Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Provisions

v3.22.1
Provisions
12 Months Ended
Dec. 31, 2021
Text Block [Abstract]  
Provisions
25. Provisions
 
(in €‘000)
  
December 31,
2021
    
December 31,
2020
 
Jubilee provision
                 
Current
     —          —    
Non-current
     73        78  
Total
  
 
73
 
  
 
78
 
Restructuring provision
                 
Current
     248        364  
Non-current
     —          59  
Total
  
 
248
 
  
 
423
 
Other provisions
                 
Current
     —          —    
Non-current
     60        70  
Total
  
 
60
 
  
 
70
 
Total provisions
                 
Current
     248        364  
Non-current
     133        207  
Total
     381        571  
Jubilee provision
Refer to Note 9.2 for details about the Group’s jubilee plan in the Netherlands and the movements in the provision over all reporting periods presented.
Restructuring provision
In February 2020, the Group announced a restructuring plan in order to streamline its operations so as to align its expense profile with the size of the business. The Group expects that the restructuring will place the Group in a better position to execute on its strategy in the near future. Implementation of the restructuring plan commenced in June 2020. The Group’s restructuring plan affected its operations in the Netherlands, Germany and Belgium. As a result of the restructuring, the Group’s headcount has been reduced by 167 internal and external staff members.
For the year ended December 31, 2020, the total restructuring costs amounted to €3,804 thousand. The Group recognized termination benefits of €2,674 thousand for its general and administrative function and €360 thousand for its selling and distribution function. The Group incurred €115 thousand of other employee expenses for its general and administrative function and €15 thousand for its selling and distribution function. These expenses primarily relate to termination penalties of leased vehicles. The Group incurred €640 thousand of legal fees in connection with the implementation of its restructuring plan. These expenses have been presented as part of legal, accounting and consulting fees, within general and administrative expenses. The remaining provision of €248 thousand is expected to be fully utilized by 2022.
The carrying amount of the restructuring provision recorded in the consolidated statement of financial position and the movements in the restructuring provision for the years ended December 31, 2021 and 2020 are presented below. The additions to the restructuring provision in the current reporting period relate to additional expenses required for a single employee in relation to the restructuring plan of the previous year.
 
(in €‘000)
  
2021
    
2020
 
Current portion
     364        —    
Non-current
portion
     59        —    
Carrying amount at January 1
  
 
423
 
  
 
—  
 
     
Movements
                 
Additions
     53        3,804  
Releases
     —          —    
Used during the year
     (228 )      (3,381
Interest accretion
     —          —    
Carrying amount at December 31
  
 
248
 
  
 
423
 
     
Current portion
     248        364  
Non-current
portion
     —          59  
Carrying amount at December 31
  
 
248
 
  
 
423
 
Maturities of provisions
Maturities of total provisions as at December 31, 2021 are as follows:
 
(in €‘000)
  
Jubilee
provision
    
Restructuring
provision
    
Other
provisions
    
Total
 
Amounts due within one year
     —          248        —          248  
Amounts due between one and five years
     8        —          —          8  
Amounts due after five years
     65        —          60        125  
Total
  
 
73
 
  
 
248
 
  
 
60
 
  
 
381