Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Property, plant and equipment

v3.25.1
Property, plant and equipment
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [abstract]  
Property, plant and equipment Property, plant and equipment
The movements in property, plant and equipment for the years ended December 31, 2024 and 2023 have been as follows:
(in €‘000) Chargers and
charging
infrastructure		 Other
fixed
assets		 Assets
under
construction		 Total
Cost 146,898  2,304  7,564  156,766 
Accumulated depreciation and impairment (20,429) (1,619) —  (22,048)
Carrying amount at January 1, 2023 126,469  685  7,564  134,718 
Movements in 2023
Additions —  190  69,886  70,076 
Disposals (15,335) —  (594) (15,929)
Depreciation (20,090) (257) —  (20,347)
Accumulated depreciation of disposals 7,960  —  —  7,960 
Impairments (510) —  —  (510)
Reversal of impairments 635  —  —  635 
Reclassifications 37,192  —  (37,192) — 
Carrying amount at December 31, 2023 136,321  618  39,664  176,603 
Cost 168,755  2,494  39,664  210,913 
Accumulated depreciation and impairment (32,434) (1,876) —  (34,310)
Carrying amount at December 31, 2023 136,321  618  39,664  176,603 
Movements in 2024
Additions —  33  53,137  53,170 
Disposals (8,014) —  (2,372) (10,386)
Depreciation (21,490) (109) —  (21,599)
Accumulated depreciation of disposals 4,814  —  —  4,814 
Impairments (320) —  —  (320)
Reversal of impairments 152  —  —  152 
Reclassifications 52,529  (52,529) — 
Translation differences (39) —  151  112 
Carrying amount at December 31, 2024 163,953  542  38,051  202,546 
Cost 213,231  2,527  38,051  253,809 
Accumulated depreciation and impairment (49,278) (1,985) —  (51,263)
Carrying amount at December 31, 2024 163,953  542  38,051  202,546 
Impairments and reversals of impairments of chargers
In the consolidated statement of profit or loss for the year ended December 31, 2024, the Group recorded an impairment loss of €320 thousand (2023: €510 thousand, 2022: €701 thousand) for chargers that were underutilized and not performing as expected. The carrying amount of these chargers have been reduced to its recoverable amount.
In the consolidated statement of profit or loss for the year ended December 31, 2024, the Group recorded a reversal of impairment of €152 thousand (2023: €635 thousand, 2022: €679 thousand) for chargers for which an impairment loss was previously recognized that demonstrated an improvement in their utilization rate as at December 31, 2024. The impairment loss, reversal of impairment and the loss on disposal have been recorded within cost of sales.
Additions of property, plant and equipment for which payment is still pending
At December 31, 2024, additions of property, plant and equipment for which payment was still pending totaled €3,231 thousand (December 31, 2023: €5,100 thousand).
Government grants related to chargers and charging infrastructure
The Group has received government grants for the purchase of certain items of chargers and charging infrastructure. There are no unfulfilled conditions or contingencies attached to these grants.
The grants are recognized in the consolidated statement of profit or loss over the useful life of the depreciable assets by way of a reduced depreciation charge. The movements in government grants related to chargers and charging infrastructure for the years ended December 31, 2024 and 2023 have been as follows:
(in €‘000) 2024 2023
Opening balance at the beginning of the year 5,894  6,986 
Received during the year 1,392  137 
Released to the consolidated statement of profit or loss (1,362) (1,229)
Closing balance at the end of the year 5,923  5,894 
Purchase commitments
The Group’s purchase commitments for chargers and charging infrastructure are disclosed in Note 35. At the end of each reporting period presented, the Group did not have purchase commitments for other asset classes of property, plant and equipment.