Financial risk management (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Disclosure of nature and extent of risks arising from financial instruments [abstract] |
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| Summary Of Nature And Extent Of Risks Arising From Financial Instruments |
This note explains the Group’s exposure to financial risks and how these risks could affect the Group’s future financial performance.
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| Risk |
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Exposure arising from |
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Measurement |
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Management |
| Market risk – interest rate risk |
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Long-term borrowings at variable rates |
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Sensitivity analysis |
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Economic hedge with an interest rate cap |
| Market risk – investments price risk |
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Investments in equity securities |
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Sensitivity analysis |
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Monitoring quarterly valuation updates and forecasts of future cash flows |
| Market risk – commodities price risk |
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Derivative liabilities |
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Maturity profile and coverage |
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Increase supply of renewable electricity via fixed price PPAs |
| Credit risk |
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Cash and cash equivalents, trade receivables, derivative financial instruments and contract assets |
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Aging analysis |
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Doing business with creditworthy companies and a strict policy of cash collection. |
| Liquidity risk |
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Borrowings and other liabilities |
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Cash flow forecasts |
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Availability of borrowing facilities. |
The table below summarizes the contractual electricity supply profile (P50) from all PPAs at Allego as at December 31, 2023, resulting in an average expected annual coverage of 25% of the total Group electricity supply till the end of 2035:
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Contractual electricity production |
| (in GWh) |
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Total |
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Less
than 12
months |
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1–5
years |
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More
than 5
years |
| The Netherlands |
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2,419 |
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142 |
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1,000 |
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1,277 |
| Germany |
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880 |
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5 |
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361 |
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514 |
Average expected coverage |
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25% |
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77% |
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56% |
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17% |
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| Summary Of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Liabilities |
The impact on the loss for the years ended December 31, 2023 and 2022 as a result of a change in interest rates is as follows:
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| (in €‘000) |
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Impact on pre-tax loss |
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2023 |
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2022 |
Interest rates – increase by 10 basis points* |
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309 |
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586 |
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Interest rates – decrease by 10 basis points* |
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(346) |
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(629) |
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*Keeping all other variables constant.
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| Summary Of Unobservable Input Parameters Used In The Valuation Model |
The table below summarizes the impact of increases/decreases of the price of equity securities acquired in 2022 on the group’s equity through OCI reserve for the period. The analysis is based on the assumption that the fair value of the equity securities held by the group has increased or decreased by 40%, with all other variables held constant.
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| (in €‘000) |
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Impact on Group's equity |
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2023 |
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2022 |
Fair Value – increase by 4,000 basis points |
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6,623 |
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12,556 |
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Fair Value – decrease by 4,000 basis points |
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(6,623) |
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(12,556) |
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| Summary Of Provision Matrix |
On that basis, the loss allowance as at December 31, 2023 and December 31, 2022 was determined as follows for trade receivables and contract assets:
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| (in €‘000) |
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Current |
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1 – 30
days past
due |
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31 –60
days past
due |
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61 –90
days past
due |
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91+ days
past due |
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Total |
| As at December 31, 2022 |
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| Expected loss rate (in %) |
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0.00 |
% |
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0.00 |
% |
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0.00 |
% |
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0.00 |
% |
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0.00 |
% |
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| Gross carrying amount – trade receivables |
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31,404 |
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5,337 |
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3,189 |
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292 |
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2,448 |
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42,670 |
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| Gross carrying amount – contract assets |
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1,512 |
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— |
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— |
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— |
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— |
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1,512 |
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| Loss allowance |
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— |
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— |
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— |
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— |
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— |
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— |
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| As at December 31, 2023 |
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| Expected loss rate (in %) |
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0.00 |
% |
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0.00 |
% |
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0.00 |
% |
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0.00 |
% |
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0.00 |
% |
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| Gross carrying amount – trade receivables |
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32,931 |
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7,459 |
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897 |
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(5,280) |
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11,221 |
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47,228 |
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| Gross carrying amount – contract assets |
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— |
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— |
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— |
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— |
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— |
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— |
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| Loss allowance |
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— |
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— |
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— |
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— |
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— |
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— |
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| Disclosure Of Additional Information About Understanding Financial Position And Liquidity Of Entity |
The Group had access to the following undrawn borrowing facilities for each reporting period presented:
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| (in €‘000) |
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December 31, 2023 |
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December 31, 2022 |
| Expiring beyond one year—renewed facility |
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8,390 |
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120,790 |
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| Summary Of Maturity Analysis For Non-derivative Financial Liabilities |
The amounts disclosed in the table are the contractual undiscounted cash flows (including interest payments). Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.
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Contractual cash flows |
| (in €‘000) |
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Carrying
amount of
liabilities |
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Total |
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Less
than 6
months |
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6–12
months |
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1–2
years |
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2–5 years |
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More
than 5
years |
| As at December 31, 2022 |
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| Borrowings |
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269,033 |
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501,004 |
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9,441 |
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13,925 |
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27,802 |
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449,836 |
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— |
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| Lease liabilities |
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51,324 |
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71,097 |
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4,546 |
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4,828 |
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8,891 |
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18,916 |
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33,916 |
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| Trade and other payables |
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51,263 |
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51,263 |
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51,263 |
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— |
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— |
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— |
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— |
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| Warrant liabilities |
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1,296 |
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1,296 |
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1,296 |
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— |
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— |
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— |
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— |
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| Total |
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372,916
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624,660
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66,546
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18,753
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36,693
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468,752
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33,916
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| As at December 31, 2023 |
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| Borrowings |
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350,722 |
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479,082 |
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27,198 |
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13,039 |
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22,529 |
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416,316 |
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— |
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| Lease liabilities |
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83,490 |
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127,101 |
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6,121 |
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6,458 |
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12,841 |
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26,234 |
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75,447 |
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| Trade and other payables |
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74,213 |
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74,213 |
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74,213 |
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— |
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— |
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— |
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— |
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| Warrant liabilities |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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| Derivative liabilities |
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7,442 |
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100,214 |
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1,378 |
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1,410 |
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9,949 |
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28,904 |
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58,573 |
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| Total |
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515,867
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780,610
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108,910
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20,907
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45,319
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471,454
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134,020
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