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

Provisions and other liabilities

v3.24.1.1.u2
Provisions and other liabilities
 12 Months Ended
Dec. 31, 2023
Disclosure of other provisions [abstract]  
Provisions and other liabilities Provisions and other liabilities
(in €‘000) December 31, 2023 December 31, 2022
Jubilee provision
Current —  — 
Non-current 35  26 
Total 35  26 
Defined benefit provision
Current 37  — 
Non-current 500  449 
Total 537  449 
Restructuring provision
Current 62  144 
Non-current —  — 
Total 62  144 
Warranty provision
Current 218  273 
Non-current 72  — 
Total 290  273 
Share-based payment provision
Current 16,677  16,806 
Non-current 10,217  — 
Total 26,894  16,806 
Other provisions
Current 1,649  — 
Non-current 969  45 
Total 2,618  45 
Total provisions and other liabilities
Current 18,643  17,223 
Non-current 11,793  520 
Total 30,436  17,743 
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.
Defined benefit provision
Refer to Note 10.2 for details about the Group’s defined benefit plans in the Netherlands, Belgium and France.
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, 2023 and 2022 are presented below.
(in €‘000) 2023 2022
Current portion 144  248 
Non-current portion —  — 
Carrying amount at January 1 144  248 
Movements
Additions 60  — 
Releases — 
Used during the year (142) (104)
Interest accretion —  — 
Carrying amount at December 31 62  144 
Current portion 62  144 
Non-current portion —  — 
Carrying amount at December 31 62  144 
The remaining provision of €62 thousand is expected to be fully utilized in 2024.
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 projected costs to repair or replace items under warranties if identified. These estimates are based on historical claims incurred to date and the estimate of costs of future claims. Therefore, the provision for warranty claims and its classification as current or non-current is based on historical information. As at December 31, 2023, this provision had a carrying amount of €290 thousand (December 31, 2022: €273 thousand).
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, 2023 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 —  —  35  35 
Defined benefit provision 37  116  384  537 
Restructuring provision 62  —  —  62 
Warranty provision 218  72  —  290 
Share-based payment provision 16,677  10,217  —  26,894 
Other provisions 1,649  —  969  2,618 
Total 18,643  10,405  1,388  30,436