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

Property, plant and equipment

v3.23.1
Property, plant and equipment
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021 have been as follows:
(in €‘000) Chargers and
charging
infrastructure		 Other
fixed
assets		 Assets
under
construction		 Total
Cost 42,966  1,842  9,123  53,931 
Accumulated depreciation and impairment (12,239) (1,228) —  (13,467)
Carrying amount at January 1, 2021 30,727  614  9,123  40,464 
Movements in 2021
Additions —  3  8,107  8,110 
Disposals (2,317) —  —  (2,317)
Depreciation (5,417) (206) —  (5,623)
Accumulated depreciation of disposals 813  —  —  813 
Impairments (354) —  —  (354)
Reversal of impairments 381  —  —  381 
Reclassifications 6,764  70  (6,764) 70 
Carrying amount at December 31, 2021 30,597  481  10,466  41,544 
Cost 47,413  1,915  10,466  59,794 
Accumulated depreciation and impairment (16,816) (1,434) —  (18,250)
Carrying amount at December 31, 2021 30,597  481  10,466  41,544 
Movements in 2022
Acquisition of assets (Mega-E) 88,026  —  2,625  90,651 
Acquisition of subsidiary (MOMA) —  181  —  181 
Additions —  208  30,241  30,449 
Disposals (24,309) —  —  (24,309)
Depreciation (16,542) (185) —  (16,727)
Accumulated depreciation of disposals 12,951  —  —  12,951 
Impairments (701) —  —  (701)
Reversal of impairments 679  —  —  679 
Reclassifications 35,768  —  (35,768) — 
Carrying amount at December 31, 2022 126,469  685  7,564  134,718 
Cost 146,898  2,304  7,564  156,766 
Accumulated depreciation and impairment (20,429) (1,619) —  (22,048)
Carrying amount at December 31, 2022 126,469  685  7,564  134,718 
Impairments and reversals of impairments of chargers
In the consolidated statement of profit or loss for the year ended December 31, 2022, the Group recorded an impairment loss of €701 thousand (2021: €354 thousand, 2020: €466 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, 2022, the Group recorded a reversal of impairment of €679 thousand (2021: €381 thousand, 2020: € nil) for chargers for which an impairment loss was previously recognized that demonstrated an improvement in their utilization rate as at December 31, 2022. The impairment loss and reversal of impairment have been recorded within general and administrative expenses.
Refer to Note 3.2.2 for details on estimates and assumptions made with respect to the impairment and reversal of impairments of non-financial assets.
Additions of property, plant and equipment for which payment is still pending
At December 31, 2022, additions of property, plant and equipment for which payment was still pending totaled €3,953 thousand (December 31, 2021: €123 thousand).
Additions of property, plant and equipment through the Mega-E asset acquisition
Property, plant and equipment of €90,651 thousand were recognized through the asset acquisition of Mega-E. For further details on the fair value of the assets acquired as of the acquisition date, refer to Note 4.
Additions of property, plant and equipment through the MOMA acquisition
The Group recognized additions to property, plant and equipment with an acquisition value of €181 thousand on completion of the MOMA acquisition. For further details on the fair value of the assets acquired as of the acquisition date, refer to Note 4.
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, 2022 and 2021 have been as follows:
(in €‘000) 2022 2021
Opening balance at the beginning of the year 9,628  10,471 
Received during the year 512  1,702 
Released to the consolidated statement of profit or loss (1,601) (2,545)
Reclassifications (1,554) — 
Closing balance at the end of the year 6,985  9,628 
Purchase commitments
The Group’s purchase commitments for chargers and charging infrastructure are disclosed in Note 34. At the end of each reporting period presented, the Group did not have purchase commitments for other asset classes of property, plant and equipment.