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The principal activity of Fastned B.V. and subsidiaries (the Group)
consist of the exploitation of fast charging facilities for fully electric and
hybrid cars.
The consolidated financial statements of the Group for the year ended
31 December 2023 were authorised for issue in accordance with a
resolution of the directors on 27\u00a0March 2024. Fastned B.V. is a limited
company incorporated and domiciled in the Netherlands (registered with
the Dutch trade register under number 54606179) and whose
certificates are publicly traded on the trading platform Euronext. The
registered office is located at Mondriaantoren, floor 21 & 22, Amstelplein
44 in Amsterdam. The ultimate parent of the Group is the Fastned
Administratie Stichting (hereafter: FAST Foundation).
Information on the Group\u2019s 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 \u20ac 146.2 million (2022:
\u20ac160.6 million) and a cash level of \u20ac126.6 million (2022: \u20ac149.5 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
Battery Electric Vehicles (BEVs) on the road based on analyst forecasts
and conservative projections of sales per station, based on station
general traffic numbers, local Battery Electric Vehicles (BEVs) fleet
penetration, catch up rates and kWh per session. 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 plans 10. Fastned has access to the capital markets via the
bonds issuances and equity raises. This source of funding and potential
additional sources of funding are continuously monitored.
Based on available information at the date of this report, the liquidity
forecasts for the upcoming 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.
Material accounting policies
2.1 Basis 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:
assets held for sale \u2013 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\u2019s and all values are
rounded to the nearest thousand euro (\u20ac\u2019000), 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 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.
2.2 Principal 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\u2019s voting rights in an investee are sufficient to give it power,
including:
the size of the Company\u2019s 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\u2019 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\u2019s 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\u2019s 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\u2019 proportionate
share of the fair value of the acquiree\u2019s 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\u2019 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\u2019s interests in subsidiaries that do not result in a
loss of control are accounted for as equity transactions. The carrying
amount of the Group\u2019s 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 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\u2019s share
of the profit or loss and other comprehensive income of the associate or
joint venture. When the Group\u2019s share of losses of an associate or a
joint venture exceeds the Group\u2019s interest in that associate or joint
venture (which includes any long-term interests that, in substance, form
part of the Group\u2019s 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\u2019s 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\u2019s
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\u2019s
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
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\u2019s 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 its vehicle 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.
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. up
until 29 December 2023. 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 there is a sale agreement between Fastned and
buyer. At this point in time, the legal obligation to transfer the promised
goods exist. 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
When the group revises its estimate of the term of any lease (because,
for example, it re-assesses the probability of a lessee extension or
termination option being exercised), it adjusts the carrying amount of the
lease liability to reflect the payments to make over the revised term,
which are discounted using a revised discount rate.
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.
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 \u2018Property, Plant and Equipment\u2019 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 \u201cSelling and Distribution expenses\u201d 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\u2019s 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\u2019s 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\u2019s entities
are measured using the currency of the primary economic environment
in which the entity operates (\u2018the functional currency\u2019). The consolidated
financial statements are presented in Euro, 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\u2019s functional currency (foreign
currencies) are recognised at the rates of exchange prevailing 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\u2019s 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\u2019s
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\u2019s 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
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\u2019s 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 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. This
includes costs directly attributable to putting the asset in place. As of
2023, directly attributable costs include part of the staff costs for design
and construction of the locations.
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. The
estimated useful lives include management judgement as policy and
procedures for future tenders of Dutch highway locations approaching
concession end-date have yet to be determined by the Government
authorities.
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.
Amortisation is recognised so as to write off the cost or valuation of
assets less their residual values over their useful lives, using the
straight-line method, on the following bases:
Site licences & permits
6.66% per year/ 15 year or
12.5% per year/ 8 years
Internally developed software
20% per year/ 5 years
employee benefits text
20% per year/ 5 years
o) Internally-generated intangible assets \u2013 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
circumstances. The Group has a legal reserve for its internally-
generated software. Legal reserves are not available for distribution to
the Group\u2019s 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.
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\u2019s 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 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\u2019s
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\u2019s 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.
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\u2019s 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. Significant management judgement is
applied to determine the service commencement date. There is no
service commencement date recognised before the grant date as
management has significant and binding discretionary rights in the
execution of the option plan once the milestone is achieved. As a result,
no constructive or legal obligation is present before the grant date. The
option plan is recognised as point in time. Details regarding the
determination of the fair value of these equity-settled share-based
transactions are set out in note 22.
The previous option plan and a small portion of the current option plan
for Belgium employees incorporate vesting conditions. For these
options, 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\u2019s 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.
2.3 New or revised Standards or
Interpretations adopted as at 1 January
2023
The amendments listed below do not have any effect on the Group's
consolidated financial statements:
Amendments to IAS1 and IFRS Practice Statement
Amendments to IAS 8, IAS12 and IFRS17
Certain new accounting standards and interpretations have been
published that are not mandatory for 31 December 2023 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.
2.4 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:
Amendments to IAS 1
Classification of Liabilities as
Current or Non-current
Amendments to IAS 1
Non-current Liabilities with
Covenants
Amendments to IAS 7 and IFRS 7
Supplier Finance Arrangements
Amendments to IFRS 16
Lease Liability in a Sale and
leaseback
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.
Significant accounting
estimates, judgements
and\u00a0errors
In applying the Group\u2019s 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\u2019s 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\u2019s 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\u2019s
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 2023, the Group has \u20ac18.0 million (2022: \u20ac21.1 million) of
tax losses in the Netherlands, and \u20ac 38.0 million of tax losses (2022:
\u20ac25.6 million) arising in other countries. In addition, the Group has \u20ac67.6
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 \u20ac14.1 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 \u2013 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.
Property, plant and equipment \u2013 directly attributable staff
costs
As of 2023, directly attributable staff costs are capitalised as part of the
property, plant and equipment. Management used inputs from job
descriptions, project phases, project planning and FTE planning to
determine amounts and allocation keys for the directly attributable staff
costs. Prior to 2023 attributable expenditures could not be estimated
sufficiently reliably.
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/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\u2019s 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\u2019s 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.
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 2023 was \u20ac13.3 million
(2022: \u20ac10.0 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: \u20ac3-131 thousand depending on the size of
the station
Estimated duration till expiry: 1-27 years
Inflation of 2.1 (2022: 2.2%) based on 5 year ahead
Discount rate of 2.25% (2022: 2.47%) based on the 20 year
Eurozone bond
If the estimated pre-tax discount rate used in the calculation had been
1% higher than management\u2019s estimate, the carrying amount of the
provision would have been \u20ac1.0. million lower. If the estimated inflation
had been 1% lower than management's estimate, the carrying amount
of the provision would have been \u20ac1.1 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 \u20ac25,000 in
the first primary issuance of shares through NPEX or a minimum of
\u20ac50,000 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 2023 was \u20ac191,000
(2022: \u20ac194,000). The Group estimates that the income will be realised
in 17.5 years\u2019 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. Significant management
judgement is applied to determine the service commencement date.
There is no service commencement date recognised before the grant
date as management has significant and binding discretionary rights in
the execution of the option plan once the milestone is achieved. As a
result, no constructive or legal obligation is present before the grant
date. The option plan is recognised as point in time.
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.
Acquisitions
The accounting of acquisitions is depending on whether the acquired
entity, asset or a group of assets constitute a business. At a minimum, a
business must include an input and a substantive process that together
significantly contribute to the ability to create output. Acquisitions are
accounted for as a business combination in cases where the acquirer
obtains control of one or more businesses, or else as an asset
acquisition. Where the definition of a business is not fulfilled in regard to
the acquired activities, the transaction would instead qualify as an asset
acquisition. Asset acquisitions in which the consideration given is cash
are measured by the amount of cash paid, which generally includes the
transaction costs.
Capital management
The Group\u2019s 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\u2019s
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\u2019s dividend policy
will be reviewed and may be amended from time to time taking into
account Fastned\u2019s 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 2023 and 2022.
Group information
The consolidated financial statements of the Group include:
Name
Principal activities
Country of incorporation
% equity
% equity
2023
2022
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 B.V.
Currently Inactive
Netherlands
100
100
Fastned Beheer B.V.
Management services
Netherlands
100
100
The Fast Charging Network B.V.
Construction and operating charging stations
Netherlands
100
100
Fastned Terra 2 B.V.
Commercial operation of chargers at charging stations
Netherlands
100
100
Fastned Italia SRL
Construction and operating charging stations
Italy
100
100
Fastned France SPV 1
Construction and operating charging stations
France
100
100
Fastned Espa\u00f1a SL
Construction and operating charging stations
Spain
100
\u2014
Fastned Denmark ApS
Construction and operating charging stations
Denmark
100
\u2014
Fastned Terra 1 B.V.
Commercial operation of chargers at charging stations
Netherlands
91
\u2014
In 2023, the Group established a new subsidiary in Spain. Fastned
Espa\u00f1a SL was established on 13 June 2023. Additionally, the Group
established a subsidiary in Denmark. Fastned Denmark ApS was
incorporated on 10 August 2023.
On December 29, 2023, Fastned B.V. acquired 90.8% of the shares in
Fastned Terra 1 B.V. (Terra 1) from private investors. The acquisition of
Terra 1 has been accounted for as an asset acquisition. On 12 January
2024, Fastned B.V. acquired a further 7.6% of the shares in Terra 1 from
its former shareholders. After this transaction Fastned B.V. increased its
holding in Terra 1 to 98.4%.
Fastned Beheer B.V. performs administrative, financial, commercial and
technical management of fast chargers owned by Fastned Terra 1 B.V.
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. The supervisory board of
Fastned B.V. consists of Liselotte Kooi (chair), Bart Lubbers, J\u00e9r\u00f4me
Janssen and Nancy Kabalt.
Own holding as % of total outstanding
certificates of shares
2023
2022
Wilhelmina-Dok B.V. (Bart Lubbers)
37.0
39.2
Carraig Aonair Holding B.V.
(Michiel\u00a0Langezaal)
21.5
23.5
Furthermore, Bart Lubbers has a 33% share in Breesaap B.V.\u00a0
Breesaap B.V. has 5.9% of shares in Fastned B.V.
Revenue and segment
information
Revenue
The Group\u2019s revenue disaggregated by type of good or service is as
follows:
\u20ac\u2019000
Timing of revenue
recognition
2023
2022
Revenues related to
charging:
Sales of electricity
Goods transferred at a
point in time
56,981
32,430
Other revenues relating
to charging:
Sales of renewable
energy units
Goods transferred at a
point in time
3,372
3,379
Maintenance fees and
other revenue
Services transferred over
time
157
154
Station construction as
part of service
concessions
Goods transferred over
time
4
15
Total revenue
60,514
35,978
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\u2019s CEO and CFO. The
CODM examines the Group\u2019s 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, Italy, Spain and Denmark these have been
presented together as one reportable segment (Other Europe).
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.
The CODM of Fastned primarily uses EBITDA 11 as an alternative
performance measure to monitor operating segment results and
performance. Total\u00a0revenues, EBITDA per reporting segment and
segment assets are as follows:
\u20ac\u2019000
2023
NL
DE
UK
BE
FR
Other
Europe
Total
Group
Segment revenues
41,186
7,120
3,014
5,634
3,311
245
60,510
Other reconciling items - station construction as part of
service concessions
\u2014
\u2014
4
\u2014
\u2014
\u2014
4
Total revenue
41,186
7,120
3,018
5,634
3,311
245
60,514
EBITDA
6,890
525
(809)
763
(2,246)
(544)
4,579
Reconciliation of EBITDA to profit/(loss) before tax
EBITDA
6,890
525
(809)
763
(2,246)
(544)
4,579
Depreciation and amortization
(9,494)
(1,915)
(793)
(1,189)
(3,031)
(240)
(16,662)
Finance costs
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(9,624)
Finance income
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2,821
Profit/(loss) before taxation
(18,886)
Segment assets
Non-current assets 12
89,088
26,278
21,451
21,542
44,467
6,638
209,464
Additions to non-current assets
32,960
5,148
9,520
9,098
12,315
8,745
77,786
\u20ac\u2019000
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
EBITDA
1,857
(501)
(1,660)
(1,084)
(2,634)
(535)
(4,557)
Reconciliation of EBITDA to profit/(loss) before tax
EBITDA
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 13
69,007
23,078
12,651
13,750
31,444
1,898
151,828
Additions to non-current assets
25,239
9,804
9,856
8,901
23,677
1,205
78,682
Disaggregation of revenue
In the following tables, revenue is disaggregated by revenue type,
by\u00a0country and based on the timing of revenue recognition:
\u20ac\u2019000
Timing of revenue
recognition
2023
2022
Type of goods and
service
Sales of electricity
Goods transferred at a
point of time
56,981
32,430
Other revenues
related to charging:
Sales of renewable
energy units
Goods transferred at a
point of time
3,372
3,379
Maintenance fees and
other revenue
Service transferred
over time
157
154
Station construction
as part of service
concessions
Goods transferred over
time
4
15
Total revenue
60,514
35,978
\u20ac\u2019000
2023
2022
Geographical markets
The Netherlands
41,190
27,187
Germany
7,121
5,038
France
3,311
558
Belgium
5,634
2,036
UK
3,018
1,066
Other Europe
240
93
Total revenue
60,514
35,978
Entity-wide information
The Group operates in seven countries. There are no customers that
account for 10% or more of revenue as at December 31, 2023 and
2022.
7. Cost of sales
\u20ac\u2019000
2023
2022
Cost of sales
Sales of electricity
15,611
15,486
Station construction as part of service
concessions
4
21
Total cost of sales
15,615
15,507
Other income/expenses
8.1 Other gains and losses
\u20ac\u2019000
2023
2022
Net (loss) gain on other items
(556)
(58)
Total other operating income
(556)
(58)
The increase in net loss is mainly explained by the acquisition of Terra 1
B.V. The settlement of pre-existing relationship amounted to \u20ac0.6 million
8.2 Administrative expenses
\u20ac\u2019000
2023
2022
Wages and salaries
13,055
8,095
Depreciation of property, plant and equipment
13,736
8,575
Depreciation of right-of-use-assets
2,461
1,262
Social security costs
1,924
1,433
Pension costs
676
516
Amortization of intangible assets
466
423
Other
786
127
Total administrative expenses
33,104
20,431
In 2023, the average number of FTEs of the Group was 172 (2022 :
114). In the Netherlands, the average number of employees was 107
(2022: 75). The other countries are split as follow: Belgium 14 (2022: 6),
Switzerland 4 (2022: 2), Germany 17 (2022: 12), France 15 (2022: 11),
UK 12 (2022: 8), Italy 1 (2022: 0), Spain 1 (2022: 0) and Denmark 1
(2022: 0).
Wages and salaries in 2023 include \u20ac2.7 million for the fair value of
options awarded to personnel under Fastned Option Plans (2022: nil),
see note 22 for more details. The remainder of the option costs for 2023
are capitalised as directly attributable staff costs in the property, plant
and equipment. Reference made to note 12.
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, Belgium 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. Total costs for these two schemes are \u20ac0.6 million (2022: \u20ac0.4
million)
Fastned does not (yet) operate a company pension plan for staff in
Germany, Switzerland, France, Spain, Italy and Denmark. 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.
8.3 Selling and distribution expenses
\u20ac\u2019000
2023
2022
Grid Fees
7,416
3,525
Maintenance costs
2,223
1,878
Other exploitation costs
1,988
1,117
11,627
6,520
8.4 Other operating expenses
\u20ac\u2019000
2023
2022
Advisory costs
3,105
2,358
General costs
5,038
3,318
Marketing costs
2,520
1,543
Office costs
552
249
Car expenses
505
359
Total other operating expenses
11,720
7,827
8.5 Finance costs
\u20ac\u2019000
2023
2022
Interest on debts and borrowings
7,665
6,513
Interest expense on lease liabilities
1,475
756
Interest and bank charges
297
208
Foreign exchange gains/(losses) charged to
the income statement
187
130
Total finance costs
9,624
7,607
8.6 Finance income
\u20ac\u2019000
2023
2022
Interest and bank charges
2,821
222
Total finance income
2,821
222
Income tax
Reconciliation of the effective tax rate:
\u20ac\u2019000
2023
2022
Profit (loss) before tax
(18,890)
(22,202)
Total income tax using applicable tax rate
(4,912)
\u2014
Unrecognised deferred tax assets
4,548
\u2014
Current tax payable as a result of partial loss
compensation
364
\u2014
Total tax charged to the income
statement
364
\u2014
The income tax charged to the income statement fully relates to the
estimated taxable profit for the Dutch fiscal unity in 2023. Temporary
differences lead to a fiscal profit. The size and timing of further future
profits remain uncertain, so if and when the Company is able to set off
the taxable losses against taxable profits in the future.
9.1 Deferred tax
Deferred tax relates to the following:
Statement of
financial position
Statement of profit
or loss
\u20ac\u2019000
2023
2022
2023
2022
Losses available for
offsetting against future
taxable income
\u2014
\u2014
\u2014
\u2014
Total deferred tax/
(benefit)
\u2014
\u2014
\u2014
\u2014
Reconciliation of deferred tax liabilities, net:
\u20ac\u2019000
2023
2022
As of 1 January:
\u2014
\u2014
Tax income/(expense) during the period recognised
in profit or loss
\u2014
\u2014
As at 31 December
\u2014
\u2014
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 2023, the Group has \u20ac18.0 million
(2022: \u20ac21.1 million) of accumulated tax losses that are available for
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 \u20ac1 million plus
50% of the taxable profit that exceeds \u20ac1 million.\u00a0
As of 2023, \u20ac42.1 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
\u20ac7.3 million in Germany (2022: \u20ac7.0 million), \u20ac15.6 million in UK (2022:
\u20ac11.0 million), \u20ac4.0 million in Belgium (2022: \u20ac2.5 million), and \u20ac8.3
million in France (2022: \u20ac3.7 million) and \u20ac2.4 million in Switzerland
(2022: \u20ac1.5 million). 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.
Accumulated tax losses by country
Tax year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023*
Total
Netherlands
\u20ac\u2019000
\u2014
2,199
4,977
4,947
1,615
1,521
1,811
\u2014
484
\u2014
17,554
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Germany
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
349
1,383
1,232
1,903
2,432
\u2014
7,299
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
UK
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
162
618
599
2,157
7,305
4,804
15,645
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
Belgium
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
2
198
204
531
1,496
1,561
3,992
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
France
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
3
159
939
1,774
5,421
8,296
Expiring
n/a
n/a
n/a
n/a
n/a
Switzerland
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
257
656
552
884
2,349
Expiring
2026
2027
2028
2029
2023
Italy
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
220
220
Expiring
n/a
Spain
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
149
149
Expiring
n/a
Total
\u20ac\u2019000
\u2014
2,199
4,977
4,947
2,128
3,723
4,262
6,186
14,043
13,039
55,504
*Estimate, not finalised
The applicable tax rate in 2023 in the Netherlands is 19% (2022: 15%)
over the first \u20ac200,000 (2022: \u20ac395.000) and 25.8% over the remainder
of the profit. Applicable tax rates outside the Netherlands are 30% in
Germany, 25% in the UK (2022: 19%), 25% in Belgium, 25% in France,
14.9% in Switzerland (2022: 14.9%), 22% in Denmark, 24% in Italy and
25% in Spain.
Due to the tax loss realised in 2023 and previous years for which no
deferred tax asset is recognised in the statement of financial position,
the Group\u2019s effective tax rate is -1.9% (2022: nil).
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 (\u20ac)
2023
2022
Basic loss per share
(1.00)
(1.27)
Diluted loss per share
(1.00)
(1.27)
Calculation of average number of share
units
2023
2022
Weighted average number of shares
19,233,641
17,463,871
Effects of dilution from:
- Share options of personnel
556,186
456,328
Diluted number of shares
19,789,827
17,920,199
Calculation of earnings (\u20ac\u2019000)
2023
2022
Net profit
(19,250)
(22,202)
Net profit attributable to shareholders\u2019 equity
(19,250)
(22,202)
Intangible assets
The Group\u2019s intangible assets comprise site licences & permits,
trademarks and internally developed software. Details of the carrying
amounts are as follows:
\u20ac\u2019000
2023
2022
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
999
99
3,687
2,589
788
90
3,467
Additions
\u2014
304
\u2014
304
\u2014
211
9
220
As at 31 December
2,589
1,303
99
3,991
2,589
999
99
3,687
Amortisation and impairment
As of 1 January:
(548)
(426)
(47)
(1,021)
(326)
(244)
(28)
(598)
Amortisation
(222)
(224)
(20)
(466)
(222)
(181)
(20)
(423)
As at 31 December
(770)
(650)
(67)
(1,487)
(548)
(425)
(48)
(1,021)
At 31 December Net Book Value
1,819
653
32
2,504
2,041
574
51
2,666
Property, plant and equipment
\u20ac\u2019000
Land
Construction in
progress
Charging stations
and technical
installations
Other
equipment
Total
Cost
At 1 January 2022
\u2014
12,289
72,009
1,097
85,395
Additions
823
67,100
6,810
532
75,265
Reversals
\u2014
\u2014
181
\u2014
181
Disposals
\u2014
\u2014
(897)
\u2014
(897)
Transfer
\u2014
(51,665)
51,665
\u2014
\u2014
At 31 December 2022
823
27,724
129,768
1,629
159,944
Additions
14
59,205
2,908
939
63,066
Currency exchange differences
19
242
168
\u2014
429
Disposals
\u2014
(435)
(500)
(17)
(952)
Transfer
\u2014
(56,300)
56,300
\u2014
\u2014
At 31 December 2023
856
30,436
188,644
2,551
222,487
Depreciation and impairment
At 1 January 2022
\u2014
\u2014
(14,080)
(662)
(14,742)
Depreciation charge for the year
\u2014
\u2014
(8,405)
(170)
(8,575)
Reversals
\u2014
\u2014
(180)
\u2014
(180)
Disposal
\u2014
\u2014
520
\u2014
520
At 31 December 2022
\u2014
\u2014
(22,145)
(832)
(22,977)
Depreciation charge for the year
\u2014
\u2014
(13,415)
(301)
(13,716)
Currency exchange differences
\u2014
\u2014
(20)
\u2014
(20)
Disposals
\u2014
\u2014
201
16
217
At 31 December 2023
\u2014
\u2014
(35,379)
(1,117)
(36,496)
Net book value
At 31 December 2022
823
27,724
107,623
797
136,967
At 31 December 2023
856
30,436
153,265
1,434
185,991
Assets under construction amounting to \u20ac30.44 million (2022: \u20ac27.72
million) mainly consists of machinery, equipments and furnishings to
charging,
As part of the purchase of Fastned Terra 1 B.V. on 29 December 2023,
tangible assets at charging stations with a cost of \u20ac329 thousand were
acquired.
Additions include the recognition of directly attributable staff costs for an
amount of \u20ac 2.9 million, which costs couldn't be estimated reliably in the
previous years.
Transfer movements mainly includes transfers of finished works to
charging stations amounting to \u20ac56.30 million (2022: \u20ac51.67 million)
from construction in progress to charging stations.
Government grants received in 2023 amounts to \u20ac 2.61 million (2022:
\u20ac774 thousand). Net book value of the government grants amount to
\u20ac4.3 million (2022: \u20ac 1.79 million).
Additionally, \u20ac94 thousand was transferred to held for sale. This relates
to the sale of a small station, which will take place in February 2024.
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 2023
was Nil (2022: 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\u2019s based on the geographic area where
charging stations are located. In 2023 the Board of Directors identified
CGU\u2019s as the Netherlands, Germany, Belgium, United Kingdom,
Switzerland, France and Denmark.
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).
Fastned has assessed external and internal sources of information for
indications that an asset may be impaired (i.e. its carrying amount may
be higher than its recoverable amount) as at the reporting date. This
review included an assessment of the condition of assets, the
technological, market and legal environment in which the company is
doing business, market interest rates and internal sources of
information. The review did not identify any indication that assets may
be impaired.
Right-of-use assets
\u20ac\u2019000
Office
Building
Land
Charging
stations and
equipment
Vehicles
Total
Cost
At 1 January 2022
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
Additions
4,690
6,062
1,435
1,104
13,291
Currency exchange adjustments
27
7
\u2014
\u2014
34
At 31 December 2023
7,466
10,187
4,810
2,878
25,341
Depreciation and impairment
At 1 January 2022
(724)
(242)
(460)
(610)
(2,036)
Depreciation charge for the year
(412)
(162)
(335)
(352)
(1,261)
Currency exchange adjustments
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December 2022
(1,136)
(404)
(795)
(962)
(3,297)
Depreciation charge for the year
(709)
(736)
(522)
(494)
(2,461)
Currency exchange adjustments
(11)
(1)
\u2014
(2)
(14)
At 31 December 2023
(1,856)
(1,141)
(1,317)
(1,458)
(5,772)
Net book value
At 31 December 2022
1,613
3,714
2,580
812
8,719
At 31 December 2023
5,610
9,046
3,493
1,420
19,569
The Group leases assets including buildings, land, equipment and
vehicles. The average lease term for Land leases is 16 years (2022: 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:
\u20ac\u2019000
2023
2022
Depreciation on right-of-use assets
2,475
1,262
Interest expense on lease liabilities
1,475
756
Expense relating to short term leases
329
247
Expense relating to leases of low value assets
90
28
Expense relating to variable lease payments
not included in the measurement of the lease
liability
259
262
As of December 31, 2023, the Group is committed to \u20ac703 thousand
(2022: \u20ac604 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
from the charging stations. Overall the variable payments constitute a
very small percentage of the Group\u2019s 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 2023 for leases amounted to \u20ac3,656 thousand
(2022: \u20ac1,803 thousand) for lease liabilities and \u20ac419 thousand (2022:
\u20ac284 thousand) for short term and low value leases.
Financial assets and financial
liabilities
14.1 Categories of financial assets and
financial liabilities
All financial assets and liabilities are reported at amortised cost. This is
unchanged from 2022.
14.2 Financial assets: interest-bearing loans
and borrowings
\u20ac\u2019000
Interest
rate (%)
Maturity
2023
2022
Non-current interest-
bearing
Loans to related parties
6
31/12/2024
\u2014
1,241
Total loans to related
parties
\u2014
1,241
Pledged assets
3,400
2,700
Lease Receivable
11
6
Contractual assets
9
5
Total financial assets
3,420
3,952
Impairment loss on
financial assets
\u2014
(465)
Total financial
assets, net
3,420
3,487
Current financial assets
2,020
11
Non-current financial
assets
1,400
3,476
Loan to Fastned Terra 1 B.V.
On December 29, 2023, Fastned B.V. acquired 90.8% of the shares in
Fastned Terra 1 B.V. (Terra 1). As a result, the loan between Fastned
B.V. and Terra 1 is eliminated on consolidation in 2023.
Pledged assets
The Group has \u20ac3.4 million of restricted cash related to construction and
operating guarantees provided in relation to French stations in 2023
(2022: \u20ac2.7 million).
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 Euro.
Amounts receivable under finance lease:
\u20ac\u2019000
2023
2022
Year 1
6
4
Year 2
\u2014
\u2014
Year 3
\u2014
\u2014
Undiscounted lease payments
6
4
Unearned finance income
5
2
Present value of lease payments
receivable,net
11
6
Receivable payments
\u2014
\u2014
Lease receivable
11
6
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:
\u20ac\u2019000
2023
2022
At 1 January
5
(10)
Released to profit or loss
4
15
At 31 December
9
5
14.3 Financial liabilities: Interest-bearing
loans and borrowings
Interest-bearing loans
and borrowings
Interest
rate (%)
Maturity
2023
2022
%
\u20ac\u2019000
\u20ac\u2019000
unsecured bonds
6.0
30/10/2023
\u2014
8,909
6.0
21/03/2024
7,304
8,748
6.0
12/12/2024
9,659
12,177
6.0
28/07/2025
16,206
16,206
6.0
19/11/2025
21,194
21,194
5.0
06/12/2027
30,357
30,358
5.0
21/12/2027
13,248
13,237
5.5
12/06/2028
24,413
\u2014
6.0
16/10/2028
34,537
\u2014
4% secured loan
4.0
01/12/2031
2,160
2,077
4% secured loan
4.0
01/12/2032
1,921
\u2014
Total interest-bearing loans and
borrowings
160,999
112,906
Unsecured bonds
In June 2023, Fastned raised \u20ac22.0 million through issue of corporate
bonds, and in addition, investors extended \u20ac2.4 million from earlier
bonds issues. Interest on this bond is 5.5% per annum, payable
quarterly in arrears. In October 2023, Fastned raised an additional
\u20ac31.0 million of corporate bonds and \u20ac3.5 million of extensions from
earlier bonds issues. Interest on this bond is 6.0% per annum, payable
in quarterly arrears.
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 D\u00e9p\u00f4ts during 2022 and
2023. Interest is a fixed component of 4% in the first two years and will
be capitalised. A variable component will be added after two years,
based on the kwh sold, payable annually in arrears.
14.4 Reconciliation of liabilities arising from financing activities
2023
Maturing
01-Jan
2023
Interest p/l
charge
Cash flows
Non-cash
changes
31-Dec
2023
\u20ac\u2019000
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
1,242
54
(1,296)
\u2014
\u2014
\u2014
\u2014
Credit facility to Fastned Terra 1 B.V.
31/12/24
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current account Fastned Terra 1 B.V.
(1)
\u2014
1
\u2014
\u2014
\u2014
\u2014
1,241
54
(1,295)
\u2014
\u2014
\u2014
\u2014
Non-current liabilities : interest bearing
loans and borrowings
6% corporate bond
06/06/22
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6% corporate bond
12/12/22
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6% corporate bond
30/10/23
8,909
400
(6,930)
(491)
91
(1,979)
\u2014
6% corporate bond
21/03/24
8,748
481
\u2014
(491)
10
(1,444)
7,304
6% corporate bond
12/12/24
12,179
668
\u2014
(676)
7
(2,518)
9,659
6% corporate bond
28/07/25
16,206
972
\u2014
(972)
\u2014
\u2014
16,206
6% corporate bond
19/11/25
21,193
1,272
\u2014
(1,272)
\u2014
\u2014
21,194
5% corporate bond
12/12/26
30,357
1,518
\u2014
(1,518)
\u2014
\u2014
30,357
5% corporate bond
21/06/27
13,237
657
11
(693)
36
\u2014
13,248
5.5% corporate bond
12/06/28
\u2014
752
21,985
(682)
(70)
2,428
24,413
6% corporate bond
16/10/28
\u2014
432
31,024
\u2014
(431)
3,513
34,537
4% secured loan
01/12/31
2,077
\u2014
83
\u2014
\u2014
\u2014
2,160
4% secured loan
01/12/32
\u2014
\u2014
1,921
\u2014
\u2014
\u2014
1,921
112,906
7,152
48,094
(6,795)
(357)
\u2014
160,999
2022
Maturing
01-Jan
2022
Interest p/l
charge
Cash flows
Non-cash
changes
31-Dec
2022
\u20ac\u2019000
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)
\u2014
\u2014
\u2014
1,242
Credit facility to Fastned Terra 1 B.V.
31/12/24
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current account Fastned Terra 1 B.V.
122
2
(125)
\u2014
\u2014
\u2014
(1)
1,370
76
(205)
\u2014
\u2014
\u2014
1,241
Non-current liabilities : interest bearing
loans and borrowings
6% corporate bond
06/06/22
4,181
108
(3,549)
(125)
17
(632)
\u2014
6% corporate bond
12/12/22
7,367
400
(5,913)
(423)
23
(1,454)
\u2014
6% corporate bond
30/10/23
11,603
718
\u2014
(645)
(73)
(2,694)
8,909
6% corporate bond
21/03/24
10,689
504
\u2014
(600)
96
(1,941)
8,748
6% corporate bond
12/12/24
12,178
731
\u2014
(730)
\u2014
\u2014
12,179
6% corporate bond
28/07/25
16,206
972
\u2014
(972)
\u2014
\u2014
16,206
6% corporate bond
19/11/25
21,193
1,272
\u2014
(1,272)
\u2014
\u2014
21,193
4.5% corporate bond
12/12/26
2,807
79
\u2014
(79)
\u2014
(2,807)
\u2014
5% corporate bond
12/12/26
\u2014
990
23,141
(911)
(79)
7,216
30,357
5% corporate bond
21/06/27
\u2014
54
10,925
\u2014
(54)
2,312
13,237
4% secured loan
01/12/31
\u2014
\u2014
2,077
\u2014
\u2014
\u2014
2,077
8.5% secured loan
30/06/26
41
\u2014
(41)
\u2014
\u2014
\u2014
\u2014
86,265
5,828
26,640
(5,757)
(70)
\u2014
112,906
14.5 Fair 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:
\u20ac\u2019000
Carrying amount
Fair value
measurement using
significant
unobservable
inputs
2023
2022
2023
2022
Financial assets
Interest-bearing loans and
borrowings, net
\u2014
776
\u2014
776
Lease receivables
11
6
11
6
Pledge assets
3,400
2,700
3,400
2,700
Total
3,411
3,482
3,411
3,482
Financial liabilities
Interest-bearing loans and
borrowings
160,999
112,906
160,999
112,906
Total
160,999
112,906
160,999
112,906
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.
14.6 Financial risk management objectives
and policies
The Group\u2019s principal financial instruments comprise loans and
borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance the Group\u2019s operations. The Group\u2019s
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, commodity price risk, credit risk,
currency risk and liquidity risk. The Group\u2019s senior management
oversees the management of these risks.
It is the Group\u2019s 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.
Market risk
Market risk is the risk that the fair vaIue of future cash flows of financial
instrument wilI fluctuate because of changes in market prices. Market
prices comprise two types of risk: interest rate risk and commodity price
risk.
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\u2019s exposure to the risk of changes in market interest
rates is low due to the Group\u2019s long-term debt obligations with fixed
rates. The impact on the provisions is disclosed in note 3. Also, the
Group decided to invest surplus cash in short term deposits resulting in
additional interest income. The Management Board has decided that no
further hedging is required for interest rate risk.
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 Management Board has developed and
enacted a risk management strategy for commodity price risk and its
mitigation. Further mitigation actions are planned for 2024. Reference
made to note 25 as well.
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 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. Cash and cash equivalents
are current account balances, mainly concentrated at one bank under
supervision of the Dutch Central Bank with an A or equivalent long term
rating.
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\u2019s policy. Investments of surplus
funds are made only within credit limits assigned to each counterparty.
Counterparty credit limits are reviewed by the Group\u2019s 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\u2019s potential failure to make
payments.
Currency risk
The Group operates in the European Union, in which the Euro is the
most common currency. The Group also operates in a few countries
with other currencies being the UK, Switzerland and Denmark. These
countries operate mainly locally, i.e. local sales and local purchases.
Additionally, these entities are funded with intercompany loans from the
mother entity Fastned BV. The main risk are the unrealized gains and
losses on these intercompany loans. The balance at 31 December 2023
would change with \u20ac 340 thousand in case foreign currency exchange
rates change with 1%.
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash
and marketable securities and the availability of funding through an
adequate amount of committed credit facilities to meet obligations when
due. The Group monitors its risk of a shortage of funds using a liquidity
planning tool. See also the going concern statement in Note 1. At the
end of the reporting period Fastned held a significant cash surplus
safeguarding against liquidity risk.
The Group\u2019s 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. Lastly, the Group is able to adjust the building pace and reduce
network expansion costs 14 in line with the available liquidity if needed.
The table below summarises the maturity profile of the Group\u2019s liabilities
based on contractual undiscounted payments.
\u20ac\u2019000
On
demand
Less than
3 months
3-12
months
1-5
years
Total
Year ended 31 December 2023
Interest-bearing loans and borrowings
\u2014
7,304
9,659
144,036
160,999
Interest on interest-bearing loans and borrowings
\u2014
1,157
3,142
19,377
23,676
Lease Liabilities
\u2014
\u2014
3,891
30,210
34,101
Trade and other payables
13,593
1,967
\u2014
\u2014
15,560
Total
13,593
10,428
16,692
193,623
234,336
Year ended 31 December 2022
Interest-bearing loans and borrowings
\u2014
\u2014
8,909
103,997
112,906
Interest on interest-bearing loans and borrowings
\u2014
1,350
4,705
9,205
15,260
Lease Liabilities
\u2014
\u2014
1,240
8,570
9,810
Trade and other payables
9,096
4,951
7,529
\u2014
21,576
Total
9,096
6,301
22,383
121,772
159,552
Trade and other receivables
and prepayments
\u20ac\u2019000
2023
2022
Trade receivables, net
10,333
6,656
Taxes and social securities
2,999
4,232
Prepayments
4,003
1,115
Other receivables
2,022
1,850
Total trade and other receivables and
prepayments
19,357
13,853
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. An assessment of the
expected credit losses was made based on reasonable and supportable
information. The impact on the provision was not material.
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. Fastned
applies the IFRS 15 practical expedient and therefore does not account
for interest on its accounts receivables. As at 31 December 2023, the
provision for trade receivables amounted to \u20ac831 thousand (2022: \u20ac131
thousand).
As at 31 December 2023, the ageing analysis of trade receivables is, as
follows:
\u20ac\u2019000
Total
Not past
due
Days overdue
< 30
30-
90
91-
120
120-
180
180-365
>365
Outstanding
11,164
7,409
2,804
315
121
219
188
108
Provision for impairment
(831)
\u2014
\u2014
(195)
(121)
(219)
(188)
(108)
Trade receivables
10,333
7,409
2,804
120
\u2014
\u2014
\u2014
\u2014
As at 31 December 2022, the ageing analysis of trade
receivables is, as follows:
\u20ac\u2019000
Total
Not past
due
Days overdue
< 30
30-
90
91-
120
120-
180
180-365
>365
Outstanding
6,787
4,864
882
\u2014
794
130
57
60
Provision for impairment
(131)
\u2014
\u2014
\u2014
\u2014
(14)
(57)
(60)
Trade receivables
6,656
4,864
882
\u2014
794
116
\u2014
\u2014
Cash
\u20ac\u2019000
2023
2022
Cash at banks and on hand
126,604
149,538
Total cash and cash equivalents
126,604
149,538
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 \u20ac79.0 million
(2022: \u20ac105.0 million) with a maturity of three months or less.
Cash and cash equivalents are current account balances, mainly
concentrated at two banks under supervision of the Dutch Central Bank
with an A or equivalent long term rating.
Bank guarantees amounting to \u20ac17.0 million are outstanding at
31\u00a0December 2023 (2022: \u20ac 0 million), of which \u20ac13.4 million (2022: \u20ac 0
million) have been drawn. The end date is at the end of 2029.
At 31 December 2023, the Group had no restricted cash balances
(2022: nil).
Issued capital and reserves
Share capital
2023
2022
Quantity
Quantity
Authorised shares of \u20ac0.01 each
19,279,506
19,190,092
Issued and fully paid shares of \u20ac0.01 each 15
19,152,877
19,152,877
Quantity
\u20ac\u2019000
At 1 January 2022
17,069,326
171
Issuance of shares
2,120,766
21
At 31 December 2022
19,190,092
192
Issuance of shares
89,414
1
At 31 December 2023
19,279,506
193
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 2023, 89,414 DRs were issued to employees and former
employees exercising options under Fastned option plans. Employee
options for 556,565 DRs were outstanding as at 31 December 2023,
see note 22.
Share premium
\u20ac\u2019000
At 1 January 2022
172,087
Issuance of share capital (certificates)
75,862
Transaction costs for issued share capital (certificates)
(1,702)
At 1 January 2023
246,247
Issuance of share capital (certificates)
925
Transaction costs for issued share capital (certificates)
\u2014
At 31 December 2023
247,172
Treasury shares
Quantity
\u20ac\u2019000
At 31 December 2022
135,100
16
Shares returned to Fastned
\u2014
\u2014
At 31 December 2023
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 B.V. These shares are not included within
Treasury shares since no consideration has yet been received for them.
As at 31 December 2023 8,456 such DRs were held by Fastned B.V..
All other reserves are as stated in the statement of changes in equityTrade and other payables
\u20ac\u2019000
2023
2022
Trade payables
5,103
14,365
Taxes and social securities
1,889
832
Other payables
8,568
6,379
Total trade and other payables
15,560
21,576
Trade payables include mainly construction related payables.
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\u2019s credit risk management processes,
refer to Note 14.6.
Lease liabilities
\u20ac\u2019000
2023
2022
Maturity analysis:
Year 1
3,891
2,118
Year 2
3,883
2,036
Year 3
3,675
1,703
Year 4
3,315
1,340
Year 5
3,048
1,116
> 5 years
16,289
7,606
Total
34,101
15,919
Less: unearned interest
(12,857)
(6,109)
Total lease liabilities
21,244
9,810
Analysed as :
Current
2,168
1,240
Non-current
19,076
8,570
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.
\u20ac\u2019000
2023
2022
Due within one year
\u2014
\u2014
Due after one year
13,316
9,979
Total provisions
13,316
9,979
The Group records provisions for the removal of the charging station at
the end of the concession period.
Decommissioning provision
\u20ac\u2019000
1 January 2023
9,979
Additions
3,417
Use
\u2014
Revised estimates
(80)
31 December 2023
13,316
1 January 2022
5,247
Additions
2,691
Use
\u2014
Revised estimates
2,041
31 December 2022
9,979
Revised estimates include estimates for the interest, the inflation and
the quotes delivered by the contracting parties for the deconstruction of
a station.
Deferred revenues
Deferred revenues of \u20ac224,000 (2022: \u20ac314,000) 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 \u20ac25,000 (in primary issuance of certificates) in
the issuance on NPEX in 2014\u20132015, or, invested a minimum of
\u20ac50,000 (in primary issuance of certificates) in the issuance on
Nxchange in 2016. On 31 December 2023, there were 69 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 2023, Fastned Founders have
charged 62,755 kWh (2022: 49,400 kWh) for free.
\u20ac\u2019000
2023
2022
At 1 January
314
355
Released to the statement of profit or loss
(80)
(41)
At 31 December
234
314
Current
\u2014
\u2014
Non-current
234
314
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:
2023
2022
Number
WAEP (\u20ac)
Number
WAEP (\u20ac)
Outstanding at 1 January
457,922
10.23
546,183
10.19
Granted during the year
191,529
\u2014
Forfeited during the year
(1,554)
\u2014
Exercised during the year
(89,414)
10.35
(88,261)
10.00
Expired during the year
(1,918)
\u2014
Outstanding at
31\u00a0December
556,565
13.00
457,922
10.19
Exercisable at
31\u00a0December
550,049
13.15
456,328
10.23
Included in the table above are options granted to Victor van Dijk,
director of Fastned B.V., who held 14,105 options as at 31 December
2023 (2022: 9,562).
Of the options outstanding at 31 December 2023:
447,183 are exercisable at prices per DR between \u20ac10-\u20ac15,
9,843 are exercisable at prices per DR between \u20ac15-\u20ac20,
35,209 are exercisable at prices per DR between \u20ac20-\u20ac25,
49,674 are exercisable at prices per DR between \u20ac25-\u20ac30,
8,140 are exercisable at prices per DR between \u20ac30-\u20ac35.
Additionally, 6.516 unvested options are outstanding at prices between
\u20ac33-\u20ac50.
Option plans
Prior to establishment of the present Option Plan on 17 May 2018
(\u201c2018 Option Plan\u201d), 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 2023 177,490 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 which need to be achieved at the same time:
the market capitalisation has to be achieved for more than 30
consecutive days; and
the operational goals has to be achieved.
There are no vesting conditions. Each time a milestone is met, the
Company will allocate options for newly to be issued Depositary
Receipts (\u201cDRs\u201d) 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
allocation is also reviewed and approved by the Management Board.
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 \u20ac10 per option. The options under the Option
Plan can be exercised within five years after the grant date.
There is no service commencement date recognised before the grant
date. The Management Board and the Supervisory Board have
significant discretionary rights in the execution of the policy. This is also
explicitly incorporated in the Fastned Option Policy. The Board can
deviate from the policy on the specific conditions, like the allocation of
shares and the determination of the exercise price. As a result, it's
managements estimate that no legal or constructive obligation is
established prior to the grant date. This results in a 'point in time'
recognition at the grant date.
Milestone
Market
capitalisation (\u20ac)
Operational goal
Realised
1
> 150 million euro
> 100 stations operational
\u2611
2
> 200 million euro
> 1 million euro in revenues
in one calender year
\u2611
3
> 300 million euro
> 250 stations operational
\u2611
4
> 400 million euro
> 150 kW charging at >50%
of our stations
\u2611
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
> 1,000 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\u2019 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\u2019s 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\u2019s 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 \u2013 i.e. after vesting, but prior
to the expiration date for such options.
Staff options for the third milestone of the 2018 Option plan were
granted in February 2023. In total 191,529 options with a weighted
average exercise price of \u20ac19.58 were issued to employees. The
estimated fair value of these options is \u20ac3.3 million of which \u20ac3.2 million
will be reported as a non-cash cost in Fastned's 2023 financial
statements. The remaining \u20ac0.1 million is subject to a three-year vesting
period and will be reported as a non-cash cost in the following three
years. Part of these costs are considered directly attributable staff costs
for the stations build. As a result, \u20ac0.6 million of these costs are
capitalised and the remainder is expensed in the administrative
expenses.
The estimated fair value of options granted during 2023 using the Hull
White option valuation model and assumptions/parameters used in the
valuation are listed in the table below.
Parameter at initial measurement
Milestone 3
Share price at Euronext (\u20ac)
34.18
Weighted average exercise price
19.58
Expected volatility
61.70%
Risk Free interest rate
2.66%
Exercise multiple
1.60
Expected dividend yield
\u2014
Expiry date
16/2/2028
Remaining contractual option life (years)
4.98
Fair value per option H&W model (\u20ac)
17.26
Total calculated fair value of the granted options at
grant date
3,246
The cost of the options included in the income statement are as follows:
\u20ac\u2019000
2023
2022
Options granted in 2023
3,246
\u2014
Capitalized part of options granted in 2023
(567)
\u2014
Total expense included in
administrative expenses
2,679
\u2014
Commitments and
contingencies
Commitments
At 31 December 2023, the Group had initiated the construction of
several fast charging stations, these will be realised in the first half of
2024. 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 2023
amounted to approximately \u20ac22.71 million (2022: \u20ac21.56 million).
Bank guarantees
Bank guarantees amounting to \u20ac17.0 million are outstanding at 31
December 2023. These expire at the end of 2029.
Related party disclosures
\u20ac\u2019000
Interest charge
Amounts owed by
related parties
Fastned Terra 1 B.V.
2023
\u2014
\u2014
2022
76
1,242
\u20ac\u2019000
2023
2022
Variable leases
\u2014
254
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 \u201cRelated parties.\u201d
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.
The pension benefit is a defined contribution scheme. Other benefits
include lease cars.
Remuneration of the Management Board
\u20ac\u2019000
Short term employee benefits
2023
Base Salary
Other benefits
Pension
benefits
Share Options
Total
remuneration
M. Langezaal
107
11
\u2014
\u2014
118
V. van Dijk
150
6
13
96
265
Total
257
17
13
96
383
\u20ac\u2019000
Short term employee benefits
2022
Base Salary
Other benefits
Pension
benefits
Share Options
Total
remuneration
M. Langezaal
100
19
\u2014
\u2014
119
N. Korthals Altes*
25
2
3
\u2014
30
V. van Dijk
143
13
11
\u2014
167
Total
268
34
14
\u2014
316
*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.
\u20ac\u2019000
2023
2022
Hieke van Rees-Spoelstra
\u2014
8
Liselotte Kooi
5
10
Maaike Veen
16
13
Henk Pals
11
10
Michiel Weghs
6
\u2014
Total
38
40
Liselotte Kooi was appointed chair of the Supervisory Board per 8 June
2023. Michiel Weghs was appointed as a new member of the FAST
Board per the same date.
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 2023
was as follows:
2023
2022
\u20ac\u2019000
Short term employee
benefits
Short term employee
benefits
Basic salary
Other
benefits
Total
remuneration
Basic salary
Other
benefits
Total
remuneration
Liselotte Kooi
26
\u2014
26
\u2014
\u2014
\u2014
Bart Lubbers
37
7
44
34
11
45
Marije van Mens
16
\u2014
16
34
\u2014
34
Nancy Kabalt
37
\u2014
37
34
\u2014
34
J\u00e9r\u00f4me Janssen
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
116
7
123
102
11
113
In 2022, J\u00e9r\u00f4me Janssen was appointed member of the Supervisory
Board. He does not receive a remuneration. He is compensated for
travel expenses with a maximum of \u20ac7.5 thousand. On 8 June 2023,
Marije van Mens resigned as a member of the Supervisory Board.
Liselotte Kooi was appointed chair of the Supervisory Board at the
same date.
In 2023, the total remuneration for all management board amounts to
\u20ac383 thousand (2022: \u20ac316 thousand) , FAST Board amounts to \u20ac39
thousand (2022: \u20ac40 thousand) and supervisory board member
amounts to \u20ac124 thousand (2022: \u20ac113 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 2023, a total of 614 kWh (2022: 461 kWh) were
charged for free by these family members. See note 21
Key events post reporting
date
Terra 1 acquisition
On December 29, 2023, Fastned B.V. acquired 90.8% of the shares in
Fastned Terra 1 B.V. (Terra 1) from private investors. An additional
share of 7.6% was acquired on 12 January 2024.
Issuance of shares
Fastned B.V. issued 200,000 new shares with a nominal value of \u20ac0.01
on 19 January 2024. Total issued shares amount to 19,352,877.
Unsecured bonds
In February 2024, Fastned raised \u20ac24.4 million through issue of
corporate bonds, and in addition, investors extended \u20ac3.5 million from
earlier bonds issues. Interest on this bond is 6% per annum, payable
quarterly in arrears.
Power Purchase Agreement
In December 2023, Fastned signed a contract for a power purchase
agreement starting 1 February 2024. The contract includes the
purchase of 15 GWh of electricity per year for a predetermined price per
GWh. The Company does not have control on the underlying asset nor
the ability to direct the use. The purchased electricity will be consumed
directly for own use and accounted for accordingly as IFRS 9 own use
classification. The contract ends at 1 January 2032.
Germany High Way Tender
Fastned has won one lot in the so-called \u201cDeutschlandnetz\u201d tender
giving the company the opportunity to build fast charging stations at 34
highway service areas.
Austria
In 2024, the Group established a new subsidiary in Austria. Fastned
Austria GmbH was established on 16 February 2024.
Remuneration of auditors
This note includes all fees agreed to be paid to the Group\u2019s auditors
whether in relation to their audit of the Group or otherwise.
Group auditor for 2023 is BDO Audit & Assurance B.V. (2022: Deloitte
Accountants B.V.).
\u20ac\u2019000
2023
2022
Fees payable to the Group\u2019s auditor for the
audit of the consolidated parent company
accounts and subsidiaries accounts of
Fastned B.V.
195
269
Non-audit and other assurance services
5
30
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-236": { "value": "General information
The principal activity of Fastned B.V. and subsidiaries (the Group)
consist of the exploitation of fast charging facilities for fully electric and
hybrid cars.
The consolidated financial statements of the Group for the year ended
31 December 2023 were authorised for issue in accordance with a
resolution of the directors on 27\u00a0March 2024. Fastned B.V. is a limited
company incorporated and domiciled in the Netherlands (registered with
the Dutch trade register under number 54606179) and whose
certificates are publicly traded on the trading platform Euronext. The
registered office is located at Mondriaantoren, floor 21 & 22, Amstelplein
44 in Amsterdam. The ultimate parent of the Group is the Fastned
Administratie Stichting (hereafter: FAST Foundation).
Information on the Group\u2019s 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 \u20ac 146.2 million (2022:
\u20ac160.6 million) and a cash level of \u20ac126.6 million (2022: \u20ac149.5 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
Battery Electric Vehicles (BEVs) on the road based on analyst forecasts
and conservative projections of sales per station, based on station
general traffic numbers, local Battery Electric Vehicles (BEVs) fleet
penetration, catch up rates and kWh per session. 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 plans 10. Fastned has access to the capital markets via the
bonds issuances and equity raises. This source of funding and potential
additional sources of funding are continuously monitored.
Based on available information at the date of this report, the liquidity
forecasts for the upcoming 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-238": { "value": "The principal activity of Fastned B.V. and subsidiaries (the Group) consist of the exploitation of fast charging facilities for fully electric and hybrid cars.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-239": { "value": "Fastned B.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-240": { "value": "Fastned B.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-241": { "value": "B.V", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-242": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-243": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-244": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-245": { "value": "Mondriaantoren, floor 21 & 22, Amstelplein 44 in Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-246": { "value": "Fastned Administratie Stichting (hereafter: FAST Foundation)", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-248": { "value": "
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 \u20ac 146.2 million (2022:
\u20ac160.6 million) and a cash level of \u20ac126.6 million (2022: \u20ac149.5 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
Battery Electric Vehicles (BEVs) on the road based on analyst forecasts
and conservative projections of sales per station, based on station
general traffic numbers, local Battery Electric Vehicles (BEVs) fleet
penetration, catch up rates and kWh per session. 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 plans 10. Fastned has access to the capital markets via the
bonds issuances and equity raises. This source of funding and potential
additional sources of funding are continuously monitored.
Based on available information at the date of this report, the liquidity
forecasts for the upcoming 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-247": { "value": "
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 \u20ac 146.2 million (2022:
\u20ac160.6 million) and a cash level of \u20ac126.6 million (2022: \u20ac149.5 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
Battery Electric Vehicles (BEVs) on the road based on analyst forecasts
and conservative projections of sales per station, based on station
general traffic numbers, local Battery Electric Vehicles (BEVs) fleet
penetration, catch up rates and kWh per session. 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 plans 10. Fastned has access to the capital markets via the
bonds issuances and equity raises. This source of funding and potential
additional sources of funding are continuously monitored.
Based on available information at the date of this report, the liquidity
forecasts for the upcoming 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.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-249": { "value": "Material accounting policies
2.1 Basis 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:
assets held for sale \u2013 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\u2019s and all values are
rounded to the nearest thousand euro (\u20ac\u2019000), 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 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.
2.2 Principal 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\u2019s voting rights in an investee are sufficient to give it power,
including:
the size of the Company\u2019s 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\u2019 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\u2019s 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\u2019s 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\u2019 proportionate
share of the fair value of the acquiree\u2019s 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\u2019 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\u2019s interests in subsidiaries that do not result in a
loss of control are accounted for as equity transactions. The carrying
amount of the Group\u2019s 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 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\u2019s share
of the profit or loss and other comprehensive income of the associate or
joint venture. When the Group\u2019s share of losses of an associate or a
joint venture exceeds the Group\u2019s interest in that associate or joint
venture (which includes any long-term interests that, in substance, form
part of the Group\u2019s 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\u2019s 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\u2019s
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\u2019s
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
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\u2019s 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 its vehicle 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.
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. up
until 29 December 2023. 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 there is a sale agreement between Fastned and
buyer. At this point in time, the legal obligation to transfer the promised
goods exist. 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
When the group revises its estimate of the term of any lease (because,
for example, it re-assesses the probability of a lessee extension or
termination option being exercised), it adjusts the carrying amount of the
lease liability to reflect the payments to make over the revised term,
which are discounted using a revised discount rate.
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.
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 \u2018Property, Plant and Equipment\u2019 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 \u201cSelling and Distribution expenses\u201d 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\u2019s 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\u2019s 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\u2019s entities
are measured using the currency of the primary economic environment
in which the entity operates (\u2018the functional currency\u2019). The consolidated
financial statements are presented in Euro, 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\u2019s functional currency (foreign
currencies) are recognised at the rates of exchange prevailing 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\u2019s 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\u2019s
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\u2019s 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
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\u2019s 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 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. This
includes costs directly attributable to putting the asset in place. As of
2023, directly attributable costs include part of the staff costs for design
and construction of the locations.
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. The
estimated useful lives include management judgement as policy and
procedures for future tenders of Dutch highway locations approaching
concession end-date have yet to be determined by the Government
authorities.
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.
Amortisation is recognised so as to write off the cost or valuation of
assets less their residual values over their useful lives, using the
straight-line method, on the following bases:
Site licences & permits
6.66% per year/ 15 year or
12.5% per year/ 8 years
Internally developed software
20% per year/ 5 years
employee benefits text
20% per year/ 5 years
o) Internally-generated intangible assets \u2013 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
circumstances. The Group has a legal reserve for its internally-
generated software. Legal reserves are not available for distribution to
the Group\u2019s 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.
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\u2019s 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 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\u2019s
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\u2019s 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.
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\u2019s 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. Significant management judgement is
applied to determine the service commencement date. There is no
service commencement date recognised before the grant date as
management has significant and binding discretionary rights in the
execution of the option plan once the milestone is achieved. As a result,
no constructive or legal obligation is present before the grant date. The
option plan is recognised as point in time. Details regarding the
determination of the fair value of these equity-settled share-based
transactions are set out in note 22.
The previous option plan and a small portion of the current option plan
for Belgium employees incorporate vesting conditions. For these
options, 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\u2019s 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.
2.3 New or revised Standards or
Interpretations adopted as at 1 January
2023
The amendments listed below do not have any effect on the Group's
consolidated financial statements:
Amendments to IAS1 and IFRS Practice Statement
Amendments to IAS 8, IAS12 and IFRS17
Certain new accounting standards and interpretations have been
published that are not mandatory for 31 December 2023 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.
2.4 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:
Amendments to IAS 1
Classification of Liabilities as
Current or Non-current
Amendments to IAS 1
Non-current Liabilities with
Covenants
Amendments to IAS 7 and IFRS 7
Supplier Finance Arrangements
Amendments to IFRS 16
Lease Liability in a Sale and
leaseback
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-250": { "value": "Basis 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:
assets held for sale \u2013 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\u2019s and all values are
rounded to the nearest thousand euro (\u20ac\u2019000), 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 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-254": { "value": "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\u2019s voting rights in an investee are sufficient to give it power,
including:
the size of the Company\u2019s 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\u2019 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\u2019s 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\u2019s 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\u2019 proportionate
share of the fair value of the acquiree\u2019s 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\u2019 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\u2019s interests in subsidiaries that do not result in a
loss of control are accounted for as equity transactions. The carrying
amount of the Group\u2019s 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 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\u2019s share
of the profit or loss and other comprehensive income of the associate or
joint venture. When the Group\u2019s share of losses of an associate or a
joint venture exceeds the Group\u2019s interest in that associate or joint
venture (which includes any long-term interests that, in substance, form
part of the Group\u2019s 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\u2019s 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\u2019s
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\u2019s
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
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\u2019s 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).
Acquisitions
The accounting of acquisitions is depending on whether the acquired
entity, asset or a group of assets constitute a business. At a minimum, a
business must include an input and a substantive process that together
significantly contribute to the ability to create output. Acquisitions are
accounted for as a business combination in cases where the acquirer
obtains control of one or more businesses, or else as an asset
acquisition. Where the definition of a business is not fulfilled in regard to
the acquired activities, the transaction would instead qualify as an asset
acquisition. Asset acquisitions in which the consideration given is cash
are measured by the amount of cash paid, which generally includes the
transaction costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-253": { "value": "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\u2019s voting rights in an investee are sufficient to give it power,
including:
the size of the Company\u2019s 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\u2019 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\u2019s 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\u2019s 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\u2019 proportionate
share of the fair value of the acquiree\u2019s 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\u2019 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\u2019s interests in subsidiaries that do not result in a
loss of control are accounted for as equity transactions. The carrying
amount of the Group\u2019s 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 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\u2019s share
of the profit or loss and other comprehensive income of the associate or
joint venture. When the Group\u2019s share of losses of an associate or a
joint venture exceeds the Group\u2019s interest in that associate or joint
venture (which includes any long-term interests that, in substance, form
part of the Group\u2019s 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\u2019s 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\u2019s
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\u2019s
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
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\u2019s 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).
Acquisitions
The accounting of acquisitions is depending on whether the acquired
entity, asset or a group of assets constitute a business. At a minimum, a
business must include an input and a substantive process that together
significantly contribute to the ability to create output. Acquisitions are
accounted for as a business combination in cases where the acquirer
obtains control of one or more businesses, or else as an asset
acquisition. Where the definition of a business is not fulfilled in regard to
the acquired activities, the transaction would instead qualify as an asset
acquisition. Asset acquisitions in which the consideration given is cash
are measured by the amount of cash paid, which generally includes the
transaction costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-252": { "value": "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\u2019s voting rights in an investee are sufficient to give it power,
including:
the size of the Company\u2019s 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\u2019 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\u2019s 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\u2019s 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\u2019 proportionate
share of the fair value of the acquiree\u2019s 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\u2019 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\u2019s interests in subsidiaries that do not result in a
loss of control are accounted for as equity transactions. The carrying
amount of the Group\u2019s 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 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-251": { "value": "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\u2019s voting rights in an investee are sufficient to give it power,
including:
the size of the Company\u2019s 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\u2019 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\u2019s 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\u2019s 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\u2019 proportionate
share of the fair value of the acquiree\u2019s 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\u2019 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\u2019s interests in subsidiaries that do not result in a
loss of control are accounted for as equity transactions. The carrying
amount of the Group\u2019s 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 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.
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\u2019s share
of the profit or loss and other comprehensive income of the associate or
joint venture. When the Group\u2019s share of losses of an associate or a
joint venture exceeds the Group\u2019s interest in that associate or joint
venture (which includes any long-term interests that, in substance, form
part of the Group\u2019s 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\u2019s 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\u2019s
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\u2019s
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
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\u2019s 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).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-257": { "value": "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\u2019s share
of the profit or loss and other comprehensive income of the associate or
joint venture. When the Group\u2019s share of losses of an associate or a
joint venture exceeds the Group\u2019s interest in that associate or joint
venture (which includes any long-term interests that, in substance, form
part of the Group\u2019s 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\u2019s 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\u2019s
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\u2019s
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
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\u2019s 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).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-256": { "value": "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\u2019s share
of the profit or loss and other comprehensive income of the associate or
joint venture. When the Group\u2019s share of losses of an associate or a
joint venture exceeds the Group\u2019s interest in that associate or joint
venture (which includes any long-term interests that, in substance, form
part of the Group\u2019s 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\u2019s 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\u2019s
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\u2019s
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
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\u2019s 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).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-255": { "value": "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\u2019s share
of the profit or loss and other comprehensive income of the associate or
joint venture. When the Group\u2019s share of losses of an associate or a
joint venture exceeds the Group\u2019s interest in that associate or joint
venture (which includes any long-term interests that, in substance, form
part of the Group\u2019s 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\u2019s 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\u2019s
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\u2019s
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
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\u2019s 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).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-258": { "value": "
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\u2019s 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\u2019s
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-259": { "value": "
The requirements of IAS 36 are applied to determine whether it is
necessary to recognise any impairment loss with respect to the Group\u2019s
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 applies IAS 36 to determine whether a right-of-use asset is
impaired and accounts for any identified impairment loss as described in
the \u2018Property, Plant and Equipment\u2019 policy.
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.
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.
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.
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\u2019s exposure to credit risk and
measurement of impairment losses for trade receivables is included in
Note 15.
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\u2019s 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\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-260": { "value": "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-261": { "value": "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 its vehicle 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.
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. up
until 29 December 2023. 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 there is a sale agreement between Fastned and
buyer. At this point in time, the legal obligation to transfer the promised
goods exist. 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.
Deferred revenue
The Group operates a Founders club through which early large
investors in Fastned have the right to charge their EV\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-262": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-263": { "value": "
Maintenance fees
Fastned operates and maintains chargers from Fastned Terra 1 B.V. up
until 29 December 2023. 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-264": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-265": { "value": "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
When the group revises its estimate of the term of any lease (because,
for example, it re-assesses the probability of a lessee extension or
termination option being exercised), it adjusts the carrying amount of the
lease liability to reflect the payments to make over the revised term,
which are discounted using a revised discount rate.
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.
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 \u2018Property, Plant and Equipment\u2019 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 \u201cSelling and Distribution expenses\u201d 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\u2019s 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\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-266": { "value": "
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
Plant, machinery, fixtures and fittings are stated at cost less
accumulated depreciation and accumulated impairment loss. This
includes costs directly attributable to putting the asset in place. As of
2023, directly attributable costs include part of the staff costs for design
and construction of the locations.
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. The
estimated useful lives include management judgement as policy and
procedures for future tenders of Dutch highway locations approaching
concession end-date have yet to be determined by the Government
authorities.
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.
Property, plant and equipment \u2013 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.
Property, plant and equipment \u2013 directly attributable staff
costs
As of 2023, directly attributable staff costs are capitalised as part of the
property, plant and equipment. Management used inputs from job
descriptions, project phases, project planning and FTE planning to
determine amounts and allocation keys for the directly attributable staff
costs. Prior to 2023 attributable expenditures could not be estimated
sufficiently reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-267": { "value": "Foreign currencies
Items included in the financial statements of each of the group\u2019s entities
are measured using the currency of the primary economic environment
in which the entity operates (\u2018the functional currency\u2019). The consolidated
financial statements are presented in Euro, 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\u2019s functional currency (foreign
currencies) are recognised at the rates of exchange prevailing 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\u2019s 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\u2019s
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-268": { "value": "
Items included in the financial statements of each of the group\u2019s entities
are measured using the currency of the primary economic environment
in which the entity operates (\u2018the functional currency\u2019). The consolidated
financial statements are presented in Euro, which is Fastned B.V.'s
functional and presentation currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-269": { "value": "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-270": { "value": "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-272": { "value": "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\u2019s obligations under the plans are
equivalent to those arising in a defined contribution retirement benefit
plan.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-271": { "value": "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\u2019s obligations under the plans are
equivalent to those arising in a defined contribution retirement benefit
plan.
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
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.
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. Significant management judgement is
applied to determine the service commencement date. There is no
service commencement date recognised before the grant date as
management has significant and binding discretionary rights in the
execution of the option plan once the milestone is achieved. As a result,
no constructive or legal obligation is present before the grant date. The
option plan is recognised as point in time. Details regarding the
determination of the fair value of these equity-settled share-based
transactions are set out in note 22.
The previous option plan and a small portion of the current option plan
for Belgium employees incorporate vesting conditions. For these
options, 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\u2019s 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.
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. Significant management
judgement is applied to determine the service commencement date.
There is no service commencement date recognised before the grant
date as management has significant and binding discretionary rights in
the execution of the option plan once the milestone is achieved. As a
result, no constructive or legal obligation is present before the grant
date. The option plan is recognised as point in time.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-273": { "value": "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\u2019s 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 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.
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 2023, the Group has \u20ac18.0 million (2022: \u20ac21.1 million) of
tax losses in the Netherlands, and \u20ac 38.0 million of tax losses (2022:
\u20ac25.6 million) arising in other countries. In addition, the Group has \u20ac67.6
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 \u20ac14.1 million
depending on the timing of the utilisation of the tax losses. Further
details on taxes are disclosed in Note 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-274": { "value": "
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 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.
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 2023, the Group has \u20ac18.0 million (2022: \u20ac21.1 million) of
tax losses in the Netherlands, and \u20ac 38.0 million of tax losses (2022:
\u20ac25.6 million) arising in other countries. In addition, the Group has \u20ac67.6
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 \u20ac14.1 million
depending on the timing of the utilisation of the tax losses. Further
details on taxes are disclosed in Note 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-275": { "value": "Property, plant and equipment
Plant, machinery, fixtures and fittings are stated at cost less
accumulated depreciation and accumulated impairment loss. This
includes costs directly attributable to putting the asset in place. As of
2023, directly attributable costs include part of the staff costs for design
and construction of the locations.
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. The
estimated useful lives include management judgement as policy and
procedures for future tenders of Dutch highway locations approaching
concession end-date have yet to be determined by the Government
authorities.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-277": { "value": "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.
Amortisation is recognised so as to write off the cost or valuation of
assets less their residual values over their useful lives, using the
straight-line method, on the following bases:
Site licences & permits
6.66% per year/ 15 year or
12.5% per year/ 8 years
Internally developed software
20% per year/ 5 years
employee benefits text
20% per year/ 5 years
o) Internally-generated intangible assets \u2013 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
circumstances. The Group has a legal reserve for its internally-
generated software. Legal reserves are not available for distribution to
the Group\u2019s 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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-276": { "value": "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.
Amortisation is recognised so as to write off the cost or valuation of
assets less their residual values over their useful lives, using the
straight-line method, on the following bases:
Site licences & permits
6.66% per year/ 15 year or
12.5% per year/ 8 years
Internally developed software
20% per year/ 5 years
employee benefits text
20% per year/ 5 years
o) Internally-generated intangible assets \u2013 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
circumstances. The Group has a legal reserve for its internally-
generated software. Legal reserves are not available for distribution to
the Group\u2019s 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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-278": { "value": "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\u2019s 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 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\u2019s
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\u2019s 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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-279": { "value": "
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\u2019s 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 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\u2019s
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\u2019s exposure to credit risk and
measurement of impairment losses for trade receivables is included in
Note 15.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-280": { "value": "inancial 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\u2019s 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 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\u2019s
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.
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 - 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-281": { "value": "
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 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-282": { "value": "
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 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\u2019s
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-283": { "value": "
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\u2019s exposure to credit risk and
measurement of impairment losses for trade receivables is included in
Note 15.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-284": { "value": "
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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-285": { "value": "
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", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-286": { "value": "
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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-287": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-289": { "value": "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.
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 2023 was \u20ac13.3 million
(2022: \u20ac10.0 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: \u20ac3-131 thousand depending on the size of
the station
Estimated duration till expiry: 1-27 years
Inflation of 2.1 (2022: 2.2%) based on 5 year ahead
Discount rate of 2.25% (2022: 2.47%) based on the 20 year
Eurozone bond
If the estimated pre-tax discount rate used in the calculation had been
1% higher than management\u2019s estimate, the carrying amount of the
provision would have been \u20ac1.0. million lower. If the estimated inflation
had been 1% lower than management's estimate, the carrying amount
of the provision would have been \u20ac1.1 million higher.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-288": { "value": "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.
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 2023 was \u20ac13.3 million
(2022: \u20ac10.0 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: \u20ac3-131 thousand depending on the size of
the station
Estimated duration till expiry: 1-27 years
Inflation of 2.1 (2022: 2.2%) based on 5 year ahead
Discount rate of 2.25% (2022: 2.47%) based on the 20 year
Eurozone bond
If the estimated pre-tax discount rate used in the calculation had been
1% higher than management\u2019s estimate, the carrying amount of the
provision would have been \u20ac1.0. million lower. If the estimated inflation
had been 1% lower than management's estimate, the carrying amount
of the provision would have been \u20ac1.1 million higher.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-290": { "value": "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. Significant management judgement is
applied to determine the service commencement date. There is no
service commencement date recognised before the grant date as
management has significant and binding discretionary rights in the
execution of the option plan once the milestone is achieved. As a result,
no constructive or legal obligation is present before the grant date. The
option plan is recognised as point in time. Details regarding the
determination of the fair value of these equity-settled share-based
transactions are set out in note 22.
The previous option plan and a small portion of the current option plan
for Belgium employees incorporate vesting conditions. For these
options, 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\u2019s 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.
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. Significant management
judgement is applied to determine the service commencement date.
There is no service commencement date recognised before the grant
date as management has significant and binding discretionary rights in
the execution of the option plan once the milestone is achieved. As a
result, no constructive or legal obligation is present before the grant
date. The option plan is recognised as point in time.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-291": { "value": "Significant accounting
estimates, judgements
and\u00a0errors
In applying the Group\u2019s 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\u2019s 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\u2019s 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\u2019s
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 2023, the Group has \u20ac18.0 million (2022: \u20ac21.1 million) of
tax losses in the Netherlands, and \u20ac 38.0 million of tax losses (2022:
\u20ac25.6 million) arising in other countries. In addition, the Group has \u20ac67.6
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 \u20ac14.1 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 \u2013 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.
Property, plant and equipment \u2013 directly attributable staff
costs
As of 2023, directly attributable staff costs are capitalised as part of the
property, plant and equipment. Management used inputs from job
descriptions, project phases, project planning and FTE planning to
determine amounts and allocation keys for the directly attributable staff
costs. Prior to 2023 attributable expenditures could not be estimated
sufficiently reliably.
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/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\u2019s 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\u2019s 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.
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 2023 was \u20ac13.3 million
(2022: \u20ac10.0 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: \u20ac3-131 thousand depending on the size of
the station
Estimated duration till expiry: 1-27 years
Inflation of 2.1 (2022: 2.2%) based on 5 year ahead
Discount rate of 2.25% (2022: 2.47%) based on the 20 year
Eurozone bond
If the estimated pre-tax discount rate used in the calculation had been
1% higher than management\u2019s estimate, the carrying amount of the
provision would have been \u20ac1.0. million lower. If the estimated inflation
had been 1% lower than management's estimate, the carrying amount
of the provision would have been \u20ac1.1 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 \u20ac25,000 in
the first primary issuance of shares through NPEX or a minimum of
\u20ac50,000 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 2023 was \u20ac191,000
(2022: \u20ac194,000). The Group estimates that the income will be realised
in 17.5 years\u2019 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. Significant management
judgement is applied to determine the service commencement date.
There is no service commencement date recognised before the grant
date as management has significant and binding discretionary rights in
the execution of the option plan once the milestone is achieved. As a
result, no constructive or legal obligation is present before the grant
date. The option plan is recognised as point in time.
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.
Acquisitions
The accounting of acquisitions is depending on whether the acquired
entity, asset or a group of assets constitute a business. At a minimum, a
business must include an input and a substantive process that together
significantly contribute to the ability to create output. Acquisitions are
accounted for as a business combination in cases where the acquirer
obtains control of one or more businesses, or else as an asset
acquisition. Where the definition of a business is not fulfilled in regard to
the acquired activities, the transaction would instead qualify as an asset
acquisition. Asset acquisitions in which the consideration given is cash
are measured by the amount of cash paid, which generally includes the
transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-292": { "value": "Significant accounting estimates, judgements and\u00a0errorsIn applying the Group\u2019s 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\u2019s 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\u2019s accounting policiesThe 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\u2019s 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.TaxesDeferred 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 2023, the Group has \u20ac18.0 million (2022: \u20ac21.1 million) of tax losses in the Netherlands, and \u20ac 38.0 million of tax losses (2022: \u20ac25.6 million) arising in other countries. In addition, the Group has \u20ac67.6 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 \u20ac14.1 million depending on the timing of the utilisation of the tax losses. Further details on taxes are disclosed in Note 9.Estimates and assumptionsThe 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 \u2013 depreciation and expected useful livesTo 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.Property, plant and equipment \u2013 directly attributable staff costsAs of 2023, directly attributable staff costs are capitalised as part of the property, plant and equipment. Management used inputs from job descriptions, project phases, project planning and FTE planning to determine amounts and allocation keys for the directly attributable staff costs. Prior to 2023 attributable expenditures could not be estimated sufficiently reliably. AcquisitionsTangible 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/or future cash flows and require use of key assumptions such as discount rate and growth rates.Impairment of non-financial assetsImpairment 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\u2019s 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\u2019s 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.Impairment of financial assetsImpairment 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 decommissioningUnder 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 2023 was \u20ac13.3 million (2022: \u20ac10.0 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: \u20ac3-131 thousand depending on the size of the stationEstimated duration till expiry: 1-27 yearsInflation of 2.1 (2022: 2.2%) based on 5 year aheadDiscount rate of 2.25% (2022: 2.47%) based on the 20 year Eurozone bond If the estimated pre-tax discount rate used in the calculation had been 1% higher than management\u2019s estimate, the carrying amount of the provision would have been \u20ac1.0. million lower. If the estimated inflation had been 1% lower than management's estimate, the carrying amount of the provision would have been \u20ac1.1 million higher.Fastned Founders Club deferred incomeIn May 2015, Fastned launched the Fastned Founders Club. This is a special group of investors who have invested a minimum of \u20ac25,000 in the first primary issuance of shares through NPEX or a minimum of \u20ac50,000 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 2023 was \u20ac191,000 (2022: \u20ac194,000). The Group estimates that the income will be realised in 17.5 years\u2019 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 compensationWe 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. Significant management judgement is applied to determine the service commencement date. There is no service commencement date recognised before the grant date as management has significant and binding discretionary rights in the execution of the option plan once the milestone is achieved. As a result, no constructive or legal obligation is present before the grant date. The option plan is recognised as point in time. 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. AcquisitionsThe accounting of acquisitions is depending on whether the acquired entity, asset or a group of assets constitute a business. At a minimum, a business must include an input and a substantive process that together significantly contribute to the ability to create output. Acquisitions are accounted for as a business combination in cases where the acquirer obtains control of one or more businesses, or else as an asset acquisition. Where the definition of a business is not fulfilled in regard to the acquired activities, the transaction would instead qualify as an asset acquisition. Asset acquisitions in which the consideration given is cash are measured by the amount of cash paid, which generally includes the transaction costs.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-293": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-294": { "value": "Capital management
The Group\u2019s 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\u2019s
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\u2019s dividend policy
will be reviewed and may be amended from time to time taking into
account Fastned\u2019s 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 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-295": { "value": "
Fastned B.V. has not paid any dividends since its incorporation. The
Group expects to retain all earnings, if any, generated by Fastned\u2019s
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\u2019s dividend policy
will be reviewed and may be amended from time to time taking into
account Fastned\u2019s earnings, cash flow, financial condition, capital
expenditure requirements and other factors considered important by the
Board of Directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-296": { "value": "Group information
The consolidated financial statements of the Group include:
Name
Principal activities
Country of incorporation
% equity
% equity
2023
2022
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 B.V.
Currently Inactive
Netherlands
100
100
Fastned Beheer B.V.
Management services
Netherlands
100
100
The Fast Charging Network B.V.
Construction and operating charging stations
Netherlands
100
100
Fastned Terra 2 B.V.
Commercial operation of chargers at charging stations
Netherlands
100
100
Fastned Italia SRL
Construction and operating charging stations
Italy
100
100
Fastned France SPV 1
Construction and operating charging stations
France
100
100
Fastned Espa\u00f1a SL
Construction and operating charging stations
Spain
100
\u2014
Fastned Denmark ApS
Construction and operating charging stations
Denmark
100
\u2014
Fastned Terra 1 B.V.
Commercial operation of chargers at charging stations
Netherlands
91
\u2014
In 2023, the Group established a new subsidiary in Spain. Fastned
Espa\u00f1a SL was established on 13 June 2023. Additionally, the Group
established a subsidiary in Denmark. Fastned Denmark ApS was
incorporated on 10 August 2023.
On December 29, 2023, Fastned B.V. acquired 90.8% of the shares in
Fastned Terra 1 B.V. (Terra 1) from private investors. The acquisition of
Terra 1 has been accounted for as an asset acquisition. On 12 January
2024, Fastned B.V. acquired a further 7.6% of the shares in Terra 1 from
its former shareholders. After this transaction Fastned B.V. increased its
holding in Terra 1 to 98.4%.
Fastned Beheer B.V. performs administrative, financial, commercial and
technical management of fast chargers owned by Fastned Terra 1 B.V.
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. The supervisory board of
Fastned B.V. consists of Liselotte Kooi (chair), Bart Lubbers, J\u00e9r\u00f4me
Janssen and Nancy Kabalt.
Own holding as % of total outstanding
certificates of shares
2023
2022
Wilhelmina-Dok B.V. (Bart Lubbers)
37.0
39.2
Carraig Aonair Holding B.V.
(Michiel\u00a0Langezaal)
21.5
23.5
Furthermore, Bart Lubbers has a 33% share in Breesaap B.V.\u00a0
Breesaap B.V. has 5.9% of shares in Fastned B.V.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-298": { "value": "
Revenue
The Group\u2019s revenue disaggregated by type of good or service is as
follows:
\u20ac\u2019000
Timing of revenue
recognition
2023
2022
Revenues related to
charging:
Sales of electricity
Goods transferred at a
point in time
56,981
32,430
Other revenues relating
to charging:
Sales of renewable
energy units
Goods transferred at a
point in time
3,372
3,379
Maintenance fees and
other revenue
Services transferred over
time
157
154
Station construction as
part of service
concessions
Goods transferred over
time
4
15
Total revenue
60,514
35,978
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-297": { "value": "
Revenue
The Group\u2019s revenue disaggregated by type of good or service is as
follows:
\u20ac\u2019000
Timing of revenue
recognition
2023
2022
Revenues related to
charging:
Sales of electricity
Goods transferred at a
point in time
56,981
32,430
Other revenues relating
to charging:
Sales of renewable
energy units
Goods transferred at a
point in time
3,372
3,379
Maintenance fees and
other revenue
Services transferred over
time
157
154
Station construction as
part of service
concessions
Goods transferred over
time
4
15
Total revenue
60,514
35,978
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.
Disaggregation of revenue
In the following tables, revenue is disaggregated by revenue type,
by\u00a0country and based on the timing of revenue recognition:
\u20ac\u2019000
Timing of revenue
recognition
2023
2022
Type of goods and
service
Sales of electricity
Goods transferred at a
point of time
56,981
32,430
Other revenues
related to charging:
Sales of renewable
energy units
Goods transferred at a
point of time
3,372
3,379
Maintenance fees and
other revenue
Service transferred
over time
157
154
Station construction
as part of service
concessions
Goods transferred over
time
4
15
Total revenue
60,514
35,978
\u20ac\u2019000
2023
2022
Geographical markets
The Netherlands
41,190
27,187
Germany
7,121
5,038
France
3,311
558
Belgium
5,634
2,036
UK
3,018
1,066
Other Europe
240
93
Total revenue
60,514
35,978
Entity-wide information
The Group operates in seven countries. There are no customers that
account for 10% or more of revenue as at December 31, 2023 and
2022.
7.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-299": { "value": "
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).
", "dimensions": { "concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-300": { "value": "
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\u2019s CEO and CFO. The
CODM examines the Group\u2019s 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, Italy, Spain and Denmark these have been
presented together as one reportable segment (Other Europe).
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.
The CODM of Fastned primarily uses EBITDA 11 as an alternative
performance measure to monitor operating segment results and
performance. Total\u00a0revenues, EBITDA per reporting segment and
segment assets are as follows:
\u20ac\u2019000
2023
NL
DE
UK
BE
FR
Other
Europe
Total
Group
Segment revenues
41,186
7,120
3,014
5,634
3,311
245
60,510
Other reconciling items - station construction as part of
service concessions
\u2014
\u2014
4
\u2014
\u2014
\u2014
4
Total revenue
41,186
7,120
3,018
5,634
3,311
245
60,514
EBITDA
6,890
525
(809)
763
(2,246)
(544)
4,579
Reconciliation of EBITDA to profit/(loss) before tax
EBITDA
6,890
525
(809)
763
(2,246)
(544)
4,579
Depreciation and amortization
(9,494)
(1,915)
(793)
(1,189)
(3,031)
(240)
(16,662)
Finance costs
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(9,624)
Finance income
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2,821
Profit/(loss) before taxation
(18,886)
Segment assets
Non-current assets 12
89,088
26,278
21,451
21,542
44,467
6,638
209,464
Additions to non-current assets
32,960
5,148
9,520
9,098
12,315
8,745
77,786
\u20ac\u2019000
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
EBITDA
1,857
(501)
(1,660)
(1,084)
(2,634)
(535)
(4,557)
Reconciliation of EBITDA to profit/(loss) before tax
EBITDA
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 13
69,007
23,078
12,651
13,750
31,444
1,898
151,828
Additions to non-current assets
25,239
9,804
9,856
8,901
23,677
1,205
78,682
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-301": { "value": "Cost of sales
\u20ac\u2019000
2023
2022
Cost of sales
Sales of electricity
15,611
15,486
Station construction as part of service
concessions
4
21
Total cost of sales
15,615
15,507
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-303": { "value": "Other gains and losses
\u20ac\u2019000
2023
2022
Net (loss) gain on other items
(556)
(58)
Total other operating income
(556)
(58)
The increase in net loss is mainly explained by the acquisition of Terra 1
B.V. The settlement of pre-existing relationship amounted to \u20ac0.6 million
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-302": { "value": "Other gains and losses
\u20ac\u2019000
2023
2022
Net (loss) gain on other items
(556)
(58)
Total other operating income
(556)
(58)
The increase in net loss is mainly explained by the acquisition of Terra 1
B.V. The settlement of pre-existing relationship amounted to \u20ac0.6 million
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-304": { "value": "
\u20ac\u2019000
2023
2022
Net (loss) gain on other items
(556)
(58)
Total other operating income
(556)
(58)
The increase in net loss is mainly explained by the acquisition of Terra 1
B.V. The settlement of pre-existing relationship amounted to \u20ac0.6 million
8.2 Administrative expenses
\u20ac\u2019000
2023
2022
Wages and salaries
13,055
8,095
Depreciation of property, plant and equipment
13,736
8,575
Depreciation of right-of-use-assets
2,461
1,262
Social security costs
1,924
1,433
Pension costs
676
516
Amortization of intangible assets
466
423
Other
786
127
Total administrative expenses
33,104
20,431
In 2023, the average number of FTEs of the Group was 172 (2022 :
114). In the Netherlands, the average number of employees was 107
(2022: 75). The other countries are split as follow: Belgium 14 (2022: 6),
Switzerland 4 (2022: 2), Germany 17 (2022: 12), France 15 (2022: 11),
UK 12 (2022: 8), Italy 1 (2022: 0), Spain 1 (2022: 0) and Denmark 1
(2022: 0).
Wages and salaries in 2023 include \u20ac2.7 million for the fair value of
options awarded to personnel under Fastned Option Plans (2022: nil),
see note 22 for more details. The remainder of the option costs for 2023
are capitalised as directly attributable staff costs in the property, plant
and equipment. Reference made to note 12.
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, Belgium 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. Total costs for these two schemes are \u20ac0.6 million (2022: \u20ac0.4
million)
Fastned does not (yet) operate a company pension plan for staff in
Germany, Switzerland, France, Spain, Italy and Denmark. 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.
8.3 Selling and distribution expenses
\u20ac\u2019000
2023
2022
Grid Fees
7,416
3,525
Maintenance costs
2,223
1,878
Other exploitation costs
1,988
1,117
11,627
6,520
8.4 Other operating expenses
\u20ac\u2019000
2023
2022
Advisory costs
3,105
2,358
General costs
5,038
3,318
Marketing costs
2,520
1,543
Office costs
552
249
Car expenses
505
359
Total other operating expenses
11,720
7,827
8.5 Finance costs
\u20ac\u2019000
2023
2022
Interest on debts and borrowings
7,665
6,513
Interest expense on lease liabilities
1,475
756
Interest and bank charges
297
208
Foreign exchange gains/(losses) charged to
the income statement
187
130
Total finance costs
9,624
7,607
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-307": { "value": "Administrative expenses
\u20ac\u2019000
2023
2022
Wages and salaries
13,055
8,095
Depreciation of property, plant and equipment
13,736
8,575
Depreciation of right-of-use-assets
2,461
1,262
Social security costs
1,924
1,433
Pension costs
676
516
Amortization of intangible assets
466
423
Other
786
127
Total administrative expenses
33,104
20,431
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-306": { "value": "Administrative expenses
\u20ac\u2019000
2023
2022
Wages and salaries
13,055
8,095
Depreciation of property, plant and equipment
13,736
8,575
Depreciation of right-of-use-assets
2,461
1,262
Social security costs
1,924
1,433
Pension costs
676
516
Amortization of intangible assets
466
423
Other
786
127
Total administrative expenses
33,104
20,431
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-305": { "value": "Administrative expenses
\u20ac\u2019000
2023
2022
Wages and salaries
13,055
8,095
Depreciation of property, plant and equipment
13,736
8,575
Depreciation of right-of-use-assets
2,461
1,262
Social security costs
1,924
1,433
Pension costs
676
516
Amortization of intangible assets
466
423
Other
786
127
Total administrative expenses
33,104
20,431
In 2023, the average number of FTEs of the Group was 172 (2022 :
114). In the Netherlands, the average number of employees was 107
(2022: 75). The other countries are split as follow: Belgium 14 (2022: 6),
Switzerland 4 (2022: 2), Germany 17 (2022: 12), France 15 (2022: 11),
UK 12 (2022: 8), Italy 1 (2022: 0), Spain 1 (2022: 0) and Denmark 1
(2022: 0).
Wages and salaries in 2023 include \u20ac2.7 million for the fair value of
options awarded to personnel under Fastned Option Plans (2022: nil),
see note 22 for more details. The remainder of the option costs for 2023
are capitalised as directly attributable staff costs in the property, plant
and equipment. Reference made to note 12.
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, Belgium 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. Total costs for these two schemes are \u20ac0.6 million (2022: \u20ac0.4
million)
Fastned does not (yet) operate a company pension plan for staff in
Germany, Switzerland, France, Spain, Italy and Denmark. 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.
8.3 Selling and distribution expenses
\u20ac\u2019000
2023
2022
Grid Fees
7,416
3,525
Maintenance costs
2,223
1,878
Other exploitation costs
1,988
1,117
11,627
6,520
8.4 Other operating expenses
\u20ac\u2019000
2023
2022
Advisory costs
3,105
2,358
General costs
5,038
3,318
Marketing costs
2,520
1,543
Office costs
552
249
Car expenses
505
359
Total other operating expenses
11,720
7,827
8.5 Finance costs
\u20ac\u2019000
2023
2022
Interest on debts and borrowings
7,665
6,513
Interest expense on lease liabilities
1,475
756
Interest and bank charges
297
208
Foreign exchange gains/(losses) charged to
the income statement
187
130
Total finance costs
9,624
7,607
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-308": { "value": "
In 2023, the average number of FTEs of the Group was 172 (2022 :
114). In the Netherlands, the average number of employees was 107
(2022: 75). The other countries are split as follow: Belgium 14 (2022: 6),
Switzerland 4 (2022: 2), Germany 17 (2022: 12), France 15 (2022: 11),
UK 12 (2022: 8), Italy 1 (2022: 0), Spain 1 (2022: 0) and Denmark 1
(2022: 0).
Wages and salaries in 2023 include \u20ac2.7 million for the fair value of
options awarded to personnel under Fastned Option Plans (2022: nil),
see note 22 for more details. The remainder of the option costs for 2023
are capitalised as directly attributable staff costs in the property, plant
and equipment. Reference made to note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-309": { "value": "
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, Belgium 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. Total costs for these two schemes are \u20ac0.6 million (2022: \u20ac0.4
million)
Fastned does not (yet) operate a company pension plan for staff in
Germany, Switzerland, France, Spain, Italy and Denmark. 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.
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:
2023
2022
Number
WAEP (\u20ac)
Number
WAEP (\u20ac)
Outstanding at 1 January
457,922
10.23
546,183
10.19
Granted during the year
191,529
\u2014
Forfeited during the year
(1,554)
\u2014
Exercised during the year
(89,414)
10.35
(88,261)
10.00
Expired during the year
(1,918)
\u2014
Outstanding at
31\u00a0December
556,565
13.00
457,922
10.19
Exercisable at
31\u00a0December
550,049
13.15
456,328
10.23
Included in the table above are options granted to Victor van Dijk,
director of Fastned B.V., who held 14,105 options as at 31 December
2023 (2022: 9,562).
Of the options outstanding at 31 December 2023:
447,183 are exercisable at prices per DR between \u20ac10-\u20ac15,
9,843 are exercisable at prices per DR between \u20ac15-\u20ac20,
35,209 are exercisable at prices per DR between \u20ac20-\u20ac25,
49,674 are exercisable at prices per DR between \u20ac25-\u20ac30,
8,140 are exercisable at prices per DR between \u20ac30-\u20ac35.
Additionally, 6.516 unvested options are outstanding at prices between
\u20ac33-\u20ac50.
Option plans
Prior to establishment of the present Option Plan on 17 May 2018
(\u201c2018 Option Plan\u201d), 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 2023 177,490 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 which need to be achieved at the same time:
the market capitalisation has to be achieved for more than 30
consecutive days; and
the operational goals has to be achieved.
There are no vesting conditions. Each time a milestone is met, the
Company will allocate options for newly to be issued Depositary
Receipts (\u201cDRs\u201d) 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
allocation is also reviewed and approved by the Management Board.
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 \u20ac10 per option. The options under the Option
Plan can be exercised within five years after the grant date.
There is no service commencement date recognised before the grant
date. The Management Board and the Supervisory Board have
significant discretionary rights in the execution of the policy. This is also
explicitly incorporated in the Fastned Option Policy. The Board can
deviate from the policy on the specific conditions, like the allocation of
shares and the determination of the exercise price. As a result, it's
managements estimate that no legal or constructive obligation is
established prior to the grant date. This results in a 'point in time'
recognition at the grant date.
Milestone
Market
capitalisation (\u20ac)
Operational goal
Realised
1
> 150 million euro
> 100 stations operational
\u2611
2
> 200 million euro
> 1 million euro in revenues
in one calender year
\u2611
3
> 300 million euro
> 250 stations operational
\u2611
4
> 400 million euro
> 150 kW charging at >50%
of our stations
\u2611
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
> 1,000 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\u2019 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\u2019s 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\u2019s 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 \u2013 i.e. after vesting, but prior
to the expiration date for such options.
Staff options for the third milestone of the 2018 Option plan were
granted in February 2023. In total 191,529 options with a weighted
average exercise price of \u20ac19.58 were issued to employees. The
estimated fair value of these options is \u20ac3.3 million of which \u20ac3.2 million
will be reported as a non-cash cost in Fastned's 2023 financial
statements. The remaining \u20ac0.1 million is subject to a three-year vesting
period and will be reported as a non-cash cost in the following three
years. Part of these costs are considered directly attributable staff costs
for the stations build. As a result, \u20ac0.6 million of these costs are
capitalised and the remainder is expensed in the administrative
expenses.
The estimated fair value of options granted during 2023 using the Hull
White option valuation model and assumptions/parameters used in the
valuation are listed in the table below.
Parameter at initial measurement
Milestone 3
Share price at Euronext (\u20ac)
34.18
Weighted average exercise price
19.58
Expected volatility
61.70%
Risk Free interest rate
2.66%
Exercise multiple
1.60
Expected dividend yield
\u2014
Expiry date
16/2/2028
Remaining contractual option life (years)
4.98
Fair value per option H&W model (\u20ac)
17.26
Total calculated fair value of the granted options at
grant date
3,246
The cost of the options included in the income statement are as follows:
\u20ac\u2019000
2023
2022
Options granted in 2023
3,246
\u2014
Capitalized part of options granted in 2023
(567)
\u2014
Total expense included in
administrative expenses
2,679
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-310": { "value": "Other operating expenses
\u20ac\u2019000
2023
2022
Advisory costs
3,105
2,358
General costs
5,038
3,318
Marketing costs
2,520
1,543
Office costs
552
249
Car expenses
505
359
Total other operating expenses
11,720
7,827
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-314": { "value": "Finance costs
\u20ac\u2019000
2023
2022
Interest on debts and borrowings
7,665
6,513
Interest expense on lease liabilities
1,475
756
Interest and bank charges
297
208
Foreign exchange gains/(losses) charged to
the income statement
187
130
Total finance costs
9,624
7,607
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-313": { "value": "Finance costs
\u20ac\u2019000
2023
2022
Interest on debts and borrowings
7,665
6,513
Interest expense on lease liabilities
1,475
756
Interest and bank charges
297
208
Foreign exchange gains/(losses) charged to
the income statement
187
130
Total finance costs
9,624
7,607
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-312": { "value": "Finance costs
\u20ac\u2019000
2023
2022
Interest on debts and borrowings
7,665
6,513
Interest expense on lease liabilities
1,475
756
Interest and bank charges
297
208
Foreign exchange gains/(losses) charged to
the income statement
187
130
Total finance costs
9,624
7,607
8.6 Finance income
\u20ac\u2019000
2023
2022
Interest and bank charges
2,821
222
Total finance income
2,821
222
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-311": { "value": "Finance costs
\u20ac\u2019000
2023
2022
Interest on debts and borrowings
7,665
6,513
Interest expense on lease liabilities
1,475
756
Interest and bank charges
297
208
Foreign exchange gains/(losses) charged to
the income statement
187
130
Total finance costs
9,624
7,607
8.6 Finance income
\u20ac\u2019000
2023
2022
Interest and bank charges
2,821
222
Total finance income
2,821
222
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-316": { "value": "Finance income
\u20ac\u2019000
2023
2022
Interest and bank charges
2,821
222
Total finance income
2,821
222
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-315": { "value": "Finance income
\u20ac\u2019000
2023
2022
Interest and bank charges
2,821
222
Total finance income
2,821
222
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-317": { "value": "Income tax
Reconciliation of the effective tax rate:
\u20ac\u2019000
2023
2022
Profit (loss) before tax
(18,890)
(22,202)
Total income tax using applicable tax rate
(4,912)
\u2014
Unrecognised deferred tax assets
4,548
\u2014
Current tax payable as a result of partial loss
compensation
364
\u2014
Total tax charged to the income
statement
364
\u2014
The income tax charged to the income statement fully relates to the
estimated taxable profit for the Dutch fiscal unity in 2023. Temporary
differences lead to a fiscal profit. The size and timing of further future
profits remain uncertain, so if and when the Company is able to set off
the taxable losses against taxable profits in the future.
9.1 Deferred tax
Deferred tax relates to the following:
Statement of
financial position
Statement of profit
or loss
\u20ac\u2019000
2023
2022
2023
2022
Losses available for
offsetting against future
taxable income
\u2014
\u2014
\u2014
\u2014
Total deferred tax/
(benefit)
\u2014
\u2014
\u2014
\u2014
Reconciliation of deferred tax liabilities, net:
\u20ac\u2019000
2023
2022
As of 1 January:
\u2014
\u2014
Tax income/(expense) during the period recognised
in profit or loss
\u2014
\u2014
As at 31 December
\u2014
\u2014
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 2023, the Group has \u20ac18.0 million
(2022: \u20ac21.1 million) of accumulated tax losses that are available for
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 \u20ac1 million plus
50% of the taxable profit that exceeds \u20ac1 million.\u00a0
As of 2023, \u20ac42.1 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
\u20ac7.3 million in Germany (2022: \u20ac7.0 million), \u20ac15.6 million in UK (2022:
\u20ac11.0 million), \u20ac4.0 million in Belgium (2022: \u20ac2.5 million), and \u20ac8.3
million in France (2022: \u20ac3.7 million) and \u20ac2.4 million in Switzerland
(2022: \u20ac1.5 million). 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.
Accumulated tax losses by country
Tax year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023*
Total
Netherlands
\u20ac\u2019000
\u2014
2,199
4,977
4,947
1,615
1,521
1,811
\u2014
484
\u2014
17,554
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Germany
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
349
1,383
1,232
1,903
2,432
\u2014
7,299
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
UK
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
162
618
599
2,157
7,305
4,804
15,645
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
Belgium
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
2
198
204
531
1,496
1,561
3,992
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
France
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
3
159
939
1,774
5,421
8,296
Expiring
n/a
n/a
n/a
n/a
n/a
Switzerland
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
257
656
552
884
2,349
Expiring
2026
2027
2028
2029
2023
Italy
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
220
220
Expiring
n/a
Spain
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
149
149
Expiring
n/a
Total
\u20ac\u2019000
\u2014
2,199
4,977
4,947
2,128
3,723
4,262
6,186
14,043
13,039
55,504
*Estimate, not finalised
The applicable tax rate in 2023 in the Netherlands is 19% (2022: 15%)
over the first \u20ac200,000 (2022: \u20ac395.000) and 25.8% over the remainder
of the profit. Applicable tax rates outside the Netherlands are 30% in
Germany, 25% in the UK (2022: 19%), 25% in Belgium, 25% in France,
14.9% in Switzerland (2022: 14.9%), 22% in Denmark, 24% in Italy and
25% in Spain.
Due to the tax loss realised in 2023 and previous years for which no
deferred tax asset is recognised in the statement of financial position,
the Group\u2019s effective tax rate is -1.9% (2022: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-318": { "value": "Deferred tax
Deferred tax relates to the following:
Statement of
financial position
Statement of profit
or loss
\u20ac\u2019000
2023
2022
2023
2022
Losses available for
offsetting against future
taxable income
\u2014
\u2014
\u2014
\u2014
Total deferred tax/
(benefit)
\u2014
\u2014
\u2014
\u2014
Reconciliation of deferred tax liabilities, net:
\u20ac\u2019000
2023
2022
As of 1 January:
\u2014
\u2014
Tax income/(expense) during the period recognised
in profit or loss
\u2014
\u2014
As at 31 December
\u2014
\u2014
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 2023, the Group has \u20ac18.0 million
(2022: \u20ac21.1 million) of accumulated tax losses that are available for
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 \u20ac1 million plus
50% of the taxable profit that exceeds \u20ac1 million.\u00a0
As of 2023, \u20ac42.1 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
\u20ac7.3 million in Germany (2022: \u20ac7.0 million), \u20ac15.6 million in UK (2022:
\u20ac11.0 million), \u20ac4.0 million in Belgium (2022: \u20ac2.5 million), and \u20ac8.3
million in France (2022: \u20ac3.7 million) and \u20ac2.4 million in Switzerland
(2022: \u20ac1.5 million). 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.
Accumulated tax losses by country
Tax year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023*
Total
Netherlands
\u20ac\u2019000
\u2014
2,199
4,977
4,947
1,615
1,521
1,811
\u2014
484
\u2014
17,554
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Germany
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
349
1,383
1,232
1,903
2,432
\u2014
7,299
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
UK
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
162
618
599
2,157
7,305
4,804
15,645
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
Belgium
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
2
198
204
531
1,496
1,561
3,992
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
France
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
3
159
939
1,774
5,421
8,296
Expiring
n/a
n/a
n/a
n/a
n/a
Switzerland
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
257
656
552
884
2,349
Expiring
2026
2027
2028
2029
2023
Italy
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
220
220
Expiring
n/a
Spain
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
149
149
Expiring
n/a
Total
\u20ac\u2019000
\u2014
2,199
4,977
4,947
2,128
3,723
4,262
6,186
14,043
13,039
55,504
*Estimate, not finalised
The applicable tax rate in 2023 in the Netherlands is 19% (2022: 15%)
over the first \u20ac200,000 (2022: \u20ac395.000) and 25.8% over the remainder
of the profit. Applicable tax rates outside the Netherlands are 30% in
Germany, 25% in the UK (2022: 19%), 25% in Belgium, 25% in France,
14.9% in Switzerland (2022: 14.9%), 22% in Denmark, 24% in Italy and
25% in Spain.
Due to the tax loss realised in 2023 and previous years for which no
deferred tax asset is recognised in the statement of financial position,
the Group\u2019s effective tax rate is -1.9% (2022: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-319": { "value": "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 (\u20ac)
2023
2022
Basic loss per share
(1.00)
(1.27)
Diluted loss per share
(1.00)
(1.27)
Calculation of average number of share
units
2023
2022
Weighted average number of shares
19,233,641
17,463,871
Effects of dilution from:
- Share options of personnel
556,186
456,328
Diluted number of shares
19,789,827
17,920,199
Calculation of earnings (\u20ac\u2019000)
2023
2022
Net profit
(19,250)
(22,202)
Net profit attributable to shareholders\u2019 equity
(19,250)
(22,202)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-320": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-322": { "value": "Intangible assets
The Group\u2019s intangible assets comprise site licences & permits,
trademarks and internally developed software. Details of the carrying
amounts are as follows:
\u20ac\u2019000
2023
2022
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
999
99
3,687
2,589
788
90
3,467
Additions
\u2014
304
\u2014
304
\u2014
211
9
220
As at 31 December
2,589
1,303
99
3,991
2,589
999
99
3,687
Amortisation and impairment
As of 1 January:
(548)
(426)
(47)
(1,021)
(326)
(244)
(28)
(598)
Amortisation
(222)
(224)
(20)
(466)
(222)
(181)
(20)
(423)
As at 31 December
(770)
(650)
(67)
(1,487)
(548)
(425)
(48)
(1,021)
At 31 December Net Book Value
1,819
653
32
2,504
2,041
574
51
2,666
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-321": { "value": "Intangible assets
The Group\u2019s intangible assets comprise site licences & permits,
trademarks and internally developed software. Details of the carrying
amounts are as follows:
\u20ac\u2019000
2023
2022
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
999
99
3,687
2,589
788
90
3,467
Additions
\u2014
304
\u2014
304
\u2014
211
9
220
As at 31 December
2,589
1,303
99
3,991
2,589
999
99
3,687
Amortisation and impairment
As of 1 January:
(548)
(426)
(47)
(1,021)
(326)
(244)
(28)
(598)
Amortisation
(222)
(224)
(20)
(466)
(222)
(181)
(20)
(423)
As at 31 December
(770)
(650)
(67)
(1,487)
(548)
(425)
(48)
(1,021)
At 31 December Net Book Value
1,819
653
32
2,504
2,041
574
51
2,666
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-323": { "value": "Property, plant and equipment
\u20ac\u2019000
Land
Construction in
progress
Charging stations
and technical
installations
Other
equipment
Total
Cost
At 1 January 2022
\u2014
12,289
72,009
1,097
85,395
Additions
823
67,100
6,810
532
75,265
Reversals
\u2014
\u2014
181
\u2014
181
Disposals
\u2014
\u2014
(897)
\u2014
(897)
Transfer
\u2014
(51,665)
51,665
\u2014
\u2014
At 31 December 2022
823
27,724
129,768
1,629
159,944
Additions
14
59,205
2,908
939
63,066
Currency exchange differences
19
242
168
\u2014
429
Disposals
\u2014
(435)
(500)
(17)
(952)
Transfer
\u2014
(56,300)
56,300
\u2014
\u2014
At 31 December 2023
856
30,436
188,644
2,551
222,487
Depreciation and impairment
At 1 January 2022
\u2014
\u2014
(14,080)
(662)
(14,742)
Depreciation charge for the year
\u2014
\u2014
(8,405)
(170)
(8,575)
Reversals
\u2014
\u2014
(180)
\u2014
(180)
Disposal
\u2014
\u2014
520
\u2014
520
At 31 December 2022
\u2014
\u2014
(22,145)
(832)
(22,977)
Depreciation charge for the year
\u2014
\u2014
(13,415)
(301)
(13,716)
Currency exchange differences
\u2014
\u2014
(20)
\u2014
(20)
Disposals
\u2014
\u2014
201
16
217
At 31 December 2023
\u2014
\u2014
(35,379)
(1,117)
(36,496)
Net book value
At 31 December 2022
823
27,724
107,623
797
136,967
At 31 December 2023
856
30,436
153,265
1,434
185,991
Assets under construction amounting to \u20ac30.44 million (2022: \u20ac27.72
million) mainly consists of machinery, equipments and furnishings to
charging,
As part of the purchase of Fastned Terra 1 B.V. on 29 December 2023,
tangible assets at charging stations with a cost of \u20ac329 thousand were
acquired.
Additions include the recognition of directly attributable staff costs for an
amount of \u20ac 2.9 million, which costs couldn't be estimated reliably in the
previous years.
Transfer movements mainly includes transfers of finished works to
charging stations amounting to \u20ac56.30 million (2022: \u20ac51.67 million)
from construction in progress to charging stations.
Government grants received in 2023 amounts to \u20ac 2.61 million (2022:
\u20ac774 thousand). Net book value of the government grants amount to
\u20ac4.3 million (2022: \u20ac 1.79 million).
Additionally, \u20ac94 thousand was transferred to held for sale. This relates
to the sale of a small station, which will take place in February 2024.
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 2023
was Nil (2022: 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\u2019s based on the geographic area where
charging stations are located. In 2023 the Board of Directors identified
CGU\u2019s as the Netherlands, Germany, Belgium, United Kingdom,
Switzerland, France and Denmark.
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).
Fastned has assessed external and internal sources of information for
indications that an asset may be impaired (i.e. its carrying amount may
be higher than its recoverable amount) as at the reporting date. This
review included an assessment of the condition of assets, the
technological, market and legal environment in which the company is
doing business, market interest rates and internal sources of
information. The review did not identify any indication that assets may
be impaired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-324": { "value": "
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\u2019s based on the geographic area where
charging stations are located. In 2023 the Board of Directors identified
CGU\u2019s as the Netherlands, Germany, Belgium, United Kingdom,
Switzerland, France and Denmark.
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).
Fastned has assessed external and internal sources of information for
indications that an asset may be impaired (i.e. its carrying amount may
be higher than its recoverable amount) as at the reporting date. This
review included an assessment of the condition of assets, the
technological, market and legal environment in which the company is
doing business, market interest rates and internal sources of
information. The review did not identify any indication that assets may
be impaired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-325": { "value": "Right-of-use assets
\u20ac\u2019000
Office
Building
Land
Charging
stations and
equipment
Vehicles
Total
Cost
At 1 January 2022
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
Additions
4,690
6,062
1,435
1,104
13,291
Currency exchange adjustments
27
7
\u2014
\u2014
34
At 31 December 2023
7,466
10,187
4,810
2,878
25,341
Depreciation and impairment
At 1 January 2022
(724)
(242)
(460)
(610)
(2,036)
Depreciation charge for the year
(412)
(162)
(335)
(352)
(1,261)
Currency exchange adjustments
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December 2022
(1,136)
(404)
(795)
(962)
(3,297)
Depreciation charge for the year
(709)
(736)
(522)
(494)
(2,461)
Currency exchange adjustments
(11)
(1)
\u2014
(2)
(14)
At 31 December 2023
(1,856)
(1,141)
(1,317)
(1,458)
(5,772)
Net book value
At 31 December 2022
1,613
3,714
2,580
812
8,719
At 31 December 2023
5,610
9,046
3,493
1,420
19,569
The Group leases assets including buildings, land, equipment and
vehicles. The average lease term for Land leases is 16 years (2022: 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:
\u20ac\u2019000
2023
2022
Depreciation on right-of-use assets
2,475
1,262
Interest expense on lease liabilities
1,475
756
Expense relating to short term leases
329
247
Expense relating to leases of low value assets
90
28
Expense relating to variable lease payments
not included in the measurement of the lease
liability
259
262
As of December 31, 2023, the Group is committed to \u20ac703 thousand
(2022: \u20ac604 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
from the charging stations. Overall the variable payments constitute a
very small percentage of the Group\u2019s 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 2023 for leases amounted to \u20ac3,656 thousand
(2022: \u20ac1,803 thousand) for lease liabilities and \u20ac419 thousand (2022:
\u20ac284 thousand) for short term and low value leases.
Lease liabilities
\u20ac\u2019000
2023
2022
Maturity analysis:
Year 1
3,891
2,118
Year 2
3,883
2,036
Year 3
3,675
1,703
Year 4
3,315
1,340
Year 5
3,048
1,116
> 5 years
16,289
7,606
Total
34,101
15,919
Less: unearned interest
(12,857)
(6,109)
Total lease liabilities
21,244
9,810
Analysed as :
Current
2,168
1,240
Non-current
19,076
8,570
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-326": { "value": "Financial assets and financial
liabilities
14.1 Categories of financial assets and
financial liabilities
All financial assets and liabilities are reported at amortised cost. This is
unchanged from 2022.
14.2 Financial assets: interest-bearing loans
and borrowings
\u20ac\u2019000
Interest
rate (%)
Maturity
2023
2022
Non-current interest-
bearing
Loans to related parties
6
31/12/2024
\u2014
1,241
Total loans to related
parties
\u2014
1,241
Pledged assets
3,400
2,700
Lease Receivable
11
6
Contractual assets
9
5
Total financial assets
3,420
3,952
Impairment loss on
financial assets
\u2014
(465)
Total financial
assets, net
3,420
3,487
Current financial assets
2,020
11
Non-current financial
assets
1,400
3,476
Loan to Fastned Terra 1 B.V.
On December 29, 2023, Fastned B.V. acquired 90.8% of the shares in
Fastned Terra 1 B.V. (Terra 1). As a result, the loan between Fastned
B.V. and Terra 1 is eliminated on consolidation in 2023.
Pledged assets
The Group has \u20ac3.4 million of restricted cash related to construction and
operating guarantees provided in relation to French stations in 2023
(2022: \u20ac2.7 million).
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 Euro.
Amounts receivable under finance lease:
\u20ac\u2019000
2023
2022
Year 1
6
4
Year 2
\u2014
\u2014
Year 3
\u2014
\u2014
Undiscounted lease payments
6
4
Unearned finance income
5
2
Present value of lease payments
receivable,net
11
6
Receivable payments
\u2014
\u2014
Lease receivable
11
6
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:
\u20ac\u2019000
2023
2022
At 1 January
5
(10)
Released to profit or loss
4
15
At 31 December
9
5
14.3 Financial liabilities: Interest-bearing
loans and borrowings
Interest-bearing loans
and borrowings
Interest
rate (%)
Maturity
2023
2022
%
\u20ac\u2019000
\u20ac\u2019000
unsecured bonds
6.0
30/10/2023
\u2014
8,909
6.0
21/03/2024
7,304
8,748
6.0
12/12/2024
9,659
12,177
6.0
28/07/2025
16,206
16,206
6.0
19/11/2025
21,194
21,194
5.0
06/12/2027
30,357
30,358
5.0
21/12/2027
13,248
13,237
5.5
12/06/2028
24,413
\u2014
6.0
16/10/2028
34,537
\u2014
4% secured loan
4.0
01/12/2031
2,160
2,077
4% secured loan
4.0
01/12/2032
1,921
\u2014
Total interest-bearing loans and
borrowings
160,999
112,906
Unsecured bonds
In June 2023, Fastned raised \u20ac22.0 million through issue of corporate
bonds, and in addition, investors extended \u20ac2.4 million from earlier
bonds issues. Interest on this bond is 5.5% per annum, payable
quarterly in arrears. In October 2023, Fastned raised an additional
\u20ac31.0 million of corporate bonds and \u20ac3.5 million of extensions from
earlier bonds issues. Interest on this bond is 6.0% per annum, payable
in quarterly arrears.
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 D\u00e9p\u00f4ts during 2022 and
2023. Interest is a fixed component of 4% in the first two years and will
be capitalised. A variable component will be added after two years,
based on the kwh sold, payable annually in arrears.
14.4 Reconciliation of liabilities arising from financing activities
2023
Maturing
01-Jan
2023
Interest p/l
charge
Cash flows
Non-cash
changes
31-Dec
2023
\u20ac\u2019000
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
1,242
54
(1,296)
\u2014
\u2014
\u2014
\u2014
Credit facility to Fastned Terra 1 B.V.
31/12/24
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current account Fastned Terra 1 B.V.
(1)
\u2014
1
\u2014
\u2014
\u2014
\u2014
1,241
54
(1,295)
\u2014
\u2014
\u2014
\u2014
Non-current liabilities : interest bearing
loans and borrowings
6% corporate bond
06/06/22
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6% corporate bond
12/12/22
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6% corporate bond
30/10/23
8,909
400
(6,930)
(491)
91
(1,979)
\u2014
6% corporate bond
21/03/24
8,748
481
\u2014
(491)
10
(1,444)
7,304
6% corporate bond
12/12/24
12,179
668
\u2014
(676)
7
(2,518)
9,659
6% corporate bond
28/07/25
16,206
972
\u2014
(972)
\u2014
\u2014
16,206
6% corporate bond
19/11/25
21,193
1,272
\u2014
(1,272)
\u2014
\u2014
21,194
5% corporate bond
12/12/26
30,357
1,518
\u2014
(1,518)
\u2014
\u2014
30,357
5% corporate bond
21/06/27
13,237
657
11
(693)
36
\u2014
13,248
5.5% corporate bond
12/06/28
\u2014
752
21,985
(682)
(70)
2,428
24,413
6% corporate bond
16/10/28
\u2014
432
31,024
\u2014
(431)
3,513
34,537
4% secured loan
01/12/31
2,077
\u2014
83
\u2014
\u2014
\u2014
2,160
4% secured loan
01/12/32
\u2014
\u2014
1,921
\u2014
\u2014
\u2014
1,921
112,906
7,152
48,094
(6,795)
(357)
\u2014
160,999
2022
Maturing
01-Jan
2022
Interest p/l
charge
Cash flows
Non-cash
changes
31-Dec
2022
\u20ac\u2019000
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)
\u2014
\u2014
\u2014
1,242
Credit facility to Fastned Terra 1 B.V.
31/12/24
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current account Fastned Terra 1 B.V.
122
2
(125)
\u2014
\u2014
\u2014
(1)
1,370
76
(205)
\u2014
\u2014
\u2014
1,241
Non-current liabilities : interest bearing
loans and borrowings
6% corporate bond
06/06/22
4,181
108
(3,549)
(125)
17
(632)
\u2014
6% corporate bond
12/12/22
7,367
400
(5,913)
(423)
23
(1,454)
\u2014
6% corporate bond
30/10/23
11,603
718
\u2014
(645)
(73)
(2,694)
8,909
6% corporate bond
21/03/24
10,689
504
\u2014
(600)
96
(1,941)
8,748
6% corporate bond
12/12/24
12,178
731
\u2014
(730)
\u2014
\u2014
12,179
6% corporate bond
28/07/25
16,206
972
\u2014
(972)
\u2014
\u2014
16,206
6% corporate bond
19/11/25
21,193
1,272
\u2014
(1,272)
\u2014
\u2014
21,193
4.5% corporate bond
12/12/26
2,807
79
\u2014
(79)
\u2014
(2,807)
\u2014
5% corporate bond
12/12/26
\u2014
990
23,141
(911)
(79)
7,216
30,357
5% corporate bond
21/06/27
\u2014
54
10,925
\u2014
(54)
2,312
13,237
4% secured loan
01/12/31
\u2014
\u2014
2,077
\u2014
\u2014
\u2014
2,077
8.5% secured loan
30/06/26
41
\u2014
(41)
\u2014
\u2014
\u2014
\u2014
86,265
5,828
26,640
(5,757)
(70)
\u2014
112,906
14.5 Fair 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:
\u20ac\u2019000
Carrying amount
Fair value
measurement using
significant
unobservable
inputs
2023
2022
2023
2022
Financial assets
Interest-bearing loans and
borrowings, net
\u2014
776
\u2014
776
Lease receivables
11
6
11
6
Pledge assets
3,400
2,700
3,400
2,700
Total
3,411
3,482
3,411
3,482
Financial liabilities
Interest-bearing loans and
borrowings
160,999
112,906
160,999
112,906
Total
160,999
112,906
160,999
112,906
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.
14.6 Financial risk management objectives
and policies
The Group\u2019s principal financial instruments comprise loans and
borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance the Group\u2019s operations. The Group\u2019s
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, commodity price risk, credit risk,
currency risk and liquidity risk. The Group\u2019s senior management
oversees the management of these risks.
It is the Group\u2019s 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.
Market risk
Market risk is the risk that the fair vaIue of future cash flows of financial
instrument wilI fluctuate because of changes in market prices. Market
prices comprise two types of risk: interest rate risk and commodity price
risk.
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\u2019s exposure to the risk of changes in market interest
rates is low due to the Group\u2019s long-term debt obligations with fixed
rates. The impact on the provisions is disclosed in note 3. Also, the
Group decided to invest surplus cash in short term deposits resulting in
additional interest income. The Management Board has decided that no
further hedging is required for interest rate risk.
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 Management Board has developed and
enacted a risk management strategy for commodity price risk and its
mitigation. Further mitigation actions are planned for 2024. Reference
made to note 25 as well.
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 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. Cash and cash equivalents
are current account balances, mainly concentrated at one bank under
supervision of the Dutch Central Bank with an A or equivalent long term
rating.
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\u2019s policy. Investments of surplus
funds are made only within credit limits assigned to each counterparty.
Counterparty credit limits are reviewed by the Group\u2019s 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\u2019s potential failure to make
payments.
Currency risk
The Group operates in the European Union, in which the Euro is the
most common currency. The Group also operates in a few countries
with other currencies being the UK, Switzerland and Denmark. These
countries operate mainly locally, i.e. local sales and local purchases.
Additionally, these entities are funded with intercompany loans from the
mother entity Fastned BV. The main risk are the unrealized gains and
losses on these intercompany loans. The balance at 31 December 2023
would change with \u20ac 340 thousand in case foreign currency exchange
rates change with 1%.
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash
and marketable securities and the availability of funding through an
adequate amount of committed credit facilities to meet obligations when
due. The Group monitors its risk of a shortage of funds using a liquidity
planning tool. See also the going concern statement in Note 1. At the
end of the reporting period Fastned held a significant cash surplus
safeguarding against liquidity risk.
The Group\u2019s 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. Lastly, the Group is able to adjust the building pace and reduce
network expansion costs 14 in line with the available liquidity if needed.
The table below summarises the maturity profile of the Group\u2019s liabilities
based on contractual undiscounted payments.
\u20ac\u2019000
On
demand
Less than
3 months
3-12
months
1-5
years
Total
Year ended 31 December 2023
Interest-bearing loans and borrowings
\u2014
7,304
9,659
144,036
160,999
Interest on interest-bearing loans and borrowings
\u2014
1,157
3,142
19,377
23,676
Lease Liabilities
\u2014
\u2014
3,891
30,210
34,101
Trade and other payables
13,593
1,967
\u2014
\u2014
15,560
Total
13,593
10,428
16,692
193,623
234,336
Year ended 31 December 2022
Interest-bearing loans and borrowings
\u2014
\u2014
8,909
103,997
112,906
Interest on interest-bearing loans and borrowings
\u2014
1,350
4,705
9,205
15,260
Lease Liabilities
\u2014
\u2014
1,240
8,570
9,810
Trade and other payables
9,096
4,951
7,529
\u2014
21,576
Total
9,096
6,301
22,383
121,772
159,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-327": { "value": "Reconciliation of liabilities arising from financing activities
2023
Maturing
01-Jan
2023
Interest p/l
charge
Cash flows
Non-cash
changes
31-Dec
2023
\u20ac\u2019000
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
1,242
54
(1,296)
\u2014
\u2014
\u2014
\u2014
Credit facility to Fastned Terra 1 B.V.
31/12/24
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current account Fastned Terra 1 B.V.
(1)
\u2014
1
\u2014
\u2014
\u2014
\u2014
1,241
54
(1,295)
\u2014
\u2014
\u2014
\u2014
Non-current liabilities : interest bearing
loans and borrowings
6% corporate bond
06/06/22
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6% corporate bond
12/12/22
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6% corporate bond
30/10/23
8,909
400
(6,930)
(491)
91
(1,979)
\u2014
6% corporate bond
21/03/24
8,748
481
\u2014
(491)
10
(1,444)
7,304
6% corporate bond
12/12/24
12,179
668
\u2014
(676)
7
(2,518)
9,659
6% corporate bond
28/07/25
16,206
972
\u2014
(972)
\u2014
\u2014
16,206
6% corporate bond
19/11/25
21,193
1,272
\u2014
(1,272)
\u2014
\u2014
21,194
5% corporate bond
12/12/26
30,357
1,518
\u2014
(1,518)
\u2014
\u2014
30,357
5% corporate bond
21/06/27
13,237
657
11
(693)
36
\u2014
13,248
5.5% corporate bond
12/06/28
\u2014
752
21,985
(682)
(70)
2,428
24,413
6% corporate bond
16/10/28
\u2014
432
31,024
\u2014
(431)
3,513
34,537
4% secured loan
01/12/31
2,077
\u2014
83
\u2014
\u2014
\u2014
2,160
4% secured loan
01/12/32
\u2014
\u2014
1,921
\u2014
\u2014
\u2014
1,921
112,906
7,152
48,094
(6,795)
(357)
\u2014
160,999
2022
Maturing
01-Jan
2022
Interest p/l
charge
Cash flows
Non-cash
changes
31-Dec
2022
\u20ac\u2019000
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)
\u2014
\u2014
\u2014
1,242
Credit facility to Fastned Terra 1 B.V.
31/12/24
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current account Fastned Terra 1 B.V.
122
2
(125)
\u2014
\u2014
\u2014
(1)
1,370
76
(205)
\u2014
\u2014
\u2014
1,241
Non-current liabilities : interest bearing
loans and borrowings
6% corporate bond
06/06/22
4,181
108
(3,549)
(125)
17
(632)
\u2014
6% corporate bond
12/12/22
7,367
400
(5,913)
(423)
23
(1,454)
\u2014
6% corporate bond
30/10/23
11,603
718
\u2014
(645)
(73)
(2,694)
8,909
6% corporate bond
21/03/24
10,689
504
\u2014
(600)
96
(1,941)
8,748
6% corporate bond
12/12/24
12,178
731
\u2014
(730)
\u2014
\u2014
12,179
6% corporate bond
28/07/25
16,206
972
\u2014
(972)
\u2014
\u2014
16,206
6% corporate bond
19/11/25
21,193
1,272
\u2014
(1,272)
\u2014
\u2014
21,193
4.5% corporate bond
12/12/26
2,807
79
\u2014
(79)
\u2014
(2,807)
\u2014
5% corporate bond
12/12/26
\u2014
990
23,141
(911)
(79)
7,216
30,357
5% corporate bond
21/06/27
\u2014
54
10,925
\u2014
(54)
2,312
13,237
4% secured loan
01/12/31
\u2014
\u2014
2,077
\u2014
\u2014
\u2014
2,077
8.5% secured loan
30/06/26
41
\u2014
(41)
\u2014
\u2014
\u2014
\u2014
86,265
5,828
26,640
(5,757)
(70)
\u2014
112,906
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-328": { "value": "Fair 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:
\u20ac\u2019000
Carrying amount
Fair value
measurement using
significant
unobservable
inputs
2023
2022
2023
2022
Financial assets
Interest-bearing loans and
borrowings, net
\u2014
776
\u2014
776
Lease receivables
11
6
11
6
Pledge assets
3,400
2,700
3,400
2,700
Total
3,411
3,482
3,411
3,482
Financial liabilities
Interest-bearing loans and
borrowings
160,999
112,906
160,999
112,906
Total
160,999
112,906
160,999
112,906
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-329": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-330": { "value": "Financial risk management objectives
and policies
The Group\u2019s principal financial instruments comprise loans and
borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance the Group\u2019s operations. The Group\u2019s
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, commodity price risk, credit risk,
currency risk and liquidity risk. The Group\u2019s senior management
oversees the management of these risks.
It is the Group\u2019s 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.
Market risk
Market risk is the risk that the fair vaIue of future cash flows of financial
instrument wilI fluctuate because of changes in market prices. Market
prices comprise two types of risk: interest rate risk and commodity price
risk.
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\u2019s exposure to the risk of changes in market interest
rates is low due to the Group\u2019s long-term debt obligations with fixed
rates. The impact on the provisions is disclosed in note 3. Also, the
Group decided to invest surplus cash in short term deposits resulting in
additional interest income. The Management Board has decided that no
further hedging is required for interest rate risk.
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 Management Board has developed and
enacted a risk management strategy for commodity price risk and its
mitigation. Further mitigation actions are planned for 2024. Reference
made to note 25 as well.
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 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. Cash and cash equivalents
are current account balances, mainly concentrated at one bank under
supervision of the Dutch Central Bank with an A or equivalent long term
rating.
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\u2019s policy. Investments of surplus
funds are made only within credit limits assigned to each counterparty.
Counterparty credit limits are reviewed by the Group\u2019s 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\u2019s potential failure to make
payments.
Currency risk
The Group operates in the European Union, in which the Euro is the
most common currency. The Group also operates in a few countries
with other currencies being the UK, Switzerland and Denmark. These
countries operate mainly locally, i.e. local sales and local purchases.
Additionally, these entities are funded with intercompany loans from the
mother entity Fastned BV. The main risk are the unrealized gains and
losses on these intercompany loans. The balance at 31 December 2023
would change with \u20ac 340 thousand in case foreign currency exchange
rates change with 1%.
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash
and marketable securities and the availability of funding through an
adequate amount of committed credit facilities to meet obligations when
due. The Group monitors its risk of a shortage of funds using a liquidity
planning tool. See also the going concern statement in Note 1. At the
end of the reporting period Fastned held a significant cash surplus
safeguarding against liquidity risk.
The Group\u2019s 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. Lastly, the Group is able to adjust the building pace and reduce
network expansion costs 14 in line with the available liquidity if needed.
The table below summarises the maturity profile of the Group\u2019s liabilities
based on contractual undiscounted payments.
\u20ac\u2019000
On
demand
Less than
3 months
3-12
months
1-5
years
Total
Year ended 31 December 2023
Interest-bearing loans and borrowings
\u2014
7,304
9,659
144,036
160,999
Interest on interest-bearing loans and borrowings
\u2014
1,157
3,142
19,377
23,676
Lease Liabilities
\u2014
\u2014
3,891
30,210
34,101
Trade and other payables
13,593
1,967
\u2014
\u2014
15,560
Total
13,593
10,428
16,692
193,623
234,336
Year ended 31 December 2022
Interest-bearing loans and borrowings
\u2014
\u2014
8,909
103,997
112,906
Interest on interest-bearing loans and borrowings
\u2014
1,350
4,705
9,205
15,260
Lease Liabilities
\u2014
\u2014
1,240
8,570
9,810
Trade and other payables
9,096
4,951
7,529
\u2014
21,576
Total
9,096
6,301
22,383
121,772
159,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-331": { "value": "
Market risk
Market risk is the risk that the fair vaIue of future cash flows of financial
instrument wilI fluctuate because of changes in market prices. Market
prices comprise two types of risk: interest rate risk and commodity price
risk.
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\u2019s exposure to the risk of changes in market interest
rates is low due to the Group\u2019s long-term debt obligations with fixed
rates. The impact on the provisions is disclosed in note 3. Also, the
Group decided to invest surplus cash in short term deposits resulting in
additional interest income. The Management Board has decided that no
further hedging is required for interest rate risk.
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 Management Board has developed and
enacted a risk management strategy for commodity price risk and its
mitigation. Further mitigation actions are planned for 2024. Reference
made to note 25 as well.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-332": { "value": "
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 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. Cash and cash equivalents
are current account balances, mainly concentrated at one bank under
supervision of the Dutch Central Bank with an A or equivalent long term
rating.
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\u2019s policy. Investments of surplus
funds are made only within credit limits assigned to each counterparty.
Counterparty credit limits are reviewed by the Group\u2019s 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\u2019s potential failure to make
payments.
Currency risk
The Group operates in the European Union, in which the Euro is the
most common currency. The Group also operates in a few countries
with other currencies being the UK, Switzerland and Denmark. These
countries operate mainly locally, i.e. local sales and local purchases.
Additionally, these entities are funded with intercompany loans from the
mother entity Fastned BV. The main risk are the unrealized gains and
losses on these intercompany loans. The balance at 31 December 2023
would change with \u20ac 340 thousand in case foreign currency exchange
rates change with 1%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-333": { "value": "
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash
and marketable securities and the availability of funding through an
adequate amount of committed credit facilities to meet obligations when
due. The Group monitors its risk of a shortage of funds using a liquidity
planning tool. See also the going concern statement in Note 1. At the
end of the reporting period Fastned held a significant cash surplus
safeguarding against liquidity risk.
The Group\u2019s 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. Lastly, the Group is able to adjust the building pace and reduce
network expansion costs 14 in line with the available liquidity if needed.
The table below summarises the maturity profile of the Group\u2019s liabilities
based on contractual undiscounted payments.
\u20ac\u2019000
On
demand
Less than
3 months
3-12
months
1-5
years
Total
Year ended 31 December 2023
Interest-bearing loans and borrowings
\u2014
7,304
9,659
144,036
160,999
Interest on interest-bearing loans and borrowings
\u2014
1,157
3,142
19,377
23,676
Lease Liabilities
\u2014
\u2014
3,891
30,210
34,101
Trade and other payables
13,593
1,967
\u2014
\u2014
15,560
Total
13,593
10,428
16,692
193,623
234,336
Year ended 31 December 2022
Interest-bearing loans and borrowings
\u2014
\u2014
8,909
103,997
112,906
Interest on interest-bearing loans and borrowings
\u2014
1,350
4,705
9,205
15,260
Lease Liabilities
\u2014
\u2014
1,240
8,570
9,810
Trade and other payables
9,096
4,951
7,529
\u2014
21,576
Total
9,096
6,301
22,383
121,772
159,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-334": { "value": "Trade and other receivables
and prepayments
\u20ac\u2019000
2023
2022
Trade receivables, net
10,333
6,656
Taxes and social securities
2,999
4,232
Prepayments
4,003
1,115
Other receivables
2,022
1,850
Total trade and other receivables and
prepayments
19,357
13,853
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. An assessment of the
expected credit losses was made based on reasonable and supportable
information. The impact on the provision was not material.
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. Fastned
applies the IFRS 15 practical expedient and therefore does not account
for interest on its accounts receivables. As at 31 December 2023, the
provision for trade receivables amounted to \u20ac831 thousand (2022: \u20ac131
thousand).
As at 31 December 2023, the ageing analysis of trade receivables is, as
follows:
\u20ac\u2019000
Total
Not past
due
Days overdue
< 30
30-
90
91-
120
120-
180
180-365
>365
Outstanding
11,164
7,409
2,804
315
121
219
188
108
Provision for impairment
(831)
\u2014
\u2014
(195)
(121)
(219)
(188)
(108)
Trade receivables
10,333
7,409
2,804
120
\u2014
\u2014
\u2014
\u2014
As at 31 December 2022, the ageing analysis of trade
receivables is, as follows:
\u20ac\u2019000
Total
Not past
due
Days overdue
< 30
30-
90
91-
120
120-
180
180-365
>365
Outstanding
6,787
4,864
882
\u2014
794
130
57
60
Provision for impairment
(131)
\u2014
\u2014
\u2014
\u2014
(14)
(57)
(60)
Trade receivables
6,656
4,864
882
\u2014
794
116
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-335": { "value": "
\u20ac\u2019000
2023
2022
Trade receivables, net
10,333
6,656
Taxes and social securities
2,999
4,232
Prepayments
4,003
1,115
Other receivables
2,022
1,850
Total trade and other receivables and
prepayments
19,357
13,853
Trade and other payables
\u20ac\u2019000
2023
2022
Trade payables
5,103
14,365
Taxes and social securities
1,889
832
Other payables
8,568
6,379
Total trade and other payables
15,560
21,576
Trade payables include mainly construction related payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-336": { "value": "
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. An assessment of the
expected credit losses was made based on reasonable and supportable
information. The impact on the provision was not material.
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. Fastned
applies the IFRS 15 practical expedient and therefore does not account
for interest on its accounts receivables. As at 31 December 2023, the
provision for trade receivables amounted to \u20ac831 thousand (2022: \u20ac131
thousand).
As at 31 December 2023, the ageing analysis of trade receivables is, as
follows:
\u20ac\u2019000
Total
Not past
due
Days overdue
< 30
30-
90
91-
120
120-
180
180-365
>365
Outstanding
11,164
7,409
2,804
315
121
219
188
108
Provision for impairment
(831)
\u2014
\u2014
(195)
(121)
(219)
(188)
(108)
Trade receivables
10,333
7,409
2,804
120
\u2014
\u2014
\u2014
\u2014
As at 31 December 2022, the ageing analysis of trade
receivables is, as follows:
\u20ac\u2019000
Total
Not past
due
Days overdue
< 30
30-
90
91-
120
120-
180
180-365
>365
Outstanding
6,787
4,864
882
\u2014
794
130
57
60
Provision for impairment
(131)
\u2014
\u2014
\u2014
\u2014
(14)
(57)
(60)
Trade receivables
6,656
4,864
882
\u2014
794
116
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-337": { "value": "Cash
\u20ac\u2019000
2023
2022
Cash at banks and on hand
126,604
149,538
Total cash and cash equivalents
126,604
149,538
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 \u20ac79.0 million
(2022: \u20ac105.0 million) with a maturity of three months or less.
Cash and cash equivalents are current account balances, mainly
concentrated at two banks under supervision of the Dutch Central Bank
with an A or equivalent long term rating.
Bank guarantees amounting to \u20ac17.0 million are outstanding at
31\u00a0December 2023 (2022: \u20ac 0 million), of which \u20ac13.4 million (2022: \u20ac 0
million) have been drawn. The end date is at the end of 2029.
At 31 December 2023, the Group had no restricted cash balances
(2022: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-338": { "value": "
At 31 December 2023, the Group had no restricted cash balances
(2022: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-340": { "value": "Issued capital and reserves
Share capital
2023
2022
Quantity
Quantity
Authorised shares of \u20ac0.01 each
19,279,506
19,190,092
Issued and fully paid shares of \u20ac0.01 each 15
19,152,877
19,152,877
Quantity
\u20ac\u2019000
At 1 January 2022
17,069,326
171
Issuance of shares
2,120,766
21
At 31 December 2022
19,190,092
192
Issuance of shares
89,414
1
At 31 December 2023
19,279,506
193
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 2023, 89,414 DRs were issued to employees and former
employees exercising options under Fastned option plans. Employee
options for 556,565 DRs were outstanding as at 31 December 2023,
see note 22.
Share premium
\u20ac\u2019000
At 1 January 2022
172,087
Issuance of share capital (certificates)
75,862
Transaction costs for issued share capital (certificates)
(1,702)
At 1 January 2023
246,247
Issuance of share capital (certificates)
925
Transaction costs for issued share capital (certificates)
\u2014
At 31 December 2023
247,172
Treasury shares
Quantity
\u20ac\u2019000
At 31 December 2022
135,100
16
Shares returned to Fastned
\u2014
\u2014
At 31 December 2023
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 B.V. These shares are not included within
Treasury shares since no consideration has yet been received for them.
As at 31 December 2023 8,456 such DRs were held by Fastned B.V..
All other reserves are as stated in the statement of changes in equity.
The non controlling interest fully relates to the acquisition of Terra 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-339": { "value": "Issued capital and reserves
Share capital
2023
2022
Quantity
Quantity
Authorised shares of \u20ac0.01 each
19,279,506
19,190,092
Issued and fully paid shares of \u20ac0.01 each 15
19,152,877
19,152,877
Quantity
\u20ac\u2019000
At 1 January 2022
17,069,326
171
Issuance of shares
2,120,766
21
At 31 December 2022
19,190,092
192
Issuance of shares
89,414
1
At 31 December 2023
19,279,506
193
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 2023, 89,414 DRs were issued to employees and former
employees exercising options under Fastned option plans. Employee
options for 556,565 DRs were outstanding as at 31 December 2023,
see note 22.
Share premium
\u20ac\u2019000
At 1 January 2022
172,087
Issuance of share capital (certificates)
75,862
Transaction costs for issued share capital (certificates)
(1,702)
At 1 January 2023
246,247
Issuance of share capital (certificates)
925
Transaction costs for issued share capital (certificates)
\u2014
At 31 December 2023
247,172
Treasury shares
Quantity
\u20ac\u2019000
At 31 December 2022
135,100
16
Shares returned to Fastned
\u2014
\u2014
At 31 December 2023
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 B.V. These shares are not included within
Treasury shares since no consideration has yet been received for them.
As at 31 December 2023 8,456 such DRs were held by Fastned B.V..
All other reserves are as stated in the statement of changes in equity.
The non controlling interest fully relates to the acquisition of Terra 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-341": { "value": "
Treasury shares
Quantity
\u20ac\u2019000
At 31 December 2022
135,100
16
Shares returned to Fastned
\u2014
\u2014
At 31 December 2023
135,100
16
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-342": { "value": "Trade and other payables
\u20ac\u2019000
2023
2022
Trade payables
5,103
14,365
Taxes and social securities
1,889
832
Other payables
8,568
6,379
Total trade and other payables
15,560
21,576
Trade payables include mainly construction related payables.
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\u2019s credit risk management processes,
refer to Note 14.6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-344": { "value": "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.
\u20ac\u2019000
2023
2022
Due within one year
\u2014
\u2014
Due after one year
13,316
9,979
Total provisions
13,316
9,979
The Group records provisions for the removal of the charging station at
the end of the concession period.
Decommissioning provision
\u20ac\u2019000
1 January 2023
9,979
Additions
3,417
Use
\u2014
Revised estimates
(80)
31 December 2023
13,316
1 January 2022
5,247
Additions
2,691
Use
\u2014
Revised estimates
2,041
31 December 2022
9,979
Revised estimates include estimates for the interest, the inflation and
the quotes delivered by the contracting parties for the deconstruction of
a station.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-343": { "value": "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.
\u20ac\u2019000
2023
2022
Due within one year
\u2014
\u2014
Due after one year
13,316
9,979
Total provisions
13,316
9,979
The Group records provisions for the removal of the charging station at
the end of the concession period.
Decommissioning provision
\u20ac\u2019000
1 January 2023
9,979
Additions
3,417
Use
\u2014
Revised estimates
(80)
31 December 2023
13,316
1 January 2022
5,247
Additions
2,691
Use
\u2014
Revised estimates
2,041
31 December 2022
9,979
Revised estimates include estimates for the interest, the inflation and
the quotes delivered by the contracting parties for the deconstruction of
a station.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-345": { "value": "Deferred revenues
Deferred revenues of \u20ac224,000 (2022: \u20ac314,000) 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 \u20ac25,000 (in primary issuance of certificates) in
the issuance on NPEX in 2014\u20132015, or, invested a minimum of
\u20ac50,000 (in primary issuance of certificates) in the issuance on
Nxchange in 2016. On 31 December 2023, there were 69 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 2023, Fastned Founders have
charged 62,755 kWh (2022: 49,400 kWh) for free.
\u20ac\u2019000
2023
2022
At 1 January
314
355
Released to the statement of profit or loss
(80)
(41)
At 31 December
234
314
Current
\u2014
\u2014
Non-current
234
314
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-346": { "value": "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:
2023
2022
Number
WAEP (\u20ac)
Number
WAEP (\u20ac)
Outstanding at 1 January
457,922
10.23
546,183
10.19
Granted during the year
191,529
\u2014
Forfeited during the year
(1,554)
\u2014
Exercised during the year
(89,414)
10.35
(88,261)
10.00
Expired during the year
(1,918)
\u2014
Outstanding at
31\u00a0December
556,565
13.00
457,922
10.19
Exercisable at
31\u00a0December
550,049
13.15
456,328
10.23
Included in the table above are options granted to Victor van Dijk,
director of Fastned B.V., who held 14,105 options as at 31 December
2023 (2022: 9,562).
Of the options outstanding at 31 December 2023:
447,183 are exercisable at prices per DR between \u20ac10-\u20ac15,
9,843 are exercisable at prices per DR between \u20ac15-\u20ac20,
35,209 are exercisable at prices per DR between \u20ac20-\u20ac25,
49,674 are exercisable at prices per DR between \u20ac25-\u20ac30,
8,140 are exercisable at prices per DR between \u20ac30-\u20ac35.
Additionally, 6.516 unvested options are outstanding at prices between
\u20ac33-\u20ac50.
Option plans
Prior to establishment of the present Option Plan on 17 May 2018
(\u201c2018 Option Plan\u201d), 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 2023 177,490 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 which need to be achieved at the same time:
the market capitalisation has to be achieved for more than 30
consecutive days; and
the operational goals has to be achieved.
There are no vesting conditions. Each time a milestone is met, the
Company will allocate options for newly to be issued Depositary
Receipts (\u201cDRs\u201d) 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
allocation is also reviewed and approved by the Management Board.
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 \u20ac10 per option. The options under the Option
Plan can be exercised within five years after the grant date.
There is no service commencement date recognised before the grant
date. The Management Board and the Supervisory Board have
significant discretionary rights in the execution of the policy. This is also
explicitly incorporated in the Fastned Option Policy. The Board can
deviate from the policy on the specific conditions, like the allocation of
shares and the determination of the exercise price. As a result, it's
managements estimate that no legal or constructive obligation is
established prior to the grant date. This results in a 'point in time'
recognition at the grant date.
Milestone
Market
capitalisation (\u20ac)
Operational goal
Realised
1
> 150 million euro
> 100 stations operational
\u2611
2
> 200 million euro
> 1 million euro in revenues
in one calender year
\u2611
3
> 300 million euro
> 250 stations operational
\u2611
4
> 400 million euro
> 150 kW charging at >50%
of our stations
\u2611
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
> 1,000 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\u2019 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\u2019s 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\u2019s 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 \u2013 i.e. after vesting, but prior
to the expiration date for such options.
Staff options for the third milestone of the 2018 Option plan were
granted in February 2023. In total 191,529 options with a weighted
average exercise price of \u20ac19.58 were issued to employees. The
estimated fair value of these options is \u20ac3.3 million of which \u20ac3.2 million
will be reported as a non-cash cost in Fastned's 2023 financial
statements. The remaining \u20ac0.1 million is subject to a three-year vesting
period and will be reported as a non-cash cost in the following three
years. Part of these costs are considered directly attributable staff costs
for the stations build. As a result, \u20ac0.6 million of these costs are
capitalised and the remainder is expensed in the administrative
expenses.
The estimated fair value of options granted during 2023 using the Hull
White option valuation model and assumptions/parameters used in the
valuation are listed in the table below.
Parameter at initial measurement
Milestone 3
Share price at Euronext (\u20ac)
34.18
Weighted average exercise price
19.58
Expected volatility
61.70%
Risk Free interest rate
2.66%
Exercise multiple
1.60
Expected dividend yield
\u2014
Expiry date
16/2/2028
Remaining contractual option life (years)
4.98
Fair value per option H&W model (\u20ac)
17.26
Total calculated fair value of the granted options at
grant date
3,246
The cost of the options included in the income statement are as follows:
\u20ac\u2019000
2023
2022
Options granted in 2023
3,246
\u2014
Capitalized part of options granted in 2023
(567)
\u2014
Total expense included in
administrative expenses
2,679
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-348": { "value": "Commitments and
contingencies
Commitments
At 31 December 2023, the Group had initiated the construction of
several fast charging stations, these will be realised in the first half of
2024. 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 2023
amounted to approximately \u20ac22.71 million (2022: \u20ac21.56 million).
Bank guarantees
Bank guarantees amounting to \u20ac17.0 million are outstanding at 31
December 2023. These expire at the end of 2029.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-347": { "value": "Commitments and
contingencies
Commitments
At 31 December 2023, the Group had initiated the construction of
several fast charging stations, these will be realised in the first half of
2024. 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 2023
amounted to approximately \u20ac22.71 million (2022: \u20ac21.56 million).
Bank guarantees
Bank guarantees amounting to \u20ac17.0 million are outstanding at 31
December 2023. These expire at the end of 2029.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-349": { "value": "Related party disclosures
\u20ac\u2019000
Interest charge
Amounts owed by
related parties
Fastned Terra 1 B.V.
2023
\u2014
\u2014
2022
76
1,242
\u20ac\u2019000
2023
2022
Variable leases
\u2014
254
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 \u201cRelated parties.\u201d
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.
The pension benefit is a defined contribution scheme. Other benefits
include lease cars.
Remuneration of the Management Board
\u20ac\u2019000
Short term employee benefits
2023
Base Salary
Other benefits
Pension
benefits
Share Options
Total
remuneration
M. Langezaal
107
11
\u2014
\u2014
118
V. van Dijk
150
6
13
96
265
Total
257
17
13
96
383
\u20ac\u2019000
Short term employee benefits
2022
Base Salary
Other benefits
Pension
benefits
Share Options
Total
remuneration
M. Langezaal
100
19
\u2014
\u2014
119
N. Korthals Altes*
25
2
3
\u2014
30
V. van Dijk
143
13
11
\u2014
167
Total
268
34
14
\u2014
316
*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.
\u20ac\u2019000
2023
2022
Hieke van Rees-Spoelstra
\u2014
8
Liselotte Kooi
5
10
Maaike Veen
16
13
Henk Pals
11
10
Michiel Weghs
6
\u2014
Total
38
40
Liselotte Kooi was appointed chair of the Supervisory Board per 8 June
2023. Michiel Weghs was appointed as a new member of the FAST
Board per the same date.
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 2023
was as follows:
2023
2022
\u20ac\u2019000
Short term employee
benefits
Short term employee
benefits
Basic salary
Other
benefits
Total
remuneration
Basic salary
Other
benefits
Total
remuneration
Liselotte Kooi
26
\u2014
26
\u2014
\u2014
\u2014
Bart Lubbers
37
7
44
34
11
45
Marije van Mens
16
\u2014
16
34
\u2014
34
Nancy Kabalt
37
\u2014
37
34
\u2014
34
J\u00e9r\u00f4me Janssen
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
116
7
123
102
11
113
In 2022, J\u00e9r\u00f4me Janssen was appointed member of the Supervisory
Board. He does not receive a remuneration. He is compensated for
travel expenses with a maximum of \u20ac7.5 thousand. On 8 June 2023,
Marije van Mens resigned as a member of the Supervisory Board.
Liselotte Kooi was appointed chair of the Supervisory Board at the
same date.
In 2023, the total remuneration for all management board amounts to
\u20ac383 thousand (2022: \u20ac316 thousand) , FAST Board amounts to \u20ac39
thousand (2022: \u20ac40 thousand) and supervisory board member
amounts to \u20ac124 thousand (2022: \u20ac113 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 2023, a total of 614 kWh (2022: 461 kWh) were
charged for free by these family members. See note 21
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-350": { "value": "
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 \u201cRelated parties.\u201d
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.
The pension benefit is a defined contribution scheme. Other benefits
include lease cars.
Remuneration of the Management Board
\u20ac\u2019000
Short term employee benefits
2023
Base Salary
Other benefits
Pension
benefits
Share Options
Total
remuneration
M. Langezaal
107
11
\u2014
\u2014
118
V. van Dijk
150
6
13
96
265
Total
257
17
13
96
383
\u20ac\u2019000
Short term employee benefits
2022
Base Salary
Other benefits
Pension
benefits
Share Options
Total
remuneration
M. Langezaal
100
19
\u2014
\u2014
119
N. Korthals Altes*
25
2
3
\u2014
30
V. van Dijk
143
13
11
\u2014
167
Total
268
34
14
\u2014
316
*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.
\u20ac\u2019000
2023
2022
Hieke van Rees-Spoelstra
\u2014
8
Liselotte Kooi
5
10
Maaike Veen
16
13
Henk Pals
11
10
Michiel Weghs
6
\u2014
Total
38
40
Liselotte Kooi was appointed chair of the Supervisory Board per 8 June
2023. Michiel Weghs was appointed as a new member of the FAST
Board per the same date.
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 2023
was as follows:
2023
2022
\u20ac\u2019000
Short term employee
benefits
Short term employee
benefits
Basic salary
Other
benefits
Total
remuneration
Basic salary
Other
benefits
Total
remuneration
Liselotte Kooi
26
\u2014
26
\u2014
\u2014
\u2014
Bart Lubbers
37
7
44
34
11
45
Marije van Mens
16
\u2014
16
34
\u2014
34
Nancy Kabalt
37
\u2014
37
34
\u2014
34
J\u00e9r\u00f4me Janssen
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
116
7
123
102
11
113
In 2022, J\u00e9r\u00f4me Janssen was appointed member of the Supervisory
Board. He does not receive a remuneration. He is compensated for
travel expenses with a maximum of \u20ac7.5 thousand. On 8 June 2023,
Marije van Mens resigned as a member of the Supervisory Board.
Liselotte Kooi was appointed chair of the Supervisory Board at the
same date.
In 2023, the total remuneration for all management board amounts to
\u20ac383 thousand (2022: \u20ac316 thousand) , FAST Board amounts to \u20ac39
thousand (2022: \u20ac40 thousand) and supervisory board member
amounts to \u20ac124 thousand (2022: \u20ac113 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 2023, a total of 614 kWh (2022: 461 kWh) were
charged for free by these family members. See note 21
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-351": { "value": "Key events post reporting
date
Terra 1 acquisition
On December 29, 2023, Fastned B.V. acquired 90.8% of the shares in
Fastned Terra 1 B.V. (Terra 1) from private investors. An additional
share of 7.6% was acquired on 12 January 2024.
Issuance of shares
Fastned B.V. issued 200,000 new shares with a nominal value of \u20ac0.01
on 19 January 2024. Total issued shares amount to 19,352,877.
Unsecured bonds
In February 2024, Fastned raised \u20ac24.4 million through issue of
corporate bonds, and in addition, investors extended \u20ac3.5 million from
earlier bonds issues. Interest on this bond is 6% per annum, payable
quarterly in arrears.
Power Purchase Agreement
In December 2023, Fastned signed a contract for a power purchase
agreement starting 1 February 2024. The contract includes the
purchase of 15 GWh of electricity per year for a predetermined price per
GWh. The Company does not have control on the underlying asset nor
the ability to direct the use. The purchased electricity will be consumed
directly for own use and accounted for accordingly as IFRS 9 own use
classification. The contract ends at 1 January 2032.
Germany High Way Tender
Fastned has won one lot in the so-called \u201cDeutschlandnetz\u201d tender
giving the company the opportunity to build fast charging stations at 34
highway service areas.
Austria
In 2024, the Group established a new subsidiary in Austria. Fastned
Austria GmbH was established on 16 February 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-352": { "value": "Remuneration of auditors
This note includes all fees agreed to be paid to the Group\u2019s auditors
whether in relation to their audit of the Group or otherwise.
Group auditor for 2023 is BDO Audit & Assurance B.V. (2022: Deloitte
Accountants B.V.).
\u20ac\u2019000
2023
2022
Fees payable to the Group\u2019s auditor for the
audit of the consolidated parent company
accounts and subsidiaries accounts of
Fastned B.V.
195
269
Non-audit and other assurance services
5
30
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }