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

Provisions and other liabilities

v3.23.1
Provisions and other liabilities
 12 Months Ended
Dec. 31, 2022
Disclosure of other provisions [abstract]  
Provisions and other liabilities Provisions and other liabilities
(in €‘000) December 31, 2022 December 31, 2021
Jubilee provision
Current —  — 
Non-current 26  73 
Total 26  73 
Defined benefit provision
Current —  — 
Non-current 449  — 
Total 449  — 
Restructuring provision
Current 144  248 
Non-current —  — 
Total 144  248 
Warranty provision
Current 273  — 
Non-current —  — 
Total 273  — 
Share-based payment provision
Current 16,806  — 
Non-current —  — 
Total 16,806  — 
Other provisions
Current —  — 
Non-current 45  60 
Total 45  60 
Total provisions and other liabilities
Current 17,223  248 
Non-current 520  133 
Total 17,743  381 
Jubilee provision
Refer to Note 10.2 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 expected that the restructuring would 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, 2021, 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 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, 2022 and 2021 are presented below.
(in €‘000) 2022 2021
Current portion 248  364 
Non-current portion —  59 
Carrying amount at 1 January 248  423 
Movements
Additions —  53 
Releases —  — 
Used during the year (104) (228)
Interest accretion —  — 
Carrying amount at December 31 144  248 
Current portion 144  248 
Non-current portion —  — 
Carrying amount at December 31 144  248 
The remaining provision of €144 thousand will be fully utilized in 2023.
Warranty provision
The Group generally offers its customers 24-month assurance type warranties for charging equipment sold to its customers. Management estimates the amount of the provision for warranty claims and its classification as current based on historical information. As at December 31, 2022, this provision had a carrying amount of €273 thousand (December 31, 2021: € nil).
Share-based payment provision
Refer to Note 11.2 for details about the Group’s share-based payment provision related to the Second Special Fees Agreement and the movements in the provision over all reporting periods presented.
Maturities of provisions
Maturities of total provisions as at December 31, 2022 are as follows:
(in €‘000) Amounts due within one year Amounts due between one and five years Amounts due after five years Total
Jubilee provision —  —  26  26 
Defined benefit provision 34  129  286  449 
Restructuring provision 144  —  —  144 
Warranty provision 273  —  —  273 
Share-based payment provision 16,806  —  —  16,806 
Other provisions —  —  45  45 
Total 17,257  129  357  17,743