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Note
1
General information
Alfen N.V. (hereafter \u201cAlfen\u201d or \u201cthe Company\u201d) is a
public limited liability company (N.V.) which main
activity is to develop, produce and sell products,
systems and services related to the electricity grid,
including smart grid solutions, charging equipment
for electric vehicles and energy storage systems.
Alfen\u2019s main geographic focus is the Netherlands,
followed by Germany, Belgium, Finland, the United
Kingdom, France and the rest of Europe.
Alfen is the holding company of the Group. The
companies included in the consolidated financial
statements are the following:
Company name
Location and country of incorporation
Shareholding in %
Alfen B.V.
Almere, The Netherlands
100 %
Alfen ICU B.V.
Almere, The Netherlands
100 %
Alfen Projects B.V.
Almere, The Netherlands
100 %
Alfen Belgi\u00eb BV
Gent, Belgium
100 %
Alfen International B.V.
Almere, The Netherlands
100 %
Alfen Elkamo Oy Ab
Pietarsaari, Finland
100 %
Alfen was listed on the Amsterdam Stock Exchange on
22 March 2018 and has its registered office at
Hefbrugweg 28, 1332 AP, Almere, the Netherlands.
Before the listing, Alfen was a private limited liability
company named Alfen Beheer B.V. with its statutory
seat in Almere, the Netherlands. Alfen converted into
a public company with limited liability with its
statutory seat in Amsterdam, the Netherlands, and
was renamed to Alfen N.V. as per the date of the
listing.
Alfen is registered in the Chamber of Commerce
under number 644.62.846.
The Group\u2019s financial year covers the first day of
January and ends on the last day of December of each
year.
This annual report was authorised for issue by the
Company\u2019s Board of Directors and approved by the
Supervisory Board on 13 February 2024. The annual
report will be presented to the Annual General
Meeting of Shareholders for their adoption on 9 April
2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-258": { "value": "Note 1General informationAlfen N.V. (hereafter \u201cAlfen\u201d or \u201cthe Company\u201d) is a public limited liability company (N.V.) which main activity is to develop, produce and sell products, systems and services related to the electricity grid, including smart grid solutions, charging equipment for electric vehicles and energy storage systems.Alfen\u2019s main geographic focus is the Netherlands, followed by Germany, Belgium, Finland, the United Kingdom, France and the rest of Europe.Alfen is the holding company of the Group. The companies included in the consolidated financial statements are the following: Company nameLocation and country of incorporationShareholding in %Alfen B.V.Almere, The Netherlands100 %Alfen ICU B.V.Almere, The Netherlands100 %Alfen Projects B.V.Almere, The Netherlands100 %Alfen Belgi\u00eb BVGent, Belgium100 %Alfen International B.V.Almere, The Netherlands100 %Alfen Elkamo Oy AbPietarsaari, Finland100 %Alfen was listed on the Amsterdam Stock Exchange on 22 March 2018 and has its registered office at Hefbrugweg 28, 1332 AP, Almere, the Netherlands. Before the listing, Alfen was a private limited liability company named Alfen Beheer B.V. with its statutory seat in Almere, the Netherlands. Alfen converted into a public company with limited liability with its statutory seat in Amsterdam, the Netherlands, and was renamed to Alfen N.V. as per the date of the listing.Alfen is registered in the Chamber of Commerce under number 644.62.846.The Group\u2019s financial year covers the first day of January and ends on the last day of December of each year.This annual report was authorised for issue by the Company\u2019s Board of Directors and approved by the Supervisory Board on 13 February 2024. The annual report will be presented to the Annual General Meeting of Shareholders for their adoption on 9 April 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-259": { "value": "Alfen N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-260": { "value": "Alfen N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-261": { "value": "Alfen N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-262": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-263": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-264": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-265": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-266": { "value": "
Alfen is the holding company of the Group. The
companies included in the consolidated financial
statements are the following:
Company name
Location and country of incorporation
Shareholding in %
Alfen B.V.
Almere, The Netherlands
100 %
Alfen ICU B.V.
Almere, The Netherlands
100 %
Alfen Projects B.V.
Almere, The Netherlands
100 %
Alfen Belgi\u00eb BV
Gent, Belgium
100 %
Alfen International B.V.
Almere, The Netherlands
100 %
Alfen Elkamo Oy Ab
Pietarsaari, Finland
100 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-267": { "value": "Hefbrugweg 28, 1332 AP, Almere, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-268": { "value": "
This annual report was authorised for issue by the
Company\u2019s Board of Directors and approved by the
Supervisory Board on 13 February 2024. The annual
report will be presented to the Annual General
Meeting of Shareholders for their adoption on 9 April
2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-269": { "value": "
Note
2
Summary of material
accounting policies
The principal accounting policies applied in the
preparation of these consolidated financial
statements are set out below. These policies have
been consistently applied to all the years presented,
unless otherwise stated.
Basis of preparation
The consolidated financial statements of Alfen N.V.
have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by
the European Union. They also comply with the
financial reporting requirements included in section 9
of Book 2 of the Dutch Civil Code.
The preparation of the consolidated financial
statements in conformity with IFRS requires the use
of certain critical accounting estimates. It also
requires management to exercise its judgement in
the process of applying the Company\u2019s accounting
policies. The areas involving a higher degree of
judgement or complexity, or areas where
assumptions and estimates are significant to the
financial statements are disclosed in Note 6.
The consolidated financial statements are prepared
on the basis that it will continue to operate as a going
concern.
Basis of measurement
The consolidated financial statements have been
prepared on a historical cost convention, unless
stated otherwise. The consolidated financial
statements are presented in euro, which is the
Company\u2019s functional currency. All amounts have
been rounded to the nearest thousand, unless
otherwise indicated.
Changes in accounting policies and
disclosures
New standards and interpretations adopted
A number of new amendments to standards are
effective from 1 January 2023 but they do not have a
material effect on the Company\u2019s consolidated
financial statements.
New standards and interpretations not yet adopted
Certain new accounting standards and amendments
to standards have been published that are not
mandatory for reporting periods starting on or after
1 January 2023 and have not been early adopted by
the Company. For none of these standards that are
not yet effective it is expected that they have a
material impact on the Company in the current or
future reporting periods and on foreseeable future
transactions.
Principles for consolidation
Subsidiaries
Subsidiaries are all entities over which the Group has
control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to
affect those returns through its power to direct the
activities of the entity. Subsidiaries are fully
consolidated from the date on which control is
transferred to the Group. Subsidiaries are
deconsolidated from the date that control ceases.
The financial data of the subsidiaries and other
entities included in the consolidation have been
included in full, to the exclusion of intercompany
relationships, intercompany profit and intercompany
receivables and liabilities between subsidiaries and
other entities included in the consolidation, to the
extent that the results are not realised by a third
party outside the Group. Unrealised losses on
intercompany transactions are eliminated unless they
concern impairments.
Business combinations
The Company accounts for business combinations
using the acquisition method when control is
transferred to the Group. Goodwill arises on the
acquisition of subsidiaries and represents the excess
of the consideration transferred over the Group\u2019s
interest in the net fair value of the net identifiable
assets, liabilities and contingent liabilities of the
acquiree and the fair value of the non-controlling
interest in the acquiree. Negative goodwill arising
from an acquisition is recognised directly in the
income statement. Acquisition-related costs are
expensed as incurred, except if related to the issue of
debt or equity securities.
The consideration transferred for the acquisition of a
subsidiary is the fair value of the assets transferred
and the liabilities incurred to the former shareholders
of the acquiree. The consideration transferred
includes the fair value of any asset or liability
resulting from a contingent consideration
arrangement.
Subsequent changes to the fair value of the
contingent consideration that is deemed to be an
asset or liability are recognised in the income
statement.
If the business combination is achieved in stages, the
acquisition date carrying value of the acquirer\u2019s
previously held equity interest in the acquiree is
remeasured to fair value at the acquisition date. Any
gains or losses arising from such remeasurement are
recognised in the income statement.
Changes in ownership interests in subsidiaries
without change of control
Transactions with subsidiaries that do not result in
loss of control are accounted for as equity
transactions that is, as transactions with the owners
in their capacity as owners. The difference between
fair value of any consideration paid and the relevant
share acquired of the carrying value of net assets of
the subsidiary is recorded in equity. Gains or losses on
disposals to non-controlling interests are also
recorded in equity.
Disposal of subsidiaries
If the Group ceases to have control of an entity, any
retained interest in the entity is remeasured to fair
value at the date when control is lost with the change
in carrying amount recognised in the income
statement. The fair value is the initial carrying
amount for the purpose of subsequently accounting
for the retained interest as an associate, joint venture
or other financial asset. Amounts previously
recognised in other comprehensive income are
reclassified to profit or loss. Deconsolidation occurs
when the Group no longer controls a subsidiary.
Foreign currency translation
Functional and presentational currency
Items included in the financial statements are
measured using the currency of the primary
economic environment in which the entity operates
(\u2018the functional currency\u2019). The financial statements
are presented in euro, which is the functional
currency of all companies within the Group and the
Group\u2019s presentation currency.
Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rates at the
dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such
transactions and from the translation of monetary
assets and liabilities denominated in foreign
currencies at year-end exchange rates are generally
recognised in profit or loss.
Foreign exchange gains and losses that relate to
borrowings and cash and cash equivalents are
presented in the statement of comprehensive
income, within finance costs.
Non-monetary items that are measured at fair value
in a foreign currency are translated using the
exchange rates at the date when the fair value was
determined. Translation differences on assets and
liabilities carried at fair value are reported as part of
the fair value gain or loss.
Property, plant and equipment
Property, plant and equipment are carried at
historical cost less accumulated depreciation and
impairment losses. Historical cost includes
expenditure that is directly attributable to the
acquisition of the items.
Subsequent costs are included in the asset\u2019s carrying
amount or recognised as a separate asset, as
appropriate, only when it is probable that future
economic benefits associated with the item will flow
to the Company and the cost of the item can be
measured reliably.
The carrying amount of any component accounted for
as a separate asset is derecognised when replaced. All
other repairs and maintenance are charged to profit
or loss during the reporting period in which they are
incurred.
Depreciation on assets is calculated by recognising
the difference between historical cost and the
estimated residual values using the straight-line
method over their estimated useful life in profit or
loss.
The estimated useful lives of property, plant and
equipment for current and comparable periods are as
follows:
Building
5 - 30 years
Furniture, fittings and equipment
5 - 10 years
Other fixed operating assets
5 years
The assets\u2019 residual values and useful lives are
reviewed, and adjusted if appropriate, at the end of
each reporting period. The costs of future
replacement are capitalised based on the component
approach. Under this approach the total costs are
allocated to the \u2018component assets\u2019. Government
grants on investments are deducted from the
purchase price or manufacturing price of the assets to
which the government grants relate.
An asset\u2019s carrying amount is written down
immediately to its recoverable amount if the asset\u2019s
carrying amount is higher than its estimated
recoverable amount.
Gains and losses on disposals are determined by
comparing proceeds with the carrying amount and
are recognised within the income statement.
Intangible assets
Goodwill
Goodwill arising on the acquisition of subsidiaries is
measured at historical cost less accumulated
impairment losses. Goodwill is not amortised but it is
tested for impairment annually, or more frequently if
events or changes in circumstances indicate that it
might be impaired.
Other intangible assets
Research and development
Development costs that are directly attributable to
the design and testing of identifiable and unique
products and systems controlled by the Company are
recognised as intangible assets only if all of the
following conditions are met:
\u2022 it is technically feasible to complete the product
or system so that it will be available for use;
\u2022 management intends to complete the product or
system and use or sell it;
\u2022 there is an ability to use or sell the product or
system;
\u2022 it can be demonstrated how the product or
system will generate probable future economic
benefits;
\u2022 adequate technical, financial and other resources
to complete the development and to use or sell
the product or system are available; and
\u2022 the expenditure attributable to the product or
system during its development can be reliably
measured.
Directly attributable costs that are capitalised as part
of the product include the development employee
costs and an appropriate portion of relevant
overheads. Other development expenditures that do
not meet these criteria are recognised as an expense
as incurred. Development costs previously recognised
as an expense are not recognised as an asset in a
subsequent period. Expenditure on research activities
is recognised as expense in the period in which it is
incurred.
Customer related intangibles
Customer related intangibles that are acquired by the
Company with finite useful lives are recognised at fair
value at the acquisition date and are subsequently
carried at cost less accumulated amortisation and
impairment losses.
Amortisation
Amortisation of intangible assets is calculated by
recognising the difference between historical cost
and the estimated residual values using the straight-
line method over their estimated useful lives in the
income statement. Amortisation is recognised in the
income statement on a straight-line basis and
commences as soon as the assets are ready for use.
The estimated useful lives of intangible assets for
current and comparable periods are as follows:
Development costs
5 years
Customer related intangibles
1 - 7 years
The expected useful life and the amortisation method
are reviewed each reporting period.
Impairment of non-financial assets
Non-financial assets are tested for impairment
whenever events or changes in circumstances
indicate that the carrying amount may not be
recoverable. Capitalised development projects in
progress are not amortised but are tested for
impairment annually, or more frequently if events or
changes in circumstances indicate that it might be
impaired.
An impairment loss is recognised for the amount by
which the asset\u2019s carrying amount exceeds its
recoverable amount.
The recoverable amount is the higher of an asset\u2019s
fair value less costs of disposal and value in use. For
the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are
separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or
groups of assets (cash-generating units).
Non-financial assets other than goodwill that suffered
an impairment are reviewed for possible reversal of
the impairment at the end of each reporting period.
Financial instruments
Financial assets - Classification and measurement
The Company classifies its financial assets in the
following measurement categories:
(i) those to be measured subsequently at fair value
(either through OCI or through profit or loss),
and
(ii) 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
Company 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 Company
has transferred substantially all the risks and rewards
of ownership.
Financial assets - Measurements
At initial recognition the Company 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 Company\u2019s business model for
managing the asset and the cash flow characteristics
of the asset. There are three measurement categories
into which the Company classifies its debt
instruments: (i) Amortised cost, (ii) Fair value through
profit or loss; and (iii) Fair value through other
comprehensive income.
The Company only has financial assets at amortised
cost and makes no use of derivative financial
instruments.
Amortised costs
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 Company assesses on a forward looking basis the
expected credit losses associated with its debt
instruments carried at amortised cost.
The Company 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\u00a09, 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 Company\u2019s exposure to credit
risk and measurement of impairment losses for trade
receivables and amounts due from customers for
contract work is included in Note 3.
Financial liabilities - Recognition and measurement
Financial liabilities are recognised when the Company
becomes a party to the contractual provisions of the
financial instrument.
The Company only has financial liabilities at
amortised cost and makes no use of derivative
financial instruments.
Financial liabilities at amortised costs
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 Company 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 Company 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 Company (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.
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 Company does not have any
legally enforceable right to offset the recognised
amounts in the balance sheet.
Inventories
Inventories mainly relate to raw materials and are
valued at the lower of cost and net realisable value.
Costs comprise direct materials and, where
applicable, costs that have been incurred in bringing
the inventories to their present location and
condition. Costs are determined using the weighted
average price method. Net realisable value represents
the estimated selling price less all estimated costs of
completion and costs to be incurred in marketing,
selling and distribution.
Contract assets and liabilities
Contract assets and liabilities comprise of revenue
recognised (based on the costs for contract work
performed plus the profit recognised to date) less
progress billings when the Company constructs an
asset that is built on the customers site or when the
costs incurred are related to a product or project with
no alternative use and for which the Company has an
enforceable right to payment.
Contract assets are stated as a receivable (amounts
due from customers for contract work) when the
balance is positive. If negative, it is stated as a
contract liability (amounts due to customers for
contract work).
Contract assets are subject to the expected credit
losses, for which the Company applies the IFRS 9
simplified approach to measuring expected credit
losses which uses a lifetime expected loss allowance
in line with trade and other receivables. Please refer
to note 3 for further information.
Trade and other receivables
Trade and other receivables are amounts due from
customers for products delivered and services
performed in the ordinary course of business. If
collection is expected in one year or less, they are
classified as current assets. If not, they are presented
as non-current assets. Trade receivables are generally
due for settlement immediately and therefore all
classified as current assets.
Trade and other receivables are recognised initially at
fair value and subsequently measured at amortised
cost using the effective interest method, less
provision for impairment.
Cash and cash equivalents
Cash and cash equivalents are recognised at nominal
value. Cash and cash equivalents include cash at
banks and cash in hand. In the cash flow statement
cash and cash equivalents comprises cash at banks,
cash in hand and bank overdrafts.
Share capital
Ordinary shares are classified as equity. Incremental
costs directly attributable to the issuance of new
ordinary shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
Dividends
Dividends are recognised as a liability in the period in
which they are declared.
Borrowings
Borrowings are initially recognised at fair value, net of
transaction costs incurred. Borrowings are
subsequently measured at amortised cost. Any
difference between the proceeds (net of transaction
costs) and the redemption amount is recognised in
profit or loss over the period of the borrowings using
the effective interest method. Borrowings are
removed from the balance sheet when the obligation
specified in the contract is discharged, cancelled or
expired. The difference between the carrying amount
of a financial liability that has been extinguished or
transferred to another party and the consideration
paid, including any non-cash assets transferred or
liabilities assumed, is recognised in profit or loss as
other income or finance costs.
Borrowings are classified as current liabilities unless
the Company has an unconditional right to defer
settlement of the liability for at least 12 months after
the end of the reporting period.
Provisions
Provisions are recognised when the Company has a
present legal or constructive obligation as a result of
past events; it is more likely than not that an outflow
of resources will be required to settle the obligation;
and the amount can be reliably estimated. Provisions
are measured at management\u2019s best estimate of the
expenditure required to settle the obligation at the
end of the reporting period, and are discounted
where the effect is material using a pre-tax rate that
reflects current market assessments of the time value
of money and the risks specific to the obligation.
Jubilee provision
Based on the collective labour agreement, a provision
for jubilee benefits for employees is recognised based
on the estimated future cost, using actuarial
calculations to determine the amount to be
recognised.
Onerous contracts
A provision for onerous contracts is measured at the
present value of the lower of expected costs of
terminating the contract and the expected net costs
of continuing with the contract. Before a provision is
established, the Company recognises any impairment
loss on the asset associated with that contract.
Trade and other payables
These amounts represent liabilities provided to the
Company prior to the end of the financial year which
are unpaid. Trade and other payables are presented
as current liabilities unless payment is not due within
12 months after the reporting period. They are
recognised initially at their fair value and
subsequently measured at amortised cost using the
effective interest method.
Revenue recognition
Revenue is measured based on the consideration
specified in a contract with a customer. The Company
recognises revenue when it transfers control over a
good or service to a customer.
The Company has no specific obligations for returns,
refund clauses nor any other similar obligations
specified in the contract with customers. However,
standard product compliance warranty is provided to
customers, which is not considered a separate
performance obligation.
The following paragraphs provide information about
the nature and timing of the satisfaction of
performance obligations in contracts with customers
and the related revenue recognition policies per
business line. For all revenue streams, invoices are
usually payable within 30 days. In general there are
no variable consideration clauses, such are volume
related discounts, included in the contracts with
customers. However, direct discounts can be
provided on a customer-by-customer basis.
Smart grid solutions
Revenue within the Smart grid solutions business line
is classified as contract manufacturing, meaning that
every designed and manufactured transformer
substation or series of transformer substations by the
Company is tailor-made for a specific customer and
has as such no alternative use. If in addition, the
Company has an enforceable right to payment,
revenue is recognised over time - i.e. before delivered
to the customers\u2019 premises - in the income statement
using the cost-to-cost method.
In case the Company does not have an enforceable
right to payment, revenue is recognised at a point-in-
time when control of the products are transferred to
the customer, being when the goods are delivered to
the customer and when there is no unfulfilled
obligation that could affect the customers\u2019
acceptance of the product.
Within the Smart grid solutions business line, the
Company always acts as a principal, because all
purchased (input) materials are subsequently
integrated into end products for which the Company
provides significant integration services.
Uninvoiced amounts are presented as amounts due
from customers for contract work, while advances
received are included in the amounts due to
customers for contract work.
Service related revenue within Smart grid solutions
comprises additional service and/or maintenance sold
to a customer by means of a separate contract for
periods up to 4 years. Revenues generated through
services rendered are recognised over time in the
income statement as customers simultaneously
receive and consume the benefits when the Company
performs the services.
Energy storage systems
Energy storage systems revenue comprise of tailor-
made energy storage systems for a specific customer
or a commingling of multiple tailor-made energy
storage systems designed and manufactured by the
Company in combination with third party purchased
manufactured products for which the Company
subsequently provides overall project management
and significant system integration services. For this
reason, the Company acts as a principle for the third
party purchased manufactured products.
Energy storage systems are always tailor-made for a
specific customer and have as such no alternative
use. For these contracts, the Company always has an
enforceable right to payment. Consequently, revenue
is recognised over time - i.e. before delivered to the
customers\u2019 premises - in the income statement using
the cost-to-cost method.
Uninvoiced amounts are presented as amounts due
from customers for contract work, while advances
received are included in the amounts due to
customers for contract work.
Service related revenue within Energy storage
systems comprises additional service and/or
maintenance sold to a customer by means of a
separate contract for periods usually up to 5 years.
Revenues generated through services rendered are
recognised over time in the income statement as
customers simultaneously receive and consume the
benefits when the Company performs the services.
EV charging equipment
The Company sells products related to charging
equipment for electric vehicles. Revenue from the
sale of these goods sold is recognised at a point-in-
time when control of the products is transferred to
the customer, being when the goods are delivered to
the customer and when there is no unfulfilled
obligation that could affect the customers\u2019
acceptance of the product.
Service related revenue within EV charging
equipment comprises additional service and/or
maintenance sold to a customer by means of a
separate contract for periods usually between 3 and 5
years. Revenues generated through services rendered
are recognised over time on a straight-line basis in
the income statement as customers simultaneously
receive and consume the benefits when the Company
performs the services.
Employee benefits
Salaries, wages and social security contributions are
charged to the income statement based on the terms
of employment, when they are due to employees and
the tax authorities respectively.
Termination benefits are expensed at the earlier of
when the Company can no longer withdraw the offer
of those benefits and when the Company recognises
costs for a restructuring.
Pension obligations
The Company has a multi-employer pension plan
which is a defined benefit plan for which there is
insufficient information available for the Company to
account for the pension plan as a defined benefit
plan. There is not sufficient information available as
the pension fund does not administer the pension
plan on a company-by-company basis. Therefore, the
Company accounts for this pension plan as a defined
contribution plan.
For the defined contribution plans, the Company pays
contributions to publicly or privately administered
pension insurance plans on a mandatory and
contractual basis. The Company has no further
payment obligations once the contributions have
been paid.
The contributions are recognised as employee benefit
expense when they are due. Prepaid contributions
are recognised as an asset to the extent that a cash
refund or a reduction in the future payments is
available.
Share-based payments
The grant-date fair value of equity-settled share-
based payment awards granted to employees is
recognised as an expense, with a corresponding
increase in equity, over the vesting period of the
awards.
The amount recognised as an expense is adjusted to
reflect the number of awards for which the related
service and non-market performance conditions are
expected to be met, such that the amount ultimately
recognised is based on the number of awards that
meet the related service and non-market
performance conditions at the vesting date. The
Company has no share-based payment awards with
non-vesting conditions nor with market performance
conditions.
Government grants
Grants from the government are recognised at their
fair value where there is a reasonable assurance that
the grant will be received and the Company will
comply with all attached conditions. Government
grants relating to costs are recognised in the
statement of income over the period necessary to
match them with the costs they are intended to
compensate.
Expenses
Expenses arising from the Company\u2019s business
operations are accounted for in the year incurred.
Leases
At the inception of an agreement, the Company
assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a
period of time in exchange for consideration. To
assess whether a contract conveys the right to control
the use of an identified asset, the Company uses the
definition of a lease in IFRS 16.
The Company, as a lessee, recognises a right-of-use
asset representing its right to use the underlying
asset and a lease liability representing its obligation
to make lease payments at the lease commencement
date.
However, the Company elected to apply the
recognition exemption for both short-term and low
value leases \u2013 e.g. office equipment. As such, the
Company recognises lease payments associated with
these leases as an expense on a straight-line basis
over the lease term.
The right-of-use asset is initially measured at cost,
which comprises the initial amount of the lease
liability adjusted for any lease payments made at or
before the commencement date, plus any initial
direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to
restore the underlying asset or the site on which it is
located, less any lease incentives received.
The right-of-use asset is subsequently depreciated
using the straight-line method from the
commencement date to the end of the lease term,
unless the lease transfers ownership of the
underlying asset to the Company by the end of the
lease term or the cost of the right-of-use asset
reflects that the Company will exercise a purchase
option. In that case the right-of-use asset will be
depreciated over the useful life of the underlying
asset, which is determined on the same basis as those
of property, plant and equipment. In addition, the
right-of-use asset is periodically reduced by
impairment losses, if any, and adjusted for certain
remeasurements of the lease liability.
The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted using the interest
rate implicit in the lease or, if that rate cannot be
readily determined, the Company\u2019s incremental
borrowing rate. Subsequently, the lease liability is
increased by the interest costs on the lease liability
and decreased by lease payments made.
Lease payments included in the measurement of the
lease liability comprise the following:
\u2022 fixed payments, including in-substance fixed
payments;
\u2022 variable lease payments that depend on an index
or a rate, initially measured using the index or rate
as at the commencement date;
\u2022 amounts expected to be payable under a residual
value guarantee; and
\u2022 the exercise price under a purchase option that
the Company is reasonably certain to exercise,
lease payments in an optional renewal period if
the Company is reasonably certain to exercise an
extension option, and penalties for early
termination of a lease unless the Company is
reasonably certain not to terminate early.
The lease liability is measured at amortised cost using
the effective interest method. The lease liability is
remeasured when there is a change in future lease
payments arising from a change in index or rate, a
change in the estimate of the amount expected to be
payable under a residual value guarantee, or as
appropriate, changes in the assessment whether a
purchase or renewal option is reasonably certain to
be exercised or a termination option is reasonably
certain not to be exercised.
When the lease liability is remeasured as
abovementioned, a corresponding adjustment is
made to the carrying amount of the right-of-use
asset, or is recorded in profit or loss if the carrying
amount of the right-of-use asset has been reduced to
zero.
The Company\u2019s right-of-use assets and lease liabilities
are presented under Property, plant and equipment
and Borrowings, respectively.
Finance income and expenses
Finance income and expenses are recognised using
the effective interest method. Financial expenses
include interest incurred on borrowings calculated
using the effective interest method and interest
accruals for provisions that are recognised in the
income statement.
In calculating finance income and expense, the
effective interest rate is applied to the gross carrying
amount of the asset (when the asset is not credit-
impaired) or to the amortised cost of the liability.
However, for financial assets that have become
credit-impaired subsequent to initial recognition,
interest income is calculated by applying the effective
interest rate to the amortised cost of the financial
asset. If the asset is no longer credit-impaired, then
the calculation of interest income reverts to the gross
basis.
Corporate income tax
The income tax expense or credit for the period is the
tax payable on the current period\u2019s taxable income
based on the applicable income tax rate for each
jurisdiction adjusted by changes in deferred tax assets
and liabilities attributable to temporary differences
and to unused tax losses.
The current income tax charge is calculated on the
basis of the tax laws enacted or substantively enacted
at the end of the reporting period in the countries
where the Company\u2019s subsidiaries operate and
generate taxable income.
Deferred income tax is provided in full, using the
liability method, on temporary differences arising
between the tax bases of assets and liabilities and
their carrying amounts in the financial statements.
However, deferred tax liabilities are not recognised if
they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it
arises from initial recognition of an asset or liability in
a transaction other than a business combination that
at the time of the transaction affects neither
accounting nor taxable profit or loss. Deferred income
tax is determined using tax rates (and laws) that have
been enacted or substantially enacted by the end of
the reporting period and are expected to apply when
the related deferred income tax asset is realised or
the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is
probable that future taxable amounts will be
available to utilise those temporary differences and
losses. Deferred tax liabilities and assets are not
recognised for temporary differences between the
carrying amount and tax bases of investments in
foreign operations where the Company is able to
control the timing of the reversal of the temporary
differences and it is probable that the differences will
not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when
there is a legally enforceable right to offset current
tax assets and liabilities and when the deferred tax
balances relate to the same taxation authority.
Current tax assets and tax liabilities are offset where
the entity has a legally enforceable right to offset and
intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or
loss, except to the extent that it relates to items
recognised in other comprehensive income or directly
in equity. In this case, the tax is also recognised in
other comprehensive income or directly in equity,
respectively.
Notes to the cash flow statement
The cash flow statement has been prepared using the
indirect method, whereby profit or loss is adjusted for
the effects of transactions of a non-cash nature, any
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.
Bank overdrafts repayable on demand are included in
cash and cash equivalents in the cash flow statement
to the extent that they are integral part of The
Company's cash management.
Non-cash transactions are not included in the
statement of cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-270": { "value": "
Basis of preparation
The consolidated financial statements of Alfen N.V.
have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by
the European Union. They also comply with the
financial reporting requirements included in section 9
of Book 2 of the Dutch Civil Code.
The preparation of the consolidated financial
statements in conformity with IFRS requires the use
of certain critical accounting estimates. It also
requires management to exercise its judgement in
the process of applying the Company\u2019s accounting
policies. The areas involving a higher degree of
judgement or complexity, or areas where
assumptions and estimates are significant to the
financial statements are disclosed in Note 6.
The consolidated financial statements are prepared
on the basis that it will continue to operate as a going
concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-271": { "value": "
The consolidated financial statements of Alfen N.V.
have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by
the European Union. They also comply with the
financial reporting requirements included in section 9
of Book 2 of the Dutch Civil Code.
The preparation of the consolidated financial
statements in conformity with IFRS requires the use
of certain critical accounting estimates. It also
requires management to exercise its judgement in
the process of applying the Company\u2019s accounting
policies. The areas involving a higher degree of
judgement or complexity, or areas where
assumptions and estimates are significant to the
financial statements are disclosed in Note 6.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-272": { "value": "
Basis of measurement
The consolidated financial statements have been
prepared on a historical cost convention, unless
stated otherwise. The consolidated financial
statements are presented in euro, which is the
Company\u2019s functional currency. All amounts have
been rounded to the nearest thousand, unless
otherwise indicated.
Functional and presentational currency
Items included in the financial statements are
measured using the currency of the primary
economic environment in which the entity operates
(\u2018the functional currency\u2019). The financial statements
are presented in euro, which is the functional
currency of all companies within the Group and the
Group\u2019s presentation currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-273": { "value": "
Principles for consolidation
Subsidiaries
Subsidiaries are all entities over which the Group has
control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to
affect those returns through its power to direct the
activities of the entity. Subsidiaries are fully
consolidated from the date on which control is
transferred to the Group. Subsidiaries are
deconsolidated from the date that control ceases.
The financial data of the subsidiaries and other
entities included in the consolidation have been
included in full, to the exclusion of intercompany
relationships, intercompany profit and intercompany
receivables and liabilities between subsidiaries and
other entities included in the consolidation, to the
extent that the results are not realised by a third
party outside the Group. Unrealised losses on
intercompany transactions are eliminated unless they
concern impairments.
Business combinations
The Company accounts for business combinations
using the acquisition method when control is
transferred to the Group. Goodwill arises on the
acquisition of subsidiaries and represents the excess
of the consideration transferred over the Group\u2019s
interest in the net fair value of the net identifiable
assets, liabilities and contingent liabilities of the
acquiree and the fair value of the non-controlling
interest in the acquiree. Negative goodwill arising
from an acquisition is recognised directly in the
income statement. Acquisition-related costs are
expensed as incurred, except if related to the issue of
debt or equity securities.
The consideration transferred for the acquisition of a
subsidiary is the fair value of the assets transferred
and the liabilities incurred to the former shareholders
of the acquiree. The consideration transferred
includes the fair value of any asset or liability
resulting from a contingent consideration
arrangement.
Subsequent changes to the fair value of the
contingent consideration that is deemed to be an
asset or liability are recognised in the income
statement.
If the business combination is achieved in stages, the
acquisition date carrying value of the acquirer\u2019s
previously held equity interest in the acquiree is
remeasured to fair value at the acquisition date. Any
gains or losses arising from such remeasurement are
recognised in the income statement.
Changes in ownership interests in subsidiaries
without change of control
Transactions with subsidiaries that do not result in
loss of control are accounted for as equity
transactions that is, as transactions with the owners
in their capacity as owners. The difference between
fair value of any consideration paid and the relevant
share acquired of the carrying value of net assets of
the subsidiary is recorded in equity. Gains or losses on
disposals to non-controlling interests are also
recorded in equity.
Disposal of subsidiaries
If the Group ceases to have control of an entity, any
retained interest in the entity is remeasured to fair
value at the date when control is lost with the change
in carrying amount recognised in the income
statement. The fair value is the initial carrying
amount for the purpose of subsequently accounting
for the retained interest as an associate, joint venture
or other financial asset. Amounts previously
recognised in other comprehensive income are
reclassified to profit or loss. Deconsolidation occurs
when the Group no longer controls a subsidiary.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-274": { "value": "
Subsidiaries
Subsidiaries are all entities over which the Group has
control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to
affect those returns through its power to direct the
activities of the entity. Subsidiaries are fully
consolidated from the date on which control is
transferred to the Group. Subsidiaries are
deconsolidated from the date that control ceases.
The financial data of the subsidiaries and other
entities included in the consolidation have been
included in full, to the exclusion of intercompany
relationships, intercompany profit and intercompany
receivables and liabilities between subsidiaries and
other entities included in the consolidation, to the
extent that the results are not realised by a third
party outside the Group. Unrealised losses on
intercompany transactions are eliminated unless they
concern impairments.
Changes in ownership interests in subsidiaries
without change of control
Transactions with subsidiaries that do not result in
loss of control are accounted for as equity
transactions that is, as transactions with the owners
in their capacity as owners. The difference between
fair value of any consideration paid and the relevant
share acquired of the carrying value of net assets of
the subsidiary is recorded in equity. Gains or losses on
disposals to non-controlling interests are also
recorded in equity.
Disposal of subsidiaries
If the Group ceases to have control of an entity, any
retained interest in the entity is remeasured to fair
value at the date when control is lost with the change
in carrying amount recognised in the income
statement. The fair value is the initial carrying
amount for the purpose of subsequently accounting
for the retained interest as an associate, joint venture
or other financial asset. Amounts previously
recognised in other comprehensive income are
reclassified to profit or loss. Deconsolidation occurs
when the Group no longer controls a subsidiary.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-275": { "value": "
Business combinations
The Company accounts for business combinations
using the acquisition method when control is
transferred to the Group. Goodwill arises on the
acquisition of subsidiaries and represents the excess
of the consideration transferred over the Group\u2019s
interest in the net fair value of the net identifiable
assets, liabilities and contingent liabilities of the
acquiree and the fair value of the non-controlling
interest in the acquiree. Negative goodwill arising
from an acquisition is recognised directly in the
income statement. Acquisition-related costs are
expensed as incurred, except if related to the issue of
debt or equity securities.
The consideration transferred for the acquisition of a
subsidiary is the fair value of the assets transferred
and the liabilities incurred to the former shareholders
of the acquiree. The consideration transferred
includes the fair value of any asset or liability
resulting from a contingent consideration
arrangement.
Subsequent changes to the fair value of the
contingent consideration that is deemed to be an
asset or liability are recognised in the income
statement.
If the business combination is achieved in stages, the
acquisition date carrying value of the acquirer\u2019s
previously held equity interest in the acquiree is
remeasured to fair value at the acquisition date. Any
gains or losses arising from such remeasurement are
recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-276": { "value": "
Foreign currency translation
Functional and presentational currency
Items included in the financial statements are
measured using the currency of the primary
economic environment in which the entity operates
(\u2018the functional currency\u2019). The financial statements
are presented in euro, which is the functional
currency of all companies within the Group and the
Group\u2019s presentation currency.
Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rates at the
dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such
transactions and from the translation of monetary
assets and liabilities denominated in foreign
currencies at year-end exchange rates are generally
recognised in profit or loss.
Foreign exchange gains and losses that relate to
borrowings and cash and cash equivalents are
presented in the statement of comprehensive
income, within finance costs.
Non-monetary items that are measured at fair value
in a foreign currency are translated using the
exchange rates at the date when the fair value was
determined. Translation differences on assets and
liabilities carried at fair value are reported as part of
the fair value gain or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-277": { "value": "
The carrying amount of any component accounted for
as a separate asset is derecognised when replaced. All
other repairs and maintenance are charged to profit
or loss during the reporting period in which they are
incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-278": { "value": "
Depreciation on assets is calculated by recognising
the difference between historical cost and the
estimated residual values using the straight-line
method over their estimated useful life in profit or
loss.
The estimated useful lives of property, plant and
equipment for current and comparable periods are as
follows:
Building
5 - 30 years
Furniture, fittings and equipment
5 - 10 years
Other fixed operating assets
5 years
The assets\u2019 residual values and useful lives are
reviewed, and adjusted if appropriate, at the end of
each reporting period. The costs of future
replacement are capitalised based on the component
approach. Under this approach the total costs are
allocated to the \u2018component assets\u2019. Government
grants on investments are deducted from the
purchase price or manufacturing price of the assets to
which the government grants relate.
Amortisation
Amortisation of intangible assets is calculated by
recognising the difference between historical cost
and the estimated residual values using the straight-
line method over their estimated useful lives in the
income statement. Amortisation is recognised in the
income statement on a straight-line basis and
commences as soon as the assets are ready for use.
The estimated useful lives of intangible assets for
current and comparable periods are as follows:
Development costs
5 years
Customer related intangibles
1 - 7 years
The expected useful life and the amortisation method
are reviewed each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-279": { "value": "
Depreciation on assets is calculated by recognising
the difference between historical cost and the
estimated residual values using the straight-line
method over their estimated useful life in profit or
loss.
The estimated useful lives of property, plant and
equipment for current and comparable periods are as
follows:
Building
5 - 30 years
Furniture, fittings and equipment
5 - 10 years
Other fixed operating assets
5 years
The assets\u2019 residual values and useful lives are
reviewed, and adjusted if appropriate, at the end of
each reporting period. The costs of future
replacement are capitalised based on the component
approach. Under this approach the total costs are
allocated to the \u2018component assets\u2019. Government
grants on investments are deducted from the
purchase price or manufacturing price of the assets to
which the government grants relate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-280": { "value": "
Intangible assets
Goodwill
Goodwill arising on the acquisition of subsidiaries is
measured at historical cost less accumulated
impairment losses. Goodwill is not amortised but it is
tested for impairment annually, or more frequently if
events or changes in circumstances indicate that it
might be impaired.
Other intangible assets
Research and development
Development costs that are directly attributable to
the design and testing of identifiable and unique
products and systems controlled by the Company are
recognised as intangible assets only if all of the
following conditions are met:
\u2022 it is technically feasible to complete the product
or system so that it will be available for use;
\u2022 management intends to complete the product or
system and use or sell it;
\u2022 there is an ability to use or sell the product or
system;
\u2022 it can be demonstrated how the product or
system will generate probable future economic
benefits;
\u2022 adequate technical, financial and other resources
to complete the development and to use or sell
the product or system are available; and
\u2022 the expenditure attributable to the product or
system during its development can be reliably
measured.
Directly attributable costs that are capitalised as part
of the product include the development employee
costs and an appropriate portion of relevant
overheads. Other development expenditures that do
not meet these criteria are recognised as an expense
as incurred. Development costs previously recognised
as an expense are not recognised as an asset in a
subsequent period. Expenditure on research activities
is recognised as expense in the period in which it is
incurred.
Customer related intangibles
Customer related intangibles that are acquired by the
Company with finite useful lives are recognised at fair
value at the acquisition date and are subsequently
carried at cost less accumulated amortisation and
impairment losses.
Amortisation
Amortisation of intangible assets is calculated by
recognising the difference between historical cost
and the estimated residual values using the straight-
line method over their estimated useful lives in the
income statement. Amortisation is recognised in the
income statement on a straight-line basis and
commences as soon as the assets are ready for use.
The estimated useful lives of intangible assets for
current and comparable periods are as follows:
Development costs
5 years
Customer related intangibles
1 - 7 years
The expected useful life and the amortisation method
are reviewed each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-281": { "value": "
Goodwill
Goodwill arising on the acquisition of subsidiaries is
measured at historical cost less accumulated
impairment losses. Goodwill is not amortised but it is
tested for impairment annually, or more frequently if
events or changes in circumstances indicate that it
might be impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-282": { "value": "
Other intangible assets
Research and development
Development costs that are directly attributable to
the design and testing of identifiable and unique
products and systems controlled by the Company are
recognised as intangible assets only if all of the
following conditions are met:
\u2022 it is technically feasible to complete the product
or system so that it will be available for use;
\u2022 management intends to complete the product or
system and use or sell it;
\u2022 there is an ability to use or sell the product or
system;
\u2022 it can be demonstrated how the product or
system will generate probable future economic
benefits;
\u2022 adequate technical, financial and other resources
to complete the development and to use or sell
the product or system are available; and
\u2022 the expenditure attributable to the product or
system during its development can be reliably
measured.
Directly attributable costs that are capitalised as part
of the product include the development employee
costs and an appropriate portion of relevant
overheads. Other development expenditures that do
not meet these criteria are recognised as an expense
as incurred. Development costs previously recognised
as an expense are not recognised as an asset in a
subsequent period. Expenditure on research activities
is recognised as expense in the period in which it is
incurred.
Customer related intangibles
Customer related intangibles that are acquired by the
Company with finite useful lives are recognised at fair
value at the acquisition date and are subsequently
carried at cost less accumulated amortisation and
impairment losses.
Amortisation
Amortisation of intangible assets is calculated by
recognising the difference between historical cost
and the estimated residual values using the straight-
line method over their estimated useful lives in the
income statement. Amortisation is recognised in the
income statement on a straight-line basis and
commences as soon as the assets are ready for use.
The estimated useful lives of intangible assets for
current and comparable periods are as follows:
Development costs
5 years
Customer related intangibles
1 - 7 years
The expected useful life and the amortisation method
are reviewed each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-283": { "value": "
Research and development
Development costs that are directly attributable to
the design and testing of identifiable and unique
products and systems controlled by the Company are
recognised as intangible assets only if all of the
following conditions are met:
\u2022 it is technically feasible to complete the product
or system so that it will be available for use;
\u2022 management intends to complete the product or
system and use or sell it;
\u2022 there is an ability to use or sell the product or
system;
\u2022 it can be demonstrated how the product or
system will generate probable future economic
benefits;
\u2022 adequate technical, financial and other resources
to complete the development and to use or sell
the product or system are available; and
\u2022 the expenditure attributable to the product or
system during its development can be reliably
measured.
Directly attributable costs that are capitalised as part
of the product include the development employee
costs and an appropriate portion of relevant
overheads. Other development expenditures that do
not meet these criteria are recognised as an expense
as incurred. Development costs previously recognised
as an expense are not recognised as an asset in a
subsequent period. Expenditure on research activities
is recognised as expense in the period in which it is
incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-284": { "value": "
Impairment of non-financial assets
Non-financial assets are tested for impairment
whenever events or changes in circumstances
indicate that the carrying amount may not be
recoverable. Capitalised development projects in
progress are not amortised but are tested for
impairment annually, or more frequently if events or
changes in circumstances indicate that it might be
impaired.
An impairment loss is recognised for the amount by
which the asset\u2019s carrying amount exceeds its
recoverable amount.
The recoverable amount is the higher of an asset\u2019s
fair value less costs of disposal and value in use. For
the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are
separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or
groups of assets (cash-generating units).
Non-financial assets other than goodwill that suffered
an impairment are reviewed for possible reversal of
the impairment at the end of each reporting period.
Financial assets - Impairment
The Company assesses on a forward looking basis the
expected credit losses associated with its debt
instruments carried at amortised cost.
The Company 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\u00a09, 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 Company\u2019s exposure to credit
risk and measurement of impairment losses for trade
receivables and amounts due from customers for
contract work is included in Note 3.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-285": { "value": "mpairment of non-financial assets
Non-financial assets are tested for impairment
whenever events or changes in circumstances
indicate that the carrying amount may not be
recoverable. Capitalised development projects in
progress are not amortised but are tested for
impairment annually, or more frequently if events or
changes in circumstances indicate that it might be
impaired.
An impairment loss is recognised for the amount by
which the asset\u2019s carrying amount exceeds its
recoverable amount.
The recoverable amount is the higher of an asset\u2019s
fair value less costs of disposal and value in use. For
the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are
separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or
groups of assets (cash-generating units).
Non-financial assets other than goodwill that suffered
an impairment are reviewed for possible reversal of
the impairment at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-286": { "value": "
Financial instruments
Financial assets - Classification and measurement
The Company classifies its financial assets in the
following measurement categories:
(i) those to be measured subsequently at fair value
(either through OCI or through profit or loss),
and
(ii) 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
Company 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 Company
has transferred substantially all the risks and rewards
of ownership.
Financial assets - Measurements
At initial recognition the Company 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 Company\u2019s business model for
managing the asset and the cash flow characteristics
of the asset. There are three measurement categories
into which the Company classifies its debt
instruments: (i) Amortised cost, (ii) Fair value through
profit or loss; and (iii) Fair value through other
comprehensive income.
The Company only has financial assets at amortised
cost and makes no use of derivative financial
instruments.
Amortised costs
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 Company assesses on a forward looking basis the
expected credit losses associated with its debt
instruments carried at amortised cost.
The Company 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\u00a09, 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 Company\u2019s exposure to credit
risk and measurement of impairment losses for trade
receivables and amounts due from customers for
contract work is included in Note 3.
Financial liabilities - Recognition and measurement
Financial liabilities are recognised when the Company
becomes a party to the contractual provisions of the
financial instrument.
The Company only has financial liabilities at
amortised cost and makes no use of derivative
financial instruments.
Financial liabilities at amortised costs
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 Company 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 Company 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 Company (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.
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 Company does not have any
legally enforceable right to offset the recognised
amounts in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-287": { "value": "
Financial assets - Classification and measurement
The Company classifies its financial assets in the
following measurement categories:
(i) those to be measured subsequently at fair value
(either through OCI or through profit or loss),
and
(ii) 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
Company 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 Company
has transferred substantially all the risks and rewards
of ownership.
Financial assets - Measurements
At initial recognition the Company 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 Company\u2019s business model for
managing the asset and the cash flow characteristics
of the asset. There are three measurement categories
into which the Company classifies its debt
instruments: (i) Amortised cost, (ii) Fair value through
profit or loss; and (iii) Fair value through other
comprehensive income.
The Company only has financial assets at amortised
cost and makes no use of derivative financial
instruments.
Amortised costs
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-288": { "value": "
Financial assets - Recognition and derecognition
Regular purchases and sales of financial assets are
recognised on the trade-date, the date on which the
Company 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 Company
has transferred substantially all the risks and rewards
of ownership.
Financial liabilities - Derecognition
The Company 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 Company 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 Company (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:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-289": { "value": "
Financial assets - Impairment
The Company assesses on a forward looking basis the
expected credit losses associated with its debt
instruments carried at amortised cost.
The Company 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\u00a09, 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 Company\u2019s exposure to credit
risk and measurement of impairment losses for trade
receivables and amounts due from customers for
contract work is included in Note 3.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-290": { "value": "
Financial liabilities - Recognition and measurement
Financial liabilities are recognised when the Company
becomes a party to the contractual provisions of the
financial instrument.
The Company only has financial liabilities at
amortised cost and makes no use of derivative
financial instruments.
Financial liabilities at amortised costs
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 Company 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 Company 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 Company (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:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 Company does not have any
legally enforceable right to offset the recognised
amounts in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-292": { "value": "
Inventories
Inventories mainly relate to raw materials and are
valued at the lower of cost and net realisable value.
Costs comprise direct materials and, where
applicable, costs that have been incurred in bringing
the inventories to their present location and
condition. Costs are determined using the weighted
average price method. Net realisable value represents
the estimated selling price less all estimated costs of
completion and costs to be incurred in marketing,
selling and distribution.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-293": { "value": "
Contract assets and liabilities
Contract assets and liabilities comprise of revenue
recognised (based on the costs for contract work
performed plus the profit recognised to date) less
progress billings when the Company constructs an
asset that is built on the customers site or when the
costs incurred are related to a product or project with
no alternative use and for which the Company has an
enforceable right to payment.
Contract assets are stated as a receivable (amounts
due from customers for contract work) when the
balance is positive. If negative, it is stated as a
contract liability (amounts due to customers for
contract work).
Contract assets are subject to the expected credit
losses, for which the Company applies the IFRS 9
simplified approach to measuring expected credit
losses which uses a lifetime expected loss allowance
in line with trade and other receivables. Please refer
to note 3 for further information", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-294": { "value": "
Trade and other receivables
Trade and other receivables are amounts due from
customers for products delivered and services
performed in the ordinary course of business. If
collection is expected in one year or less, they are
classified as current assets. If not, they are presented
as non-current assets. Trade receivables are generally
due for settlement immediately and therefore all
classified as current assets.
Trade and other receivables are recognised initially at
fair value and subsequently measured at amortised
cost using the effective interest method, less
provision for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-295": { "value": "
Cash and cash equivalents
Cash and cash equivalents are recognised at nominal
value. Cash and cash equivalents include cash at
banks and cash in hand. In the cash flow statement
cash and cash equivalents comprises cash at banks,
cash in hand and bank overdrafts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-296": { "value": "
Share capital
Ordinary shares are classified as equity. Incremental
costs directly attributable to the issuance of new
ordinary shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-297": { "value": "
Dividends
Dividends are recognised as a liability in the period in
which they are declared.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-298": { "value": "
Borrowings
Borrowings are initially recognised at fair value, net of
transaction costs incurred. Borrowings are
subsequently measured at amortised cost. Any
difference between the proceeds (net of transaction
costs) and the redemption amount is recognised in
profit or loss over the period of the borrowings using
the effective interest method. Borrowings are
removed from the balance sheet when the obligation
specified in the contract is discharged, cancelled or
expired. The difference between the carrying amount
of a financial liability that has been extinguished or
transferred to another party and the consideration
paid, including any non-cash assets transferred or
liabilities assumed, is recognised in profit or loss as
other income or finance costs.
Borrowings are classified as current liabilities unless
the Company has an unconditional right to defer
settlement of the liability for at least 12 months after
the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-299": { "value": "
Provisions
Provisions are recognised when the Company has a
present legal or constructive obligation as a result of
past events; it is more likely than not that an outflow
of resources will be required to settle the obligation;
and the amount can be reliably estimated. Provisions
are measured at management\u2019s best estimate of the
expenditure required to settle the obligation at the
end of the reporting period, and are discounted
where the effect is material using a pre-tax rate that
reflects current market assessments of the time value
of money and the risks specific to the obligation.
Jubilee provision
Based on the collective labour agreement, a provision
for jubilee benefits for employees is recognised based
on the estimated future cost, using actuarial
calculations to determine the amount to be
recognised.
Onerous contracts
A provision for onerous contracts is measured at the
present value of the lower of expected costs of
terminating the contract and the expected net costs
of continuing with the contract. Before a provision is
established, the Company recognises any impairment
loss on the asset associated with that contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-300": { "value": "
Trade and other payables
These amounts represent liabilities provided to the
Company prior to the end of the financial year which
are unpaid. Trade and other payables are presented
as current liabilities unless payment is not due within
12 months after the reporting period. They are
recognised initially at their fair value and
subsequently measured at amortised cost using the
effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-301": { "value": "
Revenue recognition
Revenue is measured based on the consideration
specified in a contract with a customer. The Company
recognises revenue when it transfers control over a
good or service to a customer.
The Company has no specific obligations for returns,
refund clauses nor any other similar obligations
specified in the contract with customers. However,
standard product compliance warranty is provided to
customers, which is not considered a separate
performance obligation.
The following paragraphs provide information about
the nature and timing of the satisfaction of
performance obligations in contracts with customers
and the related revenue recognition policies per
business line. For all revenue streams, invoices are
usually payable within 30 days. In general there are
no variable consideration clauses, such are volume
related discounts, included in the contracts with
customers. However, direct discounts can be
provided on a customer-by-customer basis.
Smart grid solutions
Revenue within the Smart grid solutions business line
is classified as contract manufacturing, meaning that
every designed and manufactured transformer
substation or series of transformer substations by the
Company is tailor-made for a specific customer and
has as such no alternative use. If in addition, the
Company has an enforceable right to payment,
revenue is recognised over time - i.e. before delivered
to the customers\u2019 premises - in the income statement
using the cost-to-cost method.
In case the Company does not have an enforceable
right to payment, revenue is recognised at a point-in-
time when control of the products are transferred to
the customer, being when the goods are delivered to
the customer and when there is no unfulfilled
obligation that could affect the customers\u2019
acceptance of the product.
Within the Smart grid solutions business line, the
Company always acts as a principal, because all
purchased (input) materials are subsequently
integrated into end products for which the Company
provides significant integration services.
Uninvoiced amounts are presented as amounts due
from customers for contract work, while advances
received are included in the amounts due to
customers for contract work.
Service related revenue within Smart grid solutions
comprises additional service and/or maintenance sold
to a customer by means of a separate contract for
periods up to 4 years. Revenues generated through
services rendered are recognised over time in the
income statement as customers simultaneously
receive and consume the benefits when the Company
performs the services.
Energy storage systems
Energy storage systems revenue comprise of tailor-
made energy storage systems for a specific customer
or a commingling of multiple tailor-made energy
storage systems designed and manufactured by the
Company in combination with third party purchased
manufactured products for which the Company
subsequently provides overall project management
and significant system integration services. For this
reason, the Company acts as a principle for the third
party purchased manufactured products.
Energy storage systems are always tailor-made for a
specific customer and have as such no alternative
use. For these contracts, the Company always has an
enforceable right to payment. Consequently, revenue
is recognised over time - i.e. before delivered to the
customers\u2019 premises - in the income statement using
the cost-to-cost method.
Uninvoiced amounts are presented as amounts due
from customers for contract work, while advances
received are included in the amounts due to
customers for contract work.
Service related revenue within Energy storage
systems comprises additional service and/or
maintenance sold to a customer by means of a
separate contract for periods usually up to 5 years.
Revenues generated through services rendered are
recognised over time in the income statement as
customers simultaneously receive and consume the
benefits when the Company performs the services.
EV charging equipment
The Company sells products related to charging
equipment for electric vehicles. Revenue from the
sale of these goods sold is recognised at a point-in-
time when control of the products is transferred to
the customer, being when the goods are delivered to
the customer and when there is no unfulfilled
obligation that could affect the customers\u2019
acceptance of the product.
Service related revenue within EV charging
equipment comprises additional service and/or
maintenance sold to a customer by means of a
separate contract for periods usually between 3 and 5
years. Revenues generated through services rendered
are recognised over time on a straight-line basis in
the income statement as customers simultaneously
receive and consume the benefits when the Company
performs the services.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-302": { "value": "
Employee benefits
Salaries, wages and social security contributions are
charged to the income statement based on the terms
of employment, when they are due to employees and
the tax authorities respectively.
Termination benefits are expensed at the earlier of
when the Company can no longer withdraw the offer
of those benefits and when the Company recognises
costs for a restructuring.
Pension obligations
The Company has a multi-employer pension plan
which is a defined benefit plan for which there is
insufficient information available for the Company to
account for the pension plan as a defined benefit
plan. There is not sufficient information available as
the pension fund does not administer the pension
plan on a company-by-company basis. Therefore, the
Company accounts for this pension plan as a defined
contribution plan.
For the defined contribution plans, the Company pays
contributions to publicly or privately administered
pension insurance plans on a mandatory and
contractual basis. The Company has no further
payment obligations once the contributions have
been paid.
The contributions are recognised as employee benefit
expense when they are due. Prepaid contributions
are recognised as an asset to the extent that a cash
refund or a reduction in the future payments is
available.
Share-based payments
The grant-date fair value of equity-settled share-
based payment awards granted to employees is
recognised as an expense, with a corresponding
increase in equity, over the vesting period of the
awards.
The amount recognised as an expense is adjusted to
reflect the number of awards for which the related
service and non-market performance conditions are
expected to be met, such that the amount ultimately
recognised is based on the number of awards that
meet the related service and non-market
performance conditions at the vesting date. The
Company has no share-based payment awards with
non-vesting conditions nor with market performance
conditions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-303": { "value": "
Termination benefits are expensed at the earlier of
when the Company can no longer withdraw the offer
of those benefits and when the Company recognises
costs for a restructuring.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-304": { "value": "
Share-based payments
The grant-date fair value of equity-settled share-
based payment awards granted to employees is
recognised as an expense, with a corresponding
increase in equity, over the vesting period of the
awards.
The amount recognised as an expense is adjusted to
reflect the number of awards for which the related
service and non-market performance conditions are
expected to be met, such that the amount ultimately
recognised is based on the number of awards that
meet the related service and non-market
performance conditions at the vesting date. The
Company has no share-based payment awards with
non-vesting conditions nor with market performance
conditions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-305": { "value": "
Government grants
Grants from the government are recognised at their
fair value where there is a reasonable assurance that
the grant will be received and the Company will
comply with all attached conditions. Government
grants relating to costs are recognised in the
statement of income over the period necessary to
match them with the costs they are intended to
compensate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-306": { "value": "
Expenses
Expenses arising from the Company\u2019s business
operations are accounted for in the year incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-307": { "value": "
Leases
At the inception of an agreement, the Company
assesses whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a
period of time in exchange for consideration. To
assess whether a contract conveys the right to control
the use of an identified asset, the Company uses the
definition of a lease in IFRS 16.
The Company, as a lessee, recognises a right-of-use
asset representing its right to use the underlying
asset and a lease liability representing its obligation
to make lease payments at the lease commencement
date.
However, the Company elected to apply the
recognition exemption for both short-term and low
value leases \u2013 e.g. office equipment. As such, the
Company recognises lease payments associated with
these leases as an expense on a straight-line basis
over the lease term.
The right-of-use asset is initially measured at cost,
which comprises the initial amount of the lease
liability adjusted for any lease payments made at or
before the commencement date, plus any initial
direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to
restore the underlying asset or the site on which it is
located, less any lease incentives received.
The right-of-use asset is subsequently depreciated
using the straight-line method from the
commencement date to the end of the lease term,
unless the lease transfers ownership of the
underlying asset to the Company by the end of the
lease term or the cost of the right-of-use asset
reflects that the Company will exercise a purchase
option. In that case the right-of-use asset will be
depreciated over the useful life of the underlying
asset, which is determined on the same basis as those
of property, plant and equipment. In addition, the
right-of-use asset is periodically reduced by
impairment losses, if any, and adjusted for certain
remeasurements of the lease liability.
The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted using the interest
rate implicit in the lease or, if that rate cannot be
readily determined, the Company\u2019s incremental
borrowing rate. Subsequently, the lease liability is
increased by the interest costs on the lease liability
and decreased by lease payments made.
Lease payments included in the measurement of the
lease liability comprise the following:
\u2022 fixed payments, including in-substance fixed
payments;
\u2022 variable lease payments that depend on an index
or a rate, initially measured using the index or rate
as at the commencement date;
\u2022 amounts expected to be payable under a residual
value guarantee; and
\u2022 the exercise price under a purchase option that
the Company is reasonably certain to exercise,
lease payments in an optional renewal period if
the Company is reasonably certain to exercise an
extension option, and penalties for early
termination of a lease unless the Company is
reasonably certain not to terminate early.
The lease liability is measured at amortised cost using
the effective interest method. The lease liability is
remeasured when there is a change in future lease
payments arising from a change in index or rate, a
change in the estimate of the amount expected to be
payable under a residual value guarantee, or as
appropriate, changes in the assessment whether a
purchase or renewal option is reasonably certain to
be exercised or a termination option is reasonably
certain not to be exercised.
When the lease liability is remeasured as
abovementioned, a corresponding adjustment is
made to the carrying amount of the right-of-use
asset, or is recorded in profit or loss if the carrying
amount of the right-of-use asset has been reduced to
zero.
The Company\u2019s right-of-use assets and lease liabilities
are presented under Property, plant and equipment
and Borrowings, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-309": { "value": "
Finance income and expenses
Finance income and expenses are recognised using
the effective interest method. Financial expenses
include interest incurred on borrowings calculated
using the effective interest method and interest
accruals for provisions that are recognised in the
income statement.
In calculating finance income and expense, the
effective interest rate is applied to the gross carrying
amount of the asset (when the asset is not credit-
impaired) or to the amortised cost of the liability.
However, for financial assets that have become
credit-impaired subsequent to initial recognition,
interest income is calculated by applying the effective
interest rate to the amortised cost of the financial
asset. If the asset is no longer credit-impaired, then
the calculation of interest income reverts to the gross
basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-308": { "value": "
Finance income and expenses
Finance income and expenses are recognised using
the effective interest method. Financial expenses
include interest incurred on borrowings calculated
using the effective interest method and interest
accruals for provisions that are recognised in the
income statement.
In calculating finance income and expense, the
effective interest rate is applied to the gross carrying
amount of the asset (when the asset is not credit-
impaired) or to the amortised cost of the liability.
However, for financial assets that have become
credit-impaired subsequent to initial recognition,
interest income is calculated by applying the effective
interest rate to the amortised cost of the financial
asset. If the asset is no longer credit-impaired, then
the calculation of interest income reverts to the gross
basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-311": { "value": "
Corporate income tax
The income tax expense or credit for the period is the
tax payable on the current period\u2019s taxable income
based on the applicable income tax rate for each
jurisdiction adjusted by changes in deferred tax assets
and liabilities attributable to temporary differences
and to unused tax losses.
The current income tax charge is calculated on the
basis of the tax laws enacted or substantively enacted
at the end of the reporting period in the countries
where the Company\u2019s subsidiaries operate and
generate taxable income.
Deferred income tax is provided in full, using the
liability method, on temporary differences arising
between the tax bases of assets and liabilities and
their carrying amounts in the financial statements.
However, deferred tax liabilities are not recognised if
they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it
arises from initial recognition of an asset or liability in
a transaction other than a business combination that
at the time of the transaction affects neither
accounting nor taxable profit or loss. Deferred income
tax is determined using tax rates (and laws) that have
been enacted or substantially enacted by the end of
the reporting period and are expected to apply when
the related deferred income tax asset is realised or
the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is
probable that future taxable amounts will be
available to utilise those temporary differences and
losses. Deferred tax liabilities and assets are not
recognised for temporary differences between the
carrying amount and tax bases of investments in
foreign operations where the Company is able to
control the timing of the reversal of the temporary
differences and it is probable that the differences will
not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when
there is a legally enforceable right to offset current
tax assets and liabilities and when the deferred tax
balances relate to the same taxation authority.
Current tax assets and tax liabilities are offset where
the entity has a legally enforceable right to offset and
intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or
loss, except to the extent that it relates to items
recognised in other comprehensive income or directly
in equity. In this case, the tax is also recognised in
other comprehensive income or directly in equity,
respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-310": { "value": "
Corporate income tax
The income tax expense or credit for the period is the
tax payable on the current period\u2019s taxable income
based on the applicable income tax rate for each
jurisdiction adjusted by changes in deferred tax assets
and liabilities attributable to temporary differences
and to unused tax losses.
The current income tax charge is calculated on the
basis of the tax laws enacted or substantively enacted
at the end of the reporting period in the countries
where the Company\u2019s subsidiaries operate and
generate taxable income.
Deferred income tax is provided in full, using the
liability method, on temporary differences arising
between the tax bases of assets and liabilities and
their carrying amounts in the financial statements.
However, deferred tax liabilities are not recognised if
they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it
arises from initial recognition of an asset or liability in
a transaction other than a business combination that
at the time of the transaction affects neither
accounting nor taxable profit or loss. Deferred income
tax is determined using tax rates (and laws) that have
been enacted or substantially enacted by the end of
the reporting period and are expected to apply when
the related deferred income tax asset is realised or
the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is
probable that future taxable amounts will be
available to utilise those temporary differences and
losses. Deferred tax liabilities and assets are not
recognised for temporary differences between the
carrying amount and tax bases of investments in
foreign operations where the Company is able to
control the timing of the reversal of the temporary
differences and it is probable that the differences will
not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when
there is a legally enforceable right to offset current
tax assets and liabilities and when the deferred tax
balances relate to the same taxation authority.
Current tax assets and tax liabilities are offset where
the entity has a legally enforceable right to offset and
intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or
loss, except to the extent that it relates to items
recognised in other comprehensive income or directly
in equity. In this case, the tax is also recognised in
other comprehensive income or directly in equity,
respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-312": { "value": "
Notes to the cash flow statement
The cash flow statement has been prepared using the
indirect method, whereby profit or loss is adjusted for
the effects of transactions of a non-cash nature, any
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.
Bank overdrafts repayable on demand are included in
cash and cash equivalents in the cash flow statement
to the extent that they are integral part of The
Company's cash management.
Non-cash transactions are not included in the
statement of cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-313": { "value": "
Note
3
Financial risk management
As result of regular business practices, the Company
holds positions in a variety of financial instruments.
The financial instruments are presented in the
balance sheet and consists of cash and cash
equivalents, receivables and other receivables,
interest-bearing loans, trade payables and other
payables.
The Company does not use foreign exchange
contracts and/or foreign exchange options and does
not deal with such financial derivatives. On each
balance date, financial instruments are reviewed to
see whether or not an objective indication exists for
the impairment of a financial asset or a group of
financial assets. If an objective indication for
impairment exists, the company determines the
amount of impairment losses and charges this
amount to the income statement. As a result of the
use of financial instruments, the company incurs
credit risks, liquidity risks and market risks.
The market risks consist of currency risks, price risks
and interest risks. The company has a strict policy
that aims to minimise and control these risks as much
as possible.
Credit risk
Credit risk is the risk of a financial loss in case a
customer does not comply with the contractual
obligations. Credit risks are mainly incurred from
receivables to customers. The company executes a
strict policy to minimise credit risks. To control these
risks, the company makes use of information from
licensed credit agencies. If necessary, credit risks will
be mitigated by the use of credit insurances, bank
guarantees, prepayments and other insurances. Cash-
and cash equivalents may be placed by a number of
banks.
The company determines the credit risk of cash- and
cash equivalents that are placed with these banks, by
solely doing business with highly respectable banks.
The Company evaluates the concentration risk with
respect to trade receivables and amounts due from
customers for contract work as low.
Expected credit losses
The Company has two types of financial assets that
are subject to the expected credit loss model:
\u2022 Trade and other receivables
\u2022 Amounts due from customers for contract work
Trade and other receivables and amounts due from
customers for contract work
The Company applies the IFRS 9 simplified approach
to measuring expected credit losses which uses a
lifetime expected loss allowance for all trade and
other receivables and amounts due from customers
for contract work.
To measure the expected credit losses, trade and
other receivables and amounts due from customers
for contract work have been grouped based on
shared credit risk characteristics and the days past
due. The amounts due from customers for contract
work relate to unbilled work in progress and have
substantially the same risk characteristics as the trade
receivables for the same types of contracts.
The Company has therefore concluded that the
expected loss rates for trade and other receivables
are a reasonable approximation of the loss rates for
the amounts due from customers for contract work.
The expected loss rates used at 31 December 2023
and at 31 December 2022 are based on the payment
profiles of sales over a period of 12 months of the
preceding financial year and the corresponding
historical credit losses experienced related to these
sales.
The historical loss rates are adjusted to reflect current
and forward-looking information based on macro-
economic factors affecting the ability of the
customers to settle the receivables. The Company
retrieves the latter from externally available
information from credit rating agencies. Credit
insured amounts are excluded from the
determination of the loss allowance.
On that basis, the loss allowance as at 31 December
2023 and 31 December 2022 was determined as
follows for both trade and other receivables and
amounts due from customers for contract work:
In EUR '000
31 December 2023
Current
Overdue <
Overdue
Overdue
Overdue >
amount
30 days
31-60 days
61-90 days
90 days
Expected loss rate
0.2%
0.2%
0.2%
4.0%
5.0%
Gross carrying amount \u2013 trade receivables and
other receivables
72,906
22,959
3,578
759
8,237
Gross carrying amount \u2013 amounts due from
customers for contract work
28,195
\u2014
\u2014
\u2014
\u2014
Loss allowance
195
35
8
30
412
31 December 2022
Current
Overdue <
Overdue
Overdue
Overdue >
amount
30 days
31-60 days
61-90 days
90 days
Expected loss rate
0.2%
0.2%
0.2%
4.8%
7.0%
Gross carrying amount \u2013 trade receivables and
other receivables
64,399
14,600
4,945
3,439
3,688
Gross carrying amount \u2013 amounts due from
customers for contract work
17,240
\u2014
\u2014
\u2014
\u2014
Loss allowance
161
29
10
166
259
The movement in the loss allowance in respect of
trade and other receivables and amounts due from
customers for contract work during the year was as
follows:
In EUR '000
2023
2022
Balance - At 1 January
625
62
Amounts written off
\u2014
\u2014
Net remeasurement of loss allowance
74
563
Balance \u2013 At 31 December
699
625
Trade and other receivables and amounts due from
customers for contract work are written off when
there is no reasonable expectation of recovery.
Indicators that there is no reasonable expectation of
recovery include, amongst others, the failure of a
debtor to engage in a repayment plan with the
Company and a failure to make contractual
payments.
Impairment losses on trade and other receivables and
amounts due from customers for contract work are
recognised in the income statement as a separate line
item. Subsequent recoveries of amounts previously
written off are credited against the same line item.
Liquidity risk
Liquidity risk is the risk that the Company will not be
able to meet its financial obligations. The Company\u2019s
approach to managing liquidity is to ensure that, as
far as possible, it will always have sufficient liquidity
to meet its obligations when they become due,
avoiding unacceptable losses or damages to the
Company\u2019s reputation. The Company monitors its
liquidity risk on an ongoing basis. Management
believes the current capital structure of the Group
will safeguard the Group's ability to continue as a
going concern.
The liquidity planning considers the maturity of the
financial assets (e.g. accounts receivable and other
financial assets) and projected cash flows from
operations. Due to the nature of the business, the use
of cash- and cash equivalents is not highly sensitive to
liquidity risks. However, the Company does notice a
seasonal pattern in liquidity risks.
The tables below analyses the Company\u2019s financial
liabilities on their contractual maturities for all non-
derivative financial liabilities for which the
contractual maturities are essential for an
understanding of the timing of the cash flows.
In EUR '000
31 December 2023
Less than
3 months
3 months
to 1 year
Between 1
and 5 years
Over
5 years
Total
Trade and other payables (excluding deferred
revenue)
148,154
413
\u2014
\u2014
148,567
Borrowings
26,126
2,700
8,534
1,494
38,854
Factoring Alfen Elkamo
986
\u2014
\u2014
\u2014
986
Lease liabilities
937
2,701
7,840
2,640
14,118
Total non-derivatives
176,203
5,814
16,374
4,134
202,525
31 December 2022
Less than
3 months
3 months
to 1 year
Between 1
and 5 years
Over
5 years
Total
Trade and other payables (excluding deferred
revenue)
135,683
394
\u2014
\u2014
136,077
Borrowings
281
832
1,697
1,124
3,934
Factoring Alfen Elkamo
1,817
\u2014
\u2014
\u2014
1,817
Lease liabilities
716
2,035
8,341
1,765
12,857
Total non-derivatives
138,497
3,261
10,038
2,889
154,685
Market risk
Foreign exchange risk
The Company mainly operates in the European Union,
in which the Euro is the basis currency (see Note 22
and 27 for further details). The currency risk is limited
and largely concerns positions and (future)
transactions in euros. Management has determined,
based on a risk assessment, that these currency risks
do not need to be hedged.
The Company's net exposure at 31 December 2023 to
other foreign exchange movements is \u20ac159 thousand
in case foreign currency exchange rates are increasing
with 1% and is mainly concentrated in the following
currency: USD (i.e. procurement) and GBP (i.e. sales).
Price risk
The Company incurs price risks on the purchase of
(raw) materials and subcontracting for the difference
between the market price at the time of the purchase
and during the actual performance. For purchases
related to larger projects, the companies policy aims
to use indexation clauses in its sales contracts.
If indexation is impossible, prices and conditions are
negotiated with existing (key) suppliers to minimise
price risk.
In addition, the company controls price risk by using
framework purchase agreements, tender procedures
and other high valued information sources. The
Company evaluates the concentration risk with
respect to prices as low.
In case the costs of raw materials and consumables
and costs of outsourced work and other external
costs prices increase with 1%, the impact on profit
before tax is \u20ac3.5 million.
Interest rate risk
The Company is exposed to interest rate risks on its
borrowings. Management has determined, based on
a risk assessment, that the interest rate risks on its
borrowings do not need to be hedged.
In case the Company\u2019s interest rate increases with
1%, the impact on profit before tax is \u20ac 555 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-314": { "value": "
Credit risk
Credit risk is the risk of a financial loss in case a
customer does not comply with the contractual
obligations. Credit risks are mainly incurred from
receivables to customers. The company executes a
strict policy to minimise credit risks. To control these
risks, the company makes use of information from
licensed credit agencies. If necessary, credit risks will
be mitigated by the use of credit insurances, bank
guarantees, prepayments and other insurances. Cash-
and cash equivalents may be placed by a number of
banks.
The company determines the credit risk of cash- and
cash equivalents that are placed with these banks, by
solely doing business with highly respectable banks.
The Company evaluates the concentration risk with
respect to trade receivables and amounts due from
customers for contract work as low.
Expected credit losses
The Company has two types of financial assets that
are subject to the expected credit loss model:
\u2022 Trade and other receivables
\u2022 Amounts due from customers for contract work
Trade and other receivables and amounts due from
customers for contract work
The Company applies the IFRS 9 simplified approach
to measuring expected credit losses which uses a
lifetime expected loss allowance for all trade and
other receivables and amounts due from customers
for contract work.
To measure the expected credit losses, trade and
other receivables and amounts due from customers
for contract work have been grouped based on
shared credit risk characteristics and the days past
due. The amounts due from customers for contract
work relate to unbilled work in progress and have
substantially the same risk characteristics as the trade
receivables for the same types of contracts.
The Company has therefore concluded that the
expected loss rates for trade and other receivables
are a reasonable approximation of the loss rates for
the amounts due from customers for contract work.
The expected loss rates used at 31 December 2023
and at 31 December 2022 are based on the payment
profiles of sales over a period of 12 months of the
preceding financial year and the corresponding
historical credit losses experienced related to these
sales.
The historical loss rates are adjusted to reflect current
and forward-looking information based on macro-
economic factors affecting the ability of the
customers to settle the receivables. The Company
retrieves the latter from externally available
information from credit rating agencies. Credit
insured amounts are excluded from the
determination of the loss allowance.
On that basis, the loss allowance as at 31 December
2023 and 31 December 2022 was determined as
follows for both trade and other receivables and
amounts due from customers for contract work:
In EUR '000
31 December 2023
Current
Overdue <
Overdue
Overdue
Overdue >
amount
30 days
31-60 days
61-90 days
90 days
Expected loss rate
0.2%
0.2%
0.2%
4.0%
5.0%
Gross carrying amount \u2013 trade receivables and
other receivables
72,906
22,959
3,578
759
8,237
Gross carrying amount \u2013 amounts due from
customers for contract work
28,195
\u2014
\u2014
\u2014
\u2014
Loss allowance
195
35
8
30
412
31 December 2022
Current
Overdue <
Overdue
Overdue
Overdue >
amount
30 days
31-60 days
61-90 days
90 days
Expected loss rate
0.2%
0.2%
0.2%
4.8%
7.0%
Gross carrying amount \u2013 trade receivables and
other receivables
64,399
14,600
4,945
3,439
3,688
Gross carrying amount \u2013 amounts due from
customers for contract work
17,240
\u2014
\u2014
\u2014
\u2014
Loss allowance
161
29
10
166
259
The movement in the loss allowance in respect of
trade and other receivables and amounts due from
customers for contract work during the year was as
follows:
In EUR '000
2023
2022
Balance - At 1 January
625
62
Amounts written off
\u2014
\u2014
Net remeasurement of loss allowance
74
563
Balance \u2013 At 31 December
699
625
Trade and other receivables and amounts due from
customers for contract work are written off when
there is no reasonable expectation of recovery.
Indicators that there is no reasonable expectation of
recovery include, amongst others, the failure of a
debtor to engage in a repayment plan with the
Company and a failure to make contractual
payments.
Impairment losses on trade and other receivables and
amounts due from customers for contract work are
recognised in the income statement as a separate line
item. Subsequent recoveries of amounts previously
written off are credited against the same line item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-315": { "value": "
Expected credit losses
The Company has two types of financial assets that
are subject to the expected credit loss model:
\u2022 Trade and other receivables
\u2022 Amounts due from customers for contract work
Trade and other receivables and amounts due from
customers for contract work
The Company applies the IFRS 9 simplified approach
to measuring expected credit losses which uses a
lifetime expected loss allowance for all trade and
other receivables and amounts due from customers
for contract work.
To measure the expected credit losses, trade and
other receivables and amounts due from customers
for contract work have been grouped based on
shared credit risk characteristics and the days past
due. The amounts due from customers for contract
work relate to unbilled work in progress and have
substantially the same risk characteristics as the trade
receivables for the same types of contracts.
The Company has therefore concluded that the
expected loss rates for trade and other receivables
are a reasonable approximation of the loss rates for
the amounts due from customers for contract work.
The expected loss rates used at 31 December 2023
and at 31 December 2022 are based on the payment
profiles of sales over a period of 12 months of the
preceding financial year and the corresponding
historical credit losses experienced related to these
sales.
The historical loss rates are adjusted to reflect current
and forward-looking information based on macro-
economic factors affecting the ability of the
customers to settle the receivables. The Company
retrieves the latter from externally available
information from credit rating agencies. Credit
insured amounts are excluded from the
determination of the loss allowance.
On that basis, the loss allowance as at 31 December
2023 and 31 December 2022 was determined as
follows for both trade and other receivables and
amounts due from customers for contract work:
In EUR '000
31 December 2023
Current
Overdue <
Overdue
Overdue
Overdue >
amount
30 days
31-60 days
61-90 days
90 days
Expected loss rate
0.2%
0.2%
0.2%
4.0%
5.0%
Gross carrying amount \u2013 trade receivables and
other receivables
72,906
22,959
3,578
759
8,237
Gross carrying amount \u2013 amounts due from
customers for contract work
28,195
\u2014
\u2014
\u2014
\u2014
Loss allowance
195
35
8
30
412
31 December 2022
Current
Overdue <
Overdue
Overdue
Overdue >
amount
30 days
31-60 days
61-90 days
90 days
Expected loss rate
0.2%
0.2%
0.2%
4.8%
7.0%
Gross carrying amount \u2013 trade receivables and
other receivables
64,399
14,600
4,945
3,439
3,688
Gross carrying amount \u2013 amounts due from
customers for contract work
17,240
\u2014
\u2014
\u2014
\u2014
Loss allowance
161
29
10
166
259
The movement in the loss allowance in respect of
trade and other receivables and amounts due from
customers for contract work during the year was as
follows:
In EUR '000
2023
2022
Balance - At 1 January
625
62
Amounts written off
\u2014
\u2014
Net remeasurement of loss allowance
74
563
Balance \u2013 At 31 December
699
625
Trade and other receivables and amounts due from
customers for contract work are written off when
there is no reasonable expectation of recovery.
Indicators that there is no reasonable expectation of
recovery include, amongst others, the failure of a
debtor to engage in a repayment plan with the
Company and a failure to make contractual
payments.
Impairment losses on trade and other receivables and
amounts due from customers for contract work are
recognised in the income statement as a separate line
item. Subsequent recoveries of amounts previously
written off are credited against the same line item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-316": { "value": "
Liquidity risk
Liquidity risk is the risk that the Company will not be
able to meet its financial obligations. The Company\u2019s
approach to managing liquidity is to ensure that, as
far as possible, it will always have sufficient liquidity
to meet its obligations when they become due,
avoiding unacceptable losses or damages to the
Company\u2019s reputation. The Company monitors its
liquidity risk on an ongoing basis. Management
believes the current capital structure of the Group
will safeguard the Group's ability to continue as a
going concern.
The liquidity planning considers the maturity of the
financial assets (e.g. accounts receivable and other
financial assets) and projected cash flows from
operations. Due to the nature of the business, the use
of cash- and cash equivalents is not highly sensitive to
liquidity risks. However, the Company does notice a
seasonal pattern in liquidity risks.
The tables below analyses the Company\u2019s financial
liabilities on their contractual maturities for all non-
derivative financial liabilities for which the
contractual maturities are essential for an
understanding of the timing of the cash flows.
In EUR '000
31 December 2023
Less than
3 months
3 months
to 1 year
Between 1
and 5 years
Over
5 years
Total
Trade and other payables (excluding deferred
revenue)
148,154
413
\u2014
\u2014
148,567
Borrowings
26,126
2,700
8,534
1,494
38,854
Factoring Alfen Elkamo
986
\u2014
\u2014
\u2014
986
Lease liabilities
937
2,701
7,840
2,640
14,118
Total non-derivatives
176,203
5,814
16,374
4,134
202,525
31 December 2022
Less than
3 months
3 months
to 1 year
Between 1
and 5 years
Over
5 years
Total
Trade and other payables (excluding deferred
revenue)
135,683
394
\u2014
\u2014
136,077
Borrowings
281
832
1,697
1,124
3,934
Factoring Alfen Elkamo
1,817
\u2014
\u2014
\u2014
1,817
Lease liabilities
716
2,035
8,341
1,765
12,857
Total non-derivatives
138,497
3,261
10,038
2,889
154,685
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-317": { "value": "
Market risk
Foreign exchange risk
The Company mainly operates in the European Union,
in which the Euro is the basis currency (see Note 22
and 27 for further details). The currency risk is limited
and largely concerns positions and (future)
transactions in euros. Management has determined,
based on a risk assessment, that these currency risks
do not need to be hedged.
The Company's net exposure at 31 December 2023 to
other foreign exchange movements is \u20ac159 thousand
in case foreign currency exchange rates are increasing
with 1% and is mainly concentrated in the following
currency: USD (i.e. procurement) and GBP (i.e. sales).
Price risk
The Company incurs price risks on the purchase of
(raw) materials and subcontracting for the difference
between the market price at the time of the purchase
and during the actual performance. For purchases
related to larger projects, the companies policy aims
to use indexation clauses in its sales contracts.
If indexation is impossible, prices and conditions are
negotiated with existing (key) suppliers to minimise
price risk.
In addition, the company controls price risk by using
framework purchase agreements, tender procedures
and other high valued information sources. The
Company evaluates the concentration risk with
respect to prices as low.
In case the costs of raw materials and consumables
and costs of outsourced work and other external
costs prices increase with 1%, the impact on profit
before tax is \u20ac3.5 million.
Interest rate risk
The Company is exposed to interest rate risks on its
borrowings. Management has determined, based on
a risk assessment, that the interest rate risks on its
borrowings do not need to be hedged.
In case the Company\u2019s interest rate increases with
1%, the impact on profit before tax is \u20ac 555 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-318": { "value": "
Note
4
Capital management
The Company\u2019s objectives when managing capital is
to safeguard the Company\u2019s ability to continue as a
going concern and maintain an optimal capital
structure to reduce the cost of capital.
In order to maintain the Company\u2019s capital structure,
the Company may adjust its dividend policy, issue
new shares or sell assets to reduce debt. The
Company monitors capital on the basis of the gearing
ratio.
This ratio is calculated as net debt divided by total
equity. Net debt is calculated as total borrowings
(including \u2018current and non-current borrowings\u2019 as
shown in the balance sheet) less cash and cash
equivalents.
Total capital is calculated as \u2018equity\u2019 as shown in the
balance sheet plus net debt. The gearing ratios at 31
December 2023 and 31 December 2022 were as
follows:
In EUR '000
31 December 2023
31 December 2022
Borrowings (note 25)
50,770
18,404
Plus: bank overdrafts
6,402
\u2014
Less: cash and cash equivalents (note 23)
(2,073)
(22,841)
Net debt (cash)
55,099
(4,437)
Total equity
179,613
150,583
Total capital
234,712
146,146
Gearing ratio
31%
(3)%
The gearing ratio increased during 2023 due to
increased working capital, which is mainly caused by
our increased inventory levels. This effect is further
amplified by increased bank loans related to the
construction of a new warehouse/production facility
(Hefbrugweg 79) and the purchase of a new
production facility (Damsluisweg 70).
Below table sets out an analysis of net cash/(debt)
and the movements in net cash/(debt) for each of the
periods presented.
In EUR '000
Cash and
bank overdrafts
Borrowings
Factoring
Alfen Elkamo
Lease
liabilities
Net cash/
(debt)
Net cash/(debt) - 1 January 2022
47,277
(4,778)
(1,186)
(12,436)
28,877
Cash flows
(24,436)
1,048
(628)
3,378
(20,638)
New leases and remeasurements
\u2014
\u2014
\u2014
(3,419)
(3,419)
Other changes
\u2014
(8)
\u2014
(375)
(383)
Net cash/(debt) - 31 December 2022
22,841
(3,738)
(1,814)
(12,852)
4,437
Cash flows
(27,170)
(32,953)
840
3,746
(55,537)
New leases and remeasurements
\u2014
\u2014
\u2014
(3,539)
(3,539)
Other changes
\u2014
(6)
\u2014
(454)
(460)
Net cash/(debt) - 31 December 2023
(4,329)
(36,697)
(974)
(13,099)
(55,099)
Other changes comprise a non-cash movement and
relates to effective interest accounting on borrowings
and lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-319": { "value": "
Below table sets out an analysis of net cash/(debt)
and the movements in net cash/(debt) for each of the
periods presented.
In EUR '000
Cash and
bank overdrafts
Borrowings
Factoring
Alfen Elkamo
Lease
liabilities
Net cash/
(debt)
Net cash/(debt) - 1 January 2022
47,277
(4,778)
(1,186)
(12,436)
28,877
Cash flows
(24,436)
1,048
(628)
3,378
(20,638)
New leases and remeasurements
\u2014
\u2014
\u2014
(3,419)
(3,419)
Other changes
\u2014
(8)
\u2014
(375)
(383)
Net cash/(debt) - 31 December 2022
22,841
(3,738)
(1,814)
(12,852)
4,437
Cash flows
(27,170)
(32,953)
840
3,746
(55,537)
New leases and remeasurements
\u2014
\u2014
\u2014
(3,539)
(3,539)
Other changes
\u2014
(6)
\u2014
(454)
(460)
Net cash/(debt) - 31 December 2023
(4,329)
(36,697)
(974)
(13,099)
(55,099)
Other changes comprise a non-cash movement and
relates to effective interest accounting on borrowings
and lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-321": { "value": "
Note
5
Fair value estimation
The Company has no financial assets and liabilities
measured at fair value.
At 31 December 2023 and 31 December 2022 the
carrying amounts of cash and cash equivalents, trade
and other receivables and trade and other payables
approximated their fair values due to the short-term
maturities of these assets and liabilities.
The fair values of the long-term debt are not
materially different from the carrying amounts as the
interest rate risk is a floating rate plus spread where
the spread equals the current market spread.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-320": { "value": "
Note
5
Fair value estimation
The Company has no financial assets and liabilities
measured at fair value.
At 31 December 2023 and 31 December 2022 the
carrying amounts of cash and cash equivalents, trade
and other receivables and trade and other payables
approximated their fair values due to the short-term
maturities of these assets and liabilities.
The fair values of the long-term debt are not
materially different from the carrying amounts as the
interest rate risk is a floating rate plus spread where
the spread equals the current market spread.
Fair value measurement
The Company used the Black & Scholes model to
determine the fair value of the share-based payments
plans at grant date. The market price of the
Company\u2019s Ordinary Shares for the different plans at
grant date was:
Share award Plans
Grant date
Grant date fair value
Long-term Incentive Plan - Key employees
1 January 2020
\u20ac16.44
Long-term Incentive Plan - Key employees
1 January 2021
\u20ac82.60
Long-term Incentive Plan - Key employees
1 January 2022
\u20ac88.25
Long-term Incentive Plan - Key employees
1 January 2023
\u20ac84.20
Long-term Incentive Plan - Board of Directors
29 April 2021
\u20ac68.75
Long-term Incentive Plan - Board of Directors *
22 July 2021
\u20ac80.25
Long-term Incentive Plan - Board of Directors
26 April 2022
\u20ac82.54
Long-term Incentive Plan - Board of Directors
25 April 2023
\u20ac74.70
* Transferred from Key employees to Board of Directors in alignment with the
appointment of Michelle Lesh (CCO) as member of the Board of Directors.
The present value for expected dividend over the
vesting period for all plans is nil, because the
Company has currently no intention to distribute
dividends in the foreseeable future in order to be able
to further invest in the growth of the Company.
Consequently and in conjunction with an exercise
price of nil, both the expected volatility and risk-free-
rate have no impact on the fair value determination
at grant date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-322": { "value": "
Note
6
Critical accounting estimates
and judgements
The preparation of the financial statements requires
management to make judgements, estimates and
assumptions that affect the reported amounts of
assets and liabilities and the reported amounts of
revenues and expenses during the reported periods.
The estimates and associated assumptions are based
on historical experiences and various other factors
that are believed to be reasonable under the
circumstances. Actual results may differ from these
estimates.
Development costs
The capitalised development costs are based on
management judgements taken into account:
\u2022 it is technically feasible to complete the product
or system so that it will be available for use;
\u2022 management intends to complete the product or
system and use or sell it;
\u2022 there is an ability to use or sell the product or
system;
\u2022 it can be demonstrated how the product or
system will generate probable future economic
benefits;
\u2022 adequate technical, financial and other resources
to complete the development and to use or sell
the product or system are available; and
\u2022 the expenditure attributable to the product or
system during its development can be reliably
measured
In determining the development costs to be
capitalised, the Company estimates the expected
future economic benefits of the respective product or
system that is the result of a development project.
Furthermore management estimates the useful life of
such product or system.
The carrying amount of capitalised development costs
is \u20ac27.9 and \u20ac22.4 million at 31 December 2023 and
31 December 2022, respectively. The Company
estimates the useful life of the development costs to
be at 5 years based on the expected lifetime of such
assets. However, the actual useful life may be shorter
or longer than 5 years, depending on innovations,
market developments and competitor actions.
Impairment of non-financial assets
The Company assesses whether there are any
indicators of impairment for all non-financial assets at
each reporting date. Goodwill and intangibles not yet
put in use are tested for impairment annually and at
other times when such indicators exist. Other non-
financial assets are tested for impairment when there
are indicators that the carrying amounts may not be
recoverable. When value-in-use calculations are
undertaken, management estimates the expected
future cash flows from the asset or cash-generating
unit and determines a suitable discount rate in order
to calculate the present value of those cash flows.
Further details about impairment testing are included
in Note 17.
Estimates in contract work
The Company recognises revenue and costs over time
- i.e. before delivered to the customers\u2019 premises - in
the income statement using the cost-to-cost method.
Under this method, actual costs are compared with
the total estimated costs to measure progress
towards complete satisfaction of the performance
obligation.
To measure the progress toward complete
satisfaction of the performance obligation, the
Company has a robust process and system for cost
estimating, forecasting and revenue and costs
reporting. The system also requires a consistent
forecast of the project profitability, including variance
analyses of forecasted profitability compared to
budget and earlier assessment dates. Estimates are
an inherent part of this assessment and actual future
outcome may deviate from the estimated outcome,
specifically for major and complex contracts.
However, historical experience has shown that
estimates in total are sufficiently reliable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-323": { "value": "
Note
7
Segment information
Operating segments
The Company is engaged in the business of
developing, producing and selling various products,
systems and services related to the electricity grid.
There is a strong interrelationship between our three
product groups - i.e. Smart grid solutions, EV charging
equipment and Energy storage systems.
IFRS 8 requires disclosures of segment information in
alignment with internal management reporting to the
Chief Operating Decision Maker (\u2018CODM\u2019). Alfen\u2019s
CEO is considered the CODM, who is ultimately
responsible for reviewing and assessing the
performance of the three separately identified
product groups.
The CODM monitors the performance of the three
product groups, despite the split in revenue, solely on
an aggregated basis for resource allocation and
overall performance measurement. All financial
segment information can therefore be found in the
consolidated financial statements.
Entity wide disclosures
Geographic information
The following table is summarising (i) revenue and
other income and (ii) non-current assets, excluding
financial instruments and deferred tax assets,
attributable to the Company\u2019s countries of domicile.
In EUR '000
Revenue
2023
2022
The Netherlands
467,226
413,476
Finland
23,772
20,284
Belgium
13,479
6,116
Total
504,477
439,876
Non-current assets
31 December 2023
31 December 2022
The Netherlands
75,552
50,754
Finland
5,112
5,761
Belgium
507
574
Total
81,171
57,089
Revenue and other income by region based on the
destination of products and location of projects is
presented in Note 8.
Major customers
There are no customers who individually account for
more than 10% of the Company\u2019s consolidated
revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-325": { "value": "
Note
8
Revenue
The Company derives the following revenues and
other income per business line:
In EUR '000
2023
2022
Smart grid solutions
188,378
142,617
Energy storage systems
162,979
45,498
EV charging equipment
153,120
251,761
Total
504,477
439,876
Smart grid solutions and Energy storage systems
revenue generated by entities domiciling in the
Netherlands and Belgium amounting to \u20ac314.1 and
\u20ac13.5 million, respectively, is considered to be over
time revenue for which the cost-to-cost method is
applied by the Company. Smart grid solutions
revenue generated by Alfen Elkamo - i.e. \u20ac23.8
million - as well as the Company\u2019s EV charging
equipment revenue of \u20ac153.1 million is considered to
be point-in-time revenue.
Revenue and other income by region based on the
destination of products and location of projects:
In EUR '000
2023
2022
The Netherlands
292,448
217,189
Other European Union countries
203,725
195,028
Rest of Europe
8,270
27,622
Outside Europe
34
37
Total
504,477
439,876
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-324": { "value": "
Note
8
Revenue
The Company derives the following revenues and
other income per business line:
In EUR '000
2023
2022
Smart grid solutions
188,378
142,617
Energy storage systems
162,979
45,498
EV charging equipment
153,120
251,761
Total
504,477
439,876
Smart grid solutions and Energy storage systems
revenue generated by entities domiciling in the
Netherlands and Belgium amounting to \u20ac314.1 and
\u20ac13.5 million, respectively, is considered to be over
time revenue for which the cost-to-cost method is
applied by the Company. Smart grid solutions
revenue generated by Alfen Elkamo - i.e. \u20ac23.8
million - as well as the Company\u2019s EV charging
equipment revenue of \u20ac153.1 million is considered to
be point-in-time revenue.
Revenue and other income by region based on the
destination of products and location of projects:
In EUR '000
2023
2022
The Netherlands
292,448
217,189
Other European Union countries
203,725
195,028
Rest of Europe
8,270
27,622
Outside Europe
34
37
Total
504,477
439,876
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-326": { "value": "
Note
9
Personnel expenses
The personnel expenses can be divided into the
following cost categories:
In EUR '000
2023
2022
Salaries and wages
56,895
45,775
Social security contributions
9,072
6,994
Pension contributions (DC)
6,678
4,660
Hire indirect personnel
5,484
4,141
Capitalised personnel expense
(9,618)
(7,821)
Total
68,511
53,749
The average number of FTE's are:
2023
2022
Direct Employees
435
399
Indirect Employees
507
388
Total
942
787
As per 31 December 2023, a total of 122 employees
were employed outside the Netherlands.
Dutch pensions
The company has a defined contribution scheme and
a defined benefit scheme. The defined benefit plan is
a multi-employer (industry) pension plan, based on
average salary pay, for which insufficient information
is available to account for as a defined benefit plan.
Therefore, the Company accounts for this pension
plan as a defined contribution plan. The pension
schemes are financed through monthly contributions
to the pension providers, being the insurance
companies and the industry pension fund (PME). The
contribution with the industry pension fund is
calculated using a maximum annual gross salary level
and a premium of approximately 28% for 2023.
The base premium for 2024 is set at approximately
28%. Total expected contributions for 2024 amount
to \u20ac8.3 million. The company applies the liability
approach for all pension schemes. The premium
payable during the financial year is charged to the
income statement and is classified as costs of
personnel.
Alfen has approximately 870 active participants in the
industry pension plan, which has 170,000 active
participants in the total plan. The industry pension
fund has a surplus and the coverage ratio per
December 2023 is 113.3%. The company does not
have any commitments for additional contributions in
case of a deficit of the pension fund, other than
paying increased future premiums. If applicable, the
industry-wide pension fund applies an annual
indexation for the pension fund.
Aside from the premium payables, the company does
not have any additional obligations in respect to the
pension schemes.
Finnish pensions
Alfen Elkamo has a defined contribution scheme, in
which the pension contribution is predetermined and
based on the gross salary of the individual employee.
The annual net contribution for 2023 is 18% (2022:
18%). The pension contributions are paid on a
monthly basis to the pension fund. The expected net
contribution for 2024 amounts to \u20ac666 thousand. The
premium payable during the financial year is charged
to the income statement and is classified as costs of
personnel.
Aside from premium payables, Alfen Elkamo does not
have any additional obligations in respect to the
pension schemes.
Key management compensation
Key management includes directors, having authority
and responsibility for planning, directing and
controlling the activities of the Company.
In EUR '000
2023
2022
Salaries and wages
1,122
1,018
Short-term incentive plan(s)
205
401
Social security contributions
45
43
Pension costs
66
57
Share-based payments
218
432
Other
37
51
Total
1,693
2,002
Key management collectively hold 115,817 Ordinary
Shares (2022: 107,851) in the share capital of the
Company.
In addition, key management collectively hold
conditional rights, granted under the long-term
incentive plan for the Board of Directors and subject
to certain performance conditions, to receive 2,993
(at actual realisation based on the LTIP 2021) and
10,030 (at 100% realisation based on the LTIP
2022-2023) Ordinary Shares. Reference is made to
Note 11 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-327": { "value": "
The average number of FTE's are:
2023
2022
Direct Employees
435
399
Indirect Employees
507
388
Total
942
787
As per 31 December 2023, a total of 122 employees
were employed outside the Netherlands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-328": { "value": "
Key management compensation
Key management includes directors, having authority
and responsibility for planning, directing and
controlling the activities of the Company.
In EUR '000
2023
2022
Salaries and wages
1,122
1,018
Short-term incentive plan(s)
205
401
Social security contributions
45
43
Pension costs
66
57
Share-based payments
218
432
Other
37
51
Total
1,693
2,002
Key management collectively hold 115,817 Ordinary
Shares (2022: 107,851) in the share capital of the
Company.
In addition, key management collectively hold
conditional rights, granted under the long-term
incentive plan for the Board of Directors and subject
to certain performance conditions, to receive 2,993
(at actual realisation based on the LTIP 2021) and
10,030 (at 100% realisation based on the LTIP
2022-2023) Ordinary Shares. Reference is made to
Note 11 for further details.
Note
15
Remuneration of the Management
Board and Supervisory Board
Management Board
The following statement shows how the
remuneration policy was applied in practice during
the reporting period.
\u00a0 \u00a0 \u00a0 \u00a0 M. Roeleveld - CEO
\u00a0 J. van Rossen - CFO
M. Lesh - CCO
In EUR '000
2023
2022
2023
2022
2023
2022
Salaries and wages
432
392
366
332
324
294
Short-term incentive plan
83
150
77
133
45
118
Social security contributions
14
16
15
14
16
13
Pension contributions (DC)
26
23
21
18
19
16
Share-based payments
86
211
72
165
60
56
Other
8
25
14
13
15
13
Total
649
817
565
675
479
510
The following table sets out the shareholdings of the
Management Board.
Number of Ordinary Shares
M. Roeleveld - CEO
105,113
J. van Rossen - CFO
10,156
M. Lesh - CCO
548
The following table sets out the grant made under the
long-term incentive plan for the Management Board.
Number of Awards Granted *
2023
2022
M. Roeleveld - CEO
2,042
1,818
J. van Rossen - CFO
1,736
1,539
M. Lesh - CCO
1,532
1,363
* At 100% realisation of the applicable performance conditions. The actual number of
Awards that will vest can range between 0% realisation and 125% realisation.
The number of Awards granted to the Management
Board are subject to certain performance conditions
as described in Note 11.
No other options have been awarded to the
Management Board, nor any loans, advances or
guarantees.
Supervisory Board
The total remuneration of the members of the
Supervisory Board is shown below:
In EUR '000
2023
2022
H. ten Hove
60
50
W.W.M. Ackermans
47
40
J. van der Vlist
47
4
M. Anhalt - Date of entry: 19 September 2023
13
\u2014
E.M. Oudenbroek - Date of discharge: 6 April 2023
10
40
Total
177
134
No options have been awarded to the Supervisory
Board, nor any loans, advances or guarantees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-329": { "value": "
Note
10
Other operating costs
The operating costs can be divided into the following
cost categories:
In EUR '000
2023
2022
Housing expenses
2,880
2,285
Other personnel expenses
4,471
4,355
Development expenses
1,811
830
Other general expenses
17,327
13,826
Total
26,489
21,296
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-330": { "value": "
Note
11
Share-based payments
Share award plans
Long-term incentive plan \u2013 Key employees
The Management Board of Alfen recognises the
importance of its key employees to the future success
of the Company. Therefore, on 4 October 2018, a
long-term incentive plan (\u2018LTIP Key employees\u2019) was
introduced for a number of designated employees
within the group of the Company.
The following unvested grants, comprising of
Ordinary Shares in the Company, have been made
under this plan:
Grant date
Number of Awards Granted *
Exercise price
1 January 2020
38,434
Nil
1 January 2021
8,147
Nil
1 January 2022
9,747
Nil
1 January 2023
14,806
Nil
The conditional rights to receive existing Ordinary
Shares granted will be exercisable in exchange for
Ordinary Shares on the day that is four years after the
grant date, on the condition that the relevant
employee of Alfen continues to be employed by the
Company on this date (subject to certain
arrangements for exceptional circumstances, such as
death of the employee). Besides the aforementioned
service vesting condition no other vesting conditions
are applicable for the LTIP Key employees.
Long-term incentive plan \u2013 Board of Directors
As part of the remuneration policy, which has been
adopted by the general meeting of shareholders on 7
April 2022, a long-term incentive plan for the Board
of Directors is applicable in order to increase the
alignment between shareholder\u2019s interest and the
interest of the Board of Directors.
The following unvested grants, comprising of
Ordinary Shares in the Company, have been made
under this plan:
Grant date
Number of Awards Granted *
Exercise price
29 April 2021
3,115
Nil
22 July 2021**
638
Nil
26 April 2022
4,720
Nil
25 April 2023
5,310
Nil
* At 100% realisation of the applicable performance conditions. The actual number of
Awards that will vest can range between nil (at 0% realisation) and 17,228 (at 125%
realisation).
** Transferred from Key employees to Board of Directors in alignment with the
appointment of Michelle Lesh (CCO) as member of the Board of Directors.
The conditional rights to receive existing Ordinary
Shares granted will be exercisable in exchange for
Ordinary Shares on the day that is three years after
inception of the service and performance period,
subject to continued employment as a member of the
Board of Directors and certain non-market based
performance vesting conditions.
The service and performance period are starting on
the 1st of January of the applicable financial year, in
which the grant has been made. Besides the
aforementioned service and performance vesting
conditions there is one additional condition in place,
which is an one year and a two year holding period
after vesting date for grants made in 2021 and
2022-2023, respectively.
Summary of changes in outstanding shares
Changes in outstanding shares for the period:
LTIP
Key employees
LTIP
Board of Directors
Balance \u2013 1 January 2022
79,633
16,898
Granted
9,747
4,720
Performance adjustment
\u2014
1,974
Forfeited
(5,787)
\u2014
Exercised
(1,225)
\u2014
Transferred *
(638)
638
Expired
\u2014
\u2014
Balance \u2013 31 December 2022
81,730
24,230
Granted
14,806
5,310
Performance adjustment
\u2014
(760)
Forfeited
(5,539)
\u2014
Exercised
(32,698)
(15,757)
Transferred
\u2014
\u2014
Expired
\u2014
\u2014
Balance \u2013 31 December 2023
58,299
13,023
* Transferred from Key employees to Board of Directors in alignment with the
appointment of Michelle Lesh (CCO) as member of the Board of Directors.
None of the outstanding shares related to the LTIP
Key employees and LTIP Board of Directors are
exercisable at 31 December 2023.
Fair value measurement
The Company used the Black & Scholes model to
determine the fair value of the share-based payments
plans at grant date. The market price of the
Company\u2019s Ordinary Shares for the different plans at
grant date was:
Share award Plans
Grant date
Grant date fair value
Long-term Incentive Plan - Key employees
1 January 2020
\u20ac16.44
Long-term Incentive Plan - Key employees
1 January 2021
\u20ac82.60
Long-term Incentive Plan - Key employees
1 January 2022
\u20ac88.25
Long-term Incentive Plan - Key employees
1 January 2023
\u20ac84.20
Long-term Incentive Plan - Board of Directors
29 April 2021
\u20ac68.75
Long-term Incentive Plan - Board of Directors *
22 July 2021
\u20ac80.25
Long-term Incentive Plan - Board of Directors
26 April 2022
\u20ac82.54
Long-term Incentive Plan - Board of Directors
25 April 2023
\u20ac74.70
* Transferred from Key employees to Board of Directors in alignment with the
appointment of Michelle Lesh (CCO) as member of the Board of Directors.
The present value for expected dividend over the
vesting period for all plans is nil, because the
Company has currently no intention to distribute
dividends in the foreseeable future in order to be able
to further invest in the growth of the Company.
Consequently and in conjunction with an exercise
price of nil, both the expected volatility and risk-free-
rate have no impact on the fair value determination
at grant date.
Share-based payment expenses
Share-based payment expenses recognised as other
operating costs in the statement of comprehensive
income:
In EUR '000
2023
2022
Long-term Incentive Plan - Key employees
836
563
Long-term Incentive Plan - Board of Directors
218
432
Total
1,054
995
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-333": { "value": "
Note
12
Finance income and costs
In EUR '000
2023
2022
Finance costs
Interest expenses related to lease liabilities
(454)
(375)
Other interest expenses
(2,944)
(601)
Total finance costs
(3,398)
(976)
Finance income
Other interest income
21
3
Total finance income
21
3
Net finance income/ (costs)
(3,377)
(973)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-332": { "value": "
Note
12
Finance income and costs
In EUR '000
2023
2022
Finance costs
Interest expenses related to lease liabilities
(454)
(375)
Other interest expenses
(2,944)
(601)
Total finance costs
(3,398)
(976)
Finance income
Other interest income
21
3
Total finance income
21
3
Net finance income/ (costs)
(3,377)
(973)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-331": { "value": "
Note
12
Finance income and costs
In EUR '000
2023
2022
Finance costs
Interest expenses related to lease liabilities
(454)
(375)
Other interest expenses
(2,944)
(601)
Total finance costs
(3,398)
(976)
Finance income
Other interest income
21
3
Total finance income
21
3
Net finance income/ (costs)
(3,377)
(973)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-334": { "value": "
Note
13
Income tax expense
This note provides an analysis of the Company\u2019s
income tax expense, showing how the tax expense is
affected by non-deductible items. It also explains
significant estimates made in relation to the
Company\u2019s tax position.
In EUR '000
2023
2022
Current tax:
Current tax on profits for the year
(7,383)
(12,109)
Adjustments for previous years
(61)
(96)
Total current tax expense
(7,444)
(12,205)
Deferred income tax:
Income tax on continuing operations
(1,354)
(1,521)
Change in tax rates
\u2014
\u2014
Total deferred tax (expense) benefit
(1,354)
(1,521)
Total income tax expense
(8,798)
(13,726)
The tax on the Company\u2019s profit before tax differs
from the statutory amount that would arise using the
tax rate applicable to profits of the entity. The
reconciliation of the effective tax rate is as follows:
In EUR '000
2023
2022
Result from continuing operations
29,684
53,047
Total income tax
(8,798)
(13,726)
Profit (loss) before income tax
38,482
66,773
Tax calculated based on Dutch tax rate
25.8%
25.8%
Tax effects of:
- adjustments for previous years
0.2%
0.1%
- effect of tax rates in other countries
(0.2%)
0.1%
- effect of tax incentives
(3.4%)
(6.0%)
- non-taxable expenses
0.8%
0.4%
- change in tax rates
0.0%
0.0%
- other differences
(0.3%)
0.2%
Effective tax rate
22.9%
20.6%
Applicable tax rate
25.8%
25.8%
Effect of tax incentives
To drive innovation, Dutch corporate income tax law
provides a specific tax incentive scheme known as the
Innovation Box facility. Based on this facility, qualified
income associated with R&D activities is subject to an
effective tax rate of 9% as compared to the Dutch
statutory rate of 25.8%.
In financial year 2021, Alfen concluded an agreement
with the Dutch tax authorities, in which the
application of the innovation box benefit is
determined in alignment with Dutch corporate
income tax law. This agreement applies for the years
2019 through 2024 assuming facts and circumstances
do not change.
The total tax effect of applying the innovation box is
3.4% for financial year 2023.
Non-taxable expenses
Non-taxable items are mainly related to non-
deductible share-based payment expenses relating to
the Long-term incentive plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-335": { "value": "
Note
14
Earnings per share
2023
2022
Weighted average number of ordinary shares in issue (x1)
21,718,170
21,695,256
Net result attributable to shareholders
29,684,167
53,047,054
Basic earnings per share
1.37
2.45
Allowing for dilution, the earnings per share are as follows:
Weighted average number of ordinary shares in issue (x1)
21,773,241
21,786,054
Net result attributable to shareholders
29,684,167
53,047,054
Diluted earnings per share
1.36
2.43
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-336": { "value": "
Note
16
Property, plant and equipment
Property, plant and equipment can be divided into:
In EUR '000
31 December 2023
31 December 2022
Property, plant and equipment - Owned
39,753
20,862
Property, plant and equipment - Right-of-Use
12,797
12,694
Total net book value
52,550
33,556
The movement in property, plant and equipment
during the years was as follows:
Owned assets
In EUR '000
Buildings
Furniture,
fittings and
equipment
Assets under
construction
Total
At 1 January 2022
Cost
7,972
13,129
636
21,737
Accumulated impairments and depreciation
(3,537)
(5,565)
\u2014
(9,102)
Net book value
4,435
7,564
636
12,635
Year ended 31 December 2022
Opening net book value
4,435
7,564
636
12,635
Additions
134
10,786
537
11,457
Reclassification assets under construction
156
7
(163)
\u2014
Disposal
\u2014
(142)
\u2014
(142)
Depreciation for the year
(453)
(2,777)
\u2014
(3,230)
Depreciation of disposal
\u2014
142
\u2014
142
Consolidation and deconsolidation
\u2014
\u2014
\u2014
\u2014
Closing net book value
4,272
15,580
1,010
20,862
At 1 January 2023
Cost
8,262
23,780
1,010
33,052
Accumulated impairments and depreciation
(3,990)
(8,200)
\u2014
(12,190)
Closing net book value
4,272
15,580
1,010
20,862
Year ended 31 December 2023
Opening net book value
4,272
15,580
1,010
20,862
Additions
9,992
7,894
6,106
23,992
Reclassification assets under construction
682
296
(978)
\u2014
Disposal
\u2014
(82)
\u2014
(82)
Depreciation for the year
(493)
(4,608)
\u2014
(5,101)
Depreciation of disposal
\u2014
82
\u2014
82
Consolidation and deconsolidation
\u2014
\u2014
\u2014
\u2014
Closing net book value
14,453
19,162
6,138
39,753
At 31 December 2023
Cost
18,936
31,888
6,138
56,962
Accumulated impairments and depreciation
(4,483)
(12,726)
\u2014
(17,209)
Closing net book value
14,453
19,162
6,138
39,753
Right-of-use assets
In EUR '000
Land &
buildings
Manufacturing
equipment
Cars
Total
At 1 January 2022
Cost
11,811
1,702
5,091
18,604
Accumulated impairments and depreciation
(2,836)
(525)
(2,923)
(6,284)
Net book value
8,975
1,177
2,168
12,320
Year ended 31 December 2022
Opening net book value
8,975
1,177
2,168
12,320
Additions
1,592
220
1,607
3,419
Disposal
\u2014
\u2014
\u2014
\u2014
Depreciation for the year
(1,625)
(246)
(1,174)
(3,045)
Depreciation of disposal
\u2014
\u2014
\u2014
\u2014
Consolidation and deconsolidation
\u2014
\u2014
\u2014
\u2014
Closing net book value
8,942
1,151
2,601
12,694
At 1 January 2023
Cost
13,403
1,922
6,698
22,023
Accumulated impairments and depreciation
(4,461)
(771)
(4,097)
(9,329)
Closing net book value
8,942
1,151
2,601
12,694
Year ended 31 December 2023
Opening net book value
8,942
1,151
2,601
12,694
Additions
720
48
2,771
3,539
Disposal
\u2014
\u2014
\u2014
\u2014
Depreciation for the year
(1,620)
(261)
(1,555)
(3,436)
Depreciation of disposal
\u2014
\u2014
\u2014
\u2014
Consolidation and deconsolidation
\u2014
\u2014
\u2014
\u2014
Closing net book value
8,042
938
3,817
12,797
At 31 December 2023
Cost
14,123
1,970
9,469
25,562
Accumulated impairments and depreciation
(6,081)
(1,032)
(5,652)
(12,765)
Closing net book value
8,042
938
3,817
12,797
At 31 December 2023, the net carrying amount of
leased equipment held under finance lease was \u20ac177
thousand (31 December 2022: \u20ac236 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-337": { "value": "
Right-of-use assets
In EUR '000
Land &
buildings
Manufacturing
equipment
Cars
Total
At 1 January 2022
Cost
11,811
1,702
5,091
18,604
Accumulated impairments and depreciation
(2,836)
(525)
(2,923)
(6,284)
Net book value
8,975
1,177
2,168
12,320
Year ended 31 December 2022
Opening net book value
8,975
1,177
2,168
12,320
Additions
1,592
220
1,607
3,419
Disposal
\u2014
\u2014
\u2014
\u2014
Depreciation for the year
(1,625)
(246)
(1,174)
(3,045)
Depreciation of disposal
\u2014
\u2014
\u2014
\u2014
Consolidation and deconsolidation
\u2014
\u2014
\u2014
\u2014
Closing net book value
8,942
1,151
2,601
12,694
At 1 January 2023
Cost
13,403
1,922
6,698
22,023
Accumulated impairments and depreciation
(4,461)
(771)
(4,097)
(9,329)
Closing net book value
8,942
1,151
2,601
12,694
Year ended 31 December 2023
Opening net book value
8,942
1,151
2,601
12,694
Additions
720
48
2,771
3,539
Disposal
\u2014
\u2014
\u2014
\u2014
Depreciation for the year
(1,620)
(261)
(1,555)
(3,436)
Depreciation of disposal
\u2014
\u2014
\u2014
\u2014
Consolidation and deconsolidation
\u2014
\u2014
\u2014
\u2014
Closing net book value
8,042
938
3,817
12,797
At 31 December 2023
Cost
14,123
1,970
9,469
25,562
Accumulated impairments and depreciation
(6,081)
(1,032)
(5,652)
(12,765)
Closing net book value
8,042
938
3,817
12,797
At 31 December 2023, the net carrying amount of
leased equipment held under finance lease was \u20ac177
thousand (31 December 2022: \u20ac236 thousand).
In EUR '000
31 December 2023
31 December 2022
Borrowings
36,697
3,738
Factoring Alfen Elkamo
974
1,814
Lease liabilities
13,099
12,852
Total
50,770
18,404
Note
28
Leases
The Company leases several assets, which can be
combined into the asset classes: (i) Land & Buildings,
(ii) Manufacturing equipment, (iii) Office equipment
and (iv) Company cars. These contracts are typically
entered into for a period between 3 and 10 years, but
some leases may include renewal and/or termination
options.
The Company leases Office equipment (e.g. printers).
These leases are considered low-value leases for
which the Company has elected not to recognise
right-of-use assets and lease liabilities.
Right-of-use assets
Right-of-use assets relate to leases that do not meet
the definition of investment property are presented
as property, plant and equipment, which are
separately disclosed in Note 16. The Company has no
right-of-use assets that meet the definition of
investment property.
Amounts recognised in the statement of
comprehensive income and cash flows
Besides the interest expenses related to lease
liabilities and depreciation charges on right-of-use
assets as disclosed in Note 12 and Note 16,
respectively, the Company recognised within the
statement of comprehensive income \u20ac0.3 million
(2022: \u20ac0.2 million) relating to leases of low value
leases and short-term leases.
Total cash outflow for leases in 2023 was \u20ac4.0 million
(2022: \u20ac3.6 million).
Extension and termination options
The Company has several contracts within asset class
Land & Buildings and Manufacturing equipment that
include renewal and termination options or a
combination of both. At 31 December 2023, all
renewal options are included in the measurement of
the lease liabilities. Consequently, no termination
options are included.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-340": { "value": "
Note
17
Intangible assets and goodwill
The movement in intangible assets and goodwill
during the years was as follows:
In EUR '000
Goodwill
Customer related
intangibles
Development
costs
Total
At 1 January 2022
Cost
127
3,302
27,132
30,561
Accumulated impairments and amortisation
\u2014
(1,877)
(10,836)
(12,713)
Net book value
127
1,425
16,296
17,848
Year ended 31 December 2022
Opening net book value
127
1,425
16,296
17,848
Additions
\u2014
\u2014
9,568
9,568
Acquisitions
\u2014
\u2014
\u2014
\u2014
Amortisation for the year
\u2014
(407)
(3,476)
(3,883)
Consolidation and deconsolidation
\u2014
\u2014
\u2014
\u2014
Closing net book value
127
1,018
22,388
23,533
At 1 January 2023
Cost
127
3,302
36,700
40,129
Accumulated impairments and amortisation
\u2014
(2,284)
(14,312)
(16,596)
Net book value
127
1,018
22,388
23,533
Year ended 31 December 2023
Opening net book value
127
1,018
22,388
23,533
Additions
\u2014
\u2014
10,707
10,707
Acquisitions
\u2014
\u2014
\u2014
\u2014
Amortisation for the year
\u2014
(407)
(5,212)
(5,619)
Consolidation and deconsolidation
\u2014
\u2014
\u2014
\u2014
Closing net book value
127
611
27,883
28,621
At 31 December 2023
Cost
127
3,302
47,407
50,836
Accumulated impairments and amortisation
\u2014
(2,691)
(19,524)
(22,215)
Net book value
127
611
27,883
28,621
Goodwill
Goodwill is completely allocated to the cash-
generating unit (hereinafter: \u2018CGU\u2019) Alfen Elkamo.
The recoverable amount of this CGU was determined
on the higher of the value-in-use calculation or fair
value less costs of disposal. The valuation uses future
cash flows, based on the financial budgets and
forecasts of the CGU over a period of 5 years and a
terminal growth rate thereafter.
The key assumptions used in the estimation of value
in use were as follows:
\u2022 Revenue growth rate: based on actual
experience and an analysis of expected
market growth within the energy transition
sector.
\u2022 Discount rate: based on the historical
industry average weighted-average cost of
capital, by using the capital asset pricing
model (\u201cCAPM\u201d). The applied discount rate
for 2023 was 17.6% (2022: 17.1%).
\u2022 Residual value: based on a terminal growth
rate of 2.0% (2022: 2.0%).
Considering the limited amount of Goodwill, the
Company\u2019s impairment exposure is not significant
and therefore no sensitivity analysis is included.
Customer related intangibles
Customer related intangibles comprise the customer
list and order backlog related to the acquisition of
Alfen Elkamo as at 1 July 2018 and are amortised over
a period of 7 years and 0.5 year, respectively.
Consequently, the remaining amortisation period for
the customer list is 1.5 years and for the order
backlog nil.
Development costs
Additions to intangible fixed assets relate to
development projects for new products or systems or
development projects for new features to existing
products and systems for amongst others; smart grid
solutions, electric vehicle charging equipment and
energy storage.
The closing net book value amounts \u20ac 27.9 million for
the year ended 31 December 2023 (2022: 22.4
million) and includes \u20ac14.4 million (2022: \u20ac3.7
million) of development projects still in progress.
Total costs for R&D, including amortisation of the
capitalised development costs amount to \u20ac16.2 and
\u20ac10.7 million for the years ended 31 December 2023
and 31 December 2022, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-339": { "value": "
Note
17
Intangible assets and goodwill
The movement in intangible assets and goodwill
during the years was as follows:
In EUR '000
Goodwill
Customer related
intangibles
Development
costs
Total
At 1 January 2022
Cost
127
3,302
27,132
30,561
Accumulated impairments and amortisation
\u2014
(1,877)
(10,836)
(12,713)
Net book value
127
1,425
16,296
17,848
Year ended 31 December 2022
Opening net book value
127
1,425
16,296
17,848
Additions
\u2014
\u2014
9,568
9,568
Acquisitions
\u2014
\u2014
\u2014
\u2014
Amortisation for the year
\u2014
(407)
(3,476)
(3,883)
Consolidation and deconsolidation
\u2014
\u2014
\u2014
\u2014
Closing net book value
127
1,018
22,388
23,533
At 1 January 2023
Cost
127
3,302
36,700
40,129
Accumulated impairments and amortisation
\u2014
(2,284)
(14,312)
(16,596)
Net book value
127
1,018
22,388
23,533
Year ended 31 December 2023
Opening net book value
127
1,018
22,388
23,533
Additions
\u2014
\u2014
10,707
10,707
Acquisitions
\u2014
\u2014
\u2014
\u2014
Amortisation for the year
\u2014
(407)
(5,212)
(5,619)
Consolidation and deconsolidation
\u2014
\u2014
\u2014
\u2014
Closing net book value
127
611
27,883
28,621
At 31 December 2023
Cost
127
3,302
47,407
50,836
Accumulated impairments and amortisation
\u2014
(2,691)
(19,524)
(22,215)
Net book value
127
611
27,883
28,621
Goodwill
Goodwill is completely allocated to the cash-
generating unit (hereinafter: \u2018CGU\u2019) Alfen Elkamo.
The recoverable amount of this CGU was determined
on the higher of the value-in-use calculation or fair
value less costs of disposal. The valuation uses future
cash flows, based on the financial budgets and
forecasts of the CGU over a period of 5 years and a
terminal growth rate thereafter.
The key assumptions used in the estimation of value
in use were as follows:
\u2022 Revenue growth rate: based on actual
experience and an analysis of expected
market growth within the energy transition
sector.
\u2022 Discount rate: based on the historical
industry average weighted-average cost of
capital, by using the capital asset pricing
model (\u201cCAPM\u201d). The applied discount rate
for 2023 was 17.6% (2022: 17.1%).
\u2022 Residual value: based on a terminal growth
rate of 2.0% (2022: 2.0%).
Considering the limited amount of Goodwill, the
Company\u2019s impairment exposure is not significant
and therefore no sensitivity analysis is included.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-338": { "value": "
Note
17
Intangible assets and goodwill
The movement in intangible assets and goodwill
during the years was as follows:
In EUR '000
Goodwill
Customer related
intangibles
Development
costs
Total
At 1 January 2022
Cost
127
3,302
27,132
30,561
Accumulated impairments and amortisation
\u2014
(1,877)
(10,836)
(12,713)
Net book value
127
1,425
16,296
17,848
Year ended 31 December 2022
Opening net book value
127
1,425
16,296
17,848
Additions
\u2014
\u2014
9,568
9,568
Acquisitions
\u2014
\u2014
\u2014
\u2014
Amortisation for the year
\u2014
(407)
(3,476)
(3,883)
Consolidation and deconsolidation
\u2014
\u2014
\u2014
\u2014
Closing net book value
127
1,018
22,388
23,533
At 1 January 2023
Cost
127
3,302
36,700
40,129
Accumulated impairments and amortisation
\u2014
(2,284)
(14,312)
(16,596)
Net book value
127
1,018
22,388
23,533
Year ended 31 December 2023
Opening net book value
127
1,018
22,388
23,533
Additions
\u2014
\u2014
10,707
10,707
Acquisitions
\u2014
\u2014
\u2014
\u2014
Amortisation for the year
\u2014
(407)
(5,212)
(5,619)
Consolidation and deconsolidation
\u2014
\u2014
\u2014
\u2014
Closing net book value
127
611
27,883
28,621
At 31 December 2023
Cost
127
3,302
47,407
50,836
Accumulated impairments and amortisation
\u2014
(2,691)
(19,524)
(22,215)
Net book value
127
611
27,883
28,621
Customer related intangibles
Customer related intangibles comprise the customer
list and order backlog related to the acquisition of
Alfen Elkamo as at 1 July 2018 and are amortised over
a period of 7 years and 0.5 year, respectively.
Consequently, the remaining amortisation period for
the customer list is 1.5 years and for the order
backlog nil.
Development costs
Additions to intangible fixed assets relate to
development projects for new products or systems or
development projects for new features to existing
products and systems for amongst others; smart grid
solutions, electric vehicle charging equipment and
energy storage.
The closing net book value amounts \u20ac 27.9 million for
the year ended 31 December 2023 (2022: 22.4
million) and includes \u20ac14.4 million (2022: \u20ac3.7
million) of development projects still in progress.
Total costs for R&D, including amortisation of the
capitalised development costs amount to \u20ac16.2 and
\u20ac10.7 million for the years ended 31 December 2023
and 31 December 2022, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-341": { "value": "
Development costs
Additions to intangible fixed assets relate to
development projects for new products or systems or
development projects for new features to existing
products and systems for amongst others; smart grid
solutions, electric vehicle charging equipment and
energy storage.
The closing net book value amounts \u20ac 27.9 million for
the year ended 31 December 2023 (2022: 22.4
million) and includes \u20ac14.4 million (2022: \u20ac3.7
million) of development projects still in progress.
Total costs for R&D, including amortisation of the
capitalised development costs amount to \u20ac16.2 and
\u20ac10.7 million for the years ended 31 December 2023
and 31 December 2022, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-342": { "value": "
Note
18
Deferred tax balances
The balance comprises temporary differences
attributable to:
In EUR '000
Deferred tax assets
31 December 2023
31 December 2022
Property, plant and equipment
\u2014
\u2014
Carry forward losses
\u2014
\u2014
Goodwill
77
116
Lease liabilities
103
79
Total
180
195
Of which:
Current (< 1 year)
38
38
Non-current (> 1 year)
142
157
Deferred tax liabilities
31 December 2023
31 December 2022
Property, plant and equipment
\u2014
\u2014
Intangible assets
7,276
5,937
Total
7,276
5,937
Of which:
Current (< 1 year)
1,237
1,472
Non-current (> 1 year)
6,039
4,465
Net deferred tax assets
\u2014
\u2014
Net deferred tax liabilities
7,096
5,742
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-343": { "value": "
Note
19
Other financial assets
Other financial assets comprise of long-term deposits
paid to international payroll service providers of \u20ac297
thousand (2022: \u20ac276 thousand) and a short-term
loan of \u20ac25.7 million (2022: \u20ac1.3 million presented as
long-term) with the lessor responsible for the
construction of a new production location and office
building. At 7 July 2021, Alfen concluded a lease
contract for a new production location and office
building.
During the construction period of the new production
location and office building, financing will be provided
by Alfen. The construction period is expected to be
finalised in the first quarter of 2024. After finalisation
of the construction period the financing provided by
Alfen will be repaid. At that same moment, a lease
will start for a period of 15 years, comprising the land,
the production location and the office building.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-344": { "value": "
Note
20
Inventories
In EUR '000
31 December 2023
31 December 2022
Raw materials and components
150,776
131,815
Total
150,776
131,815
During 2023 inventories amounting to \u20ac667 are", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-345": { "value": "
Note
21
Financial instruments by
category
In EUR '000
31 December 2023
31 December 2022
Assets
Financial assets at
amortised cost
Financial assets at
amortised cost
Other financial assets
297
1,589
Trade and other receivables
135,935
107,686
Cash and cash equivalents
2,073
22,841
Total
138,305
132,116
31 December 2023
31 December 2022
Liabilities
Financial liabilities at
amortised cost
Financial liabilities at
amortised cost
Borrowings
50,770
18,404
Trade and other payables
148,567
136,077
Total
199,337
154,481
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-346": { "value": "
Note
22
Trade and other receivables
In EUR '000
31 December 2023
31 December 2022
Trade receivables
79,880
71,943
Less: loss allowance
(699)
(625)
Trade receivables \u2013 net
79,181
71,318
Amounts due from customers for contract work
28,195
17,240
Other taxes
673
364
Other receivables
27,886
18,764
Total
135,935
107,686
Less non-current portion:
\u2014
\u2014
Current portion
135,935
107,686
Given the growth perspective within our Energy
storage business line, other receivables increased
primarily due to strategic stock down payments for
batteries, inverters and containers for both our
TheBattery Elements and Mobile storage solutions.
The fair value of the receivables approximates the
carrying amounts. No breakdown of the fair values of
trade and other receivables and the non-current
portion of the receivables has been included as the
differences between the carrying amounts and the
fair values are insignificant.
Information about the Company\u2019s exposure to credit
and market risks, and impairment losses for trade and
other receivables and amounts due from customers
for contract work is included in Note 3. The carrying
amounts of the Company\u2019s trade and other
receivables are denominated in the following
currencies:
In EUR '000
Currency
31 December 2023
31 December 2022
EURO
133,861
102,835
GBP
1,969
4,849
USD
105
\u2014
Transfer of trade receivables
In order to manage seasonality, Alfen Elkamo sold its
trade receivables with recourse to a bank for cash
proceeds - i.e. factoring. These trade receivables have
not been derecognised from the statement of
financial position, because Alfen Elkamo retains
substantially all of the risks and rewards - i.e.
primarily credit risk.
The amount received on the transfer of trade
receivables has been recognised as a factoring liability
under short-term borrowings (see Note 25). The
arrangement with the bank is such that the
customers remit cash directly to the bank.
The receivables are considered to be held within a
held-to-collect business model consistent with the
Group\u2019s continuing recognition of the receivables.
The following information shows the carrying amount
of trade receivables at the reporting date that have
been transferred but not derecognised and the
associated liabilities.
In EUR '000
31 December 2023
31 December 2022
Carrying amount of trade receivables
transferred to a bank
1,217
2,267
Carrying amount of associated liabilities
(974)
(1,814)
Contract assets and liabilities
The net balance sheet position for contract work is as
follows:
In EUR '000
31 December 2023
31 December 2022
Amounts due from customers for contract work
28,195
17,240
Amounts due to customers for contract work
(43,104)
(32,374)
Total
(14,909)
(15,134)
The net position relates to:
Revenue recognised to date
206,051
79,238
Less: progress billings
(220,960)
(94,372)
Total
(14,909)
(15,134)
Amounts due from customers for contract work
concern the Company\u2019s right to consideration for
work completed but not invoiced at 31 December
2023, for both the Smart grid solutions and Energy
storage solutions business lines. Amounts due from
customers for contract work will be transferred to
trade receivables when the Company\u2019s right to
consideration is unconditional. This usually occurs
when the Company issues an invoice to the customer.
Amounts due to customers for contract work concern
received prepayments for performance obligations,
which are not yet realised at year-end. The amount of
\u20ac32.4 million recognised in the amounts due to
customers for contract work at the beginning of the
reporting period has been recognised as revenue for
the period ended 31 December 2023.
Both amounts due from customers and amounts due
to customers have a remaining term of less than one
year.
The amount of revenue recognised in the period
ended 31 December 2023 from performance
obligations satisfied (or partly satisfied) in prior
reporting period is \u20ac nil.
No information is provided about remaining
performance obligations at 31 December 2023 that
have an original expected duration of one year or
less, as allowed by IFRS 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-347": { "value": "
In EUR '000
31 December 2023
31 December 2022
Trade receivables
79,880
71,943
Less: loss allowance
(699)
(625)
Trade receivables \u2013 net
79,181
71,318
Amounts due from customers for contract work
28,195
17,240
Other taxes
673
364
Other receivables
27,886
18,764
Total
135,935
107,686
Less non-current portion:
\u2014
\u2014
Current portion
135,935
107,686
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-348": { "value": "
Contract assets and liabilities
The net balance sheet position for contract work is as
follows:
In EUR '000
31 December 2023
31 December 2022
Amounts due from customers for contract work
28,195
17,240
Amounts due to customers for contract work
(43,104)
(32,374)
Total
(14,909)
(15,134)
The net position relates to:
Revenue recognised to date
206,051
79,238
Less: progress billings
(220,960)
(94,372)
Total
(14,909)
(15,134)
Amounts due from customers for contract work
concern the Company\u2019s right to consideration for
work completed but not invoiced at 31 December
2023, for both the Smart grid solutions and Energy
storage solutions business lines. Amounts due from
customers for contract work will be transferred to
trade receivables when the Company\u2019s right to
consideration is unconditional. This usually occurs
when the Company issues an invoice to the customer.
Amounts due to customers for contract work concern
received prepayments for performance obligations,
which are not yet realised at year-end. The amount of
\u20ac32.4 million recognised in the amounts due to
customers for contract work at the beginning of the
reporting period has been recognised as revenue for
the period ended 31 December 2023.
Both amounts due from customers and amounts due
to customers have a remaining term of less than one
year.
The amount of revenue recognised in the period
ended 31 December 2023 from performance
obligations satisfied (or partly satisfied) in prior
reporting period is \u20ac nil.
No information is provided about remaining
performance obligations at 31 December 2023 that
have an original expected duration of one year or
less, as allowed by IFRS 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-349": { "value": "
Note
23
Cash and cash equivalents
In EUR '000
31 December 2023
31 December 2022
Cash and cash equivalents
2,073
22,841
Total
2,073
22,841
The cash and cash equivalents are freely disposable
to the Company, except for an amount of \u20ac549
thousand on so called G-accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-350": { "value": "
The cash and cash equivalents are freely disposable
to the Company, except for an amount of \u20ac549
thousand on so called G-accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-351": { "value": "
Note
24
Equity
Share capital
Share capital at 31 December 2023 of \u20ac2,175,000
(2022: \u20ac2,175,000) is divided into 21,750,000
ordinary shares (2022: 21,750,000), fully paid-up,
with a par value of \u20ac0.1 each (2022: \u20ac0.1). Total
shares authorised comprise of 40,000,000 ordinary
shares (2022: 40,000,000).
The outstanding ordinary shares of 21,750,000
includes 30,388 treasury shares as per 31 December
2023 (2022: 54,643).
Share premium
The share premium reserve relates to contribution on
issued shares in excess of the nominal value of the
shares (above par value).
Retained earnings
The retained earnings of \u20ac98.8 million are restricted
due to a legal reserve of \u20ac27.9 million (2022: \u20ac22.4
million) which is not available for distribution.
Result for the year
The proposal to the General Meeting is that an
amount of \u20ac29.7 million will be recognised in retained
earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-352": { "value": "
Share capital
Share capital at 31 December 2023 of \u20ac2,175,000
(2022: \u20ac2,175,000) is divided into 21,750,000
ordinary shares (2022: 21,750,000), fully paid-up,
with a par value of \u20ac0.1 each (2022: \u20ac0.1). Total
shares authorised comprise of 40,000,000 ordinary
shares (2022: 40,000,000).
The outstanding ordinary shares of 21,750,000
includes 30,388 treasury shares as per 31 December
2023 (2022: 54,643).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-353": { "value": "
The outstanding ordinary shares of 21,750,000
includes 30,388 treasury shares as per 31 December
2023 (2022: 54,643).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-354": { "value": "
Share premium
The share premium reserve relates to contribution on
issued shares in excess of the nominal value of the
shares (above par value).
Retained earnings
The retained earnings of \u20ac98.8 million are restricted
due to a legal reserve of \u20ac27.9 million (2022: \u20ac22.4
million) which is not available for distribution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-355": { "value": "
Note
25
Borrowings
In EUR '000
31 December 2023
31 December 2022
Borrowings
36,697
3,738
Factoring Alfen Elkamo
974
1,814
Lease liabilities
13,099
12,852
Total
50,770
18,404
The repayment obligations as per 31 December 2023
are as follows:
In EUR '000
31 December
2023
Repayment
obligation in
2024
Remaining
term > 1 year
and <5 year
Remaining
term
>5years
Borrowings
36,697
28,048
7,616
1,033
Factoring Alfen Elkamo
974
974
\u2014
\u2014
Lease liabilities
13,099
3,241
8,512
1,346
Total
50,770
32,263
16,128
2,379
The fair values of the long-term debt are not
materially different from the carrying amounts as the
interest rate risk is a floating rate plus spread where
the spread equals the current market spread.
Alfen N.V. holds a group credit facility for all entities
located in the Netherlands. The credit facility consists
of:
(i) a mortgage loan with a duration of 10 years and
a principal amount of \u20ac1.5 million used for the
purchase of the building located at the
Hefbrugweg Almere;
(ii) a mortgage loan with a duration of 15 years and
a principal amount of \u20ac900 thousand used for
the purchase of the building located at the
Vlotbrugweg Almere;
(iii) two loans with each a principal amount of \u20ac875
thousand and a duration of 10 years used for the
refurbishment of the buildings located at the
Hefbrugweg Almere;
(iv) a loan with a principle amount of \u20ac5 million and
a redemption period of 7 years used for the
acquisition of Alfen Elkamo at 1 July 2018;
(v) a CapEx facility up to \u20ac27.5 million that will be
used to finance our new production location and
office building (see note 19); and
(vi) a committed revolving credit facility (\"RCF\") up
to \u20ac100 million (2022: \u20ac100 million) and a
separate committed facility of \u20ac40 million (2022:
\u20ac 40 million) for bank guarantees starting from
31 October 2022. The duration of the RCF is
three years with two extension options, each for
one year. In 2023 the first extension option has
been concluded;
(vii) a mortgage loan with a duration of 5 years and a
principal amount of \u20ac10 million used for the
purchase of the building located at the
Damsluisweg Almere.
The 2023 interest rate is 6.1% (2022: 2.5%).
The bank has first ranked mortgages on the real
estate owned by the Company with a carrying
amount of \u20ac12.0 million per 31 December 2023. The
real estate has an economic value of \u20ac14.9 million.
The following securities have been issued:
\u2022 a first ranked mortgage of \u20ac1.8 million for land
and buildings on the Hefbrugweg 28, 1332 AP
Almere cadastral known as section M number 70,
Almere;
\u2022 a first ranked mortgage of \u20ac900 thousand for land
and buildings on the Vlotbrugweg 24, 1332 AJ
Almere, cadastral known as section M number 60,
Almere;
\u2022 a second mortgage right on the abovementioned
buildings of \u20ac1.7 million;
\u2022 a first ranked mortgage of \u20ac10 million for land and
buildings on the Damsluisweg 70, 1332 EJ Almere
cadastral known as section M number 1524 and
1589 Almere;
\u2022 a first pledge for
\u25e6 all current and future equipment of the
Company;
\u25e6 all current and future inventory of the
Company;
\u25e6 all current and future rights and receivables
whether or not resulting from current and
future relationships, including the rights
from insurance agreements.
\u2022 a mandatory redemption clause in case the
Company decides to sell its interest in Alfen
Elkamo, which is capped at the proceeds from
selling the interest.
Other specific conditions related to the CAPEX-facility
are:
\u2022 a negative pledge and the \u201cpari passu\u201d;
\u2022 comply with a Net Debt-to-EBITDA Ratio
(adjusted for capitalised development costs)
that shall not exceed 3.00:1.00, except for a
period of six months after an acquisition, during
which period the ratio shall not exceed
3.50:1.00. This covenant was met at 31
December 2023.
Other specific conditions related to the revolving
credit facility are:
\u2022 a negative pledge and the \u201cpari passu\u201d;
\u2022 comply with a Net Debt-to-EBITDA Ratio that
shall not exceed 3.00:1.00. This covenant was
met at 31 December 2023.
Alfen Elkamo Oy Ab holds a separate working capital
credit facility up to \u20ac1.5 million (2022: \u20ac1.5 million)
for which a solvency-convenant of 25% is applicable.
This solvency-convenant was met at 31 December
2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-356": { "value": "
The bank has first ranked mortgages on the real
estate owned by the Company with a carrying
amount of \u20ac12.0 million per 31 December 2023. The
real estate has an economic value of \u20ac14.9 million.
The following securities have been issued:
\u2022 a first ranked mortgage of \u20ac1.8 million for land
and buildings on the Hefbrugweg 28, 1332 AP
Almere cadastral known as section M number 70,
Almere;
\u2022 a first ranked mortgage of \u20ac900 thousand for land
and buildings on the Vlotbrugweg 24, 1332 AJ
Almere, cadastral known as section M number 60,
Almere;
\u2022 a second mortgage right on the abovementioned
buildings of \u20ac1.7 million;
\u2022 a first ranked mortgage of \u20ac10 million for land and
buildings on the Damsluisweg 70, 1332 EJ Almere
cadastral known as section M number 1524 and
1589 Almere;
\u2022 a first pledge for
\u25e6 all current and future equipment of the
Company;
\u25e6 all current and future inventory of the
Company;
\u25e6 all current and future rights and receivables
whether or not resulting from current and
future relationships, including the rights
from insurance agreements.
\u2022 a mandatory redemption clause in case the
Company decides to sell its interest in Alfen
Elkamo, which is capped at the proceeds from
selling the interest.
Other specific conditions related to the CAPEX-facility
are:
\u2022 a negative pledge and the \u201cpari passu\u201d;
\u2022 comply with a Net Debt-to-EBITDA Ratio
(adjusted for capitalised development costs)
that shall not exceed 3.00:1.00, except for a
period of six months after an acquisition, during
which period the ratio shall not exceed
3.50:1.00. This covenant was met at 31
December 2023.
Other specific conditions related to the revolving
credit facility are:
\u2022 a negative pledge and the \u201cpari passu\u201d;
\u2022 comply with a Net Debt-to-EBITDA Ratio that
shall not exceed 3.00:1.00. This covenant was
met at 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-357": { "value": "
Note
26
Provisions
In EUR '000
Balance \u2013 1 January 2023
47
Balance \u2013 1 January 2022
56
Additions
\u2014
Additions
\u2014
Deductions
(19)
Deductions
(4)
Other
22
Other
(5)
Balance \u2013 31 December 2023
50
Balance \u2013 31 December 2022
47
Of which:
Of which:
Current(< 1 year)
14
Current(< 1 year)
11
Non-current (> 1 year)
36
Non-current (> 1 year)
36
The provision relates to a jubilee provision and is
calculated based on the discounted value of future
jubilee payments to the Company\u2019s employees. The
calculation includes estimated remaining
employment terms and a discount rate of 4%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-358": { "value": "
Note
27
Trade and other payables
In EUR '000
31 December 2023
31 December 2022
Trade payables
75,287
71,500
Amounts due to customers for contract work
43,104
32,374
Other taxes
6,776
2,316
Other liabilities
23,400
29,887
Total
148,567
136,077
All current liabilities fall due in less than one year. The
fair value of the current liabilities approximates the
carrying amount due to its short term character.
The carrying amounts of the Company\u2019s trade and
other payables are denominated in the following
currencies:
In EUR '000
Currency
31 December 2023
31 December 2022
EURO
130,618
119,709
USD
17,263
13,990
GBP
686
2,378
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-362": { "value": "
Note
29
Contingencies and
commitments
Bank guarantees
Bank guarantees amounting to \u20ac24.1 million are
outstanding at 31 December 2023 with different end
dates in financial year 2024 and further.
Fiscal unity
The Company forms a fiscal unity with Alfen B.V.,
Alfen ICU B.V. Alfen International B.V. and Alfen
Projects B.V. for corporate income tax (CIT). For
value-added tax (VAT) purposes the fiscal unity
consists of Alfen N.V., Alfen B.V., Alfen ICU B.V. and
Alfen Projects B.V. Pursuant to the Collection of State
Taxes Act, the Company, along with the subsidiary
that is part of the fiscal entity, is wholly and severally
liable for taxation payable by the fiscal unity.
Joint and several liabilities
Alfen N.V. has assumed joint and several liabilities in
accordance with article 403 Part 9 of Book 2 of The
Dutch Civil Code with respect to its subsidiaries Alfen
B.V. and Alfen ICU B.V.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-361": { "value": "
Note
29
Contingencies and
commitments
Bank guarantees
Bank guarantees amounting to \u20ac24.1 million are
outstanding at 31 December 2023 with different end
dates in financial year 2024 and further.
Fiscal unity
The Company forms a fiscal unity with Alfen B.V.,
Alfen ICU B.V. Alfen International B.V. and Alfen
Projects B.V. for corporate income tax (CIT). For
value-added tax (VAT) purposes the fiscal unity
consists of Alfen N.V., Alfen B.V., Alfen ICU B.V. and
Alfen Projects B.V. Pursuant to the Collection of State
Taxes Act, the Company, along with the subsidiary
that is part of the fiscal entity, is wholly and severally
liable for taxation payable by the fiscal unity.
Joint and several liabilities
Alfen N.V. has assumed joint and several liabilities in
accordance with article 403 Part 9 of Book 2 of The
Dutch Civil Code with respect to its subsidiaries Alfen
B.V. and Alfen ICU B.V.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-360": { "value": "
Note
29
Contingencies and
commitments
Bank guarantees
Bank guarantees amounting to \u20ac24.1 million are
outstanding at 31 December 2023 with different end
dates in financial year 2024 and further.
Fiscal unity
The Company forms a fiscal unity with Alfen B.V.,
Alfen ICU B.V. Alfen International B.V. and Alfen
Projects B.V. for corporate income tax (CIT). For
value-added tax (VAT) purposes the fiscal unity
consists of Alfen N.V., Alfen B.V., Alfen ICU B.V. and
Alfen Projects B.V. Pursuant to the Collection of State
Taxes Act, the Company, along with the subsidiary
that is part of the fiscal entity, is wholly and severally
liable for taxation payable by the fiscal unity.
Joint and several liabilities
Alfen N.V. has assumed joint and several liabilities in
accordance with article 403 Part 9 of Book 2 of The
Dutch Civil Code with respect to its subsidiaries Alfen
B.V. and Alfen ICU B.V.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-359": { "value": "
Note
29
Contingencies and
commitments
Bank guarantees
Bank guarantees amounting to \u20ac24.1 million are
outstanding at 31 December 2023 with different end
dates in financial year 2024 and further.
Fiscal unity
The Company forms a fiscal unity with Alfen B.V.,
Alfen ICU B.V. Alfen International B.V. and Alfen
Projects B.V. for corporate income tax (CIT). For
value-added tax (VAT) purposes the fiscal unity
consists of Alfen N.V., Alfen B.V., Alfen ICU B.V. and
Alfen Projects B.V. Pursuant to the Collection of State
Taxes Act, the Company, along with the subsidiary
that is part of the fiscal entity, is wholly and severally
liable for taxation payable by the fiscal unity.
Joint and several liabilities
Alfen N.V. has assumed joint and several liabilities in
accordance with article 403 Part 9 of Book 2 of The
Dutch Civil Code with respect to its subsidiaries Alfen
B.V. and Alfen ICU B.V.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-363": { "value": "
Note
30
Related party transactions
All legal entities that can be controlled, jointly
controlled or significantly influenced are considered
to be a related party. Also, entities which can control,
jointly control or significantly influence the Company
are considered a related party. In addition, statutory
and supervisory directors and close relatives are
regarded as related parties.
Intercompany transactions are carried out at arm\u2019s
length.
The following transactions were carried out with
related parties:
\u2022 Key management compensation (Note 9);
\u2022 Share-based payments (Note 11);
\u2022 Remuneration of the Management Board
and Supervisory Board (Note 15).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-364": { "value": "
Note
31
Events after reporting period
There are no events after the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500HDW6IWR9J5YT90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }