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Provisions |
25. Provisions
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.
Maturities of provisions Maturities of total provisions as at December 31, 2021 are as follows:
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- Definition The disclosure of provisions. [Refer: Provisions] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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