, Fastned

provides vegetarian lunches for everyone at the office. As our mission is

linked to the fight against climate change, we choose not to serve meat

at Fastned offices and corporate events because of its link to high levels

of GHG emissions.

•Recycling and composting our waste: We separate our waste into

multiple streams for recycling and also composting. Through the

Seenons tech platform, we matched with Pantar, a social development

organisation based in Amsterdam, which picks up the office’s compost

on a weekly basis.

•Amsterdam Green Committee: An employee-led group called 'The

Green Team' takes on projects to make the office more sustainable. For

example, this year’s work resulted in the installation of cotton towel roll

hand dryers in the office’s bathrooms and kitchen. According to

hygiene equipment provider CWS, the cotton dryer rolls can be washed

and reused up to 100 times without any loss of quality and each one

thus replaces about 22,000 paper towels during its life cycle.


Fastned \| 2022 Annual Report	50

Engaging with our communities

As the Fastned charging station network grows, we are making strides to make

a more positive impact on the communities around us. This includes finding

ways to improve our charging experience for everyone, making the job market

more accessible, and giving back to local initiatives we care about.

Improving station accessibility

During the third quarter of 2022, Fastned engaged with ChargeSafe, a public

charging endorsement body that independently inspects and rates EV charging

locations in the United Kingdom. ChargeSafe inspected and rated all of

Fastned’s UK-based charging locations based on more than 60 criteria for

safety and accessibility, with ratings out of five made publicly available. By

subscribing, Fastned can review the detailed data behind the scores to identify

specific areas to further improve the charging service it offers its customers.

ChargeSafe’s accessibility criteria have been developed in line with the draft

PAS1899 BSI standards for accessible charge points. Combined with detailed

safety criteria, from lighting and CCTV to nearby facilities and busy-ness, the

simple rating system will provide drivers with more informed charging options

for day and night.

The feedback we received from the ChargeSafe inspections validates our latest

station designs and backs up our principles of delivering a great customer

experience on-location.

Working with Pluryn and Pameijer

We give meaningful work opportunities to people with a distance to the labour

market. For more than four years and counting, in the Netherlands we have

collaborated with Pluryn and Pameijer, two Dutch organisations that support

vulnerable and disabled young people and adults. These organisations send

groups of people to clean and maintain our stations across the country on a

regular basis.

Establishing Fastned Gives Back

In 2022, Fastned employees launched 'Fastned Gives Back', an employee-led

group that is operational across all Fastned offices. This group acts as an

umbrella for mission-driven activities held on a quarterly basis like food and

clothing drives, garbage clean-up days and volunteering opportunities.

The first activity the group organised was a food and gently-worn clothing drive

in the Amsterdam and London offices in December. The drives benefited non-

profit organisations Voedselbank Amsterdam, Voedselbank Diemen and the

Hackney Foodbank in London. The Amsterdam-based team collected and

delivered a pallet of dry goods and a combined total of 18 boxes and bags of

clothing to the Dutch food banks, respectively.

In mid-February 2023, the group organised a Valentine's Day charity bake sale at

the Amsterdam office to benefit victims of the catastrophic earthquake that

took place in central Turkey and northern and western Syria on 6 February, 2023.

The group raised and donated a total of 780 euros to Giro555, and Fastned

matched the donation. Giro555 is a Dutch charitable organisation that takes

part in disaster relief missions around the world, connecting with aid

organisations, companies, broadcasters, sports associations and more groups

throughout the Netherlands for support.

Supporting a Fastned partner in a time of need

At Fastned we feel strongly about building relationships with our partners. In

early February 2023, when the catastrophic earthquake hit central Turkey and

northern and western Syria, the manager of the shop next to our Brecht station

travelled to the disaster region in Turkey, about 100 kilometres from his

hometown, to provide relief for victims. In need of supplies, Fastned employees

organised a fundraiser on his behalf and raised and donated about 2,500 euros

to the cause. This was enough to send two trucks' worth of disaster relief

supplies to the shop manager's team on the ground in Turkey. Fastned also

matched the amount of funds raised and made a separate donation to Giro555

to further support the cause.


Fastned \| 2022 Annual Report	51

You joined Fastned in mid-2022, what motivated your choice and why?

I was inspired by Fastned’s mission and was also excited about the possibility of

working with a team of like-minded people who are determined to make the

transition to sustainable mobility happen. I wanted to be a part of that. As we

are now facing the repercussions of climate change in our everyday lives,

making the transition to cleaner mobility is more urgent than ever.

In addition, I was excited about the opportunity to strengthen the company’s

sustainability strategy in this role.

Your arrival at Fastned is the starting point of a more integrated sustainability

strategy. Can you talk to us about it?

We are in the process of formalising it. Because we are a relatively small

company, initiatives were taken in the past but we needed more minds (and

hands) to continue them and to incorporate this work into Fastned’s vision for

the long-term.

My role as sustainability manager consists in helping to organise and lead these

initiatives, and to focus on particular topics that will affect Fastned’s operations.

Indeed, the world is changing quickly and the development of a long-term

sustainability strategy and the disclosure of more ESG data are now interests (or

even requirements) for many of our stakeholders. And Fastned is committed to

fulfilling the goals and reaching the milestones that we will add to our

sustainability roadmap.

Can you tell us a few words about the Lingehorst project?

This was an exciting one for 2022! It was a pilot in which we used electric

equipment instead of diesel-powered machinery for the site construction

process. In the end, we weren’t able to electrify the entire process, but we

already saw benefits from electrifying part of the process. We learned that we

emitted 81.85% less nitrogen oxide (-22.1 kg NOx) and 77.15% less carbon

dioxide (-6,2 ton CO2) in our construction process compared to a traditionally-

built station of equal size.

I look forward to seeing how we can apply these learnings to future construction

projects, as well as working with our suppliers to electrify even more parts of our

value chain.

What will be the main point of the sustainability strategy for the coming years?

I think there will be a few main points. Off the top of my head, an immediate

focus will be our carbon footprint as an organisation, and the work we will do to

reduce our impact on the environment. We are also working on Diversity, Equity

and Inclusion (DEI) and are rolling out an employee-led DEI committee in 2023.

Not so far down the road we’ll also look into our supply chain with a human

rights focus. I think 2023 will be a pivotal year for us as we build upon our ESG

strategy.

Can you share a closing thought on e-mobility, a fossil fuel-free world and

sustainability?

It all comes down to living Fastned’s mission: contributing to a fossil fuel-free

world, giving freedom to EV drivers and accelerating the transition to e-

mobility. Although building high-speed EV charging stations is our 'bread and

butter', we keep our eyes and ears open to new opportunities. And while we do

this, we’ll continue to work on reducing Fastned’s impact on the environment as

well as providing renewable energy for our customers. Sustainability is part of

our DNA, and this will become even clearer in the future. I hope that as we

continue on this journey, we will also use our platform to share best practices

with the rest of our industry.


Fastned \| 2022 Annual Report	52

Consolidated income statement7


Key figures (€ million)	2022	2021	2020	% 22-21
Revenues related to charging	36.0	12.4	6.3	191%
Other revenue	—	0.1	0.6
Total revenues	36.0	12.5	6.9
Gross profit related to charging	20.5	8.7	5.2	135%
Gross profit related to charging margin	57%	71%	83%
Gross profit from other revenue	—	—	—
Network operation costs	(12.4)	(6.4)	(4.3)	94%
Operational EBITDA	8.1	2.4	0.9	244%
Network expansion costs	(12.0)	(6.8)	(4.7)	78%
Non cash provisions	(0.1)	—	—
Underlying company EBITDA	(4.0)	(4.4)	(3.8)
Exceptional items	(0.5)	(8.2)	(0.1)
EBITDA	(4.6)	(12.6)	(3.9)
Depreciation & amortisation	(10.3)	(5.9)	(4.1)
Finance income/(cost)	(7.4)	(6.2)	(4.4)
Underlying net profit	(21.7)	(16.4)	(12.3)
Net profit	(22.2)	(24.6)	(12.4)
Earnings per share (depository receipt) (diluted)	(1.27)	(1.48)	(0.84)

Revenue & gross profit


Operating metrics	2022	2021	2020	% 22-21
BEVs in the Netherlands (YE)	328,295	243,664	172,524	35%
BEVs in Germany (YE)	1,013,009	618,460	309,083	64%
Number of operating stations (YE)	244	188	131	30%
Active customers Q4	218,561	111,577	53,309	96%
Active customers NL Q4	160,516	93,370	48,810	72%
Fastned market penetration in NL	49%	38%	28%
Sessions per customer in Q4 in NL	4.0	3.6	3.6
kWh per customer Q4 in NL	84.0	70.5	64.4	19%

Revenue related to charging was €36.0 million in 2022, up 191% YoY, mainly

driven by a 148% increase in volumes delivered to our customers. Energy sold

was 51.9 GWh in 2022, compared to 20.9 GWh in 2021. The growth was driven by

strong sales of electric vehicles throughout Europe and by the acceleration in

our building pace, with 59 new stations added to our network in 2022.


Fastned \| 2022 Annual Report	54

7 Definitions of non IFRS measures are provided in the Non IFRS measures section of this report.

During 2022, the number of electric vehicles increased by approximately 62% in

Belgium, 42% in France, 64% in Germany, 35% in the Netherlands, 47% in

Switzerland, and 69% in the United Kingdom. As a result, the average EV

penetration rate in Fastned's markets (weighted by the number of Fastned

stations in the respective countries) reached 2.9% at year end 2022, 0.9

percentage points higher than in 2021.

In 2022, Fastned built 59 new stations and added 478 chargers, all of which

capable of delivering a minimum power of 150 kW. Simultaneously, network

utilisation rates continue to rise, surpassing pre-corona levels. Despite the

dampening effect of installing more chargers, which increases the total

capacity of our network, the network utilisation is now standing at more than

13.2% in Q4 2022 versus 10.3% in Q4 2021. Like-for-like utilisation, which

compares the same metric while excluding charger additions in the last year,

reached 18%.

Active customers in Q4 2022 grew by 96% year on year to 218,561, outgrowing

the increase in the number of electric vehicles registered. The combination of

faster chargers and electric vehicle fast charge capabilities increasing, led to an

19% increase in the kWh charged per customer, from 70.5 kWh in Q4 2021 to

84.0 kWh in Q4 2022. Sessions per active customer in the Netherlands during

Q4 2022 reached 4.0, increasing by 11% year on year. After two years with

different forms of restrictions to circulation and movement resulting in lower

traffic on highways, sessions per active customer rose back to pre-corona

levels.

Gross profit continued to grow considerably, showing a 135% year on year

increase from €8.7 million in 2021 to €20.5 million in 2022. The result is driven

by higher volumes sold, and by the displayed capacity of keeping a relatively

stable gross profit per kWh, despite the unprecedented volatility in energy

markets.

The main driver of this spike in procurement prices was the shortage of gas in

Europe, resulting from the war in Ukraine and the subsequent reduction in

Russian gas supply. The sudden lack of energy security significantly impacted

wholesale market electricity spot prices, leading to an average price (in the

Netherlands) of €0.24/kWh during 2022. This is a 140% increase when compared

to €0.10/kWh in 2021, and eight times above the average of €0.03/kWh during

2020. A peak was reached in August, when the price of electricity reached an

average of €0.45/kWh with the most expensive day going above €0.69/kWh.

Fastned’s adaptive pricing strategy was crucial to navigate such uncertain

times. During 2022, our energy prices were adjusted six times, both upwards

and downwards to ensure fair pricing to our customers while maintaining a

healthy margin to continue the operation and expansion of our fast charging

stations network. Price transparency is a priority for Fastned: all changes are

clearly communicated through all of our platforms and channels.

Due to our newly adopted adaptive pricing strategy, the effect on gross profit

per kWh was relatively low compared to the extent of the volatility, decreasing

5% to €0.39/kWh in 2022 from €0.42/kWh in 2021.


Fastned \| 2022 Annual Report	55

Network operation costs & operational EBITDA


€’000	2022	2021	2020	% 22-21
Network operation costs, per station	(59.0)	(40.0)	(34.3)	48%
Network operation costs, per charger	(12.7)	(11.0)	(11.8)	15%
Operational EBITDA, per station	38.5	14.9	6.9	158%

To give insight into the profitability of our existing operating network, we report

the non IFRS measure Operational EBITDA. This metric is calculated by the

difference between the gross profit and network operation costs, composed of

the direct and indirect costs to run the existing network. Direct costs include

grid fees, rent, and maintenance, while indirect costs are related to the staff

running the network, including salaries, allocated office rent, administration,

and general costs.

Network operation costs per charger increased to €12.7 thousand in 2022, up

from €11.0 thousand in 2021. The increase is mainly due to the combination of

inflationary pressures and swift team expansion to develop scalable solutions in

anticipation of Fastned’s increasing network. The Operations & Analytics team

grew to an average of 37 FTEs in 2022, from 26 FTEs in 2021.

Network operation costs per station increased by 48%, reaching €59.0

thousand in 2022. The major factor for the increase is the change in the number

of chargers installed per location, standing at 5.1 year end 2022, from 4.0 year

end 2021. Furthermore, larger grid connections are being installed to

accommodate anticipated charging demand growth. Total network operation

costs grew due to an increase in the number of stations.

Operational EBITDA per station was €38.5 thousand in 2022, a 158% year on year

increase when compared to €14.9 thousand in 2021. Operational EBITDA margin

reached 23%, registering an increase of 4 percentage points from the 19% in the

previous year.

Total operational EBITDA grew to €8.1 million in 2022, an increase of 244% from

the previous year, and higher than the growth in revenue related to charging (by

191% YoY) showing Fastned’s scalability and operational leverage potential.

Network expansion costs and underlying company EBITDA

Network expansion costs are related to the expansion of Fastned’s network of

stations such as the search and acquisition of new sites, location design,

construction management and software development. The costs mainly consist

of salaries, marketing, administration and general costs.

During the past year, an average of 80 Fastned employees (FTEs8) were active in

network expansion or supporting this effort, up from 53 in 2021.

In 2022, Fastned acquired 50 new locations that fit our site selection framework,

meaning high-traffic sites where we can build scalable stations on the basis of

long-term land leases.

We finalised construction and opened 59 stations in 2022, growing our

operating network by 30%, from 188 stations at year end 2021 to 244 at year end

2022.

Network expansion costs grew by 78% to €12.0 million in 2022, mainly due to an

increase in the number of employees attributed to network expansion.

Underlying company EBITDA improved to negative €4.0 million in 2022, from

negative €4.4 million in 2021, demonstrating Fastned’s economies of scale,

despite the increasing costs in expanding our network further.

Exceptional items


€’000	2022	2021	2020
Gross profit from station construction	(6)	(13)	(5)
Other income/(expense)	(58)	—	29
Supplier insolvency	—	—	(160)
Covid subsidy	—	—	152
Options awarded to staff	—	(8,158)	(91)
Impairment losses and gains	(452)
Total exceptional items	(516)	(8,171)	(75)

In 2022, Fastned registered an impairment loss of €452 thousand, related to a

loan outstanding with Fastned Terra 1 B.V. (see Note 14.2).


Fastned \| 2022 Annual Report	56

8 Full-time equivalent (FTE), or whole time equivalent (WTE), is a unit of measurement that indicates the workload of an employed person (or student) in a way that makes workloads or class loads comparable across

various contexts

Other income statement items


€’000	2022	2021	2020	% 22-21
Depreciation & amortisation	(10,261)	(5,869)	(4,140)	75%
Finance income/(cost)	(7.385)	(6,163)	(4,388)	20%

Depreciation, amortisation & provisions grew by 75% year on year in 2022 to

€10.4 million due to the growing number of stations and the chargers upgrade

programmes.

Finance costs grew 20% to €7.4 million due to a higher number of bonds

outstanding. The increased amount in retail bonds shows the growing capacity

of Fastned to attract investments.

We recorded a net loss of €22.2 million in 2022, compared to a net loss of €24.6

million in 2021. The main reasons for the loss can be traced back to the nascent

stage of the charging market, as well as our high-pace growth strategy.

Cash flow


€’000	2022	2021	2020
Loss before tax	(22,202)	(24,599)	(12,401)
Depreciation	10,260	5,869	4,141
Net (gain)/loss on sale of non-current assets	58	—	(29)
Provisions	4,732	2,879	302
Deferral of unearned revenues	(41)	(31)	(69)
Share-based payments		8,158	91
Other adjustments	(285)	(123)	383
Changes in working capital	(4,025)	(2,132)	796
Net cash flow from operating activities	(10,790)	(9,979)	(6,786)
Net cash flow used in investing activities	(67,492)	(36,598)	(8,488)
Net cash flow from financing activities	99,772	141,457	29,772
Currency translation differences	(543)	(139)	25
Net increase in cash and cash equivalents	20,947	94,741	14,523
Cash and cash equivalents at 31 December	149,538	128,591	33,850

Cash flow from operating activities in 2022 was negative €10.8 million, an

increase of 8% vis-à-vis the previous year (negative €10.0 million in 2021).

Investing activities are related to the expansion of our network of stations, as

well as the charger upgrading programmes which were implemented over the

course of the year. In the last year, we started the operation of 59 new stations

and increased the average number of chargers per station from 4.0 at the end of

2021 to 5.1 at the end of 2022. The accelerated expansion plan resulted in cash

flow from investing activities being €67.5 million in 2022, 84% higher than the

€36.6 million in 2021.

Net cash inflow from financing activities was €99.8 million in 2022, down 29%

from the €141.5 million in 2021. The capital raised during 2022 resulted from a

€75 million strategic investment from Schroders Capital, as well as more than

€36 million in retail bond issuance. The additional funds will contribute to

Fastned’s expansion.

Balance sheet


€’000	2022	2021	2020
Non-current assets	151,828	81,443	44,842
Cash and cash equivalents	149,538	128,591	33,850
Other current assets	13,864	4,569	1,592
Total assets	315,230	214,603	80,284


€’000	2022	2021	2020
Share capital plus share premium	246,439	172,087	28,397
Retained earnings and other reserves	(85,794)	(62,878)	(46,469)
Total equity	160,645	109,209	(18,072)
Non-current liabilities	122,860	86,876	93,464
Current liabilities	31,725	18,518	4,892
Total liabilities	154,585	105,394	98,356
Total equity & liabilities	315,230	214,603	80,284

Over the course of 2022, Fastned's total balance sheet increased by 46% to

€315.2 million from €214.6 million as of 31 December, 2021.

Total equity increased to €160.6 million at year-end 2022, mainly driven up by

the €75 million capital raise and down by the net loss for the year (€22.2 million).

Non-current assets increased by €70.4 million in 2022 mainly due to

expenditure on property, plant and equipment incurred by Fastned for the

construction of new stations and for charger upgrade programmes.


Fastned \| 2022 Annual Report	57

Current assets increased by €30.2 million compared to 2021 driven by improved

cash position in connection with the €75 million capital raise done in October

2022 (cash and cash equivalent at €149.5 million in 2022 vs. €128.6 million in

2021). This cash will mainly be used for capital investment in Fastned's network

and, to some extent, for ongoing operating expenditure.

Non-current liabilities were €122.9 million at the end of 2022, up from €86.9

million at year-end 2021. The increase mostly reflects movements due to the

issuance of additional retail bonds. Current liabilities increased to €31.7 million

in 2022 from €18.5 million at year-end 2021, due to the upcoming maturity of

bonds.

Station economics

Average station economics, based on Q4 annualised revenues


€’000 (annualised)	Q4 2022	Q4 2021	Q4 2020
Q4 revenue related to charging, per station	231	113	58
Gross margin related to charging, per station	138	80	48
Gross margin per kWh (€)	0.45	0.36	0.46
Gross margin %	60%	71%	83%
Operating costs per station9	(59)	(40)	(34)
Operational EBITDA per station (A)	79	40	14
Initial investment per station (B)	514	429	340
ROIC (A / B)	15.4%	9.3%	4.1%

To give insight into the development of station-level economics, we show the

economics of an average station above. With electric vehicle adoption

accelerating, station utilisation and revenues have gone up considerably, rapidly

improving station economics. As a result, gross margin per station increased

73%, reaching an annualised €138 thousand in the last quarter of 2022 from €80

thousand the year before. Operational EBITDA increased by 98%, reaching an

annualised value of €79 thousand, showing the operational leverage potential of

our business. Driven by construction of larger stations, and inflation during

2022, the initial investment per station increased 20%, to an average of €514

thousand. Returns on invested capital (ROIC), measured as the ratio between

operational EBITDA and initial investment per station showed once again a

positive growth rate, increasing 6.1 percentage points, and reaching 15.4% in

2022.

Top station economics, based on Q4 annualised revenues


€’000 (annualised)	Q4 2022	Q4 2021	Q4 2020
Q4 revenue related to charging	783	314	167
Gross margin related to charging	470	223	161
Gross margin per kWh (€)	0.45	0.36	0.46
Assumed gross margin %	60%	71%	83%
Operating costs per station10	(73)	(66)	(70)
Operational EBITDA (A)	397	157	91
Initial investment (B)	612	608	573
ROIC (A / B)	65%	26%	16%

To show the potential of our network, we also show the economics of one of our

top five performing stations. This is a top performing site as it is located on a

high traffic road and in a part of the Netherlands with relatively high electric

vehicle adoption.

The station shown is performing well because the general traffic on the adjacent

highway is circa three times higher than the traffic on the average station,

leading to approximately three times higher estimated electric vehicle traffic

and circa three times higher revenues. The current performance of this top five

station illustrates the potential for fast charging stations at high traffic

locations (our average station), but with approximately three times higher

electric vehicle traffic.

On an absolute basis, electric vehicle fleet penetration is still low (at 3.6% in Q4

2022 in the Netherlands), leaving a lot of potential for revenue growth when the

electric vehicle fleet penetration increases to an expected 15-30% across our

markets by 2030, which is about four to eight times higher than today.


Fastned \| 2022 Annual Report	58

9 Average operating costs per station for full year.

10 Average operating costs per station for full year, adjusted for the number of chargers in the station.

Fastned recognises that risks are associated with achieving its strategy and

business objectives. Fastned aims to be risk aware without being too risk

averse, operating within a defined risk appetite. Risk management is an

essential element of Fastned’s culture, corporate governance and day-to-day

business. The Management Board therefore recognises the importance of a

formalised approach towards risk management driven by four guiding

principles.

The EU commission has expressed clear ambitions about the EV charging

infrastructure in Europe. More regulation is provided in the EU for tenders,

exploitation of sites and the continuity of the charging infrastructure. The

electric vehicle (EV) and charging industries are developing towards a more

mature stage.

Risk Appetite

Risk appetite is defined as the amount and type of risk that an organisation is

prepared to take in the pursuit of its business objectives. Risk appetite may be

updated following changes in the business strategy or to adapt to external

developments. Although Fastned takes an entrepreneurial approach, we have a

low to moderate appetite for most risk categories, as expressed in the overview

on this page. When determining the appetite for certain risk categories, Fastned

determines the probability of each risk becoming a reality and the impact it

would have on, for instance, our strategy, reputation, staff safety, operations

and (regulatory) compliance.


Low risk appetite	Moderate risk appetite	High risk appetite
A low risk tolerance is also described as risk averse. Intention is to limit the exposure of risks to low level.	A medium risk tolerance is also described as risk neutral. It is (temporarily) comfortable to accept risks that have the best risk reward ratio or risks that are needed to reach business objectives.	A high risk tolerance is also described as risk seeking or doing nothing with opportunities. High risks are in rare circumstances temporarily needed to reach critical business objectives or to seek a solution. This decision is up to the managing board.

Operational risk	Strategic risk
Fraud risk	Financial risk
Legal and Compliance risk
Financial reporting risk

Risk governance

Fastned applies the Three Lines model as an effective structure to enable the

achievement of objectives, while supporting strong governance and risks

management. As a first line, senior management and all employees help the

Management Board to carry out managing risks and controls on a daily basis, as

shown in first line of the graph below. They are encouraged to work in an

entrepreneurial manner and to take risks, provided they are equipped to

manage these risks and operate within the risk appetite boundaries set by the

Management Board. Senior management is responsible for effective internal

controls and the risk management for the activities under their responsibility.

Furthermore, the Management Board is advised by the staff functions, such as

Finance (including Sustainability position), People & Culture, IT, Legal &


Fastned \| 2022 Annual Report	60

Compliance, as these teams monitor risk management within their respective

functional areas.

The Risk & Control (including IT Security position) and Legal & Compliance

(including Data Privacy position) functions represent the second line and jointly

protect and monitor Fastned’s risk strategy, risk culture and integrity. The

second line works closely with the external auditor.

As the third line, Fastned will initiate an internal audit function in 2023. This

function will be integrated with the Risk & Control function to align working

methods and the approach to risk management. It will also make sure that the

internal audit findings are monitored and followed by the day-to-day

operations. To ensure an independent internal audit function, the design and

implementation will be in line with the IIA NL standards11. The combined Risk &

Control, Audit function reports to the management board and the Audit & Risk

Committee on the functioning of the internal control systems.

The Audit & Risk Committee supervises the effectiveness of the internal control

systems, while the Supervisory Board approves the overall strategic objectives

and validates the associated risk appetite.

Risk management framework

In the past year, Fastned made important steps in the further development of

the internal risk management and control system in line with the ISO31000:2018

standard. During 2022, the embedding of risk and control assessments was

further realised, using a top-down overall risk assessment led by Fastned’s

leadership team, and a structured bottom-up approach focussing on key

processes. The outcomes were entered in Fastned’s new implemented risk

management platform to enhance monitoring and reporting. For part of the risk

assessment, specific attention was given to integrity and fraud-related topics

reflected in the Code of Conduct. In 2023, Fastned will continue to enhance and

embed the internal risk management and control system by focussing on risk

analysis, control testing, reporting and risk ownership in the business.

Most important developments and risks

The impact of the corona pandemic has decreased by the end of 2022, resulting

in an upward trend of charger utilisation. The impact of the Russian invasion of

Ukraine, however, continues to affect the uncertainty of wholesale energy

prices. This had an effect on Fastned’s margin per kWh sold. Fastned adjusted

its prices accordingly by introducing a more dynamic pricing mechanism.

Geopolitical developments, effects from higher energy prices and inflation

rates continued to increase prices for materials. Using our strong relationship

with suppliers and buying upfront larger quantities of materials, Fastned

secured potential shortage of material supplies and delivery times.

Going forward, Fastned foresees that the charging market will become a more

regulated market, facing more competition and increased customer demand for

high-quality charging experiences. To meet these challenges, we continue to

offer high-end and convenient charging infrastructure, test the latest charging

technology (e.g. 400kW chargers), and intensively look for new sites with

amenity options. In parallel, it is Fastned’s ambition to apply a sustainable

operating model by focusing on limiting or adjusting used materials, only using

renewable energy for charging, and CO2 reduction during construction

activities. A successful pilot was realised in constructing one of our Dutch

stations, Lingehorst. More information can be found in the section 'Our impact

on the environment', page 48 of this report.

The most important risks that can impact Fastned’s financial performance or

business model are identified in the tables on the following pages. They are

similar to the risks identified in the 2021 Annual Report and therefore, Fastned’s

overall risk profile has not changed compared to last year.

While these assessments showed no material shortcomings, appropriate

mitigating actions were taken when necessary.


Fastned \| 2022 Annual Report	61

11 Institute of Internal Auditors Nederland, Combining Internal Audit and Second Line of Defense Functions, 2014

Strategic Risk

The risk that strategic objectives cannot be realised, important business opportunities cannot be leveraged or the business model requires adjustment.

Risk appetite: Moderate


	Risk assessment	Our approach	Residual risk	Trend ‘22 vs ‘21
1	Revenue development/charger utilisation EV drivers charge less at Fastned stations and lower number of battery electric vehicles (BEVs) on the road than anticipated.
	As the political climate is in favour of BEVs and the number of BEVs is growing considerably across our markets in the EU, Fastned observes a positive trend for charger utilisation. This is supported by our high-end and convenient charging infrastructure and highly-rated customer support. The challenge is to be top-of-mind for EV drivers when it comes to charging.	By continuing to expand and offer high-end and convenient charging infrastructure, we keep aiming for network operations excellence. Fastned believes that the hurdles for purchasing a BEV are lowered, which stimulates people’s choice in favour of Fastned stations. In support of that ambition and to be top-of-mind for EV drivers when it comes to charging, Fastned will intensify its branding and marketing activities, and will continue to innovate its charging app and related functions (e.g. auto charging).	Moderate	↔


Fastned \| 2022 Annual Report	62


	Risk assessment	Our approach	Residual risk	Trend ‘22 vs ‘21
2	Regulatory/political climate Risk of policy changes or new regulation: for example, no tenders or permits for new sites, or stricter regulations. This reduces the number of market opportunities.
	In line with 2021, from an EU perspective, the political climate is putting more emphasis on sustainability and pushing for EV driving and fast charging infrastructure across Europe. Following that, Fastned has constructive dialogues with various governments/authorities in Europe about tendering of fast charging sites.	Fastned's Public Affairs team is active in all key markets. Together with the Legal team and outside advisors, we have a continuous dialogue with authorities in our key markets. Topics are, amongst others, expected tenders, allotment of fast charging permissions including amenities, and renewal conditions of current concessions. Fastned aims to ensure that these procedures are in line with EU principles. To build up a diversified portfolio of locations, Fastned also develops commercial sites.	Moderate	↔
3	Technology innovations Change in the technology and product standards of BEVs as well as fast chargers, potentially rendering Fastned’s equipment less competitive or obsolete.
	Fastned aims to offer people the fastest and easiest charging experience across its locations. EV drivers are attracted to nice sites with a high charging speed. Fastned is one of the frontrunners in offering fast charging.	Fastned is an active member of CharIN (the organisation behind the CCS fast charging standard). Fastned maintains regular contact with various OEMs and charger manufacturers across the globe, with an aim to use best-in-class and future-proof technology at our stations. The effect is that Fastned regularly upgrades stations with ultra fast chargers. Across our charging infrastructure, we have rolled our payment terminals to our chargers to improve customer payment flexibility. Recently, Fastned has started several pilots with EVBox, ABB and Alpitronic to test their newest (faster) chargers.	Low	↔
4	Network development Losing pace of gaining new locations and the risk of not securing the right ones, resulting in underperformance.
	A filled pipeline of secured stations is critical to meet our mission of a network of 1,000 stations in 2030. Governments are pushing for charging stations and zero-emission zone tenders in Fastned’s key markets, providing a pool of tenders. The requirements, however, are getting higher and the competition fiercer. Tesla and existing petrol companies, for example, have become direct competitors in tenders. In the Netherlands, Fastned also experiences increased competition at existing sites from petrol stations and restaurants. Uncertainty about being able to renew current concessions at end-of-contract has also an upward effect on this risk.	In 2022, Fastned secured 50 locations, bringing our acquired pipeline to 376 sites. In order to compete, Fastned continues to focus on offering outstanding charging experiences. Our Network Development team further explores market opportunities in new European countries and by actively looking for interesting commercial sites. With the support of our internal Datalab, data analytics has become an integrated part of the search for new sites. To make our stations more attractive, Fastned has started to install station amenities like bins, toilets and our first shop. Additionally, the Public Affairs team is focusing on stimulating transparent tender conditions for exploring new sites and amenities.	Moderate/High	↑


Fastned \| 2022 Annual Report	63

Operational Risk

The risk that objectives cannot be realised due to people, process, technology and information security/continuity events. In scope are also third-party related risks.

Risk appetite: Low


	Risk assessment	Our approach	Residual risk	Trend ‘22 vs ‘21
1	Electricity grid constraints Not being able to connect new stations to the electricity grid, or to operate stations at optimal capacity due to limited grid connection capacity.
	Across the EU, the electricity grid faces more and more capacity limitations. Due to these limitations and increased competition, the lead time for obtaining new grid connections is getting longer. Also, the requested grid connection capacity cannot always be obtained for every station.	Before the construction of a new station begins, Fastned’s strategy is to request a grid connection as early as possible and to apply for more grid connection capacity than needed to build a station. Later on, this offers the possibility to upgrade existing chargers or increase the number of chargers at a station without grid connection adjustments. Although the possibilities to mitigate the risk are limited, Fastned continuously looks for opportunities to optimise the process of obtaining grid connections. To improve the balance between energy usage and grid connection capacity, Fastned explores the possibility of dynamic pricing to manage demand and to apply load balancing to stretch existing capacity at stations.	Moderate	↔


Fastned \| 2022 Annual Report	64


	Risk assessment	Our approach	Residual risk	Trend ‘22 vs ‘21
2	Pressure in supply chain Limitations in the supply chain due to continued geopolitical developments, the scarcity of chargers hampers the construction of new stations or timely upgrades of existing stations.
	Although supply chains have recovered in general, uncertainty in the supply chain remains relatively high due to geopolitical developments between China, the US and the EU. The growing demand for chargers while supply ramps up without losing sight of quality further stimulates the pressure in the charger supply chain. In combination with the small number of charger manufacturers Fastned depends on, this can hamper the company's growth ambition in the coming years.	Besides our well-established relationship with our current (charger) suppliers, Fastned continuously looks for opportunities to diversify its portfolio of suppliers to decrease third-party risks. For example, a pilot with charger supplier EVBox has started to diversify our portfolio of charger manufacturers. To ensure the timely delivery of materials, Fastned closely monitors its pipeline for new and soon-to-be upgraded stations by looking more upfront and integrating more flexibility in the material ordering process.	Moderate/High	↑
3	Network operations excellence Unclean stations, below-par customer support and out-of-order chargers result in loss of revenue, customer dissatisfaction and a less favourable position to gain concessions.
	Increasing requirements for clean, safe and operating stations with a high uptime have become more standard by governments, commercial parties and customers. It is of critical strategic importance to Fastned to maintain high customer satisfaction, focus on good client support, clean stations and ensure 99% charger uptime. Fastned expects that a repair within 24 hours will become the norm.	As a charging operator, Fastned has built up one of the highest customer satisfaction ratings. It is essential to have a dedicated in-house Customer Support team, network operations centre and Field Operations team to respond quickly to any operational issue. Fastned will continue to improve its back and front office processes and systems while maintaining operational excellence. To support that ambition, Fastned enhanced its mobile app with new functionalities, such as Autocharge. Payment terminals are installed on chargers, increasing the number of payment options for customers.	Moderate	↔
4	Talent acquisition and retention Not being able to attract, train and retain good staff, hampering the growth ambition of Fastned.
	Having a motivated and competent team in all our markets is essential to successful operations and business growth. Recruiting the right talent remains difficult in a tight labour market, especially in areas such as IT, software development and maintenance.	Fastned is considered an attractive employer by many candidates. The company’s mission, culture and operating model are key success factors. Going forward, Fastned will give more attention to proactively marketing its position as an attractive employer. Combined with its reinforced recruiting capacity in the local countries, Fastned foresees developing efficiently.	Moderate	↔


Fastned \| 2022 Annual Report	65


	Risk assessment	Our approach	Residual risk	Trend ‘22 vs ‘21
5	Health & Safety The risk of an unhygienic working environment, injuries of employees and affiliates on-premise (i.e. site, station or office) or during work-related activities.
	The rapidly growing workforce and the growing number of construction and operational sites increase the risk of health and safety issues. To mitigate that risk, Fastned applies clear health and safety (H&S) instructions for all staff working on a construction site or performing station maintenance. We ensure that adequate equipment is provided for our construction and maintenance staff, and that they are certified and regularly follow awareness courses. Construction managers and maintenance coordinators frequently monitor adherence to the H&S instructions. At Fastned offices, a healthy workplace is realised by adequate equipment (e.g. desks, chairs and monitors), daily cleaning and trained employees that can assist in case of emergency on site.	The expected higher construction pace, the increasing maintenance activities in line with the number of operational stations, and the growing employee base require extra focus on H&S management. As a first step, we will perform an HSE assessment by an external party in 2023. In addition, Fastned will set up a separate H&S function as part of the Risk & Control function.	Moderate	↔


Fastned \| 2022 Annual Report	66

Financial Risk

The risk of a financial loss resulting from a counterparty’s failure to repay a loan or meet contractual obligations, or the inability to meet long-term debts and continue

operating into the future, or to obtain timely funding for charging network expansion.

Risk appetite: Moderate


	Risk assessment	Our approach	Residual risk	Trend ‘22 vs ‘21
1	Liquidity planning and capital position Insufficient funds to pay creditors and to manage financial commitments, as well as to finance further charging network expansion.
	Fastned strongly focuses on a healthy liquidity position to meet ongoing concern requirements and to repay or refinance outstanding bonds. Fastned’s current capital position enables further expansion of the charging network and management of financial commitments.	During 2022, Fastned enhanced its capital position by raising up to €118m via a private placement of €75m in equity to Schroders Capital's infrastructure fund and issuing new/extending bonds. This secures pre-funding of our construction activities 12-18 months ahead, in line with going concern requirements. To manage financial commitments, Fastned has a contract-signing process in place that ensures contracts are only signed by the Board after approval from the head of the Legal team and the head of the business line involved. Additionally, Fastned applies a structured purchase order process, with defined PO limits and segregation of duties.	Low	↔


Fastned \| 2022 Annual Report	67


	Risk assessment	Our approach	Residual risk	Trend ‘22 vs ‘21
2	Pricing development Risk of decreasing gross margin per station.
	Wholesale market energy prices increased sharply throughout Europe in the course of the year, mainly caused by the Russian invasion of Ukraine. This has impacted the price of materials and has had a considerable impact on inflation. Although government measures might limit the impact to a certain extent, the volatility of wholesale market energy prices continues. By introducing an adaptive pricing strategy, Fastned has been able to mitigate the pressure on gross margin per kWh sold without impact on volumes. Going forward, Fastned will closely monitor competitors' pricing strategies as it can become a differentiator, and some competitors have more investments capabilities than Fastned.	In Q4 2021, Fastned changed its prices for the first time to be able to reflect price trends in the European wholesale electricity market. Effects of higher price inflation on costs and gross margin per station are closely assessed by Fastned and, if necessary, mitigated through price correction. In 2022, because of volatile energy prices, Fastned applied price corrections several times. To enhance the flexibility in our pricing strategy, Fastned looks for opportunities to refine it depending on, for instance, time, day, location, etc. In addition, Fastned explores alternative energy procurement strategies.	Low/Moderate	↓
3	Impact of coronavirus pandemic Revenues can be impacted because of lower traffic numbers. Risk of operations impacted by staff being ill/not being able to come to the office.
	The coronavirus pandemic continued to impact certain parts of the world. In the EU, however, the estimated impact of corona was almost considered zero in the second half of 2022. Therefore, EU governments released all restrictions which normalised our lives again. Fastned’s revenue increased accordingly in 2022, thanks to new station openings and an increase in electric vehicles on the roads. Looking back, corona only minimally impacted the way we operate, as working remotely has been possible for almost all office staff since before the start of the pandemic.	Fastned continues to monitor the developments of the coronavirus pandemic. The hybrid working model is fully embraced at Fastned, giving attention to finding the right balance between working remotely and in-office, ensuring a safe working environment while making sure everyone feels and stays involved.	Low	↓


Fastned \| 2022 Annual Report	68


	Risk assessment	Our approach	Residual risk	Trend ‘22 vs ‘21
4	Russia - Ukraine conflict The Russian invasion of Ukraine and rapidly escalating events in February and March 2022 are causing disruption to business and economic activity in the region and worldwide. The US, UK and Europe have initiated sanctions against Russia.
	Fastned has no business activities in neither Russia nor Ukraine. However, because of the Russian invasion of Ukraine and related international response measures, including sanctions and capital controls, the supply chains of charging equipment and raw materials for station construction is affected. As a result, energy prices have strongly increased and are volatile. This could have a wider impact on the rate of growth of BEVs and indirectly on Fastned’s business operations in Western Europe.	Fastned continues to monitor the situation to stay abreast of all relevant updates, to implement effective and appropriate additional control measures, and to manage increased supply chain risks, cyber risks and financial impacts of these developments. In parallel, Fastned continues to improve the level of information security and to limit the risk of dependency on single suppliers.	Moderate/High	↓


Fastned \| 2022 Annual Report	69

Financial reporting risk

The risk of external financial and regulatory reporting failure (i.e. misstatement).

Risk appetite: Low


	Risk assessment	Our approach	Residual risk	Trend ‘22 vs ‘21
1	Financial misstatement External reported financials are not in line with accounting standards or incomplete by which external stakeholders — like regulatory agencies, current and potential shareholders and investors, and bondholders — could draw incorrect conclusions about a company's current and future financial health.
	Reporting accurate financial reports is a challenge, even more considering mandatory external timelines. Fastned’s financial statements are in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and also comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code. Compliance with these standards and regulations is internally and externally monitored by the supervisory board and the external accountant, respectively. Additionally, financial data is centrally managed in a financial system. A supportive internal control system is implemented with preventive and detective controls to ensure the accuracy of financial figures. The operating effectiveness is annually audited by the external accountant. Only authorised people have access to the data and process changes. The Management Board validates the financials before reporting internally and externally, and the Supervisory Board monitors the integrity and quality of the company’s financial reporting.	Fastned is working on further linking different financial data sources to support a more efficient, robust financial reporting process going forward.	Low	↔


Fastned \| 2022 Annual Report	70

Fraud risk

The risk of committing fraud by employees or a third party, including cyber risk.

Risk appetite: Low


	Risk assessment	Our approach	Residual risk	Trend ‘22 vs ‘21
1	Kickback or bribery arrangements Kickback arrangements can occur when defining price arrangements for material purchases with service and/or material suppliers. Someone internally can agree with higher prices for financial gain in return. The possibility that a contractor tries to get a contract or exceptional contract conditions by gifts, nice events or manipulation.
	Although the organisation and business continue to experience rapid growth and trends of further enforcement of anti-corruption regulation are observed, Fastned considers the internal and external fraud risks regarding kickback and bribery arrangements limited because of a combination of formal and informal controls. Formal controls involve a strict signing process for contracts including segregation of duties and at least the 6-eyes principle as well as a related party check. The company’s open culture and clearly outlined Code of Conduct stimulate the right set of informal controls.	Fastned will continue paying attention to fraud-related risks through onboarding sessions, regular meetings with staff about work conditions/climate, and awareness training. Further outlining the gift policy will provide guidance to employees for recognising the first signals of kickback and bribery arrangements.	Low	↔


Fastned \| 2022 Annual Report	71


	Risk assessment	Our approach	Residual risk	Trend ‘22 vs ‘21
2	Cyber risks (e.g. phishing, ransomware attack, spoofing, man-in-the-middle, DDoS) Leakage, manipulation, locking or spoofing of (sensitive) data as a result from a cyberattack. This could result in financial loss, discontinuity of operations, reputational damage, legal claims or penalties.
	In our digital society, the risk of cyberattacks requires continuous monitoring. Besides regularly-performed information security risk assessments, Fastned enhanced and further implemented mobile device management, patch management, backup management, antivirus protection and user access management, and stimulated awareness company- wide. To be sure that the information security of our managed backend IT environment would be adequate, a penetration test was performed by an established third party.	In line with our proactive approach to managing cyber risk, Fastned will continue monitoring the threat level of cyberattacks and enhancing its preventive and detective controls. Improving user awareness will give priority as well as the focus on monitoring, detection (i.e. SIEM solution) and incident response management. In this way, we will also align with upcoming regulations (i.e. Dutch law Security network- and information systems (Wbni). To demonstrate that the level of information security and continuity is up-to- standard and in line with ISO27k standards, Fastned has the intention to work towards certification.	Moderate	↓
3	Management override Possibility that after the approval process, a board member or director override the outcome (e.g. pricing details, no-go decisions, contract terms) as final approver for personal gain.
	Assessing our compliance system in 2022 demonstrated that the set of preventive and detective internal controls adequately mitigates the risk of management override. A formalised signing process for contracts is implemented, including segregation of duties, keeping an audit trail and at least 6-eyes principle as well as a related party check. The company’s open culture and clearly outlined Code of Conduct stimulate the right set of informal controls.	Fastned will annually assess the risk of management override as the number of senior management positions will grow. If needed, additional measures will be taken to limit the risk. Also, continuous attention will be paid to stimulating Fastned’s open culture.	Low	↓
4	Data manipulation Possibility that site selection data, financial data and contract-related data are manipulated to harm Fastned for own purposes.
	Ensuring data integrity is of high importance for correct internal decision making and financial reporting to external stakeholders. Fastned has implemented a set of preventive and detective internal controls to mitigate the risk. To maintain the data, different applications are used with strict authorisations taking into consideration segregation of duty, built-in application controls like reconciliation, audit trails and dual control. These automated controls are accompanied by manual plausibility checks, checklists and multiple validation checks across teams (see also financial reporting risk). Besides so- called 'hard' controls, the company’s open culture and clearly- outlined Code of Conduct stimulate the right set of informal controls.	To limit the risk of data manipulation even further, Fastned is working on further integrating backend and frontend systems to enhance reconciliation. Enhancing monitoring of audit trails and detection controls as part of a SIEM solution will be looked at.	Low	↔


Fastned \| 2022 Annual Report	72

Legal & Compliance risk

The risk of misconduct, failure in (non-)contractual obligations, or regulatory non-compliance as well as mishandling of legal processes.

Risk appetite: Low


	Risk assessment	Our approach	Residual risk	Trend ‘22 vs ‘21
1	Reporting on sustainability Not being ready to report on the company's actions on sustainability and social equity in line with upcoming EU regulation, resulting in reputational damage or regulatory non- compliance.
	There is a growing demand for harmonisation of sustainability frameworks and reporting on sustainability information. Fastned expects that the new Corporate Sustainability Reporting Directive (CSRD) that will take effect starting 2024, will impact the reporting of Fastned’s processes and controls with respect to the information on sustainability.	In preparation for external reporting on sustainability information, Fastned has started to assess the company’s actions on sustainability and social equity in line with widely-accepted sustainability standards.	Low	↔
2	Misconduct Not treating colleagues or other people with respect or fairness, showing inappropriate behaviour or not practising inclusiveness.
	Employees are Fastned’s most important resource. We work as a team, promote inclusiveness and treat our colleagues with respect and fairness. Fastned safeguards a culture of mutual trust and values differences of opinion as well as cultural diversity. In case of conflicts, incidents or signals, the Whistleblower policy provides easy access for escalation supported by the non-compliance response policy to handle misconduct signals or events with care.	Fastned continues to stimulate adherence to our cultural values through leading by example and by discussing dilemmas with employees about what is acceptable behaviour or not. As part of our open culture, we will safeguard our trusted work environment where employees feel safe to speak up.	Low	↔


Fastned \| 2022 Annual Report	73

Corporate Governance

Good corporate governance is fundamental to ensure companies are managed

in a responsible, sustainable way, and also a way that aligns with stakeholder

interests.

The purpose of corporate governance is to achieve, with or in relation to laws

and regulations, a sound and transparent system of checks and balances

within Dutch listed companies like Fastned. It also regulates the relations

between the Management Board, the Supervisory Board and shareholders.

Compliance with good corporate governance contributes to confidence in the

good and responsible management of companies and their embedding in

society. It also allows Fastned to ensure its continuity and growth while

creating long-term shareholder value.

General

Fastned B.V. is a private company with limited liability (besloten vennootschap

met beperkte aansprakelijkheid) incorporated under the laws of the

Netherlands and has its statutory seat (statutaire zetel) in Amsterdam, the

Netherlands. Fastned has a corporate governance structure that reflects and

protects its mission and meets all relevant legal obligations.

Fastned Administratie Stichting (FAST)

Fastned believes it is crucial that its mission and identity is protected. Fastned’s

mission is to provide freedom to electric drivers and accelerate the transition to

sustainable mobility. To safeguard this mission, all shares in the capital of

Fastned B.V. are held by FAST, which in turn issued depositary receipts for these

shares to investors. These depository receipts embody the economic aspects of

the shares of Fastned. FAST exercises the voting rights attached to the Fastned

shares. The main tasks and purpose of FAST are (i) to make sure that Fastned is

working towards its mission, (ii) to monitor the continuity of the Company, and

(iii) to safeguard the interests of the holders of depository receipts (DR

Holders). These three tasks – in that order – form the guiding principles of the

board of FAST.

Depositary receipt holders

The governance structure of Fastned is designed with the aim of protecting the

interest of all DR Holders equally. DR Holders have the right to attend the

General Meetings and to speak at such meetings. They also have the right to

appoint the members of the board of FAST upon nomination by the board of

FAST. Additionally, the Fast Board may ask the DR Holders for their views

regarding the items on the agenda of the General Meeting of Fastned.

Fastned management structure

Fastned has a two-tier board structure consisting of the Management Board

and the Supervisory Board. The Management Board is responsible for the day

to-day management. The Management Board is complemented by the Executive

Team, composed of the directors (six) of the main areas of growth of the

company. The Supervisory Board supervises and advises the management

board.

Fastned Management Board

The Management Board is the executive body and is entrusted with the

management of Fastned and is responsible for the continuity of Fastned under

the supervision of the Supervisory Board. The Management Board’s

responsibilities include, among other things, setting Fastned’s management

agenda, developing a view on long-term value creation by Fastned, and

enhancing the performance of the Company. The General Meeting appoints the

Managing Directors upon nomination by the Supervisory Board.

Fastned Supervisory Board

The Supervisory Board supervises the Management Board of Fastned, its general

course of affairs, and its affiliated businesses. The Supervisory Board is

accountable for these matters to the General Meeting. The Supervisory Board

also provides advice to the management board. In performing their duties, the

supervisory directors are required to focus on the effectiveness of Fastned’s

internal risk management and control systems and the integrity and quality of

the Company’s financial reporting.

Dutch Corporate Governance Code

The Dutch Corporate Governance Code, as amended, was published on 8

December, 2016, entered into force on 1 January, 2017, and finds its statutory

basis in Book 2 of the Dutch Civil Code. The Dutch Corporate Governance Code

applies to Fastned as its registered office is in the Netherlands and its

depositary receipts have been listed on Euronext Amsterdam. The Dutch

Corporate Governance Code is based on a ‘comply or explain’ principle.

Accordingly, companies are required to disclose in their annual report whether

or not they are complying with the various best practice provisions of the Dutch

Corporate Governance Code that are addressed to the Management Board or, if

applicable, the Supervisory Board of the company. If a company deviates from a

best practice provision in the Dutch Corporate Governance Code, the reason

for such deviation must be properly explained in its annual report. We deviate


Fastned \| 2022 Annual Report	75

from a limited number of best practice provisions, which are explained in the

Corporate Governance section of the annual report.

Departures from the Best Practice Provisions of the Dutch

Corporate Governance Code

Fastned acknowledges the importance of good corporate governance and

agrees with the general approach and with the majority of the provisions of the

Dutch Corporate Governance Code. However, considering Fastned’s interests

and the interest of its stakeholders, it is expected that the Company will deviate

from a limited number of best practice provisions, which are the following:

Principal 1.3 - internal audit function

The Company does not comply with best practice provisions 1.3.1 up to 1.3.5,

which provide for an internal audit department. Fastned does not yet have a full

internal audit service given its size and stage. However, an Internal Risk &

Control manager was hired and started in 2022 to identify internal and external

risks so that they can then be incorporated into internal risk management and

control systems. The ultimate goal is to have a solid framework that can then be

audited by an internal auditor. For now, the Supervisory Board is of the opinion

that sufficient adequate alternative measures have been taken and that Fastned

is structurally on its way to implementing a sound internal audit service in the

coming years. See the report of the Supervisory Board for more information on

this subject.

Best Practice Provision 2.1.7 - Independence of the Supervisory Board

With the appointment of Jérôme Janssen, which took place on 7 December,

2022, the Company no longer complies with best practice provision 2.1.7(ii),

which requires that more than half of the supervisory board members shall be

independent. Following the appointment of Jérôme Janssen, the Supervisory

Board now consists of four Supervisory Directors. Both Bart Lubbers as

chairman (as further described below) and, for as long as Schroders holds 10%

or more of the DRs, Jérôme Janssen will not be 'independent' within the

meaning of the Dutch Corporate Governance Code. For as long as Schroders

holds a certain percentage of DRs, Schroders shall have the right to nominate

one Supervisory Director for appointment by the General Meeting and shall

have the right to propose a replacement for such member. Such a member will

not need to be 'independent' within the meaning of the Dutch Corporate

Governance Code.

Best Practice Provision 2.1.9 - Independence of the chairman of the

supervisory board

The Company does not comply with best practice provision 2.1.9, stating that

the chairman of the Supervisory Board should be independent. Based on

provision 2.1.8, Bart Lubbers, as the chairman of the Supervisory Board of the

Company (the Supervisory Board), is not independent because he (i) has been a

member of the Company’s Management Board (the Management Board) in the

five years prior to the appointment as chairman of the Supervisory Board, (ii) has

an indirect shareholding in the Company of at least 10% via Wilhelmina-Dok B.V.

and (iii) is a member of the Management Board of Wilhelmina-Dok B.V. that

jointly have an indirect shareholding of at least 10% in the Company.

Fastned is of the opinion that the appointment of Mr. Lubbers as chairman of

the Company’s Supervisory Board allows him to use his extensive industry

knowledge (obtained via his membership of the supervisory board of Epyon

(later acquired by ABB) and the management board of Fastned) to the benefit of

the Company, its mission and its depositary receipts holders (DR Holders). In

order to overcome Bart Lubbers' dependence, clear arrangements have been

made within the Supervisory Board as to when Marije van Mens will take over as

Vice-Chairman and when Bart Lubbers will abstain from the discussions.

Fortunately, to date, no conflicting situations have arisen.

Best Practice Provision 2.2.1 - Term of management board appointment

Fastned does not comply with the best practice provision 2.2.1, stating that a

Management Board member is appointed for a maximum period of four years,

with the possibility of re-appointment of another four years. Fastned believes in

long-term value creation through commitment to the Company. At this

moment, changing the Management Board every four years (with the possibility

of extension) does not contribute to this. This may be re-evaluated in the future.

Best Practice 2.3.4 - Composition of committee

More than half of the members of the committees are not independent within

the meaning of best practice provision 2.1.8.

Best Practice Provision 2.5.3 - Employee participation

The Company has not established an employee participation body because

Fastned has only recently reached a number of 50 employees within the

Netherlands. Therefore, Fastned cannot comply with best practice provision

2.5.3 stating that the conduct and culture in the company and its affiliated

enterprise should be discussed in the consultations between the Management

Board, the Supervisory Board and such employee participation body.

Best Practice Provision 4.4.2 - Appointment of the members of the Foundation

Board

The members of the FAST Foundation Board shall be appointed by the DR

Holders based on a recommendation of the Supervisory Board, therefore the

Company does not comply with best practice provision 4.4.2 stating that the

board members of the trust office should be appointed by the board of the trust

office, after the job opening has been announced on the website of the trust

office.


Fastned \| 2022 Annual Report	76

Best Practice Provision 4.4.8 - Voting proxies

The Company does not comply with best practice provision 4.4.8, stating that

the board of the trust office should issue voting proxies to vote in the general

meeting of the Company under all circumstances and without limitations to all

DR Holders who request this. At this moment, the Company holds the view that

the interests of the Company and its stakeholders are served best if votes are

cast by the FAST Foundation.

Code of Conduct

Fastned has a Code of Conduct that applies to all employees. The principles and

best practices established in the Code of Conduct reflect the corporate culture

that the Management Board wants to embed in the day-to-day routines of all

employees. The Code of Conduct includes topics such as employees’ and

human rights, health and safety, gifts, anti-bribery and confidential information.

The Code of Conduct can be found on Fastned’s website.

Whistleblower policy

Fastned employees are offered the opportunity to report irregularities or

suspicions with regards to our Code of Conduct, internal policies and

procedures, laws and regulations. Reporting of such instances by Fastned

employees can be done through the established internal reporting channels or

the external reporting channel. The Whistleblower policy can be found on

Fastned’s website. No irregularities were reported in the financial year 2022.

Insider trading policy

Fastned implemented regulations covering security transactions by the

members of the Management Board, FAST Board and other Fastned employees.

The insider trading policy is published on Fastned’s website. Fastned’s insider

trading policy aims to promote compliance with the relevant obligations and

restrictions under applicable securities law.

Composition and diversity

Fastned’s Management Board consists of the chief executive officer (CEO) and

the chief financial officer (CFO). The Management Board is composed to be

adequate and balanced, with a diverse selection of persons with specific

expertise in relation to the business activities, strategy and long term goals of

Fastned. The Management Board as a whole aims to meet the following

qualifications:

•fully supportive of the Fastned mission and able to translate this into a

company-wide strategy;

•knowledge of and experience in the energy transition, electric driving,

scale-up company’s, sustainability, leading international operations and

international brands;

•knowledge of and expertise in financial management, accounting and

reporting for an international company;

•knowledge of, and experience in, corporate human resource

management, remuneration and compensation;

•knowledge of, and experience in, corporate responsibility, compliance

and corporate governance of a listed company

•Fastned also takes account of factors such as nationality, gender, age

and education for the composition of the Management Board.

Fastned's Supervisory Board currently consists of four members. In 2022, one

new member was appointed.

Data privacy and cybersecurity

Customers entrust Fastned with their personal data, and Fastned considers it

vital that we secure this information and handle it with due care, at all times.

Fastned complies with the General Data Protection Regulation (GDPR) and all

applicable national privacy and data protection laws in every country where we

are present. Fastned only processes personal data where it can provide a legal

basis for doing so, and can do so transparently. Processing activities are

described in detail in our privacy policy, which is available to everyone on our

website and mobile application, in all languages of the countries in which we

operate. Herein, we describe all activities related to the collection, use, sharing

and retention of our customer data, including data transferred to third parties.

Fastned has also appointed a data protection officer who handles all customer

privacy requests, implements our privacy policies and constantly updates,

improves and strengthens its processes and procedures and closely monitors

changes in new and existing privacy legislation.


Fastned \| 2022 Annual Report	77

Remuneration report

Management Board remuneration

The remuneration of the individual Managing Board members has been

established by the Supervisory Board in accordance with Fastned’s

remuneration policy as has been adopted by the General Meeting upon a

proposal of the Supervisory Board. Any subsequent amendments to this

remuneration policy are subject to adoption by the General Meeting. The

remuneration of, and other agreements with, the Managing Directors are

required to be determined by the Supervisory Board, with due observance of

the remuneration policy. The Company’s remuneration policy aims to attract,

motivate and retain qualified and experienced individuals and reward them with

a competitive remuneration package that is in line with labour market

conditions of companies that engage in comparable activities and/or are similar

in terms of size and/or complexity. Based on the remuneration policy, the

remuneration of the Managing Directors may consist of the following

components:

•Fixed part - Base salary and holiday allowance

•Long-term incentive - share options

•Pension

•Other benefits

The Managing Board members have entered into an employment agreement

with Fastned. The employment agreements have the same terms and conditions

as the employment agreements of regular employees of Fastned. Fastned does

not provide any personal loans, advances or guarantees to Managing Board

members. There are no contractual severance arrangements in place between

the Managing Board members and Fastned. The employment agreements are

entered into for an indefinite period of time with a one month notice period for

both parties.

Base Salary

The base salary of the Managing Board members aims to reflect the

responsibility and scope of their role, taking into account their level of seniority

and experience. The base salary of each Managing Board member is a fixed cash

compensation paid on a monthly basis. The base salary will be annually

evaluated by the Supervisory Board, taking into account developments in the

pay market and other factors (including potential changes in role and/or

portfolio size) and can be adjusted by the Supervisory Board in accordance with

the remuneration policy.

Long-term incentive plan

In principle, the Managing Board members participate in the Option Plan that

applies to all employees of the Company. Mr. Langezaal is however excluded

from this option plan.

Under the Option Plan, ten milestones are defined, each goal consisting of a

market capitalisation related goal and an operational goal. Each time such

milestone is met, Fastned will allocate options for newly to be issued DRs to its

employees for a total of 1% of the then outstanding number of DRs. The

allocation of these options for newly to be issued DRs depends on the role and

responsibilities of the employee in the organisation. The criteria for the granting

of options will be determined by the Supervisory Board if it concerns a

Managing Director.

The milestones of Fastned’s Option Plan

Milestone Market cap goal (in millions of EUR) Operational Goal

1.> 150 > 100 stations

2.> 200 > EUR 1 million revenues in one calendar year

3.> 300 > 250 stations operational

4.> 400 > 150 kW charging on 50% of the stations

5.> 500 > Company net profitable for 12 months in a row

6.> 600 > 500 stations operational

7.> 700 > EUR 100 million in revenues in one calendar year

8.> 800 > 30% EBITDA margin for 12 months in a row

9. > 900 > 300 kW charging on 50% of our stations

10.> 1,000 > 1,000 stations operational

The milestones of the Option Plan consists of two targets which need to be

achieved. Achieving an operational goal does not automatically translate into

the market capitalisation linked to the same milestone. See the Remuneration

Policy posted on Fastned’s website for more detail.


Fastned \| 2022 Annual Report	78

Pension and other benefits

In principle, the Managing Board members are eligible to participate in the

Company’s pension scheme. However, if a Managing Board member is a major

shareholder or depositary receipt holder (DR Holder) of the Company (as

defined in the Dutch Pensions Act, which is, in short, the case if a managing

director directly or indirectly holds more than 10% of the Shares or DRs) such

Managing Board member is not eligible to participate in the Company’s pension

scheme. Mr. Langezaal is therefore not eligible to participate in the pension

scheme. The pension scheme for the Managing Board members is the same as

the pension schemes applicable to other employees working for the Company

in the Netherlands. Other benefits Fastned provides for other benefits like

company cars. All Management Board members drive an electric company car.

Pay ratio

In line with the revised Dutch Corporate Governance Code (2016), Fastned takes

into account the internal pay ratios and employment conditions of the

employees within the organisation when formulating its remuneration policy.

Fastned’s internal pay ratio is calculated as the average total compensation of

the Managing Board members divided by the average employee compensation

(total personnel expenses divided by the average number of FTE).

Consequently, Fastned’s calculated pay ratio in 2022 is 1.83 (2021: 2.13).

Management Board Remuneration over 2022

The table below provides the remuneration of each member of the Management

Board, for the financial year that ended on 31 December, 2022.


€’000	Fixed remuneration	Pension	Other benefits *	Option plan	Total
2022
Mr Langezaal	100	—	19	—	119
Mr Korthals Altes**	25	3	2	—	30
Mr Van Dijk	143	11	13	—	167


€’000	Fixed remuneration	Pension	Other benefits *	Option plan	Total
2021
Mr Langezaal	97	—	20	—	117
Mr Korthals Altes	107	13	14	526	660
Mr Van Dijk	133	10	13	496	652

*The IFRS costs shown in this column are excluding the annual employer contributions to the Dutch

social security.

** Mr Korthals Altes resigned on 9 March, 2022.

Additionally, options granted to and held by Victor van Dijk amount to 9,562

options as at 31 December 2022 (2021: 9,562).

Historical five-year comparison

An overview of the company’s performance, the annual change in remuneration

of the Management Board and of employees of the Company is shown below.

In 2017 and 2019 non-founders joined the Board.


Fastned \| 2022 Annual Report	79


	2022	Δ	2021	Δ	2020	Δ	2019	Δ	2018
Number of stations	244	30%	188	+44%	131	+15%	114	+34%	85
Revenues related to charging (€ ‘000)	35,963	191%	12,352	+98%	6,253	+37%	4,548	+178%	1,638

Average cash compensation Management Board	131	9%	120	9%	110	6%	104	49%	70
Average cash compensation employees	72	29%	56	—%	56	8%	52	-19%	64

Mr Langezaal	119	2%	117	—%	117	11%	105	46%	72
Mr Korthals Altes	32	-95%	660	331%	153	-44%	271	95%	139
Mr Van Dijk	167	-74%	652	422%	125	635%	17	—%	—
Avg. total compensation (incl. options/other benefits) Management Board	147	-69%	476	261%	132	-18%	160	95%	82
Average total compensation (incl. options/other benefits) employees	72	-52%	150	163%	57	-31%	83	17%	71


Fastned \| 2022 Annual Report	80

Supervisory Board remuneration policy

The General Meeting determines the remuneration of the Supervisory Board

members. The Supervisory Board members are entitled to a fixed annual fee as

determined by the General Meeting taking into account the time to be spent by

such Supervisory Board members. No additional fees are due for their

membership of the Audit Committee.

None of the Supervisory Board members may receive Depositary Receipts,

options for Depositary Receipts or similar rights to acquire Depositary Receipts

as part of their remuneration. Fastned does not provide any personal loans,

advances or guarantees to Supervisory Board members. There are no

contractual severance arrangements in place between the Supervisory Board

members and Fastned. The annual total compensation for each Supervisory

Board member has been set as follows:

•Bart Lubbers: € 34,000 (excl. VAT) (2021: € 36,000) ;

•Marije van Mens € 34,000 (excl. VAT) (2021: € 20,000);

•Nancy Kabalt € 34,000 (excl. VAT) (2021: € 20,000);

•Jérôme Janssen € 7.500 (excl VAT) for travel costs

In addition, the Company has made available a company car free of charge for

Mr. Lubbers, and unlimited charging within the Fastned charging network for all

Supervisory Board members.

Supervisory Board remuneration 2022

The total compensation (exclusive of VAT) for each Supervisory Board member

for the financial year ending on 31 December, 2022 was as follows:

•Bart Lubbers: € 34,000 (2021: € 36,000);

•Marije van Mens € 34,000 (2021: € 26,000);

•Nancy Kabalt € 34,000 (2021: € 2,000);

•Jérôme Janssen nil

Jérôme Janssen joined the Supervisory Board in December 2022.

FAST Board remuneration policy

The remuneration and contractual terms of assignment of FAST Board members

are determined by the general meeting of depository receipt holders. Apart

from their remuneration, FAST Board members shall be reimbursed for all

reasonable costs incurred with the consent of the chairperson of the FAST

Board, or, with respect to the Chairperson, incurred with the consent of the

Chairman of the Supervisory Board.

The annual total compensation (exclusive of VAT) for each FAST Board member

has been set as follows:

•Hieke van Rees - Spoelstra: € 15,000 (excl. VAT) (2021: € 15,000);

•Liselotte Kooi: € 10,000 (excl. VAT) (2021: € 10,000);

•Maaike Veen: € 10,000 (excl. VAT) (2021: € 10,000);

•Henk Pals: € 10,000 (excl. VAT) (2021: € 10,000).

FAST Board remuneration 2022

The total compensation for each FAST Board member for the financial year

ending on 31 December, 2022 was as follows:

•Hieke van Rees - Spoelstra: € 7,500 (2021: € 15,000);

•Liselotte Kooi: € 10,000 (2021: € 5,000)

•Maaike Veen: € 12,500 (2021: € 5,000)

•Henk Pals: € 10,000 (2021: € 10,000).

Hieke van Rees - Spoelstra left the FAST board in June 2022 after two terms on

the FAST board.


Fastned \| 2022 Annual Report	81

A message from the chairman

of Fastned's Supervisory Board

Supervisory Board Report

On Tuesday evening, February 15, 2022, we organized a lively brainstorming

session with pizza and beer at the Fastned office in Amsterdam. The topic was

buying electricity, knowing that demand would grow rapidly in the coming

years. As we sell electricity from sun and wind, we discussed what the effect of

more green energy in the total energy market could be. The shared opinion was

that volatility would go up, but in the long run, prices would go down.

Nine days later, on February 24, 2022, Russia invaded Ukraine. Everything

changed. The bombing of civilian targets and the killing of civilians led to a large

flow of refugees. Ukrainian men were called to war; women and children fled

abroad. The European Union stood united in condemning Russia. They

supported Ukraine with funding and delivering weapon systems. An economic

boycott of Russia followed, ultimately leading to a ban on the import of Russian

oil and gas.

Energy prices skyrocketed. Everything we discussed nine days before was

history. We had to deal with a new reality. The purchase price of the energy we

sell at Fastned also shot up, even though we don’t sell energy that is derived

from fossil fuels. It shows how green energy prices are still dictated by the price

of oil and gas and it’s a warning we should become independent from fossil

fuels and completely move to energy from renewable sources.

The other warning came from Mother Earth herself. Last year, due to climate

change, we saw many record-breaking temperatures around the world. The

effects were devastating. Europe experienced the worst drought in 500 years.

Low water levels in the rivers meant ships could no longer carry coal. French

nuclear power plants could not be adequately cooled and lay idle for months,

also due to maintenance. In China, factories were forced to shut down due to

decreased water levels, while flooding in Pakistan killed more than one

thousand people and caused millions to become homeless.

Governments are taking measures to mitigate the effects of higher energy

prices and natural disasters. And that’s understandable. But we should not

forget that the fundamental cause of all this is the burning of fossil fuels. The

transition to clean energy therefore remains our top priority. At Fastned, we

want to contribute to the energy transition by providing freedom to electric

drivers by building a network of stations where they can charge their cars with

renewable energy.

Celebrating 10 years

Last year, we celebrated our tenth anniversary. Fastned was incorporated on

February 24, 2012. Looking back, this journey has been really from zero to one:

from two founders to over 150 Fastneditos; from zero stations to almost 250;

from one country to six countries. And so on. It was great to celebrate this with

our team, partners and relations on several occasions. Our architects Maria

Garcia and Bas van Leeuwen were the first employees to celebrate their 10-year

anniversaries at Fastned.

In 2022, Fastned installed the Executive Team, a new senior leadership team in

which each discipline is represented. This team, which includes the CEO and

CFO, will steer the company towards its goals, preparing it for the millions of

electric drivers that will hit the roads in the coming years. A record number of

new stations were opened in 2022, and the build pace will have to increase

further to handle millions and millions of charging sessions every year. The

mission of Fastned is becoming reality.


Fastned \| 2022 Annual Report	82

As co-founder and chairman I’m happy to see that our team has grown in

number, capabilities and diversity. At least once a week a new person joined the

company. This was done through an extensive hiring process with multiple

rounds of interviews for each role. To join the team, having the right capabilities

is not enough. Being mission-driven and having personality are the real

differentiators.

I’m convinced that with a diverse, creative and mission-driven team we can

solve every problem and handle every situation. That was also the case in 2022,

as the major challenges Fastned faced were overcome by the team. The monthly

All Hands meetings with all staff were always a demonstration of what had been

achieved and a realistic promise of what is to come. Invariably, these meetings

were inspiring, showing the progress we’re making towards our mission.

I would like to thank the management and all employees at Fastned for their

hard work this past year. It was a pleasure to see you at work in an inspiring and

pleasant atmosphere. I would also like to thank my fellow members of the

Supervisory Board, Marije van Mens, Nancy Kabalt and our new board member

Jérôme Janssen. It has been another challenging year and I’m thankful for your

contributions and confidence in this fast-growing company.

A special thanks goes to Hieke van Rees-Spoelstra, who has stepped down as

chair of the Fastned Foundation after eight years. I would like to thank the new

chair Maaike Veen and her fellow board members Lisselotte Kooi and Henk Pals

for their wise and expert advice on various issues.

I’m also especially thankful for our former COO Niels Korthals-Altes who left the

company after almost nine years. Niels joined the company when we were

looking for someone with experience in crowdfunding and retail investors. His

contribution to the company is hard to overestimate. Niels was, in his own

words, responsible for everything Fastned sold. Whether it was certificates,

bonds or kilowatt hours. On all three subjects, he has been extremely successful.

But above all, it was Niels' personality that brought positive energy to the

company during all those years.

This has been the fourth and final year that Deloitte audited the company’s

accounts. I would like to thank our auditor Jasper de Bruijn and his team for a

pleasant cooperation. We welcome BDO as our new auditor from 2023 and are

looking for just as pleasant cooperation.

Finally, I want to thank our customers, our bond holders and depository receipt

holders. Fastned would not exist without your loyalty, enthusiasm, and your

contributions. It is as plain and simple as that. The energy transition must

happen during our time. It’s our responsibility as it will impact not only

ourselves, but also our children. In the words of former American president

Barack Obama: 'We are the first generation to feel the impact of climate change

and the last generation that can do something about it'.

Bart Lubbers, chairman of the Supervisory Board

Amsterdam, March 30, 2023


Fastned \| 2022 Annual Report	83

Fastned’s Supervisory

Board Report [2.3.11.]

Fastned has a two-tier governance structure, which requires a structured

relationship between the Management Board and the Supervisory Board. Each

board bears its own specific responsibilities, but they share overall

responsibility for the company’s strategy and risk profile. Key to all the

Supervisory Board’s decisions is the long-term interests of the company’s

stakeholders.

This report explains how the Supervisory Board fulfilled its responsibilities in

2022. The report of the Supervisory Board should be read in conjunction with

the Corporate Governance section, which provides information on the

company’s corporate governance structure. A profile of the Supervisory Board

members is available in this report.

The role of the Supervisory Board [1.1.3.]

The Supervisory Board supervised the manner in which the Management Board

implements the long term value creation strategy. The Supervisory Board

underwrites the vision of a transition to electric cars; the mission to give

freedom to electric drivers and the strategy to build a European network of

1,000 fast charging stations. The Supervisory Board regularly discussed the

strategy, the implementation of the strategy and the principal risks associated

with it. In 2022, Fastned continued its vision, mission and strategy. The

discussions in the meetings focussed on the optimal execution of the strategy

in all its aspects.

Personalia of the Supervisory Board [2.1.2.]

Bart Lubbers is the chairman of the Supervisory Board. Bart is male, born in 1965

with Dutch nationality. As relevant additional functions Bart holds the following

positions: director of Breesaap BV and director of Wilhelmina-Dok. Bart was

appointed on 17 May, 2019 and is now in his first term of membership on the

Supervisory Board.

Marije van Mens is vice chairman and also a member of the Supervisory Board.

Marije is female, born in 1981 with Dutch nationality. Marije holds the following

relevant additional positions. She is head of the Education department at the

city of Amsterdam and was, until June 2022, supervisory board member at

Dutch broadcaster VPRO. Marije was appointed on 4 June, 2020 and is now in

her first term of membership on the Supervisory Board.

Nancy Kabalt is a member of the Supervisory Board. Nancy is female, born in

1974 with Dutch nationality. Nancy holds the following relevant additional

positions. She is partner and founder of Windkracht 5!; chair of Holland

Emobility (Formule E-team); chair of NKL, nationaal kenniscentrum

laadinfrastructuur; supervisory board member of Ennatuurlijk, Afvalzorg, CSG

Jan Arentsz and board member TKI Urban Energy. Nancy was appointed on 4

November, 2022 and is now in her first term of membership of the Supervisory

Board.

Jérôme Janssen is a non-independent member of the Supervisory Board, where

he represents Schroders Capital infrastructure fund. Jérôme joined Schroders

Capital in January 2019 as co-head of infrastructure equity investments. He is

currently a board member of BelEnergia SA, a European renewable energy group

which develops and operates solar, wind and biowaste projects, and

Autobahnplus A8 GmbH, the private concession holder of the A8 motorway

section between Munich and Augsburg. Jérôme holds a master’s degree in

Finance from the University of Paris IX-Dauphine.

Representation independence of supervisory directors

The composition of the Supervisory Board is such that the members are able to

operate independently and critically vis-à-vis one another, the Management

Board, and any particular interests involved.

Marije van Mens and Nancy Kabalt are both independent as members of the

Supervisory Board. Bart Lubbers, on the other hand, as founder, former director

and major shareholder, is not independent in accordance with the rules of the

Corporate Governance Code. The same applies to Jérôme Janssen as

representative of Schroders. In order to overcome Bart Lubbers' and Jérôme

Janssen’ dependence, clear arrangements have been made within the

Supervisory Board as to when Marije van Mens will take over as vice chairman

and when Bart Lubbers and/or Jérôme Janssen will abstain from the

discussions.


Fastned \| 2022 Annual Report	84

Evaluations [2.2.8.]

Self-evaluation of the Supervisory Board

Every year, the Supervisory Board evaluates its own functioning and that of its

separate committees and individual members, in accordance with best practice

provision 2.2.6 of the Dutch Corporate Governance Code.

The self-evaluation of the Supervisory Board took place through a survey in

which each member evaluated the functioning of the Supervisory Board as a

whole, of the different committees and of the individual members. The results of

the surveys were discussed and learnings and improvement points for the

coming year were identified. Increasing the Board’s effectiveness is not only

discussed in light of the self-evaluation but a topic during many discussions.

We expect that this learning process will continue.

Evaluation of the Management Board

Every year the Supervisory Board evaluates the functioning of the Management

Board and its individual members in accordance with best practice provision

2.2.7. Such an evaluation also took place last year. The Supervisory Board first

held discussions with various employees who work closely with the

Management Board members. Based on these discussions, evaluation

interviews were held with the members of the Management Board themselves.

These talks naturally revealed learning points that the board members have

picked up to develop further.

Committee reports [2.3.5.]

The Supervisory Board organises its tasks across two committees: the Audit

Committee and the Remuneration and Nomination Committee. These

committees prepare for their specific topics ahead of decision-making in the

plenary meetings of the Supervisory Board. Given the size of the Supervisory

Board, all four members participate in all committees.

Audit Committee

The Audit Committee consists of all board members. During the year 2022, the

Audit Committee reviewed quarterly financial results, discussed with both

management and the external auditor the audit approach and methodology

applied, in particular the Key Audit Matters included in the Auditor’s Report,

reviewed the engagement of the external auditor to perform non-audit services,

and reviewed interim findings of the external auditor and management’s

response to their recommendations.

The audit committee approved the 2022 external audit engagement letters and

fees. During the year 2022, the audit committee held four formal meetings in the

presence of the external auditor, the CFO and the group controller and arranged

several calls and meetings to discuss the matters pertaining to the Board,

including arranging for financing.

The Audit Committee reviewed the 2022 Consolidated Financial Statements in

conjunction with the external auditor. Based on this review and discussions with

management the Audit Committee was satisfied that the Consolidated

Financial Statements were prepared in accordance with applicable accounting

standards and fairly present the Group’s financial position and results for the

year ending 31 December, 2022.

Remuneration and Nomination Committee

Similar to the Audit Committee, the Remuneration and Nomination Committee

consists of all four Supervisory Board members. The Committee is responsible

for advising on the remuneration and the composition of both the Supervisory

Board and the Management Board.

The Supervisory Board has evaluated the functioning of the executive board and

the members of the executive board and discussed this with the executive

board. This evaluation looked at the input of employees and the self-evaluation

of the Executive Board.

Attendance at Supervisory Board meetings [2.4.4]

In its oversight capacity, Fastned’s Supervisory Board has frequent contact with

the Management Board in 2022, the supervisory board held four ordinary

meetings and several extraordinary meetings with and without members of the

Management Board present.

The attendance rate of all Supervisory Board members in 2022 was 100%. There

are a number of important topics that the Supervisory Board addresses at

almost every meeting as well as in the accompanying board pack.


Fastned \| 2022 Annual Report	85

The topics are discussed at length and underlying themes are elaborated on

during the meetings. These topics are:

•The mission and strategy and how they are implemented, identifying

risks that might hamper this implementation, and making sure they are

monitored and managed by the company. The Management Board

informed the Supervisory Board about the company’s strategy and the

risks associated with it, as well as on the functioning of the company’s

risk management and control systems.

•The financial results, cash flow, CAPEX and funding of the company.

These topics, among others, are also discussed at length in the audit

committee.

•The impact of the network expansion on the various parts of the

organisation, such as Operations.

•The Fastned team and scale-up of the team, new organisational

structures, salary ranges and pay scales, and the option policies.

Risk management [1.3.6.]

An Internal Risk & Control manager was hired and started in 2022 to identify

internal and external risks so that they can then be incorporated into internal

risk management and control systems. Fastned does not yet have a full internal

audit service given its size and stage of development. The ultimate goal is to

have a solid framework that can then be audited by an internal auditor. Risk

management is a standard topic in the Supervisory Board boardpacks and

during meetings.

Financial statements 2022 and profit appropriation

The financial statements for the financial year 2022 were prepared by the

Management Board in compliance with articles 20 and 21 of the Articles of

Association. Attached to these statements is the unqualified independent

auditor’s report by Deloitte. The financial statements and the outcome of the

audit performed by the external independent auditor were discussed by the

Supervisory Board in the presence of the external independent auditor. The

2022 financial statements were endorsed by all Management Board and during

and in between supervisory board meetings. All Supervisory Board members

are, with Deloitte’s auditor’s report, included in this annual report.

The management board will present the 2022 financial statements at the Annual

General Meeting. The Supervisory Board recommends that the Annual General

Meeting adopts the 2022 financial statements. In addition, it recommends that

the members of the Management Board and the Supervisory Board be

discharged from liability regarding their respective management and

supervisory activities over 2022.

Gratitude

The Supervisory Board wishes to thank Fastned’s bond- and certificate holders

for their support in what turned out to be, as always, a challenging year.

We are grateful to the Management Board for their leadership during this period

and would like to extend a particular thank you to all Fastned employees.

The Fastned Supervisory Board,

Bart Lubbers, chairman

Marije van Mens, vice chairman

Nancy Kabalt, member,

Jérôme Janssen, member.

Amsterdam, March 30, 2023


Fastned \| 2022 Annual Report	86

Members of the FAST board

The FAST Board comprises the following members:


Name	Year of Birth	Position	Member as of	End of current term	Nationality
Maaike Veen	1971	Chairwoman	2021	2025	Dutch
Henk Pals	1959	Member	2019	2023	Dutch
Liselotte Kooi	1978	Member	2021	2025	Dutch



	Maaike
	Veen

Maaike Veen was appointed as a member of the Foundation Board on 3

June, 2021. After completing an economics degree and post-graduate

in journalism, Maaike started her career in international journalism. First

as correspondent for Dow Jones Newswires, Maaike focussed on

economic, political and financial news, covering the dot-com boom

and bust, with its corporate failures and accounting scandals. Between

2004 - 2013 Maaike lived in London where she was a UK & Ireland

correspondent for Dutch national newspapers, magazines and

broadcast outlets (e.g. Trouw, Elsevier). She also worked as an editor

for a Financial Times publication aimed at institutional investors. In

2013, Maaike switched careers, directing her attention to business

development and fundraising for purpose-driven organisations -

NGOs, impact investors and start-ups. Maaike is currently working as a

consultant in fundraising and communications for the World Wildlife

Fund as part of the Dutch Fund for Climate and Development She’s

trained to go to the heart of the issue and look at it from the different

perspectives to ensure that all stakeholders are taken into account in

key decisions.



	Henk
	Pals

Henk Pals was appointed as secretary of the Foundation Board on 24

May, 2019. Henk, a former CPA, is partner at Dutch Dream Group, an

M&A and corporate finance advisory firm. He has also various

supervisory and administrative functions including chairman of the

supervisory board Het Goed, a leading chain of thrift department

stores; member of the supervisory board of Ampyx Power B.V., a start

up developing airborne wind energy systems, as well as member of the

supervisory board of U-Stal a social re-integration company. In the

past Henk was managing partner of a medium sized accounting

company as well as a member of the supervisory board of Lennoc B.V.

and a member of the management board of Flightstats Inc.and Z-

Venture B.V.. Z-Venture is an investment and participation company

focused on social responsible investments.


Fastned \| 2022 Annual Report	87



	Liselotte
	Kooi

Liselotte Kooi was appointed as a member of the Foundation Board on

3 June, 2021. Liselotte brings over 18 years of experience in corporate

and financial law. Working as senior associate at De Brauw Blackstone

Westbroek N.V. and other law firms in Amsterdam and New York,

Liselotte advised companies, investors, financial institutions and

investment funds on governance and M&A. She specialised in setting

up structures with a trust office for depositary receipts, issuing and

listing of financial instruments and in financial laws and regulations.

Since 2013 Liselotte has worked at Royal FrieslandCampina N.V., a large

Dutch dairy cooperative and multinational. As Director Group Legal and

Company Secretary she is responsible for governance, the legal and

financing structure of the company, including the compliance in

relation to the listing of hybrid bonds. Liselotte has been an EV driver

for many years and has a strong belief that electric vehicles charged

with renewable energy are the future. With her legal background and

experience in advising different types of stakeholders, she is

contributing to ensuring that the interests of all types of depositary

receipt holders are duly represented.


Fastned \| 2022 Annual Report	88

Members of the Supervisory Board

The supervisory board comprises the following members:


Name	Year of Birth	Position	Member since	End of current term	Nationality
Bart Lubbers	1965	Chairman	2019	2023	Dutch
Marije van Mens	1981	Vice-Chairman	2020	2024	Dutch
Nancy Kabalt	1974	Member	2021	2025	Dutch
Jérôme Janssen	1979	Member	2022	2026	French



	Bart
	Lubbers

Bart Lubbers is the chairman and a non-independent member of the

Supervisory Board. He is one of the founders of Fastned. Currently, he is

also a managing director of Breesaap B.V. which position he holds since

1995, and of Wilhelmina-Dok B.V. which position he holds since 1999.

Bart Lubbers worked in corporate finance at PwC and was a member of

the supervisory boards of Qwic, Epyon, Mercon Steel Structures B.V.,

Hotel Figi, and Metro Newspaper in the Netherlands (which he also

founded). Bart holds an MBA from the Rotterdam School of

Management and a master’s degree in History from the University of

Utrecht in the Netherlands. Bart has been a member of the Supervisory

Board since 2019 and his current term will end in 2023. Bart can

contribute to Fastned from his more than 10 years of experience in the

EV industry, especially in EV charging. His background in corporate

finance translates in a focus on finance, strategy and audit. As a

founder of Fastned and supporter of the energy transition, his first

priorities are the mission and the continuity of the company.



	Marije
	van Mens

Marije van Mens is an independent member and vice chairman of the

Supervisory Board. Marije started her career in strategy at the Boston

Consulting Group (BCG). She then worked at Marqt, a Dutch mission-

driven supermarket chain in scale-up phase, where she first led the

buying and merchandising department, and then became director of

the fresh food department. Since 2018, she has been working for the

city of Amsterdam. Her current position is Head of Education. She was

until June 2022 a member of the supervisory board and chairman of the

audit committee of VPRO (a Dutch public broadcasting organisation).

Marije van Mens holds a master's degree in political science from the

Vrije Universiteit in Amsterdam and an MBA from Columbia Business

School. Marije brings experience managing a mission-driven scale-up

and a focus on strategy to Fastned.


Fastned \| 2022 Annual Report	89



	Nancy
	Kabalt

Nancy Kabalt is an independent member of the Supervisory Board.

Nancy has been a driving force behind the energy transition for years,

which aligns with Fastned's mission. Nancy is working as an

independent entrepreneur and partner at Windkracht 5!, a consultancy

company in the energy sector. In addition, she fulfils various roles in

organisations at the heart of the energy transition. For example, Nancy

is currently chair of the Formula E team, a public-private partnership

established by the Dutch government to promote sustainable and

zero-emission mobility with members such as BOVAG, RAI association,

ANWB, Natuur & Milieu and the Dutch Association for Sustainable

Energy (NVDE). She is also a member of the Board of the European

Regional Development Fund (ERDF), an EU Structural Fund aimed at

promoting economic growth and employment. Also she is a member of

the general board of TKI Urban Energy, a so-called Top Consortium for

Knowledge and Innovation within the Dutch energy industry, founded

by the Dutch ministry of Economic Affairs and Climate. Nancy is also a

member of the Supervisory Boards of NV Afvalzorg and heating

company Ennatuurlijk. Nancy is a true ambassador for electric driving.

The realisation of Fastned’s mission is essential for a successful

transition to electric driving. She strongly believes that electric

vehicles charged with renewable energy are the future. With her

experience and background in the energy market and E-mobility

industry, and her strong commitment to the mission, she likes to

contribute to the development of Fastned. The ambition of Fastned to

accelerate the transition to sustainable mobility and to expand

globally, stakeholder management and complexity will become of

increasing importance.



	Jérôme
	Janssen

Jérôme Janssen joined Schroders Capital in January 2019 as co-head

of infrastructure equity investments. He has extensive knowledge and

investment experience in most infrastructure sub-sectors, with a

particular focus on asset management and value creation. Jérôme was

previously in charge of infrastructure investments at Crédit Agricole

Assurances ("CAA"), a European leading institutional investor. Jérôme

helped to elevate CAA to the status of a significant player in

infrastructure investment in Europe. Jerome is currently board member

of BelEnergia SA, a European renewable energy group which develops

and operates solar, wind and biowaste projects – Autobahnplus A8

GmbH, the private concession holder of the A8 motorway section

between Munich and Augsburg. He previously had several non-

executive Board positions in leading European infrastructure

companies among which Indigo (Europe's leading car park operator),

CLH (oil logistics leader in Spain), TDF (leading French Media / Telecom

infrastructure operator), Téréga (gas transport and storage operator in

France) and Aéroports de Lyon. Jérôme holds a master's degree in

Finance from the University of Paris IX -Dauphine.


Fastned \| 2022 Annual Report	90

Members of the Management Board

The Management Board comprises the following members:


Name	Year of Birth	Position	Member since	Nationality
Michiel Langezaal	1981	Chief Executive Officer	2012	Dutch
Victor van Dijk	1979	Chief Financial Officer	2019	Dutch



	Michiel
	Langezaal

Michiel Langezaal is the Company’s chief executive officer (CEO) and

chairman of the Management Board and statutory director. He is one

of the founders of Fastned. Michiel has more than 10 years of work

experience. Michiel is also the owner and managing director of Carraig

Aonair Holding B.V. Before the foundation of Fastned and his

appointment as CEO of the company in 2012, Michiel was New

Business Developer at Epyon/ABB from 2010 to 2012. Before that, he

worked as a strategy consultant at A.T. Kearney from 2007 to 2010.

Michiel holds a master’s degree (cum laude) in Mechanical Engineering

from Delft University of Technology in the Netherlands.



	Victor
	van Dijk

Victor van Dijk is the Company’s chief financial officer (CFO) and

statutory director of the Management Board. Before his appointment

as member of the Management Board of Fastned in 2019, Victor

worked at ING as Managing Director Debt Capital Markets (DCM)

where he had been responsible for corporate DCM in Germany,

Switzerland and Austria since 2012. Victor has more than 14 years of

work experience in various positions at ING, in roles mainly focussed

on corporate funding and capital structuring.

Victor holds a master’s degree in Civil Engineering from Delft

University of Technology in the Netherlands.


Fastned \| 2022 Annual Report	91

In control and

responsibility statements

As stated in the Risk Management section of this report, the

Management Board recognises the importance of a formalised

approach towards risk management for a rapidly growing organisation

like Fastned. In practice this means that it is important to maintain the

right balance between formalised systems and procedures and the

informal hands-on approach that is necessary to further boost the

growth of the company. Fastned’s corporate culture and still relatively

small scale organisation allows for important ‘soft-control’ to mitigate

risks and fraud. Fastned has set-up a Risk & Control function in 2021

and aims to further develop its risk management policies in the

coming years.

The Management Board states, in accordance with best practice

provision 1.4.3. of the Dutch Civil Code, that:

•Despite that Fastned’s control environment is in a relatively

early stage of development and is maturing, we believe that it

provides reasonable assurance that the financial report does

not contain any material misstatements;

•Those systems provide reasonable assurance that the financial

report does not contain any material misstatements;

•In the current situation, based on the current cash position,

the opex and capex budget and the revenue projections, it is

appropriate for the financial report to be prepared on a going

concern basis; and

•The Management Board report discloses all material risks and

uncertainties that are relevant regarding the expectation as to

the continuity of Fastned for the 12-month period after the

date of issue of this Management Board report.

With reference to section 5.25c paragraph 2c of the Financial Markets

Supervision Act, the Management Board states that, to the best of its

knowledge:

•The annual financial statements give a true and fair view of the

assets, liabilities, financial position and loss of the company

and the undertakings included in the consolidation taken as a

whole.

•The Management Board report provides a fair view of the

development and performance of the business and the

position of the company and the undertakings included in the

consolidation taken as a whole, together with a description of

the principal risks and uncertainties that the company faces.

Michiel Langezaal (CEO)

Victor van Dijk (CFO)


Fastned \| 2022 Annual Report	92

Non IFRS Measures

Fastned’s consolidated financial statements are prepared in

accordance with Part 9 of Book 2 of the Dutch Civil Code and the

International Financial Reporting Standards (IFRS) as adopted by the

European Union. Certain parts of Fastned’s Management Board report

contain non-IFRS financial measures and ratios (e.g operational

EBITDA) that are not recognised measures of financial performance or

liquidity under IFRS.

The non-IFRS financial measures presented are measures used by

management to monitor the underlying performance of the business

and operations and have therefore not been audited or reviewed.

Furthermore, they may not be indicative of the historical operating

results, nor are they meant to be predictive of future results.

These non-IFRS measures are presented because they are considered

important supplementary measures of Fastned’s performance.

Not all companies calculate non-IFRS financial measures in the same

manner or on a consistent basis. As a result, these measures and ratios

may not be comparable to measures used by other companies under

the same or similar names.

The table below provides an overview of the non-IFRS measures used

with their definitions.


Term	Definition
Network operation costs	Operating costs that are directly related to the stations, such as grid fees, rent and maintenance), as well as the indirect operating costs that can be attributed to the ongoing operations of Fastned’s existing network, which primarily includes salaries and other costs related to network operations, such as office rent, general costs, customer service and administration.
Network expansion costs	Costs related to the expansion of Fastned’s network, which primarily includes costs for salaries and other overhead costs related to network development, search and acquisition of new sites, location design, construction engineering, and IT software development.
Operational EBITDA	Gross profit from revenues related to charging plus other operating income/(loss) less network operation costs less exceptional items.
Operational EBITDA per station	Operational EBITDA divided by the average number of stations in operation during the period.
Exceptional items	Gains or losses arising one-time or infrequent events not directly related to normal station business including cost of employee share based payments, disposal of fixed assets, or restructuring of activities.
Underlying company EBITDA	Earnings before interest, taxes, depreciation, amortisation, exceptional items and gross profit on station construction for third parties.
EBITDA	Earnings before interest, taxes, depreciation and amortisation.
Underlying net profit	Net profit before exceptional items and before gross profit on station construction for third parties.
ROIC	Operational EBITDA of a station divided by the initial investment of the station.
Annualised	Measure or calculation converted from a short term to an annual rate.


Fastned \| 2022 Annual Report	93

The table below provides a reconciliation of non IFRS performance as defined on page 93, to the IFRS amounts reported in the financial statements.

The amounts shown in the total columns, with the exception of Operational EBITDA, are IFRS amounts.


€’000	2022					2021
	Network	Expansion	D,A&P12	Exceptional items	Total	Network	Expansion	D,A&P	Exceptional items	Total
Revenue	35,963	—	—	15	35,978	12,352	—	—	114	12,466
Cost of sales	(15,486)	—	—	(21)	(15,507)	(3,620)	—	—	(127)	(3,747)
Gross Profit	20,477	—	—	(6)	20,471	8,732	—	—	(13)	8,719
Other operating income/ (loss)	—	—	—	(58)	(58)	—	—	—	—	—
Selling & distribution expenses	(6,520)	—	—	—	(6,520)	(3,454)	—	—	—	(3,454)
Administrative expenses	(3,108)	(6,936)	(10,387)	—	(20,431)	(1,728)	(3,863)	(5,869)	(8,158)	(19,618)
Other operating expenses	(2,742)	(5,085)	—	—	(7,827)	(1,190)	(2,893)	—	—	(4,083)
Operational EBITDA	8,107					2,360
Operating profit / (loss)	8,107	(12,021)	(10,387)	(64)	(14,365)	2,360	(6,756)	(5,869)	(8,171)	(18,436)
Impairment losses on financial assets				(452)	(452)					—
EBITDA	8,107	(12,021)	(126)	(516)	(4,556)	2,360	(6,756)	—	(8,171)	(12,567)

Operational EBITDA per station	39					15
Network operation costs per EVSE	(13)					(11)


Fastned \| 2022 Annual Report	94

12 Depreciation, amortisation and provisions


Fastned \| 2022 Annual Report	95

Table of Contents


Part 2 - Financial Statements	95
Consolidated statement of profit or loss	98
Consolidated statement of comprehensive income	99
Consolidated statement of financial position	100
Consolidated statement of changes in equity	101
Consolidated statement of cash flows	102
Notes to the consolidated financial statements	103
1. General information	103
2. Significant accounting policies	103
3. Significant accounting estimates, judgements and errors	115
4. Capital management	117
5. Group information	118
6. Revenue and segment information	119
7. Cost of sales	122
8. Other income/expense	122
9. Income tax	123
10. Earnings per share	125
11. Intangible assets	127
12. Property, plant and equipment	127
13. Right-of-use assets	130
14. Financial assets and financial liabilities	132
15. Trade and other receivables and prepayments	139
16. Cash	140
17. Issued capital and reserves	140
18. Trade and other payables	141
19. Lease liabilities	141


Fastned \| 2022 Annual Report	96


20. Provisions	142
21. Deferred revenues	142
22. Share-based payments	143
23. Commitments and contingencies	144
24. Related party disclosures	145
25. Key events post reporting date	147
26. Remuneration of auditors	147
27. Standards issued but not yet effective	148
Parent company financial statements	149
Parent company statement of profit or loss	150
Parent company statement of financial position	151
Notes to the parent company financial statements	152
28. Other expenses	152
29. Other Intangibles	153
30. Property plant and equipment	154
31. Right-of-use-assets	154
32. Investments in subsidiaries	156
33. Loans to and from subsidiaries	157
34. Loans to related parties	159
35. Trade and other receivables and prepayments	159
36. Cash	159
37. Trade and other payables	160
38. Lease Liabilities	160
39. Director's Remuneration	160
Signing of the financial statements	161
Other information	163
Independent Auditor’s Report	164
Cautionary statement	174


Fastned \| 2022 Annual Report	97


Consolidated statement of profit or loss for the year ended 31 December	€’000	Notes	2022	2021
	Revenue related to charging		35,963	12,352
	Revenue from station construction as part of service concessions		15	114
	Revenue	6	35,978	12,466
	Cost of sales related to charging		(15,486)	(3,621)
	Cost of sales from station constr. as part of service concessions		(21)	(126)
	Cost of sales	7	(15,507)	(3,747)
	Gross profit		20,471	8,719

	Other gains and losses	8.1	(58)	—
	Selling and distribution expenses		(6,520)	(3,454)
	Administrative expenses	8.2	(20,431)	(19,618)
	Other operating expenses	8.3	(7,827)	(4,083)
	Operating loss		(14,365)	(18,436)

	Impairment losses on financial assets		(452)	—
	Finance costs	8.4	(7,477)	(6,482)
	Finance income	8.5	92	319
	Loss before tax		(22,202)	(24,599)

	Income tax expense	9	—	—
	Loss for the year		(22,202)	(24,599)

	Attributable to equity holders of the Group		(22,202)	(24,599)
	Earnings per share (€/share)
	Basis, loss for the year attributable to ordinary equity holders of the Group	10	(1.27)	(1.48)
	Diluted, loss for the year attributable to ordinary equity holders of the Group	10	(1.27)	(1.48)


Fastned \| 2022 Annual Report	98


Consolidated statement of comprehensive income for the year ended 31 December	€’000	Notes	2022	2021
	Loss for the year		(22,202)	(24,599)
	Other comprehensive income :		(543)	(139)
	Items that will be reclassified subsequently to profit or loss
	Exchange differences on translating foreign operations	2.2(g)	(543)	(139)
	Total comprehensive income for the year, net of tax		(22,745)	(24,738)

	Attributable to equity holders of the Group		(22,745)	(24,738)


Fastned \| 2022 Annual Report	99


Consolidated statement of financial position as at 31 December	€’000		Notes	31 Dec 2022	31 Dec 2021
	Non-current assets	Intangible assets	11	2,666	2,869
		Property, plant and equipment	12	136,967	70,653
		Right-of-use assets	13	8,719	6,551
		Non-current financial assets	14.2	3,476	1,370
				151,828	81,443
	Current assets	Current financial assets	14.2	11	37
		Prepayments	15	5,347	1,602
		Trade and other receivables	15	8,506	2,930
		Cash and cash equivalents	16	149,538	128,591
				163,402	133,160
	Total assets			315,230	214,603

	Equity	Share capital	17	192	171
		Share premium	17	246,247	172,087
		Legal reserves		573	543
		Retained earnings		(86,367)	(63,592)
				160,645	109,209
	Non-current liabilities	Interest-bearing loans and borrowings	14.3	103,997	74,717
		Lease Liabilities	19	8,570	6,557
		Provisions	20	9,979	5,247
		Deferred revenues	21	314	355
				122,860	86,876
	Current liabilities	Trade and other payables	18	21,576	6,095
		Interest-bearing loans and borrowings	14	8,909	11,548
		Lease Liabilities	19	1,240	875
				31,725	18,518
	Total liabilities			154,585	105,394
	Total equity and liabilities			315,230	214,603


Fastned \| 2022 Annual Report	100


Consolidated statement of changes in equity for the year ended 31 December	€’000	Issued capital (Note 17)	Share premium (Note 17)	Legal reserves	Retained earnings	Total
	Attributable to equity holders of the Group
	As at 1 January 2022	171	172,087	543	(63,592)	109,209

	Loss for the period				(22,202)	(22,202)
	Other comprehensive income				(543)	(543)
	Total comprehensive income				(22,745)	(22,745)
	Reserve for software development			30	(30)	—
	Issuance of shares	21	74,160			74,181
	Credit to equity for equity- settled share based payments					—
	Reversal of accrued costs for issued capital					—
	As at 31 December 2022	192	246,247	573	(86,367)	160,645

	As at 1 January 2021	150	28,247	434	(46,903)	(18,072)

	Loss for the period				(24,599)	(24,599)
	Other comprehensive income				(139)	(139)
	Total comprehensive income				(24,738)	(24,738)
	Reserve for software development			109	(109)	—
	Issuance of shares	21	143,840			143,861
	Credit to equity for equity- settled share based payments				8,158	8,158
	Reversal of accrued costs for issued capital					—
	As at 31 December 2021	171	172,087	543	(63,592)	109,209


Fastned \| 2022 Annual Report	101


Consolidated statement of cash flows for the year ended 31 December	€’000	Notes	2022	2021
	Operating activities
	Loss before tax		(22,202)	(24,599)
	Adjustments to reconcile loss before taxation to net cash provided by operating activities :
	Depreciation and amortization	8.2	10,260	5,869
	Impairment losses on financial assets	14.2	465
	Interest payable	8.4	7,269	6,409
	Interest paid	13 & 14.4	(7,223)	(6,348)
	Interest receivable	14.4	(222)	(123)
	Interest received	14.4	221	(45)
	Net (gain)/loss on sale of non-current assets	8.1	58	—
	Net charge for provisions, less payments	20	4,732	2,879
	Net charge for deferred revenue, less received	21	(41)	(31)
	Share-based payments	22		8,158
	Other non-cash items		(82)	(16)
	Working capital adjustments:
	Movement in trade and other receivables and prepayments		(9,475)	(3,155)
	Movement in trade and other payables		5,450	1,023
	Net cash flows from operating activities		(10,790)	(9,979)
	Investing activities
	Payments for property, plant and equipment and other intangible assets	11, 12	(67,492)	(36,598)
	Proceeds from sale of property, plant and equipment		—	—
	Net cash flows used in investing activities		(67,492)	(36,598)
	Financing activities
	Proceeds from issuance of shares	17	21	21
	Share premium received	17	75,862	152,294
	Transaction costs relating to issuance of shares	17	(1,702)	(8,454)
	Proceeds from borrowings	14.3	36,144	388
	Receipts (repayments) of advances made to other parties	14.4	(9,503)	(2,514)
	Repayment of lease liability principal		(1,050)	(278)
	Net cash flows from / (used in) financing activities		99,772	141,457
	Currency translation differences relating to cash and cash equivalents		(543)	(139)
	Net increase in cash and cash equivalents		20,947	94,741
	Cash and cash equivalents at 1 January		128,591	33,850
	Cash and cash equivalents at 31 December	16	149,538	128,591


Fastned \| 2022 Annual Report	102

Notes to the consolidated

financial statements

1.General information

The principal activity of Fastned B.V. and subsidiaries (the Group)

consist of the exploitation of fast charging facilities for fully electric

cars.

The consolidated financial statements of the Group for the year ended

31 December 2022 were authorised for issue in accordance with a

resolution of the directors on 30 March 2023. Fastned B.V. is a limited

company incorporated and domiciled in the Netherlands (Kvk nr

54606179) and whose certificates are publicly traded on the trading

platform Euronext. The registered office is located at James

Wattstraat 77R in Amsterdam. The ultimate parent of the Group is the

FAST Foundation.

Information on the Group’s structure is provided in Note 5.

Information on other related party relationships of the Group is

provided in Note 24.

Statement of compliance with IFRS, financial position and going

concern assumption

These financial statements have been prepared in accordance with

International Financial Reporting Standards (IFRS) as adopted by the

European Union (EU). They have been prepared under the assumption

that the Group operates on a going concern basis.

As foreseen in the business plan and long-term forecasts, the Group

incurs losses during the first years of its operations. The deficits are

for a major part funded by borrowings as well as by issuance of

certificates of shares via FAST (Fastned Administratie Stichting). At

balance sheet date this resulted in an equity amounting to €160.6

million (2021: €109.1 million) and a cash level of €149.5 million (2021:

€128.6 million).

Management monitors cash and liquidity forecasts on a continuous

basis, whereby a minimum desired cash level is to be maintained

throughout the forecast period. The liquidity forecast incorporates

current cash levels, revenue projections and a detailed capex and opex

budgets. Revenue projections are driven by the projected numbers of

BEVs on the road based on analyst forecasts and conservative

projections of Fastned’s market penetration (monthly unique

customers relative to the projected BEVs on the road) and kWh

charged per monthly customer. In the first part of the forecast period,

Fastned has the ability to reduce capital expenditure if necessary.

These forecasts also reflect potential scenarios and management

plans13. Fastned had €149.5 million in cash and cash equivalents per

year end 2022.

Based on available information at the date of this report, the liquidity

forecasts for the upcoming 12 - 18 months show adequate funds

available for Fastned to continue as a going concern. As a result,

management is satisfied that a presentation of financial statements on

a going concern basis is appropriate.

2.Significant accounting policies

2.1Basis of accounting

These financial statements have been prepared in accordance with

International Financial Reporting Standards (IFRS) as adopted by the

European Union (EU) and also comply with the financial reporting

requirements included in Part 9 of Book 2 of the Dutch Civil Code.

The financial statements have been prepared on the historical cost

basis, except for for the following:

•certain financial assets and liabilities – measured at fair value.

•assets held for sale – measured at fair value less costs to sell.

Historical cost is generally based on the fair value of the consideration

[at the time of the exchange] given in exchange for goods and

services.

The financial statements are presented in Euro’s and all values are

rounded to the nearest thousand euro (€’000), except where

otherwise indicated.

Fair value is the price that would be received to sell an asset or paid to

transfer a liability in an orderly transaction between market

participants at the measurement date, regardless of whether that

price is directly observable or estimated using another valuation

technique. In estimating the fair value of an asset or a liability, the


Fastned \| 2022 Annual Report	103

13 The same scenarios were used for impairment testing and are described in note 12.

Group takes into account the characteristics of the asset or liability if

market participants would take those characteristics into account

when pricing the asset or liability at the measurement date. Fair value

for measurement and/or disclosure purposes in these consolidated

financial statements is determined on such a basis, except for share-

based payment transactions that are within the scope of IFRS 2,

leasing transactions that are within the scope of IFRS 16, and

measurements that have some similarities to fair value but are not fair

value, such as net realisable value in IAS 2 or value in use in IAS 36.

2.2Principal accounting policies

The principal accounting policies adopted are set out below.

a)Basis of consolidation

The consolidated financial statements incorporate the financial

statements of the Company and entities, including structured entities,

controlled by the Company (its subsidiaries) made up to 31 December

each year.

Control is achieved when the Company:

•has the power over the investee;

•is exposed, or has rights, to variable returns from its

involvement with the investee; and

•has the ability to use its power to affect its returns.

The Company reassesses whether or not it controls an investee if facts

and circumstances indicate that there are changes to one or more of

the three elements of control listed above.

When the Company has less than a majority of the voting rights of an

investee, it considers that it has power over the investee when the

voting rights are sufficient to give it the practical ability to direct the

relevant activities of the investee unilaterally. The Company considers

all relevant facts and circumstances in assessing whether or not the

Company’s voting rights in an investee are sufficient to give it power,

including:

•the size of the Company’s holding of voting rights relative to

the size and dispersion of holdings of the other vote holders;

•potential voting rights held by the Company, other vote

holders or other parties;

•rights arising from other contractual arrangements; and

•any additional facts and circumstances that indicate that the

Company has, or does not have, the current ability to direct

the relevant activities at the time that decisions need to be

made, including voting patterns at previous shareholders’

meetings.

Consolidation of a subsidiary begins when the Company obtains

control over the subsidiary and ceases when the Company loses

control of the subsidiary. Specifically, the results of subsidiaries

acquired or disposed of during the year are included in profit or loss

from the date the Company gains control until the date when the

Company ceases to control the subsidiary.

Where necessary, adjustments are made to the financial statements of

subsidiaries to bring the accounting policies used into line with the

Group’s accounting policies.

All intra group assets and liabilities, equity, income, expenses and cash

flows relating to transactions between the members of the Group are

eliminated on consolidation.

Non-controlling interests in subsidiaries are identified separately from

the Group’s equity therein. Those interests of non-controlling

shareholders that are present ownership interests entitling their

holders to a proportionate share of net assets upon liquidation may

initially be measured at fair value or at the non-controlling interests’

proportionate share of the fair value of the acquiree’s identifiable net

assets. The choice of measurement is made on an acquisition-by-

acquisition basis. Other non-controlling interests are initially

measured at fair value. Subsequent to acquisition, the carrying amount

of non-controlling interests is the amount of those interests at initial

recognition plus the non-controlling interests’ share of subsequent

changes in equity.

Profit or loss and each component of other comprehensive income are

attributed to the owners of the Company and to the non-controlling

interests. Total comprehensive income of the subsidiaries is

attributed to the owners of the Company and to the non-controlling

interests even if this results in the non-controlling interests having a

deficit balance.

Changes in the Group’s interests in subsidiaries that do not result in a

loss of control are accounted for as equity transactions. The carrying

amount of the Group’s interests and the non-controlling interests are

adjusted to reflect the changes in their relative interests in the

subsidiaries. Any difference between the amount by which the non-

controlling interests are adjusted and the fair value of the


Fastned \| 2022 Annual Report	104

consideration paid or received is recognised directly in equity and

attributed to the owners of the Company.

When the Group loses control of a subsidiary, the gain or loss on

disposal recognised in profit or loss is calculated as the difference

between (i) the aggregate of the fair value of the consideration

received and the fair value of any retained interest and (ii) the previous

carrying amount of the assets (including goodwill), less liabilities of

the subsidiary and any non-controlling interests. All amounts

previously recognised in other comprehensive income in relation to

that subsidiary are accounted for as if the Group had directly disposed

of the related assets or liabilities of the subsidiary (i.e. reclassified to

profit or loss or transferred to another category of equity as required/

permitted by applicable IFRS Standards). The fair value of any

investment retained in the former subsidiary at the date when control

is lost is regarded as the fair value on initial recognition for

subsequent accounting under IFRS 9 when applicable, or the cost on

initial recognition of an investment in an associate or a joint venture.

b)Investments in associates and joint ventures

An associate is an entity over which the Group has significant

influence and that is neither a subsidiary nor an interest in a joint

venture. Significant influence is the power to participate in the

financial and operating policy decisions of the investee but is not

control or joint control over those policies.

A joint venture is a joint arrangement whereby the parties that have

joint control of the arrangement have rights to the net assets of the

joint arrangement. Joint control is the contractually agreed sharing of

control of an arrangement, which exists only when decisions about the

relevant activities require unanimous consent of the parties sharing

control.

The results and assets and liabilities of associates or joint ventures are

incorporated in these financial statements using the equity method of

accounting, except when the investment is classified as held for sale,

in which case it is accounted for in accordance with IFRS 5.

Under the equity method, an investment in an associate or a joint

venture is recognised initially in the consolidated statement of

financial position at cost and adjusted thereafter to recognise the

Group’s share of the profit or loss and other comprehensive income of

the associate or joint venture. When the Group’s share of losses of an

associate or a joint venture exceeds the Group’s interest in that

associate or joint venture (which includes any long-term interests

that, in substance, form part of the Group’s net investment in the

associate or joint venture), the Group discontinues recognising its

share of further losses. Additional losses are recognised only to the

extent that the Group has incurred legal or constructive obligations or

made payments on behalf of the associate or joint venture.

An investment in an associate or a joint venture is accounted for using

the equity method from the date on which the investee becomes an

associate or a joint venture. On acquisition of the investment in an

associate or a joint venture, any excess of the cost of the investment

over the Group’s share of the net fair value of the identifiable assets

and liabilities of the investee is recognised as goodwill, which is

included within the carrying amount of the investment. Any excess of

the Group’s share of the net fair value of the identifiable assets and

liabilities over the cost of the investment, after reassessment, is

recognised immediately in profit or loss in the period in which the

investment is acquired.

The requirements of IAS 36 are applied to determine whether it is

necessary to recognise any impairment loss with respect to the

Group’s investment in an associate or a joint venture. When necessary,

the entire carrying amount of the investment (including goodwill) is

tested for impairment in accordance with IAS 36 as a single asset by

comparing its recoverable amount (higher of value in use and fair value

less costs of disposal) with its carrying amount. Any impairment loss

recognised is not allocated to any asset, including goodwill that forms

part of the carrying amount of the investment. Any reversal of that

impairment loss is recognised in accordance with IAS 36 to the extent

that the recoverable amount of the investment subsequently

increases.

The Group discontinues the use of the equity method from the date

when the investment ceases to be an associate or a joint venture.

When the Group retains an interest in the former associate or a joint

venture and the retained interest is a financial asset, the Group

measures the retained interest at fair value at that date and the fair

value is regarded as its fair value on initial recognition in accordance

with IFRS 9. The difference between the carrying amount of the

associate or a joint venture at the date the equity method was

discontinued, and the fair value of any retained interest and any

proceeds from disposing of a part interest in the associate or a joint

venture is included in the determination of the gain or loss on disposal

of the associate or joint venture. In addition, the Group accounts for all

amounts previously recognised in other comprehensive income in

relation to that associate on the same basis as would be required if

that associate had directly disposed of the related assets or liabilities.

Therefore, if a gain or loss previously recognised in other


Fastned \| 2022 Annual Report	105

comprehensive income by that associate or joint venture would be

reclassified to profit or loss on the disposal of the related assets or

liabilities, the Group reclassifies the gain or loss from equity to profit

or loss (as a reclassification adjustment) when the associate or joint

venture is disposed of.

When the Group reduces its ownership interest in an associate or a

joint venture but the Group continues to use the equity method, the

Group reclassifies to profit or loss the proportion of the gain or loss

that had previously been recognised in other comprehensive income

relating to that reduction in ownership interest if that gain or loss

would be reclassified to profit or loss on the disposal of the related

assets or liabilities.

When a Group entity transacts with an associate or a joint venture of

the Group, profits and losses resulting from the transactions with the

associate or joint venture are recognised in the Group’s consolidated

financial statements only to the extent of interests in the associate or

joint venture that are not related to the Group.

The Group applies IFRS 9, including the impairment requirements, to

long-term interests in an associate or joint venture to which the equity

method is not applied and which form part of the net investment in the

investee. Furthermore, in applying IFRS 9 to long-term interests, the

Group does not take into account adjustments to their carrying

amount required by IAS 28 (i.e. adjustments to the carrying amount of

long-term interests arising from the allocation of losses of the

investee or assessment of impairment in accordance with IAS 28).

c)Cash flow

The Company has chosen to prepare the statement of cash flows using

the indirect method, which presents cash flows from operating

activities as the income from continuing operations adjusted for non-

cash transactions, deferrals or accruals of past or future operating

cash receipts or payments, and items of income or expense

associated with investing or financing cash flows. Cash flows in

foreign currencies have been translated using weighted average

periodic exchange rates. Interest paid and interest received are

classified as operating cash flows. Lease payments for short-term

leases, lease payments for leases of low-value assets and variable lease

payments not included in the measurement of the lease liability are

classified as cash flows from operating activities.

d)Revenue recognition

The Group recognises revenue from the following major sources:

•Sales of electricity after the deduction of discounts and sales

taxes

•Other revenues relating to charging such as service revenues

from maintaining and operating the stations for city or

provincial area authorities, and revenue from sales of

renewable energy units (hernieuwbare brandstofeenheden).

•Revenue from construction service arrangements where

Fastned constructs, transfers and operates charging stations

for public sector bodies.

Sales of electricity

Fastned supplies electricity to owners of electric vehicles who use

either the Fastned app, a charge card, or credit/debit bank card.

Revenue is recognised when control of the electricity has transferred,

being at the point the customer charges at a Fastned station. Payment

of the transaction price is due according to the terms applying to the

payment method (Fastned app, charge card, bank card) used by the

customer purchasing the electricity. Price is allocated to each

individual charging transaction. Revenue from sale of electricity is

recognized at the point in time the customer has charged at a Fastned

station.

Fastned offers customers the choice of paying a standard price per

kWh, or subscribing to a Fastned price plan with a monthly fee and

reduced price per kWh. Monthly fee revenue is recognized in the

relevant calendar month.

Maintenance fees

Fastned operates and maintains chargers from Fastned Terra 1 B.V. and

three stations from the Municipality of The Hague in the first half of

2022. Performance obligations are satisfied by operating and

maintaining the stations and chargers. Fees are charged as set out in

the service contract. Prices are adjusted annually for inflation

indexation. Price is allocated over the period related to the

maintenance service contract. Maintenance fee revenue is recognised

over the time related to the associated performance obligation.

Sales of Renewable energy units

Fastned's policy is to sell renewable energy units in the same period as

the underlying kWh are sold to charging customers. Revenue is

recognised when when there is a sale agreement between Fastned and

buyer. Fastned satisfies its performance obligation by transferring the


Fastned \| 2022 Annual Report	106

promised goods (HBEs) to the purchaser. The price at which a HBE is

sold is dependent on the supply and demand of HBE credits to the

market.

Revenue from station construction as part of service concessions

Under certain contractual arrangements, Fastned constructs or

upgrades charging station infrastructure (construction or upgrade

services) used to provide a public service and operates and maintains

that charging station infrastructure (operation services) for a specified

period of time. Fastned satisfies its performance obligation by

transferring the ownership of charging stations to the customer.

Fastned charges the construction of charging stations according to

the terms in the contract. Fastned will recognize a contract asset for

any work performed. Any amount previously recognized as contract

asset is reclassified to trade receivables at the point at which it is

invoiced to the customer. If the payment exceeds the revenue

recognized to date under cost-to-cost method then the Group

recognizes a contract liability for the difference. Price is allocated

based on the percentage of completion of the construction contract.

Revenue from construction of charging stations is recognised over

time on a cost-to-cost method, i.e. based on the proportion of

contract costs incurred for work performed to date relative to the

estimated total contract costs. The directors consider that this input

method is an appropriate measure of the progress towards complete

satisfaction of these performance obligations under IFRS 15.

e)Leases (Group as lessee)

The Group assesses whether a contract is or contains a lease, at inception

of the contract. The Group recognises a right-of-use asset and a

corresponding lease liability with respect to all lease arrangements in

which it is the lessee, except for short-term leases (defined as leases

with a lease term of 12 months or less) and leases of low value assets

(such as office equipment). For these leases, the Group recognises the

lease payments as an operating expense on a straight-line basis over

the term of the lease unless another systematic basis is more

representative of the time pattern in which economic benefits from

the leased assets are consumed.

The lease liability is initially measured at the present value of the lease

payments that are not paid at the commencement date, discounted by

using the rate implicit in the lease. If this rate cannot be readily

determined, the Group uses its incremental borrowing rate.

Lease payments included in the measurement of the lease liability

comprise:

•Fixed lease payments (including in-substance fixed

payments), less any lease incentives receivable;

•Variable lease payments that depend on an index or rate,

initially measured using the index or rate at the

commencement date;

•The amount expected to be payable by the lessee under

residual value guarantees;

•The exercise price of purchase options, if the lessee is

reasonably certain to exercise the options; and

•Payments of penalties for terminating the lease, if the lease

term reflects the exercise of an option to terminate the lease.

The lease liability is presented as a separate line in the consolidated

statement of financial position.

The lease liability is subsequently measured by increasing the carrying

amount to reflect interest on the lease liability (using the effective

interest method) and by reducing the carrying amount to reflect the

lease payments made.

The Group remeasures the lease liability (and makes a corresponding

adjustment to the related right-of-use asset) whenever:

•The lease term has changed or there is a significant event or

change in circumstances resulting in a change in the

assessment of exercise of a purchase option, in which case the

lease liability is remeasured by discounting the revised lease

payments using a revised discount rate.

•The lease payments change due to changes in an index or rate

or a change in expected payment under a guaranteed residual

value, in which cases the lease liability is remeasured by

discounting the revised lease payments using an unchanged

discount rate (unless the lease payments change is due to a

change in a floating interest rate, in which case a revised

discount rate is used).

•A lease contract is modified and the lease modification is not

accounted for as a separate lease, in which case the lease

liability is remeasured based on the lease term of the modified

lease by discounting the revised lease payments using a

revised discount rate at the effective date of the modification.


Fastned \| 2022 Annual Report	107

The right-of-use assets comprise the initial measurement of the

corresponding lease liability, lease payments made at or before the

commencement day, less any lease incentives received and any initial

direct costs. They are subsequently measured at cost less

accumulated depreciation and impairment losses.

Whenever the Group incurs an obligation for costs to dismantle and

remove a leased asset, restore the site on which it is located or restore

the underlying asset to the condition required by the terms and

conditions of the lease, a provision is recognised and measured under

IAS 37. To the extent that the costs relate to a right-of-use asset, the

costs are included in the related right-of-use asset.

Right-of-use assets are depreciated over the shorter period of lease

term and useful life of the underlying asset. If a lease transfers

ownership of the underlying asset or the cost of the right-of-use asset

reflects that the Group expects to exercise a purchase option, the

related right-of-use asset is depreciated over the useful life of the

underlying asset. The depreciation starts at the commencement date

of the lease.

The right-of-use assets are presented as a separate line in the

consolidated statement of financial position.

The Group applies IAS 36 to determine whether a right-of-use asset is

impaired and accounts for any identified impairment loss as described

in the ‘Property, Plant and Equipment’ policy.

Variable rents that do not depend on an index or rate are not included

in the measurement of the lease liability and the right-of-use asset.

The related payments are recognised as an expense in the period in

which the event or condition that triggers those payments occurs and

are included in the line “Selling and Distribution expenses” in profit or

loss.

As a practical expedient, IFRS 16 permits a lessee not to separate non-

lease components, and instead account for any lease and associated

non-lease components as a single arrangement. Fastned has elected

to adopt this expedient for leases of transformers (where the lessor is

responsible for maintenance and repair services) and office leases

(including service costs).

f)Lease (Group as Lessor)

The Group enters into lease agreements as a lessor with respect to

parts of its charging stations for commercial spaces to retailers.

Leases for which the Group is a lessor are classified as finance or

operating leases. Whenever the terms of the lease transfer

substantially all the risks and rewards of ownership to the lease, the

contract is classified as a finance lease. All other are classified as

operating leases.

When the Group is an intermediate lessor, it accounts for the head

lease and the sub-lease as two separate contracts. The sub-lease is

classified as a finance or operating lease by reference to the right-of-

use asset arising from the head lease.

Rental income from operating leases is recognised on a straight-line

basis over the term of the relevant lease. Initial direct costs incurred in

negotiating and arranging an operating lease are added to the

carrying amount of the leased asset and recognised on a straight-line

basis over the lease term.

Amounts due from lessees under finance leases are recognised as

receivables at the amount of the Group’s net investment in the leases.

Finance lease income is allocated to accounting periods so as to

reflect a constant periodic rate of return on the Group’s net

investment outstanding in respect of the leases.

Subsequent to initial recognition, the Group regularly reviews the

estimated unguaranteed residual value and applies the impairment

requirements of IFRS 9, recognising an allowance for expected credit

losses on the lease receivables.

Finance lease income is calculated with reference to the gross carrying

amount of the lease receivables, except for credit-impaired financial

assets for which interest income is calculated with reference to their

amortised cost (i.e. after a deduction of the loss of allowance.

When a contract includes both lease and non-lease components, the

Group applies IFRS 15 to allocate the consideration under the contract

to each component.

g)Foreign currencies

Items included in the financial statements of each of the group’s

entities are measured using the currency of the primary economic

environment in which the entity operates (‘the functional currency’).

The consolidated financial statements are presented in Euro's, which

is Fastned B.V.'s functional and presentation currency.

In preparing the financial statements of the Group entities,

transactions in currencies other than the entity’s functional currency

(foreign currencies) are recognised at the rates of exchange prevailing


Fastned \| 2022 Annual Report	108

on the dates of the transactions. At each reporting date, monetary

assets and liabilities that are denominated in foreign currencies are

retranslated at the rates prevailing at that date. Exchange differences

from monetary items as part of reporting entity's net investment in

foreign operation and denominated in the functional currency, are

recognised in other comprehensive income in the consolidated

financial statements. Non-monetary items carried at fair value that are

denominated in foreign currencies are translated at the rates

prevailing at the date when the fair value was determined. Non-

monetary items that are measured in terms of historical cost in a

foreign currency are not retranslated. Exchange differences are

recognised in profit or loss in the period in which they arise.

For the purpose of presenting consolidated financial statements, the

assets and liabilities of the Group’s foreign operations are translated

at exchange rates prevailing on the reporting date. Income and

expense items are translated at the average exchange rates for the

period, unless exchange rates fluctuate significantly during that

period, in which case the exchange rates at the date of transactions

are used. Exchange differences arising, if any, are recognised in other

comprehensive income and accumulated in a foreign exchange

translation reserve (attributed to non-controlling interests as

appropriate).

On the disposal of a foreign operation (i.e. a disposal of the Group’s

entire interest in a foreign operation, or a disposal involving loss of

control over a subsidiary that includes a foreign operation or a partial

disposal of an interest in a joint arrangement or an associate that

includes a foreign operation of which the retained interest becomes a

financial asset), all of the exchange differences accumulated in a

foreign exchange translation reserve in respect of that operation

attributable to the owners of the company are reclassified to profit or

loss.

In addition, in relation to a partial disposal of a subsidiary that includes

a foreign operation that does not result in the Group losing control

over the subsidiary, the proportionate share of accumulated exchange

differences are re-attributed to non-controlling interests and are not

recognised in profit or loss. For all other partial disposals (i.e. partial

disposals of associates or joint arrangements that do not result in the

Group losing significant influence or joint control), the proportionate

share of the accumulated exchange differences is reclassified to profit

or loss.

Goodwill and fair value adjustments arising on the acquisition of a

foreign entity are treated as assets and liabilities of the foreign entity

and translated at the closing rate. Exchange differences arising are

recognised in other comprehensive income.

h)Borrowing costs

Borrowing costs directly attributable to the acquisition, construction

or production of qualifying assets, which are assets that necessarily

take a substantial period of time to get ready for their intended use or

sale, are added to the cost of those assets, until such time as the

assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period

in which they are incurred.

i)Government grants

Government grants are not recognised until there is reasonable

assurance that the Group will comply with the conditions attaching to

them and that the grants will be received.

Government grants are recognised in profit or loss on a systematic

basis over the periods in which the Group recognises as expenses the

related costs for which the grants are intended to compensate.

Specifically, government grants whose primary condition is that the

Group should purchase, construct or otherwise acquire non-current

assets (including property, plant and equipment) are recognised

within property, plant and equipment in the consolidated statement of

financial position and transferred to profit or loss on a systematic and

rational basis over the useful lives of the related assets.

Government grants that are receivable as compensation for expenses

or losses already incurred or for the purpose of giving immediate

financial support to the Group with no future related costs are

recognised in profit or loss in the period in which they become

receivable.

j)Retirement and termination benefit costs

Payments to defined contribution retirement benefit plans are

recognised as an expense when employees have rendered service

entitling them to the contributions. Payments made to state-managed

retirement benefit plans are accounted for as payments to defined

contribution plans where the Group’s obligations under the plans are

equivalent to those arising in a defined contribution retirement

benefit plan.

k)Short-term and other long-term employee benefits

A liability is recognised for benefits accruing to employees in respect

of wages and salaries, annual leave and sick leave in the period the


Fastned \| 2022 Annual Report	109

related service is rendered at the undiscounted amount of the benefits

expected to be paid in exchange for that service.

Liabilities recognised in respect of short-term employee benefits are

measured at the undiscounted amount of the benefits expected to be

paid in exchange for the related service.

Liabilities recognised in respect of other long-term employee benefits

are measured at the present value of the estimated future cash

outflows expected to be made by the Group in respect of services

provided by employees up to the reporting date.

l)Taxation

The income tax expense represents the sum of the tax currently

payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Taxable profit differs from net profit as reported in profit or loss

because it excludes items of income or expense that are taxable or

deductible in other years and it further excludes items that are never

taxable or deductible. The Group’s liability for current tax is calculated

using tax rates that have been enacted or substantively enacted by the

end of the reporting period.

A provision is recognised for those matters for which the tax

determination is uncertain but it is considered probable that there will

be a future outflow of funds to a tax authority. The provisions are

measured at the best estimate of the amount expected to become

payable. The assessment is based on the judgement of tax

professionals within the Company supported by previous experience

in respect of such activities and in certain cases based on specialist

independent tax advice.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on

differences between the carrying amounts of assets and liabilities in

the financial statements and the corresponding tax bases used in the

computation of taxable profit, and is accounted for using the liability

method. Deferred tax liabilities are generally recognised for all taxable

temporary differences and deferred tax assets are recognised to the

extent that it is probable that taxable profits will be available against

which deductible temporary differences can be utilised. Such assets

and liabilities are not recognised if the temporary difference arises

from the initial recognition of goodwill or from the initial recognition

(other than in a business combination) of other assets and liabilities in

a transaction that affects neither the taxable profit nor the accounting

profit. In addition, a deferred tax liability is not recognised if the

temporary difference arises from the initial recognition of goodwill.

Deferred tax liabilities are recognised for taxable temporary

differences arising on investments in subsidiaries and associates, and

interests in joint ventures, except where the Group is able to control

the reversal of the temporary difference and it is probable that the

temporary difference will not reverse in the foreseeable future.

Deferred tax assets arising from deductible temporary differences

associated with such investments and interests are only recognised to

the extent that it is probable that there will be sufficient taxable profits

against which to utilise the benefits of the temporary differences and

they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each

reporting date and reduced to the extent that it is no longer probable

that sufficient taxable profits will be available to allow all or part of the

asset to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in

the period when the liability is settled or the asset is realised based on

tax laws and rates that have been enacted or substantively enacted at

the reporting date.

The measurement of deferred tax liabilities and assets reflects the tax

consequences that would follow from the manner in which the Group

expects, at the end of the reporting period, to recover or settle the

carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when there is a legally

enforceable right to set off current tax assets against current tax

liabilities and when they relate to income taxes levied by the same

taxation authority and the Group intends to settle its current tax

assets and liabilities on a net basis.

Where tax treatments are uncertain, if it is considered probable that a

taxation authority will accept the group's proposed tax treatment,

income taxes are recognized consistent with the group's income tax

filings. If it is not considered probable, the uncertainty is reflected

within the carrying amount of the applicable tax asset or liability using

either the most likely amount or an expected value, depending on

which method better predicts the resolution of the uncertainty.

Current tax and deferred tax for the year

Current and deferred tax are recognised in profit or loss, except when

they relate to items that are recognised in other comprehensive


Fastned \| 2022 Annual Report	110

income or directly in equity, in which case, the current and deferred

tax are also recognised in other comprehensive income or directly in

equity respectively. Where current tax or deferred tax arises from the

initial accounting for a business combination, the tax effect is

included in the accounting for the business combination.

m)Property, plant and equipment

Plant, machinery, fixtures and fittings are stated at cost less

accumulated depreciation and accumulated impairment loss.

Depreciation is recognised so as to write off the cost or valuation of

assets (other than freehold land and properties under construction)

less their residual values over their useful lives, using the straight-line

method, on the following bases:


Charging stations and technical installations	6.66% per year/ 15 year or 12.5% per year/ 8 years
Transformers	3.33% per year/ 30 years
Other operating assets	20% per year/ 5 years

The estimated useful lives, residual values and depreciation method

are reviewed at the end of each reporting period, with the effect of any

changes in estimate accounted for on a prospective basis.

Right-of-use assets are depreciated over the shorter period of the

lease term and the useful life of the underlying asset. If a lease

transfers ownership of the underlying asset or the cost of the right-of-

use asset reflects that the Group expects to exercise a purchase

option, the related right-of-use asset is depreciated over the useful

life of the underlying asset.

An item of property, plant and equipment is derecognised upon

disposal or when no future economic benefits are expected to arise

from the continued use of the asset. The gain or loss arising on the

disposal or retirement of an asset is determined as the difference

between the sales proceeds and the carrying amount of the asset and

is recognised in profit or loss.

n)Intangible assets acquired separately

Intangible assets with finite useful lives that are acquired separately

are carried at cost less accumulated amortisation and accumulated

impairment losses. Amortisation is recognised on a straight-line basis

over their estimated useful lives. The estimated useful life and

amortisation method are reviewed at the end of each reporting period,

with the effect of any changes in estimate being accounted for on a

prospective basis. Intangible assets with indefinite useful lives that are

acquired separately are carried at cost less accumulated impairment

losses.

o)Internally-generated intangible assets – software

development expenditure

Expenditure on software development activities is recognised as an

expense in the period in which it is incurred.

An internally-generated intangible asset arising from development (or

from the development phase of an internal project) is recognised if,

and only if, all of the following conditions have been demonstrated:

•the technical feasibility of completing the intangible asset so

that it will be available for use or sale;

•the intention to complete the intangible asset and use or sell

it;

•the ability to use or sell the intangible asset;

•how the intangible asset will generate probable future

economic benefits;

•the availability of adequate technical, financial and other

resources to complete the development and to use or sell the

intangible asset; and

•the ability to measure reliably the expenditure attributable to

the intangible asset during its development.

The amount initially recognised for internally-generated intangible

assets is the sum of the expenditure incurred from the date when the

intangible asset first meets the recognition criteria listed above.

Where no internally-generated intangible asset can be recognised,

development expenditure is recognised in profit or loss in the period

in which it is incurred.

Subsequent to initial recognition, internally-generated intangible

assets are reported at cost less accumulated amortisation and

accumulated impairment losses, on the same basis as intangible

assets that are acquired separately.

In accordance with the Dutch Civil Code and statutory requirements in

other countries, legal reserves have to be established in certain


Fastned \| 2022 Annual Report	111

circumstances. The Group has a legal reserve for its internally-

generated software. Legal reserves are not available for distribution to

the Group’s shareholders.

p)Derecognition of intangible assets

An intangible asset is derecognised on disposal, or when no future

economic benefits are expected from use or disposal. Gains or losses

arising from derecognition of an intangible asset, measured as the

difference between the net disposal proceeds and the carrying

amount of the asset, are recognised in profit or loss when the asset is

derecognised.

q)Trademarks

Trademarks are measured initially at purchase cost and are

amortised on a straight-line basis over their estimated lives.

r)Impairment of property, plant and equipment and intangible

assets excluding goodwill

At each reporting date, the Group reviews the carrying amounts of its

property, plant and equipment and intangible assets to determine

whether there is any indication that those assets have suffered an

impairment loss. If any such indication exists, the recoverable amount

of the asset is estimated to determine the extent of the impairment

loss (if any). Where the asset does not generate cash flows that are

independent from other assets, the Group estimates the recoverable

amount of the cash-generating unit to which the asset belongs. When

a reasonable and consistent basis of allocation can be identified,

corporate assets are also allocated to individual cash-generating

units, or otherwise they are allocated to the smallest group of cash-

generating units for which a reasonable and consistent allocation

basis can be identified.

Intangible assets with an indefinite useful life are tested for

impairment at least annually and whenever there is an indication at the

end of a reporting period that the asset may be impaired.

Recoverable amount is the higher of fair value less costs of disposal

and value in use. In assessing value in use, the estimated future cash

flows are discounted to their present value using a pre-tax discount

rate that reflects current market assessments of the time value of

money and the risks specific to the asset for which the estimates of

future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is

estimated to be less than its carrying amount, the carrying amount of

the asset (or cash-generating unit) is reduced to its recoverable

amount. An impairment loss is recognised immediately in profit or

loss, unless the relevant asset is carried at a revalued amount, in which

case the impairment loss is treated as a revaluation decrease and to

the extent that the impairment loss is greater than the related

revaluation surplus, the excess impairment loss is recognised in profit

or loss.

Where an impairment loss subsequently reverses, the carrying amount

of the asset (or cash-generating unit) is increased to the revised

estimate of its recoverable amount, but so that the increased carrying

amount does not exceed the carrying amount that would have been

determined had no impairment loss been recognised for the asset (or

cash-generating unit) in prior years. A reversal of an impairment loss is

recognised immediately in profit or loss to the extent that it eliminates

the impairment loss which has been recognised for the asset in prior

years. Any increase in excess of this amount is treated as a revaluation

increase.

s)Financial instruments

Financial assets - Classification and measurement

The Group classifies its financial assets in the following measurement

categories:

•those to be measured subsequently at fair value (either

through OCI or through profit or loss)

•those to be measured at amortised cost.

The classification depends on the entity’s business model for

managing the financial assets and the contractual terms of the cash

flows.

Financial assets - Recognition and derecognition

Regular purchases and sales of financial assets are recognised on the

trade-date, the date on which the Group commits to purchase or sell

the asset. Financial assets are derecognised when the rights to receive

cash flows from the financial assets have expired or have been

transferred and the Group has transferred substantially all the risks

and rewards of ownership.

Financial assets - Measurements

At initial recognition the Group measures a financial asset at its fair

value plus, in the case of a financial asset not at fair value through

profit or loss, transaction costs that are directly attributable to the

acquisition of the financial asset. Transaction costs of financial assets


Fastned \| 2022 Annual Report	112

carried at fair value through profit or loss are expensed in profit or

loss.

Debt instruments

Subsequent measurement of debt instruments depends on the

Group’s business model for managing the asset and the cash flow

characteristics of the asset. There are three measurement categories

into which the Group classifies its debt instruments:

•Amortised cost

•Fair value through profit or loss

•Fair value through other comprehensive income.

The Group only has financial assets at amortised cost and makes no

use of derivative financial instruments.

Amortised cost

Assets that are held for collection of contractual cash flows where

those cash flows represent solely payments of principal and interest

are measured at amortised cost. Interest income from these financial

assets is included in finance income using the effective interest rate

method. Any gain or loss arising on derecognition is recognised

directly in profit or loss and presented in other gains/losses together

with foreign exchange gains and losses.

Financial assets - Impairment

The Group assesses on a forward looking basis the expected credit

losses associated with its debt instruments carried at amortised cost.

The Group has no trade receivables nor amounts due from customers

for contract work including a significant finance component and is

therefore required to apply the simplified approach under IFRS 9, in

which the credit losses are measured using a lifetime expected loss

allowance for all trade receivables and amounts due from customers

for contract work. Information about the Group’s exposure to credit

risk and measurement of impairment losses for trade receivables is

included in Note 15.

Financial liabilities - Recognition and measurement

Financial liabilities are recognised when the Group becomes a party to

the contractual provisions of the financial instrument.

The Group has financial liabilities measured at amortised cost. The

Group may also issue financial guarantees, see below; it makes no use

of other types of derivative financial instruments.

Financial liabilities at amortised cost

Financial liabilities at amortised cost include trade and other payables

and long-term debt. Trade and other payables and long-term debt are

initially recognised at fair value equalling the amount required to be

paid, less, when material, a discount to reduce the payables to fair

value. Subsequently, trade and other payables and long-term debt are

measured at amortised cost using the effective interest method. Trade

and other payables are classified as current liabilities due to their short

term nature, except for maturities greater than 12 months after the end

of the reporting period. These are classified as non-current liabilities.

Financial liabilities - Derecognition

The Group derecognises a financial liability when its contractual

obligations are discharged or cancelled, or expire. On derecognition

of a financial liability, the difference between the carrying amount

extinguished and the consideration paid (including any non-cash

assets transferred or liabilities assumed) is recognised in the income

statement.

The Group also derecognises a financial liability when its terms are

modified and the cash flows of the modified liability are substantially

different, in which case a new financial liability based on the modified

terms is recognised at fair value. However, when the cash flows of the

modified liability are not substantially different, the Group (i)

recalculates the amortised cost of the modified financial liability by

discounting the modified contractual cash flows using the original

effective interest rate and (ii) recognises any adjustment in the income

statement.

Financial guarantees

Financial guarantee contracts are recognised as a financial liability at

the time the guarantee is issued. The liability is initially measured at

fair value and subsequently at the higher of:

•the amount determined in accordance with the expected

credit loss model under IFRS 9 Financial Instruments, and

•the amount initially recognised less, where appropriate, the

cumulative amount of income recognised in accordance with

the principles of IFRS 15 Revenue from Contracts with

Customers.

The fair value of financial guarantees is determined based on the

present value of the difference in cash flows between the contractual

payments required under the debt instrument and the payments that

would be required without the guarantee, or the estimated amount

that would be payable to a third party for assuming the obligations.


Fastned \| 2022 Annual Report	113

Where guarantees in relation to loans or other payables of associates

are provided for no compensation, the fair values are accounted for as

contributions and recognised as part of the cost of the investment.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported

in the balance sheet when there is a legally enforceable right to offset

the recognised amounts and there is an intention to settle on a net

basis or realise the asset and settle the liability simultaneously. The

Group and its counterparties do not have any legally enforceable right

to offset the recognised amounts in the balance sheet.

t)Provisions

Provisions are recognised when the Group has a present obligation

(legal or constructive) as a result of a past event, it is probable that the

Group will be required to settle that obligation and a reliable estimate

can be made of the amount of the obligation. The Group records

provisions for decommissioning costs of charging stations, see note

20 for details.

The amount recognised as a provision is the best estimate of the

consideration required to settle the present obligation at the

reporting date, taking into account the risks and uncertainties

surrounding the obligation. Where a provision is measured using the

cash flows estimated to settle the present obligation, its carrying

amount is the present value of those cash flows (when the effect of the

time value of money is material).

When some or all of the economic benefits required to settle a

provision are expected to be recovered from a third party, a receivable

is recognised as an asset if it is virtually certain that reimbursement

will be received and the amount of the receivable can be measured

reliably.

u)Deferred revenue

The Group operates a Founders club through which early large

investors in Fastned have the right to charge their EV’s at Fastned for

free, i.e.. at a 100% discount on the regular price for the rest of their

lives. This right is a material right, and the promise to provide the 100%

discount to the Founders is therefore a separate future performance

obligation for which deferred income is recognised in the balance

sheet.

Fastned allocates the transaction price to the performance obligation

based on a relative stand-alone selling price basis, including an

estimate of the future performance required by the customer. Revenue

is recognized when electricity is supplied to the customer and the

performance obligation is satisfied.

v)Share-based payments

Share-based payment transactions of the Group

Equity-settled share-based payments to employees and others

providing similar services are measured at the fair value of the equity

instruments at the grant date. The fair value excludes the effect of

non-market-based vesting conditions. Details regarding the

determination of the fair value of equity-settled share-based

transactions are set out in note 22.

The fair value determined at the grant date of the equity-settled share-

based payments is expensed on a straight-line basis over the vesting

period, based on the Group’s estimate of the number of equity

instruments that will eventually vest. At each reporting date, the Group

revises its estimate of the number of equity instruments expected to

vest as a result of the effect of non-market-based vesting conditions.

The impact of the revision of the original estimates, if any, is

recognised in profit or loss such that the cumulative expense reflects

the revised estimate, with a corresponding adjustment to reserves.

2.4New or revised Standards or Interpretations adopted as at 1

January 2022

The amendments listed below do not have any effect on the Group's

consolidated financial statements:

•Amendments to IFRS 3, IAS 16 and IAS 37

•Annual Improvements 2018-2020

Certain new accounting standards and interpretations have been

published that are not mandatory for 31 December 2022 reporting

periods and have not been early adopted by the group. These

standards are not expected to have a material impact on the entity in

the current or future reporting periods and on foreseeable future

transactions.


Fastned \| 2022 Annual Report	114

3.Significant accounting estimates,

judgements and errors

In applying the Group’s accounting policies, which are described in

note 2, the directors are required to make judgements (other than

those involving estimations) that have a significant impact on the

amounts recognised and to make estimates and assumptions about

the carrying amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and associated

assumptions are based on historical experience and other factors that

are considered to be relevant. Actual results may differ from these

estimates.

The estimates and underlying assumptions are reviewed on an

ongoing basis. Revisions to accounting estimates are recognised in

the period in which the estimate is revised if the revision affects only

that period, or in the period of the revision and future periods if the

revision affects both current and future periods.

Other disclosures relating to the Group’s exposure to risks and

uncertainties include:

•Capital management (see Note 4)

•Financial risk management objectives and policies (see Note

14.6)

•Sensitivity analyses disclosures (see Note 12)

Judgements in applying the Group’s accounting policies

The following are the critical judgements, apart from those involving

estimations (which are presented separately below), that the

management have made in the process of applying the Group’s

accounting policies and that have the most significant effect on the

amounts recognised in financial statements.

Capitalisation of internally developed software

Distinguishing the research and development phases of software

projects and determining whether the recognition requirements for

the capitalisation of its development costs are met requires

judgement. After capitalisation, management monitors whether the

recognition requirements continue to be met and whether there are

any indicators that capitalised costs may be impaired.

Taxes

Deferred tax assets are recognised for unused tax losses to the extent

that it is probable that taxable profit will be available against which the

losses can be utilised. Significant management judgement is required

to determine the amount of deferred tax assets that can be

recognised, based upon the likely timing and the level of future taxable

profits together with future tax planning strategies.

At year-end 2022, the Group has €21.1 million (2021: €41.4 million) of

tax losses in the Netherlands which are available for offsetting against

future taxable profits in the period 2022-2028, and € 25.6 million of

tax losses (2021: €11.6 million) arising in other countries. In addition,

the Group has €40.5 million of unrecognised temporary differences.

Due to uncertainty about size and timing of future profits the directors

have determined not to recognise deferred tax assets on the tax

losses carried forward.

If the Group would recognise all unrecognised deferred tax assets,

profit and equity would have increased by approximately €11.3 million

depending on the timing of the utilisation of the tax losses. Further

details on taxes are disclosed in Note 9.

Estimates and assumptions

The key assumptions concerning the future and other key sources of

estimation regarding uncertainty at the reporting date that have a

significant risk of causing a material adjustment to the carrying

amounts of assets and liabilities within the next financial year are

described below. The directors have based their assumptions and

estimates on parameters available when the financial statements were

prepared. Existing circumstances and assumptions about future

developments, however, may change due to market changes or

circumstances arising that are beyond the control of the Group. Such

changes are reflected in the assumptions when they occur.

Property, plant and equipment – depreciation and expected useful

lives

To determine the useful life of assets, estimates and assumptions are

required. Management used market data, supplier specifications and

its experience with the equipment to establish these estimates.

Acquisitions

Tangible and intangible assets acquired in an acquisition (business or

asset acquisition) are stated at fair value, as determined at the date of

the acquisition. To determine the fair value at the acquisition date,

estimates and assumptions are required. The valuation of the

identifiable assets involves estimates of expected sales, earnings and/


Fastned \| 2022 Annual Report	115

or future cash flows and require use of key assumptions such as

discount rate and growth rates.

Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash

generating unit exceeds its recoverable amount, which is the higher of

its fair value less costs of disposal and its value in use. The fair value

less costs of disposal calculation is based on available data from

binding sales transactions, conducted at arm’s length for similar

assets less incremental costs for disposing of the asset. The value in

use calculation is based on a DCF model. The cash flows are derived

from the budget for the next five years and do not include

restructuring activities that the Group is not yet committed to or

significant future investments that will enhance the asset’s

performance of the cash-generating-unit (CGU) being tested. The

recoverable amount is sensitive to the discount rate used for the DCF

model as well as the expected future cash-inflows and the growth rate

used for extrapolation purposes. The key assumptions to determine

whether an impairment is necessary or not are disclosed and further

explained in Note 12.

Impairment of financial assets

Impairment of financial assets exists when the counterparty is not able

to meet its obligations under a financial instrument or customer

contract, leading to a financial loss for the Group. The Group has a loan

outstanding with Fastned Terra 1 B.V. (see Note 14.2) and has evaluated

whether this loan needs to be impaired. Based on expected future

cash flows of the entity and the revenue share from Fastned B.V. , the

directors have determined that it is necessary to impair the loan. See

note 14.2 for further details.

Provision for decommissioning

Under the rental agreements with the Dutch Rijksvastgoedbedrijf and

with various other landlords for the land of the charging stations, the

Group has recognised a provision for decommissioning obligations. In

determining the present value of the expected cash outflow of the

provision, assumptions and estimates are made in relation to discount

rates, the expected cost to dismantle and remove the charging station

from the site and the expected timing of those costs. The carrying

amount of the provision as at 31 December 2022 was €10.0 million

(2021: €5.2 million). The Group estimates that the costs would be

realised after expiration of the rental contract and calculates the

provision using the DCF method based on the following assumptions:

•Estimated cost of removal : €3-131 thousand depending on

the size of the station

•Inflation of 2.2 (2021: 1.9%)

•Discount rate of 2.47% (2021: -0.05%)

If the estimated pre-tax discount rate used in the calculation had

been 1% higher than management’s estimate, the carrying amount of

the provision would have been €1.1. million lower. If the estimated

inflation had been 1% lower than management's estimate, the carrying

amount of the provision would have been €1.2 million higher.

Fastned Founders Club deferred income

In May 2015, Fastned launched the Fastned Founders Club. This is a

special group of investors who have invested a minimum of €25,000 in

the first primary issuance of shares through NPEX or a minimum of

€50,000 in the primary issuance of shares through Nxchange in April -

May 2016.

In return, these early investors can charge for free at Fastned stations

for the rest of their lives as long as they hold these Fastned

certificates. The Group has recognised deferred income for the

estimated kWh to be charged by these Founders. In determining the

amount of the deferred income, assumptions and estimates are made

in relation to the amount of kWh the Founders will charge, the

discount rates, the expected cost of electricity and the expected

timing of those costs. The carrying amount of deferred income as at 31

December 2022 was €194,000 (2021: €194,000). The Group estimates

that the income will be realised in 17.5 years’ time as the average age of

the Founders is 56.5 and that 60% of the Founders have a fully electric

vehicle and will charge 35% of the time at Fastned stations.

Share-based compensation

We use the fair value method of accounting for share options granted

to employees to measure the cost of employee services received in

exchange for the stock-based awards. The fair value of stock option

awards is estimated using the Hull-White option-pricing model, see

note 22. The option-pricing model requires inputs such as the risk-

free interest rate, expected term and expected volatility. These inputs

are subjective and generally require significant judgment.


Fastned \| 2022 Annual Report	116

4.Capital management

The Group’s capital management covers issued capital, share premium

and all other equity reserves attributable to the equity holders of the

Group. The objective of capital management is to realise our mission

and secure financial flexibility to maintain long-term business

operations. Ensuring liquidity and limiting financial risks are key

components of our financial policy and set the framework for capital

management.

The Group manages its capital structure and makes adjustments in

light of changes in economic conditions. To maintain or adjust the

capital structure, the Group may adjust the dividend payment to

shareholders, return capital to shareholders or issue new shares or

other financial instruments.

Fastned B.V. has not paid any dividends since its incorporation. The

Group expects to retain all earnings, if any, generated by Fastned’s

operations for the development and growth of its business and does

not anticipate paying any dividends to shareholders in the foreseeable

future. Fastned is currently not profitable. The Group’s dividend policy

will be reviewed and may be amended from time to time taking into

account Fastned’s earnings, cash flow, financial condition, capital

expenditure requirements and other factors considered important by

the Board of Directors.

Fastned only invests in new stations when financing is in place for such

an investment. The Group has secured financing for its operations

through issuance of equity (see Note 17) and new bonds (see Note

14.3). See also the going concern assumption under the Statement of

Directors' responsibilities and Note 1.

No changes were made in the objectives, policies or processes for

managing capital during the years ended 31 December 2022 and 2021.


Fastned \| 2022 Annual Report	117

5.Group information

The consolidated financial statements of the Group include:


Name	Principal activities	Country of incorporation	% equity	% equity
			2022	2021
Fastned Verwaltungsgesellschaft mbH	General partner Fastned Deutschland GmbH & Co KG	Germany	100	100
Fastned Deutschland GmbH & Co KG	Construction and operating charging stations	Germany	100	100
Fastned UK Ltd	Construction and operating charging stations	United Kingdom	100	100
Fastned Belgie BV	Construction and operating charging stations	Belgium	100	100
Fastned France SAS	Construction and operating charging stations	France	100	100
Fastned Switzerland AG	Construction and operating charging stations	Switzerland	100	100
Fastned Products BV	Currently Inactive	Netherlands	100	100
Fastned Beheer BV	Management services	Netherlands	100	100
The Fast Charging Network BV	Construction and operating charging stations	Netherlands	100	100
Fastned Terra 2 BV	Commercial operation of chargers at charging stations	Netherlands	100	100
Fastned Italia SRL	Construction and operating charging stations	Italy	100
Fastned France SPV 1	Construction and operating charging stations	France	100

In 2022, the Group established a new subsidiary in France. Fastned

France SPV1 was incorporated on 22 February 2022. Additionally, the

Group established a subsidiary in Italy. Fastned Italia SRL was

incorporated on 7 June 2022.

Fastned B.V. has a cooperation agreement with Fastned Terra 1 B.V. in

which it is agreed that Fastned B.V. will operate chargers owned by

Fastned Terra 1 B.V. at Fastned B.V. locations in return for a revenue

share.

Fastned Beheer B.V. performs administrative, financial, commercial

and technical management of fast chargers owned by Fastned Terra 1

B.V..

Since Fastned B.V. does not have rights giving the ability to direct the

activities of Fastned Terra 1 B.V., nor the ability to affect its returns,

Fastned Terra 1 B.V. is not consolidated in the Group’s financial

statements.

Shares in Fastned B.V. are held by FAST (Fastned Administratie

Stichting), Amsterdam.

The board of directors of Fastned B.V. consist of Michiel Langezaal and

Victor van Dijk. Niels Korthals Altes resigned from the Company on 9

March 2022.

The supervisory board of Fastned B.V. consists of Bart Lubbers

(chairman), Jérôme Janssen, Marije van Mens and Nancy Kabalt.


Own holding as % of total outstanding certificates of shares	2022	2021
Wilhelmina-Dok B.V. (Bart Lubbers)	39.2	43.8
Carraig Aonair Holding B.V. (Michiel Langezaal)	23.5	26.3
Niels Korthals Altes	—	0.4


Fastned \| 2022 Annual Report	118

6.Revenue and segment information

Revenue

The Group’s revenue disaggregated by type of good or service

is as follows:


€’000	Timing of revenue recognition	2022	2021
Revenues related to charging:
Sales of electricity	Goods transferred at a point in time	32,430	10,350
Other revenues relating to charging:
Sales of renewable energy units	Goods transferred at a point in time	3,379	1,819
Maintenance fees and other revenue	Services transferred over time	154	183
Station construction as part of service concessions	Goods transferred over time	15	114
Total revenue		35,978	12,466

Revenue from station construction as part of service concessions

relates to a public tender in the UK, where Fastned won a contract to

construct seven charging stations in the North East of England and

deliver these to the contracting party, and to operate these stations

for a further period. During the years of operation of the stations, there

are no charges made to Fastned for use of the locations (rent), the

assets (depreciation) and financing (interest).

Other operating revenues relating to charging comprise maintenance

fees, sales of Renewable Energy Units (HBEs) and other revenue.

Segmental reporting

The chief operating decision-maker ('CODM'), who is responsible for

allocating resources and assessing the performance of the operating

segments, has been identified as the Company’s CEO and CFO. The

CODM examines the Group’s performance on a geographical basis

with seven operating segments identified, being the Netherlands,

Germany, United Kingdom, Belgium, France, Switzerland and Italy.

The business activity of the six operating segments is location

acquisition and efficient construction and operation of Fastned

charging stations. Revenues are earned from sale of electricity to EV

drivers, plus other revenues from sales of renewable energy units and

maintenance fees. The activities in each of the operating segments are

similar in nature in terms of service offered, and they operate under

the same EU regulatory environment (although not a EU member, the

regulatory environment in CH & UK is broadly similar to that of EU

countries). The EV charging market is not sufficiently developed for

long term margins in each of the countries to be known with any

certainty, however currently Fastned management expects the same

trends and growth patterns to develop in each country even though

each is at a different stage in terms of EV adoption. Given the limited

size of the operating segments in Switzerland and Italy these have

been presented together as one reportable segment (Other Europe).

Following the change in the composition of reportable segments,

corresponding items of segment information for 2021 have been

restated so as to be on the same basis as for 2022.

Interest income and finance cost are not allocated to segments, as this

type of activity is centrally managed.

Sales between segments are made at prices that approximate market

prices, and not significant. Sales to external customers are based on

the location of the group subsidiary where the sale is made.


Fastned \| 2022 Annual Report	119

The CODM of Fastned primarily uses EBITDA14 as an alternative performance measure to monitor operating segment results and performance.

Total revenues, EBITDA per reporting segment and segment assets are as follows:


€’000	2022
	NL	DE	UK	BE	FR	Other Europe	Total Group
Segment revenues	27,187	5,037	1,051	2,036	558	94	35,963
Other reconciling items - station construction as part of service concessions			15				15
Total revenue	27,187	5,037	1,066	2,036	558	94	35,978

EBITDA12	1,857	(501)	(1,660)	(1,084)	(2,634)	(535)	(4,557)

Reconciliation of EBITDA to profit/(loss) before tax
EBITDA12	1,857	(501)	(1,660)	(1,084)	(2,634)	(535)	(4,557)
Depreciation and amortization	(6,243)	(2,298)	(381)	(635)	(571)	(132)	(10,260)
Finance costs							(7,477)
Finance income							92
Profit/(loss) before taxation							(22,202)

Segment assets
Non-current assets	68,888	22,831	12,595	13,464	30,285	1,898	149,911


Fastned \| 2022 Annual Report	120

14 See definitions provided in Non IFRS Measures section


€’000	2021
	NL	DE	UK	BE	FR	Other Europe	Total Group
Segment revenues	10,949	1,028	151	184	10	31	12,353
Other reconciling items - station construction as part of service concessions	—	—	114	—	—	—	114
Total revenue	10,949	1,028	265	184	10	31	12,467

EBITDA12	(6,370)	(2,353)	(1,149)	(1,036)	(1,191)	(469)	(12,568)

Reconciliation of EBITDA to profit/(loss) before tax
EBITDA12	(6,370)	(2,353)	(1,149)	(1,036)	(1,191)	(469)	(12,568)
Depreciation and amortization	(4,756)	(774)	(87)	(127)	(28)	(96)	(5,868)
Finance costs							(6,482)
Finance income							319
Profit/(loss) before taxation							(24,599)

Segment assets
Non-current assets15	51,660	15,147	2,660	5,502	5,638	873	81,480


Fastned \| 2022 Annual Report	121

15 Non current assets excludes intercompany balances eliminated on consolidation.

Disaggregation of revenue

In the following tables, revenue is disaggregated by revenue type, by

country and based on the timing of revenue recognition:


€’000	Timing of revenue recognition	2022	2021
Type of goods and service
Sales of electricity	Goods transferred at a point of time	32,430	10,350
Other revenues related to charging:
Sales of renewable energy units	Goods transferred at a point of time	3,379	1,819
Maintenance fees and other revenue	Service transferred over time	154	183
Station construction as part of service concessions	Goods transferred over time	15	114
Total revenue		35,978	12,466


€’000	2021	2021
Geographical markets
The Netherlands	27,187	10,949
Germany	5,038	1,028
France	558	10
Belgium	2,036	184
UK	1,066	265
Other Europe	93	30
Total revenue	35,978	12,466

Entity-wide information

The Group operates in six countries. There are no customers that

account for 10% or more of revenue as at December 31, 2022 and 2021.

7.Cost of sales


€’000	2022	2021
Cost of sales
Sales of electricity	15,486	3,621
Station construction as part of service concessions	21	126
Total cost of sales	15,507	3,747

8.Other income/expenses

8.1Other gains and losses


€’000	2022	2021
Net (loss) gain on disposal of fixed assets	(58)
Total other operating income	(58)	—

8.2Administrative expenses


€’000	2022	2021
Wages and salaries	8,095	12,619
Depreciation of property, plant and equipment	8,575	4,636
Depreciation of right-of-use-assets	1,262	865
Social security costs	1,433	826
Pension costs	516	304
Amortization of intangible assets	423	368
Other	127
Total administrative expenses	20,431	19,618

In 2022, the average number of employees of the Group was 114 (2021 :

76). In the Netherlands, the average number of employees was 75

(2021: 54)


Fastned \| 2022 Annual Report	122

No options were awarded to personnel under Fastned Option Plans

during 2022. The options awarded in 2021 are included in the wages

and salaries of 2021 (€8.16 million), see note 22 for more details.

Pensions and other post-employment benefits

The Group operates defined contribution pension plans which require

contributions made to separately administered funds arranged for

staff in the Netherlands and UK. The cost of providing contributions

under the defined contribution plans is limited to the amount that the

Group agreed to contribute to the fund. Contributions are expensed

as incurred and presented in the statement of profit or loss. The assets

and liabilities of such plans are not included in the balance sheet of the

Group.

Fastned does not (yet) operate a company pension plan for staff in

Germany, Belgium, Switzerland and France. Pension arrangements for

these staff are made through contributions to insurance schemes and

through the state pensions funded by social security contributions.

These costs are expensed as incurred and presented in the statement

of profit or loss.

8.3Other operating expenses


€’000	2022	2021
Advisory costs	2,358	2,042
General costs	3,318	1,312
Marketing costs	1,543	380
Office costs	249	193
Car expenses	359	156
Total other operating expenses	7,827	4,083

8.4Finance costs


€’000	2022	2021
Interest on debts and borrowings	6,513	5,919
Interest expense on lease liabilities	756	490
Interest and bank charges	208	62
Other interest expenses		11
Total finance costs	7,477	6,482

8.5Finance income


€’000	2022	2021
Interest and bank charges	222	69
Foreign exchange gains/(losses) charged to the income statement	(130)	250
Total finance income	92	319

9.Income tax

9.1Deferred tax

Deferred tax relates to the following:


	Statement of financial position		Statement of profit or loss
€’000	2022	2021	2022	2021
Losses available for offsetting against future taxable income	—	—	—	—
Total deferred tax/ (benefit)	—	—	—	—

Reconciliation of deferred tax liabilities, net:


€’000	2022	2021
As of 1 January:	—	—
Tax income/(expense) during the period recognised in profit or loss	—	—
As at 31 December	—	—

The Group offsets tax assets and liabilities if and only if it has a legally

enforceable right to set off current tax assets and current tax liabilities

and the deferred tax assets and deferred tax liabilities relate to income

taxes levied by the same tax authority.

In the Netherlands as at year-end 2022, the Group has €21.1 million

(2021: €41.4 million) of accumulated tax losses that are available for


Fastned \| 2022 Annual Report	123

offsetting against future taxable profits. New Dutch tax loss utilisation

rules were substantively enacted in 2021 and result in an indefinite loss

carry-forward period as of 1 January 2022. However, losses can only be

fully deducted on an annual basis up to an amount of EUR 1 million plus

50% of the taxable profit that exceeds EUR 1 million.

As of 2022, €40.5 million of costs have been activated in the

computation of taxable profit in the Netherlands, and are being

depreciated over 5 years. This amount is classified as unrecognised

temporary differences.

Outside the Netherlands, accumulated tax losses were approximately

€7.0m in Germany (2021: €5.7m), €11.0m in UK (2021: €2.8m), €2.5m in

Belgium (2021: €0.9m), and €3.7m in France (2021: €1.3m) and €1.5m in

Switzerland (2021: €0.9m). Tax losses in Germany, UK, Belgium and

France may be carried forward without time limitation. Tax losses in

Switzerland may be carried forward for 7 years.

Due to uncertainty about size and timing of future profits, the Group

has determined that it can not recognise deferred tax assets on the tax

losses carried forward. See also Note 3.


Fastned \| 2022 Annual Report	124

Accumulated tax losses by country


Tax year		2014	2015	2016	2017	2018	2019	2020	2021	2022*	Total
Netherlands	€’000	525	3,768	5,038	5,014	1,632	1,539	2,002	—	1,577	21,095
	Expiring	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Germany	€’000	—	—	—	—	349	1,383	1,232	1,903	2,120	6,987
	Expiring					n/a	n/a	n/a	n/a
UK	€’000	—	—	—	—	162	618	599	2,157	7,510	11,046
	Expiring					n/a	n/a	n/a	n/a
Belgium	€’000	—	—	—	—	2	198	204	531	1,563	2,498
	Expiring					n/a	n/a	n/a	n/a
France	€’000	—	—	—	—	—	3	159	939	2,561	3,662
	Expiring						n/a	n/a	n/a
Switzerland	€’000	—	—	—	—	—	—	257	656	552	1,465
	Expiring						2026	2027	2028	2,029
Total	€’000	525	3,768	5,038	5,014	2,145	3,741	4,453	6,186	15,883	46,753

*Estimate, not finalised.

The applicable tax rate in 2022 in the Netherlands is 15% over the first

€395,000 and 25.8% over the remainder of the profit. Applicable tax

rates outside the Netherlands are 30% in Germany, 19% in the UK, 25%

in Belgium, 25% in France (2021: 26.5%) and 14.9% in Switzerland (2021:

14.9%).

Due to the tax loss realised in 2022 and previous years for which no

deferred tax asset is recognised in the statement of financial position,

the Group’s effective tax rate is nil (2021: nil).


Fastned \| 2022 Annual Report	125

10.Earnings per share

The combined earnings per share calculations are based on the average

number of share units (certificates) representing the certificates in

issue during the period. In calculating diluted earnings per share and

earnings per share adjustment is made to the number of shares for the

share options of personnel (Note 22).

As the conversion rights are anti-dilutive, diluted EPS is the same as

basic EPS.


Earnings per share (€)	2022	2021
Basic earnings per share	(1.27)	(1.48)
Diluted earnings per share	(1.27)	(0.84)


Calculation of average number of share units	2022	2021
Weighted average number of shares	17,463,871	16,668,691
Effects of dilution from:
- Share options of personnel	456,328	544,589
Diluted number of shares	17,920,199	17,213,280


Calculation of earnings (€’000)	2022	2021
Net profit	(22,202)	(24,599)
Net profit attributable to shareholders’ equity	(22,202)	(24,599)


Fastned \| 2022 Annual Report	126

11.Intangible assets

The Group’s other intangible assets comprise site licences & permits,

trademarks and internally developed software. Details of the carrying

amounts are as follows:


€’000	2022				2021
	Site licences & permits	Internally developed software	Trademarks	Total	Site licences & permits	Internally developed software	Trademarks	Total
Gross carrying amount
As of 1 January:	2,589	788	90	3,467	2,589	549	83	3,221
Additions	—	211	9	220	—	238	8	246
Disposal	—	—	—	—	—	—	—	—
As at 31 December	2,589	999	99	3,687	2,589	787	91	3,467

Amortisation and impairment
As of 1 January:	(326)	(244)	(28)	(598)	(104)	(115)	(11)	(230)
Amortisation	(222)	(181)	(20)	(423)	(222)	(129)	(17)	(368)
As at 31 December	(548)	(425)	(48)	(1,021)	(326)	(244)	(28)	(598)

At 31 December Net Book Value	2,041	574	51	2,666	2,263	543	63	2,869


Fastned \| 2022 Annual Report	127

12.Property, plant and equipment


€’000	Land	Construction in progress	Charging stations and technical installations	Other equipment	Total
Cost
At 1 January 2021		4,262	41,178	834	46,274
Additions		36,256	2,694	263	39,213
Reversals
Disposals			(92)		(92)
Transfer		(28,229)	28,229		—
At 31 December 2021		12,289	72,009	1,097	85,395

Additions	823	67,100	6,810	532	75,265
Reversals			181		181
Disposals			(897)		(897)
Transfer		(51,665)	51,665		—
At 31 December 2022	823	27,724	129,768	1,629	159,944

Depreciation and impairment
At 1 January 2021			(9,652)	(541)	(10,193)
Depreciation charge for the year			(4,515)	(121)	(4,636)
Disposal			87		87
At 31 December 2021			(14,080)	(662)	(14,742)

Depreciation charge for the year			(8,405)	(170)	(8,575)
Reversals			(180)		(180)
Disposals			520		520
At 31 December 2022			(22,145)	(832)	(22,977)

Net book value
At 31 December 2021		12,289	57,929	435	70,653
At 31 December 2022	823	27,724	107,623	797	136,967

Assets under construction amounting to €27.72 million (2021: €36.27

million) mainly consists of machinery, equipments and furnishings to

charging stations.

Transfer movements mainly includes transfers of finished works to

charging stations amounting to € 51.66 million (2021: €28.23 million)

from construction in progress to charging stations.

A subsidy, amounting to €2,327 thousand, which Fastned had received

from the German Federal authorities in 2017 became repayable due

one of the conditions for the subsidy award not being met. The

subsidy amount plus interest of €250 thousand was repaid in 2022.

The repayment has been accounted for in accordance with IAS20 as a

change of accounting estimate. The repaid grant has been recognised

by increasing the carrying amount of the asset, and the cumulative

additional depreciation (€356 thousand) that would have been

recognised in profit or loss to date in the absence of the grant,

together with the interest of €250 thousand have been recognised as

costs in the 2022 income statement.


Fastned \| 2022 Annual Report	128

Capitalised borrowing costs

Due to the short term of building time of the charging stations, no

interest is capitalised as it is not deemed material. The amount of

borrowing costs capitalised during the year ended 31 December 2022

was Nil (2021: Nil).

Impairment assessment

IAS 36 Impairment of Assets requires entities to perform an

impairment test (i.e., estimate the recoverable amount of the affected

cash generating unit (CGU) at the end of each reporting period when

there is any indication that the cash generating unit may be impaired.

Fasted has defined CGU’s based on the geographic area where

charging stations are located. In 2022 the Board of Directors

identified CGU’s as the Netherlands, Germany, Belgium, United

Kingdom, Switzerland and France.

A cash-generating unit is the smallest identifiable group of assets that

generates cash inflows that are largely independent of the cash

inflows from other assets or groups of assets. Individual Fastned

stations are not seen as generating independent cash inflows due to:

•The importance of the Fastned brand, station design, and

network with national coverage.

•Substitution between stations, i.e., if a site is closed

customers will divert to the next closest site or next on-route

site. The market for Fastned is EV drivers travelling longer

distances on/close to motorway attracted to a network of sites

with good geographical coverage.

•Management performance monitoring and allocation of

available capex budget is determined on a country level.

•Furthermore, there are shared cash outflows for costs of

shared infrastructure (centralized purchasing, customer

support and systems).

Management has determined the recoverable amount of property, plant

and equipment and right of use assets (see note 13) as at 31 December

2022 by assessing their value in use. No impairment was identified.


Fastned \| 2022 Annual Report	129

Key assumptions underlying the calculation of recoverable amount are

shown in the table below.


Impairment test assumptions	Scenario	NL	DE	BE	UK	CH	FR
BEVs on road as % of total passenger car fleet at year end.	2022	3.8%	2.0%	1.5%	2.0%	2.5%	1.6%
BEVs on road as % of total passenger car fleet at year end.	2027	15.4%	8.9%	19.2%	9.2%	14.1%	6.8%
Average charging speed (kWh) estimated for assets in current condition	2022	55.7
	2027	85.0
Pre-tax discount rate		20.8%	19.1%	19.4%	17.3%	16.4%	17.9%

•The number of fully electric vehicles on the road

Fastned’s management’s view of the most reasonable and

supportable estimate of the number of BEVs in the

Netherlands is based on estimates provided by an

independent market analyst. Slower sales of BEVs (e.g.,

possibly due to fiscal changes) may result in fewer BEVs on the

road and subsequently in lower demand for fast charging. A

decreased demand can lead to a decline in revenues.

•Driving patterns and market share assumptions

BEV drivers have a choice between charging at home, at the

office, at public slow charging poles, or at fast charging

stations along the highway and high traffic urban areas. How

customer behaviour will develop is still unclear and will have

an impact on potential revenues of Fastned, but management

expects that the share of fast charging will increase.

•Electricity prices

Electricity prices have been volatile during 2021-22. Despite

this Fastned has been able to realise targetted gross margins

per kwh. Going forward, management expects that Fastned

will be able to maintain a stable margin. If the cost price of

renewable electricity were to increase due to unforeseen

factors and Fastned were unable to increase its sales prices

then this would negatively impact the Group’s margins.

•Discount rates

When calculating Value in Use, IFRS requires companies to use

a rate that reflects current market assessments of the time

value of money and the risks specific to the asset is the return

that investors would require if they were to choose an

investment that would generate cash flows of amounts, timing

and risk profile equivalent to those that the entity expects to

derive from the asset. Following an analysis of risks and market

conditions, including rates for comparable peer entities, and

making use of the widely known CAPM model, a post-tax

WACC rate of 15% (2021:15%) was computed. The pre-tax

discount rates per CGU are shown in the table above. No

impairment would be required unless the pre-tax discount

rate applied were to be increased above 25% (all CGUs except

France) and 18.4% (France).

•Growth rate estimates

Management recognises that the speed of technological

change and the possibility of new entrants can have a

significant impact on the number of customer visits to

Fastned charging stations and consequently on revenue

growth. The trend increase in kWh charged per session is

expected to continue due to improvements in battery

technology, new car models with a longer driving range, and

improvement in charger technology.


Fastned \| 2022 Annual Report	130

13.Right-of-use assets


€’000	Office Building	Land	Charging stations and equipment	Vehicles	Total
Cost
At 1 January 2021	1,448	1,560	1,831	723	5,562
Additions	758	720	1,048	499	3,025
At 31 December 2021	2,206	2,280	2,879	1,222	8,587
Additions	543	1,838	496	552	3,429
At 31 December 2022	2,749	4,118	3,375	1,774	12,016

Depreciation and impairment
At 1 January 2021	(441)	(144)	(231)	(350)	(1,166)
Depreciation charge for the year	(279)	(98)	(229)	(259)	(865)
Exchange adjustments	(4)			(1)	(5)
At 31 December 2021	(724)	(242)	(460)	(610)	(2,036)
Depreciation charge for the year	(412)	(162)	(335)	(352)	(1,261)
Exchange adjustments		—	—		—
At 31 December 2022	(1,136)	(404)	(795)	(962)	(3,297)

Net book value
At 31 December 2021	1,482	2,038	2,419	612	6,551
At 31 December 2022	1,613	3,714	2,580	812	8,719

The Group leases assets including buildings, land, equipment and

vehicles. The average lease term for Land leases is 14 years (2021: 14

years)

The maturity analysis of lease liabilities is presented in Note 19.

The assessment of impairment losses is presented in Note 12.

Amounts recognized in profit and loss:


€’000	2022	2021
Depreciation on right-of-use assets	1,262	870
Interest expense on lease liabilities	756	490
Expense relating to short term leases	247	113
Expense relating to leases of low value assets	28	30
Expense relating to variable lease payments not included in the measurement of the lease liability	€ 262	€ 253

As of December 31, 2022, the Group is committed to €604 thousand

(2021: €82 thousand) for short term and low value leases.

Some of the property leases in which the Group is the lessee contain

variable lease payment terms that are linked to the sales generated


Fastned \| 2022 Annual Report	131

from the charging stations. Overall the variable payments constitute a

very small percentage of the Group’s entire lease payments. The Group

expects this ratio to increase in future years. The variable payments

depend on sales and consequently overall economic development

over the next few years.

The total cash outflow in 2022 for leases amounted to €1,803 thousand

(2021: €1,219 thousand) for lease liabilities and €284 thousand (2021:

€210 thousand) for short term and low value leases.

14.Financial assets and financial liabilities

14.1Categories of financial assets and financial liabilities

All financial assets and liabilities are reported at amortised cost. This is

unchanged from 2021.

14.2Financial assets: interest-bearing loans and borrowings


€’000	Interest rate (%)	Maturity	2022	2021
Non-current interest- bearing
loans and borrowings
Loan to Fastned Terra 1 B.V.	6	31/12/2024	1,241	1,370
Loans to related parties			1,241	1,370
Pledged assets			2,700	—
Lease Receivable			6	37
Contractual assets			5	—
Total financial assets			3,952	1,407
Impairment loss on financial assets			(465)	—
Total financial assets, net			3,487	1,407

Current financial assets			11	37
Non-current financial assets			3,476	1,370

Loan to Fastned Terra 1 B.V.

The Group issued a loan in 2015 to Fastned Terra 1 B.V. for an amount of

€879,000 for the purchase of fast chargers. The loan bears an interest

of 6% per annum. In 2022 €74,000 (2021: €71,000) of interest has been

added to the loan. The loan amount and interest outstanding was

originally due for repayment in 5 equal annual repayment instalments,

with the first repayment date on 31 December 2020 and the last

repayment date on 31 December 2024. Due to the impact of the

COVID-19 pandemic on Fastned Terra 1 B.V. revenues, Fastned B.V. has

agreed to defer the first and the second repayments including interest

to the extent necessary. All the fast chargers owned by Fastned Terra 1

form security for the loan.

Fastned's accounting policy for impairment of financial assets is that

management assesses on a forward looking basis the expected credit

losses associated with its debt instruments carried at amortised cost.

The agreement to defer repayment of the loan to Fastned Terra 1 B.V. is

evidence that the loan is credit-impaired. In 2022 an impairment

charge of €452 thousand has been included in the income statement

for the expected credit loss during the life of the loan to Fastned Terra

1 B.V.


Fastned \| 2022 Annual Report	132

Credit facility to Fastned Terra 1 B.V.

Fastned Terra 1 B.V. has a credit facility with the Group. At 31

December 2022 this facility was unused (2021: €nil). This facility is

related to the loan to Fastned Terra 1 B.V. and its purpose is to provide

working capital.

In determining the expected credit losses for the loans to Fastned

Terra 1 B.V. , the directors of the Company have taken into account the

historical default experience, the financial position of the

counterparties, and the security attaching to the loans as well as the

future prospects for the electric vehicle charging industry. See also

note 14.6, credit risk section.

Pledged assets

The Group has €2.7 million of restricted cash related to construction

and operating guarantees provided in relation to French stations in

2022.

Lease receivable

Fastned recognises lease receivables for a finance leasing

arrangement as a lessor of a commercial space to a lessee to operate a

shop at one station location. The commercial space is attached to the

station to be renovated by Fastned. A new lease contract will be

drafted when the station is operational. Fastned is not exposed to

foreign currency risk as it is denominated in Euros.

Amounts receivable under finance lease:


€’000	2022	2021
Year 1	4	32
Year 2	—	—
Year 3	—	—
Undiscounted lease payments	4	32
Unearned finance income	2	5
Present value of lease payments receivable,net	6	37
Receivable payments	—	—
Lease receivable	6	37

Construction service arrangements financial assets

Fastned recognises a financial asset to the extent that it has an

unconditional contractual right to receive cash or another financial

asset from or at the direction of the public sector entity granting the

service arrangement.

Amounts related to construction contracts:


€’000	2022	2021
At 1 January	-10	-59
Released to profit or loss	15	49
At 31 December	5	-10

14.3Financial liabilities: Interest-bearing loans and borrowings


Interest-bearing loans and borrowings	Interest rate (%)	Maturity	2022	2021
	%		€’000	€’000
6% unsecured bonds	6.0	06/06/2022	—	4,181
	6.0	12/12/2022	—	7,367
	6.0	30/10/2023	8,909	11,603
	6.0	21/03/2024	8,748	10,689
	6.0	12/12/2024	12,177	12,177
	6.0	28/07/2025	16,206	16,206
	6.0	19/11/2025	21,194	21,194
	4.5	12/12/2026		2,848
	5.0	06/12/2027	30,358
	5.0	21/12/2027	13,237
4% secured loan	4.0	01/12/2031	2,077
Total interest-bearing loans and borrowings			112,906	86,265

Unsecured bonds

In June 2022, Fastned raised €23.1 million through issue of corporate

bonds, and in addition, investors extended €7.3 million from earlier

bonds issues. Interest on this bond is 5.0% per annum, payable

quarterly in arrears. In December 2022, Fastned raised an additional

€10.9 million of corporate bonds and €2.3 million of extensions from


Fastned \| 2022 Annual Report	133

earlier bonds issues. Interest on this bond is 5.0% per annum, payable

in quarterly arrears.

The Group is entitled to repay all or part of all outstanding bonds at

any time. The bonds mature after 5 years. The purpose of the bond is

to finance new stations and operating expenses. There are no

securities for the bonds and there are no covenants applicable that

could require Fastned to repay any of the loans. The bonds are not

subordinated and trading is very limited as they are not registered on

any exchange.

Secured loan

Fastned secured a new loan with Caisse des Dépôts during 2022.

Interest is a fixed component of 4% in the first two years. A variable

component will be added after two years, based on the kwh sold,

payable annually in arrears.


Fastned \| 2022 Annual Report	134

14.4Reconciliation of liabilities arising from financing activities


2022	Maturing	01-Jan	Interest p/l charge	Cash flows		Non-cash changes		31-Dec
€’000				Loan issue / repayment	Interest paid / received	Accrual	Extensions
Financial assets: interest bearing loans and borrowings
Loan to Fastned Terra 1 B.V.	31.12.24	1,248	74	(80)				1,242
Credit facility to Fastned Terra 1 B.V.	31.12.24							—
Current account Fastned Terra 1 B.V.		122	2	(125)				(1)
		1,370	76	(205)				1,241
Non-current liabilities : interest bearing loans and borrowings
6% corporate bond	12/02/21							—
6% corporate bond	06/06/22	4,181	108	(3,549)	(125)	17	(632)	—
6% corporate bond	12/12/22	7,367	400	(5,913)	(423)	23	(1,454)	—
6% corporate bond	30/10/23	11,603	718		(645)	(73)	(2,694)	8,909
6% corporate bond	21/03/24	10,689	504		(600)	96	(1,941)	8,748
6% corporate bond	12/12/24	12,178	731		(730)			12,179
6% corporate bond	28/07/25	16,206	972		(972)			16,206
6% corporate bond	19/11/25	21,193	1,272		(1,272)			21,193
4.5% corporate bond	12/12/26	2,807	79		(79)		(2,807)	—
5.0% corporate bond	12/12/26	—	990	23,141	(911)	(79)	7,216	30,357
5.0% corporate bond	21/06/27	—	54	10,925		(54)	2,312	13,237
4% secured loan	01/12/31	—		2,077				2,077
8.5% secured loan	30/06/26	41		(41)				—
		86,265	5,828	26,640	(5,757)	(70)	—	112,906


Fastned \| 2022 Annual Report	135


2021	Maturing	01-Jan	Interest p/l charge	Cash flows		Non-cash changes		31-Dec
€’000				Loan issue / repayment	Interest paid / received	Accrual	Extensions
Financial assets: interest bearing loans and borrowings
Loan to Fastned Terra 1 B.V.	31.12.24	1,177	71	—	—	—	—	1,248
Credit facility to Fastned Terra 1 B.V.16	31.12.24	—	—	—	—	—	—	—
Current account Fastned Terra 1 B.V.		115	7	—	—	—	—	122
		1,292	78	—	—	—	—	1,370
Non-current liabilities : interest bearing loans and borrowings
6% corporate bond	12/02/21	1,832	101	(1,832)	(101)			—
6% corporate bond	06/06/22	5,042	299	—	(303)	4	(861)	4,181
6% corporate bond	12/12/22	8,966	533	—	(538)	5	(1,599)	7,367
6% corporate bond	30/10/23	11,603	594	—	(696)	102		11,603
6% corporate bond	21/03/24	10,689	745	—	(641)	(104)		10,689
6% corporate bond	12/12/24	12,178	730	—	(730)	—	—	12,178
6% corporate bond	28/07/25	16,206	969	—	(972)	3	—	16,206
6% corporate bond	19/11/25	21,193	1,270	—	(1,272)	2	—	21,193
4.5% corporate bond	12/12/26	—	23	388	(41)	(23)	2,460	2,807
8.5% secured loan	30/06/26	682	41	(682)				41
		88,391	5,305	(2,126)	(5,294)	(11)	—	86,265


Fastned \| 2022 Annual Report	136

16 Up until acquisition of Fastned Terra 2 B.V. on 1 August 2020

14.5Fair values

Set out below is a comparison, by class, of the carrying amounts and

fair value of financial instruments, other than those with carrying

amounts that are reasonable approximations of fair values:


€’000	Carrying amount		Fair value measurement using significant unobservable inputs
	2022	2021	2022	2021
Financial assets
Interest-bearing loans and borrowings, net	776	1,370	776	1,370
Lease receivables	6	37	6	37
Pledge assets	2,700		2,700
Total	3,482	1,407	3,482	1,407

Financial liabilities
Interest-bearing loans and borrowings	112,906	(86,265)	112,906	(86,265)
Total	112,906	(86,265)	112,906	(86,265)

Management assessed that cash and cash equivalents, trade and other

receivables, trade and other payables, and other current liabilities

approximate to their carrying amounts largely due to the short-term

maturities of these instruments.

The fair value of the interest-bearing loans and borrowings is included

at the amount at which the instrument could be exchanged in a

current transaction between willing parties, other than in a forced or

liquidation sale. The following methods and assumptions were used to

estimate the fair values:

•Long-term fixed-rate borrowings are evaluated by the Group

based on parameters such as interest rates and the risk

characteristics of the financed project.

•The fair value of the interest-bearing loans and borrowings is

estimated by discounting future cash flows using rates

currently available for debt on similar terms, credit risk and

remaining maturities, being sensitive to a reasonably possible

change in the forecast cash flows or the discount rate.

Management regularly assesses a range of reasonably possible

alternatives for those significant unobservable inputs and determines

their impact on the total fair value.

14.6Financial risk management objectives and policies

The Group’s principal financial instruments comprise loans and

borrowings, trade and other payables. The main purpose of these

financial liabilities is to finance the Group’s operations. The Group’s

principal financial instruments include trade and other receivables and

cash and cash equivalents that derive directly from its operations.

The Group is exposed to interest risk, credit risk and liquidity risk. The

Group’s senior management oversees the management of these risks.

It is the Group’s policy that no trading in derivatives for speculative

purposes may be undertaken. The Board of Directors reviews and

agrees policies for managing each of these risks, which are

summarised below.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a

financial instrument will fluctuate because of changes in market

interest rates. The Group’s exposure to the risk of changes in market

interest rates is low due to the Group’s long-term debt obligations

with fixed rates.

Commodity price risk

The Group is affected by the price volatility of certain commodities. Its

operating activities require the ongoing purchase of electricity and

therefore require a continuous supply of electricity. The Group

purchases electricity on the spot wholesale market. As the energy

costs are a relatively small part of the P&L and Fastned has the ability

to increase sales prices to account for increases in electricity prices,

energy costs are not hedged. There are no financial instruments

related to commodity price risk.

The Group’s Board of Directors has developed and enacted a risk

management strategy for commodity price risk and its mitigation.

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations

under a financial instrument or customer contract, leading to a


Fastned \| 2022 Annual Report	137

financial loss. The Group is exposed to credit risk from its operating

activities (primarily trade receivables, see Note 15) and from its

financing activities, including deposits with banks and financial

institutions, (refer to Note 16) and other financial instruments.

Fastned B.V. has a loan receivable of €1.24 million in total with Fastned

Terra 1 B.V. (refer to Note 14.2), which creates a credit risk. The

chargers owned by Fastned Terra 1 B.V. form a security for these loans.

Trade receivables

A large portion of revenues is collected via direct debit or credit and

debit cards from private individuals. The associated credit risk is low

because the risk is spread over a large number of individual customers.

Receivables from charge card providers are invoiced monthly, and

spread over a small number of charge card providers, and monitored

to ensure no build up of overdue amounts.

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is

managed in accordance with the Group’s policy. Investments of

surplus funds are made only within credit limits assigned to each

counterparty. Counterparty credit limits are reviewed by the Group’s

Board of Directors on an annual basis, and may be updated throughout

the year. The limits are set to minimise the concentration of risks and

therefore mitigate financial loss through a counterparty’s potential

failure to make payments.

Liquidity risk

The Group monitors its risk of a shortage of funds using a liquidity

planning tool. See also the going concern statement in Note 1.

The Group’s objective is to realise its mission and therefore during the

scale up phase continuity of funding is required, while maintaining a

balance between debt and equity. The Group manages the liquidity

risk by regularly issuing new equity and through entering long-term

debt agreements to ensure sufficient liquidity and to repay debts as

they fall due.


Fastned \| 2022 Annual Report	138

The table below summarises the maturity profile of the Group’s liabilities based on contractual undiscounted payments.


€’000	On demand	Less than 3 months	3-12 months	1-5 years	Total
Year ended 31 December 2022
Interest-bearing loans and borrowings (other than convertible preference shares)	—	—	8,909	103,997	112,906
Interest on interest-bearing loans and borrowings		1,350	4,705	9,205	15,260
Lease Liabilities	—	—	1,240	8,570	9,810
Trade and other payables	9,096	4,951	7,529		21,576
Total	9,096	6,301	22,383	121,772	159,552

Year ended 31 December 2021
Interest-bearing loans and borrowings (other than convertible preference shares)	—	—	11,548	74,717	86,265
Interest on interest-bearing loans and borrowings	—	735	4,273	9,960	14,968
Lease Liabilities	—	—	875	6,557	7,432
Trade and other payables	5,219	319	—	—	5,538
Total	5,219	1,054	16,696	91,234	114,203

15.Trade and other receivables and prepayments


€’000	2022	2021
Trade receivables, net	6,656	2,195
Taxes and social securities	4,232	1,161
Prepayments	1,115	442
Other receivables	1,850	734
Total trade and other receivables and prepayments	13,853	4,532

The Group applies the IFRS 9 simplified model of recognising lifetime

expected credit losses for all trade receivables as these items do not

have a significant financing component. In measuring the expected

credit losses, the trade receivables have been assessed on a collective

basis as they possess shared credit risk characteristics. They have

been grouped based on the days past due.

Trade receivables are written off (i.e. derecognised) when there is no

reasonable expectation of recovery. Failure to make payments within

365 days from the invoice date and failure to engage with the Group

on alternative payment arrangements amongst others are considered

indicators of no reasonable expectation of recovery. Trade receivables

are non-interest bearing and are generally on terms of 14 days. As at 31

December 2022, the provision for trade receivables amounted to €131

thousand.


Fastned \| 2022 Annual Report	139

As at 31 December 2022, the ageing analysis of trade receivables is, as

follows:


€’000	Total	Not past due	Days overdue
			< 30	30- 90	91- 120	120- 180	180- 365	>365
Outstanding	6,787	4,864	882	—	794	130	57	60
Provision for impairment	(131)	—			—	(14)	(57)	(60)
Trade receivables	6,656	4,864	882	—	794	116	—	—

As at 31 December 2021, the ageing analysis of trade receivables is, as

follows:


€’000	Total	Not past due	Days overdue
			< 30	30- 90	91- 120	120- 180	180- 365	>365
Outstanding	2,201	1,721	416	47	15	—	2	—
Provision for impairment	(6)	—	—	(6)	—	—	—	—
Trade receivables	2,195	1,721	416	41	15	—	2	—

16.Cash


€’000	2022	2021

Cash at banks and on hand	149,538	128,591
Total cash and cash equivalents	149,538	128,591

Cash at banks earns, or is charged, interest at floating rates based on

daily bank deposit rates. Cash includes all cash-on-hand balances and

credit card receivables.

Cash at banks and on hand includes demand deposits €105.0 million

(2021: nil) with a maturity of three months or less.

Cash and cash equivalents are current account balances,

concentrated at one bank under supervision of the Dutch Central Bank

with an A or equivalent long term rating.

At 31 December 2022, the Group had no restricted cash balances

17.Issued capital and reserves


Share capital	2022	2021

	Quantity	Quantity
Authorised shares of €0.01 each	19,190,092	17,120,357
Issued and fully paid shares of €0.01 each17	19,152,877	17,069,326

	Quantity	€’000

At 1 January 2021	14,963,306	150
Issuance of shares	2,106,020	21
At 31 December 2021	17,069,326	171
Issuance of shares	2,120,766	21
At 31 December 2022	19,190,092	192

The shares do carry voting rights. Holders of the DR's do not have

voting rights and have the right to attend the General Meetings to

speak at such meetings. They also have the right to appoint the

members of the board of FAST upon nomination by the board of FAST.

During 2022, 88,261 DRs were issued to employees and former

employees exercising options under Fastned option plans. Employee


Fastned \| 2022 Annual Report	140

17 Total issued shares includes treasury shares.

options for 456,328 DRs were outstanding as at 31 December 2022,

see note 22.


Share premium		€’000
At 1 January 2021		28,247
Issuance of share capital (certificates)		152,294
Transaction costs for issued share capital (certificates)		(8,454)
At 1 January 2022		172,087
Issuance of share capital (certificates)		75,862
Transaction costs for issued share capital (certificates)		(1,702)
At 31 December 2022		246,247


Treasury shares	Quantity	€’000
At 31 December 2021	135,100	16
Shares returned to Fastned	—	—
At 31 December 2022	135,100	16

To facilitate administration of the Employee share option scheme, a

number of shares may be issued in advance by FAST and DRs

transferred to Fastned BV. These shares are not included within

Treasury shares since no consideration has yet been received for

them. As at 31 December 2022 97,870 such DRs were held by Fastned

BV.

All other reserves are as stated in the statement of changes in equity.

18.Trade and other payables


€’000	2022	2021

Trade payables	14,365	4,485
Taxes and social securities	832	13
Other payables	6,379	1,597
Total trade and other payables	21,576	6,095

Other liabilities include contractual liability from construction

contracts amounting to nil(2021: €10 thousand).

Terms and conditions of the above liabilities:

•Trade payables are non-interest bearing and are normally

settled on 30-day terms

•Other payables are non-interest bearing and have a term of

one month to six months

•Please refer to Note 14.6 for the maturity profile of the

liabilities.

For explanations on the Group’s credit risk management processes,

refer to Note 14.6.

19.Lease liabilities


€’000	2022	2021

Maturity analysis:
Year 1	2,118	1,473
Year 2	2,036	1,380
Year 3	1,703	1,272
Year 4	1,340	1,030
Year 5	1,116	882
> 5 years	7,606	4,679
Total	15,919	10,716
Less: unearned interest	(6,109)	(3,284)
Total lease liabilities	9,810	7,432
Analysed as :
Current	1,240	875
Non-current	8,570	6,557


Fastned \| 2022 Annual Report	141

20.Provisions

Provisions are recognised where a legal or constructive obligation

exists at the balance sheet date, as a result of a past event where the

amount of the obligation can be reliably estimated and where the

outflow of economic benefit is probable.


€’000	2022	2021


Due within one year	—	—
Due after one year	9,979	5,247
Total provisions	9,979	5,247

The Group records provisions for the removal of the charging station

at the end of the concession period.


			Decommissioning provision
			€’000
1 January 2022			5,247
Additions			2,691
Use			—
Revised estimates			2,041
31 December 2022			9,979

1 January 2021			2,368
Additions			1,419
Use			—
Revised estimates			1,460
31 December 2021			5,247

Revised estimates include estimates for the interest, the inflation and

the quotes delivered by the contracting parties for the deconstruction

of a station. Due to inflation, cost quotes for deconstruction increased

significantly, causing the required provision to increase.

21.Deferred revenues

Deferred revenues of €314,000 (2021: €355,000) relate to various pre-

paid long-term vouchers for supply of electricity to customers, the

Fastned Founders Club, and subsidies received in advance of

construction of charging stations.

The Fastned Founders Club is a special group of investors that have all

invested a minimum of €25,000 (in primary issuance of certificates) in

the issuance on NPEX in 2014–2015, or, invested a minimum of

€50,000 (in primary issuance of certificates) in the issuance on

Nxchange in 2016. On 31 December 2022, there were 39 members in

this Club. The members of the Fastned Founders Club have the rights

to charge for free at Fastned for the rest of their lives, as long as they

they hold these Fastned certificates. In 2022, Fastned Founders have

charged 49,400 kWh (2021: 36,043 kWh) for free.


€’000	2022	2021


At 1 January	355	386
Subscriptions and subsidies deferred	—	9
Released to the statement of profit or loss	(41)	(40)
At 31 December	314	355

Current	—	—
Non-current	314	355


Fastned \| 2022 Annual Report	142

22.Share-based payments

Movements during the year

The following table shows the number and weighted average exercise

price (WAEP) of, and movements in, employee options on certificates

of shares during the year:


	2022		2021

	Number	WAEP (€)	Number	WAEP (€)
Outstanding at 1 January	546,183	10.19	630,337	10.00
Granted during the year			149,477	10.73
Forfeited during the year			(2,611)	10.00
Exercised during the year	(88,261)	10.00	(231,020)	10.02
Expired during the year	—	—	—	—
Outstanding at 31 December	457,922	10.19	546,183	10.31
Exercisable at 31 December	456,328	10.23	544,589	10.19

Included in the table above are options granted to Victor van Dijk,

director of Fastned BV, who held 9,562 options as at 31 December

2022 (2021: 9,562).

Of the options outstanding at 31 December 2022 456,238 are

exercisable at prices per DR between €10 and €13.95, and 1,594

options at €49.76.

Option plans

Prior to establishment of the present Option Plan on 17 May 2018

(“2018 Option Plan”), Fastned B.V. had an employee option plan in

place under which the Company granted a total of 365,411 options to

eligible employees (2015: 89,175, 2017: 113,345 and 2018: 162,891).As at

31 December 2022 223,918 of these options remained unexercised.

These equity-settled options granted under the previous Option Plan

are subject to a three-year vesting period. Vested options under the

plan can be exercised during a period within five years following the

vesting date.

Under the 2018 Option Plan, ten milestones are defined, being a

combination of an operational goal and the market capitalisation of

the Company. Each time a milestone is met, the Company will allocate

options for newly to be issued Depositary Receipts (“DRs”) to its

employees for a total of 1% of the then outstanding number of DRs.

The allocation of these options depends on the role and

responsibilities of the employee in the organisation. The criteria for

the granting of options will be determined by the Supervisory Board if

it concerns a Managing Director and by the Management Board if it

concerns other participants under the Option Plan. The options are

granted by way of an option agreement. In order to ensure that every

employee will participate in the potential value increase of the

Company for the part he or she has been contributing to, the exercise

price per option was equal to the average price of a DR on the relevant

stock exchange during the 90 days before the start of the employment

of the respective employee. The determination of the exercise price

has been adjusted during 2022. Employees that are eligible for the first

time (i.e. not participated in milestone 4), will have the lower of either

1) the exercise price based on the 90 days average before the start of

the employment or 2) the exercise price based on a straight line

method from the exercise price of the last person who was eligible for

options at the previous milestone to the 90 day average of the stock

price at the moment of the next milestone. The exercise price can

never be less than €10 per option. The options under the Option Plan

can be exercised within five years after the grant date.


Fastned \| 2022 Annual Report	143


Milestone	Market capitalisation (€)	Operational goal	Realised
1	> 150 million euro	> 100 stations operational	☑
2	> 200 million euro	> 1 million euro in revenues in one calender year	☑
3	> 300 million euro	> 250 stations operational
4	> 400 million euro	> 150 kW charging at >50% of our stations	☑
5	> 500 million euro	> Company profitable for 12 months in a row
6	> 600 million euro	> 500 stations operational
7	> 700 million euro	> 100 million euro in revenues in one calender year
8	> 800 million euro	> 30% EBITDA margin for 12 months in a row
9	> 900 million euro	> 300 kW charging at >50% of our stations
10	> 1 billion euro	> 1000 stations operational

Valuation of options

IFRS2 requires an entity to consider factors that knowledgeable,

willing market participants would consider in selecting the option

pricing model to apply. For example, many employee options have

long lives, are usually exercisable during the period between vesting

date and the end of the options’ life, and are often exercised early.

These factors should be considered when estimating the grant date

fair value of the options. For many entities, this might preclude the use

of the Black-Scholes-Merton formula, which does not allow for the

possibility of exercise before the end of the option’s life and may not

adequately reflect the effects of expected early exercise. It also does

not allow for the possibility that expected volatility and other model

inputs might vary over the option’s life. Based on expert advice from

external consultants, management has valued issued options using the

Hull-White option valuation model which allows for the fact that

employees tend to exercise options during the exercise period – i.e.

after vesting, but prior to the expiration date for such options.

The cost of the options included in the income statement are as

follows


€’000	2022	2021

Options granted in years 2015-18	—	46
Options granted in 2021	—	8,112
Total expense included in administrative expenses	—	8,158

23.Commitments and contingencies

Lease commitments — Group as lessee

The Group has entered into contractual lease arrangements relating to

chargers with Fastned Terra 1 B.V.. These leases have a remaining term

of 2 years and 1 month, ending on 31 January 2026. At the end of the

contract, Fastned will support Fastned Terra 1 B.V. with the removal of

the chargers, the potential sale of the chargers and the delivery of the

chargers to a warehouse. The cooperation with Fastned Terra 1 B.V. is

non-exclusive for all parties.

On a monthly basis, Fastned pays a revenue share based on the

amount of kWh sold through the Fastned Terra 1 B.V. chargers under

these contracts. The future lease commitment is therefore depending

on the amount of kWh Fastned sells. In case Fastned does not sell any

kWh at these chargers, the payment will be zero. Fastned delivered

1,307,642 kWh via the chargers of Fastned Terra 1 B.V. in 2022 (2021:

1,027,164)).

For information regarding short term and low-value lease

commitments see Note 13.

Commitments

At 31 December 2022, the Group had initiated the construction of

several fast charging stations, these will be realised in the first half of

2023. Fastned usually partly prepays orders placed with suppliers and

the larger part of these prepayments are already capitalised in the

balance sheet. The outstanding commitment at 31 December 2022

amounted to approximately €21.56 million (2021: €21.2 million).


Fastned \| 2022 Annual Report	144

24.Related party disclosures


€’000		Interest charge	Amounts owed by related parties
		Interest income	Amounts owed by related parties
Fastned Terra 1 B.V.
	2022	76	1,242
	2021	78	1,369

Terms and conditions of transactions with related parties

Fastned B.V. pays a variable lease to Fastned Terra 1 B.V. based on the

kWh sold from the chargers owned by both companies.


€’000	2022	2021
Variable leases	254	202

For terms and conditions of the payables and outstanding loans with

Fastned Terra 1 B.V. and Fastned Terra 2 B.V. please refer 14.2.

Compensation of key management personnel of the Group

Key management personnel are those persons having authority and

responsibility for planning, directing and controlling the activities of

the group as a whole. The Group considers all members of the

Management Board, FAST Board and the Supervisory Board to be key

management personnel as defined in IAS 24 “Related parties.”

The total remuneration package for key management personnel may

consist of the following components:

a)Fixed part - Base salary and holiday allowance;

b)Long-term incentive - share options;

c)Pension benefits;

d)Other benefits.

Other benefits include lease cars.


Fastned \| 2022 Annual Report	145

Remuneration of the Management Board


€’000	Short term employee benefits
2022
	Base Salary	Other benefits	Pension benefits	Share Options	Total remuneration
M. Langezaal	100	19	—	—	119
N. Korthals Altes*	25	2	3	—	30
V. van Dijk	143	13	11	—	167
Total	268	34	14	—	316


€’000	Short term employee benefits
2021
	Base Salary	Other benefits	Pension benefits	Share Options	Total remuneration
M. Langezaal	97	20	—	—	117
N. Korthals Altes	107	14	13	526	660
V. van Dijk	133	13	10	496	652
Total	337	47	23	1,022	1,429

*Niels Korthals Altes resigned on 9 March 2022.

Remuneration of the FAST Board

The remuneration and contractual terms of employment of FAST

Board members are determined by the general meeting of depository

receipt holders. Apart from their remuneration, FAST Board members

shall be reimbursed for all reasonable costs incurred with the consent

of the chairperson of the FAST Board, or, with respect to the

Chairperson, incurred with the consent of the Chairman of the

Supervisory Board.


€’000	2022	2021
Hieke van Rees-Spoelstra	8	10
Liselotte Kooi	10	5
Maaike Veen	13	5
Henk Pals	10	10
Fiona Buruma	—	2
Total	40	32


Fastned \| 2022 Annual Report	146

Remuneration of Supervisory Board

The General Meeting determines the remuneration of the Supervisory

Directors. The Supervisory Directors are entitled to a fixed annual fee

as determined by the General Meeting taking into account the time to

be spent by such Supervisory Directors. No additional fees are due for

their membership of the Audit Committee. The total compensation for

each Supervisory Director for the financial year ending on 31

December 2022 was as follows:


	2022			2021
€’000	Short term employee benefits			Short term employee benefits
€’000	Basic salary	Other benefits	Total remuneration	Basic salary	Other benefits	Total remuneration
Bart Lubbers	34	11	45	36	11	47
Marije van Mens	34	—	34	26	—	26
Nancy Kabalt	34	—	34	2	—	2
Jerome Janssen	—	—	—	—	—	—
Hans Michels	—	—	—	13	—	13
Marieke Bax	—	—	—	8	—	8
Total	102	11	113	85	11	96

In 2022, Jerome Janssen was appointed member of the Supervisory

Board. He doesn't receive a remuneration. He is compensated for

travel expenses with a maximum of € 7.5 thousand.

In 2022, the total remuneration for all management board amounts to

316 thousand (2021: 1,429 thousand) , FAST Board amounts to 40

thousand (2021: 32 thousand) and supervisory board member amounts

to 113 thousand (2021: 96 thousand).

The amounts disclosed in the table are the amounts recognised as an

expense during the reporting period related to key management

personnel.

Some family members of key management personnel are members of

the Founders Cub. In 2022, a total of 461 kWh (2021: 166 kWh) were

charged for free by these family members. See note 21

25.Key events post reporting date

Staff options milestone 3

In February 2023, staff options for the third milestone of the 2018

Option plan were granted. In total 191,529 options with a weighted

average exercise price of € 19.58 were issued to employees. The

estimated fair value of these options is € 3.3 million of which € 3.2

million will be reported as a non-cash cost in Fastned's 2023 financial

statements. The remaining € 0.1 million is subject to a 3 year vesting

period and will be reported as a non-cash cost in the following 3 years.

26.Remuneration of auditors

This note includes all fees agreed to be paid to the Group’s auditors

whether in relation to their audit of the Group or otherwise.

Group auditor for 2021 and for 2022 is Deloitte Accountants B.V.


€’000	2022	2021

Fees payable to the Group’s auditor for the audit of the consolidated parent company accounts and subsidiaries accounts of Fastned B.V.	269	221
Non-audit and other assurance services	30	35


Fastned \| 2022 Annual Report	147

27.Standards and interpretations issued but not

yet effective

At the date of authorisation of these financial statements, the Group

has not applied the following new and revised IFRS Standards that

have been issued but are not yet effective, and, in some cases, had not

yet been adopted by the EU:


IFRS 17 (including the 2022 amendments to IFRS 17)	Insurance Contracts
IFRS 10 and IAS 28 (amendments)	Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
Amendments to IAS 1	Classification of Liabilities as Current or Non-current
Amendments to IFRS 3	Reference to the Conceptual Framework
Amendment to IAS 16	Property, Plant and Equipment - Proceeds before intended Use
Amendments to IAS 37	Onerous Contracts – Cost of Fulfilling a Contract
Annual Improvements to IFRS Standards 2018-2020 Cycle	Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases, and IAS 41 Agriculture
Amendments to IAS 1 and IFRS Practice Statement 2	Disclosure of Accounting Policies
Amendments to IAS 8	Definition of Accounting Estimates
Amendments to IAS 12	Deferred Tax related to Assets and Liabilities arising from a Single Transaction

The management does not expect that the adoption of the Standards

listed above will have a material impact on the financial statements of

the Group in future periods.


Fastned \| 2022 Annual Report	148

Parent company

financial

statements

for the year ended 31 December


Fastned \| 2022 Annual Report	149


Parent company statement of profit or loss	€’000	Notes	2022	2021

	Revenue related to charging		26,578	10,475
	Revenue from station construction as part of service concessions		—	—
	Revenue	6	26,578	10,475
	Cost of sales related to charging		(10,882)	(2,802)
	Cost of sales from station interpretations. as part of service concessions		—	—
	Cost of sales		(10,882)	(2,802)
	Gross profit		15,696	7,673

	Other gains and losses		(63)	—
	Selling and distribution expenses		(4,598)	(2,622)
	Administrative expenses	28	(12,583)	(14,779)
	Other operating expenses	28	(5,594)	(2,673)
	Operating loss		(7,142)	(12,401)

	Impairment from financial assets		(469)
	Finance costs	28	(6,691)	(6,269)
	Finance income	28	2,908	1,283
	Loss before tax		(11,394)	(17,387)

	Income tax expense
	Results from investments in subsidiaries		(10,808)	(7,212)
	Loss for the year		(22,202)	(24,599)


Fastned \| 2022 Annual Report	150


Parent company statement of financial position after appropriation as at 31 December	€’000		Notes	2022	2021
	Assets
	Non-current assets
	Other intangible assets		29	625	606
	Property, plant and equipment		30	60,598	42,486
	Right-of-use assets		31	3,933	3,783
	Non-current financial assets	Investments in subsidiaries	32	6,235	1,676
		Loans to subsidiaries	33	80,965	28,230
		Loans to related parties	34	776	1,369
				153,132	78,150
	Current assets
	Trade and other receivables		35	5,885	2,501
	Prepayments		35	984	476
	Cash		36	130,008	127,017
				136,877	129,994
	Total assets			290,009	208,144

	Equity and liabilities
	Equity
	Issued capital		17	192	171
	Share premium		17	246,247	172,087
	Legal reserves			573	543
	Retained earnings			(86,367)	(63,592)
				160,645	109,209
	Current liabilities
	Trade and other payables		37	8,894	3,836
	Interest-bearing loans and borrowings		14.3	8,909	11,548
	Lease liabilities		38	772	643
	Non-current liabilities
	Interest-bearing loans and borrowings	Loans from external parties	14.3	101,920	74,717
		Loans from subsidiaries	33	263	211
	Lease liabilities		38	3,971	3,870
	Provisions			4,321	3,755
	Deferred revenues			314	355
	Total liabilities			129,364	98,935
	Total equity and liabilities			290,009	208,144


Fastned \| 2022 Annual Report	151

Notes to the

parent company

financial

statements

for the year ended 31 December 2022

Basis of preparation and accounting policies

The company financial statements have been prepared in accordance

with the statutory provisions of Part 9, Book 2 of the Netherlands Civil

Code by making use of the accounting policies under IFRS as used by

the preparation of the consolidated financial statements.

For the accounting policies of the separate items on the balance sheet

we refer to the accounting policies as mentioned in the notes to the

consolidated financial statements. These accounting policies also

apply to the company financial statements unless otherwise

mentioned.

For the principles for the recognition and measurement of assets and

liabilities and determination of the results for the company financial

statements, Fastned applies the option included in section 2:362,

paragraph 8 of the Netherlands Civil Code. This means that the

principles for the recognition and measurement of assets and

liabilities and determination of result in the company financial

statements (“accounting policies”) are the same as those applied in

the consolidated financial statements under International Financial

Reporting Standards as endorsed by the European Union (EU IFRS).

Subsidiaries

Subsidiaries of Fastned B.V., listed in Note 5, are measured on the

basis of the equity method. The share of profit of these investments is

the Company’s share of the investments’ results.

The Company eliminates any expected credit losses on intercompany

loans or receivables against the book value of the intercompany loan

or receivable in accordance with Directive 100.107a of the Dutch

Accounting Standards Board

28.Other expenses

28.1Administrative expenses


€’000	2022	2021

Wages and salaries	5,367	9,375
Depreciation of property, plant and equipment	4,916	3,661
Depreciation of right-of-use assets	758	624
Social security costs	875	573
Pension costs	374	225
Amortization of intangible assets	201	145
Other	92	176
Total administrative expenses	12,583	14,779

In 2022 the average number of employees was 75 (2021: 54), and the

number of directors was 2 (2021: 3).

28.2Other operating expenses


€’000	2022	2021

Advisory costs	1,077	1,062
General costs	2,707	1,106
Marketing costs	1,436	265
Office costs	143	120
Car expenses	231	120
Total other operating expenses	5,594	2,673


Fastned \| 2022 Annual Report	152

28.3Finance costs


€’000	2022	2021

Interest on debts and borrowings	6,108	5,902
Interest on lease liabilities	394	302
Interest and bank charges	87	41
Other interest expenses	102	24
Total finance costs	6,691	6,269

28.4Finance income


€’000		2022	2021

Interest and bank charges:	Third party	76	78
	Intercompany	2,965	953
Currency exchange gains/ (losses) charged to the income statement		(133)	252
Total finance income		2,908	1,283

29.Other Intangibles


€’000	2022				2021
		Internally developed software	Trademark	Total		Internally developed software	Trademark	Total
Gross carrying amount
As of 1 January:		787	91	878		549	83	632
Additions		211	8	219		238	8	246
Disposal				—				—
As at 31 December		998	99	1,097		787	91	878

Amortisation
As of 1 January:		(244)	(28)	(272)		(115)	(11)	(126)
Amortisation		(181)	(19)	(200)		(129)	(17)	(146)
As at 31 December		(425)	(47)	(472)		(244)	(28)	(272)

Net book value
At 31 December		573	52	625		543	63	606


Fastned \| 2022 Annual Report	153

30.Property, plant and equipment


€’000	Construction in progress	Charging stations and technical installations	Other equipment	Total
Cost
At 1 January 2021	2,396	33,605	780	36,781
Additions	16,856	1,075	127	18,058
Disposals	(5)	(92)	—	(97)
Transfer	(12,201)	12,201	—	—
At 31 December 2021	7,046	46,789	907	54,742

Additions	21,849	1,953	219	24,021
Reversals		165		165
Disposals	(10)	(790)		(800)
Transfer	(20,960)	20,960		—
At 31 December 2022	7,925	69,077	1,126	78,128

Depreciation and impairment
At 1 January 2021	—	(8,619)	(529)	(9,148)
Depreciation charge for the year	—	(3,093)	(102)	(3,195)
Disposals	—	87	—	87
At 31 December 2021	—	(11,625)	(631)	(12,256)

Depreciation charge for the year	—	(5,442)	(108)
Reversals		(165)
Disposals	—	441
At 31 December 2022	—	(16,791)	(739)	(17,530)

Net book value
At 31 December 2021	7,046	35,164	276	42,486
At 31 December 2022	7,925	52,286	387	60,598


Fastned \| 2022 Annual Report	154

31.Right-of-use assets


€’000	Office Building	Land	Charging stations and equipment	Vehicles	Total
Cost
At 1 January 2021	1,017	287	1,672	587	3,563

Additions	33	50	1,154	450	1,687
At 31 December 2021	1,050	337	2,826	1,037	5,250
Additions	162	24	496	227	909
At 31 December 2022	1,212	361	3,322	1,264	6,159

Depreciation and impairment
At January 2021	(300)	(33)	(215)	(295)	(843)
Depreciation charge for the year	(163)	(34)	(213)	(214)	(624)
At 31 December 2021	(463)	(67)	(428)	(509)	(1,467)
Depreciation charge for the year	(180)	1	(334)	(246)	(759)
At 31 December 2022	(643)	(66)	(762)	(755)	(2,226)

Net book value
At 31 December 2021	587	270	2,398	528	3,783
At 31 December 2022	569	295	2,560	509	3,933

Leases assets including buildings, land, equipment and vehicles.

The maturity analysis of lease liabilities is presented in note 38.


Fastned \| 2022 Annual Report	155

Amounts recognized in profit and loss:


€’000	2022	2021
Depreciation on right-of-use assets	759	624
Interest expense on lease liabilities	394	302
Expense relating to short term leases	117	69
Expense relating to leases of low value assets	28	30
Expense relating to variable lease payments not included in the measurement of the lease liability	283	224

32.Investments in subsidiaries


€’000
2022	01-Jan	Investment	Dividend	Result for the year	Loan application	31-Dec
Fastned Verwaltungsgesellschaft mbH	20			(2)		18
Fastned Deutschland GmbH & Co KG	—	6,000		(3,680)	(196)	2,124
Fastned UK Ltd	—			(2,785)	2,785	—
Fastned Belgie BV	—			(1,415)	1,415	—
Fastned Beheer B.V.	35		(30)	5		10
Fastned France SAS	—	4,980		(2,938)	(1,079)	963
Fastned Switzerland AG	—	2,033		(556)	(601)	876
Fastned Products B.V.	—					—
The Fast Charging Network BV	1,647			583		2,230
Fastned Terra 2 BV	11					11
Fastned Italia SRL	—	70		(14)		56
Total investment in subsidiaries	1,713	13,083	-30	(10,802)	2,324	6,288
Less: Impairment loss on Terra 2 BV	-36			(17)		(53)
Total investment in subsidiaries,net	1,677					6,235


Fastned \| 2022 Annual Report	156


€’000
2021	01-Jan	Investment	Options granted	Result for the year	Loan application	31-Dec
Fastned Verwaltungsgesellschaft mbH	23	—	—	-3	—	20
Fastned Deutschland GmbH & Co KG	294	1,950	958	(3,398)	196	—
Fastned UK Ltd	—	—	394	(1,409)	1,015	—
Fastned Belgie BV	—	—	175	(660)	485	—
Fastned Beheer B.V.	28	—	—	7	—	35
Fastned France SAS	—	—	175	(1,117)	942	—
Fastned Switzerland AG	—	—	164	(611)	447	—
Fastned Products B.V.	—	—	—	—	—	—
The Fast Charging Network BV	1,668	—	—	(21)	—	1,647
Fastned Terra 2 BV	11	—	—	—	—	11
Total investment in subsidiaries	2,024	1,950	1,866	(7,212)	3,085	1,713
Less: Impairment loss on Terra 2 BV						(36)
Total investment in subsidiaries,net	2,024	1,950	1,866	(7,212)	3,085	1,677

The above mentioned subsidiaries are 100% owned by Fastned B.V.

33.Loans to and from subsidiaries


Fastned \| 2022 Annual Report	157

Loans to subsidiaries


€’000	Interest rate	Maturity	2022	2021
	%
Current Account Fastned Products B.V.	6	0	1	4
Current account Fastned Deutschland GmbH & Co KG	6	—		48
Loan account Fastned Deutschland GmbH & Co KG	6	31.12.2024	18,620	12,622
Current account Fastned UK Ltd	6	—		10
Loan account Fastned UK Ltd	6	31.12.2024	12,078	2,206
Current account Fastned Belgie BV	6	—	80	84
Loan account Fastned Belgie BV	6	31.12.2024	12,365	5,313
Current account Fastned France SAS	6		93	49
Loan account Fastned France SAS	6		32,610	4,828
Loan account The Fast Charging Network	6		1,735	2,052
Current account Fastned Terra 2 B.V.	6		1	2
Current account Fastned Verwaltungsgesellschaft	6		5	6
Current account Fastned Switzerland AG	6		30
Loan account Fastned Switzerland AG			3,336	1,006
Current account Fastned italia			11
Total loans to subsidiaries			80,965	28,230
Current			—	—
Non-current			80,965	28,230

Loans from subsidiaries


Fastned \| 2022 Annual Report	158


€’000	Interest rate	Maturity	2022	2021
Current account Fastned Deutschland GmbH & Co KG	6	—	61	58
Current Account Fastned Beheer B.V.				16
Current account Fastned UK Ltd			15
Current account The Fast Charging Network			182	127
Current account Fastned Switzerland AG			—	4
Current account Fastned Terra 2			5	7
Total loans from subsidiaries			263	212

34.Loans to related parties


Loans to related parties	Interest rate	Maturity	2022	2021
	%		€’000	€’000
Non-current interest-bearing loans and borrowings

Loan to Fastned Terra 1 B.V.	6	31 December 2024	1,241	1,369
Credit facility to Fastned Terra 1 B.V.	—	31 December 2024	—	—
Loans to related parties			1,241	1,369
Impairment loss on financial assets			(465)
Loans to related parties,net			776
Current
Non-current			776	1,369

35.Trade and other receivables and prepayments


€’000	2022	2021
Trade receivables	5,216	1,768
Taxes and social securities	880	318
Other receivables	670	733
Prepayments	103	158
Total trade and other receivables and prepayments	6,869	2,977

Trade and other receivables and prepayments

Trade receivables are non-interest bearing and are generally on terms

of 14 days. As at 31 December 2022, the provision for trade

receivables, amounted to nil (2021: nil)

36.Cash


€’000	2022	2021
Cash at banks and on hand	130,008	127,017
Total cash	130,008	127,017

Cash at banks earns, or is charged, interest at floating rates based on

daily bank deposit rates.

At 31 December 2022, the Company had no borrowing facilities with

banks.


Fastned \| 2022 Annual Report	159

37.Trade and other payables


€’000	2022	2021
Trade payables	6,204	2,843
Taxes and social securities	678	(66)
Other payables	2,012	1,059
Total trade and other payables	8,894	3,836

Terms and conditions of the above liabilities:

•Trade payables are non-interest bearing and are normally

settled on 30-day terms

•Other payables are non-interest bearing and have a term of

one month to six months

•Please refer to Note 14.6 for the maturity profile of the

liabilities.

38.Lease Liabilities


€’000	2022	2021
Maturity analysis:
Year 1	1,108	964
Year 2	1,053	910
Year 3	827	840
Year 4	634	619
Year 5	576	488
> 5 years	2,016	2,034
Total	6,214	5,855
Less: unearned interest	(1,471)	(1,342)
Total lease liabilities	4,743	4,513
Analysed as :
Current	772	643
Non-current	3,971	3,870

The right of use assets are presented in note 31.

39.Other disclosures

Director's Remuneration

See Note 24 in the notes to the consolidation financial statements for

the remuneration of the statutory board and supervisory board.

Share premium

See Note 17 in the notes to the consolidated financial statements.

Share capital

See Note 17 in the notes to the consolidated financial statements.

Interest-bearing loans and borrowings

See Note 14.3 in the notes to the consolidated statements.

Provisions

See Note 20 in the notes to the consolidated statements.


Fastned \| 2022 Annual Report	160

Commitments and contingencies

See Note 23 in the notes to the consolidated statements..

Standards issued but not yet effective

See Note 27 in the notes to the consolidated financial statements.

Number of employees

In 2022 the average number of employees was 75(2021: 54), and the

number of directors was 2 (2021: 3).

Appropriation of the result for the financial year 2021

The annual report for 2021 was adopted by the General Meeting on 2

June 2022.

Recognition of the loss for 2022

The board of directors proposes to deduct the 2022 loss of

€22,202,000 from the other reserves. The General Meeting will be

asked to approve the appropriation of the 2022 loss; this proposition

is already recognised in the financial statements.

Key events post reporting date

See Note 25 in the notes to the consolidated financial statements.


Fastned \| 2022 Annual Report	161

Signing of the financial statements

Amsterdam, 29 March 2023

Management Board


Michiel Langezaal CEO		Victor van Dijk CFO

Supervisory Board


Bart Lubbers	Marije van Mens	Nancy Kabalt	Jérôme Janssen


Fastned \| 2022 Annual Report	162

Other information

Statutory rules concerning appropriation of result

1.In Article 19 of the articles of association the following is

stated concerning the appropriation of result:

2.The result of the period is to the free disposal of the Annual

General Meeting;

3.The Group shall make dividend distributions to shareholders

and other parties entitled to the distributable profit only to

the extent that the shareholders' equity exceeds the legal

and statutory reserves;

4.Any dividend distribution will be made after the approval of

the directors of the Group;

5.The Group is allowed to make interim dividend payments

(the regulations as mentioned above apply).


Fastned \| 2022 Annual Report	163

Independent auditor's report

To the shareholders and the Supervisory Board of Fastned B.V.

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS 2022

INCLUDED IN THE ANNUAL REPORT

Our opinion

We have audited the accompanying financial statements 2022 of

Fastned B.V. (“Fastned”, or the “Company”) based in Amsterdam, The

Netherlands (the “Financial Statements”). The Financial Statements

comprise the consolidated financial statements and the company

financial statements.

In our opinion:

•the accompanying consolidated financial statements included

in the annual report give a true and fair view of the financial

position of Fastned B.V. as at 31 December 2022, and of its

result and its cash flows for 2022 in accordance with

International Financial Reporting Standards as adopted by the

European Union (“EU-IFRS”) and with Part 9 of Book 2 of the

Dutch Civil Code; and

•the accompanying company financial statements included in

the annual report give a true and fair view of the financial

position of Fastned B.V. as at 31 December 2022, and of its

result for 2022 in accordance with Part 9 of Book 2 of the

Dutch Civil Code.

The consolidated financial statements comprise:

•the consolidated statement of financial position as at 31

December 2022;

•the following statements for 2022: the consolidated

statement of profit or loss, comprehensive income, changes in

equity and cash flows; and

•the notes comprising a summary of the accounting policies

and other explanatory information.

The company financial statements comprise:

1.the company statement of financial position after

appropriation as at 31 December 2022;

2.the company statement of profit or loss for 2022; and

3.the notes comprising a summary of the accounting policies

and other explanatory information.

Basis for our opinion

We conducted our audit in accordance with Dutch law, including the

Dutch Standards on Auditing. Our responsibilities under those

standards are further described in the 'Our responsibilities for the

audit of the Financial Statements' section of our report.

We are independent of Fastned B.V. in accordance with the EU

Regulation on specific requirements regarding statutory audit of

public-interest entities, the Wet toezicht accountantsorganisaties

(Wta, Audit firms supervision act), the Verordening inzake de

onafhankelijkheid van accountants bij assurance-opdrachten (ViO,

Code of Ethics for Professional Accountants, a regulation with respect

to independence) and other relevant independence regulations in the

Netherlands. Furthermore, we have complied with the Verordening

gedrags- en beroepsregels accountants (VGBA, Dutch Code of

Ethics).

We believe the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

Information in support of our opinion

We designed our audit procedures in the context of our audit of the

Financial Statements as a whole and in forming our opinion thereon.

The following information in support of our opinion was addressed in

this context, and we do not provide a separate opinion or conclusion

on these matters.


Fastned \| 2022 Annual Report	164

Materiality

Based on our professional judgement we determined the materiality

for the Financial Statements as a whole at EUR 1.2 million. The

materiality is based on 0.8% to 5% of our primary benchmark, being

revenue. This calculation is supported by our other benchmark using a

range of 3-5% of total operating expenses. We have also taken into

account misstatements and/or possible misstatements that in our

opinion are material for the users of the Financial Statements for

qualitative reasons.

We agreed with the supervisory board that misstatements in excess of

EUR 60 thousand, which are identified during the audit, would be

reported to them, as well as smaller misstatements that in our view

must be reported on qualitative grounds.

Scope of the group audit

Fastned B.V. is at the head of a group of entities. The financial

information of this group is included in the consolidated financial

statements of Fastned B.V.

Because we are ultimately responsible for the opinion, we are

responsible for directing, supervising and performing the group audit.

In this respect we have determined the nature and extent of the audit

procedures to be carried out for group entities. Decisive were the size

and/or the risk profile of the reporting entities or operations. On this

basis, we selected reporting entities for which an audit had to be

carried out on the complete set of financial information or specific

items.

Our group audit mainly focused on the significant group entity

Fastned B.V. because it makes up more than 70% of the group’s

revenue. We included additional group entities in the scope of our

group audit to have sufficient audit coverage on the group’s

consolidated financial statements.

We have:

•performed audit procedures for the group entity Fastned B.V.;

and

•performed review procedures or specific audit procedures for

other group entities located in Germany, The United Kingdom,

Belgium and France.

By performing the procedures mentioned above at group entities,

together with additional procedures at group level, we have been able

to obtain sufficient and appropriate audit evidence about the group's

financial information to provide an opinion on the consolidated

financial statements.


Fastned \| 2022 Annual Report	165

Audit approach fraud risks


Description	Our response and observations
An auditor conducting an audit in accordance with Dutch Standards on Auditing is responsible for obtaining reasonable assurance that the Financial Statements taken as a whole are free from material misstatement, whether caused by fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the Financial Statements may not be detected. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. We have exercised professional judgement and have maintained professional skepticism throughout our audit in identifying and assessing the risks of material misstatement of the Financial Statements due to fraud, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.	We performed the following procedures: •We made inquiries of management, those charged with governance and others within Fastned regarding the risk of material misstatements in the Financial Statements due to fraud, their process for identifying and responding to the risk of fraud, the internal communication regarding their views on business practices and ethical behavior and whether they have knowledge of any actual, suspected or alleged fraud affecting the Company. •We obtained an understanding of how those charged with governance exercise oversight of management’s processes for identifying and responding to the risks of fraud in the Company and the internal control that management has established to mitigate these risks. •We evaluated whether unusual or unexpected relationships have been identified in performing analytical procedures, including those related to revenue accounts, that may indicate risks of material misstatement due to fraud. •We held discussions amongst team members to identify fraud risk factors and considered whether other information obtained from our risk assessment procedures indicated risks of material misstatement due to fraud. Fraud risk factors identified include among others: ◦fraud, bribery and corruption; ◦compliance with respect to (trade) regulations; ◦compliance with respect to environmental requirements and operating licensing requirements; and ◦compliance with procurement policies. •We involved forensic specialists, focused on our fraud and non-compliance risk assessment, inquiries with management and the evaluation of the internal control environment. •We determined overall responses to address the assessed risks of material misstatement due to fraud at the financial statement level or at the assertion level by: ◦assigning and supervising personnel with the adequate knowledge, skills and ability; ◦evaluating whether the selection and application of accounting policies by Fastned, particularly those related to subjective measurements and complex transactions, may be indicative of fraudulent financial reporting; ◦incorporated an element of unpredictability in the selection of the nature, timing and extent of our audit procedures. Among others, these include a periodical reassessment of the group audit scope; ◦tested the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the Financial Statements; ◦evaluated whether the judgments and decisions made by management in making the accounting estimates included in the Financial Statements indicate a possible bias that may represent a risk of material misstatement due to fraud. Management insights, estimates and assumptions that might have a major impact on the Financial Statements are disclosed in note 3 of the Financial Statements. Impairment testing of charging stations is a significant area to our audit as the determination whether these assets are not carried at more than their recoverable amounts is subject to significant management judgment. Reference is made to the section “Our key audit matters”; and ◦performed a retrospective review of management judgments and assumptions related to significant accounting estimates such as future cash flows used in the impairment testing and recognition of provisions reflected in prior year financial statements. Observation Based on our procedures performed we have no matters to report.


Fastned \| 2022 Annual Report	166

Audit approach compliance with laws and regulations


Description	Our response and observations
We are responsible for obtaining reasonable assurance that the Financial Statements, taken as a whole, are free from material misstatement, whether due to fraud or error taking into account the applicable legal and regulatory framework. However, we are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the Financial Statements may not be detected, even though the audit is properly planned and performed in accordance with the auditing standards. In the context of laws and regulations, the potential effects of inherent limitations on the auditor’s ability to detect material misstatements are greater for such reasons as the following: •There are many laws and regulations, relating principally to the operating aspects of an entity, that typically do not affect the Financial Statements and are not captured by the entity’s information systems relevant to financial reporting. •Non-compliance may involve conduct designed to conceal it, such as collusion, forgery, deliberate failure to record transactions, management override of controls or intentional misrepresentations being made to the auditor. •Whether an act constitutes non-compliance is ultimately a matter to be determined by a court or other appropriate adjudicative body. Ordinarily, the less directly non-compliance is linked to the events and transactions reflected in the Financial Statements, the less likely the auditor is to become aware of it or to identify the non-compliance.	We performed the following procedures: •As part of obtaining an understanding of Fastned and its environment we obtained a general understanding of the legal and regulatory framework applicable to Fastned and the industry in which it operates. •We obtained sufficient appropriate audit evidence regarding provisions of those laws and regulations generally recognized to have a direct effect on the determination of material amounts and disclosures in the Financial Statements such as (corporate) tax and pension laws and financial reporting regulations, the requirements under EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code. •Our procedures are more limited with respect to other laws and regulations that do not have a direct effect on the determination of the amounts and disclosures in the Financial Statements. These laws and regulations compliance may be fundamental to (i) the operating aspects of the business, (ii) Fastned’s ability to continue its business, or (iii) avoid material penalties (e.g., compliance with the terms of operating licenses and permits or compliance with environmental regulations) and therefore non-compliance with such laws and regulations may have a material effect on the Financial Statements. In addition, we considered major laws and regulations applicable to listed companies. Our responsibility is limited to undertaking specified audit procedures to help identify non-compliance with those laws and regulations that may have a material effect on the Financial Statements. •Our procedures are limited to (i) inquiry of management, the Supervisory Board and others within Fastned as to whether the Company is in compliance with such laws and regulations and (ii) inspecting correspondence, if any, with the relevant licensing or regulatory authorities to help identify non-compliance with those laws and regulations that may have a material effect on the Financial Statements. •We remained alert to the indications of (suspected) non-compliance throughout the audit. •We obtained written representations that all known instances of (suspected) fraud or non- compliance with laws and regulations have been disclosed to us. Observation Based on our procedures performed we have no matters to report.


Fastned \| 2022 Annual Report	167

Audit approach going concern


Description	Our response and observations
We are responsible for obtaining reasonable assurance that Fastned is able to continue as a going concern. Management is responsible to assess Fastned’s ability to continue as a going concern and disclosing in the Financial Statements any events or circumstances that may cast significant doubt on Fastned’s ability to continue as a going concern. Fastned operates in a developing market and management’s focus is to give freedom to electric drivers and accelerate the transition to electric mobility. This can be achieved through raising additional capital to expand the network. Fastned’s continued access to capital markets and its compliance with existing obligations are relevant for the going concern basis of accounting. The estimated future cash flows are based on the expectations and estimates made by management. These expectations and estimates are uncertain and e.g. include (i) the future volume of electricity (KWh) sold and (ii) projected investment in stations. During 2022, Fastned secured the following debt and equity funding: •On 13 June 2022, Fastned successfully completed the issue of new bonds, resulting in gross proceeds of EUR 23 million and an extension of EUR 7 million from earlier issues, bringing the total issued amount in this round to EUR 30 million increasing Fastned’s cash position. •On 17 October 2022, Fastned announced the private placement of 2,032,520 new depositary receipts, resulting in gross proceeds of EUR 75 million. •On 21 December 2022, Fastned successfully completed the issue of new bonds, resulting in gross proceeds of EUR 10.8 million and an extension of EUR 2.3 million from earlier issues, bringing the total issued amount in this round to EUR 13.1 million, increasing Fastned’s cash position. Considering the available information at the date of this report, management has concluded that the liquidity forecasts for the upcoming 18 months show adequate funds available for Fastned to continue as a going concern. Management has disclosed its view on Fastned’s financial position and going concern in note 1 of the Financial Statements.	Our audit approach included obtaining and evaluating management’s business plan, management’s assessment of the going concern assumption. We challenged management’s cash flow forecasts for the years 2023 to 2025 and primary assumptions. This forecast was also used as a basis for the discounted cash flow valuation model in the impairment assessment of the charging stations (refer to separate KAM). We considered the projected cash flow from operating activities, the projections of the revenue in combination with the (committed) cash flow from investing in new stations in order to conclude on the appropriateness of using the going concern basis of accounting in preparing the Financial Statements. Furthermore, we evaluated the disclosures to the consolidated financial statements based on the requirements of EU-IFRS. Observation Although there always remains an inherent level of uncertainty in relation to future events, we did not identify any reportable matters in (i) management’s conclusion that there are no material uncertainties over Fastned’s ability to continue as a going concern in preparing the Financial Statements and (ii) the related disclosures.


Fastned \| 2022 Annual Report	168

Our key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements. We have

communicated the key audit matters to the supervisory board. The key audit matters are not a comprehensive reflection of all matters discussed.


Key audit matter	Audit approach
Valuation of property, plant and equipment, specifically the valuation (impairment) of charging stations Fastned’s evaluation of property, plant and equipment (“PP&E”) (as part of the relevant cash generating units (“CGUs”) for impairment involves a comparison of the recoverable amount of each CGU to its carrying amount. Recoverable amount is defined as the higher of fair value less costs of disposal and the value-in-use. Fastned used a discounted cash flow model to determine the recoverable amount, which requires management to make significant assumptions related to estimates of future cash flows. Given the sensitivity of the recoverable amount to changes in the underlying key assumptions, we consider this to represent a KAM. The cash flow model is most sensitive for changes in the assumptions with respect to (i) the weighted average cost of capital (“WACC”) and (ii) the number of electric vehicles charging at Fastned (average KWh per session and visits per stations per day). Changes in these assumptions have an impact on the recoverable amount of a CGU. The consolidated PP&E balance of Fastned amounts to EUR 137 million as at December 31, 2022. No impairment charge relating to PP&E was recognized for the year ended December 31, 2022.	Our audit procedures of the valuation of the charging stations included, among others, evaluating the Fastned’s policies and procedures, including internal controls, to identify triggering events for potential impairment of charging stations. We assessed the completeness of the impairment triggers identified by reviewing the actual and forecast financial performance of the CGU’s. For the CGU’s that triggered management’s impairment testing, including those CGU’s with a material carrying amount and relatively small indicative headroom, we (i) evaluated the policies and procedures regarding impairment testing, (ii) challenged management’s primary cash flow assumptions and (iii) corroborated them by comparison to commercial contracts, available market reports and historical trend analyses. We also performed the following procedures: •We tested the integrity and accuracy of the cash flow model and assessed if the methodology used is consistent with IAS 36. •We assessed the appropriateness of the growth rate of the cash flows (driven primarily by the assumed growth in (i) average KWh per session and (ii) visits per station per day) through comparison with external economic benchmarking data. •We assessed the WACC used with the involvement of an auditor’s expert (our internal valuation specialists). •We performed a sensitivity analysis to determine the effect of the key assumptions of the impairment test including the WACC and growth rate (average KWh per session and visits per stations per day). •We assessed the completeness and accuracy of disclosures within the Financial Statements in accordance with EU-IFRS. •We read the Other Information in the annual report and considered whether the Other Information is consistent with the Financial Statements and our knowledge obtained in the audit. Observation We did not identify any reportable matters in management’s assessment of the recoverability of PP&E and the corresponding disclosure in note 12.


Fastned \| 2022 Annual Report	169

Developing Control Environment

Fastned’s control environment has not yet fully matured. As a result, there

is a risk related to the design, implementation and operating

effectiveness of the (IT general) controls.

During our audit, we updated our assessment of Fastned’s control

environment and evaluated the developments made, including

remediation of recommendations previously reported.

In such circumstances, where we do not rely on controls, our audit

response is to perform additional substantive audit procedures in order

to gain reasonable assurance over the balances reported in the Financial

Statements.

Our audit approach included an assessment of the controls that management relies on

for financial reporting. We involved our IT specialists to perform testing of IT general

controls. Where we were unable to apply a control reliance audit strategy, we

addressed the increased risk by designing and performing substantive audit

procedures (e.g., increased sample sizes) to obtain sufficient audit evidence.

The impact of the identified deficiencies in internal control on our audit approach

included:

a.an assessment of rudimentary controls (e.g. segregation of duties, payment

authorization and relevant input controls); and

b.a fully substantive audit approach of revenues using external confirmations of

purchased electricity from Fastned’s suppliers.

Furthermore, we verified that the developing control environment was addressed in the

‘In control and responsibility statements’ as included in the annual report.

We have communicated with the Audit Committee that we were unable to rely on

controls and therefore adopted a substantive audit approach.

The purpose of our interim audit was to assess the progress Fastned made with regards

to their internal control environment and the observations reported in our 2021

management letter. These observations relate to the cornerstones of Fastned’s internal

control framework. We noted that Fastned has further improved its control

environment.

Observation

Overall, we have obtained sufficient and appropriate evidence in response to the

related financial reporting risks.


Fastned \| 2022 Annual Report	170

REPORT ON THE OTHER INFORMATION INCLUDED IN THE ANNUAL

REPORT

the annual report contains Other Information, in addition to the

Financial Statements and our auditor's report thereon.

The Other Information consists of:

•Management Board’s Report;

•Supervisory Board Report;

•Remuneration Report; and

•Other Information as required by Part 9 of Book 2 of the Dutch

Civil Code.

Based on the following procedures performed, we conclude that the

Other Information:

•is consistent with the Financial Statements and does not

contain material misstatements; and

•contains all the information regarding the Management

Board’s Report and the Other Information as required by Part 9

of Book 2 of the Dutch Civil Code.

We have read the Other Information. Based on our knowledge and

understanding obtained through our audit of the Financial Statements

or otherwise, we have considered whether the Other Information

contains material misstatements.

By performing these procedures, we comply with the requirements of

Part 9 of Book 2 of the Dutch Civil Code and the Dutch Standard 720.

The scope of the procedures performed is substantially less than the

scope of those performed in our audit of the Financial Statements.

Management is responsible for the preparation of the Other

Information, including Management Board’s Report in accordance

with Part 9 of Book 2 of the Dutch Civil Code and the Other

Information as required by Part 9 of Book 2 of the Dutch Civil Code.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS AND

ESEF

Engagement

We were engaged by the annual meeting of shareholders as auditor of

Fastned B.V. on September 16, 2019, as of the audit for the year 2019

and have operated as statutory auditor ever since that financial year.

No prohibited non-audit services

We have not provided prohibited non-audit services as referred to in

Article 5(1) of the EU Regulation on specific requirements regarding

statutory audit of public-interest entities.

European Single Electronic Format (“ESEF”)

Fastned B.V. has prepared its annual report in ESEF. The requirements

for this are set out in the Commission Delegated Regulation (EU)

2019/815 with regard to regulatory technical standards on the

specification of a single electronic reporting format (the “RTS on

ESEF”).

In our opinion, the annual report, prepared in XHTML format, including

the (partly) marked-up consolidated financial statements, as included

in the reporting package by Fastned B.V. complies in all material

respects with the RTS on ESEF.

Management is responsible for preparing the annual report including

the Financial Statements in accordance with the RTS on ESEF, whereby

management combines the various components into a single

reporting package.

Our responsibility is to obtain reasonable assurance for our opinion

whether the annual report in this reporting package complies with the

RTS on ESEF.

We performed our examination in accordance with Dutch law,

including Dutch Standard 3950N ‘Assurance-opdrachten inzake het

voldoen aan de criteria voor het opstellen van een digitaal

verantwoordingsdocument’ (assurance engagements relating to

compliance with criteria for digital reporting).


Fastned \| 2022 Annual Report	171

Our examination included amongst others:

•Obtaining an understanding of the company's financial

reporting process, including the preparation of the reporting

package.

•Identifying and assessing the risks that the annual report does

not comply in all material respects with the RTS on ESEF and

designing and performing further assurance procedures

responsive to those risks to provide a basis for our opinion,

including:

◦obtaining the reporting package and performing

validations to determine whether the reporting

package containing the Inline XBRL instance and the

XBRL extension taxonomy files has been prepared in

accordance with the technical specifications as

included in the RTS on ESEF;

◦examining the information related to the consolidated

financial statements in the reporting package to

determine whether all required mark-ups have been

applied and whether these are in accordance with the

RTS on ESEF.

DESCRIPTION OF RESPONSIBILITIES REGARDING THE FINANCIAL

STATEMENTS

Responsibilities of management and the supervisory board for the

Financial Statements

Management is responsible for the preparation and fair presentation

of the Financial Statements in accordance with EU-IFRS and Part 9 of

Book 2 of the Dutch Civil Code. Furthermore, management is

responsible for such internal control as management determines is

necessary to enable the preparation of the Financial Statements that

are free from material misstatement, whether due to fraud or error.

As part of the preparation of the Financial Statements, management is

responsible for assessing the company's ability to continue as a going

concern. Based on the financial reporting frameworks mentioned,

management should prepare the Financial Statements using the going

concern basis of accounting unless management either intends to

liquidate the company or to cease operations, or has no realistic

alternative but to do so.

Management should disclose events and circumstances that may cast

significant doubt on the company's ability to continue as a going

concern in the Financial Statements.

The supervisory board is responsible for overseeing the company's

financial reporting process.

Our responsibilities for the audit of the Financial Statements

Our objective is to plan and perform the audit assignment in a manner

that allows us to obtain sufficient and appropriate audit evidence for

our opinion.

Our audit has been performed with a high, but not absolute, level of

assurance, which means we may not detect all material errors and

fraud during our audit.

Misstatements can arise from fraud or error and are considered

material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the

basis of these Financial Statements. The materiality affects the nature,

timing and extent of our audit procedures and the evaluation of the

effect of identified misstatements on our opinion.

We have exercised professional judgement and have maintained

professional skepticism throughout the audit, in accordance with

Dutch Standards on Auditing, ethical requirements and independence

requirements. Our audit included among others:

•Identifying and assessing the risks of material misstatement of

the Financial Statements, whether due to fraud or error,

designing and performing audit procedures responsive to

those risks, and obtaining audit evidence that is sufficient and

appropriate to provide a basis for our opinion. The risk of not

detecting a material misstatement resulting from fraud is

higher than for one resulting from error, as fraud may involve

collusion, forgery, intentional omissions, misrepresentations,

or the override of internal control.

•Obtaining an understanding of internal control relevant to the

audit in order to design audit procedures that are appropriate

in the circumstances, but not for the purpose of expressing an

opinion on the effectiveness of the company's internal

control.

•Evaluating the appropriateness of accounting policies used

and the reasonableness of accounting estimates and related

disclosures made by management.

•Concluding on the appropriateness of management's use of

the going concern basis of accounting, and based on the audit

evidence obtained, whether a material uncertainty exists

related to events or conditions that may cast significant doubt

on the company's ability to continue as a going concern. If we


Fastned \| 2022 Annual Report	172

conclude that a material uncertainty exists, we are required to

draw attention in our auditor's report to the related

disclosures in the Financial Statements or, if such disclosures

are inadequate, to modify our opinion. Our conclusions are

based on the audit evidence obtained up to the date of our

auditor's report. However, future events or conditions may

cause the company to cease to continue as a going concern.

•Evaluating the overall presentation, structure and content of

the Financial Statements, including the disclosures.

•Evaluating whether the Financial Statements represent the

underlying transactions and events in a manner that achieves

fair presentation.

We communicate with the supervisory board regarding, among other

matters, the planned scope and timing of the audit and significant

audit findings, including any significant findings in internal control

that we identified during our audit. In this respect we also submit an

additional report to the audit committee in accordance with article 11

of the EU Regulation on specific requirements regarding statutory

audit of public-interest entities. The information included in this

additional report is consistent with our audit opinion in this auditor's

report.

We provide the supervisory board with a statement that we have

complied with relevant ethical requirements regarding independence,

and to communicate with them all relationships and other matters that

may reasonably be thought to bear on our independence, and where

applicable, related safeguards.

From the matters communicated with the supervisory board, we

determine the key audit matters: those matters that were of most

significance in the audit of the Financial Statements. We describe

these matters in our auditor's report unless law or regulation

precludes public disclosure about the matter or when, in extremely

rare circumstances, not communicating the matter is in the public

interest.


Rotterdam, March 29, 2023
Deloitte Accountants B.V.
Signed on the original: J.A. de Bruin


Fastned \| 2022 Annual Report	173

Cautionary statement

This document may contain forward-looking statements. Words such

as ‘will’, ‘aim’, ‘expects’, ‘anticipates’, ‘intends’, ‘looks’, ‘believes’,

‘vision’, or the negative of these terms and other similar expressions of

future performance or results, and their negatives, are intended to

identify such forward-looking statements. These forward-looking

statements are based upon current expectations and assumptions

regarding anticipated developments and other factors affecting

Fastned (the “Group”). They are not historical facts, nor are they

guarantees of future performance.

Because these forward-looking statements involve risks and

uncertainties, there are important factors that could cause actual

results to differ materially from those expressed or implied by these

forward-looking statements. Among other risks and uncertainties, the

material or principal factors which could cause actual results to differ

materially are: the adoption of BEVs in the Netherlands and other

countries, the Fastned brand not meeting consumer preferences;

Fastned’s ability to innovate and remain competitive; Fastned’s

investment choices; customer relationships; the recruitment and

retention of talented employees; disruptions in its supply chain; the

cost of raw materials (electricity); secure and reliable IT infrastructure;

successful execution of business transformation projects; economic

and political risks and natural disasters; financial risks; failure to meet

high and ethical standards; and managing regulatory, tax and legal

matters.

These forward-looking statements speak only as of the date of this

Annual Report. Except as required by any applicable law or regulation,

the Group expressly disclaims any obligation or undertaking to release

publicly any updates or revisions to any forward-looking statements

contained herein to reflect any change in the Group’s expectations

with regard thereto or any change in events, conditions or

circumstances on which any such statement is based.

Further details of potential risks and uncertainties affecting the Group

are described in the Group’s filings with Euronext.

This report is not prepared in accordance with US GAAP and should

not therefore be relied upon by readers as such.

In addition, a printed copy of the Annual Report is available, free of

charge, upon request to Fastned, Investor Relations Department,

James Wattstraat 77R, 1097 DL Amsterdam, the Netherlands.

This report comprises regulated information within the meaning of

Sections 1:1 and 5:25c of the Act on Financial Supervision (“Wet op het

financieel toezicht (Wft)”) in the Netherlands.

The brand names shown in this report are trademarks owned by or

licensed to companies within the Group.

References in this report to information on websites (and/or social

media sites) are included as an aid to their location and such

information is not incorporated in, and does not form part of, the

Annual Report and Accounts 2021 with the exception of the

explanations and disclaimers which is incorporated into the Auditors’

Reports in the Annual Report and Accounts 2021 as if set out in full.

Designed and produced by Fastned.


Fastned \| 2022 Annual Report	174


Key figures	3
Our strategy in a nutshell	6
In conversation with our CEO	7

Part 1 - Management Report	10
Our mission and strategy	11
Business Review	12
Business & Market Outlook	16
Expanding our European Network	20
Delivering the Best Charging Experience	31
Our Team & Culture	37
Sustainability	42
Financial Review	53
Risks & Risk Management	59
Corporate Governance	74
Remuneration report	78
A message from the chairman	82
Supervisory Board report	84
Members of the FAST Board	87
Members of the Supervisory Board	89
Members of the Management Board	91
In control and responsibility statements	92
Non IFRS Measures	93

Part 2 - Financial Statements	95
Consolidated statement of profit or loss	98
Consolidated statement of comprehensive income	99
Consolidated statement of financial position	100
Consolidated statement of changes in equity	101
Consolidated statement of cash flows	102