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

Leases

v3.25.1
Leases
 12 Months Ended
Dec. 31, 2024
Disclosure of quantitative information about right-of-use assets [abstract]  
Leases Leases
17.1. Group as a lessee
Amounts recognized in the consolidated statement of financial position
The consolidated statement of financial position shows the following amounts relating to leases:
(in €‘000) December 31,
2024		 December 31,
2023
Right-of-use assets
Office buildings 10,832  11,956 
Cars 2,387  1,075 
Software 6,461  10,542 
Land permits 85,555  52,799 
Other 373  440 
Total 105,608  76,812 
Additions to the right-of-use assets for office buildings during 2024 were €621 thousand (2023: €1,624 thousand), there were no additions as a result of business combinations (2023: €nil ). Additions to the right-of-use assets for cars during 2024 were €2,058 thousand (2023: €1,053 thousand). Additions to the right-of-use assets for software during 2024 were € nil (2023: € nil ). Additions to the right-of-use assets for land permits during 2024 were €53,025 thousand (2023: €35,255
thousand). This includes no additions from business combinations (2023: €nil ) and all additions of €53,025 thousand during 2024 emerged from the ordinary course of business (2023: €35,255 thousand). Additions to the right-of-use assets for other during 2024 were € nil (2023: € nil ).
(in €‘000) December 31,
2024		 December 31,
2023
Lease liabilities
Current
Office buildings 1,377  1,382 
Cars 794  403 
Software 4,821  4,392 
Land permits 9,663  5,684 
Other 69  66 
Total 16,724  11,927 
Non-current
Office buildings 10,224  11,191 
Cars 1,650  694 
Software 2,945  7,280 
Land permits 84,543  52,002 
Other 329  396 
Total 99,691  71,563 
Lease liabilities are effectively secured as the rights to the leased assets recorded in the consolidated financial statements revert to the lessor in the event of default.
Amounts recognized in the consolidated statement of profit or loss
The consolidated statement of profit or loss shows the following amounts relating to leases:
(in €‘000) 2024 2023 2022
Depreciation expenses right-of-use assets
Office buildings 1,464  1,351  1,114 
Cars 747  573  581 
Software 4,081  4,071  4,062 
Land permits 5,374  2,474  885 
Other 68  68  68 
Total 11,734  8,537  6,710 
Interest expenses on lease liabilities (included in finance costs)
Office buildings 379  422  281 
Cars 121  42  17 
Software 317  448  565 
Land permits 5,329  2,751  898 
Other 13  15  16 
Total 6,159  3,678  1,777 
During 2024 the expenses relating to variable lease payment recognized were €749 thousand (2023: €58 thousand and 2022: €323 thousand).
Total cash outflows for leases
The total cash outflows for leases were as follows:
(in €‘000) 2024 2023 2022
Office buildings 1,750  1,649  1,267 
Cars 835  612  602 
Software 4,761  4,624  4,404 
Land permits 6,094  1,410  657 
Other 78  78  78 
Total 13,518  8,373  7,008 
Decommissioning of charging sites
The Group, in its ordinary course of business, has entered into various land permit contracts with site owners throughout Europe. These contracts are classified as lease agreements under IFRS 16 Leases. As per the terms of these agreements, the Group has an obligation to restore the leased sites to their original condition upon the expiration or termination of the lease. In accordance with IFRS 16 and IAS 37, the Group assesses the obligation for decommissioning costs and, if material, recognizes a provision for the present value of the estimated costs of dismantling and removing the charging equipment and restoring the site. Concurrently, an equivalent 'right-of-use' asset is capitalized and depreciated over the lease term.
As of December 31, 2024, the Group has evaluated the potential decommissioning costs associated with the dismantling and removal of charging equipment installed at these leased sites. Based on the assessment, the estimated costs are deemed to be immaterial. Consequently, the Group has determined that the recognition of a decommissioning provision and the corresponding capitalization of these costs as part of the 'right-of-use' assets are not required. The immaterial costs are anticipated to be incurred in the future as expenses related to the recovery of charging equipment, and will be recognized in the income statement when incurred.
17.2. Group as a lessor
During the year ended December 31, 2022, the Group entered into a sublease rental agreement with a third party for one of its office buildings. At December 31, 2023, the sublease rental agreement was terminated. In the consolidated statement of profit or loss for the year ended December 31, 2024, the Group recognized sublease rental income of € nil (2023: €200 thousand, 2022: €200 thousand).