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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\u00a0December 2024 were authorised for issue in accordance with a resolution of
the directors on 26\u00a0March 2025. 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
and 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.
The annual report has been prepared in ESEF and is in accordance with the
requirements as set out in the Delegated Regulation (EU) 2019/815 with regard to
regulatory technical standards on the specification of a single electronic
reporting format (hereinafter: the RTS on ESEF).
Statement of compliance with IFRS, financial position and going concern
assumption
The 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 119.9 million (2023: \u20ac146.2 million) and a cash level of \u20ac 117.4
million (2023: \u20ac126.6 million).
Management monitors cash and liquidity forecasts on a continuous basis,
whereby a minimum desired cash level is to be maintained throughout the
forecast period. The liquidity forecast incorporates current cash levels, revenue
projections and a detailed capex and opex budgets. Revenue projections are
driven by the projected numbers of 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 9. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-240": { "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\u00a0December 2024 were authorised for issue in accordance with a resolution of
the directors on 26\u00a0March 2025. 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
and 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.
The annual report has been prepared in ESEF and is in accordance with the
requirements as set out in the Delegated Regulation (EU) 2019/815 with regard to
regulatory technical standards on the specification of a single electronic
reporting format (hereinafter: the RTS on ESEF).
Statement of compliance with IFRS, financial position and going concern
assumption
The 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 119.9 million (2023: \u20ac146.2 million) and a cash level of \u20ac 117.4
million (2023: \u20ac126.6 million).
Management monitors cash and liquidity forecasts on a continuous basis,
whereby a minimum desired cash level is to be maintained throughout the
forecast period. The liquidity forecast incorporates current cash levels, revenue
projections and a detailed capex and opex budgets. Revenue projections are
driven by the projected numbers of 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 9. 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
The consolidated 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:
\u2022 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:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the
investee; and
\u2022 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:
\u2022 the size of the Company\u2019s holding of voting rights relative to the size and
dispersion of holdings of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders or other
parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 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:
\u2022 Sales of electricity after the deduction of discounts and sales taxes
\u2022 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/
renewable energy credits).
\u2022 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.
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 an REC is
sold is dependent on the supply and demand of RECs to the market.
Unsold RECs are recognized as inventory when they meet the definition of an
asset and are held for sale in the ordinary course of business.\u00a0 The initial
measurement of RECs is at the lower of cost and net realizable value (NRV).\u00a0 The
subsequent measurement of RECs is also at the lower of cost and NRV.\u00a0 \u00a0
The inventory approach under IAS 2 is deemed appropriate for Fastned due to
the following reasons:
\u2022 RECs can be considered an output
\u2022 Fastned has control over the RECs upon the generation of electricity
\u2022 The intermediary\u2019s role is merely seen as administrative and isn\u2019t seen as a
transfer of an economic benefit
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:
\u2022 Fixed lease payments (including in-substance fixed payments), less any lease
incentives receivable;
\u2022 Variable lease payments that depend on an index or rate, initially measured
using the index or rate at the commencement date;
\u2022 The amount expected to be payable by the lessee under residual value
guarantees;
\u2022 The exercise price of purchase options, if the lessee is reasonably certain to
exercise the options; and
\u2022 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:
\u2022 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;
\u2022 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);
\u2022 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 2024, 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:
\u2022 the technical feasibility of completing the intangible asset so that it will be
available for use or sale;
\u2022 the intention to complete the intangible asset and use or sell it;
\u2022 the ability to use or sell the intangible asset;
\u2022 how the intangible asset will generate probable future economic benefits;
\u2022 the availability of adequate technical, financial and other resources to
complete the development and to use or sell the intangible asset; and
\u2022 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:
\u2022 those to be measured subsequently at fair value (either through OCI or through
profit or loss);
\u2022 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:
\u2022 Amortised cost
\u2022 Fair value through profit or loss
\u2022 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:
\u2022 the amount determined in accordance with the expected credit loss model
under IFRS\u00a09 Financial Instruments, and
\u2022 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.
'Own use'
Renewable Purchasing Contracts are classified for \u2018own use\u2019 if they are settled by
physical delivery or receipt of electricity in line with the Group\u2019s needs.
Transactions based upon these contracts are recognised through the income
statement in the period in which delivery or receipt takes place. These contracts
are out of scope of the recognition and measurement criteria for derivative
financial instruments, which is a consequence of the application of the 'own use
exemption' in IFRS 9 \u2018Financial Instruments\u2019. The Group has done an in-depth
assessment of whether these contracts qualify for the exemption.
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 at a specific date. 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 2024
The amendments listed below have been adopted but do not have any effect on
the Group's consolidated financial statements:
\u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Non-current
Liabilities with Covenants
\u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Classification of
Liabilities as Current or Non-Current
\u2022 Amendments to IFRS 16 Leases \u2013 Lease Liability in a Sale and Leaseback
Certain new accounting standards and interpretations have been published that
are not mandatory for 31 December 2024 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\u00a0not yet effective
At the date of authorisation of these financial statements, the Group has not
applied the following new and revised IFRS Standards that have been issued but
are not yet effective, and, in some cases, had not yet been adopted by the EU:
IFRS 18
Presentation and Disclosure in Financial
Statements
IFRS 19
Subsidiaries without Public Accountability:
Disclosures
Amendments to IFRS 9 and IFRS 7
Amendments to the Classification and
Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7
Contracts Referencing Nature dependent
Electricity
Amendments to IFRS 10 and IAS 28
Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
Annual Improvements to IFRS
Accounting Standards (Volume 11)
Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS
10 and IAS 7
In December 2024, the IASB issued amendments to IFRS 9 and IFRS 7 regarding
contracts referencing nature-dependent electricity. These amendments clarify
the application of the \u2018own use\u2019 exception and hedge accounting for contracts
where the amount of electricity generated is influenced by uncontrollable natural
factors, such as wind or solar conditions. The amendments provide guidance on
assessing whether physical power purchase agreements (PPAs) qualify for the
\u2018own use\u2019 exception and introduce new disclosure requirements for these
contracts.
Key changes to the 'own use' exception under IFRS 9 include new application
guidance and qualifying criteria for physical PPAs. To qualify, the contract must
require purchasing and taking delivery of generated electricity, expose the entity
to buying electricity it can't use, and necessitate selling unused electricity due to
market conditions. The entity must also show it's historically been and expects to
remain a net purchaser of electricity.
The amendments are effective for annual periods beginning on or after 1 January
2026, with early adoption permitted.
Based on a preliminary analysis performed, it is anticipated that there will be no
significant impact on the classification of current PPA contracts. The Group
expects to adopt the amendments when they become effective
For the remaining standards, The Company does not expect a material impact on
the financial statements due to adoption of these amendments and new IFRS
accounting standards, apart for the application of the new presentation
requirements arising from the adoption of IFRS 18, which is currently being
assessed.
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:
\u2022 Capital management (see Note 4)
\u2022 Financial risk management objectives and policies (see Note 14.6)
\u2022 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 2024, the Group has \u20ac 23.3 million (2023: \u20ac18.0 million) of tax losses
in the Netherlands, and \u20ac 54.8 million of tax losses (2023: \u20ac38.0 million) arising in
other countries. In addition, the Group has \u20ac 71.0 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 \u20ac 19.6 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 2024 was \u20ac17.6
million (2023: \u20ac13.3 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:
\u2022 Estimated cost of removal: \u20ac20-131 thousand depending on the size of the
station
\u2022 Estimated duration till expiry: 2-29 years
\u2022 Inflation of 2.0% (2023: 2.1%) based on 5 year ahead
\u2022 Discount rate of 2.60% (2023: 2.25%) 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 \u20ac1.5. million lower. If the estimated inflation had been 1% higher than
management's estimate, the carrying amount of the provision would have been
\u20ac1.8 million higher.
Power Purchase Agreements \u2018Own Use\u2019 assumptions
The Group has entered into PPAs during 2024. To assess whether the PPA
classifies as \u201cOwn Use\u201d (as explained in Accounting Policies), requires judgement
due to uncertainties in production and consumption values. The unpredictability
of the supply and the inability to economically store the electricity at scale are
unique characteristics of PPAs from intermittent energy sources.
The Group assessed the accounting treatment of the PPAs, considering the
following:
\u2022 Consolidation: The Group does not consolidate the renewable energy
projects per IFRS 10 as it does not have the power to direct the activities of the
energy suppliers, is not exposed to variable returns from the projects, and
cannot use its power to affect the amount of its returns.\u00a0 \u00a0
\u2022 Lease: The Group does not consider the PPAs to be leases in terms of IFRS 16
as it was not involved in the design of the renewable energy projects, and it
does not have the right to direct the use of the renewable energy projects.
\u2022 Own Use: The Group applies the \u201cown use\u201d exemption under IFRS 9, as it
intends to consume all the electricity produced by the renewable energy
projects. This assessment requires judgement due to uncertainties in
production and consumption values. The Group carefully considered the
overall design and structure of the contracts, the frequency and volumetric
magnitude of sales due to excess deliveries, and the risk management
objective in relation to excess deliveries. The PPAs are entered into for hedging
the price risk.
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 2024 was
\u20ac185,000 (2023: \u20ac191,000). 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.
Determination of Standalone Selling Price for Construction
Revenue
In 2024 the company started planning & construction work on sites included in
the German Highway Tender contract which is treated in accordance with IFRIC 12\u00a0
& IFRS 15. Construction revenue is recognised at a Standalone Selling Price ('SSP')
which the Group would charge for construction services. Determining the SSP for
the construction service of the high-power charging (HPC) sites involves
significant judgement and estimation, as Fastned does not routinely sell
construction services separately.
In line with IFRS 15, the expected cost plus a margin approach is used to estimate
the SSP.\u00a0 This approach requires estimating the expected costs to complete the
construction and adding an appropriate profit margin.\u00a0 While the expected costs
are derived from the budget, determining the appropriate margin involves
significant judgement.\u00a0 Factors considered include the margin that Fastned
expects to receive on other services and the industry norm for construction
services of similar goods.\u00a0 Management's assessment of these factors and the
determination of the appropriate margin are subject to estimation uncertainty
and may impact the timing and amount of revenue recognized for the
construction service.
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\u00a01.
No changes were made in the objectives, policies or processes for managing
capital during the years ended 31 December 2024 and 2023.
Group information
The consolidated financial statements of the Group include:
Name
Principal activities
Country of incorporation
% equity
% equity
2024
2023
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
100
Fastned Denmark ApS
Construction and operating charging stations
Denmark
100
100
Fastned Terra 1 B.V.
Commercial operation of chargers at charging stations
Netherlands
100
91
Fastned Austria GmbH
Construction and operating charging stations
Austria
100
\u2014
Fastned is a partner in the following Associates & Joint Ventures:
Name
Country
% Equity
%\u00a0 Equity
2024
2023
Fast Places Limited
United Kingdom
51.0
\u2014
In 2024, the Group established a new subsidiary in Austria. Fastned Austria GmbH
was established on 16 February 2024.
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%. On 1 December
2024, Fastned B.V. acquired the remaining 1.6% of the shares in Terra 1 from its
former shareholders. After this transaction Fastned B.V. increased its holding in
Terra 1 to 100%.
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. consists of Michiel Langezaal,
Victor van Dijk, and Fran\u00e7oise Poggi. The supervisory board of Fastned B.V.
consists of Liselotte Kooi (chair), Bart Lubbers, J\u00e9r\u00f4me Janssen and Nancy Kabalt.
On 5 December 2024, Fastned UK Limited entered into a Joint Venture
Agreement with Places for London, Transport for London's transport property
company, to develop and operate ultra-rapid electric vehicle (EV) charging hubs
across London. The joint venture is structured as a separate entity, Fast Places
limited, in which Fastned UK and Places for London each hold an equity stake.
Fastned UK and Places for London will jointly invest in developing ultra-rapid
charging hubs at an initial five sites in London, with plans to expand the network to
25 sites by the end of the decade. Fastned UK will provide operational services,
such as accounting, planning, design, and operations, to Fast Places Limited on a
reimbursable basis.
The investment in Fast Places is recognized as a joint venture under IFRS 11 and will
be accounted for using the equity method in Fastned UK's financial statements.
The ultimate parent company, Fastned B.V., indirectly holds a 51% interest in Fast
Places through its ownership of Fastned UK Limited.
Although the % equity stake of Fastned UK is more than 50%, Fast Places is not
consolidated. The Group performed an assessment, concluding that due to the
structure of the Shared Power and limitation of Fastned's ability to use its rights
to direct the relevant activities of Fast Places, it classifies as a Joint Arrangement.
Furthermore, the arrangement\u00a0 meets the criteria for a Joint Venture due to the
following factors:
\u2022 Board Composition and Decision-Making: The Fast Places Limited board
comprises an equal number of directors, appointed by each shareholder,
requiring joint approval for all key decisions. \u00a0
\u2022 Significant decisions, such as business plan changes and new site acquisitions,
require unanimous shareholder approval. A clear deadlock resolution process
ensures neither party can enforce decisions unilaterally. \u00a0 \u00a0
\u2022 Contractual Agreements: The contractual agreements reinforce the joint
control framework. \u00a0
\u2022 Rights to Net Assets: The legal structure of the arrangement provides both
parties with rights to the net assets of the joint venture
The joint venture agreement includes provisions for the equalisation of guarantee
liabilities between the parties, ensuring that any costs incurred under the
guarantees are shared proportionally. The agreement also outlines potential
future capital commitments, subject to certain conditions, for the further
expansion of the charging hub network.\u00a0
As of 31 December 2024, Fastned's confirmed share of Fast Places Limited's
capital commitments is \u20ac1.07 million. These commitments relate to future
funding requirements for the development and expansion of charging hubs as
outlined in the joint venture agreement. This figure is expected to increase as
more capital commitments are approved by the Joint Venture board.
Own holding as % of total
outstanding certificates of shares
2024
2023
Wilhelmina-Dok B.V. (Bart Lubbers)
36.7
37.0
Carraig Aonair Holding B.V.
(Michiel\u00a0Langezaal)
21.3
21.5
Furthermore, Bart Lubbers has a 33% share in Breesaap B.V.\u00a0 Breesaap B.V. has
5.8% 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
2024
2023
Revenues related to charging:
Sales of electricity
Goods transferred at a point in time
79,395
56,981
Other revenues relating\u00a0 to charging:
Sales of renewable\u00a0 energy units
Goods transferred at a point in time
6,839
3,372
Maintenance fees and other revenue
Services transferred over time
79
157
6,918
3,529
Total revenues related to charging
86,313
60,510
Station construction as part of service concessions
Goods transferred over time
423
4
Total revenue
86,736
60,514
During 2023, Fastned was awarded a tender by the German Federal Government
to construct and operate 34 high-power charging (HPC) fast-charging sites
across German highways. The German government owns the HPC infrastructure
during and after the contract. The arrangement is within the scope of IFRIC 12. The
consideration received from the German Government is in the form of an
installation fee and an operator fee. The fees represent the guaranteed minimum
amounts to be received by Fastned in relation to the contract, and thus meet the
definition of a financial asset per IFRIC 12 and should be recognised as such. The
guaranteed consideration received for the construction services is recognised
as revenue over time.
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, CFO and COO . The CODM examines the
Group\u2019s performance on a geographical basis with six operating segments
identified, being the Netherlands, Germany, United Kingdom, Belgium, France
and Other Europe. Other Europe consists of Switzerland, Italy, Spain and
Denmark.
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, Austria 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 10 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
2024
NL
DE
UK
BE
FR
Other Europe
Total Group
Segment revenues
53,280
8,287
5,822
10,035
7,672
1,217
86,313
Other reconciling items - station construction
as part of service concessions
\u2014
423
\u2014
\u2014
\u2014
\u2014
423
Total revenue
53,280
8,710
5,822
10,035
7,672
1,217
86,736
EBITDA
12,284
(1,121)
(2,804)
1,630
(111)
(2,512)
7,366
Reconciliation of EBITDA to profit/(loss)
before tax
EBITDA
12,284
(1,121)
(2,804)
1,630
(111)
(2,512)
7,366
Depreciation and amortization
(13,270)
(2,483)
(1,480)
(2,073)
(3,224)
(899)
(23,429)
Finance costs
(15,042)
Finance income
4,107
Profit/(loss) before taxation
(26,998)
Segment assets
Non-current assets 11
100,753
32,770
38,205
36,900
50,132
16,425
275,185
\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
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
2024
2023
Type of goods and service
Sales of electricity
Goods transferred at a
point of time
79,395
56,981
Other revenues
related to charging:
Sales of renewable energy
units
Goods transferred at a
point of time
6,839
3,372
Maintenance fees and
other revenue
Service transferred over
time
79
157
Other revenues:
Station construction as
part of service
concessions
Goods transferred over
time
423
4
Total revenue
86,736
60,514
\u20ac\u2019000
2024
2023
Geographical markets
The Netherlands
53,280
41,190
Germany
8,710
7,121
France
7,672
3,311
Belgium
10,035
5,634
UK
5,822
3,018
Other Europe
1,217
240
Total revenue
86,736
60,514
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, 2024 and 2023.
7. Cost of sales
\u20ac\u2019000
2024
2023
Cost of sales
Sales of electricity
17,847
15,611
Station construction as part of service
concessions
302
4
Total cost of sales
18,149
15,615
Other income/expenses
8.1 Other gains and losses
\u20ac\u2019000
2024
2023
Net (loss) gain on other items
87
(556)
Total other operating income
87
(556)
The net gain during 2024 is mainly explained by the gain on disposal of fixed
assets.
8.2 Administrative expenses
\u20ac\u2019000
2024
2023
Wages and salaries
16,285
13,055
Depreciation of property, plant and
equipment
19,416
13,736
Depreciation of right-of-use-assets
3,736
2,461
Impairment
1,503
\u2014
Social security costs
3,173
1,924
Pension costs
1,014
676
Amortization of intangible assets
277
466
Other
713
786
Total administrative expenses
46,117
33,104
In 2024, the average number of FTEs of the Group was 265 (2023 : 172). In the
Netherlands, the average number of employees was 150 (2023: 107). The other
countries are split as follow: Belgium 19 (2023: 14), Switzerland 8 (2023: 4),
Germany 28 (2023: 17), France 25 (2023: 15), UK 24 (2023: 12), Ireland 1\u00a0 (2023: 1),
Italy 3 (2023: 1), Spain 6 (2023: 1) and Denmark 1 (2023: 1).
In 2024, an impairment loss of \u20ac1.5 million related to ABB chargers was
recognized due to a review of recoverable amounts. Further details are provided
in 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 \u20ac0.9 million (2023: \u20ac0.6 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
2024
2023
Grid Fees
13,676
7,416
Maintenance costs
4,024
2,223
Other exploitation costs
2,383
1,988
Total selling and distribution
expenses
20,083
11,627
8.4 Other operating expenses
\u20ac\u2019000
2024
2023
Advisory costs
5,158
3,105
General costs
8,892
5,038
Marketing costs
2,840
2,520
Office costs
1,045
552
Car expenses
604
505
Total other operating expenses
18,539
11,720
8.5 Finance costs
\u20ac\u2019000
2024
2023
Interest on debts and borrowings
11,719
7,665
Interest expense on lease liabilities
2,668
1,475
Interest and bank charges
583
297
Foreign exchange gains/(losses) charged to
the income statement
72
187
Total finance costs
15,042
9,624
8.6 Finance income
\u20ac\u2019000
2024
2023
Interest and bank charges
4,107
2,821
Total finance income
4,107
2,821
Income tax
Reconciliation of the effective tax rate:
\u20ac\u2019000
2024
2023
Profit (loss) before tax
(27,000)
(18,890)
Total income tax using applicable tax rate
\u2014
(4,912)
Unrecognised deferred tax assets
\u2014
4,548
Current tax payable as a result of partial
loss compensation
\u2014
(364)
Reversal prior year estimate
359
\u2014
Total tax charged to the income
statement
359
(364)
The income tax charged to the income statement mainly relates to the estimated
taxable profit for the Dutch fiscal unity in 2023, which was reversed again during
2024 after the finalisation of the 2023 tax return. 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
2024
2023
2024
2023
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
2024
2023
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 2024 , the Group has \u20ac23.3 million (2023: \u20ac18.0
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 2024, \u20ac 47.7 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
\u20ac\u00a08.8\u00a0million in Germany (2023: \u20ac7.3 million), \u20ac23.9 million in UK (2023: \u20ac15.9
million), \u20ac5.5 million in Belgium (2023: \u20ac4.5 million), and \u20ac10.8 million in France
(2023: \u20ac6.8 million) and \u20ac4.6 million in Switzerland (2023: \u20ac2.5 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
>2016
2016
2017
2018
2019
2020
2021
2022
2023
2024*
Total
Netherlands
\u20ac\u2019000
4,293
5,038
5,014
1,632
1,539
2,002
\u2014
484
321
2,995
23,318
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
349
1,383
1,232
1,903
2,432
\u2014
1,510
8,809
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
n/a
UK
\u20ac\u2019000
\u2014
\u2014
\u2014
162
618
599
2,157
7,305
5,024
7,992
23,857
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Belgium
\u20ac\u2019000
\u2014
\u2014
\u2014
2
198
204
531
1,496
2,114
922
5,467
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
n/a
France
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
3
159
939
1,774
3,880
4,026
10,781
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
Switzerland
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
257
656
552
1,046
2,095
4,606
Expiring
2026
2027
2028
2029
2030
2031
Italy
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
220
577
797
Expiring
n/a
n/a
Spain
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
149
243
392
Expiring
n/a
n/a
Denmark
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
570
570
Expiring
n/a
Total
\u20ac\u2019000
4,293
5,038
5,014
2,145
3,741
4,453
6,186
14,043
12,754
20,930
78,597
*Estimate, not finalised
The applicable tax rate in 2024 in the Netherlands is 19% (2023: 19%) over the first
\u20ac200,000 (2023: \u20ac200.000) and 25.8% over the remainder of the profit.
Applicable tax rates outside the Netherlands are 30% in Germany, 25% in the UK,
25% in Belgium, 25% in France, 11.8% and 19.6% in Switzerland, 22% in Denmark,
24% in Italy and 25% in Spain.
Due to the tax loss realised in 2024 and previous years for which no deferred tax
asset is recognised in the statement of financial position, the Group\u2019s effective
tax rate is nil (2023: -1.9%).
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)
2024
2023
Basic loss per share
(1.38)
(1.00)
Diluted loss per share
(1.38)
(1.00)
Calculation of average number of
share units
2024
2023
Weighted average number of shares
19,356,248
19,233,641
Effects of dilution from:
- Share options of personnel
350,756
556,186
Diluted number of shares
19,707,004
19,789,827
Calculation of earnings (\u20ac\u2019000)
2024
2023
Net profit
(26,641)
(19,250)
Net profit attributable to shareholders\u2019
equity
(26,641)
(19,250)
Intangible assets
The Group\u2019s intangible assets comprise site licences & permits, trademarks and
internally developed software. Details of the carrying amounts are as follows:
2024
2023
\u20ac\u2019000
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
1,303
99
3,991
2,589
999
99
3,687
Additions
\u2014
419
34
453
\u2014
304
\u2014
304
As at 31 December
2,589
1,722
133
4,444
2,589
1,303
99
3,991
Amortisation and
impairment
As of 1 January:
(770)
(650)
(67)
(1,487)
(548)
(426)
(47)
(1,021)
Amortisation
(222)
(252)
(25)
(499)
(222)
(224)
(20)
(466)
As at 31 December
(992)
(902)
(92)
(1,986)
(770)
(650)
(67)
(1,487)
At 31 December Net
Book Value
1,597
820
41
2,458
1,819
653
32
2,504
Property, plant and equipment
\u20ac\u2019000
Land
Construction in
progress
Charging stations
and technical
installations
Other
equipment
Total
Cost
At 1 January 2023
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
Additions
493
66,336
3,614
1,873
72,316
Reclassification from held for sale
\u2014
\u2014
94
\u2014
94
Currency exchange differences
39
381
512
9
941
Disposals
\u2014
(1,173)
(2,487)
\u2014
(3,660)
Transfer
\u2014
(51,178)
51,178
\u2014
\u2014
At 31 December 2024
1,388
44,802
241,555
4,433
292,178
\u20ac\u2019000
Land
Construction in
progress
Charging stations
and technical
installations
Other
equipment
Total
Depreciation and impairment
At 1 January 2023
\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
(180)
Disposal
\u2014
\u2014
201
16
520
At 31 December 2023
\u2014
\u2014
(35,379)
(1,117)
(36,496)
Depreciation charge for the year
\u2014
\u2014
(18,455)
(621)
(19,076)
Currency exchange differences
\u2014
\u2014
(50)
(1)
(51)
Disposals
\u2014
\u2014
308
\u2014
308
Impairment
\u2014
\u2014
(1,496)
\u2014
(1,496)
At 31 December 2024
\u2014
\u2014
(55,072)
(1,739)
(56,811)
Net book value
At 31 December 2023
856
30,436
153,265
1,434
185,991
At 31 December 2024
1,388
44,802
186,483
2,694
235,367
Assets under construction amounting to \u20ac44.80 million (2023: \u20ac30.44 million)
mainly consists of machinery, equipments and furnishings to charging.
Additions include the recognition of directly attributable staff costs for an
amount of \u20ac 3.5 million (2023: \u20ac 2.9 million).
Transfer movements mainly includes transfers of finished works to charging
stations amounting to \u20ac51.18 million (2023: \u20ac56.30 million) from construction in
progress to charging stations.
Included in Charging Stations and Technical Installations is Government grant
assets, which are recognised as a negative asset. During 2024, Fastned
recognised a new government grant asset received from the German
government for the Regional Tender of \u20ac 119 thousand, which is expected to
increase in the following years. Other Government grants received in 2024\u00a0
amounts to \u20ac 4.30 million (2023: 2.61 million). Net book value of the government
grants amount to \u20ac8.2 million (2023: \u20ac4.3 million).
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 2024 was nil (2023: 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 2024 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:
\u2022 The importance of the Fastned brand, station design, and network with
national coverage.
\u2022 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.
\u2022 Management performance monitoring and allocation of available capex
budget is determined on a country level.
\u2022 Furthermore, there are shared cash outflows for costs of shared infrastructure
(centralized purchasing, customer support and systems).
Management has assessed external and internal sources of information for
indications that an asset may be impaired 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.
Even though the long term fundamentals of the BEV transition are firmly in place
with battery technology improving and continued government targets,
management considered it prudent to conduct an impairment test for all CGUs
as at year end 2024, as updated BEV adoption forecasts were lower versus
previous forecasts, especially in the near term. Key data utilised in this
assessment was updated forecasts on BEVs on the road as a % of total
passenger car fleet at year end, average charging speed estimated for assets in
current condition, driving patterns and market share assumptions, electricity
prices, growth rate estimates and Fastned's Weighted average cost of capital
('WACC'). All CGUs showed significant headroom and therefore no impairment
was identified.
However, during 2024, as the result of a separate assessment performed by
management, non-operational ABB chargers have been impaired, resulting in a
charge of \u20ac1.5 million.
Right-of-use assets
\u20ac\u2019000
Office
Building
Land
Charging
stations and
equipment
Vehicles
Total
Cost
At 1 January 2023
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
Additions
1,826
16,040
642
1,192
19,700
Disposals
(1,343)
(207)
(71)
(112)
(1,733)
Currency exchange adjustments
19
71
\u2014
11
101
At 31 December 2024
7,968
26,093
5,381
3,969
43,409
Depreciation and impairment
At 1 January 2023
(1,136)
(404)
(795)
(962)
(3,297)
Depreciation charge for the year
(709)
(736)
(522)
(494)
(1,261)
Currency exchange adjustments
(11)
(1)
\u2014
(2)
(14)
At 31 December 2023
(1,856)
(1,141)
(1,317)
(1,458)
(5,772)
Depreciation charge for the year
(1,239)
(1,163)
(624)
(751)
(3,777)
Disposals
1,030
46
19
81
1,176
Currency exchange adjustments
(9)
(4)
\u2014
(3)
(16)
At 31 December 2024
(2,073)
(2,262)
(1,922)
(2,132)
(8,389)
Net book value
At 31 December 2023
5,610
9,046
3,493
1,420
19,555
At 31 December 2024
5,893
23,831
3,459
1,837
35,020
The Group leases assets including buildings, land, equipment and vehicles. The
average lease term for Land leases is 16 years (2023: 16 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
2024
2023
Depreciation on right-of-use assets
3,736
2,475
Interest expense on lease liabilities
2,668
1,475
Expense relating to short term leases
510
329
Expense relating to leases of low value
assets
118
90
Expense relating to variable lease payments
not included in the measurement of the lease
liability
862
259
As of December 31, 2024, the Group is committed to \u20ac788 thousand (2023:
\u20ac703 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 2024 for leases amounted to \u20ac4,265 thousand (2023:
\u20ac3,656\u00a0 thousand) for lease liabilities and \u20ac628 thousand (2023: \u20ac419 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 2023.
14.2 Financial assets: interest-bearing loans and
borrowings
\u20ac\u2019000
2024
2023
Non-current interest-bearing
Pledged assets
700
3,400
Lease Receivable
1,790
11
Total financial assets
2,490
3,411
Impairment loss on financial assets
\u2014
\u2014
Total financial assets, net
2,490
3,411
Current financial assets
150
2,020
Non-current financial assets
2,340
1,400
Pledged assets
The Group has \u20ac0.7 million of restricted cash related to construction and
operating guarantees provided in relation to French stations (2023: \u20ac3.4 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. Fastned is not exposed to foreign currency risk as it is denominated in
Euro. The impact of the lease on profit or loss\u00a0 for the year 2024 is minimal.
Amounts receivable under finance lease:
\u20ac\u2019000
2024
2023
Year 1
148
6
Year 2
148
\u2014
Year 3
148
\u2014
Undiscounted lease payments
1,800
6
Unearned finance income
\u2014
5
Present value of lease payments
receivable,net
1,787
11
Receivable payments
3
\u2014
Lease receivable
1,790
11
14.3 Financial liabilities: Interest-bearing loans
and borrowings
Interest-bearing
loans and borrowings
Interest rate
(%)
Maturity
2024
2023
%
\u20ac\u2019000
\u20ac\u2019000
Unsecured bonds
6.0
21/03/2024
\u2014
7,304
6.0
12/12/2024
\u2014
9,659
6.0
28/07/2025
9,165
16,206
6.0
19/11/2025
12,654
21,194
5.0
12/12/2026
30,357
30,357
5.0
21/06/2027
13,248
13,248
5.5
12/06/2028
24,413
24,413
6.0
16/10/2028
34,537
34,537
6.0
19/02/2029
27,892
\u2014
6.0
21/06/2029
33,068
\u2014
6.0
30/10/2029
22,136
\u2014
4% secured loan
4.0
01/12/2031
2,241
2,160
4.0
01/12/2031
12,139
1,921
German Regional Tender -
Forgivable Loan
01/12/2031
4,610
\u2014
Total interest-
bearing loans and
borrowings
226,460
160,999
Unsecured bonds
In February 2024, Fastned raised \u20ac24.4 million through issue of corporate bonds,
and in addition, investors extended \u20ac3.4 million from earlier bonds issues.
Interest on this bond is 5.5% per annum, payable quarterly in arrears. In June
2024, Fastned raised an additional \u20ac20.7 million of corporate bonds and \u20ac12.3
million of extensions from earlier bonds issues. Interest on this bond is 6.0% per
annum, payable in quarterly arrears. In October 2024, Fastned raised an
additional \u20ac17.1 million of corporate bonds and \u20ac4.9 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 - 2024. In 2024,
the company received\u00a0 \u20ac9.8 million under this agreement.\u00a0 Interest is a fixed
component of 4% in the first three years and will be capitalised. In 2024, \u20ac0.45
million in interest was capitalised.\u00a0 A variable component will be added after three
years, based on the kWh sold, payable annually in arrears.
German Government Grant
In 2024 Fastned received grants from the German government which are
recognized initially at nominal value until the station is opened, thereafter at Net
Present Value of the future estimated new cash flows, discounted at the
Company\u2019s cost of debt, in accordance with IAS 20 and IFRS 9.\u00a0 The grant is
treated as an interest-free loan and treated as a financial liability, which is
unwound over the term of the agreement, with interest initially capitalized at
nominal value until the station is operational, and subsequently expensed as
incurred. The liability is reduced over time through a fee-sharing arrangement.\u00a0
14.4 Reconciliation of liabilities arising from financing activities
2024
Maturing
01-Jan 2024
Interest p/l
charge
Cash flows
Non-cash
changes
31-Dec 2024
\u20ac\u2019000
Loan issue /
repayment
Interest paid /
received
Accrual
Extensions
Non-current liabilities : interest
bearing loans and borrowings
6% corporate bond
21/03/24
7,304
86
(6,563)
(98)
12
(741)
\u2014
6% corporate bond
12/12/24
9,659
408
(5,204)
(438)
30
(4,455)
\u2014
6% corporate bond
28/07/25
16,206
702
\u2014
(776)
74
(7,041)
9,165
6% corporate bond
19/11/25
21,194
989
\u2014
(1,048)
59
(8,538)
12,654
5% corporate bond
12/12/26
30,357
1,517
\u2014
(1,517)
\u2014
\u2014
30,357
5% corporate bond
21/06/27
13,248
662
\u2014
(662)
\u2014
\u2014
13,248
5.5% corporate bond
12/06/28
24,413
1,342
\u2014
(1,342)
\u2014
\u2014
24,413
6% corporate bond
16/10/28
34,537
2,072
\u2014
(2,072)
\u2014
\u2014
34,537
6% corporate bond
19/02/29
\u2014
1,447
27,892
(1,255)
(192)
\u2014
27,892
6% corporate bond
21/06/29
\u2014
1,047
33,067
(992)
(54)
\u2014
33,068
6% corporate bond
30/10/29
\u2014
226
22,135
\u2014
(225)
\u2014
22,136
4% secured loan
01/12/31
2,160
\u2014
81
\u2014
\u2014
\u2014
2,241
4% secured loan
01/12/32
1,921
\u2014
10,218
\u2014
\u2014
\u2014
12,139
German Regional Tender - Forgivable
Loan
01/12/31
\u2014
4
4,605
\u2014
1
\u2014
4,610
160,999
10,502
86,231
(10,200)
(295)
(20,775)
226,460
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
6% corporate bond
12/12/22
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% secured loan
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
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
2024
2023
2024
2023
Financial assets
Interest-bearing loans and
borrowings, net
\u2014
\u2014
\u2014
\u2014
Lease receivables
1,790
11
1,790
11
Pledge assets
700
3,400
700
3,400
Total
2,490
3,411
2,490
3,411
Financial liabilities
Interest-bearing loans and
borrowings
226,460
160,999
226,460
160,999
Total
226,460
160,999
226,460
160,999
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:
\u2022 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.
\u2022 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 majority of electricity on
the spot wholesale market. 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. This strategy
includes the use of fixed-price Physical Power Purchase Agreements ('PPAs') for
wind and solar energy, forward contracts and fixed-price contracts to reduce
exposure to spot price fluctuations. In 2025, the Group plans to further mitigate
its risk by entering into additional long-term PPAs and increasing the hedged
share of energy purchases. 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 2024 would change with \u20ac 621 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 13 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 2024
Interest-bearing loans and borrowings
\u2014
\u2014
21,921
204,539
226,460
Interest on interest-bearing loans and borrowings
\u2014
2,788
9,041
19,644
31,473
Lease Liabilities*
3,358
34,361
37,719
Trade and other payables
20,723
1,249
21,972
Total
20,723
4,037
34,320
258,544
317,624
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
* Lease liabilities in 3-12 months column are in fact the short-term lease liabilities due in\u00a0 less than 12 months.
14.7\u00a0 Contract assets
\u20ac\u2019000
2024
2023
Contract assets
Construction contracts
433
\u2014
Contract assets, gross
433
\u2014
Allowance for expected credit losses
\u2014
\u2014
Contract assets
433
\u2014
Current contract assets
433
\u2014
Non-current contract assets
\u2014
\u2014
Construction service arrangements contractual assets
During the year, the Company completed construction related to a service
concession arrangement with the German Government for work on the Highway
Tender (which was awarded to Fastned in 2023), which entails constructing and
operating high-power charging sites across German Highways. The contract is
expected to last 8 years, with an option to extend for a maximum of 2 further
years. A contract asset is recognized to the extent that construction work has
been performed but not yet billed.\u00a0 The contract asset represents the Company's
right to consideration for construction services performed to date. The
measurement of the contract asset is subject to certain judgments and
estimates, including the determination of the fair value of construction services
and the discount rate applied to cash flows.
Trade and other receivables and
prepayments
\u20ac\u2019000
2024
2023
Trade receivables, net
16,782
10,333
Taxes and social securities
2,947
2,999
Prepayments
9,851
4,003
Other receivables
3,931
2,022
Total trade and other receivables
and prepayments
33,511
19,357
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 2024, the provision for trade receivables amounted to \u20ac1.1 million \u00a0
(2023: \u20ac831 thousand).
As at 31 December 2024, the ageing analysis of trade receivables is, as follows:
\u20ac\u2019000
Total
Not past due
Days overdue
2024
< 30
30 \u2013 60
60-90
90-120
120-150
>150
Outstanding
17,888
15,702
794
144
208
133
134
773
Provision for impairment
(1,105)
(502)
(116)
(49)
(38)
(46)
(50)
(304)
Trade receivables
16,782
15,199
678
95
170
87
84
469
As at 31 December 2023, the ageing analysis of trade receivables is as follows:
\u20ac\u2019000
Total
Not past due
Days overdue
2023
< 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
Cash
\u20ac\u2019000
2024
2023
Cash at banks and on hand
117,416
126,604
Total cash and cash equivalents
117,416
126,604
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 nil million (2023: \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
2024 (2023: \u20ac 17.0 million), of which \u20ac15.0 million (2023: \u20ac 13.4 million) have been
drawn. \u20ac 13.4 million expires at the end of 2029 and \u20ac 1.6 million has an open end
date. Certain covenants apply, who have all been met at 31 December 2024.
At 31 December 2024, the Group had no restricted cash balances (2023: nil).
Issued capital and reserves
Share capital
2024
2023
Quantity
Quantity
Authorised shares of \u20ac0.01 each
19,552,877
19,279,506
Issued and fully paid shares of \u20ac0.01 each 14
19,468,972
19,152,877
Quantity
\u20ac\u2019000
At 1 January 2023
19,190,092
192
Issuance of shares
89,414
1
At 31 December 2023
19,279,506
193
Issuance of shares
189,466
2
At 31 December 2024
19,468,972
195
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.
Fastned B.V. issued 200,000 new shares with a nominal value of \u20ac0.01 on
19\u00a0January 2024. Additionally, Fastned B.V. issued 200,000 new shares with a
nominal value of \u20ac0.01 on 11 December 2024. Total issued shares amount to
19,552,877.
During 2024 189,466 DRs were issued to employees and former employees
exercising options under Fastned option plans. Employee options for 347,163
DRs were outstanding as at 31 December 2024, see note 22.
Share premium
\u20ac\u2019000
At 1 January 2023
246,247
Issuance of share capital (certificates)
925
Transaction costs for issued share capital (certificates)
\u2014
At 1 January 2024
247,172
Issuance of share capital (certificates)
1,910
Transaction costs for issued share capital (certificates)
\u2014
At 31 December 2024
249,082
Treasury shares
Quantity
\u20ac\u2019000
At 31 December 2023
135,100
16
Shares returned to Fastned
\u2014
\u2014
At 31 December 2024
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 2024 219,522 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
2024
2023
Trade payables
7,223
5,103
Taxes and social securities
1,396
1,889
Other payables
13,353
8,568
Total trade and other payables
21,972
15,560
Trade payables include mainly construction related payables.
Terms and conditions of the above liabilities:
\u2022 Trade payables are non-interest bearing and are normally settled on 30-day
terms
\u2022 Other payables are non-interest bearing and have a term of one month to six
months
\u2022 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
2024
2023
Maturity analysis:
Year 1
6,015
3,891
Year 2
5,879
3,883
Year 3
5,543
3,675
Year 4
5,217
3,315
Year 5
3,902
3,048
> 5 years
35,070
16,289
Total
61,625
34,101
Less: unearned interest
(23,907)
(12,857)
Total lease liabilities
37,719
21,244
Analysed as :
Current
3,358
2,168
Non-current
34,361
19,076
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
2024
2023
Due within one year
\u2014
\u2014
Due after one year
17,615
13,316
Total provisions
17,615
13,316
The Group records provisions for the removal of the charging station at the end of
the concession period and restoring the site to its original state, if required in the
agreement with the land owner(s).
Decommissioning provision
\u20ac\u2019000
1 January 2024
13,316
Additions
2,532
Use
\u2014
Unwinding of Interest
375
Revised estimates
5,915
Change in Estimate
(4,523)
31 December 2024
17,615
1 January 2023
9,979
Additions
3,417
Use
\u2014
Revised estimates
(80)
31 December 2023
13,316
Included in the \u2018change in estimates\u2019 for the decommissioning provision is an
adjustment resulting from new insights gained on the ability to reuse or maintain
certain components of a station. As a result, the provision for decommissioning
provision has been reduced by \u20ac 4.5 million as of 31 December 2024.
The remaining \u2018revised estimates\u2019 relate to updated contractor quotations for
decommissioning of the stations, increasing the provision by \u20ac 5.9 million
Deferred revenues
Deferred revenues of \u20ac227,000 (2023: \u20ac224,000) relate to various pre-paid
long-term vouchers for supply of electricity to customersa and the Fastned
Founders Club.
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 2024, 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 2024, Fastned Founders have charged
71,779 kWh (2023: 62,755 kWh) for free. The value is determined at fair value
based on the sales price.
\u20ac\u2019000
2024
2023
At 1 January
234
314
Released to the statement of profit or loss
2
(80)
At 31 December
236
234
Current
\u2014
\u2014
Non-current
236
234
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:
2024
2023
Number
WAEP (\u20ac)
Number
WAEP (\u20ac)
Outstanding at 1 January
556,565
13.00
457,922
10.23
Granted during the year
\u2014
191,529
Forfeited during the year
(11,136)
(1,554)
Exercised during the year
(189,466)
10.09
(89,414)
10.35
Expired during the year
(8,800)
(1,918)
Outstanding at 31\u00a0December
347,163
14.61
556,565
13.00
Exercisable at
31\u00a0December
342,241
14.82
550,049
13.15
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 2024 (2023: 14,105).
Of the options outstanding at 31 December 2024:
\u2022 244,217 are exercisable at prices per DR between \u20ac10-\u20ac15,
\u2022 9,843 are exercisable at prices per DR between \u20ac15-\u20ac20,
\u2022 33,316 are exercisable at prices per DR between \u20ac20-\u20ac25,
\u2022 47,781 are exercisable at prices per DR between \u20ac25-\u20ac30,
\u2022 7,084 are exercisable at prices per DR between \u20ac30-\u20ac35.
Additionally, 4,922 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 2024, 90,650 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. Additionally, there is a clawback clause associated with the option
plan.
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:
\u2022 the market capitalisation has to be achieved for more than 30 consecutive
days; and
\u2022 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\u00a0months 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\u00a0months 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.
The cost of the options included in the income statement are as follows:
\u20ac\u2019000
2024
2023
Options granted
24
3,246
Capitalized part of options granted
\u2014
(567)
Total expense included in
administrative expenses
24
2,679
Commitments and
contingencies
Commitments
At 31 December 2024, the Group had initiated the construction of several fast
charging stations, these will be realised in the first half of 2025. 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 2024 amounted to approximately \u20ac35.26 million
(2023: \u20ac22.71 million).
The Group has energy purchase commitments of EUR 61 million under Power
Purchase Agreements relating to 2025 and later years. Of this amount, EUR 3.7
million is due within one year, EUR 19.4 million is due between one and five years,
and EUR 37.9 million is due after five years. These commitments are based on
current estimates and may be subject to variation due to changes in energy
market conditions and weather-related factors.
Related party disclosures
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
Short term employee benefits
2024
\u20ac\u2019000
Base Salary
Other benefits
Pension benefits
Share Options
Total
remuneration
M. Langezaal
116
13
\u2014
\u2014
129
V. van Dijk
164
7
16
\u2014
187
F. Poggi*
38
2
5
\u2014
45
Total
318
22
21
\u2014
361
Short term employee benefits
2023
\u20ac\u2019000
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
* Fran\u00e7oise Poggi was appointed as Group Chief Operating Officer on 29 November 2024.
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
2024
2023
Liselotte Kooi
\u2014
5
Maaike Veen
17
16
Henk Pals
11
11
Michiel Weghs
11
6
Total
39
38
During 2023, Liselotte Kooi's role changed from member of the FAST Board to
member of the Supervisory Board .
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 2024 was as follows:
2024
2023
\u20ac\u2019000
Short term employee benefits
Short term employee benefits
Basic salary
Other benefits
Total
remuneration
Basic salary
Other benefits
Total
remuneration
Liselotte Kooi
50
\u2014
50
26
\u2014
26
Bart Lubbers
38
\u2014
38
37
7
44
Marije van Mens
\u2014
\u2014
\u2014
16
\u2014
16
Nancy Kabalt
38
\u2014
38
37
\u2014
37
J\u00e9r\u00f4me Janssen
\u2014
8
8
\u2014
\u2014
\u2014
Total
126
8
134
116
7
123
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 2024, the total remuneration for all management board amounts to \u20ac361
thousand (2023: \u20ac383 thousand) , FAST Board amounts to \u20ac39 thousand (2023:
\u20ac38 thousand) and supervisory board member amounts to \u20ac134 thousand (2023:
\u20ac123 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 2024, a total of 434 kWh (2023: 614 kWh) were charged for free
by these family members. See note 21
Key events post reporting date
Unsecured bonds
In February 2025, Fastned raised \u20ac 20.4 million through issue of corporate
bonds, and in addition, investors extended \u20ac 16.2 million from earlier bonds
issues. Interest on this bond is 6% per annum, payable quarterly in arrears.
Fast Places Limited capital injection
During January 2025, the first capital injection was approved for the Joint Venture,
Fast Places Limited, as described in section 5 of Part 3 of the Annual report, and
paid in February 2025. Fastned UK Limited's share of capital contribution
amounted to \u20ac1.07 million. This injection represents Fastned's 51% stake in the
Joint Venture, and the Joint Venture Partner contributed its 49%, as mentioned in
section 5. This investment is intended to accelerate the expansion of the joint
venture's charging infrastructure network.
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 2024 is BDO Audit & Assurance B.V. (2023: BDO Audit &
Assurance B.V. ).
\u20ac\u2019000
2024
2023
Fees payable to the Group\u2019s auditor for the
audit of the consolidated parent company
accounts and subsidiaries accounts of
Fastned B.V.
326
195
Non-audit and other assurance services
32
5
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-242": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-243": { "value": "Fastned B.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-244": { "value": "Fastned B.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-245": { "value": "B.V", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-246": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-247": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-248": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-249": { "value": "Mondriaantoren, floor 21 and 22, Amstelplein 44 in Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-250": { "value": "Fastned Administratie Stichting (hereafter: FAST Foundation)", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-251": { "value": "
The 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.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-252": { "value": "
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 119.9 million (2023: \u20ac146.2 million) and a cash level of \u20ac 117.4
million (2023: \u20ac126.6 million).
Management monitors cash and liquidity forecasts on a continuous basis,
whereby a minimum desired cash level is to be maintained throughout the
forecast period. The liquidity forecast incorporates current cash levels, revenue
projections and a detailed capex and opex budgets. Revenue projections are
driven by the projected numbers of 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 9. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-253": { "value": "Material accounting policies
2.1 Basis of accounting
The consolidated 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:
\u2022 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:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the
investee; and
\u2022 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:
\u2022 the size of the Company\u2019s holding of voting rights relative to the size and
dispersion of holdings of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders or other
parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 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:
\u2022 Sales of electricity after the deduction of discounts and sales taxes
\u2022 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/
renewable energy credits).
\u2022 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.
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 an REC is
sold is dependent on the supply and demand of RECs to the market.
Unsold RECs are recognized as inventory when they meet the definition of an
asset and are held for sale in the ordinary course of business.\u00a0 The initial
measurement of RECs is at the lower of cost and net realizable value (NRV).\u00a0 The
subsequent measurement of RECs is also at the lower of cost and NRV.\u00a0 \u00a0
The inventory approach under IAS 2 is deemed appropriate for Fastned due to
the following reasons:
\u2022 RECs can be considered an output
\u2022 Fastned has control over the RECs upon the generation of electricity
\u2022 The intermediary\u2019s role is merely seen as administrative and isn\u2019t seen as a
transfer of an economic benefit
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:
\u2022 Fixed lease payments (including in-substance fixed payments), less any lease
incentives receivable;
\u2022 Variable lease payments that depend on an index or rate, initially measured
using the index or rate at the commencement date;
\u2022 The amount expected to be payable by the lessee under residual value
guarantees;
\u2022 The exercise price of purchase options, if the lessee is reasonably certain to
exercise the options; and
\u2022 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:
\u2022 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;
\u2022 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);
\u2022 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 2024, 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:
\u2022 the technical feasibility of completing the intangible asset so that it will be
available for use or sale;
\u2022 the intention to complete the intangible asset and use or sell it;
\u2022 the ability to use or sell the intangible asset;
\u2022 how the intangible asset will generate probable future economic benefits;
\u2022 the availability of adequate technical, financial and other resources to
complete the development and to use or sell the intangible asset; and
\u2022 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:
\u2022 those to be measured subsequently at fair value (either through OCI or through
profit or loss);
\u2022 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:
\u2022 Amortised cost
\u2022 Fair value through profit or loss
\u2022 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:
\u2022 the amount determined in accordance with the expected credit loss model
under IFRS\u00a09 Financial Instruments, and
\u2022 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.
'Own use'
Renewable Purchasing Contracts are classified for \u2018own use\u2019 if they are settled by
physical delivery or receipt of electricity in line with the Group\u2019s needs.
Transactions based upon these contracts are recognised through the income
statement in the period in which delivery or receipt takes place. These contracts
are out of scope of the recognition and measurement criteria for derivative
financial instruments, which is a consequence of the application of the 'own use
exemption' in IFRS 9 \u2018Financial Instruments\u2019. The Group has done an in-depth
assessment of whether these contracts qualify for the exemption.
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 at a specific date. 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 2024
The amendments listed below have been adopted but do not have any effect on
the Group's consolidated financial statements:
\u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Non-current
Liabilities with Covenants
\u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Classification of
Liabilities as Current or Non-Current
\u2022 Amendments to IFRS 16 Leases \u2013 Lease Liability in a Sale and Leaseback
Certain new accounting standards and interpretations have been published that
are not mandatory for 31 December 2024 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\u00a0not yet effective
At the date of authorisation of these financial statements, the Group has not
applied the following new and revised IFRS Standards that have been issued but
are not yet effective, and, in some cases, had not yet been adopted by the EU:
IFRS 18
Presentation and Disclosure in Financial
Statements
IFRS 19
Subsidiaries without Public Accountability:
Disclosures
Amendments to IFRS 9 and IFRS 7
Amendments to the Classification and
Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7
Contracts Referencing Nature dependent
Electricity
Amendments to IFRS 10 and IAS 28
Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
Annual Improvements to IFRS
Accounting Standards (Volume 11)
Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS
10 and IAS 7
In December 2024, the IASB issued amendments to IFRS 9 and IFRS 7 regarding
contracts referencing nature-dependent electricity. These amendments clarify
the application of the \u2018own use\u2019 exception and hedge accounting for contracts
where the amount of electricity generated is influenced by uncontrollable natural
factors, such as wind or solar conditions. The amendments provide guidance on
assessing whether physical power purchase agreements (PPAs) qualify for the
\u2018own use\u2019 exception and introduce new disclosure requirements for these
contracts.
Key changes to the 'own use' exception under IFRS 9 include new application
guidance and qualifying criteria for physical PPAs. To qualify, the contract must
require purchasing and taking delivery of generated electricity, expose the entity
to buying electricity it can't use, and necessitate selling unused electricity due to
market conditions. The entity must also show it's historically been and expects to
remain a net purchaser of electricity.
The amendments are effective for annual periods beginning on or after 1 January
2026, with early adoption permitted.
Based on a preliminary analysis performed, it is anticipated that there will be no
significant impact on the classification of current PPA contracts. The Group
expects to adopt the amendments when they become effective
For the remaining standards, The Company does not expect a material impact on
the financial statements due to adoption of these amendments and new IFRS
accounting standards, apart for the application of the new presentation
requirements arising from the adoption of IFRS 18, which is currently being
assessed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-254": { "value": "Basis of accounting
The consolidated 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:
\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-258": { "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:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the
investee; and
\u2022 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:
\u2022 the size of the Company\u2019s holding of voting rights relative to the size and
dispersion of holdings of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders or other
parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-257": { "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:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the
investee; and
\u2022 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:
\u2022 the size of the Company\u2019s holding of voting rights relative to the size and
dispersion of holdings of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders or other
parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 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:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-256": { "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:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the
investee; and
\u2022 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:
\u2022 the size of the Company\u2019s holding of voting rights relative to the size and
dispersion of holdings of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders or other
parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-255": { "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:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the
investee; and
\u2022 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:
\u2022 the size of the Company\u2019s holding of voting rights relative to the size and
dispersion of holdings of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders or other
parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-261": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-260": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-259": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-262": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-263": { "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 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 2024 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:
\u2022 The importance of the Fastned brand, station design, and network with
national coverage.
\u2022 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.
\u2022 Management performance monitoring and allocation of available capex
budget is determined on a country level.
\u2022 Furthermore, there are shared cash outflows for costs of shared infrastructure
(centralized purchasing, customer support and systems).
Management has assessed external and internal sources of information for
indications that an asset may be impaired 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.
Even though the long term fundamentals of the BEV transition are firmly in place
with battery technology improving and continued government targets,
management considered it prudent to conduct an impairment test for all CGUs
as at year end 2024, as updated BEV adoption forecasts were lower versus
previous forecasts, especially in the near term. Key data utilised in this
assessment was updated forecasts on BEVs on the road as a % of total
passenger car fleet at year end, average charging speed estimated for assets in
current condition, driving patterns and market share assumptions, electricity
prices, growth rate estimates and Fastned's Weighted average cost of capital
('WACC'). All CGUs showed significant headroom and therefore no impairment
was identified.
However, during 2024, as the result of a separate assessment performed by
management, non-operational ABB chargers have been impaired, resulting in a
charge of \u20ac1.5 million.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-264": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-265": { "value": "Revenue recognition
The Group recognises revenue from the following major sources:
\u2022 Sales of electricity after the deduction of discounts and sales taxes
\u2022 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/
renewable energy credits).
\u2022 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.
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 an REC is
sold is dependent on the supply and demand of RECs to the market.
Unsold RECs are recognized as inventory when they meet the definition of an
asset and are held for sale in the ordinary course of business.\u00a0 The initial
measurement of RECs is at the lower of cost and net realizable value (NRV).\u00a0 The
subsequent measurement of RECs is also at the lower of cost and NRV.\u00a0 \u00a0
The inventory approach under IAS 2 is deemed appropriate for Fastned due to
the following reasons:
\u2022 RECs can be considered an output
\u2022 Fastned has control over the RECs upon the generation of electricity
\u2022 The intermediary\u2019s role is merely seen as administrative and isn\u2019t seen as a
transfer of an economic benefit
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-266": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-267": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-268": { "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:
\u2022 Fixed lease payments (including in-substance fixed payments), less any lease
incentives receivable;
\u2022 Variable lease payments that depend on an index or rate, initially measured
using the index or rate at the commencement date;
\u2022 The amount expected to be payable by the lessee under residual value
guarantees;
\u2022 The exercise price of purchase options, if the lessee is reasonably certain to
exercise the options; and
\u2022 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:
\u2022 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;
\u2022 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);
\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-269": { "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 2024, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-270": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-271": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-272": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-273": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-275": { "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 at a specific date. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-274": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-276": { "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 2024, the Group has \u20ac 23.3 million (2023: \u20ac18.0 million) of tax losses
in the Netherlands, and \u20ac 54.8 million of tax losses (2023: \u20ac38.0 million) arising in
other countries. In addition, the Group has \u20ac 71.0 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 \u20ac 19.6 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-277": { "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 2024, the Group has \u20ac 23.3 million (2023: \u20ac18.0 million) of tax losses
in the Netherlands, and \u20ac 54.8 million of tax losses (2023: \u20ac38.0 million) arising in
other countries. In addition, the Group has \u20ac 71.0 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 \u20ac 19.6 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-278": { "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 2024, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-280": { "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:
\u2022 the technical feasibility of completing the intangible asset so that it will be
available for use or sale;
\u2022 the intention to complete the intangible asset and use or sell it;
\u2022 the ability to use or sell the intangible asset;
\u2022 how the intangible asset will generate probable future economic benefits;
\u2022 the availability of adequate technical, financial and other resources to
complete the development and to use or sell the intangible asset; and
\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-279": { "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:
\u2022 the technical feasibility of completing the intangible asset so that it will be
available for use or sale;
\u2022 the intention to complete the intangible asset and use or sell it;
\u2022 the ability to use or sell the intangible asset;
\u2022 how the intangible asset will generate probable future economic benefits;
\u2022 the availability of adequate technical, financial and other resources to
complete the development and to use or sell the intangible asset; and
\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-281": { "value": "Financial instruments
Financial assets - Classification and measurement
The Group classifies its financial assets in the following measurement categories:
\u2022 those to be measured subsequently at fair value (either through OCI or through
profit or loss);
\u2022 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:
\u2022 Amortised cost
\u2022 Fair value through profit or loss
\u2022 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:
\u2022 the amount determined in accordance with the expected credit loss model
under IFRS\u00a09 Financial Instruments, and
\u2022 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.
'Own use'
Renewable Purchasing Contracts are classified for \u2018own use\u2019 if they are settled by
physical delivery or receipt of electricity in line with the Group\u2019s needs.
Transactions based upon these contracts are recognised through the income
statement in the period in which delivery or receipt takes place. These contracts
are out of scope of the recognition and measurement criteria for derivative
financial instruments, which is a consequence of the application of the 'own use
exemption' in IFRS 9 \u2018Financial Instruments\u2019. The Group has done an in-depth
assessment of whether these contracts qualify for the exemption.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-282": { "value": "
Financial assets - Classification and measurement
The Group classifies its financial assets in the following measurement categories:
\u2022 those to be measured subsequently at fair value (either through OCI or through
profit or loss);
\u2022 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:
\u2022 Amortised cost
\u2022 Fair value through profit or loss
\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-283": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-285": { "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:
\u2022 Amortised cost
\u2022 Fair value through profit or loss
\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-284": { "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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-286": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-287": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-288": { "value": "
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:
\u2022 the amount determined in accordance with the expected credit loss model
under IFRS\u00a09 Financial Instruments, and
\u2022 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:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-289": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-290": { "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:
\u2022 the amount determined in accordance with the expected credit loss model
under IFRS\u00a09 Financial Instruments, and
\u2022 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.
'Own use'
Renewable Purchasing Contracts are classified for \u2018own use\u2019 if they are settled by
physical delivery or receipt of electricity in line with the Group\u2019s needs.
Transactions based upon these contracts are recognised through the income
statement in the period in which delivery or receipt takes place. These contracts
are out of scope of the recognition and measurement criteria for derivative
financial instruments, which is a consequence of the application of the 'own use
exemption' in IFRS 9 \u2018Financial Instruments\u2019. The Group has done an in-depth
assessment of whether these contracts qualify for the exemption.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-291": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-293": { "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 2024 was \u20ac17.6
million (2023: \u20ac13.3 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:
\u2022 Estimated cost of removal: \u20ac20-131 thousand depending on the size of the
station
\u2022 Estimated duration till expiry: 2-29 years
\u2022 Inflation of 2.0% (2023: 2.1%) based on 5 year ahead
\u2022 Discount rate of 2.60% (2023: 2.25%) 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 \u20ac1.5. million lower. If the estimated inflation had been 1% higher than
management's estimate, the carrying amount of the provision would have been
\u20ac1.8 million higher.
Power Purchase Agreements \u2018Own Use\u2019 assumptions
The Group has entered into PPAs during 2024. To assess whether the PPA
classifies as \u201cOwn Use\u201d (as explained in Accounting Policies), requires judgement
due to uncertainties in production and consumption values. The unpredictability
of the supply and the inability to economically store the electricity at scale are
unique characteristics of PPAs from intermittent energy sources.
The Group assessed the accounting treatment of the PPAs, considering the
following:
\u2022 Consolidation: The Group does not consolidate the renewable energy
projects per IFRS 10 as it does not have the power to direct the activities of the
energy suppliers, is not exposed to variable returns from the projects, and
cannot use its power to affect the amount of its returns.\u00a0 \u00a0
\u2022 Lease: The Group does not consider the PPAs to be leases in terms of IFRS 16
as it was not involved in the design of the renewable energy projects, and it
does not have the right to direct the use of the renewable energy projects.
\u2022 Own Use: The Group applies the \u201cown use\u201d exemption under IFRS 9, as it
intends to consume all the electricity produced by the renewable energy
projects. This assessment requires judgement due to uncertainties in
production and consumption values. The Group carefully considered the
overall design and structure of the contracts, the frequency and volumetric
magnitude of sales due to excess deliveries, and the risk management
objective in relation to excess deliveries. The PPAs are entered into for hedging
the price risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-292": { "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 2024 was \u20ac17.6
million (2023: \u20ac13.3 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:
\u2022 Estimated cost of removal: \u20ac20-131 thousand depending on the size of the
station
\u2022 Estimated duration till expiry: 2-29 years
\u2022 Inflation of 2.0% (2023: 2.1%) based on 5 year ahead
\u2022 Discount rate of 2.60% (2023: 2.25%) 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 \u20ac1.5. million lower. If the estimated inflation had been 1% higher than
management's estimate, the carrying amount of the provision would have been
\u20ac1.8 million higher.
Power Purchase Agreements \u2018Own Use\u2019 assumptions
The Group has entered into PPAs during 2024. To assess whether the PPA
classifies as \u201cOwn Use\u201d (as explained in Accounting Policies), requires judgement
due to uncertainties in production and consumption values. The unpredictability
of the supply and the inability to economically store the electricity at scale are
unique characteristics of PPAs from intermittent energy sources.
The Group assessed the accounting treatment of the PPAs, considering the
following:
\u2022 Consolidation: The Group does not consolidate the renewable energy
projects per IFRS 10 as it does not have the power to direct the activities of the
energy suppliers, is not exposed to variable returns from the projects, and
cannot use its power to affect the amount of its returns.\u00a0 \u00a0
\u2022 Lease: The Group does not consider the PPAs to be leases in terms of IFRS 16
as it was not involved in the design of the renewable energy projects, and it
does not have the right to direct the use of the renewable energy projects.
\u2022 Own Use: The Group applies the \u201cown use\u201d exemption under IFRS 9, as it
intends to consume all the electricity produced by the renewable energy
projects. This assessment requires judgement due to uncertainties in
production and consumption values. The Group carefully considered the
overall design and structure of the contracts, the frequency and volumetric
magnitude of sales due to excess deliveries, and the risk management
objective in relation to excess deliveries. The PPAs are entered into for hedging
the price risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-294": { "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 at a specific date. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-297": { "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:
\u2022 Capital management (see Note 4)
\u2022 Financial risk management objectives and policies (see Note 14.6)
\u2022 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 2024, the Group has \u20ac 23.3 million (2023: \u20ac18.0 million) of tax losses
in the Netherlands, and \u20ac 54.8 million of tax losses (2023: \u20ac38.0 million) arising in
other countries. In addition, the Group has \u20ac 71.0 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 \u20ac 19.6 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 2024 was \u20ac17.6
million (2023: \u20ac13.3 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:
\u2022 Estimated cost of removal: \u20ac20-131 thousand depending on the size of the
station
\u2022 Estimated duration till expiry: 2-29 years
\u2022 Inflation of 2.0% (2023: 2.1%) based on 5 year ahead
\u2022 Discount rate of 2.60% (2023: 2.25%) 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 \u20ac1.5. million lower. If the estimated inflation had been 1% higher than
management's estimate, the carrying amount of the provision would have been
\u20ac1.8 million higher.
Power Purchase Agreements \u2018Own Use\u2019 assumptions
The Group has entered into PPAs during 2024. To assess whether the PPA
classifies as \u201cOwn Use\u201d (as explained in Accounting Policies), requires judgement
due to uncertainties in production and consumption values. The unpredictability
of the supply and the inability to economically store the electricity at scale are
unique characteristics of PPAs from intermittent energy sources.
The Group assessed the accounting treatment of the PPAs, considering the
following:
\u2022 Consolidation: The Group does not consolidate the renewable energy
projects per IFRS 10 as it does not have the power to direct the activities of the
energy suppliers, is not exposed to variable returns from the projects, and
cannot use its power to affect the amount of its returns.\u00a0 \u00a0
\u2022 Lease: The Group does not consider the PPAs to be leases in terms of IFRS 16
as it was not involved in the design of the renewable energy projects, and it
does not have the right to direct the use of the renewable energy projects.
\u2022 Own Use: The Group applies the \u201cown use\u201d exemption under IFRS 9, as it
intends to consume all the electricity produced by the renewable energy
projects. This assessment requires judgement due to uncertainties in
production and consumption values. The Group carefully considered the
overall design and structure of the contracts, the frequency and volumetric
magnitude of sales due to excess deliveries, and the risk management
objective in relation to excess deliveries. The PPAs are entered into for hedging
the price risk.
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 2024 was
\u20ac185,000 (2023: \u20ac191,000). 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.
Determination of Standalone Selling Price for Construction
Revenue
In 2024 the company started planning & construction work on sites included in
the German Highway Tender contract which is treated in accordance with IFRIC 12\u00a0
& IFRS 15. Construction revenue is recognised at a Standalone Selling Price ('SSP')
which the Group would charge for construction services. Determining the SSP for
the construction service of the high-power charging (HPC) sites involves
significant judgement and estimation, as Fastned does not routinely sell
construction services separately.
In line with IFRS 15, the expected cost plus a margin approach is used to estimate
the SSP.\u00a0 This approach requires estimating the expected costs to complete the
construction and adding an appropriate profit margin.\u00a0 While the expected costs
are derived from the budget, determining the appropriate margin involves
significant judgement.\u00a0 Factors considered include the margin that Fastned
expects to receive on other services and the industry norm for construction
services of similar goods.\u00a0 Management's assessment of these factors and the
determination of the appropriate margin are subject to estimation uncertainty
and may impact the timing and amount of revenue recognized for the
construction service.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-296": { "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:
\u2022 Capital management (see Note 4)
\u2022 Financial risk management objectives and policies (see Note 14.6)
\u2022 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 2024, the Group has \u20ac 23.3 million (2023: \u20ac18.0 million) of tax losses
in the Netherlands, and \u20ac 54.8 million of tax losses (2023: \u20ac38.0 million) arising in
other countries. In addition, the Group has \u20ac 71.0 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 \u20ac 19.6 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 2024 was \u20ac17.6
million (2023: \u20ac13.3 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:
\u2022 Estimated cost of removal: \u20ac20-131 thousand depending on the size of the
station
\u2022 Estimated duration till expiry: 2-29 years
\u2022 Inflation of 2.0% (2023: 2.1%) based on 5 year ahead
\u2022 Discount rate of 2.60% (2023: 2.25%) 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 \u20ac1.5. million lower. If the estimated inflation had been 1% higher than
management's estimate, the carrying amount of the provision would have been
\u20ac1.8 million higher.
Power Purchase Agreements \u2018Own Use\u2019 assumptions
The Group has entered into PPAs during 2024. To assess whether the PPA
classifies as \u201cOwn Use\u201d (as explained in Accounting Policies), requires judgement
due to uncertainties in production and consumption values. The unpredictability
of the supply and the inability to economically store the electricity at scale are
unique characteristics of PPAs from intermittent energy sources.
The Group assessed the accounting treatment of the PPAs, considering the
following:
\u2022 Consolidation: The Group does not consolidate the renewable energy
projects per IFRS 10 as it does not have the power to direct the activities of the
energy suppliers, is not exposed to variable returns from the projects, and
cannot use its power to affect the amount of its returns.\u00a0 \u00a0
\u2022 Lease: The Group does not consider the PPAs to be leases in terms of IFRS 16
as it was not involved in the design of the renewable energy projects, and it
does not have the right to direct the use of the renewable energy projects.
\u2022 Own Use: The Group applies the \u201cown use\u201d exemption under IFRS 9, as it
intends to consume all the electricity produced by the renewable energy
projects. This assessment requires judgement due to uncertainties in
production and consumption values. The Group carefully considered the
overall design and structure of the contracts, the frequency and volumetric
magnitude of sales due to excess deliveries, and the risk management
objective in relation to excess deliveries. The PPAs are entered into for hedging
the price risk.
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 2024 was
\u20ac185,000 (2023: \u20ac191,000). 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.
Determination of Standalone Selling Price for Construction
Revenue
In 2024 the company started planning & construction work on sites included in
the German Highway Tender contract which is treated in accordance with IFRIC 12\u00a0
& IFRS 15. Construction revenue is recognised at a Standalone Selling Price ('SSP')
which the Group would charge for construction services. Determining the SSP for
the construction service of the high-power charging (HPC) sites involves
significant judgement and estimation, as Fastned does not routinely sell
construction services separately.
In line with IFRS 15, the expected cost plus a margin approach is used to estimate
the SSP.\u00a0 This approach requires estimating the expected costs to complete the
construction and adding an appropriate profit margin.\u00a0 While the expected costs
are derived from the budget, determining the appropriate margin involves
significant judgement.\u00a0 Factors considered include the margin that Fastned
expects to receive on other services and the industry norm for construction
services of similar goods.\u00a0 Management's assessment of these factors and the
determination of the appropriate margin are subject to estimation uncertainty
and may impact the timing and amount of revenue recognized for the
construction service.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-295": { "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:\u2022 Capital management (see Note 4)\u2022 Financial risk management objectives and policies (see Note 14.6)\u2022 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 2024, the Group has \u20ac 23.3 million (2023: \u20ac18.0 million) of tax losses in the Netherlands, and \u20ac 54.8 million of tax losses (2023: \u20ac38.0 million) arising in other countries. In addition, the Group has \u20ac 71.0 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 \u20ac 19.6 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 2024 was \u20ac17.6 million (2023: \u20ac13.3 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:\u2022 Estimated cost of removal: \u20ac20-131 thousand depending on the size of the station\u2022 Estimated duration till expiry: 2-29 years\u2022 Inflation of 2.0% (2023: 2.1%) based on 5 year ahead\u2022 Discount rate of 2.60% (2023: 2.25%) 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 \u20ac1.5. million lower. If the estimated inflation had been 1% higher than management's estimate, the carrying amount of the provision would have been \u20ac1.8 million higher.Power Purchase Agreements \u2018Own Use\u2019 assumptionsThe Group has entered into PPAs during 2024. To assess whether the PPA classifies as \u201cOwn Use\u201d (as explained in Accounting Policies), requires judgement due to uncertainties in production and consumption values. The unpredictability of the supply and the inability to economically store the electricity at scale are unique characteristics of PPAs from intermittent energy sources.The Group assessed the accounting treatment of the PPAs, considering the following:\u2022 Consolidation: The Group does not consolidate the renewable energy projects per IFRS 10 as it does not have the power to direct the activities of the energy suppliers, is not exposed to variable returns from the projects, and cannot use its power to affect the amount of its returns.\u00a0 \u00a0 \u2022 Lease: The Group does not consider the PPAs to be leases in terms of IFRS 16 as it was not involved in the design of the renewable energy projects, and it does not have the right to direct the use of the renewable energy projects. \u2022 Own Use: The Group applies the \u201cown use\u201d exemption under IFRS 9, as it intends to consume all the electricity produced by the renewable energy projects. This assessment requires judgement due to uncertainties in production and consumption values. The Group carefully considered the overall design and structure of the contracts, the frequency and volumetric magnitude of sales due to excess deliveries, and the risk management objective in relation to excess deliveries. The PPAs are entered into for hedging the price risk.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 2024 was \u20ac185,000 (2023: \u20ac191,000). 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. Determination of Standalone Selling Price for Construction RevenueIn 2024 the company started planning & construction work on sites included in the German Highway Tender contract which is treated in accordance with IFRIC 12\u00a0 & IFRS 15. Construction revenue is recognised at a Standalone Selling Price ('SSP') which the Group would charge for construction services. Determining the SSP for the construction service of the high-power charging (HPC) sites involves significant judgement and estimation, as Fastned does not routinely sell construction services separately. In line with IFRS 15, the expected cost plus a margin approach is used to estimate the SSP.\u00a0 This approach requires estimating the expected costs to complete the construction and adding an appropriate profit margin.\u00a0 While the expected costs are derived from the budget, determining the appropriate margin involves significant judgement.\u00a0 Factors considered include the margin that Fastned expects to receive on other services and the industry norm for construction services of similar goods.\u00a0 Management's assessment of these factors and the determination of the appropriate margin are subject to estimation uncertainty and may impact the timing and amount of revenue recognized for the construction service.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-298": { "value": "
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:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-299": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-300": { "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\u00a01.
No changes were made in the objectives, policies or processes for managing
capital during the years ended 31 December 2024 and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-301": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-302": { "value": "Group information
The consolidated financial statements of the Group include:
Name
Principal activities
Country of incorporation
% equity
% equity
2024
2023
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
100
Fastned Denmark ApS
Construction and operating charging stations
Denmark
100
100
Fastned Terra 1 B.V.
Commercial operation of chargers at charging stations
Netherlands
100
91
Fastned Austria GmbH
Construction and operating charging stations
Austria
100
\u2014
Fastned is a partner in the following Associates & Joint Ventures:
Name
Country
% Equity
%\u00a0 Equity
2024
2023
Fast Places Limited
United Kingdom
51.0
\u2014
In 2024, the Group established a new subsidiary in Austria. Fastned Austria GmbH
was established on 16 February 2024.
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%. On 1 December
2024, Fastned B.V. acquired the remaining 1.6% of the shares in Terra 1 from its
former shareholders. After this transaction Fastned B.V. increased its holding in
Terra 1 to 100%.
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. consists of Michiel Langezaal,
Victor van Dijk, and Fran\u00e7oise Poggi. The supervisory board of Fastned B.V.
consists of Liselotte Kooi (chair), Bart Lubbers, J\u00e9r\u00f4me Janssen and Nancy Kabalt.
On 5 December 2024, Fastned UK Limited entered into a Joint Venture
Agreement with Places for London, Transport for London's transport property
company, to develop and operate ultra-rapid electric vehicle (EV) charging hubs
across London. The joint venture is structured as a separate entity, Fast Places
limited, in which Fastned UK and Places for London each hold an equity stake.
Fastned UK and Places for London will jointly invest in developing ultra-rapid
charging hubs at an initial five sites in London, with plans to expand the network to
25 sites by the end of the decade. Fastned UK will provide operational services,
such as accounting, planning, design, and operations, to Fast Places Limited on a
reimbursable basis.
The investment in Fast Places is recognized as a joint venture under IFRS 11 and will
be accounted for using the equity method in Fastned UK's financial statements.
The ultimate parent company, Fastned B.V., indirectly holds a 51% interest in Fast
Places through its ownership of Fastned UK Limited.
Although the % equity stake of Fastned UK is more than 50%, Fast Places is not
consolidated. The Group performed an assessment, concluding that due to the
structure of the Shared Power and limitation of Fastned's ability to use its rights
to direct the relevant activities of Fast Places, it classifies as a Joint Arrangement.
Furthermore, the arrangement\u00a0 meets the criteria for a Joint Venture due to the
following factors:
\u2022 Board Composition and Decision-Making: The Fast Places Limited board
comprises an equal number of directors, appointed by each shareholder,
requiring joint approval for all key decisions. \u00a0
\u2022 Significant decisions, such as business plan changes and new site acquisitions,
require unanimous shareholder approval. A clear deadlock resolution process
ensures neither party can enforce decisions unilaterally. \u00a0 \u00a0
\u2022 Contractual Agreements: The contractual agreements reinforce the joint
control framework. \u00a0
\u2022 Rights to Net Assets: The legal structure of the arrangement provides both
parties with rights to the net assets of the joint venture
The joint venture agreement includes provisions for the equalisation of guarantee
liabilities between the parties, ensuring that any costs incurred under the
guarantees are shared proportionally. The agreement also outlines potential
future capital commitments, subject to certain conditions, for the further
expansion of the charging hub network.\u00a0
As of 31 December 2024, Fastned's confirmed share of Fast Places Limited's
capital commitments is \u20ac1.07 million. These commitments relate to future
funding requirements for the development and expansion of charging hubs as
outlined in the joint venture agreement. This figure is expected to increase as
more capital commitments are approved by the Joint Venture board.
Own holding as % of total
outstanding certificates of shares
2024
2023
Wilhelmina-Dok B.V. (Bart Lubbers)
36.7
37.0
Carraig Aonair Holding B.V.
(Michiel\u00a0Langezaal)
21.3
21.5
Furthermore, Bart Lubbers has a 33% share in Breesaap B.V.\u00a0 Breesaap B.V. has
5.8% of shares in Fastned B.V.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-303": { "value": "
Fastned is a partner in the following Associates & Joint Ventures:
Name
Country
% Equity
%\u00a0 Equity
2024
2023
Fast Places Limited
United Kingdom
51.0
\u2014
In 2024, the Group established a new subsidiary in Austria. Fastned Austria GmbH
was established on 16 February 2024.
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%. On 1 December
2024, Fastned B.V. acquired the remaining 1.6% of the shares in Terra 1 from its
former shareholders. After this transaction Fastned B.V. increased its holding in
Terra 1 to 100%.
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. consists of Michiel Langezaal,
Victor van Dijk, and Fran\u00e7oise Poggi. The supervisory board of Fastned B.V.
consists of Liselotte Kooi (chair), Bart Lubbers, J\u00e9r\u00f4me Janssen and Nancy Kabalt.
On 5 December 2024, Fastned UK Limited entered into a Joint Venture
Agreement with Places for London, Transport for London's transport property
company, to develop and operate ultra-rapid electric vehicle (EV) charging hubs
across London. The joint venture is structured as a separate entity, Fast Places
limited, in which Fastned UK and Places for London each hold an equity stake.
Fastned UK and Places for London will jointly invest in developing ultra-rapid
charging hubs at an initial five sites in London, with plans to expand the network to
25 sites by the end of the decade. Fastned UK will provide operational services,
such as accounting, planning, design, and operations, to Fast Places Limited on a
reimbursable basis.
The investment in Fast Places is recognized as a joint venture under IFRS 11 and will
be accounted for using the equity method in Fastned UK's financial statements.
The ultimate parent company, Fastned B.V., indirectly holds a 51% interest in Fast
Places through its ownership of Fastned UK Limited.
Although the % equity stake of Fastned UK is more than 50%, Fast Places is not
consolidated. The Group performed an assessment, concluding that due to the
structure of the Shared Power and limitation of Fastned's ability to use its rights
to direct the relevant activities of Fast Places, it classifies as a Joint Arrangement.
Furthermore, the arrangement\u00a0 meets the criteria for a Joint Venture due to the
following factors:
\u2022 Board Composition and Decision-Making: The Fast Places Limited board
comprises an equal number of directors, appointed by each shareholder,
requiring joint approval for all key decisions. \u00a0
\u2022 Significant decisions, such as business plan changes and new site acquisitions,
require unanimous shareholder approval. A clear deadlock resolution process
ensures neither party can enforce decisions unilaterally. \u00a0 \u00a0
\u2022 Contractual Agreements: The contractual agreements reinforce the joint
control framework. \u00a0
\u2022 Rights to Net Assets: The legal structure of the arrangement provides both
parties with rights to the net assets of the joint venture
The joint venture agreement includes provisions for the equalisation of guarantee
liabilities between the parties, ensuring that any costs incurred under the
guarantees are shared proportionally. The agreement also outlines potential
future capital commitments, subject to certain conditions, for the further
expansion of the charging hub network.\u00a0
As of 31 December 2024, Fastned's confirmed share of Fast Places Limited's
capital commitments is \u20ac1.07 million. These commitments relate to future
funding requirements for the development and expansion of charging hubs as
outlined in the joint venture agreement. This figure is expected to increase as
more capital commitments are approved by the Joint Venture board.
Own holding as % of total
outstanding certificates of shares
2024
2023
Wilhelmina-Dok B.V. (Bart Lubbers)
36.7
37.0
Carraig Aonair Holding B.V.
(Michiel\u00a0Langezaal)
21.3
21.5
Furthermore, Bart Lubbers has a 33% share in Breesaap B.V.\u00a0 Breesaap B.V. has
5.8% of shares in Fastned B.V.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-305": { "value": "
Revenue
The Group\u2019s revenue disaggregated by type of good or service is as follows:
\u20ac\u2019000
Timing of revenue recognition
2024
2023
Revenues related to charging:
Sales of electricity
Goods transferred at a point in time
79,395
56,981
Other revenues relating\u00a0 to charging:
Sales of renewable\u00a0 energy units
Goods transferred at a point in time
6,839
3,372
Maintenance fees and other revenue
Services transferred over time
79
157
6,918
3,529
Total revenues related to charging
86,313
60,510
Station construction as part of service concessions
Goods transferred over time
423
4
Total revenue
86,736
60,514
During 2023, Fastned was awarded a tender by the German Federal Government
to construct and operate 34 high-power charging (HPC) fast-charging sites
across German highways. The German government owns the HPC infrastructure
during and after the contract. The arrangement is within the scope of IFRIC 12. The
consideration received from the German Government is in the form of an
installation fee and an operator fee. The fees represent the guaranteed minimum
amounts to be received by Fastned in relation to the contract, and thus meet the
definition of a financial asset per IFRIC 12 and should be recognised as such. The
guaranteed consideration received for the construction services is recognised
as revenue over time.
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
2024
2023
Type of goods and service
Sales of electricity
Goods transferred at a
point of time
79,395
56,981
Other revenues
related to charging:
Sales of renewable energy
units
Goods transferred at a
point of time
6,839
3,372
Maintenance fees and
other revenue
Service transferred over
time
79
157
Other revenues:
Station construction as
part of service
concessions
Goods transferred over
time
423
4
Total revenue
86,736
60,514
\u20ac\u2019000
2024
2023
Geographical markets
The Netherlands
53,280
41,190
Germany
8,710
7,121
France
7,672
3,311
Belgium
10,035
5,634
UK
5,822
3,018
Other Europe
1,217
240
Total revenue
86,736
60,514
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, 2024 and 2023.
7.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-304": { "value": "
Revenue
The Group\u2019s revenue disaggregated by type of good or service is as follows:
\u20ac\u2019000
Timing of revenue recognition
2024
2023
Revenues related to charging:
Sales of electricity
Goods transferred at a point in time
79,395
56,981
Other revenues relating\u00a0 to charging:
Sales of renewable\u00a0 energy units
Goods transferred at a point in time
6,839
3,372
Maintenance fees and other revenue
Services transferred over time
79
157
6,918
3,529
Total revenues related to charging
86,313
60,510
Station construction as part of service concessions
Goods transferred over time
423
4
Total revenue
86,736
60,514
During 2023, Fastned was awarded a tender by the German Federal Government
to construct and operate 34 high-power charging (HPC) fast-charging sites
across German highways. The German government owns the HPC infrastructure
during and after the contract. The arrangement is within the scope of IFRIC 12. The
consideration received from the German Government is in the form of an
installation fee and an operator fee. The fees represent the guaranteed minimum
amounts to be received by Fastned in relation to the contract, and thus meet the
definition of a financial asset per IFRIC 12 and should be recognised as such. The
guaranteed consideration received for the construction services is recognised
as revenue over time.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-306": { "value": "
During 2023, Fastned was awarded a tender by the German Federal Government
to construct and operate 34 high-power charging (HPC) fast-charging sites
across German highways. The German government owns the HPC infrastructure
during and after the contract. The arrangement is within the scope of IFRIC 12. The
consideration received from the German Government is in the form of an
installation fee and an operator fee. The fees represent the guaranteed minimum
amounts to be received by Fastned in relation to the contract, and thus meet the
definition of a financial asset per IFRIC 12 and should be recognised as such. The
guaranteed consideration received for the construction services is recognised
as revenue over time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-308": { "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, CFO and COO . The CODM examines the
Group\u2019s performance on a geographical basis with six operating segments
identified, being the Netherlands, Germany, United Kingdom, Belgium, France
and Other Europe. Other Europe consists of Switzerland, Italy, Spain and
Denmark.
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, Austria 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 10 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
2024
NL
DE
UK
BE
FR
Other Europe
Total Group
Segment revenues
53,280
8,287
5,822
10,035
7,672
1,217
86,313
Other reconciling items - station construction
as part of service concessions
\u2014
423
\u2014
\u2014
\u2014
\u2014
423
Total revenue
53,280
8,710
5,822
10,035
7,672
1,217
86,736
EBITDA
12,284
(1,121)
(2,804)
1,630
(111)
(2,512)
7,366
Reconciliation of EBITDA to profit/(loss)
before tax
EBITDA
12,284
(1,121)
(2,804)
1,630
(111)
(2,512)
7,366
Depreciation and amortization
(13,270)
(2,483)
(1,480)
(2,073)
(3,224)
(899)
(23,429)
Finance costs
(15,042)
Finance income
4,107
Profit/(loss) before taxation
(26,998)
Segment assets
Non-current assets 11
100,753
32,770
38,205
36,900
50,132
16,425
275,185
\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
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
2024
2023
Type of goods and service
Sales of electricity
Goods transferred at a
point of time
79,395
56,981
Other revenues
related to charging:
Sales of renewable energy
units
Goods transferred at a
point of time
6,839
3,372
Maintenance fees and
other revenue
Service transferred over
time
79
157
Other revenues:
Station construction as
part of service
concessions
Goods transferred over
time
423
4
Total revenue
86,736
60,514
\u20ac\u2019000
2024
2023
Geographical markets
The Netherlands
53,280
41,190
Germany
8,710
7,121
France
7,672
3,311
Belgium
10,035
5,634
UK
5,822
3,018
Other Europe
1,217
240
Total revenue
86,736
60,514
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, 2024 and 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-307": { "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, CFO and COO . The CODM examines the
Group\u2019s performance on a geographical basis with six operating segments
identified, being the Netherlands, Germany, United Kingdom, Belgium, France
and Other Europe. Other Europe consists of Switzerland, Italy, Spain and
Denmark.
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, Austria 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 10 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
2024
NL
DE
UK
BE
FR
Other Europe
Total Group
Segment revenues
53,280
8,287
5,822
10,035
7,672
1,217
86,313
Other reconciling items - station construction
as part of service concessions
\u2014
423
\u2014
\u2014
\u2014
\u2014
423
Total revenue
53,280
8,710
5,822
10,035
7,672
1,217
86,736
EBITDA
12,284
(1,121)
(2,804)
1,630
(111)
(2,512)
7,366
Reconciliation of EBITDA to profit/(loss)
before tax
EBITDA
12,284
(1,121)
(2,804)
1,630
(111)
(2,512)
7,366
Depreciation and amortization
(13,270)
(2,483)
(1,480)
(2,073)
(3,224)
(899)
(23,429)
Finance costs
(15,042)
Finance income
4,107
Profit/(loss) before taxation
(26,998)
Segment assets
Non-current assets 11
100,753
32,770
38,205
36,900
50,132
16,425
275,185
\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
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
2024
2023
Type of goods and service
Sales of electricity
Goods transferred at a
point of time
79,395
56,981
Other revenues
related to charging:
Sales of renewable energy
units
Goods transferred at a
point of time
6,839
3,372
Maintenance fees and
other revenue
Service transferred over
time
79
157
Other revenues:
Station construction as
part of service
concessions
Goods transferred over
time
423
4
Total revenue
86,736
60,514
\u20ac\u2019000
2024
2023
Geographical markets
The Netherlands
53,280
41,190
Germany
8,710
7,121
France
7,672
3,311
Belgium
10,035
5,634
UK
5,822
3,018
Other Europe
1,217
240
Total revenue
86,736
60,514
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, 2024 and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-310": { "value": "Cost of sales
\u20ac\u2019000
2024
2023
Cost of sales
Sales of electricity
17,847
15,611
Station construction as part of service
concessions
302
4
Total cost of sales
18,149
15,615
Other income/expenses
8.1 Other gains and losses
\u20ac\u2019000
2024
2023
Net (loss) gain on other items
87
(556)
Total other operating income
87
(556)
The net gain during 2024 is mainly explained by the gain on disposal of fixed
assets.
8.2 Administrative expenses
\u20ac\u2019000
2024
2023
Wages and salaries
16,285
13,055
Depreciation of property, plant and
equipment
19,416
13,736
Depreciation of right-of-use-assets
3,736
2,461
Impairment
1,503
\u2014
Social security costs
3,173
1,924
Pension costs
1,014
676
Amortization of intangible assets
277
466
Other
713
786
Total administrative expenses
46,117
33,104
In 2024, the average number of FTEs of the Group was 265 (2023 : 172). In the
Netherlands, the average number of employees was 150 (2023: 107). The other
countries are split as follow: Belgium 19 (2023: 14), Switzerland 8 (2023: 4),
Germany 28 (2023: 17), France 25 (2023: 15), UK 24 (2023: 12), Ireland 1\u00a0 (2023: 1),
Italy 3 (2023: 1), Spain 6 (2023: 1) and Denmark 1 (2023: 1).
In 2024, an impairment loss of \u20ac1.5 million related to ABB chargers was
recognized due to a review of recoverable amounts. Further details are provided
in 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 \u20ac0.9 million (2023: \u20ac0.6 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
2024
2023
Grid Fees
13,676
7,416
Maintenance costs
4,024
2,223
Other exploitation costs
2,383
1,988
Total selling and distribution
expenses
20,083
11,627
8.4 Other operating expenses
\u20ac\u2019000
2024
2023
Advisory costs
5,158
3,105
General costs
8,892
5,038
Marketing costs
2,840
2,520
Office costs
1,045
552
Car expenses
604
505
Total other operating expenses
18,539
11,720
8.5 Finance costs
\u20ac\u2019000
2024
2023
Interest on debts and borrowings
11,719
7,665
Interest expense on lease liabilities
2,668
1,475
Interest and bank charges
583
297
Foreign exchange gains/(losses) charged to
the income statement
72
187
Total finance costs
15,042
9,624
8.6 Finance income
\u20ac\u2019000
2024
2023
Interest and bank charges
4,107
2,821
Total finance income
4,107
2,821
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-309": { "value": "Cost of sales
\u20ac\u2019000
2024
2023
Cost of sales
Sales of electricity
17,847
15,611
Station construction as part of service
concessions
302
4
Total cost of sales
18,149
15,615
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-312": { "value": "Other gains and losses
\u20ac\u2019000
2024
2023
Net (loss) gain on other items
87
(556)
Total other operating income
87
(556)
The net gain during 2024 is mainly explained by the gain on disposal of fixed
assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-311": { "value": "Other gains and losses
\u20ac\u2019000
2024
2023
Net (loss) gain on other items
87
(556)
Total other operating income
87
(556)
The net gain during 2024 is mainly explained by the gain on disposal of fixed
assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-313": { "value": "
\u20ac\u2019000
2024
2023
Net (loss) gain on other items
87
(556)
Total other operating income
87
(556)
The net gain during 2024 is mainly explained by the gain on disposal of fixed
assets.
8.2 Administrative expenses
\u20ac\u2019000
2024
2023
Wages and salaries
16,285
13,055
Depreciation of property, plant and
equipment
19,416
13,736
Depreciation of right-of-use-assets
3,736
2,461
Impairment
1,503
\u2014
Social security costs
3,173
1,924
Pension costs
1,014
676
Amortization of intangible assets
277
466
Other
713
786
Total administrative expenses
46,117
33,104
In 2024, the average number of FTEs of the Group was 265 (2023 : 172). In the
Netherlands, the average number of employees was 150 (2023: 107). The other
countries are split as follow: Belgium 19 (2023: 14), Switzerland 8 (2023: 4),
Germany 28 (2023: 17), France 25 (2023: 15), UK 24 (2023: 12), Ireland 1\u00a0 (2023: 1),
Italy 3 (2023: 1), Spain 6 (2023: 1) and Denmark 1 (2023: 1).
In 2024, an impairment loss of \u20ac1.5 million related to ABB chargers was
recognized due to a review of recoverable amounts. Further details are provided
in 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 \u20ac0.9 million (2023: \u20ac0.6 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
2024
2023
Grid Fees
13,676
7,416
Maintenance costs
4,024
2,223
Other exploitation costs
2,383
1,988
Total selling and distribution
expenses
20,083
11,627
8.4 Other operating expenses
\u20ac\u2019000
2024
2023
Advisory costs
5,158
3,105
General costs
8,892
5,038
Marketing costs
2,840
2,520
Office costs
1,045
552
Car expenses
604
505
Total other operating expenses
18,539
11,720
8.5 Finance costs
\u20ac\u2019000
2024
2023
Interest on debts and borrowings
11,719
7,665
Interest expense on lease liabilities
2,668
1,475
Interest and bank charges
583
297
Foreign exchange gains/(losses) charged to
the income statement
72
187
Total finance costs
15,042
9,624
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-316": { "value": "Administrative expenses
\u20ac\u2019000
2024
2023
Wages and salaries
16,285
13,055
Depreciation of property, plant and
equipment
19,416
13,736
Depreciation of right-of-use-assets
3,736
2,461
Impairment
1,503
\u2014
Social security costs
3,173
1,924
Pension costs
1,014
676
Amortization of intangible assets
277
466
Other
713
786
Total administrative expenses
46,117
33,104
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-315": { "value": "Administrative expenses
\u20ac\u2019000
2024
2023
Wages and salaries
16,285
13,055
Depreciation of property, plant and
equipment
19,416
13,736
Depreciation of right-of-use-assets
3,736
2,461
Impairment
1,503
\u2014
Social security costs
3,173
1,924
Pension costs
1,014
676
Amortization of intangible assets
277
466
Other
713
786
Total administrative expenses
46,117
33,104
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-314": { "value": "Administrative expenses
\u20ac\u2019000
2024
2023
Wages and salaries
16,285
13,055
Depreciation of property, plant and
equipment
19,416
13,736
Depreciation of right-of-use-assets
3,736
2,461
Impairment
1,503
\u2014
Social security costs
3,173
1,924
Pension costs
1,014
676
Amortization of intangible assets
277
466
Other
713
786
Total administrative expenses
46,117
33,104
In 2024, the average number of FTEs of the Group was 265 (2023 : 172). In the
Netherlands, the average number of employees was 150 (2023: 107). The other
countries are split as follow: Belgium 19 (2023: 14), Switzerland 8 (2023: 4),
Germany 28 (2023: 17), France 25 (2023: 15), UK 24 (2023: 12), Ireland 1\u00a0 (2023: 1),
Italy 3 (2023: 1), Spain 6 (2023: 1) and Denmark 1 (2023: 1).
In 2024, an impairment loss of \u20ac1.5 million related to ABB chargers was
recognized due to a review of recoverable amounts. Further details are provided
in 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 \u20ac0.9 million (2023: \u20ac0.6 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
2024
2023
Grid Fees
13,676
7,416
Maintenance costs
4,024
2,223
Other exploitation costs
2,383
1,988
Total selling and distribution
expenses
20,083
11,627
8.4 Other operating expenses
\u20ac\u2019000
2024
2023
Advisory costs
5,158
3,105
General costs
8,892
5,038
Marketing costs
2,840
2,520
Office costs
1,045
552
Car expenses
604
505
Total other operating expenses
18,539
11,720
8.5 Finance costs
\u20ac\u2019000
2024
2023
Interest on debts and borrowings
11,719
7,665
Interest expense on lease liabilities
2,668
1,475
Interest and bank charges
583
297
Foreign exchange gains/(losses) charged to
the income statement
72
187
Total finance costs
15,042
9,624
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-317": { "value": "
\u20ac\u2019000
2024
2023
Wages and salaries
16,285
13,055
Depreciation of property, plant and
equipment
19,416
13,736
Depreciation of right-of-use-assets
3,736
2,461
Impairment
1,503
\u2014
Social security costs
3,173
1,924
Pension costs
1,014
676
Amortization of intangible assets
277
466
Other
713
786
Total administrative expenses
46,117
33,104
In 2024, the average number of FTEs of the Group was 265 (2023 : 172). In the
Netherlands, the average number of employees was 150 (2023: 107). The other
countries are split as follow: Belgium 19 (2023: 14), Switzerland 8 (2023: 4),
Germany 28 (2023: 17), France 25 (2023: 15), UK 24 (2023: 12), Ireland 1\u00a0 (2023: 1),
Italy 3 (2023: 1), Spain 6 (2023: 1) and Denmark 1 (2023: 1).
In 2024, an impairment loss of \u20ac1.5 million related to ABB chargers was
recognized due to a review of recoverable amounts. Further details are provided
in 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 \u20ac0.9 million (2023: \u20ac0.6 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:
2024
2023
Number
WAEP (\u20ac)
Number
WAEP (\u20ac)
Outstanding at 1 January
556,565
13.00
457,922
10.23
Granted during the year
\u2014
191,529
Forfeited during the year
(11,136)
(1,554)
Exercised during the year
(189,466)
10.09
(89,414)
10.35
Expired during the year
(8,800)
(1,918)
Outstanding at 31\u00a0December
347,163
14.61
556,565
13.00
Exercisable at
31\u00a0December
342,241
14.82
550,049
13.15
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 2024 (2023: 14,105).
Of the options outstanding at 31 December 2024:
\u2022 244,217 are exercisable at prices per DR between \u20ac10-\u20ac15,
\u2022 9,843 are exercisable at prices per DR between \u20ac15-\u20ac20,
\u2022 33,316 are exercisable at prices per DR between \u20ac20-\u20ac25,
\u2022 47,781 are exercisable at prices per DR between \u20ac25-\u20ac30,
\u2022 7,084 are exercisable at prices per DR between \u20ac30-\u20ac35.
Additionally, 4,922 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 2024, 90,650 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. Additionally, there is a clawback clause associated with the option
plan.
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:
\u2022 the market capitalisation has to be achieved for more than 30 consecutive
days; and
\u2022 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\u00a0months 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\u00a0months 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.
The cost of the options included in the income statement are as follows:
\u20ac\u2019000
2024
2023
Options granted
24
3,246
Capitalized part of options granted
\u2014
(567)
Total expense included in
administrative expenses
24
2,679
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-318": { "value": "
In 2024, the average number of FTEs of the Group was 265 (2023 : 172). In the
Netherlands, the average number of employees was 150 (2023: 107). The other
countries are split as follow: Belgium 19 (2023: 14), Switzerland 8 (2023: 4),
Germany 28 (2023: 17), France 25 (2023: 15), UK 24 (2023: 12), Ireland 1\u00a0 (2023: 1),
Italy 3 (2023: 1), Spain 6 (2023: 1) and Denmark 1 (2023: 1).
In 2024, an impairment loss of \u20ac1.5 million related to ABB chargers was
recognized due to a review of recoverable amounts. Further details are provided
in Note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-319": { "value": "Other operating expenses
\u20ac\u2019000
2024
2023
Advisory costs
5,158
3,105
General costs
8,892
5,038
Marketing costs
2,840
2,520
Office costs
1,045
552
Car expenses
604
505
Total other operating expenses
18,539
11,720
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-324": { "value": "Finance costs
\u20ac\u2019000
2024
2023
Interest on debts and borrowings
11,719
7,665
Interest expense on lease liabilities
2,668
1,475
Interest and bank charges
583
297
Foreign exchange gains/(losses) charged to
the income statement
72
187
Total finance costs
15,042
9,624
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-323": { "value": "Finance costs
\u20ac\u2019000
2024
2023
Interest on debts and borrowings
11,719
7,665
Interest expense on lease liabilities
2,668
1,475
Interest and bank charges
583
297
Foreign exchange gains/(losses) charged to
the income statement
72
187
Total finance costs
15,042
9,624
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-322": { "value": "Finance costs
\u20ac\u2019000
2024
2023
Interest on debts and borrowings
11,719
7,665
Interest expense on lease liabilities
2,668
1,475
Interest and bank charges
583
297
Foreign exchange gains/(losses) charged to
the income statement
72
187
Total finance costs
15,042
9,624
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-321": { "value": "Finance costs
\u20ac\u2019000
2024
2023
Interest on debts and borrowings
11,719
7,665
Interest expense on lease liabilities
2,668
1,475
Interest and bank charges
583
297
Foreign exchange gains/(losses) charged to
the income statement
72
187
Total finance costs
15,042
9,624
8.6 Finance income
\u20ac\u2019000
2024
2023
Interest and bank charges
4,107
2,821
Total finance income
4,107
2,821
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-320": { "value": "Finance costs
\u20ac\u2019000
2024
2023
Interest on debts and borrowings
11,719
7,665
Interest expense on lease liabilities
2,668
1,475
Interest and bank charges
583
297
Foreign exchange gains/(losses) charged to
the income statement
72
187
Total finance costs
15,042
9,624
8.6 Finance income
\u20ac\u2019000
2024
2023
Interest and bank charges
4,107
2,821
Total finance income
4,107
2,821
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-327": { "value": "Finance income
\u20ac\u2019000
2024
2023
Interest and bank charges
4,107
2,821
Total finance income
4,107
2,821
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-326": { "value": "Finance income
\u20ac\u2019000
2024
2023
Interest and bank charges
4,107
2,821
Total finance income
4,107
2,821
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-325": { "value": "Finance income
\u20ac\u2019000
2024
2023
Interest and bank charges
4,107
2,821
Total finance income
4,107
2,821
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-328": { "value": "Income tax
Reconciliation of the effective tax rate:
\u20ac\u2019000
2024
2023
Profit (loss) before tax
(27,000)
(18,890)
Total income tax using applicable tax rate
\u2014
(4,912)
Unrecognised deferred tax assets
\u2014
4,548
Current tax payable as a result of partial
loss compensation
\u2014
(364)
Reversal prior year estimate
359
\u2014
Total tax charged to the income
statement
359
(364)
The income tax charged to the income statement mainly relates to the estimated
taxable profit for the Dutch fiscal unity in 2023, which was reversed again during
2024 after the finalisation of the 2023 tax return. 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
2024
2023
2024
2023
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
2024
2023
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 2024 , the Group has \u20ac23.3 million (2023: \u20ac18.0
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 2024, \u20ac 47.7 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
\u20ac\u00a08.8\u00a0million in Germany (2023: \u20ac7.3 million), \u20ac23.9 million in UK (2023: \u20ac15.9
million), \u20ac5.5 million in Belgium (2023: \u20ac4.5 million), and \u20ac10.8 million in France
(2023: \u20ac6.8 million) and \u20ac4.6 million in Switzerland (2023: \u20ac2.5 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
>2016
2016
2017
2018
2019
2020
2021
2022
2023
2024*
Total
Netherlands
\u20ac\u2019000
4,293
5,038
5,014
1,632
1,539
2,002
\u2014
484
321
2,995
23,318
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
349
1,383
1,232
1,903
2,432
\u2014
1,510
8,809
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
n/a
UK
\u20ac\u2019000
\u2014
\u2014
\u2014
162
618
599
2,157
7,305
5,024
7,992
23,857
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Belgium
\u20ac\u2019000
\u2014
\u2014
\u2014
2
198
204
531
1,496
2,114
922
5,467
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
n/a
France
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
3
159
939
1,774
3,880
4,026
10,781
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
Switzerland
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
257
656
552
1,046
2,095
4,606
Expiring
2026
2027
2028
2029
2030
2031
Italy
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
220
577
797
Expiring
n/a
n/a
Spain
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
149
243
392
Expiring
n/a
n/a
Denmark
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
570
570
Expiring
n/a
Total
\u20ac\u2019000
4,293
5,038
5,014
2,145
3,741
4,453
6,186
14,043
12,754
20,930
78,597
*Estimate, not finalised
The applicable tax rate in 2024 in the Netherlands is 19% (2023: 19%) over the first
\u20ac200,000 (2023: \u20ac200.000) and 25.8% over the remainder of the profit.
Applicable tax rates outside the Netherlands are 30% in Germany, 25% in the UK,
25% in Belgium, 25% in France, 11.8% and 19.6% in Switzerland, 22% in Denmark,
24% in Italy and 25% in Spain.
Due to the tax loss realised in 2024 and previous years for which no deferred tax
asset is recognised in the statement of financial position, the Group\u2019s effective
tax rate is nil (2023: -1.9%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-329": { "value": "Deferred tax
Deferred tax relates to the following:
Statement of financial
position
Statement of profit or
loss
\u20ac\u2019000
2024
2023
2024
2023
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
2024
2023
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 2024 , the Group has \u20ac23.3 million (2023: \u20ac18.0
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 2024, \u20ac 47.7 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
\u20ac\u00a08.8\u00a0million in Germany (2023: \u20ac7.3 million), \u20ac23.9 million in UK (2023: \u20ac15.9
million), \u20ac5.5 million in Belgium (2023: \u20ac4.5 million), and \u20ac10.8 million in France
(2023: \u20ac6.8 million) and \u20ac4.6 million in Switzerland (2023: \u20ac2.5 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
>2016
2016
2017
2018
2019
2020
2021
2022
2023
2024*
Total
Netherlands
\u20ac\u2019000
4,293
5,038
5,014
1,632
1,539
2,002
\u2014
484
321
2,995
23,318
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
349
1,383
1,232
1,903
2,432
\u2014
1,510
8,809
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
n/a
UK
\u20ac\u2019000
\u2014
\u2014
\u2014
162
618
599
2,157
7,305
5,024
7,992
23,857
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Belgium
\u20ac\u2019000
\u2014
\u2014
\u2014
2
198
204
531
1,496
2,114
922
5,467
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
n/a
France
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
3
159
939
1,774
3,880
4,026
10,781
Expiring
n/a
n/a
n/a
n/a
n/a
n/a
Switzerland
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
257
656
552
1,046
2,095
4,606
Expiring
2026
2027
2028
2029
2030
2031
Italy
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
220
577
797
Expiring
n/a
n/a
Spain
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
149
243
392
Expiring
n/a
n/a
Denmark
\u20ac\u2019000
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
570
570
Expiring
n/a
Total
\u20ac\u2019000
4,293
5,038
5,014
2,145
3,741
4,453
6,186
14,043
12,754
20,930
78,597
*Estimate, not finalised
The applicable tax rate in 2024 in the Netherlands is 19% (2023: 19%) over the first
\u20ac200,000 (2023: \u20ac200.000) and 25.8% over the remainder of the profit.
Applicable tax rates outside the Netherlands are 30% in Germany, 25% in the UK,
25% in Belgium, 25% in France, 11.8% and 19.6% in Switzerland, 22% in Denmark,
24% in Italy and 25% in Spain.
Due to the tax loss realised in 2024 and previous years for which no deferred tax
asset is recognised in the statement of financial position, the Group\u2019s effective
tax rate is nil (2023: -1.9%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-330": { "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)
2024
2023
Basic loss per share
(1.38)
(1.00)
Diluted loss per share
(1.38)
(1.00)
Calculation of average number of
share units
2024
2023
Weighted average number of shares
19,356,248
19,233,641
Effects of dilution from:
- Share options of personnel
350,756
556,186
Diluted number of shares
19,707,004
19,789,827
Calculation of earnings (\u20ac\u2019000)
2024
2023
Net profit
(26,641)
(19,250)
Net profit attributable to shareholders\u2019
equity
(26,641)
(19,250)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-331": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-332": { "value": "-26641000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-333": { "value": "-19250000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-335": { "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:
2024
2023
\u20ac\u2019000
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
1,303
99
3,991
2,589
999
99
3,687
Additions
\u2014
419
34
453
\u2014
304
\u2014
304
As at 31 December
2,589
1,722
133
4,444
2,589
1,303
99
3,991
Amortisation and
impairment
As of 1 January:
(770)
(650)
(67)
(1,487)
(548)
(426)
(47)
(1,021)
Amortisation
(222)
(252)
(25)
(499)
(222)
(224)
(20)
(466)
As at 31 December
(992)
(902)
(92)
(1,986)
(770)
(650)
(67)
(1,487)
At 31 December Net
Book Value
1,597
820
41
2,458
1,819
653
32
2,504
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-334": { "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:
2024
2023
\u20ac\u2019000
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
1,303
99
3,991
2,589
999
99
3,687
Additions
\u2014
419
34
453
\u2014
304
\u2014
304
As at 31 December
2,589
1,722
133
4,444
2,589
1,303
99
3,991
Amortisation and
impairment
As of 1 January:
(770)
(650)
(67)
(1,487)
(548)
(426)
(47)
(1,021)
Amortisation
(222)
(252)
(25)
(499)
(222)
(224)
(20)
(466)
As at 31 December
(992)
(902)
(92)
(1,986)
(770)
(650)
(67)
(1,487)
At 31 December Net
Book Value
1,597
820
41
2,458
1,819
653
32
2,504
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-336": { "value": "Property, plant and equipment
\u20ac\u2019000
Land
Construction in
progress
Charging stations
and technical
installations
Other
equipment
Total
Cost
At 1 January 2023
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
Additions
493
66,336
3,614
1,873
72,316
Reclassification from held for sale
\u2014
\u2014
94
\u2014
94
Currency exchange differences
39
381
512
9
941
Disposals
\u2014
(1,173)
(2,487)
\u2014
(3,660)
Transfer
\u2014
(51,178)
51,178
\u2014
\u2014
At 31 December 2024
1,388
44,802
241,555
4,433
292,178
\u20ac\u2019000
Land
Construction in
progress
Charging stations
and technical
installations
Other
equipment
Total
Depreciation and impairment
At 1 January 2023
\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
(180)
Disposal
\u2014
\u2014
201
16
520
At 31 December 2023
\u2014
\u2014
(35,379)
(1,117)
(36,496)
Depreciation charge for the year
\u2014
\u2014
(18,455)
(621)
(19,076)
Currency exchange differences
\u2014
\u2014
(50)
(1)
(51)
Disposals
\u2014
\u2014
308
\u2014
308
Impairment
\u2014
\u2014
(1,496)
\u2014
(1,496)
At 31 December 2024
\u2014
\u2014
(55,072)
(1,739)
(56,811)
Net book value
At 31 December 2023
856
30,436
153,265
1,434
185,991
At 31 December 2024
1,388
44,802
186,483
2,694
235,367
Assets under construction amounting to \u20ac44.80 million (2023: \u20ac30.44 million)
mainly consists of machinery, equipments and furnishings to charging.
Additions include the recognition of directly attributable staff costs for an
amount of \u20ac 3.5 million (2023: \u20ac 2.9 million).
Transfer movements mainly includes transfers of finished works to charging
stations amounting to \u20ac51.18 million (2023: \u20ac56.30 million) from construction in
progress to charging stations.
Included in Charging Stations and Technical Installations is Government grant
assets, which are recognised as a negative asset. During 2024, Fastned
recognised a new government grant asset received from the German
government for the Regional Tender of \u20ac 119 thousand, which is expected to
increase in the following years. Other Government grants received in 2024\u00a0
amounts to \u20ac 4.30 million (2023: 2.61 million). Net book value of the government
grants amount to \u20ac8.2 million (2023: \u20ac4.3 million).
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 2024 was nil (2023: 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 2024 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:
\u2022 The importance of the Fastned brand, station design, and network with
national coverage.
\u2022 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.
\u2022 Management performance monitoring and allocation of available capex
budget is determined on a country level.
\u2022 Furthermore, there are shared cash outflows for costs of shared infrastructure
(centralized purchasing, customer support and systems).
Management has assessed external and internal sources of information for
indications that an asset may be impaired 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.
Even though the long term fundamentals of the BEV transition are firmly in place
with battery technology improving and continued government targets,
management considered it prudent to conduct an impairment test for all CGUs
as at year end 2024, as updated BEV adoption forecasts were lower versus
previous forecasts, especially in the near term. Key data utilised in this
assessment was updated forecasts on BEVs on the road as a % of total
passenger car fleet at year end, average charging speed estimated for assets in
current condition, driving patterns and market share assumptions, electricity
prices, growth rate estimates and Fastned's Weighted average cost of capital
('WACC'). All CGUs showed significant headroom and therefore no impairment
was identified.
However, during 2024, as the result of a separate assessment performed by
management, non-operational ABB chargers have been impaired, resulting in a
charge of \u20ac1.5 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-337": { "value": "
Assets under construction amounting to \u20ac44.80 million (2023: \u20ac30.44 million)
mainly consists of machinery, equipments and furnishings to charging.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-338": { "value": "
Included in Charging Stations and Technical Installations is Government grant
assets, which are recognised as a negative asset. During 2024, Fastned
recognised a new government grant asset received from the German
government for the Regional Tender of \u20ac 119 thousand, which is expected to
increase in the following years. Other Government grants received in 2024\u00a0
amounts to \u20ac 4.30 million (2023: 2.61 million). Net book value of the government
grants amount to \u20ac8.2 million (2023: \u20ac4.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-339": { "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 2024 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:
\u2022 The importance of the Fastned brand, station design, and network with
national coverage.
\u2022 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.
\u2022 Management performance monitoring and allocation of available capex
budget is determined on a country level.
\u2022 Furthermore, there are shared cash outflows for costs of shared infrastructure
(centralized purchasing, customer support and systems).
Management has assessed external and internal sources of information for
indications that an asset may be impaired 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.
Even though the long term fundamentals of the BEV transition are firmly in place
with battery technology improving and continued government targets,
management considered it prudent to conduct an impairment test for all CGUs
as at year end 2024, as updated BEV adoption forecasts were lower versus
previous forecasts, especially in the near term. Key data utilised in this
assessment was updated forecasts on BEVs on the road as a % of total
passenger car fleet at year end, average charging speed estimated for assets in
current condition, driving patterns and market share assumptions, electricity
prices, growth rate estimates and Fastned's Weighted average cost of capital
('WACC'). All CGUs showed significant headroom and therefore no impairment
was identified.
However, during 2024, as the result of a separate assessment performed by
management, non-operational ABB chargers have been impaired, resulting in a
charge of \u20ac1.5 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-340": { "value": "Right-of-use assets
\u20ac\u2019000
Office
Building
Land
Charging
stations and
equipment
Vehicles
Total
Cost
At 1 January 2023
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
Additions
1,826
16,040
642
1,192
19,700
Disposals
(1,343)
(207)
(71)
(112)
(1,733)
Currency exchange adjustments
19
71
\u2014
11
101
At 31 December 2024
7,968
26,093
5,381
3,969
43,409
Depreciation and impairment
At 1 January 2023
(1,136)
(404)
(795)
(962)
(3,297)
Depreciation charge for the year
(709)
(736)
(522)
(494)
(1,261)
Currency exchange adjustments
(11)
(1)
\u2014
(2)
(14)
At 31 December 2023
(1,856)
(1,141)
(1,317)
(1,458)
(5,772)
Depreciation charge for the year
(1,239)
(1,163)
(624)
(751)
(3,777)
Disposals
1,030
46
19
81
1,176
Currency exchange adjustments
(9)
(4)
\u2014
(3)
(16)
At 31 December 2024
(2,073)
(2,262)
(1,922)
(2,132)
(8,389)
Net book value
At 31 December 2023
5,610
9,046
3,493
1,420
19,555
At 31 December 2024
5,893
23,831
3,459
1,837
35,020
The Group leases assets including buildings, land, equipment and vehicles. The
average lease term for Land leases is 16 years (2023: 16 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
2024
2023
Depreciation on right-of-use assets
3,736
2,475
Interest expense on lease liabilities
2,668
1,475
Expense relating to short term leases
510
329
Expense relating to leases of low value
assets
118
90
Expense relating to variable lease payments
not included in the measurement of the lease
liability
862
259
As of December 31, 2024, the Group is committed to \u20ac788 thousand (2023:
\u20ac703 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 2024 for leases amounted to \u20ac4,265 thousand (2023:
\u20ac3,656\u00a0 thousand) for lease liabilities and \u20ac628 thousand (2023: \u20ac419 thousand)
for short term and low value leases.
Lease liabilities
\u20ac\u2019000
2024
2023
Maturity analysis:
Year 1
6,015
3,891
Year 2
5,879
3,883
Year 3
5,543
3,675
Year 4
5,217
3,315
Year 5
3,902
3,048
> 5 years
35,070
16,289
Total
61,625
34,101
Less: unearned interest
(23,907)
(12,857)
Total lease liabilities
37,719
21,244
Analysed as :
Current
3,358
2,168
Non-current
34,361
19,076
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-341": { "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 2023.
14.2 Financial assets: interest-bearing loans and
borrowings
\u20ac\u2019000
2024
2023
Non-current interest-bearing
Pledged assets
700
3,400
Lease Receivable
1,790
11
Total financial assets
2,490
3,411
Impairment loss on financial assets
\u2014
\u2014
Total financial assets, net
2,490
3,411
Current financial assets
150
2,020
Non-current financial assets
2,340
1,400
Pledged assets
The Group has \u20ac0.7 million of restricted cash related to construction and
operating guarantees provided in relation to French stations (2023: \u20ac3.4 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. Fastned is not exposed to foreign currency risk as it is denominated in
Euro. The impact of the lease on profit or loss\u00a0 for the year 2024 is minimal.
Amounts receivable under finance lease:
\u20ac\u2019000
2024
2023
Year 1
148
6
Year 2
148
\u2014
Year 3
148
\u2014
Undiscounted lease payments
1,800
6
Unearned finance income
\u2014
5
Present value of lease payments
receivable,net
1,787
11
Receivable payments
3
\u2014
Lease receivable
1,790
11
14.3 Financial liabilities: Interest-bearing loans
and borrowings
Interest-bearing
loans and borrowings
Interest rate
(%)
Maturity
2024
2023
%
\u20ac\u2019000
\u20ac\u2019000
Unsecured bonds
6.0
21/03/2024
\u2014
7,304
6.0
12/12/2024
\u2014
9,659
6.0
28/07/2025
9,165
16,206
6.0
19/11/2025
12,654
21,194
5.0
12/12/2026
30,357
30,357
5.0
21/06/2027
13,248
13,248
5.5
12/06/2028
24,413
24,413
6.0
16/10/2028
34,537
34,537
6.0
19/02/2029
27,892
\u2014
6.0
21/06/2029
33,068
\u2014
6.0
30/10/2029
22,136
\u2014
4% secured loan
4.0
01/12/2031
2,241
2,160
4.0
01/12/2031
12,139
1,921
German Regional Tender -
Forgivable Loan
01/12/2031
4,610
\u2014
Total interest-
bearing loans and
borrowings
226,460
160,999
Unsecured bonds
In February 2024, Fastned raised \u20ac24.4 million through issue of corporate bonds,
and in addition, investors extended \u20ac3.4 million from earlier bonds issues.
Interest on this bond is 5.5% per annum, payable quarterly in arrears. In June
2024, Fastned raised an additional \u20ac20.7 million of corporate bonds and \u20ac12.3
million of extensions from earlier bonds issues. Interest on this bond is 6.0% per
annum, payable in quarterly arrears. In October 2024, Fastned raised an
additional \u20ac17.1 million of corporate bonds and \u20ac4.9 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 - 2024. In 2024,
the company received\u00a0 \u20ac9.8 million under this agreement.\u00a0 Interest is a fixed
component of 4% in the first three years and will be capitalised. In 2024, \u20ac0.45
million in interest was capitalised.\u00a0 A variable component will be added after three
years, based on the kWh sold, payable annually in arrears.
German Government Grant
In 2024 Fastned received grants from the German government which are
recognized initially at nominal value until the station is opened, thereafter at Net
Present Value of the future estimated new cash flows, discounted at the
Company\u2019s cost of debt, in accordance with IAS 20 and IFRS 9.\u00a0 The grant is
treated as an interest-free loan and treated as a financial liability, which is
unwound over the term of the agreement, with interest initially capitalized at
nominal value until the station is operational, and subsequently expensed as
incurred. The liability is reduced over time through a fee-sharing arrangement.\u00a0
14.4 Reconciliation of liabilities arising from financing activities
2024
Maturing
01-Jan 2024
Interest p/l
charge
Cash flows
Non-cash
changes
31-Dec 2024
\u20ac\u2019000
Loan issue /
repayment
Interest paid /
received
Accrual
Extensions
Non-current liabilities : interest
bearing loans and borrowings
6% corporate bond
21/03/24
7,304
86
(6,563)
(98)
12
(741)
\u2014
6% corporate bond
12/12/24
9,659
408
(5,204)
(438)
30
(4,455)
\u2014
6% corporate bond
28/07/25
16,206
702
\u2014
(776)
74
(7,041)
9,165
6% corporate bond
19/11/25
21,194
989
\u2014
(1,048)
59
(8,538)
12,654
5% corporate bond
12/12/26
30,357
1,517
\u2014
(1,517)
\u2014
\u2014
30,357
5% corporate bond
21/06/27
13,248
662
\u2014
(662)
\u2014
\u2014
13,248
5.5% corporate bond
12/06/28
24,413
1,342
\u2014
(1,342)
\u2014
\u2014
24,413
6% corporate bond
16/10/28
34,537
2,072
\u2014
(2,072)
\u2014
\u2014
34,537
6% corporate bond
19/02/29
\u2014
1,447
27,892
(1,255)
(192)
\u2014
27,892
6% corporate bond
21/06/29
\u2014
1,047
33,067
(992)
(54)
\u2014
33,068
6% corporate bond
30/10/29
\u2014
226
22,135
\u2014
(225)
\u2014
22,136
4% secured loan
01/12/31
2,160
\u2014
81
\u2014
\u2014
\u2014
2,241
4% secured loan
01/12/32
1,921
\u2014
10,218
\u2014
\u2014
\u2014
12,139
German Regional Tender - Forgivable
Loan
01/12/31
\u2014
4
4,605
\u2014
1
\u2014
4,610
160,999
10,502
86,231
(10,200)
(295)
(20,775)
226,460
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
6% corporate bond
12/12/22
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% secured loan
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
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
2024
2023
2024
2023
Financial assets
Interest-bearing loans and
borrowings, net
\u2014
\u2014
\u2014
\u2014
Lease receivables
1,790
11
1,790
11
Pledge assets
700
3,400
700
3,400
Total
2,490
3,411
2,490
3,411
Financial liabilities
Interest-bearing loans and
borrowings
226,460
160,999
226,460
160,999
Total
226,460
160,999
226,460
160,999
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:
\u2022 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.
\u2022 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 majority of electricity on
the spot wholesale market. 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. This strategy
includes the use of fixed-price Physical Power Purchase Agreements ('PPAs') for
wind and solar energy, forward contracts and fixed-price contracts to reduce
exposure to spot price fluctuations. In 2025, the Group plans to further mitigate
its risk by entering into additional long-term PPAs and increasing the hedged
share of energy purchases. 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 2024 would change with \u20ac 621 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 13 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 2024
Interest-bearing loans and borrowings
\u2014
\u2014
21,921
204,539
226,460
Interest on interest-bearing loans and borrowings
\u2014
2,788
9,041
19,644
31,473
Lease Liabilities*
3,358
34,361
37,719
Trade and other payables
20,723
1,249
21,972
Total
20,723
4,037
34,320
258,544
317,624
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-342": { "value": "Financial liabilities: Interest-bearing loans
and borrowings
Interest-bearing
loans and borrowings
Interest rate
(%)
Maturity
2024
2023
%
\u20ac\u2019000
\u20ac\u2019000
Unsecured bonds
6.0
21/03/2024
\u2014
7,304
6.0
12/12/2024
\u2014
9,659
6.0
28/07/2025
9,165
16,206
6.0
19/11/2025
12,654
21,194
5.0
12/12/2026
30,357
30,357
5.0
21/06/2027
13,248
13,248
5.5
12/06/2028
24,413
24,413
6.0
16/10/2028
34,537
34,537
6.0
19/02/2029
27,892
\u2014
6.0
21/06/2029
33,068
\u2014
6.0
30/10/2029
22,136
\u2014
4% secured loan
4.0
01/12/2031
2,241
2,160
4.0
01/12/2031
12,139
1,921
German Regional Tender -
Forgivable Loan
01/12/2031
4,610
\u2014
Total interest-
bearing loans and
borrowings
226,460
160,999
Unsecured bonds
In February 2024, Fastned raised \u20ac24.4 million through issue of corporate bonds,
and in addition, investors extended \u20ac3.4 million from earlier bonds issues.
Interest on this bond is 5.5% per annum, payable quarterly in arrears. In June
2024, Fastned raised an additional \u20ac20.7 million of corporate bonds and \u20ac12.3
million of extensions from earlier bonds issues. Interest on this bond is 6.0% per
annum, payable in quarterly arrears. In October 2024, Fastned raised an
additional \u20ac17.1 million of corporate bonds and \u20ac4.9 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 - 2024. In 2024,
the company received\u00a0 \u20ac9.8 million under this agreement.\u00a0 Interest is a fixed
component of 4% in the first three years and will be capitalised. In 2024, \u20ac0.45
million in interest was capitalised.\u00a0 A variable component will be added after three
years, based on the kWh sold, payable annually in arrears.
German Government Grant
In 2024 Fastned received grants from the German government which are
recognized initially at nominal value until the station is opened, thereafter at Net
Present Value of the future estimated new cash flows, discounted at the
Company\u2019s cost of debt, in accordance with IAS 20 and IFRS 9.\u00a0 The grant is
treated as an interest-free loan and treated as a financial liability, which is
unwound over the term of the agreement, with interest initially capitalized at
nominal value until the station is operational, and subsequently expensed as
incurred. The liability is reduced over time through a fee-sharing arrangement.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-343": { "value": "Reconciliation of liabilities arising from financing activities
2024
Maturing
01-Jan 2024
Interest p/l
charge
Cash flows
Non-cash
changes
31-Dec 2024
\u20ac\u2019000
Loan issue /
repayment
Interest paid /
received
Accrual
Extensions
Non-current liabilities : interest
bearing loans and borrowings
6% corporate bond
21/03/24
7,304
86
(6,563)
(98)
12
(741)
\u2014
6% corporate bond
12/12/24
9,659
408
(5,204)
(438)
30
(4,455)
\u2014
6% corporate bond
28/07/25
16,206
702
\u2014
(776)
74
(7,041)
9,165
6% corporate bond
19/11/25
21,194
989
\u2014
(1,048)
59
(8,538)
12,654
5% corporate bond
12/12/26
30,357
1,517
\u2014
(1,517)
\u2014
\u2014
30,357
5% corporate bond
21/06/27
13,248
662
\u2014
(662)
\u2014
\u2014
13,248
5.5% corporate bond
12/06/28
24,413
1,342
\u2014
(1,342)
\u2014
\u2014
24,413
6% corporate bond
16/10/28
34,537
2,072
\u2014
(2,072)
\u2014
\u2014
34,537
6% corporate bond
19/02/29
\u2014
1,447
27,892
(1,255)
(192)
\u2014
27,892
6% corporate bond
21/06/29
\u2014
1,047
33,067
(992)
(54)
\u2014
33,068
6% corporate bond
30/10/29
\u2014
226
22,135
\u2014
(225)
\u2014
22,136
4% secured loan
01/12/31
2,160
\u2014
81
\u2014
\u2014
\u2014
2,241
4% secured loan
01/12/32
1,921
\u2014
10,218
\u2014
\u2014
\u2014
12,139
German Regional Tender - Forgivable
Loan
01/12/31
\u2014
4
4,605
\u2014
1
\u2014
4,610
160,999
10,502
86,231
(10,200)
(295)
(20,775)
226,460
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
6% corporate bond
12/12/22
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% secured loan
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-344": { "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
2024
2023
2024
2023
Financial assets
Interest-bearing loans and
borrowings, net
\u2014
\u2014
\u2014
\u2014
Lease receivables
1,790
11
1,790
11
Pledge assets
700
3,400
700
3,400
Total
2,490
3,411
2,490
3,411
Financial liabilities
Interest-bearing loans and
borrowings
226,460
160,999
226,460
160,999
Total
226,460
160,999
226,460
160,999
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-345": { "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:
\u2022 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.
\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-346": { "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 majority of electricity on
the spot wholesale market. 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. This strategy
includes the use of fixed-price Physical Power Purchase Agreements ('PPAs') for
wind and solar energy, forward contracts and fixed-price contracts to reduce
exposure to spot price fluctuations. In 2025, the Group plans to further mitigate
its risk by entering into additional long-term PPAs and increasing the hedged
share of energy purchases. 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 2024 would change with \u20ac 621 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 13 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 2024
Interest-bearing loans and borrowings
\u2014
\u2014
21,921
204,539
226,460
Interest on interest-bearing loans and borrowings
\u2014
2,788
9,041
19,644
31,473
Lease Liabilities*
3,358
34,361
37,719
Trade and other payables
20,723
1,249
21,972
Total
20,723
4,037
34,320
258,544
317,624
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-347": { "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 majority of electricity on
the spot wholesale market. 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. This strategy
includes the use of fixed-price Physical Power Purchase Agreements ('PPAs') for
wind and solar energy, forward contracts and fixed-price contracts to reduce
exposure to spot price fluctuations. In 2025, the Group plans to further mitigate
its risk by entering into additional long-term PPAs and increasing the hedged
share of energy purchases. Reference made to note 25 as well.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-348": { "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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-349": { "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 13 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 2024
Interest-bearing loans and borrowings
\u2014
\u2014
21,921
204,539
226,460
Interest on interest-bearing loans and borrowings
\u2014
2,788
9,041
19,644
31,473
Lease Liabilities*
3,358
34,361
37,719
Trade and other payables
20,723
1,249
21,972
Total
20,723
4,037
34,320
258,544
317,624
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-350": { "value": "Trade and other receivables and
prepayments
\u20ac\u2019000
2024
2023
Trade receivables, net
16,782
10,333
Taxes and social securities
2,947
2,999
Prepayments
9,851
4,003
Other receivables
3,931
2,022
Total trade and other receivables
and prepayments
33,511
19,357
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 2024, the provision for trade receivables amounted to \u20ac1.1 million \u00a0
(2023: \u20ac831 thousand).
As at 31 December 2024, the ageing analysis of trade receivables is, as follows:
\u20ac\u2019000
Total
Not past due
Days overdue
2024
< 30
30 \u2013 60
60-90
90-120
120-150
>150
Outstanding
17,888
15,702
794
144
208
133
134
773
Provision for impairment
(1,105)
(502)
(116)
(49)
(38)
(46)
(50)
(304)
Trade receivables
16,782
15,199
678
95
170
87
84
469
As at 31 December 2023, the ageing analysis of trade receivables is as follows:
\u20ac\u2019000
Total
Not past due
Days overdue
2023
< 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-351": { "value": "
\u20ac\u2019000
2024
2023
Trade receivables, net
16,782
10,333
Taxes and social securities
2,947
2,999
Prepayments
9,851
4,003
Other receivables
3,931
2,022
Total trade and other receivables
and prepayments
33,511
19,357
Trade and other payables
\u20ac\u2019000
2024
2023
Trade payables
7,223
5,103
Taxes and social securities
1,396
1,889
Other payables
13,353
8,568
Total trade and other payables
21,972
15,560
Trade payables include mainly construction related payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-352": { "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 2024, the provision for trade receivables amounted to \u20ac1.1 million \u00a0
(2023: \u20ac831 thousand).
As at 31 December 2024, the ageing analysis of trade receivables is, as follows:
\u20ac\u2019000
Total
Not past due
Days overdue
2024
< 30
30 \u2013 60
60-90
90-120
120-150
>150
Outstanding
17,888
15,702
794
144
208
133
134
773
Provision for impairment
(1,105)
(502)
(116)
(49)
(38)
(46)
(50)
(304)
Trade receivables
16,782
15,199
678
95
170
87
84
469
As at 31 December 2023, the ageing analysis of trade receivables is as follows:
\u20ac\u2019000
Total
Not past due
Days overdue
2023
< 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-353": { "value": "Cash
\u20ac\u2019000
2024
2023
Cash at banks and on hand
117,416
126,604
Total cash and cash equivalents
117,416
126,604
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 nil million (2023: \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
2024 (2023: \u20ac 17.0 million), of which \u20ac15.0 million (2023: \u20ac 13.4 million) have been
drawn. \u20ac 13.4 million expires at the end of 2029 and \u20ac 1.6 million has an open end
date. Certain covenants apply, who have all been met at 31 December 2024.
At 31 December 2024, the Group had no restricted cash balances (2023: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-354": { "value": "
At 31 December 2024, the Group had no restricted cash balances (2023: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-357": { "value": "Issued capital and reserves
Share capital
2024
2023
Quantity
Quantity
Authorised shares of \u20ac0.01 each
19,552,877
19,279,506
Issued and fully paid shares of \u20ac0.01 each 14
19,468,972
19,152,877
Quantity
\u20ac\u2019000
At 1 January 2023
19,190,092
192
Issuance of shares
89,414
1
At 31 December 2023
19,279,506
193
Issuance of shares
189,466
2
At 31 December 2024
19,468,972
195
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.
Fastned B.V. issued 200,000 new shares with a nominal value of \u20ac0.01 on
19\u00a0January 2024. Additionally, Fastned B.V. issued 200,000 new shares with a
nominal value of \u20ac0.01 on 11 December 2024. Total issued shares amount to
19,552,877.
During 2024 189,466 DRs were issued to employees and former employees
exercising options under Fastned option plans. Employee options for 347,163
DRs were outstanding as at 31 December 2024, see note 22.
Share premium
\u20ac\u2019000
At 1 January 2023
246,247
Issuance of share capital (certificates)
925
Transaction costs for issued share capital (certificates)
\u2014
At 1 January 2024
247,172
Issuance of share capital (certificates)
1,910
Transaction costs for issued share capital (certificates)
\u2014
At 31 December 2024
249,082
Treasury shares
Quantity
\u20ac\u2019000
At 31 December 2023
135,100
16
Shares returned to Fastned
\u2014
\u2014
At 31 December 2024
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 2024 219,522 such DRs were held
by Fastned B.V.. All other reserves are as stated in the statement of changes in
equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-356": { "value": "Issued capital and reserves
Share capital
2024
2023
Quantity
Quantity
Authorised shares of \u20ac0.01 each
19,552,877
19,279,506
Issued and fully paid shares of \u20ac0.01 each 14
19,468,972
19,152,877
Quantity
\u20ac\u2019000
At 1 January 2023
19,190,092
192
Issuance of shares
89,414
1
At 31 December 2023
19,279,506
193
Issuance of shares
189,466
2
At 31 December 2024
19,468,972
195
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.
Fastned B.V. issued 200,000 new shares with a nominal value of \u20ac0.01 on
19\u00a0January 2024. Additionally, Fastned B.V. issued 200,000 new shares with a
nominal value of \u20ac0.01 on 11 December 2024. Total issued shares amount to
19,552,877.
During 2024 189,466 DRs were issued to employees and former employees
exercising options under Fastned option plans. Employee options for 347,163
DRs were outstanding as at 31 December 2024, see note 22.
Share premium
\u20ac\u2019000
At 1 January 2023
246,247
Issuance of share capital (certificates)
925
Transaction costs for issued share capital (certificates)
\u2014
At 1 January 2024
247,172
Issuance of share capital (certificates)
1,910
Transaction costs for issued share capital (certificates)
\u2014
At 31 December 2024
249,082
Treasury shares
Quantity
\u20ac\u2019000
At 31 December 2023
135,100
16
Shares returned to Fastned
\u2014
\u2014
At 31 December 2024
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 2024 219,522 such DRs were held
by Fastned B.V.. All other reserves are as stated in the statement of changes in
equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-355": { "value": "Issued capital and reserves
Share capital
2024
2023
Quantity
Quantity
Authorised shares of \u20ac0.01 each
19,552,877
19,279,506
Issued and fully paid shares of \u20ac0.01 each 14
19,468,972
19,152,877
Quantity
\u20ac\u2019000
At 1 January 2023
19,190,092
192
Issuance of shares
89,414
1
At 31 December 2023
19,279,506
193
Issuance of shares
189,466
2
At 31 December 2024
19,468,972
195
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.
Fastned B.V. issued 200,000 new shares with a nominal value of \u20ac0.01 on
19\u00a0January 2024. Additionally, Fastned B.V. issued 200,000 new shares with a
nominal value of \u20ac0.01 on 11 December 2024. Total issued shares amount to
19,552,877.
During 2024 189,466 DRs were issued to employees and former employees
exercising options under Fastned option plans. Employee options for 347,163
DRs were outstanding as at 31 December 2024, see note 22.
Share premium
\u20ac\u2019000
At 1 January 2023
246,247
Issuance of share capital (certificates)
925
Transaction costs for issued share capital (certificates)
\u2014
At 1 January 2024
247,172
Issuance of share capital (certificates)
1,910
Transaction costs for issued share capital (certificates)
\u2014
At 31 December 2024
249,082
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-358": { "value": "
Treasury shares
Quantity
\u20ac\u2019000
At 31 December 2023
135,100
16
Shares returned to Fastned
\u2014
\u2014
At 31 December 2024
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 2024 219,522 such DRs were held
by Fastned B.V.. All other reserves are as stated in the statement of changes in
equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-361": { "value": "Trade and other payables
\u20ac\u2019000
2024
2023
Trade payables
7,223
5,103
Taxes and social securities
1,396
1,889
Other payables
13,353
8,568
Total trade and other payables
21,972
15,560
Trade payables include mainly construction related payables.
Terms and conditions of the above liabilities:
\u2022 Trade payables are non-interest bearing and are normally settled on 30-day
terms
\u2022 Other payables are non-interest bearing and have a term of one month to six
months
\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-360": { "value": "Trade and other payables
\u20ac\u2019000
2024
2023
Trade payables
7,223
5,103
Taxes and social securities
1,396
1,889
Other payables
13,353
8,568
Total trade and other payables
21,972
15,560
Trade payables include mainly construction related payables.
Terms and conditions of the above liabilities:
\u2022 Trade payables are non-interest bearing and are normally settled on 30-day
terms
\u2022 Other payables are non-interest bearing and have a term of one month to six
months
\u2022 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:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-359": { "value": "Trade and other payables
\u20ac\u2019000
2024
2023
Trade payables
7,223
5,103
Taxes and social securities
1,396
1,889
Other payables
13,353
8,568
Total trade and other payables
21,972
15,560
Trade payables include mainly construction related payables.
Terms and conditions of the above liabilities:
\u2022 Trade payables are non-interest bearing and are normally settled on 30-day
terms
\u2022 Other payables are non-interest bearing and have a term of one month to six
months
\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-363": { "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
2024
2023
Due within one year
\u2014
\u2014
Due after one year
17,615
13,316
Total provisions
17,615
13,316
The Group records provisions for the removal of the charging station at the end of
the concession period and restoring the site to its original state, if required in the
agreement with the land owner(s).
Decommissioning provision
\u20ac\u2019000
1 January 2024
13,316
Additions
2,532
Use
\u2014
Unwinding of Interest
375
Revised estimates
5,915
Change in Estimate
(4,523)
31 December 2024
17,615
1 January 2023
9,979
Additions
3,417
Use
\u2014
Revised estimates
(80)
31 December 2023
13,316
Included in the \u2018change in estimates\u2019 for the decommissioning provision is an
adjustment resulting from new insights gained on the ability to reuse or maintain
certain components of a station. As a result, the provision for decommissioning
provision has been reduced by \u20ac 4.5 million as of 31 December 2024.
The remaining \u2018revised estimates\u2019 relate to updated contractor quotations for
decommissioning of the stations, increasing the provision by \u20ac 5.9 million
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-362": { "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
2024
2023
Due within one year
\u2014
\u2014
Due after one year
17,615
13,316
Total provisions
17,615
13,316
The Group records provisions for the removal of the charging station at the end of
the concession period and restoring the site to its original state, if required in the
agreement with the land owner(s).
Decommissioning provision
\u20ac\u2019000
1 January 2024
13,316
Additions
2,532
Use
\u2014
Unwinding of Interest
375
Revised estimates
5,915
Change in Estimate
(4,523)
31 December 2024
17,615
1 January 2023
9,979
Additions
3,417
Use
\u2014
Revised estimates
(80)
31 December 2023
13,316
Included in the \u2018change in estimates\u2019 for the decommissioning provision is an
adjustment resulting from new insights gained on the ability to reuse or maintain
certain components of a station. As a result, the provision for decommissioning
provision has been reduced by \u20ac 4.5 million as of 31 December 2024.
The remaining \u2018revised estimates\u2019 relate to updated contractor quotations for
decommissioning of the stations, increasing the provision by \u20ac 5.9 million
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-364": { "value": "
Decommissioning provision
\u20ac\u2019000
1 January 2024
13,316
Additions
2,532
Use
\u2014
Unwinding of Interest
375
Revised estimates
5,915
Change in Estimate
(4,523)
31 December 2024
17,615
1 January 2023
9,979
Additions
3,417
Use
\u2014
Revised estimates
(80)
31 December 2023
13,316
Included in the \u2018change in estimates\u2019 for the decommissioning provision is an
adjustment resulting from new insights gained on the ability to reuse or maintain
certain components of a station. As a result, the provision for decommissioning
provision has been reduced by \u20ac 4.5 million as of 31 December 2024.
The remaining \u2018revised estimates\u2019 relate to updated contractor quotations for
decommissioning of the stations, increasing the provision by \u20ac 5.9 million
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-365": { "value": "Deferred revenues
Deferred revenues of \u20ac227,000 (2023: \u20ac224,000) relate to various pre-paid
long-term vouchers for supply of electricity to customersa and the Fastned
Founders Club.
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 2024, 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 2024, Fastned Founders have charged
71,779 kWh (2023: 62,755 kWh) for free. The value is determined at fair value
based on the sales price.
\u20ac\u2019000
2024
2023
At 1 January
234
314
Released to the statement of profit or loss
2
(80)
At 31 December
236
234
Current
\u2014
\u2014
Non-current
236
234
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-366": { "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:
2024
2023
Number
WAEP (\u20ac)
Number
WAEP (\u20ac)
Outstanding at 1 January
556,565
13.00
457,922
10.23
Granted during the year
\u2014
191,529
Forfeited during the year
(11,136)
(1,554)
Exercised during the year
(189,466)
10.09
(89,414)
10.35
Expired during the year
(8,800)
(1,918)
Outstanding at 31\u00a0December
347,163
14.61
556,565
13.00
Exercisable at
31\u00a0December
342,241
14.82
550,049
13.15
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 2024 (2023: 14,105).
Of the options outstanding at 31 December 2024:
\u2022 244,217 are exercisable at prices per DR between \u20ac10-\u20ac15,
\u2022 9,843 are exercisable at prices per DR between \u20ac15-\u20ac20,
\u2022 33,316 are exercisable at prices per DR between \u20ac20-\u20ac25,
\u2022 47,781 are exercisable at prices per DR between \u20ac25-\u20ac30,
\u2022 7,084 are exercisable at prices per DR between \u20ac30-\u20ac35.
Additionally, 4,922 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 2024, 90,650 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. Additionally, there is a clawback clause associated with the option
plan.
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:
\u2022 the market capitalisation has to be achieved for more than 30 consecutive
days; and
\u2022 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\u00a0months 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\u00a0months 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.
The cost of the options included in the income statement are as follows:
\u20ac\u2019000
2024
2023
Options granted
24
3,246
Capitalized part of options granted
\u2014
(567)
Total expense included in
administrative expenses
24
2,679
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-368": { "value": "Commitments and
contingencies
Commitments
At 31 December 2024, the Group had initiated the construction of several fast
charging stations, these will be realised in the first half of 2025. 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 2024 amounted to approximately \u20ac35.26 million
(2023: \u20ac22.71 million).
The Group has energy purchase commitments of EUR 61 million under Power
Purchase Agreements relating to 2025 and later years. Of this amount, EUR 3.7
million is due within one year, EUR 19.4 million is due between one and five years,
and EUR 37.9 million is due after five years. These commitments are based on
current estimates and may be subject to variation due to changes in energy
market conditions and weather-related factors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-367": { "value": "Commitments and
contingencies
Commitments
At 31 December 2024, the Group had initiated the construction of several fast
charging stations, these will be realised in the first half of 2025. 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 2024 amounted to approximately \u20ac35.26 million
(2023: \u20ac22.71 million).
The Group has energy purchase commitments of EUR 61 million under Power
Purchase Agreements relating to 2025 and later years. Of this amount, EUR 3.7
million is due within one year, EUR 19.4 million is due between one and five years,
and EUR 37.9 million is due after five years. These commitments are based on
current estimates and may be subject to variation due to changes in energy
market conditions and weather-related factors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-369": { "value": "Related party disclosures
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
Short term employee benefits
2024
\u20ac\u2019000
Base Salary
Other benefits
Pension benefits
Share Options
Total
remuneration
M. Langezaal
116
13
\u2014
\u2014
129
V. van Dijk
164
7
16
\u2014
187
F. Poggi*
38
2
5
\u2014
45
Total
318
22
21
\u2014
361
Short term employee benefits
2023
\u20ac\u2019000
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
* Fran\u00e7oise Poggi was appointed as Group Chief Operating Officer on 29 November 2024.
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
2024
2023
Liselotte Kooi
\u2014
5
Maaike Veen
17
16
Henk Pals
11
11
Michiel Weghs
11
6
Total
39
38
During 2023, Liselotte Kooi's role changed from member of the FAST Board to
member of the Supervisory Board .
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 2024 was as follows:
2024
2023
\u20ac\u2019000
Short term employee benefits
Short term employee benefits
Basic salary
Other benefits
Total
remuneration
Basic salary
Other benefits
Total
remuneration
Liselotte Kooi
50
\u2014
50
26
\u2014
26
Bart Lubbers
38
\u2014
38
37
7
44
Marije van Mens
\u2014
\u2014
\u2014
16
\u2014
16
Nancy Kabalt
38
\u2014
38
37
\u2014
37
J\u00e9r\u00f4me Janssen
\u2014
8
8
\u2014
\u2014
\u2014
Total
126
8
134
116
7
123
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 2024, the total remuneration for all management board amounts to \u20ac361
thousand (2023: \u20ac383 thousand) , FAST Board amounts to \u20ac39 thousand (2023:
\u20ac38 thousand) and supervisory board member amounts to \u20ac134 thousand (2023:
\u20ac123 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 2024, a total of 434 kWh (2023: 614 kWh) were charged for free
by these family members. See note 21
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-370": { "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
Short term employee benefits
2024
\u20ac\u2019000
Base Salary
Other benefits
Pension benefits
Share Options
Total
remuneration
M. Langezaal
116
13
\u2014
\u2014
129
V. van Dijk
164
7
16
\u2014
187
F. Poggi*
38
2
5
\u2014
45
Total
318
22
21
\u2014
361
Short term employee benefits
2023
\u20ac\u2019000
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
* Fran\u00e7oise Poggi was appointed as Group Chief Operating Officer on 29 November 2024.
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
2024
2023
Liselotte Kooi
\u2014
5
Maaike Veen
17
16
Henk Pals
11
11
Michiel Weghs
11
6
Total
39
38
During 2023, Liselotte Kooi's role changed from member of the FAST Board to
member of the Supervisory Board .
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 2024 was as follows:
2024
2023
\u20ac\u2019000
Short term employee benefits
Short term employee benefits
Basic salary
Other benefits
Total
remuneration
Basic salary
Other benefits
Total
remuneration
Liselotte Kooi
50
\u2014
50
26
\u2014
26
Bart Lubbers
38
\u2014
38
37
7
44
Marije van Mens
\u2014
\u2014
\u2014
16
\u2014
16
Nancy Kabalt
38
\u2014
38
37
\u2014
37
J\u00e9r\u00f4me Janssen
\u2014
8
8
\u2014
\u2014
\u2014
Total
126
8
134
116
7
123
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 2024, the total remuneration for all management board amounts to \u20ac361
thousand (2023: \u20ac383 thousand) , FAST Board amounts to \u20ac39 thousand (2023:
\u20ac38 thousand) and supervisory board member amounts to \u20ac134 thousand (2023:
\u20ac123 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 2024, a total of 434 kWh (2023: 614 kWh) were charged for free
by these family members. See note 21
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-371": { "value": "Key events post reporting date
Unsecured bonds
In February 2025, Fastned raised \u20ac 20.4 million through issue of corporate
bonds, and in addition, investors extended \u20ac 16.2 million from earlier bonds
issues. Interest on this bond is 6% per annum, payable quarterly in arrears.
Fast Places Limited capital injection
During January 2025, the first capital injection was approved for the Joint Venture,
Fast Places Limited, as described in section 5 of Part 3 of the Annual report, and
paid in February 2025. Fastned UK Limited's share of capital contribution
amounted to \u20ac1.07 million. This injection represents Fastned's 51% stake in the
Joint Venture, and the Joint Venture Partner contributed its 49%, as mentioned in
section 5. This investment is intended to accelerate the expansion of the joint
venture's charging infrastructure network.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-372": { "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 2024 is BDO Audit & Assurance B.V. (2023: BDO Audit &
Assurance B.V. ).
\u20ac\u2019000
2024
2023
Fees payable to the Group\u2019s auditor for the
audit of the consolidated parent company
accounts and subsidiaries accounts of
Fastned B.V.
326
195
Non-audit and other assurance services
32
5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:7245000V8JJ8CE1L8G60", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }