REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Not applicable | The | ||||
(Translation of Registrant’s Name Into English) | (Jurisdiction of Incorporation or Organization) |
Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | o | x | Non-accelerated filer | o | |||||||||||||
Emerging growth company |
US GAAP | o | by the International Accounting Standards Board | x | Other | o |
Financial Statement Presentation | |||||
Industry and Market Data | |||||
F-1 |
For the year ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Utilization rate ultra-fast chargers1 | 13.05 | % | 10.40 | % | 5.90 | % |
For the year ended December 31, | Change | Change | ||||||||||||||||||||||||
(in € million) | 2023 | 2022 | € | % | ||||||||||||||||||||||
Revenue | 145.5 | 133.9 | 11.6 | 9 | % | |||||||||||||||||||||
Cost of sales | (109.3) | (126.7) | 17.4 | (14 | %) | |||||||||||||||||||||
Gross profit | 36.2 | 7.2 | 29.0 | 403 | % | |||||||||||||||||||||
Other income/(expenses) | (6.6) | 3.7 | (10.3) | (278 | %) | |||||||||||||||||||||
Selling and distribution expenses | (2.6) | (2.6) | — | — | % | |||||||||||||||||||||
General and administrative expenses | (99.0) | (323.4) | 224.4 | (69 | %) | |||||||||||||||||||||
Operating loss | (72.0) | (315.0) | 243.0 | (77 | %) | |||||||||||||||||||||
Finance income/(costs) | (37.8) | 10.3 | (48.1) | (467 | %) | |||||||||||||||||||||
Loss before income tax | (109.8) | (304.7) | 194.9 | (64 | %) | |||||||||||||||||||||
Income tax | (0.5) | (0.6) | 0.1 | (17 | %) | |||||||||||||||||||||
Loss for the year | (110.3) | (305.3) | 195.0 | (64 | %) |
For the year ended December 31, | Change | Change | ||||||||||||||||||||||||
(in € million) | 2023 | 2022 | € | % | ||||||||||||||||||||||
Type of goods or service | ||||||||||||||||||||||||||
Charging sessions | 103.3 | 65.3 | 38.0 | 58 | % | |||||||||||||||||||||
Service revenue from the sale of charging equipment | 10.3 | 33.6 | (23.3) | (69 | %) | |||||||||||||||||||||
Service revenue from installation services | 20.4 | 28.6 | (8.2) | (29 | %) | |||||||||||||||||||||
Service revenue from operation and maintenance of charging equipment | 5.4 | 3.2 | 2.2 | 69 | % | |||||||||||||||||||||
Service revenue from consulting services | 6.1 | 3.1 | 3.0 | 97 | % | |||||||||||||||||||||
Total revenue from external customers | 145.5 | 133.9 | 11.6 | 9 | % |
(in € million) | 2023 | |||||||
Total charging revenue for the year ended December 31, 2022 | 65.3 | |||||||
Increase related to increase in energy sold | 21.9 | |||||||
Increase related to increase of charging prices | 16.1 | |||||||
Total charging revenue for the year ended December 31, 2023 | 103.3 |
(in € million) | 2023 | |||||||
Total service revenue for the year ended December 31, 2022 | 68.5 | |||||||
Decrease related to sale of charging equipment | (23.3) | |||||||
Decrease in installation services | (8.2) | |||||||
Increase in operation and maintenance of charging equipment | 2.2 | |||||||
Increase in consulting services | 3.0 | |||||||
Total service revenue for the year ended December 31, 2023 | 42.2 |
For the year ended December 31, | Change | Change | ||||||||||||||||||||||||
(in € million) | 2023 | 2022 | € | % | ||||||||||||||||||||||
Cost of sales - charging sessions | (81.4) | (77.8) | (3.7) | 5 | % | |||||||||||||||||||||
Cost of sales - sale of charging equipment | (8.8) | (28.1) | 19.3 | (69 | %) | |||||||||||||||||||||
Cost of sales - installation services | (17.4) | (20.2) | 2.8 | (14 | %) | |||||||||||||||||||||
Cost of sales - operation and maintenance of charging equipment | (1.6) | (0.6) | (1.0) | 167 | % | |||||||||||||||||||||
Total cost of sales | (109.3) | (126.7) | 17.4 | (14 | %) |
(in € million) | 2023 | |||||||
Total cost of sales charging sessions for the year ended December 31, 2022 | (77.8) | |||||||
Increase related to more energy sold | (19.2) | |||||||
Decrease related to lower energy prices | 20.2 | |||||||
Increase related to depreciation | (4.6) | |||||||
Total cost of sales charging sessions for the year ended December 31, 2023 | (81.4) |
(in € million) | 2023 | |||||||
Total cost of sales - service for the year ended December 31, 2022 | (48.9) | |||||||
Decrease related to sale of charging equipment | 19.3 | |||||||
Decrease related to installation services | 2.8 | |||||||
Increase related to operation and maintenance of charging equipment | (1.0) | |||||||
Total cost of sales - service for the year ended December 31, 2023 | (27.8) |
(in € million) | 2023 | |||||||
Other income/(expenses) for the year ended December 31, 2022 | 3.7 | |||||||
Decrease in fair value gain on purchase option derivatives | (4.0) | |||||||
Decrease in fair value losses on pref. shares derivatives | 0.1 | |||||||
Increase in fair value losses on derivatives (PPAs) | (7.4) | |||||||
Decrease in income generated from the sale of CO2 tickets | (3.3) | |||||||
Increase in loss on disposal of property, plant and equipment | 4.6 | |||||||
Increase in government grants | 0.4 | |||||||
Decrease in income from other items | (0.7) | |||||||
Other income/(expenses) for the year ended December 31, 2023 | (6.6) |
(in € million) | 2023 | |||||||
General and administrative expenses for the year ended December 31, 2022 | (323.4) | |||||||
Decrease in employee benefit expenses | 22.2 | |||||||
Decrease in legal, accounting and consulting fees | 41.0 | |||||||
Decrease in share-based payment expenses - SPAC | 158.7 | |||||||
Increase in depreciation and amortization expenses | (0.5) | |||||||
Increase in IT costs | (0.7) | |||||||
Decrease in insurance costs | 2.9 | |||||||
Increase in other costs | 0.8 | |||||||
General and administrative expenses for the year ended December 31, 2023 | (99.0) |
(in € million) | 2023 | |||||||
Finance income/(costs) for the year ended December 31, 2022 | 10.3 | |||||||
Increase in finance costs on borrowings | (4.9) | |||||||
Change in fair value gains/losses on derivatives | (11.0) | |||||||
Change in fair value gains/losses on warrant liabilities | (33.4) | |||||||
Decrease in other finance income and costs | 1.2 | |||||||
Finance income/(costs) for the year ended December 31, 2023 | (37.8) |
(in € million) | 2023 | |||||||
Income tax for the year ended December 31, 2022 | (0.6) | |||||||
Decrease in current tax expense | 0.2 | |||||||
Reversal of temporary differences and tax losses | (5.3) | |||||||
Recognition of deferred tax assets | 5.2 | |||||||
Income tax for the year ended December 31, 2023 | (0.5) |
For the year ended December 31, | Change | Change | ||||||||||||||||||||||||
(in € million) | 2022 | 2021 | € | % | ||||||||||||||||||||||
Revenue | 133.9 | 86.3 | 47.6 | 55 | % | |||||||||||||||||||||
Cost of sales | (126.7) | (69.3) | (57.4) | 83 | % | |||||||||||||||||||||
Gross profit | 7.2 | 17.0 | (9.8) | (57 | %) | |||||||||||||||||||||
Other income/(expenses) | 3.7 | 10.9 | (7.1) | (66 | %) | |||||||||||||||||||||
Selling and distribution expenses | (2.6) | (2.5) | (0.1) | 5 | % | |||||||||||||||||||||
General and administrative expenses | (323.4) | (329.3) | 5.9 | (2 | %) | |||||||||||||||||||||
Operating loss | (315.0) | (303.9) | (11.1) | 4 | % | |||||||||||||||||||||
Finance income/(costs) | 10.3 | (15.4) | 25.7 | (167 | %) | |||||||||||||||||||||
Loss before income tax | (304.7) | (319.3) | 14.7 | (5 | %) | |||||||||||||||||||||
Income tax | (0.6) | (0.4) | (0.2) | 81 | % | |||||||||||||||||||||
Loss for the year | (305.3) | (319.7) | 14.4 | (5 | %) |
For the year ended December 31, | Change | Change | ||||||||||||||||||||||||
(in € million) | 2022 | 2021 | € | % | ||||||||||||||||||||||
Type of goods or service | ||||||||||||||||||||||||||
Charging sessions | 65.3 | 26.1 | 39.2 | 150 | % | |||||||||||||||||||||
Service revenue from the sale of charging equipment | 33.6 | 37.3 | (3.7) | (10 | %) | |||||||||||||||||||||
Service revenue from installation services | 28.6 | 19.5 | 9.1 | 47 | % | |||||||||||||||||||||
Service revenue from operation and maintenance of charging equipment | 3.2 | 3.4 | (0.2) | (5 | %) | |||||||||||||||||||||
Service revenue from consulting services | 3.1 | — | 3.1 | 100 | % | |||||||||||||||||||||
Total revenue from external customers | 133.9 | 86.3 | 47.6 | 55 | % |
(in € million) | 2022 | |||||||
Total charging revenue for the year ended December 31, 2021 | 26.1 | |||||||
Increase related to increase in energy sold | 22.7 | |||||||
Increase related to increase of charging prices | 16.5 | |||||||
Total charging revenue for the year ended December 31, 2022 | 65.3 |
(in € million) | 2022 | |||||||
Total service revenue for the year ended December 31, 2021 | 60.2 | |||||||
Decrease related to sale of charging equipment | (3.7) | |||||||
Increase in installation services | 9.1 | |||||||
Decrease in operation and maintenance of charging equipment | (0.2) | |||||||
Increase in consulting services | 3.1 | |||||||
Total service revenue for the year ended December 31, 2022 | 68.6 |
(in € million) | 2022 | |||||||
Cost of sales for the year ended December 31, 2021 | 69.3 | |||||||
Increase due to volume of energy sold | 19.9 | |||||||
Increase due to price of energy | 17.0 | |||||||
Increase due to depreciation and amortization | 12.2 | |||||||
Increase due to development, sale, and installation of Carrefour chargers | 19.6 | |||||||
Decrease due to Mega-E acquisition | (13.2) | |||||||
Increase due to changes in inventory value | 3.3 | |||||||
Decrease due to other projects | (1.4) | |||||||
Cost of sales for the year ended December 31, 2022 | 126.7 |
(in € million) | 2022 | |||||||
Other income/(expenses) for the year ended December 31, 2021 | 10.9 | |||||||
Increase in fair value gain on purchase option derivatives | 1.0 | |||||||
Increase in income generated from the sale of CO2 tickets | 4.1 | |||||||
Increase in loss on disposal of property, plant and equipment | (12.3) | |||||||
Decrease in government grants | (1.8) | |||||||
Other | 1.9 | |||||||
Other income/(expenses) for the year ended December 31, 2022 | 3.8 |
(in € million) | 2022 | |||||||
General and administrative expenses for the year ended December 31, 2021 | 329.3 | |||||||
Decrease in employee benefit expenses | (39.9) | |||||||
Decrease in legal, accounting and consulting fees | (135.1) | |||||||
Increase in share-based payment expenses - SPAC | 158.7 | |||||||
Increase in depreciation and amortization expenses | 3.0 | |||||||
Increase in IT costs | 1.7 | |||||||
Increase in insurance costs | 6.8 | |||||||
Other | (1.1) | |||||||
General and administrative expenses for the year ended December 31, 2022 | 323.4 |
(in € million) | 2022 | |||||||
Finance income/(costs) for the year ended December 31, 2021 | (15.4) | |||||||
Increase in finance costs on borrowings | (3.8) | |||||||
Fair value gain on derivatives | 4.9 | |||||||
Fair value gains on warrant liabilities | 27.1 | |||||||
Other | (2.4) | |||||||
Finance income/(costs) for the year ended December 31, 2022 | 10.3 |
(in € million) | 2022 | |||||||
Income tax for the year ended December 31, 2021 | (0.4) | |||||||
Additional current tax expense | (0.9) | |||||||
Origination of temporary differences and tax losses | 16.9 | |||||||
Derecognition of deferred tax assets | (16.3) | |||||||
Income tax for the year ended December 31, 2022 | (0.6) |
For the year ended December 31, | ||||||||||||||||||||
(in € millions) | 2023 | 2022 | 2021 | |||||||||||||||||
Loss for the year | (110.3) | (305.3) | (319.7) | |||||||||||||||||
Income tax | 0.5 | 0.6 | 0.4 | |||||||||||||||||
Finance (income)/costs | 37.8 | (10.3) | 15.4 | |||||||||||||||||
Amortization and impairments of intangible assets | 3.6 | 3.7 | 2.7 | |||||||||||||||||
Depreciation and impairments of right-of-use assets | 8.5 | 6.7 | 3.4 | |||||||||||||||||
Depreciation, impairments and reversal of impairments of property, plant and equipment | 20.2 | 16.7 | 5.6 | |||||||||||||||||
EBITDA | (39.6) | (287.8) | (292.2) | |||||||||||||||||
Fair value (gains) on derivatives (purchase options & power purchase agreements) | 7.4 | (3.9) | (2.9) | |||||||||||||||||
Share-based payment expenses | 21.1 | 258.1 | 291.8 | |||||||||||||||||
Transaction costs | — | 8.9 | 11.8 | |||||||||||||||||
Bonus payments | 1.0 | — | 0.6 | |||||||||||||||||
Business optimization costs | 18.3 | 26.5 | — | |||||||||||||||||
Reorganization and severance | — | 0.5 | 0.1 | |||||||||||||||||
Costs for manufacturer defective chargers, net of settlement | 6.6 | — | — | |||||||||||||||||
Operational EBITDA | 14.8 | 2.3 | 9.3 | |||||||||||||||||
Cash generated from/(used in) operations | (45.2) | (108.3) | (9.2) | |||||||||||||||||
Capital expenditures | (69.1) | (27.1) | (15.6) | |||||||||||||||||
Proceeds from government grants | 0.1 | 0.5 | 1.7 | |||||||||||||||||
Free cash flow | (114.1) | (134.9) | (23.1) | |||||||||||||||||
Gross profit | 36.2 | 7.2 | 17.0 | |||||||||||||||||
Depreciation expenses included in gross profit | 22.6 | 17.4 | 5.5 | |||||||||||||||||
Amortization expenses included in gross profit | 2.5 | 2.9 | 2.6 | |||||||||||||||||
Gross profit excluding depreciation and amortization | 61.3 | 27.6 | 25.2 |
For the year ended December 31, | ||||||||||||||||||||
(in € million) | 2023 | 2022 | 2021 | |||||||||||||||||
Cash flows used in operating activities | (45.2) | (108.3) | (9.2) | |||||||||||||||||
Cash flows used in investing activities | (68.9) | (95.0) | (15.4) | |||||||||||||||||
Cash flows from financing activities | 75.6 | 261.7 | 41.0 | |||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | (38.4) | 58.4 | 16.4 |
Name | Age | Position | ||||||||||||
Mathieu Bonnet | 50 | Chief Executive Officer and Director | ||||||||||||
Ton Louwers | 58 | Chief Financial Officer | ||||||||||||
Alexis Galley | 59 | Chief Technical Officer | ||||||||||||
Jane Garvey | 80 | Director | ||||||||||||
Christian Vollmann | 46 | Director | ||||||||||||
Julia Prescot | 65 | Director | ||||||||||||
Thomas Josef Maier | 65 | Director | ||||||||||||
Patrick Sullivan | 64 | Director | ||||||||||||
Ronald Stroman | 72 | Director | ||||||||||||
Thierry Déau | 54 | Director | ||||||||||||
Matthieu Muzumdar | 41 | Temporary Director |
Executive director (in €‘000) | Base compensation (1) | Additional benefits | Pension expenses | Share-based payments(2) | Total | |||||||||||||||||||||||||||
M.J.J. Bonnet (CEO) | 604 | — | — | 3,751 | 4,355 |
Non-executive directors (in €‘000) | Board of directors membership | Committee membership | Share-based payments*** | Total | ||||||||||||||||||||||
J.C. Garvey* | — | — | — | — | ||||||||||||||||||||||
J.M. Touati** | — | — | — | — | ||||||||||||||||||||||
C. Vollmann | 94 | 9 | 415 | 518 | ||||||||||||||||||||||
J.E. Prescot* | — | — | — | — | ||||||||||||||||||||||
T.J. Maier | 94 | 9 | 415 | 518 | ||||||||||||||||||||||
P.T. Sullivan | 94 | 42 | 415 | 551 | ||||||||||||||||||||||
R.A. Stroman | 94 | 23 | 415 | 532 | ||||||||||||||||||||||
T.E. Déau* | — | — | — | — | ||||||||||||||||||||||
M. Muzumdar | — | — | — | — | ||||||||||||||||||||||
Total | 376 | 83 | 1,660 | 2,119 |
All executive officers (excluding CEO) | (in € ‘000) | |||||||
Base compensation(1) | 2,111 | |||||||
Share-based compensation(2) | 9,012 | |||||||
Additional benefit payments(3) | 36 | |||||||
Total compensation | 11,159 |
Name and Address of Beneficial Owner | Number of Allego Ordinary Shares | Percentage Of Allego Ordinary Shares | ||||||||||||||||||
Madeleine | 197,837,067 | (1) | 73.0 | % | ||||||||||||||||
E8 Investor | 41,097,994 | (1) (2) | 15.2 | % | ||||||||||||||||
Apollo Principal Holdings III | 18,706,989 | (3) | 6.9 | % | ||||||||||||||||
All Allego directors and executive officers as a group | * | (4) (5) | * | |||||||||||||||||
* Less than one percent of outstanding Allego Ordinary Shares |
For the year ended December 31, | ||||||||||||||
(In €’000) | 2023 | 2022 | ||||||||||||
Audit Fees(1) | 5,086 | 3,847 | ||||||||||||
Audit-Related Fees(2) | 38 | — | ||||||||||||
Tax Fees(3) | — | — | ||||||||||||
All Other Fees | — | — | ||||||||||||
Total | 5,124 | 3,847 |
Exhibit No. | Description | |||||||
1.1 | ||||||||
2.1* | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
12.1* | ||||||||
12.2* | ||||||||
13.1** | ||||||||
13.2** | ||||||||
15.1* | ||||||||
18.1* | ||||||||
97.1* | ||||||||
101.INS | Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) |
ALLEGO N.V. | ||||||||
May 15, 2024 | By: | /s/ Mathieu Bonnet | ||||||
Name: Mathieu Bonnet | ||||||||
Title: Chief Executive Officer |
(in €‘000) | Notes | 2023 | 2022 | 2021 | ||||||||||||||||||||||
Revenue from contracts with customers | 6 | |||||||||||||||||||||||||
Charging sessions | ||||||||||||||||||||||||||
Service revenue from the sale of charging equipment | ||||||||||||||||||||||||||
Service revenue from installation services | ||||||||||||||||||||||||||
Service revenue from operation and maintenance of charging equipment | ||||||||||||||||||||||||||
Service revenue from consulting services | ||||||||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||
Cost of sales - charging sessions | ( | ( | ( | |||||||||||||||||||||||
Cost of sales - sale of charging equipment | ( | ( | ( | |||||||||||||||||||||||
Cost of sales - installation services | ( | ( | ( | |||||||||||||||||||||||
Cost of sales - operation and maintenance of charging equipment | ( | ( | ( | |||||||||||||||||||||||
Total cost of sales | ( | ( | ( | |||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Other income/(expenses) | 7 | ( | ||||||||||||||||||||||||
Selling and distribution expenses | 8 | ( | ( | ( | ||||||||||||||||||||||
General and administrative expenses | 9 | ( | ( | ( | ||||||||||||||||||||||
Operating loss | ( | ( | ( | |||||||||||||||||||||||
Finance income/(costs) | 12 | ( | ( | |||||||||||||||||||||||
Loss before income tax | ( | ( | ( | |||||||||||||||||||||||
Income tax | 30 | ( | ( | ( | ||||||||||||||||||||||
Loss for the year | ( | ( | ( | |||||||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||||
Equity holders of the Company | ( | ( | ( | |||||||||||||||||||||||
Non-controlling interests | ( | ( | ||||||||||||||||||||||||
Loss per share attributable to the Equity holders of the Company: | ||||||||||||||||||||||||||
Basic and diluted loss per ordinary share | 13 | ( | ( | ( |
(in €‘000) | Notes | 2023 | 2022 | 2021 | ||||||||||||||||||||||
Loss for the year | ( | ( | ( | |||||||||||||||||||||||
Other comprehensive income/(loss) | ||||||||||||||||||||||||||
Items that may be reclassified to profit or loss in subsequent periods | ||||||||||||||||||||||||||
Exchange differences on translation of foreign operations | 24 | ( | ( | |||||||||||||||||||||||
Income tax related to these items | ||||||||||||||||||||||||||
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods, net of tax | ( | ( | ||||||||||||||||||||||||
Items that may not be reclassified to profit or loss in subsequent periods | ||||||||||||||||||||||||||
Changes in the fair value of equity investments at fair value through other comprehensive income | 19 | ( | ( | |||||||||||||||||||||||
Remeasurements of post-employment benefit obligations | 26 | ( | ( | |||||||||||||||||||||||
Income tax related to these items | ||||||||||||||||||||||||||
Other comprehensive income/(loss) that may not be reclassified to profit or loss in subsequent periods, net of tax | ( | ( | ||||||||||||||||||||||||
Other comprehensive income/(loss) for the year, net of tax | ( | ( | ( | |||||||||||||||||||||||
Total comprehensive income/(loss) for the year, net of tax | ( | ( | ( | |||||||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||||
Equity holders of the Company | ( | ( | ( | |||||||||||||||||||||||
Non-controlling interests | ( | ( |
(in €‘000) | Notes | December 31, 2023 | December 31, 2022 | |||||||||||||||||
Assets | ||||||||||||||||||||
Non-current assets | ||||||||||||||||||||
Property, plant and equipment | 15 | |||||||||||||||||||
Intangible assets | 16 | |||||||||||||||||||
Right-of-use assets | 17 | |||||||||||||||||||
Deferred tax assets | 30 | |||||||||||||||||||
Other financial assets | 19 | |||||||||||||||||||
Total non-current assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Inventories | 18 | |||||||||||||||||||
Prepayments and other assets | 21 | |||||||||||||||||||
Trade and other receivables | 20 | |||||||||||||||||||
Contract assets | 6 | |||||||||||||||||||
Other financial assets | 19 | |||||||||||||||||||
Cash and cash equivalents | 22 | |||||||||||||||||||
Total current assets | ||||||||||||||||||||
Total assets | ||||||||||||||||||||
Equity | ||||||||||||||||||||
Share capital | 23 | |||||||||||||||||||
Share premium | 23 | |||||||||||||||||||
Reserves | 24 | ( | ( | |||||||||||||||||
Accumulated deficit | ( | ( | ||||||||||||||||||
Equity attributable to equity holders of the Company | ( | |||||||||||||||||||
Non-controlling interests | ||||||||||||||||||||
Total equity | ( | |||||||||||||||||||
Non-current liabilities | ||||||||||||||||||||
Borrowings | 25 | |||||||||||||||||||
Lease liabilities | 17 | |||||||||||||||||||
Provisions and other liabilities | 26 | |||||||||||||||||||
Contract liabilities | 6 | |||||||||||||||||||
Deferred tax liabilities | 30 | |||||||||||||||||||
Derivative liabilities | 29 | |||||||||||||||||||
Total non-current liabilities | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Trade and other payables | 28 | |||||||||||||||||||
Contract liabilities | 6 | |||||||||||||||||||
Current tax liabilities | 30 | |||||||||||||||||||
Lease liabilities | 17 | |||||||||||||||||||
Provisions and other liabilities | 26 | |||||||||||||||||||
Warrant liabilities | 27 | |||||||||||||||||||
Derivative liabilities | 29 | |||||||||||||||||||
Total current liabilities | ||||||||||||||||||||
Total liabilities | ||||||||||||||||||||
Total equity and liabilities |
Attributable to ordinary equity holders of the Company | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in €‘000) | Notes | Share capital | Share premium | Reserves | Accumulated deficit | Total | Non-controlling interests | Total equity | ||||||||||||||||||||||||||||||||||||||||||
As at January 1, 2021 | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Loss for the year | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) for the year | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) for the year | — | — | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Share premium contribution | 23 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other changes in reserves | 24 | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Share-based payment expenses | 11 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Transaction costs, net of tax | 23 | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
As at December 31, 2021 | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
As at January 1, 2022 | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Loss for the year | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) for the year | — | — | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) for the year | — | — | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Other changes in reserves | 24 | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Equity contribution (Allego Holding shareholders) | 23 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity contribution (Spartan shareholders) | 23 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity contribution (PIPE financing) | 23 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity contribution (Private warrants exercise) | 23 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests on acquisition of subsidiary | 4 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Share-based payment expenses | 11 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
As at December 31, 2022 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
As at January 1, 2023 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Loss for the year | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) for the year | — | — | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) for the year | — | — | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Other changes in reserves | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under the LTIP from IPO Grant Shares | 23 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under the LTIP from RSUs | 23 | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares in exchange of Public Warrants | 23 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Transaction costs related to issuance of ordinary shares in exchange of Public Warrants | 23 | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Share-based payment expenses | 11 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
As at December 31, 2023 | ( | ( | ( | ( |
(in €‘000) | Notes | 2023 | 2022 | 2021 | ||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||||
Cash generated from/(used in) operations | 14 | ( | ( | ( | ||||||||||||||||||||||
Interest paid | ( | ( | ( | |||||||||||||||||||||||
Interest received | ||||||||||||||||||||||||||
Proceeds from settlement of interest cap derivatives | 19 | |||||||||||||||||||||||||
Payment of interest cap derivative premiums | 19 | ( | ||||||||||||||||||||||||
Income taxes received/(paid) | ( | ( | ( | |||||||||||||||||||||||
Net cash flows from/(used in) operating activities | ( | ( | ( | |||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||
Acquisition of Mega-E, net of cash acquired | 4 | ( | ||||||||||||||||||||||||
Acquisition of MOMA, net of cash acquired | 4 | ( | ||||||||||||||||||||||||
Purchase of property, plant and equipment | 15 | ( | ( | ( | ||||||||||||||||||||||
Proceeds from sale of property, plant and equipment | 15 | |||||||||||||||||||||||||
Purchase of intangible assets | 16 | ( | ( | |||||||||||||||||||||||
Proceeds from government grants | 15 | |||||||||||||||||||||||||
Other cash flows used in investing activities | ( | |||||||||||||||||||||||||
Net cash flows from/(used in) investing activities | ( | ( | ( | |||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||
Proceeds from borrowings | 25 | |||||||||||||||||||||||||
Repayment of borrowings | 25 | ( | ||||||||||||||||||||||||
Payment of principal portion of lease liabilities | 17 | ( | ( | ( | ||||||||||||||||||||||
Payment of transaction costs on new equity instruments | 23 | ( | ( | ( | ||||||||||||||||||||||
Payment of transaction costs on borrowings | 25 | ( | ( | |||||||||||||||||||||||
Proceeds from issuing equity instruments (Spartan shareholders) | 4, 23 | |||||||||||||||||||||||||
Proceeds from issuing equity instruments (PIPE financing) | 4, 23 | |||||||||||||||||||||||||
Net cash flows from/(used in) financing activities | ||||||||||||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | ( | |||||||||||||||||||||||||
Cash and cash equivalents at the beginning of the year | ||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | |||||||||||||||||||||||||
Cash and cash equivalents at the end of the year | 22 |
F-10 | |||||||||||
F-10 | |||||||||||
F-10 | |||||||||||
F-11 | |||||||||||
F-13 | |||||||||||
F-14 | |||||||||||
F-14 | |||||||||||
F-15 | |||||||||||
F-16 | |||||||||||
F-35 | |||||||||||
F-35 | |||||||||||
F-37 | |||||||||||
F-37 | |||||||||||
F-39 | |||||||||||
F-41 | |||||||||||
F-42 | |||||||||||
F-43 | |||||||||||
F-43 | |||||||||||
10. | F-44 | ||||||||||
10.1 | F-44 | ||||||||||
10.2 | F-45 | ||||||||||
F-48 | |||||||||||
F-48 | |||||||||||
F-48 | |||||||||||
F-50 | |||||||||||
F-52 | |||||||||||
F-55 | |||||||||||
F-55 | |||||||||||
F-56 | |||||||||||
F-57 | |||||||||||
F-58 | |||||||||||
F-59 | |||||||||||
F-59 | |||||||||||
F-61 | |||||||||||
F-61 | |||||||||||
F-62 | |||||||||||
20. | F-64 | ||||||||||
F-64 | |||||||||||
F-64 | |||||||||||
F-65 | |||||||||||
F-68 | |||||||||||
F-69 | |||||||||||
F-74 |
Asset class | Useful life | |||||||
Chargers and charging infrastructure | ||||||||
Other fixed assets | ||||||||
Assets under construction | Not depreciated |
Asset class | Useful life | |||||||
Software – Internally developed software | ||||||||
Software and licenses – Purchased from third parties | ||||||||
Customer relationships |
December 31, 2021 | ||||||||
Shares for basic EPS Allego Holding | ||||||||
Exchange ratio | ||||||||
Adjusted number of shares |
(in €‘000) | 2023 | 2022 | 2021 | |||||||||||||||||
Customer A | — | * | — | * | ||||||||||||||||
Customer B | — | * | — | * | — | * | ||||||||||||||
Customer C | — | * | — | * | — | * | ||||||||||||||
Customer D | ||||||||||||||||||||
Total | ||||||||||||||||||||
*This customer's revenue contribution was less than 10% of the total revenue of the respective year. |
(in €‘000) | 2023 | 2022 | 2021 | |||||||||||||||||
The Netherlands | ||||||||||||||||||||
Belgium | ||||||||||||||||||||
Germany | ||||||||||||||||||||
France | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
The Netherlands | ||||||||||||||
Belgium | ||||||||||||||
Germany | ||||||||||||||
France | ||||||||||||||
Other | ||||||||||||||
Total |
(in €‘000) | 2023 | 2022 | 2021 | |||||||||||||||||
Type of goods or service | ||||||||||||||||||||
Charging sessions | ||||||||||||||||||||
Service revenue from the sale of charging equipment | ||||||||||||||||||||
Service revenue from installation services | ||||||||||||||||||||
Service revenue from operation and maintenance of charging equipment | ||||||||||||||||||||
Service revenue from consulting services | ||||||||||||||||||||
Total revenue from external customers | ||||||||||||||||||||
Timing of revenue recognition | ||||||||||||||||||||
Services transferred over time | ||||||||||||||||||||
Goods and services transferred at a point in time | ||||||||||||||||||||
Total revenue from external customers |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Assets | ||||||||||||||
Current contract assets | ||||||||||||||
Loss allowance | ||||||||||||||
Total contract assets | ||||||||||||||
Liabilities | ||||||||||||||
Current contract liabilities | ||||||||||||||
Non-current contract liabilities | ||||||||||||||
Total contract liabilities |
(in €‘000) | 2023 | 2022 | 2021 | |||||||||||||||||
Revenue recognized that was included in the contract liability balance at the beginning of the period |
(in €‘000) | 2023 | 2022 | ||||||||||||
Within one year | ||||||||||||||
More than one year | ||||||||||||||
Total |
(in €‘000) | 2023 | 2022 | 2021 | |||||||||||||||||
Government grants | ||||||||||||||||||||
Income from CO2 tickets | ||||||||||||||||||||
Net gain/(loss) on disposal of property, plant and equipment | ( | ( | ( | |||||||||||||||||
Sublease rental income | ||||||||||||||||||||
Fair value gains/(losses) on derivatives (PPAs) | ( | |||||||||||||||||||
Fair value gains/(losses) on derivatives (purchase options) | ||||||||||||||||||||
Fair value gains/(losses) on pref. shares derivatives and net gain/(loss) on sale of pref. shares derivatives | ( | |||||||||||||||||||
Other items | ||||||||||||||||||||
Total | ( |
(in €‘000) | 2023 | 2022 | 2021 | |||||||||||||||||
Employee benefits expenses | ||||||||||||||||||||
Amortization of customer relationships | ||||||||||||||||||||
Depreciation of right-of-use assets | ||||||||||||||||||||
Marketing and communication costs | ||||||||||||||||||||
Housing and facility costs | ||||||||||||||||||||
Travelling costs | ||||||||||||||||||||
Total |
(in €‘000) | 2023 | 2022 | 2021 | |||||||||||||||||
Employee benefits expenses | ||||||||||||||||||||
Depreciation of property, plant and equipment | ||||||||||||||||||||
Depreciation of right-of-use assets | ||||||||||||||||||||
Amortization of intangible assets | ||||||||||||||||||||
IT costs | ||||||||||||||||||||
Housing and facility costs | ||||||||||||||||||||
Travelling costs | ||||||||||||||||||||
Legal, accounting and consulting fees | ||||||||||||||||||||
Insurance costs | ||||||||||||||||||||
Other costs | ||||||||||||||||||||
Share-based payment expenses - SPAC Transaction | ||||||||||||||||||||
Total |
(in €‘000) | 2023 | 2022 | 2021 | |||||||||||||||||
Included in cost of sales: | ||||||||||||||||||||
Depreciation of property, plant and equipment | ||||||||||||||||||||
Impairments of property, plant and equipment | ||||||||||||||||||||
Reversal of impairments of property, plant and equipment | ( | ( | ( | |||||||||||||||||
Amortization of intangible assets | ||||||||||||||||||||
Depreciation of right-of-use assets | ||||||||||||||||||||
Included in selling and distribution expenses: | ||||||||||||||||||||
Depreciation of right-of-use assets | ||||||||||||||||||||
Amortization of customer relationships | ||||||||||||||||||||
Included in general and administrative expenses: | ||||||||||||||||||||
Depreciation of property, plant and equipment | ||||||||||||||||||||
Depreciation of right-of-use assets | ||||||||||||||||||||
Amortization of intangible assets | ||||||||||||||||||||
Total |
(in €‘000) | 2023 | 2022 | 2021 | |||||||||||||||||
Included in selling and distribution expenses: | ||||||||||||||||||||
Wages and salaries | ||||||||||||||||||||
Social security costs | ||||||||||||||||||||
Pension costs | ||||||||||||||||||||
Termination benefits | ||||||||||||||||||||
Other employee costs | ( | |||||||||||||||||||
Contingent workers | ||||||||||||||||||||
Subtotal | ||||||||||||||||||||
Included in general and administrative expenses: | ||||||||||||||||||||
Wages and salaries | ||||||||||||||||||||
Social security costs | ||||||||||||||||||||
Pension costs | ||||||||||||||||||||
Termination benefits | ||||||||||||||||||||
Share-based payment expenses | ||||||||||||||||||||
Other employee costs | ||||||||||||||||||||
Contingent workers | ||||||||||||||||||||
Capitalized hours | ( | |||||||||||||||||||
Subtotal | ||||||||||||||||||||
Total |
(in €‘000) | 2023 | 2022 | ||||||||||||
Defined benefit pension provision - Opening | ||||||||||||||
Current service cost | ||||||||||||||
Interest cost | ||||||||||||||
Total amount recognized in the consolidated statement of profit or loss | ||||||||||||||
Remeasurement: | ||||||||||||||
(Gain)/loss from change in financial assumptions | ( | |||||||||||||
(Gain)/loss from change in demographic assumptions | ||||||||||||||
Experience (gain)/loss | ( | |||||||||||||
Total amount recognized in the consolidated statement of other comprehensive income | ||||||||||||||
Acquisition | ||||||||||||||
Benefit payments from plans | ( | |||||||||||||
Defined benefit provision - Closing |
(in %) | 2023 | 2022 | ||||||||||||
Discount rate | ||||||||||||||
Wage inflation | % | % | ||||||||||||
Turnover |
(In %) | - | + | ||||||||||||
Discount rate | % | ( | % | |||||||||||
Salary increases | ( | % | % | |||||||||||
Turnover rates | % | ( | % |
(in €‘000) | 2023 | 2022 | ||||||||||||
Jubilee provision – Opening | ||||||||||||||
Current service cost | ||||||||||||||
Interest cost | ||||||||||||||
Remeasurements | ( | |||||||||||||
Total amount recognized in the consolidated statement of profit or loss | ( | |||||||||||||
Benefit payments | ||||||||||||||
Jubilee provision – Closing |
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Average exercise price per share option (in €) | Number of grant options | Number of performance options | Average exercise price per share option (in €) | Number of grant options | Number of performance options | |||||||||||||||||||||||||||||||||
As at January 1 | ||||||||||||||||||||||||||||||||||||||
Granted during the period | ||||||||||||||||||||||||||||||||||||||
Exercised during the period | ||||||||||||||||||||||||||||||||||||||
Forfeited during the period | ||||||||||||||||||||||||||||||||||||||
As at December 31 | ||||||||||||||||||||||||||||||||||||||
Vested and exercisable at December 31 |
Options | Grant date | Vesting date | Expiry date | Exercise price (in €) | Share options December 31, 2023 | |||||||||||||||||||||||||||
MIP Grant Options | May 14, 2022 | September 18, 2023 | June 30, 2024 | € | ||||||||||||||||||||||||||||
MIP Performance Options | May 14, 2022 | September 18, 2023 | June 30, 2024 | € | ||||||||||||||||||||||||||||
MIP Performance Options (modified) | May 14, 2022 | December 29, 2023 | June 30, 2024 | € | ||||||||||||||||||||||||||||
Total |
2023 | ||||||||||||||
Average exercise price per LTIP Performance Option (in €) | Target number of LTIP Performance Options | |||||||||||||
As at January 1 | ||||||||||||||
Granted during the period | ||||||||||||||
Exercised during the period | ||||||||||||||
Forfeited during the period | ||||||||||||||
Cancelled during the period | ( | |||||||||||||
As at December 31 | ||||||||||||||
Vested and exercisable at December 31 |
Options | Grant date | Vesting date | Expiry date | Exercise price (in €) | Target number of options December 31, 2023 | |||||||||||||||||||||||||||
LTIP Performance Options (2022) | April 12, 2023 | April 12, 2025 | April 12, 2032 | |||||||||||||||||||||||||||||
LTIP Performance Options (2022) - modified | April 12, 2023 | December 29, 2023 | June 30, 2024 | |||||||||||||||||||||||||||||
LTIP Performance Options (2023)* | April 12, 2023 | April 12, 2026 | April 12, 2033 | |||||||||||||||||||||||||||||
*Service period for this award started on January 1, 2023 |
2023 | ||||||||||||||
Employees | Eligible directors | |||||||||||||
As at January 1 | ||||||||||||||
Granted during the period | ||||||||||||||
Forfeited during the period | ||||||||||||||
Vested and issued during the period | ( | |||||||||||||
As at December 31 | ||||||||||||||
Vested and exercisable at December 31 |
(in €‘000) | Notes | 2023 | 2022 | 2021 | ||||||||||||||||||||||
Interest expenses on shareholder loans | 25 | ( | ( | |||||||||||||||||||||||
Interest expenses on old facility (senior debt) and renewed facility | 25 | ( | ( | ( | ||||||||||||||||||||||
Loss on the old facility modification | 25 | ( | ||||||||||||||||||||||||
Loss on the old facility extinguishment | 25 | ( | ||||||||||||||||||||||||
Finance costs on borrowings | ( | ( | ( | |||||||||||||||||||||||
Interest expenses on lease liabilities | 17 | ( | ( | ( | ||||||||||||||||||||||
Fair value gains/(losses) on derivatives | 19 | ( | ||||||||||||||||||||||||
Fair value gains/(losses) on public warrant liabilities | 27 | ( | ||||||||||||||||||||||||
Fair value gains/(losses) on private placement warrant liabilities | 27 | |||||||||||||||||||||||||
Other finance income/(costs) | ||||||||||||||||||||||||||
Exchange differences – net | ( | ( | ||||||||||||||||||||||||
Finance income/(costs) | ( | ( |
2023 | 2022 | 2021 | ||||||||||||||||||
Loss attributable to ordinary equity holders of the Company (in €‘000) | ( | ( | ( | |||||||||||||||||
Weighted average number of ordinary shares outstanding | ||||||||||||||||||||
Basic and diluted loss per share (in €) | ( | ( | ( |
(in €‘000) | Notes | 2023 | 2022 | 2021 | ||||||||||||||||||||||
Loss before income tax | ( | ( | ( | |||||||||||||||||||||||
Adjustments to reconcile loss before income tax to net cash flows: | ||||||||||||||||||||||||||
Loss on modification of old facility | 25 | |||||||||||||||||||||||||
Loss on extinguishment of old facility | 25 | |||||||||||||||||||||||||
Fair value (gains)/losses on derivatives (purchase options) | 7 | ( | ( | |||||||||||||||||||||||
Fair value (gains)/losses on derivatives (power purchase agreements) | 7 | |||||||||||||||||||||||||
Fair value (gains)/losses on Public and Private warrant liabilities | 27 | ( | ||||||||||||||||||||||||
Other finance (income)/costs | 12 | |||||||||||||||||||||||||
Share-based payment expenses | 4, 11 | |||||||||||||||||||||||||
Depreciation, impairments and reversal of impairments of property, plant and equipment | 9 , 10 , 15 | |||||||||||||||||||||||||
Depreciation and impairments of right-of-use of assets | 9 , 10 , 17 | |||||||||||||||||||||||||
Amortization and impairments of intangible assets | 9 , 10, 16 | |||||||||||||||||||||||||
Net (gain)/loss on disposal of property, plant and equipment | 7 | |||||||||||||||||||||||||
Movements in working capital: | ||||||||||||||||||||||||||
Decrease/(increase) in inventories | 18 | ( | ( | ( | ||||||||||||||||||||||
Decrease/(increase) in other financial assets | 19 | ( | ( | ( | ||||||||||||||||||||||
Decrease/(increase) in trade and other receivables, contract assets, and prepayments and other assets | 6 , 20 , 21 | ( | ( | ( | ||||||||||||||||||||||
Increase/(decrease) in trade and other payables and contract liabilities | 6 , 28 | ( | ||||||||||||||||||||||||
Increase/(decrease) in provisions and other liabilities | 26 | ( | ||||||||||||||||||||||||
Cash generated from/(used in) operations | ( | ( | ( |
(in €‘000) | Chargers and charging infrastructure | Other fixed assets | Assets under construction | Total | ||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||
Accumulated depreciation and impairment | ( | ( | ( | |||||||||||||||||||||||
Carrying amount at January 1, 2022 | ||||||||||||||||||||||||||
Movements in 2022 | ||||||||||||||||||||||||||
Acquisition of assets (Mega-E) | ||||||||||||||||||||||||||
Acquisition of subsidiary (MOMA) | ||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||
Disposals | ( | ( | ||||||||||||||||||||||||
Depreciation | ( | ( | ( | |||||||||||||||||||||||
Accumulated depreciation of disposals | ||||||||||||||||||||||||||
Impairments | ( | ( | ||||||||||||||||||||||||
Reversal of impairments | ||||||||||||||||||||||||||
Reclassifications | ( | |||||||||||||||||||||||||
Carrying amount at December 31, 2022 | ||||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||
Accumulated depreciation and impairment | ( | ( | ( | |||||||||||||||||||||||
Carrying amount at December 31, 2022 | ||||||||||||||||||||||||||
Movements in 2023 | ||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||
Disposals | ( | ( | ( | |||||||||||||||||||||||
Depreciation | ( | ( | ( | |||||||||||||||||||||||
Accumulated depreciation of disposals | ||||||||||||||||||||||||||
Impairments | ( | ( | ||||||||||||||||||||||||
Reversal of impairments | ||||||||||||||||||||||||||
Reclassifications | ( | |||||||||||||||||||||||||
Carrying amount at December 31, 2023 | ||||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||
Accumulated depreciation and impairment | ( | ( | ( | |||||||||||||||||||||||
Carrying amount at December 31, 2023 |
(in €‘000) | 2023 | 2022 | ||||||||||||
Opening balance at the beginning of the year | ||||||||||||||
Received during the year | ||||||||||||||
Released to the consolidated statement of profit or loss | ( | ( | ||||||||||||
Reclassifications | ( | |||||||||||||
Closing balance at the end of the year |
(in €‘000) | Software and licenses | Internally developed software | Customer relationships | Goodwill | Total | |||||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||
Accumulated amortization and impairment | ( | ( | ( | |||||||||||||||||||||||||||||
Carrying amount at January 1, 2022 | ||||||||||||||||||||||||||||||||
Movements in 2022 | ||||||||||||||||||||||||||||||||
Acquisition of subsidiary (MOMA) | ||||||||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||||||||
Amortization | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Reclassifications | ( | ( | ||||||||||||||||||||||||||||||
Carrying amount at December 31, 2022 | ||||||||||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||
Accumulated amortization and impairment | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Carrying amount at December 31, 2022 | ||||||||||||||||||||||||||||||||
Movements in 2023 | ||||||||||||||||||||||||||||||||
Amortization | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Carrying amount at December 31, 2023 | ||||||||||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||
Accumulated amortization and impairment | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Carrying amount at December 31, 2023 |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Right-of-use assets | ||||||||||||||
Office buildings | ||||||||||||||
Cars | ||||||||||||||
Software | ||||||||||||||
Land permits | ||||||||||||||
Other | ||||||||||||||
Total |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Lease liabilities | ||||||||||||||
Current | ||||||||||||||
Office buildings | ||||||||||||||
Cars | ||||||||||||||
Software | ||||||||||||||
Land permits | ||||||||||||||
Other | ||||||||||||||
Total | ||||||||||||||
Non-current | ||||||||||||||
Office buildings | ||||||||||||||
Cars | ||||||||||||||
Software | ||||||||||||||
Land permits | ||||||||||||||
Other | ||||||||||||||
Total |
(in €‘000) | 2023 | 2022 | 2021 | |||||||||||||||||
Depreciation expenses right-of-use assets | ||||||||||||||||||||
Office buildings | ||||||||||||||||||||
Cars | ||||||||||||||||||||
Software | ||||||||||||||||||||
Land permits | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total | ||||||||||||||||||||
Interest expenses on lease liabilities (included in finance costs) | ||||||||||||||||||||
Office buildings | ||||||||||||||||||||
Cars | ||||||||||||||||||||
Software | ||||||||||||||||||||
Land permits | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total |
(in €‘000) | 2023 | 2022 | 2021 | |||||||||||||||||
Office buildings | ||||||||||||||||||||
Cars | ||||||||||||||||||||
Software | ||||||||||||||||||||
Land permits | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Within one year | ||||||||||||||
After one year but not more than five years | ||||||||||||||
More than five years | ||||||||||||||
Total |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Finished products and goods for resale | ||||||||||||||
CO2 tickets | ||||||||||||||
Total |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Pledged bank balances | ||||||||||||||
Security deposits | ||||||||||||||
Derivatives | ||||||||||||||
Investments in equity securities | ||||||||||||||
Prepaid warranties non-current | ||||||||||||||
Other receivables | ||||||||||||||
Total | ||||||||||||||
Non-current | ||||||||||||||
Current | ||||||||||||||
Total |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Trade receivables – gross | ||||||||||||||
Loss allowance | ||||||||||||||
Trade receivables – net | ||||||||||||||
VAT receivables | ||||||||||||||
Other receivables | ||||||||||||||
Receivables from related parties | ||||||||||||||
Government grants receivables | ||||||||||||||
Total |
Trade receivables | ||||||||||||||
(in €‘000) | 2023 | 2022 | ||||||||||||
Opening balance loss allowance at the beginning of the year | ||||||||||||||
Additions to loss allowance | ||||||||||||||
Receivables written off during the year as uncollectible | ||||||||||||||
Unused amount reversed during the year | ( | |||||||||||||
Closing balance loss allowance at the end of the year |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Current prepayments and other assets | ||||||||||||||
Total |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Cash at banks | ||||||||||||||
Total |
Notes | Shares | Price per share (in €) | Share Capital (in €'000) | Share Premium (in €'000) | ||||||||||||||||||||||||||||
As at January 1, 2021 | ||||||||||||||||||||||||||||||||
Share premium contribution | — | — | — | |||||||||||||||||||||||||||||
Transaction costs | — | — | — | ( | ||||||||||||||||||||||||||||
As at December 31, 2021 | ||||||||||||||||||||||||||||||||
As at January 1, 2022 | ||||||||||||||||||||||||||||||||
Share capital transaction within Allego Holding BV as part of the merger (“the Transaction”) | ||||||||||||||||||||||||||||||||
Shareholder loan equity conversion March 16, 2022 | — | |||||||||||||||||||||||||||||||
E8 The first special fee agreement March 16, 2022 | — | — | ||||||||||||||||||||||||||||||
As at March 16, 2022 immediately prior to closing the Transaction | ||||||||||||||||||||||||||||||||
Share capital transaction within Allego NV as part of the merger (“the Transaction”) | ||||||||||||||||||||||||||||||||
Elimination old shares March 16, 2022 | ( | — | — | |||||||||||||||||||||||||||||
Share Capital increase on conversion March 16, 2022 | ( | |||||||||||||||||||||||||||||||
Spartan Share Capital March 16, 2022 | ||||||||||||||||||||||||||||||||
Share Capital for PIPE March 16, 2022 | ||||||||||||||||||||||||||||||||
Share Capital for PIPE March 22, 2022 | ||||||||||||||||||||||||||||||||
Other equity movements during the year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Private Placement Warrants exercise April 15, 2022 | ||||||||||||||||||||||||||||||||
As at December 31, 2022 | 0.12 | |||||||||||||||||||||||||||||||
As at January 1, 2023 | ||||||||||||||||||||||||||||||||
Issuance of shares under the LTIP from IPO Grant Shares June 9, 2023 | 11.4 | — | ||||||||||||||||||||||||||||||
Issuance of shares under the LTIP from RSUs August 10, 2023 | 11.4 | — | ||||||||||||||||||||||||||||||
Issuance of shares in exchange of Public Warrants October 3, 2023 | 27 | |||||||||||||||||||||||||||||||
Issuance of shares in exchange of Public Warrants October 18, 2023 | 27 | |||||||||||||||||||||||||||||||
Transaction costs related to issuance of ordinary shares in exchange of Public Warrants | 27 | — | — | — | ( | |||||||||||||||||||||||||||
As at December 31, 2023 | 0.12 |
(in €‘000) | Legal reserve for capitalized development costs | Foreign currency translation reserve | Reserve for financial assets at FVOCI | Total | ||||||||||||||||||||||
As at January 1, 2021 | ||||||||||||||||||||||||||
Exchange differences on translation of foreign operations | — | ( | — | ( | ||||||||||||||||||||||
Reclassification | — | |||||||||||||||||||||||||
As at December 31, 2021 | ( | |||||||||||||||||||||||||
As at January 1, 2022 | ( | |||||||||||||||||||||||||
Exchange differences on translation of foreign operations | — | — | ||||||||||||||||||||||||
Changes in the fair value of equity investments at fair value through other comprehensive income | — | — | ( | ( | ||||||||||||||||||||||
Deferred tax on changes in the fair value of equity investments at fair value through other comprehensive income | — | — | ||||||||||||||||||||||||
Reclassification | ( | — | ( | |||||||||||||||||||||||
As at December 31, 2022 | ( | ( | ||||||||||||||||||||||||
As at January 1, 2023 | ( | ( | ||||||||||||||||||||||||
Exchange differences on translation of foreign operations | — | ( | — | ( | ||||||||||||||||||||||
Changes in the fair value of equity investments at fair value through other comprehensive income | — | — | ( | ( | ||||||||||||||||||||||
Deferred tax on changes in the fair value of equity investments at fair value through other comprehensive income | — | — | ||||||||||||||||||||||||
Reclassification | ( | — | ( | |||||||||||||||||||||||
As at December 31, 2023 | ( | ( |
(in €‘000) | Interest rate | Maturity | December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Renewed facility | Euribor* + | December 19, 2027 | ||||||||||||||||||||||||
Total*** |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Current assets | ||||||||||||||
Floating charge | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Trade receivables | ||||||||||||||
Other receivables | ||||||||||||||
Total current assets pledged as security | ||||||||||||||
Non-current assets | ||||||||||||||
Floating charge | ||||||||||||||
Non-current other financial assets | ||||||||||||||
Total current assets pledged as security | ||||||||||||||
Total assets pledged as security |
(in €‘000) | Renewed facility | Old facility (senior debt) | Shareholder loans (1) | Shareholder loan (2) | Lease liabilities | Total | ||||||||||||||||||||||||||||||||
As at January 1, 2022 | — | |||||||||||||||||||||||||||||||||||||
Proceeds from borrowings | — | |||||||||||||||||||||||||||||||||||||
Transaction fees | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||
Net settlement of old facility against renewed facility | ( | — | — | — | ||||||||||||||||||||||||||||||||||
Payment of old facility break costs | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||
Acquisition of Mega-E | — | — | — | |||||||||||||||||||||||||||||||||||
Acquisition of MOMA | — | — | — | — | ||||||||||||||||||||||||||||||||||
Settlement of borrowings | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Loss on modification of old facility | — | — | — | — | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of old facility | — | — | — | — | ||||||||||||||||||||||||||||||||||
Conversion to equity | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Payment of principal portion of lease liabilities | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
New leases | — | — | — | — | ||||||||||||||||||||||||||||||||||
Termination of leases | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Foreign exchange adjustments | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other changes | ( | |||||||||||||||||||||||||||||||||||||
As at December 31, 2022 | — | |||||||||||||||||||||||||||||||||||||
Proceeds from borrowings | — | — | — | — | ||||||||||||||||||||||||||||||||||
Transaction fees* | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||
Payment of principal portion of lease liabilities | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
New leases | — | — | — | — | ||||||||||||||||||||||||||||||||||
Termination of leases | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Foreign exchange adjustments | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Other changes | ( | ( | ||||||||||||||||||||||||||||||||||||
As at December 31, 2023 | — |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Jubilee provision | ||||||||||||||
Current | ||||||||||||||
Non-current | ||||||||||||||
Total | ||||||||||||||
Defined benefit provision | ||||||||||||||
Current | ||||||||||||||
Non-current | ||||||||||||||
Total | ||||||||||||||
Restructuring provision | ||||||||||||||
Current | ||||||||||||||
Non-current | ||||||||||||||
Total | ||||||||||||||
Warranty provision | ||||||||||||||
Current | ||||||||||||||
Non-current | ||||||||||||||
Total | ||||||||||||||
Share-based payment provision | ||||||||||||||
Current | ||||||||||||||
Non-current | ||||||||||||||
Total | ||||||||||||||
Other provisions | ||||||||||||||
Current | ||||||||||||||
Non-current | ||||||||||||||
Total | ||||||||||||||
Total provisions and other liabilities | ||||||||||||||
Current | ||||||||||||||
Non-current | ||||||||||||||
Total |
(in €‘000) | 2023 | 2022 | ||||||||||||
Current portion | ||||||||||||||
Non-current portion | ||||||||||||||
Carrying amount at January 1 | ||||||||||||||
Movements | ||||||||||||||
Additions | ||||||||||||||
Releases | ||||||||||||||
Used during the year | ( | ( | ||||||||||||
Interest accretion | ||||||||||||||
Carrying amount at December 31 | ||||||||||||||
Current portion | ||||||||||||||
Non-current portion | ||||||||||||||
Carrying amount at December 31 |
(in €‘000) | Amounts due within one year | Amounts due between one and five years | Amounts due after five years | Total | ||||||||||||||||||||||
Jubilee provision | ||||||||||||||||||||||||||
Defined benefit provision | ||||||||||||||||||||||||||
Restructuring provision | ||||||||||||||||||||||||||
Warranty provision | ||||||||||||||||||||||||||
Share-based payment provision | ||||||||||||||||||||||||||
Other provisions | ||||||||||||||||||||||||||
Total |
Public Warrants | Private Placement Warrants | Total | ||||||||||||||||||||||||||||||||||||
Number of warrants | (in €‘000) | Number of warrants | (in €‘000) | Number of warrants | (in €‘000) | |||||||||||||||||||||||||||||||||
As at January 1, 2022 | ||||||||||||||||||||||||||||||||||||||
Warrants assumed on Transaction date | ||||||||||||||||||||||||||||||||||||||
Warrants exercised | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Change in fair value of warrant liabilities | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||
As at December 31 , 2022 | ||||||||||||||||||||||||||||||||||||||
Change in fair value of warrant liabilities | — | — | — | |||||||||||||||||||||||||||||||||||
Warrants exercised | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
As at December 31 , 2023 |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Trade payables | ||||||||||||||
Accrued expenses | ||||||||||||||
Employee related liabilities | ||||||||||||||
Payroll taxes, social security and VAT payables | ||||||||||||||
Other payables | ||||||||||||||
Total |
(in €‘000) | 2023 | 2022 | 2021 | |||||||||||||||||
Current income tax expense | ||||||||||||||||||||
Current income tax expense for the year | ( | ( | ( | |||||||||||||||||
Adjustments in respect of current income tax of previous years | ( | ( | ||||||||||||||||||
Total current tax expense | ( | ( | ( | |||||||||||||||||
Deferred tax expense | ||||||||||||||||||||
Origination and reversal of temporary differences and tax losses | ||||||||||||||||||||
(De)recognition of deferred tax assets | ( | ( | ( | |||||||||||||||||
Total deferred tax expense | ( | |||||||||||||||||||
Income tax expense | ( | ( | ( |
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
(in €‘000) | % | (in €‘000) | % | (in €‘000) | % | |||||||||||||||||||||||||||||||||
Effective tax reconciliation | ||||||||||||||||||||||||||||||||||||||
Loss before income tax | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Income tax at statutory tax rate of the Netherlands | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Adjustments to arrive at the effective tax rate: | ||||||||||||||||||||||||||||||||||||||
Impact of different tax rates of local jurisdictions | ( | |||||||||||||||||||||||||||||||||||||
Non-taxable income | ( | ( | ||||||||||||||||||||||||||||||||||||
Non-deductible expenses | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Temporary differences for which no deferred tax is recognized | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Adjustments previous year | ( | ( | ||||||||||||||||||||||||||||||||||||
(De)recognition of (un)recognized deferred tax assets | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Other | ( | ( | ||||||||||||||||||||||||||||||||||||
Effective tax (rate) | ( | ( | ( |
(in €‘000) | 2023 | 2022 | ||||||||||||
Deferred tax assets | ||||||||||||||
Deferred tax liabilities | ( | |||||||||||||
Balance at January 1 | ( | |||||||||||||
Movements in deferred tax | ||||||||||||||
Recognition of losses | ( | |||||||||||||
Acquisitions / Divestments | ( | |||||||||||||
Movements of temporary differences | ||||||||||||||
Recognition of tax credits | ||||||||||||||
Balance at December 31 | ( | ( | ||||||||||||
Deferred tax assets | ||||||||||||||
Deferred tax liabilities | ( | ( | ||||||||||||
Balance at December 31 | ( | ( |
Recognized in | ||||||||||||||||||||||||||||||||||||||||||||
(in €‘000) | Net balance January 1 | Acquisitions / divestments | Profit or loss | Equity / OCI | Net balance December 31 | DTA | DTL | |||||||||||||||||||||||||||||||||||||
Movements in 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | ( | |||||||||||||||||||||||||||||||||||||||||||
Intangible assets | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Right-of-use assets | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Trade and other receivables | ||||||||||||||||||||||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||||||||||||||||||||||
Non-current lease liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Current lease liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Provisions | ( | |||||||||||||||||||||||||||||||||||||||||||
Trade and other payables | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Investments in equity securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Net operating losses | ( | |||||||||||||||||||||||||||||||||||||||||||
Interest carry forward | ||||||||||||||||||||||||||||||||||||||||||||
Total | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Set-off of deferred tax balances pursuant to set-off provisions* | ( | |||||||||||||||||||||||||||||||||||||||||||
Net deferred tax balances at December 31, 2022 | ( | |||||||||||||||||||||||||||||||||||||||||||
Movements in 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Intangible assets | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Right-of-use assets | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Trade and other receivables | ( | |||||||||||||||||||||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||||||||||||||||||||||
Non-current lease liabilities | ( | |||||||||||||||||||||||||||||||||||||||||||
Current lease liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Provisions | ||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables | ( | |||||||||||||||||||||||||||||||||||||||||||
Investments in equity securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Net operating losses | ||||||||||||||||||||||||||||||||||||||||||||
Interest carry forward | ||||||||||||||||||||||||||||||||||||||||||||
Total | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Set-off of deferred tax balances pursuant to set-off provisions* | ( | |||||||||||||||||||||||||||||||||||||||||||
Net deferred tax balances at December 31, 2023 | ( |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Tax losses | ||||||||||||||
Deductible temporary differences | ||||||||||||||
Tax credits | ||||||||||||||
Interest carry forward | ||||||||||||||
Total | ||||||||||||||
Potential tax benefit |
(in €‘000) | Notes | At amortized cost | Fair value through PL | Fair value through OCI | Total book value | Total fair value | ||||||||||||||||||||||||||||||||
As at December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Non-current other financial assets | 19 | |||||||||||||||||||||||||||||||||||||
Current other financial assets | 19 | |||||||||||||||||||||||||||||||||||||
Trade and other receivables | 20 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 22 | |||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||
As at December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Non-current other financial assets | 19 | |||||||||||||||||||||||||||||||||||||
Current other financial assets | 19 | |||||||||||||||||||||||||||||||||||||
Trade and other receivables | 20 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 22 | |||||||||||||||||||||||||||||||||||||
Total |
(in €‘000) | Notes | At amortized cost | Fair value through PL | Total book value | Total fair value | |||||||||||||||||||||||||||
As at December 31, 2022 | ||||||||||||||||||||||||||||||||
Borrowings | 25 | |||||||||||||||||||||||||||||||
Non-current lease liabilities | 17 | N/A | ||||||||||||||||||||||||||||||
Current lease liabilities | 17 | N/A | ||||||||||||||||||||||||||||||
Trade and other payables | 28 | |||||||||||||||||||||||||||||||
Warrant liabilities | 27 | |||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
As at December 31, 2023 | ||||||||||||||||||||||||||||||||
Borrowings | 25 | |||||||||||||||||||||||||||||||
Non-current lease liabilities | 17 | N/A | ||||||||||||||||||||||||||||||
Current lease liabilities | 17 | N/A | ||||||||||||||||||||||||||||||
Trade and other payables | 28 | |||||||||||||||||||||||||||||||
Warrant liabilities | 27 | |||||||||||||||||||||||||||||||
Derivative liabilities | 29 | |||||||||||||||||||||||||||||||
Total |
(in €‘000) | Purchase options | Investment in equity securities | ||||||||||||
Carrying amount at January 1, 2022 | ||||||||||||||
Movements during the year ended December 31, 2022 | ||||||||||||||
Fair value gain on purchase options | — | |||||||||||||
Derecognition of substantive purchase option | ( | — | ||||||||||||
Transfer of investment in equity securities from level 2 | — | |||||||||||||
Fair value loss on investment in equity securities from level 3 classification | — | ( | ||||||||||||
Carrying amount at December 31, 2022 | ||||||||||||||
Movements during the year ended December 31, 2023 | ||||||||||||||
Fair value gain/( loss) on investment in equity securities recognized in other comprehensive income | — | ( | ||||||||||||
Carrying amount at December 31, 2023 |
(in €‘000) | Warrant liabilities | Preference shares derivatives | Derivative liabilities | |||||||||||||||||
Carrying amount at January 1, 2022 | ||||||||||||||||||||
Movements during the year ended December 31, 2022 | ||||||||||||||||||||
Public warrants assumed as part of the SPAC Transaction | — | — | ||||||||||||||||||
Private placement warrants assumed as part of the SPAC Transaction | — | — | ||||||||||||||||||
Change in fair value of private placement warrant liabilities | ( | — | — | |||||||||||||||||
Transfer of private placement warrant liabilities into level 1 | ( | — | — | |||||||||||||||||
Change in fair value of public warrant liabilities | ( | — | — | |||||||||||||||||
Transfer of public warrant liabilities into level 1 | ( | — | — | |||||||||||||||||
Preference shares derivatives acquired as part of MOMA acquisition | — | — | ||||||||||||||||||
Sale of preference shares derivatives | — | ( | — | |||||||||||||||||
Fair value gains/(losses) recognized in other income/(expenses) | — | ( | — | |||||||||||||||||
Carrying amount at December 31, 2022 | — | |||||||||||||||||||
Movements in the year ended December 31, 2023 | ||||||||||||||||||||
Initial recognition of derivative liabilities relating to PPAs | — | — | — | |||||||||||||||||
Change in fair value of derivative liabilities relating to PPAs | — | — | ( | |||||||||||||||||
Carrying amount at December 31, 2023 | ( |
June 7, 2022 | March 16, 2022 | |||||||||||||
Purchase option | MOMA | Mega-E | ||||||||||||
Parameters | ||||||||||||||
Spot price per share (in €) | ||||||||||||||
Volatility | N/A | % |
In % | December 31, 2023 | December 31, 2022 | ||||||||||||
Growth factor | % | % | ||||||||||||
Discount rate | % | % |
June 7, 2022 | December 15, 2022 | |||||||||||||
Parameters | ||||||||||||||
Spot price per share (in €) | ||||||||||||||
Volatility (in %) | ||||||||||||||
Discount rate (in %) | ( |
At inception | December 31, 2023 | |||||||||||||
Parameters | ||||||||||||||
Electricity forward price - wind (in €/MWh) * | ||||||||||||||
Electricity forward price - solar (in €/MWh) |
Risk | Exposure arising from | Measurement | Management | |||||||||||||||||
Market risk – interest rate risk | Long-term borrowings at variable rates | Sensitivity analysis | Economic hedge with an interest rate cap | |||||||||||||||||
Market risk – investments price risk | Investments in equity securities | Sensitivity analysis | Monitoring quarterly valuation updates and forecasts of future cash flows | |||||||||||||||||
Market risk – commodities price risk | Derivative liabilities | Maturity profile and coverage | Increase supply of renewable electricity via fixed price PPAs | |||||||||||||||||
Credit risk | Cash and cash equivalents, trade receivables, derivative financial instruments and contract assets | Aging analysis | Doing business with creditworthy companies and a strict policy of cash collection. | |||||||||||||||||
Liquidity risk | Borrowings and other liabilities | Cash flow forecasts | Availability of borrowing facilities. |
(in €‘000) | Impact on pre-tax loss | |||||||||||||
2023 | 2022 | |||||||||||||
Interest rates – increase by | ||||||||||||||
Interest rates – decrease by | ( | ( |
(in €‘000) | Impact on Group's equity | |||||||||||||
2023 | 2022 | |||||||||||||
Fair Value – increase by | ||||||||||||||
Fair Value – decrease by | ( | ( |
Contractual electricity production | ||||||||||||||||||||||||||
(in GWh) | Total | Less than 12 months | 1–5 years | More than 5 years | ||||||||||||||||||||||
The Netherlands | ||||||||||||||||||||||||||
Germany | ||||||||||||||||||||||||||
Average expected coverage |
(in €‘000) | Current | 1 – 30 days past due | 31 –60 days past due | 61 –90 days past due | 91+ days past due | Total | ||||||||||||||||||||||||||||||||
As at December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Expected loss rate (in %) | % | % | % | % | % | |||||||||||||||||||||||||||||||||
Gross carrying amount – trade receivables | ||||||||||||||||||||||||||||||||||||||
Gross carrying amount – contract assets | ||||||||||||||||||||||||||||||||||||||
Loss allowance | ||||||||||||||||||||||||||||||||||||||
As at December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Expected loss rate (in %) | % | % | % | % | % | |||||||||||||||||||||||||||||||||
Gross carrying amount – trade receivables | ( | |||||||||||||||||||||||||||||||||||||
Gross carrying amount – contract assets | ||||||||||||||||||||||||||||||||||||||
Loss allowance |
(in €‘000) | December 31, 2023 | December 31, 2022 | ||||||||||||
Expiring beyond one year—renewed facility |
Contractual cash flows | ||||||||||||||||||||||||||||||||||||||||||||
(in €‘000) | Carrying amount of liabilities | Total | Less than 6 months | 6–12 months | 1–2 years | 2–5 years | More than 5 years | |||||||||||||||||||||||||||||||||||||
As at December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables | ||||||||||||||||||||||||||||||||||||||||||||
Warrant liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||
As at December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables | ||||||||||||||||||||||||||||||||||||||||||||
Warrant liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Total |
Testing period ending on | Leverage ratio | Interest cover ratio | ||||||||||||
June 30, 2023 | Unconditional | - | ||||||||||||
December 31, 2023 | Unconditional | - | ||||||||||||
June 30, 2024 | ||||||||||||||
December 31, 2024 | ||||||||||||||
June 30, 2025 | ||||||||||||||
December 31, 2025 | ||||||||||||||
June 30, 2026 | ||||||||||||||
December 31, 2026 | ||||||||||||||
June 30, 2027 | 2.2x |
Testing period ending on | EBITDA margin (drawstop) | EBITDA (drawstop) | Fast/ultra-fast charging equipment utilization rate (drawstop) | |||||||||||||||||
June 30, 2023 | - | % | € | ( | million | % | ||||||||||||||
December 31, 2023 | - | % | € | ( | million | % | ||||||||||||||
June 30, 2024 | % | € | million | % | ||||||||||||||||
December 31, 2024 | % | € | million | % | ||||||||||||||||
June 30, 2025 | % | € | million | % | ||||||||||||||||
December 31, 2025 | % | € | million | % | ||||||||||||||||
June 30, 2026 | % | € | million | % | ||||||||||||||||
December 31, 2026 | Unconditional | Unconditional | Unconditional | |||||||||||||||||
June 30, 2027 | Unconditional | Unconditional | Unconditional |
(in €‘000) | Relationship | 2023 | 2022 | 2021 | ||||||||||||||||||||||
Madeleine Charging B.V. | Immediate parent entity | |||||||||||||||||||||||||
Interest expenses on shareholder loans | ||||||||||||||||||||||||||
Reimbursement of advisory fees | ||||||||||||||||||||||||||
Share-based payment expenses | ||||||||||||||||||||||||||
Mega-E Group (Mega-E Charging B.V. and its subsidiaries) | Other related party | |||||||||||||||||||||||||
Revenue from contracts with related party | ||||||||||||||||||||||||||
EV Cars | Other related party | |||||||||||||||||||||||||
Revenue from contracts with related party | ||||||||||||||||||||||||||
Voltalis | Other related party | |||||||||||||||||||||||||
Revenue from contracts with related party | ||||||||||||||||||||||||||
Fair value losses on pref. shares derivatives and net loss on sale of pref. shares derivatives | ||||||||||||||||||||||||||
Executive Board Member | Key management | |||||||||||||||||||||||||
Other payments |
(in €‘000) | Relationship | December 31, 2023 | December 31, 2022 | |||||||||||||||||
EV Cars | Other related party | |||||||||||||||||||
Contract assets with related party | ||||||||||||||||||||
Contract liabilities with related party | ( | ( | ||||||||||||||||||
Trade receivables from related party | ||||||||||||||||||||
Trade payable to related party | ( | ( | ||||||||||||||||||
Voltalis | Other related party | |||||||||||||||||||
Current receivables from related party |
(in €‘000) | 2023 | 2022 | 2021 | |||||||||||||||||
Short-term employee benefits | ||||||||||||||||||||
Share-based payments | ||||||||||||||||||||
Total |
Name of entity | Place of business/country of incorporation | Principle activities | Ownership interest held by the Group | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Allego Holding B.V. | Arnhem, the Netherlands | Holding Company | % | % | ||||||||||||||||||||||||||||
Allego US Inc. | Wilmington, Delaware, USA | Financial investment services | % | % | ||||||||||||||||||||||||||||
Allego B.V. | Arnhem, the Netherlands | Charging solutions for electric vehicles | % | % | % | |||||||||||||||||||||||||||
Allego Innovations B.V. | Arnhem, the Netherlands | Software development | % | % | % | |||||||||||||||||||||||||||
Allego Employment B.V. | Arnhem, the Netherlands | Staffing agency within the Group | % | % | % | |||||||||||||||||||||||||||
Allego GmbH | Berlin, Germany | Charging solutions for electric vehicles | % | % | % | |||||||||||||||||||||||||||
Allego België B.V. | Mechelen, Belgium | Charging solutions for electric vehicles | % | % | % | |||||||||||||||||||||||||||
Allego France SAS | Paris, France | Charging solutions for electric vehicles | % | % | % | |||||||||||||||||||||||||||
Allego Charging Ltd | London, United Kingdom | Charging solutions for electric vehicles | % | % | % | |||||||||||||||||||||||||||
Allego Denmark ApS | Copenhagen, Denmark | Charging solutions for electric vehicles | % | % | % | |||||||||||||||||||||||||||
Allego Portugal, Unipessoal Lda | Lisbon, Portugal | Charging solutions for electric vehicles | % | % | % | |||||||||||||||||||||||||||
Allego Norway AS | Olso, Norway | Charging solutions for electric vehicles | % | % | % | |||||||||||||||||||||||||||
Allego Sweden AB | Stockholm, Sweden | Charging solutions for electric vehicles | % | % | % | |||||||||||||||||||||||||||
Allego Italy S.R.L. | Torino, Italy | Charging solutions for electric vehicles | % | % | % | |||||||||||||||||||||||||||
Allego Spain S.L.U. | Madrid, Spain | Charging solutions for electric vehicles | % | % | % |
Allego Charging Oy | Helsinki, Finland | Charging solutions for electric vehicles | % | |||||||||||||||||||||||||||||
Allego Switzerland GmbH | Zürich, Switzerland | Charging solutions for electric vehicles | % | |||||||||||||||||||||||||||||
Allego Austria GmbH | Vienna, Austria | Charging solutions for electric vehicles | % | |||||||||||||||||||||||||||||
Allego Latvia SIA | Riga, Latvia | Charging solutions for electric vehicles | % | |||||||||||||||||||||||||||||
Allego Estonia OU | Tallinn, Estonia | Charging solutions for electric vehicles | % | |||||||||||||||||||||||||||||
Allego Lithuania UAB | Vilnius, Lithuania | Charging solutions for electric vehicles | % | |||||||||||||||||||||||||||||
Allego Poland Sp. Z o.o | Allego Poland Sp. Z o.o | Charging solutions for electric vehicles | % | |||||||||||||||||||||||||||||
Faolan GmbH | Berlin, Germany | Charging solutions for electric vehicles | % | |||||||||||||||||||||||||||||
Mega-E Charging B.V. | Arnhem, the Netherlands | Charging solutions for electric vehicles at Mega-E sites | % | % | ||||||||||||||||||||||||||||
FEMC Germany GmbH | Berlin, Germany | Charging solutions for electric vehicles | % | % | ||||||||||||||||||||||||||||
Mega-E Netherlands Asset Co No 1 B.V. | Arnhem, the Netherlands | Charging solutions for electric vehicles | % | % | ||||||||||||||||||||||||||||
Mega-E Denmark Asset Co No 1 ApS | Copenhagen, Denmark | Charging solutions for electric vehicles | % | % | ||||||||||||||||||||||||||||
Mega-E Belgium Asset Co No 1 BV | Mechelen, Belgium | Charging solutions for electric vehicles | % | % | ||||||||||||||||||||||||||||
Mega-E France SAS | Paris, France | Charging solutions for electric vehicles | % | % | ||||||||||||||||||||||||||||
Mega-E Sweden Asset Co No 1 AB | Stockholm, Sweden | Charging solutions for electric vehicles | % | % | ||||||||||||||||||||||||||||
Mega-E Eastern Europe Holding B.V. | Arnhem, the Netherlands | Charging solutions for electric vehicles | % | % | ||||||||||||||||||||||||||||
Chamberra Sp. z.o.o. | Warsaw, Poland | Charging solutions for electric vehicles | % | % | ||||||||||||||||||||||||||||
GreenToWheel SAS | Paris, France | Charging solutions for electric vehicles | % | % | ||||||||||||||||||||||||||||
Oury-Heintz Energie Applications SA | Paris, France | Holding Company | % | % | ||||||||||||||||||||||||||||
Modélisation, Mesures et Applications SA | Paris, France | IT consulting services | % | % | ||||||||||||||||||||||||||||
MOMA ASIA Ltd | Hong Kong, China | IT consulting services | % | |||||||||||||||||||||||||||||
MOMA Collectivites SAS | Paris, France | IT consulting services | % | % |
Name of entity | Place of business/country of incorporation | Principle activities | Ownership interest held by the Group | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||
FOROIL SAS | Paris, France | Development of solutions to optimize production & reserves of oil and gas fields | % | % | ||||||||||||||||||||||||||||
3EA SAS | Paris, France | Electric installation work | % | % |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Ordinary Shares | ALLG | New York Stock Exchange |
1. | I have reviewed this Annual Report on Form 20-F of the Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; |
4. | The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and |
5. | The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. |
Date: May 15, 2024 | by: | /s/ Mathieu Bonnet | ||||||||||||||||||
Name: Mathieu Bonnet Title: Chief Executive Officer |
1. | I have reviewed this Annual Report on Form 20-F of the Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; |
4. | The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and |
5. | The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. |
Date: May 15, 2024 | by: | /s/ Ton Louwers | ||||||||||||||||||
Name: Ton Louwers Title: Chief Financial Officer |
1. | The Company’s Annual Report on Form 20-F for the year ended December 31, 2023, to which this statement is furnished as an exhibit (the “Report”), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: May 15, 2024 | by: | /s/ Mathieu Bonnet | ||||||||||||||||||
Name: Mathieu Bonnet Title: Chief Executive Officer |
1. | The Company’s Annual Report on Form 20-F for the year ended December 31, 2023, to which this statement is furnished as an exhibit (the “Report”), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: May 15, 2024 | by: | /s/ Ton Louwers | ||||||||||||||||||
Name: Ton Louwers Title: Chief Financial Officer |
Company Subsidiary | Jurisdiction of incorporation | Percentage of Outstanding Shares Owned by the Company and/or the Company Subsidiaries | ||||||||||||
Allego US Inc. | United States | 100% owned by Allego N.V. | ||||||||||||
Allego Holding B.V. | Netherlands | 100% owned by Allego N.V. | ||||||||||||
Allego B.V. | Netherlands | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Innovations B.V. | Netherlands | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Employment B.V. | Netherlands | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Charging Ltd | England and Wales | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Denmark ApS | Denmark | 100% owned by Allego Holding B.V. | ||||||||||||
Allego België B.V. | Belgium | 100% owned by Allego Holding B.V. | ||||||||||||
Allego GmbH | Germany | 100% owned by Allego Holding B.V. | ||||||||||||
Allego France SAS | France | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Portugal, Unipessoal Lda | Portugal | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Norway AS | Norway | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Sweden AB | Sweden | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Italy S.R.L. | Italy | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Spain S.L.U. | Spain | 100% owned by Allego Holding B.V. | ||||||||||||
Mega-E Charging B.V. | Netherlands | 100% owned by Allego Holding B.V. | ||||||||||||
Modélisation, Mesures et Applications S.A. | France | 58% owned by Allego Holding B.V. | 42% Oury-Heintz Energie Applications SA | ||||||||||||
Oury-Heintz Energie Applications S.A. | France | 100% owned by Allego Holding B.V. | ||||||||||||
FEMC Germany GmbH | Germany | 100% owned by Mega-E Charging B.V. | ||||||||||||
Mega-E Netherlands Asset Co No 1 B.V. | Netherlands | 100% owned by Mega-E Charging B.V. | ||||||||||||
Mega-E Denmark Asset Co No 1 B.V. | Denmark | 100% owned by Mega-E Charging B.V. | ||||||||||||
Mega-E Belgium Asset Co No 1 B.V. | Belgium | 100% owned by Mega-E Charging B.V. | ||||||||||||
Mega-E France SAS | France | 100% owned by Mega-E Charging B.V. | ||||||||||||
Mega-E Sweden Asset Co No 1 B.V. | Sweden | 100% owned by Mega-E Charging B.V. | ||||||||||||
Mega-E Eastern Europe Holding B.V. | Netherlands | 100% owned by Mega-E Charging B.V. | ||||||||||||
Allego Poland Sp. Z o.o. | Poland | 100% owned by Mega-E Eastern Europe Holding B.V. | ||||||||||||
GreenToWheel SAS | France | 80% owned by Mega-E Charging B.V. | ||||||||||||
Moma Collectivites SAS | France | 51% owned by Modélisation, Mesures et Applications S.A. | ||||||||||||
Foroil SAS | France | 43.6% owned by Modélisation, Mesures et Applications S.A. | ||||||||||||
Moma Asia LTD1 | Hong Kong | 100% owned by Modélisation, Mesures et Applications S.A. |
Voltalis SA | France | 15.66% owned by Modélisation, Mesures et Applications S.A. | ||||||||||||
3EA SAS | France | 50% owned by Moma Collectivites SAS | ||||||||||||
Geobiomics SAS | France | 9.96% owned by Moma Collectivites SAS | ||||||||||||
Allego Switzerland GmbH | Switzerland | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Estonia OÜ | Estonia | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Lithuania UAB | Lithuania | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Charging Oy | Finland | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Austria GmbH | Austria | 100% owned by Allego Holding B.V. | ||||||||||||
Allego Latvia SIA | Latvia | 100% owned by Allego Holding B.V. | ||||||||||||
Faolan GmbH | Germany | 100% owned by Allego GmbH |
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Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Name | Ernst & Young Accountants LLP |
Auditor Location | Amsterdam, Netherlands |
Auditor Firm ID | 1396 |
Consolidated statement of changes in equity - EUR (€) € in Thousands |
Total |
IPO |
RSU |
Allego Holding shareholders |
PIPE financing |
Total |
Total
IPO
|
Total
RSU
|
Total
Allego Holding shareholders
|
Total
PIPE financing
|
Share capital |
Share capital
IPO
|
Share capital
RSU
|
Share capital
Allego Holding shareholders
|
Share capital
PIPE financing
|
Share premium |
Share premium
IPO
|
Share premium
RSU
|
Share premium
Allego Holding shareholders
|
Share premium
PIPE financing
|
Reserves |
Accumulated deficit |
Accumulated deficit
RSU
|
Non-controlling interests |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2020 | € (73,744) | € (73,744) | € 1 | € 36,947 | € 3,823 | € (114,515) | ||||||||||||||||||
Changes in Stockholders Equity [Roll Forward] | ||||||||||||||||||||||||
Loss for the year | (319,672) | (319,672) | (319,672) | |||||||||||||||||||||
Other comprehensive income/(loss) for the year | (14) | (14) | (14) | |||||||||||||||||||||
Total comprehensive income/(loss) for the year, net of tax | (319,686) | (319,686) | (14) | (319,672) | ||||||||||||||||||||
Share premium contribution | 26,000 | 26,000 | ||||||||||||||||||||||
Other changes in reserves | 0 | 0 | 386 | (386) | ||||||||||||||||||||
Share-based payment expenses | 291,837 | 291,837 | 291,837 | |||||||||||||||||||||
Transaction costs, net of tax | (1,059) | (1,059) | ||||||||||||||||||||||
Ending balance at Dec. 31, 2021 | (76,652) | (76,652) | 1 | 61,888 | 4,195 | (142,736) | ||||||||||||||||||
Changes in Stockholders Equity [Roll Forward] | ||||||||||||||||||||||||
Loss for the year | (305,292) | (304,778) | (304,778) | € (514) | ||||||||||||||||||||
Other comprehensive income/(loss) for the year | (10,198) | (10,198) | (10,169) | (29) | ||||||||||||||||||||
Total comprehensive income/(loss) for the year, net of tax | (315,490) | (314,976) | (10,169) | (304,807) | (514) | |||||||||||||||||||
Other changes in reserves | 0 | 0 | (886) | 886 | ||||||||||||||||||||
Share-based payment expenses | 82,569 | 82,569 | 82,569 | |||||||||||||||||||||
Transaction costs, net of tax | 0 | |||||||||||||||||||||||
Equity contribution (Allego Holding shareholders) | € 101,931 | € 101,931 | € 28,311 | € 73,620 | ||||||||||||||||||||
Equity contribution (Spartan shareholders) | 87,597 | 87,597 | 1,789 | 85,808 | ||||||||||||||||||||
Issue of equity | € 132,690 | € 132,690 | € 1,800 | € 130,890 | ||||||||||||||||||||
Equity contribution (Private warrants exercise) | 13,854 | 13,854 | 160 | 13,694 | ||||||||||||||||||||
Non-controlling interests on acquisition of subsidiary | 1,259 | 0 | 1,259 | |||||||||||||||||||||
Ending balance at Dec. 31, 2022 | 27,758 | 27,013 | 32,061 | 365,900 | (6,860) | (364,088) | 745 | |||||||||||||||||
Changes in Stockholders Equity [Roll Forward] | ||||||||||||||||||||||||
Loss for the year | (110,282) | (109,898) | (109,898) | (384) | ||||||||||||||||||||
Other comprehensive income/(loss) for the year | (14,445) | (14,445) | (14,436) | (9) | ||||||||||||||||||||
Total comprehensive income/(loss) for the year, net of tax | (124,727) | (124,343) | (14,436) | (109,907) | (384) | |||||||||||||||||||
Other changes in reserves | 0 | 0 | (1,845) | 1,845 | ||||||||||||||||||||
Share-based payment expenses | 11,032 | € 1 | € 0 | 11,032 | € 1 | € 0 | € 1 | € 80 | € 0 | € 0 | 11,032 | € (80) | ||||||||||||
Transaction costs, net of tax | 0 | (955) | ||||||||||||||||||||||
Issue of equity | (955) | (955) | 0 | (955) | ||||||||||||||||||||
Equity contribution (Private warrants exercise) | 7,569 | 7,569 | 379 | 7,190 | ||||||||||||||||||||
Ending balance at Dec. 31, 2023 | € (79,322) | € (79,683) | € 32,521 | € 372,135 | € (23,141) | € (461,198) | € 361 |
Reporting Entity |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Reporting Entity [Abstract] | |
Reporting Entity | Reporting Entity Allego N.V. (“Allego” or the “Company”) was incorporated as a Dutch private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) on June 3, 2021 under the laws of the Netherlands, under the name of Athena Pubco B.V. On March 16, 2022, Athena Pubco B.V. changed its legal form from a private limited liability company to a public limited liability company (naamloze vennootschap), changed its name to Allego N.V. and entered into the Deed of Conversion containing the Articles of Association of Allego N.V. Allego N.V. consummated the previously announced business combination (“the SPAC Transaction”) with Spartan Acquisition Corp. III (“Spartan”) pursuant to the terms of the business combination agreement (“BCA”) and became a publicly traded company on the New York Stock Exchange (“NYSE”). The public company — Allego N.V. — trades under the Allego name with the ticker “ALLG”. The Company’s registered seat and head office are in Arnhem, the Netherlands. Its head office is located at Westervoortsedijk 73 KB, 6827 AV in Arnhem, the Netherlands. The Company is registered with the Dutch Trade Register under number 82985537. The Company’s main activity is enabling electrification through designing, building and the operation of charging solutions for electric vehicles in Europe. The Company services corporate customers with the long-term operation of comprehensive charging solutions. The Company’s goal is to offer the best EV charging experience with end-to-end charging solutions through different charging products (e.g. slow, fast, ultra-fast charging) in combination with our EV Cloud platform and additional service support. The majority of the Allego N.V. shares are held by Madeleine which is an indirectly controlled subsidiary of Meridiam SAS (“Meridiam”) – a global investor and asset manager based in Paris, France. Meridiam specializes in the development, financing and long-term management of sustainable public infrastructure in the mobility, energy transition and social infrastructure sectors. These financial statements are consolidated financial statements for the group consisting of Allego N.V. and its subsidiaries (jointly referred to as the “Group” or “Allego Group”). Further disclosure on why the Company’s consolidated financial statements include comparative information for transactions occurring during the year ended December 31, 2021, despite the Company only being incorporated on June 3, 2021, is provided in Note 2 and Note 3. Allego’s principal subsidiaries are listed in Note 37.
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Material accounting policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Material accounting policies | Material accounting policies This section provides an overview of the material accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to all the periods presented, unless otherwise stated. 2.1. Basis of preparation 2.1.1 Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and interpretations issued by the IFRS Interpretations Committee (“IFRS IC”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were prepared by the Executive Board and were approved and authorized for issuance in accordance with a resolution of the Board of Directors on May 15, 2024. 2.1.2 Basis of measurement The consolidated financial statements have been prepared on a historical cost basis, unless otherwise stated. All amounts disclosed in the consolidated financial statements are presented in thousands of euros (€), unless otherwise indicated. The Company cannot be considered a separate entity acting in its own right for the period prior to the completion of the BCA, and the economic substance of its incorporation and the holding of the shares of Allego Holding constitutes a capital reorganization of the Group subsequent to the completion of the BCA and to aid with integrating new investors. Consequently, management has concluded that Allego should recognize in its consolidated financial statements the net assets of Allego Holding and subsidiaries as per their preceding carrying amounts, and that comparative information should be represented, as the consolidated financial statements of the Company and its subsidiaries are a continuation of those of Allego Holding and its subsidiaries. Therefore, the comparable consolidated financial statements as of and for the year ended December 31, 2021 and the prior period from January 1, 2022, until March 16, 2022 represent the consolidated financial statements of Allego Holding and its subsidiaries. 2.2. Going concern assumption and financial position Going concern The accompanying consolidated financial statements of the Group have been prepared assuming the Group will continue as a going concern. The going concern basis of presentation assumes that the Group will continue in operation for a period of at least one year after the date these financial statements are issued and contemplates the realization of assets and the settlement of liabilities in the normal course of business. See further discussion below. The Group’s scale of operations The Group’s strategy requires significant capital expenditures, as well as investments in building the Group’s organization aimed at increasing the scale of its operations. The Group incurred losses during the first years of its operations including 2023 and expects to continue to incur losses in the next twelve months from the issuance date of these consolidated financial statements. This is typical in the industry, as builders and operators of EV charging sites often incur losses in the early years of operation as the network grows and consumers begin adopting EVs. Therefore, the Group relies heavily on funding from bank financing and equity issuance. During 2022, the Group entered into a new facility agreement with a group of lenders led by Société Générale and Banco Santander, increasing the total available facility by €230,000 thousand to €400,000 thousand, to further support its growth. Refer to the more detailed description of the terms and conditions in the Financing section below. The Group’s strategy is based on further growth and will require additional significant funding from lenders or its existing or new shareholders. Financial position of the Group As at December 31, 2023, the losses incurred during the first years of its operations (partially offset by equity contributions from 2022), resulted in a negative equity of €79,322 thousand. (December 31, 2022: positive €27,758 thousand) and cash and cash equivalents of €44,585 thousand (December 31, 2022: €83,022 thousand). As of December 31, 2023 an amount of approximately €39,000 thousand included in the cash and cash equivalents originated from the drawdown of the renewed facility and will be used for capital expenditures in early 2024. The Group's operations to date have been funded by borrowings from the banks, as well as proceeds from the SPAC Transaction. In the consolidated statement of financial position as at December 31, 2023, the carrying value of the Group’s borrowings amounts to €350,722 thousand (December 31, 2022: €269,033 thousand). Additionally, the Group had €83,490 thousand in lease liabilities (December 31, 2022: €51,324 thousand) and €76,948 thousand in trade and other payables (December 31, 2022: €56,390 thousand). Financing On December 19, 2022, the Group entered into a new facility agreement (“the renewed facility”) with a group of lenders led by Société Générale and Banco Santander, increasing the total available facility by €230,000 thousand to €400,000 thousand, to further support its growth. The renewed facility consists of (i) €170,000 thousand used to settle the old facility, (ii) up to €200,000 thousand to be used for financing and refinancing certain capital expenditures and permitted acquisitions (and for other permitted debt servicing uses) and (iii) up to €30,000 thousand to be used for issuance of guarantees and letters of credit (and when utilized by way of letters of credit, for general corporate purposes). The renewed facility expires in December 2027 and bears interest at EURIBOR plus a margin. As of December 31, 2023, the Group has not drawn on €8,390 thousand of this facility and the unutilized amount from the guarantee facility is €17,500 thousand. The Company has not drawn any further amount from the renewed facility till the date of issuance of financial statements. The renewed facility is secured by pledges on the bank accounts (presented as part of cash and cash equivalents in Note 22 and non-current other financial assets in Note 19), pledges on trade and other receivables presented in Note 20 and pledges on the shares of its main subsidiaries in the capital of Allego Holding B.V., Allego B.V., Allego GmbH and Allego France SAS held by the Company. Under the terms of the renewed facility, the Group is required to comply with financial covenants, including leverage ratio and interest cover ratio, at the consolidated level of Allego N.V. Historically, the Group met its covenants as per the old facility agreement. A covenant breach would negatively affect the Group’s financial position and cash flows. In the event of a covenant breach, the Group may within business days from the occurrence of a breach or the anticipated breach of the loan covenants remedy such default by providing evidence of receipt of new funding, sufficient to cure such breach (“equity cure right”). Such remediation is available for not more than two consecutive testing dates and four times over the duration of the renewed facility. In case the covenants breach is not cured, such a breach is considered a default and could lead to the cancellation of the total undrawn commitments and the loan to become immediately due and payable. The compliance with covenants under the renewed facility agreement shall be tested every 6 months, with the testing period being the 12 months ending December 31 and June 30. The first testing date of the interest cover ratio was June 30, 2023, and the first testing date of the leverage ratio is June 30, 2024. Even though the Group has complied with the covenants of the old facility and renewed facility throughout all reporting periods presented the Group is also forecasted to potentially breach the interest cover ratio and leverage ratio covenants at December 31, 2024 and the Group is dependent on obtaining additional financing to execute on its business plan. The covenant ratios are increasing every testing date until June 30, 2027 in line with this business plan. Please refer to Note 34 for additional detail on loan covenants, and Note 25 for information on the terms and conditions of the renewed facility. In parallel to the renewed facility, the Group entered into interest rate cap derivatives to help offset the interest rate risk on at least 65% of the outstanding loan amounts under the renewed facility. The Group has two interest rate caps in place with a notional of €240,500 thousand (December 31, 2022: two interest rate caps with a notional of €181,487 thousand) which mature in December 2027. As at December 31, 2023, the interest rate caps cover approximately 67% (December 31, 2022: 65%) of the variable loan principal outstanding. The strike price changes over time and ranges between 1.50% and 3.43%. Interest rate risks on the remaining portion of the outstanding loan amounts, including the impact that higher interest rates would have on the Company’s going concern analysis, was included in the cash flow forecasts described below. Additional information on interest rate risk is described in Note 33. Liquidity forecasts Management prepares detailed liquidity forecasts and monitors cash and liquidity forecasts on a continuous basis. In assessing the going concern basis of preparation of the consolidated financial statements, management estimated the expected cash flows until December 31, 2025, incorporating current cash levels, revenue projections, detailed capital expenditures, operating expense budgets, interest payment obligations, and working capital projections, as well as compliance with covenants, potential future equity raises, and availability of other financial funding from banks. The Group invests in new stations, chargers, grid connections, and potential business acquisitions only if the Group has secured financing for such investments. These forecasts reflect potential scenarios and management plans and are dependent on securing significant contracts and related revenues. Management has performed an analysis of its liquidity forecast until December 31, 2025 and prepared a scenario that assumes capital expenditure levels based on the currently available funds, remaining undrawn portion of the renewed facility, as well as service revenue inflows derived from only existing contracts. Under this scenario, the Group is forecasted to have sufficient available cash and liquidity but has limited headroom. The key assumptions in the analysis are related to the utilization rates of charging stations and the sales prices. These assumptions are sensitive and any adverse change in these assumptions will result in insufficient available cash and liquidity. Under this scenario the Group is also forecasted to breach the interest cover ratio and leverage ratio covenants at December 31, 2024. In the event the Group fails to meet its loan covenants, or the Group’s forecasts prove to be inaccurate, the Group may be required to obtain additional financing, a waiver for its covenants and/or renegotiation with its current lender. The Group may not be able to negotiate on acceptable terms, or at all. If the Group is unable to raise additional capital when desired, its business, financial condition and results of operations would be adversely affected and may no longer be able to operate as a going concern. The Company is exploring various options to mitigate the uncertainties related to the funding to be obtained and the potential breach of its covenants by: •obtaining additional external and shareholder funding. •delaying capital expenditures. •negotiating with their current lenders to obtain a covenant waiver. •funding operations through the special purpose vehicles (i.e.asset companies) with external parties. •securing non-committed pipeline of sales and services projects. Please note that securing non-committed pipeline of sales and service projects does not guarantee immediate mitigation of any potential breach of financial covenants. The effectiveness of this measure is contingent upon the Company's success in generating adequate operational EBITDA, which is unpredictable and depends on the timings and the satisfaction of various performance obligations. As described above, long-term investments, development activities, and operations beyond December 31, 2025 will require additional financing to be obtained. Currently, no commitments exist for further growth investments. The Group will be required to seek additional financing to continue to execute its growth strategy and business plan in the long-term. The realization of such financing is inherently uncertain. Securing additional funding — by raising additional equity or debt financing — is important for the Group’s ability to continue as a going concern in the long-term. However, there is no assurance that the Group will be able to raise additional equity or debt financing on acceptable terms, or at all. As a result of management’s forecast and the potential breach of its covenants combined with the need for additional funding, there is a material uncertainty that casts significant doubt upon the Group’s ability to continue as a going concern, and therefore, whether the Group will realize its assets and settle its liabilities in the ordinary course of business at the amounts recorded in the financial statements. Although the expectation for the coming year is that the Company will continue to have net losses and make additional investments, its cash flows from operations and renewed credit facility is expected to be sufficient until December 31, 2025 based on the Company’s forecast and the remediation options available. Therefore, the consolidated financial statements have been prepared under the assumption that the Group operates on a going concern basis. The financial statements do not contain any adjustments that would result if the Group and Company were unable to continue as a going concern. 2.3. Basis of consolidation Subsidiaries are all entities over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: •power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee); •exposure, or rights, to variable returns from its involvement with the investee; •the ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: •the contractual arrangement(s) with the other vote holders of the investee; •rights arising from other contractual arrangements; •the Group’s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of financial position respectively. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in equity and attributed to the equity holders of the Company. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities and non-controlling interest, while any resultant gain or loss is recognized in profit or loss. Amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. Any retained interest in the entity is remeasured to its fair value, with the change in the carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequent accounting for the retained interest as an associate, joint venture or financial asset. Associates are all entities over which the Group has significant influence but not control or joint control. Investments in associates are accounted for using the equity method and are initially recognized at cost, including any potential transaction costs, as of the date the significant influence was obtained. Subsequently, the Group’s share of the profit or loss and other comprehensive income/(loss) of the associates is included in the consolidated financial statements until the date on which the significant influence ceases. As at December 31, 2023, the Group has one associate (December 31, 2022: one, December 31, 2021: nil). The Group discontinues applying the equity method when the investment in associates is reduced to zero. Accordingly, additional losses are not recognized unless the Group has guaranteed certain obligations of the associates. When the associates subsequently report net income, the Group resumes applying the equity method but only after its share of that net income equals the share of net losses not recognized during the period the equity method was suspended. 2.4. Principles for the consolidated statement of cash flows The consolidated statement of cash flows is prepared based on the indirect method. The consolidated statement of cash flows distinguishes between cash flows from operating, investing and financing activities. The cash items disclosed in the statement of cash flows comprise cash at bank, cash in hand, deposits held at call with financial institutions, and bank overdrafts when they are considered an integral part of the Group’s cash management. Cash flows denominated in foreign currencies have been translated at average exchange rates. Exchange differences on cash and cash equivalents are shown separately in the consolidated statement of cash flows. The Group has chosen to present interest paid as cash flows from operating activities and interest received as cash flows from investing activities. The Group has classified the principal portion of lease payments within cash flows from financing activities and the interest portion within cash flows from operating activities. The Group has classified cash flows received from operating leases as cash flows from operating activities. 2.5. Foreign currency translation 2.5.1 Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in euros (€), which is the Company’s functional and presentation currency. 2.5.2 Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates, are recognized in the consolidated statement of profit or loss. All foreign exchange gains and losses are presented in the consolidated statement of profit or loss, within finance income/(costs). Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. 2.5.3 Translation of foreign operations The results and financial position of foreign operations that have a functional currency different from the presentation currency of the Group are translated into the presentation currency as follows. Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position. Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used. All resulting exchange differences are recognized in the consolidated statement of comprehensive income and accumulated in a foreign currency translation reserve, as a separate component in equity (attributed to non-controlling interests as appropriate). When a foreign operation is sold, the associated exchange differences are reclassified to the consolidated statement of profit or loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. Exchange differences arising are recognized in the consolidated statement of comprehensive income. 2.6. New and amended standards 2.6.1 New and amended standards adopted by the group A number of amended standards have been published by the IASB and are effective as of January 1, 2023, The Group did not have to change its accounting policies or make retrospective adjustments as a result of applying these standards and amendments because these amended standards do not have a material effect on the Group's consolidated financial statements for the year ended December 31, 2023: •IFRS 17 – Insurance Contracts. This standard does not have an impact on the Group's consolidated financial statements because the Group does not have any contracts qualifying as insurance contracts. •Amendments to IAS 12 - International Tax Reform — Pillar Two Model Rules. This amendment will only become relevant if the Group reaches an annual turnover of at least Euro 750 million per year. The Group does not yet reach this revenue threshold and no assessment was yet performed to determine if it would be in scope via its majority shareholders. Should any of these conditions change, then the application of Pillar Two could have a material adverse effect on the Group's business, financial position and results of operations. •Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction. This amendment does not have an impact on the Group's consolidated financial statements •Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Material Accounting Policies. The Group assessed the impact of this amendment and updated its consolidated financial statements accordingly. •Amendments to IAS 8 - Definition of Accounting Estimates. This amendment does not have an impact on the Group's consolidated financial statements 2.6.2 New standards and interpretations not yet adopted The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. Amendments to IAS 1 – Classification of Liabilities as Current or Non-current The narrow-scope amendments to IAS 1 Presentation of Financial Statements clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g., the receipt of a waiver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the “settlement” of a liability. In October 2022 further amendments were issued to clarify that covenants of loan agreements which an entity must comply with only after the reporting date would not affect classification of a liability of current or non-current at the reporting date. These amendments introduce additional disclosure requirements. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively in accordance with the normal requirements of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The Group does not expect the standard to have an impact on the classification of the Group's liabilities within the consolidated financial statements, but will evaluate any additional disclosure requirements, as applicable. Other new and amended standards and interpretations The following new and amended standards have been published by the IASB and will become effective on or after January 1, 2024: •Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements •Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback •Amendments to IAS 1 - Non- Current Liabilities with Covenants •Amendments to IAS 21 - Lack of Exchangeability The adoption of the amendments listed above is not expected to have an impact on the Group’s consolidated financial statements2.7. Summary of material accounting policies 2.7.1 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker ("CODM"), who is responsible for assessing the performance of the operating segments and allocating resources, has been identified as the Executive Board of the Group. The Executive Board consists of the chief executive officer (CEO), the chief financial officer (CFO) and the chief technology officer (CTO). 2.7.2 Business combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business as per IFRS 3 and control is transferred to the Group. To determine whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and a substantive process and whether outputs can be produced. The cost of an acquisition is measured at the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred. Any contingent or deferred consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent or deferred consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent or deferred consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the consideration are recognized in the consolidated statement of profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the Group’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in the consolidated statement of profit or loss. In the event of an asset acquisition, the Group applies the guidance prescribed by IFRS 3 and allocates the cost of the transaction to the assets acquired and liabilities assumed based on their relative fair values at the date of purchase with no goodwill recognized. For any identifiable asset or liability initially measured at an amount other than cost, the Group initially measures that asset or liability at the amount specified in the applicable IFRS Standard. The Group then allocates the residual transaction price to the remaining identifiable assets and liabilities based on their relative fair values at the date of the acquisition. 2.7.3 Goodwill In a business combination, goodwill is initially measured at cost (being the excess of the aggregate of the: consideration transferred, amount of non-controlling interests and the fair value of any previously interest held, over the fair value of the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is not amortized but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Refer to the accounting policies on impairment of non-financial assets (including goodwill) in Note 2.7.15. On disposal of an entity, the associated goodwill is included in the carrying amount of the entity when determining the gains or losses on disposal. 2.7.4 Revenue recognition The Group recognizes revenue from the following activities: •revenue from charging sessions; •revenue from the sale of charging equipment to customers; •revenue from installation services; •revenue from the operation and maintenance of charging equipment owned by customers; and •revenue from consulting services. Charging sessions Charging sessions reflect the revenues related to charging sessions at charging equipment owned by the Group. The Group acts as a charge point operator in public spaces, at consumers' homes and at companies' locations. The Group supplies electricity to owners and drivers of electric vehicles which use a charge card issued by a mobility service provider (“MSP”), credit card or a charging app to pay for these services. Charging revenue is recognized at the moment of charging, when the control of electricity is transferred to the customer. The Group is acting as a principal in charging transactions for charging equipment that is owned by the Group as it has the primary responsibility for these services and discretion in establishing the price of electricity. The Group is considered an agent in charging transactions for charging equipment owned by third parties as the Group does not have control over electricity, the Group has to reimburse the electricity costs to EV drivers, and because the charging services to homeowners and company locations are administrative in nature. Sale of charging equipment The Group enters into agreements with customers for the sale of charging equipment. These contracts are development contracts with customers under which the Group purchases and installs charging equipment at the relevant locations. The Group has determined that the sale and installation of the equipment constitute two distinct performance obligations since the integration of both performance obligations is limited, the installation is relatively straight-forward and these installation services can be provided by other suppliers as well. These separate performance obligations are both sold on a stand-alone basis and are distinct within the context of the contract. When the contract includes multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where such stand-alone selling prices are not directly observable, these are estimated based on expected cost-plus margin. Revenue from the sale of charging equipment is recognized at a point in time when control of the charging equipment is transferred to the customer. Depending on the terms and conditions of the contract, this can be: •the moment when the customer has the legal title and the physical possession of the charging equipment once the delivery on premise takes place; or •the moment when the customer has not taken physical possession of the charging equipment and the delivery on premise has not taken place, but the customer has requested the Group to hold onto the charging equipment, and has the ability to direct the use of, and obtain substantially all of the remaining benefits from the charging equipment. Installation services Revenue from installation of charging equipment is recognized over time. The Group uses an input method in measuring progress of the installation services. The input method is based on the proportion of contract costs incurred for work performed to date in proportion to the total estimated costs for the services to be provided. Management considers that this input method is an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15. In case the Group cannot reliably measure progress of the installation services, the Group only recognizes revenue to the level of costs incurred. The Group also sells charging equipment and installation services separately. In that event the same revenue recognition principles are applied as those applied for a combined sale of charging equipment and installation services. Operation and maintenance of charging equipment Service revenue from operation and maintenance (“O&M”) services of charging equipment owned by customers is recognized over time. Services include the deployment of the Group’s cloud-based platform to collect, share and analyze charging data as well as the maintenance of the site. Customers are invoiced on a monthly basis and consideration is payable when invoiced. The Group recognizes revenue from O&M services over time using an output method in measuring progress towards complete satisfaction of its performance obligations (straight lining the recognition of revenue over the period of the contract) as the Group believes this method faithfully depicts their performance. Any upfront billing and payments are accounted for as an advance payment. Part of the O&M fees are variable and based on certain performance indicators related to the charging equipment, such as utilization. The Group recognizes variable consideration when the O&M fees occur. The Group and a customer may enter into a development contract and an O&M contract at the same time. These contracts are not negotiated as a package and there are distinct commercial objectives and terms, the amount of consideration to be paid in one contract does not depend on the price or performance of the other contract and the goods or services promised in the contracts represent multiple performance obligations. Therefore, development and O&M contracts are treated as separate arrangements. No significant element of financing is deemed present as the sales are made with a credit term of 30 days, which is consistent with market practice. Except for assurance type warranty provisions, the Group did not recognize an obligation to repair or warrant products or services as the Group does not provide any guarantee extension services. Consulting services The Group recognizes revenue from providing consulting services on research strategy and development of proprietary integrated tools taking the form of both software and/or hardware. Revenue from providing consulting services is recognized in the accounting period in which the services are rendered. Revenue is recognized over time using the input variable method as a measure of progress. In the case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered by the Group exceed the payments, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized. Contract assets Fees associated with the development contracts are fixed and payable upon the achievement of milestones. If the services rendered by the Group exceed the payment, a contract asset is recognized. Contract assets are subject to an impairment assessment. Refer to the accounting policies on impairment of financial assets in Note 2.7.17. Contract liabilities A contract liability is recognized if a payment from the customer is received, and it precedes the satisfaction of a performance obligation by the Group. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer). 2.7.5 Cost of sales Cost of sales represents the electricity cost for the charging revenues, which is billed to the Group by utility companies, including the electricity purchased under all PPA contracts, maintenance costs, depreciation expense related to charging equipment and charging infrastructure, and amortization expense related to the EV Cloud platform. Cost of sales related to development contracts consists of the cost of charging equipment and the third-party service cost for the installation services including the establishment of the grid connection. Cost of sales related to the O&M contracts mainly consists of the third-party service cost (such as costs incurred for monitoring the state of charging poles, cleaning of charging poles, data-related costs). These expenses are recognized in the period in which they are incurred. 2.7.6 Other income/(expenses) The Group recognizes other income/(expenses) from the following sources: •sale of CO2 tickets issued by government (for example, “HBE certificates” or hernieuwbare brandstofeenheden in the Netherlands and similar schemes in Germany and France); •government grants; •disposal of property, plant and equipment; •sublease rental income; •fair value gains/(losses) on derivatives (power purchase agreements, purchase options); •fair value gains/(losses) on preference shares derivatives and net gain/(loss) on sale of preference shares derivatives; and •other items. For CO2 tickets issued by governments IAS 20 Accounting for government grants and disclosure of government assistance is applicable. CO2 tickets are initially recognized at fair value as inventory (refer to the accounting policies on inventories in Note 2.7.16). Other income from the sale of CO2 tickets (for example, HBE certificates in the Netherlands and similar schemes in Germany and France) includes both the fair value gain on initial recognition and the gain or loss on the subsequent sale. The accounting policy for government grants is disclosed in Note 2.7.7. The accounting policy for the disposal of property, plant and equipment is disclosed in Note 2.7.12. The accounting policy for sublease rental income is disclosed in Note 2.7.14, section “Group as a lessor”. The accounting policy for the fair value gains and losses on the purchase options derivatives is disclosed in Note 2.7.17. Other items mainly relate to reimbursements that the Group has received from one of its suppliers for chargers. See note 7. 2.7.7 Government grants Government grants are recognized where there is reasonable assurance that the grant will be received and that the Group will comply with all attached conditions. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, which it is intended to compensate, are expensed. Income from government grants is recorded in the consolidated statement of profit or loss as other income/(expenses). When the grant relates to an asset, the carrying amount of the related asset is reduced with the amount of the grant. The grant is recognized in the consolidated statement of profit or loss over the useful life of the depreciable asset by way of a reduced depreciation charge. Grants relating to assets relate to the Group’s chargers and charging infrastructure. Refer to Note 15 for details. 2.7.8 General and administrative expenses General and administrative expenses relate to the Group’s support function and mainly comprise employee benefits, depreciation of right-of-use assets, IT costs, housing and facility costs, travelling costs, fees incurred from third parties and other general and administrative expenses. General and administrative expenses are recognized in the consolidated statement of profit or loss when incurred. 2.7.9 Selling and distribution expenses Selling and distribution expenses relate to the Group’s sales function and mainly comprise employee benefits, amortization costs, marketing and communication costs, housing and facility costs, travelling costs and other selling and distribution expenses. Selling and distribution expenses are recognized in the consolidated statement of profit or loss when incurred. 2.7.10 Employee benefits Short-term employee benefits Short-term employee benefits include wages, salaries, social security contributions, annual leave, including paid time-off, accumulating sick leave and non-monetary benefits and are recognized as an expense as the related services are provided by the employee to the Group. Liabilities for short-term employee benefits that are expected to be settled within twelve months after the reporting period are recorded for the amounts expected to be paid when the liabilities are settled. Pensions and other post-employment obligations Pension plans The Group operates various pension plans, including both defined benefit and defined contribution plans, for its employees in the Netherlands, Belgium, Germany, Denmark, Norway and Sweden. To the employees in France, both pension plan and a statutory end-of-service benefit applies. The plans are generally funded through payments to insurance companies or trustee-administered funds as determined by periodic actuarial calculations. Defined benefit plans The liability or asset recognized in the consolidated statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expenses in the consolidated statement of profit or loss. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive income. They are included in accumulated deficit in the consolidated statement of changes in equity and in the consolidated statement of financial position. Defined contribution plans For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. Other long-term employee benefits The Group operates a jubilee plan for certain employees in the Netherlands, for which the Group records a provision. The provision is measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period, using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Interest cost is calculated by applying the discount rate to the expected future payments. This cost is recognized in the consolidated statement of profit or loss, within finance income/(costs). Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in the consolidated statement of profit or loss. Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the Group recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value. 2.7.11 Share-based payment 2.7.11.1 Second special fees agreement A second share-based payment arrangement is provided to an external consulting firm via a second special fees agreement (the "Second Special Fees Agreement") (compared to the First Special Fees Agreement entered into in December 2020). Information relating to this agreement which was originally between the Company’s immediate parent entity — Madeleine — and the consulting firm is set out in Note 11.2. The fair value of the share-based payment arrangement granted under the Second Special Fees Agreement is recognized as an expense, with a corresponding increase in accumulated deficit as long as the agreement remained in place between Madeleine and the consulting firm. The Second Special Fees Agreement was novated from Madeleine to the Company during the reporting period and as a result, the fair value of the share-based payment arrangement granted under the Second Special Fees Agreement is recognized as an expense, with corresponding movements in the provision recognized as part of the novation. The total amount to be expensed is determined by reference to the fair value of the share-based payment arrangement, including market performance conditions. The fair value excludes the impact of any service and non-market performance vesting conditions. IFRS 2 requires the total expense to be recognized over the vesting periods, which are the periods over which all of the specified service and non-market vesting conditions are to be satisfied. For the Second Special Fees Agreement the expenses are recognized over the service periods (from the grant date until each forecasted equity injection, refer to Note 3.1.2). The Group shall revise its estimate of the length of the vesting periods, if necessary, if subsequent information indicates that the length of the vesting period differs from previous estimates. This may result in the reversal of expenses if the estimated vesting periods are extended. 2.7.11.2 Management Incentive Plan The share-based payment arrangement in place related to the Management Incentive Plan (“MIP”) includes two types of options that can be issued to the key management personnel: the grant options and the performance options. The options issued under the plan are classified as equity-settled share-based payment transactions, as the settlement with the participants shall be made using the company’s shares, as such they fall in scope of IFRS 2 Share-based Payment from the perspective of the Group and accounted for in the Group’s consolidated financial statements. The grant date fair value of grant options (options subject to the expiry of a blocking period of 18 months) is recognized as an operating expense with a corresponding increase in accumulated deficit. The fair value is determined at the grant date and the total expense is recognized immediately since the participants are not required to complete a specified period of service period before becoming unconditionally entitled to these equity instruments. The grant date fair value of the performance options (options subject to predefined performance conditions and the expiry of the blocking period) is recognized as an operating expense with a corresponding increase in accumulated deficit. The fair value is determined at the grant date and the total expense is recognized over the relevant service period, which is concluded to start on March 17, 2022 (the date at which the Group became a listed entity) as at that date there was a valid expectation of an award and a corresponding obligation by the Group, and end on September 18, 2023 (the end of vesting period). At the end of each reporting period, the Group revises the expense for the services received based on the non-market vesting and service conditions. The impact is recognized in the consolidated statement of profit or loss with the corresponding increase in accumulated deficit. The grant options and performance options do not include any market conditions or non-vesting conditions that should be included in their fair value. The grant date fair value remains the same over time. The number of shares expected to vest is estimated based on the non-market vesting conditions. When the options are exercised, the Group transfers the appropriate number of shares to the employee. The proceeds received, net of any directly attributable transaction costs, are credited directly to equity. Where options are forfeited due to a failure by the employee to satisfy the service conditions, any expenses previously recognized in relation to such shares are reversed effective from the date of the forfeiture. It is possible for the Group to net settle the options for (i) withholding taxes and (ii) the exercise price. This will result in classification of all the options as equity-settled since IFRS 2 includes an exception to the general principles for classification as cash-settled when an employer withholds awards due to a mandatory requirement to settle a tax exposure on behalf of an employee which is applicable to the Group. Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model and making assumptions about them. As the exercise price applicable to the options under the Company's Management Incentive Plan is negligible, no specific option-pricing models are used by the Company and the fair value of options granted is determined by reference to the fair value of the Company’s share at the grant date, excluding the impact of any service and non-market performance vesting conditions. At the end of each period, the Group revised its estimates of the number of options that are expected to vest based on the service conditions and non-market conditions, with the final revision made in December 2023, when all options vested. 2.7.11.3 Other share-based payment plans The share-based payment arrangement in place related to the Long-Term Incentive Plan ("LTIP") qualifies as equity settled share-based payments in accordance with IFRS 2. As mentioned in Note 11.4, as part of Allego´s incentive plans, certain eligible members of the Board of Directors, Executive Committee and employees were granted Restricted Stock Units ("RSUs"), performance based share options ("LTIP Performance Options"), Company ordinary shares ("IPO Grant Shares") and special options ("LTIP Special Options"), based on the Company's internal performance evaluation framework. The grant date fair value is recognized as an operating expense with a corresponding increase in accumulated deficit. The fair value is determined at the grant date and the total expense is recognized over the vesting period, being the period over which all of the specified vesting conditions are satisfied. For all awards the service period is concluded to start on the date when there was a valid expectation of an award and a corresponding obligation by the Group. The RSUs awarded to employees and the LTIP Performance Options awarded to executive officers are recognized over the relevant service period (three years for RSUs to employees and to three years for LTIP Performance Options starting from grant date). For the LTIP Special Options, IPO Grant Shares and the RSUs awarded to eligible members of the board of directors, there are no vesting conditions, the vesting date being the grant date and the expenses are recognized immediately. At the end of each reporting period, the Group revises the expense for the services received based on the vesting conditions. The impact is recognized in the consolidated statement of profit or loss with the corresponding increase in accumulated deficit. The RSUs, LTIP Performance Options, IPO Grant Shares, and LTIP Special Options do not include any market conditions or non-vesting conditions that should be included in their fair value. The grant date fair value remains the same over time. When the awards are vested, the Group transfers the appropriate number of shares to employees. Where awards are forfeited due to a failure by the employee to satisfy the service conditions, any expenses previously recognized in relation to such shares are reversed effective from the date of the forfeiture. In case of awards to a good leaver for which vesting conditions are not satisfied during the vesting period, failure to satisfy the conditions is treated as a cancellation with immediate recognition of any expense that were not previously recognized. Where an award is designated as a replacement award, any incremental fair value must be recognized over the vesting period of the replacement award. The incremental fair value is the difference between the fair value of the original award and that of the modified award, both measured at the date of modification. Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model and making assumptions about them. As the exercise price applicable to the LTIP Performance Options, RSUs, IPO Grant Shares and LTIP Special Options under the LTIP is negligible, no specific option-pricing models are used by the Company for these awards. The fair value of the awards granted under these plans is determined by reference to the fair value of the Company’s share at the grant date. At the end of each period, the Group revises its estimates of the number of LTIP Performance Options that are expected to vest based on the service conditions and non-market conditions. It recognizes the impact of the revision to original estimates, if any, in operating expenses, with a corresponding adjustment to accumulated deficit. 2.7.12 Property, plant and equipment Property, plant and equipment are initially recorded in the consolidated statement of financial position at their cost. For property, plant and equipment acquired from third parties this is the acquisition cost, including costs that are directly attributable to the acquisition of the asset. For internally constructed assets, cost comprises direct costs of materials, labor and other direct production costs attributable to the construction of the asset. Each item of property, plant and equipment is subsequently stated at historical cost less accumulated depreciation and accumulated impairment, if any. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to the consolidated statement of profit or loss during the reporting period in which they are incurred. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the asset’s use or disposal. Any gain or loss arising on the disposal or retirement of the asset (determined as the difference between the net disposal proceeds and the carrying amount of the asset) is recorded in the consolidated statement of profit or loss when the asset is derecognized, within other income/(expenses). Occasionally, the Group sells its own chargers and/or charging equipment to a customer. In that case, the carrying value of the disposed assets are recorded within cost of sales. The proceeds of such transactions are recorded within revenue from the sale of charging equipment. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Depreciation methods and periods The Group depreciates its property, plant and equipment using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives. Leasehold improvements are depreciated over the shorter of their lease term and their estimated useful lives. The estimated useful lives used are as follows:
Other fixed assets mainly comprise leasehold improvements, office equipment, IT assets and other fixed assets. The residual values, useful lives and depreciation methods are reviewed at the end of each reporting period and adjusted prospectively, if appropriate. 2.7.13 Intangible assets The Group’s intangible assets consist of software, customer relationships and goodwill. Software primarily comprises the Group’s internally developed EV Cloud platform and software purchased from third parties. Customer relationships, software and goodwill resulted from the acquisition of MOMA business combination as detailed in Note 4. Internally developed software Internally developed software comprises the Group’s internally developed EV Cloud platform. Its cost consists of the development cost that are directly attributable to the design and testing of the EV Cloud platform, which is controlled by the Group. Development costs are capitalized as software if the following criteria are met: •It is technically feasible to complete the software so that it will be available for use. •Management intends to complete the software and use or sell it. •There is an ability to use or sell the software. •It can be demonstrated how the software will generate probable future economic benefits. •Adequate technical, financial and other resources to complete the development and to use or sell the software are available. •The expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalized as part of the software include direct costs of labor and other direct production costs attributable to the development of the software. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use over its estimated useful life of three years. Following initial recognition, internally developed software is carried at cost less any accumulated amortization and accumulated impairment losses. In determining the development costs to be capitalized, the Group estimates the expected future economic benefits of the software (component) that is the result of the development project. Furthermore, management estimates the useful life of such software (component). The Group estimates the useful life of the development costs to be at three years based on the expected lifetime of the software (component). However, the actual useful life may be shorter or longer than three years, depending on innovations, market developments and competitor actions. Research expenditure and development expenditure related to software that do not meet the criteria above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Software and licenses purchased from third parties Software and licenses purchased from third parties comprises software and licenses for the use of platforms from third parties. Software and licenses purchased from third parties are measured on initial recognition at cost. Cost comprises the purchase price and directly attributable costs of preparing (i.e., tailoring) the software or platform for its intended use by the Group. Following initial recognition, software and licenses purchased from third parties are carried at cost less any accumulated amortization and accumulated impairment losses. Software and licenses purchased from third parties are amortized over its useful life or the duration of the license, as applicable. Goodwill The goodwill arisen from the acquisition of subsidiaries is included in the Group’s intangible assets. Please refer to Note 2.7.3 and Note 2.7.15 for details over the accounting policies applied in accounting for goodwill. Customer relationships The customer relationships were acquired as part of the acquisition of MOMA business combination (see Note 4 for details). They are recognized at their fair value at the date of acquisition and are subsequently carried at cost less accumulated amortization and accumulated impairment losses. Customer relationships are amortized on a straight-line basis over its useful life, which is based on the timing of projected cash flows of the contracts. Derecognition An intangible asset is derecognized upon disposal or when no future economic benefits are expected to arise from the asset’s use or disposal. Any gain or loss arising on derecognition of the asset (determined as the difference between the net disposal proceeds and the carrying amount of the asset) is recorded in the consolidated statement of profit or loss when the asset is derecognized. Amortization methods and periods The Group amortizes intangible assets with a finite useful life using the straight-line method to allocate their cost over their estimated useful lives. The estimated useful lives used are as follows:
The useful lives and amortization methods are reviewed at the end of each reporting period and adjusted prospectively, if appropriate. 2.7.14 Leases Group as a lessee The Group leases office buildings, cars, software, land permits and other assets. Other assets comprise office furniture. Rental contracts are typically agreed for fixed periods of several years. The contractual lease term of office buildings is typically set at five years but may have extension options as described below. The contractual lease term of cars is set at four years, where extensions are unusual. Software relates to the right of use of a third-party supplier’s application software. The contractual lease term of software is set at five years with a two-year extension option. The contractual lease term of land permits is set between 10 years and 15 years, where extension is depended on future performance of the sites. Contracts may contain both lease and non-lease components. The Group has elected not to separate lease and non-lease components for all identified asset classes and instead accounts for these as a single lease component. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Determining the right-of-use asset and lease liability Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: •fixed payments (including in-substance payments), less any lease incentives receivable; •variable lease payments that are based on an index or rate, initially measured using the index or rate as at the commencement date; •amounts expected to be payable by the Group under residual value guarantees; •the exercise price of a purchase option if it is reasonably certain that the Group will exercise that option; and •payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the lease liability. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to the consolidated statement of profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the lease liability for each period. Right-of-use assets are measured at cost comprising the following: •the amount of the initial measurement of the lease liability; •any lease payments made at or before the commencement date less any lease incentives received; •any initial direct costs, and •restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. If the Group is reasonably certain that it will exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. The right-of-use assets are also subject to impairment and are allocated to the cash-generating unit to which these assets relate. Refer to the accounting policy for impairment of non-financial assets, which is disclosed in Note 2.7.15. Discount rate The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the Group uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group and makes adjustments specific to the lease (e.g., term, country, currency and security). Leases of low-value assets and short-term leases Low-value assets comprise small items of office furniture. The Group has not applied the practical expedient to recognize leases of low-value assets on a straight-line basis as an expense in the consolidated statement of profit or loss. Short-term leases are leases with a lease term of twelve months or less without a purchase option. The Group has short-term building and car leases. The Group has applied the practical expedient to recognize short-term building leases, but not for short-term car leases, on a straight-line basis as an expense in the consolidated statement of profit or loss. Lease term Extension and termination options are included in a number of office buildings, software, car leases and land permits across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if it is reasonably certain that the lease will be extended (or not terminated). For leases of offices and land permits, the following factors are normally the most relevant: •If there are significant penalty payments to terminate (or not to extend), it is typically reasonably certain that the Group will extend (or not terminate). •If any leasehold improvements are expected to have a significant remaining value, it is typically reasonably certain that the Group will extend (or not terminate). •Otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or to not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. Management applied its best estimate on the execution of renewal options and termination options, taking into account business practices within the Group in order to estimate the lease term. The Group took contractual provisions and legal frameworks into account. In doing so, it applied legal and contractual renewal terms for leases and took into account break options (provided by contractual provisions and/or legal frameworks) in determining estimated lease terms. Lease terms at the end of their term are reviewed 18 - 24 months in advance to assess if a new term should be added. For all seven office leases the extension options have not been included in the lease liability, because the leases either have a significant remaining non-cancellable lease term or the Group is contemplating whether that office will be suitable for the Group’s operations. For all land permit leases, the extension options have not been included in the lease liability, because the leases either have a significant remaining non-cancellable lease term or it is not reasonably certain that the Group will extend these leases. The extension is dependent on future performance of the sites. The determined remaining lease terms per December 31, 2023 vary in ranges of 1 up to 15 years for land permits, 1 up to 12 years for offices and other assets, and 1 up to 4 years for cars and software. Group as a lessor When the Group acts as a lessor, it determines at lease commencement whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, the lease is classified as a finance lease. If this is not the case, the lease is classified as an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset and whether, at the inception date, the present value of the lease payments amounts to at least substantially all of the fair value of the underlying asset. If an arrangement contains lease and non-lease components, the Group applies IFRS 15 Revenue from Contracts with Customers to allocate the consideration in the contract. When the Group is an intermediate lessor, it accounts for its interests in the head-lease and the sublease separately. It assesses the lease classification of a sublease with reference to the right-of-use asset arising from the head-lease, not with reference to the underlying asset. Operating subleases The Group subleases some of its leased office buildings to third parties. The contractual term of subleases of office buildings is typically set at three years but is in no event longer than the lease term of the head-lease. Subleases may have extension and/or termination options that are typically exercisable only by the lessee and not by the Group. All subleases of the Group’s leased office buildings are classified as operating subleases. The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of other income/(expenses). 2.7.15 Impairment of non-financial assets (including goodwill) The Group assesses at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, the Group estimates the asset’s recoverable amount. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets (“cash-generating units”). An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses are recognized in the consolidated statement of profit or loss in expense categories consistent with the function of the impaired asset. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year. An assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation or amortization, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated statement of profit or loss. Impairment of goodwill Goodwill impairment testing is performed annually or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment. These indicators include changes in the business climate, changes in management, legal factors, operating performance indicators or sale of disposal of the acquired business. The Group allocates goodwill to a group of CGU’s for the purpose of impairment testing based on such CGU's being expected to benefit from the business combination in which the goodwill arose. This group of CGU's is the lowest level at which goodwill is monitored for internal management purposes. Goodwill is allocated and monitored by Allego at the level of the operating segment, which is the Company as a whole. The carrying amount of goodwill is compared with the recoverable amount of the group of CGU’s it was allocated to, which is the higher of the group of CGU’s value in use and its fair value less cost to sell. In case indication of impairment exists and when the Group uses a discounted cash flow (“DCF”) model to determine the value-in-use, the cash flow projections contain assumptions and estimates of future expectations. This value in use is determined using cash flow projections from financial budgets approved by senior management covering a five-year period, cash flows beyond the five-year period are extrapolated using a growth rate and the future cash flows are discounted. The value in use amount is sensitive to the discount rate used in the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The impairment assessment was performed for the year ended December 31, 2023, resulting in a sufficient headroom (refer to Note 16 for details), as such no impairment was identified. Impairment of other intangible assets During the year ended December 31, 2023 no impairment indicators were identified for other intangible assets. 2.7.16 Inventories Finished products and goods for resale Inventories of finished products and goods for resale are stated at the lower of cost and net realizable value. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. CO2 Tickets (for example, HBE certificates in the Netherlands and similar schemes in Germany and France) The Group distinguishes the CO2 Tickets issues by government (for example, HBE certificates in the Netherlands and similar schemes in Germany and France). The Group's policy is to sell the CO2 Tickets received from the government in the ordinary course of business. These CO2 Tickets are initially recognized when the underlying electricity volumes are sold to charging customers, because at this point in time would be reasonably certain that these certificates will be received. These CO2 Tickets are initially measured at fair value, which is the initial cost of the certificates. Upon initial recognition of the certificates, the Group records a corresponding gain in other income/(expenses). They are subsequently stated at the lower of cost and net realizable value. Costs are assigned on an individual basis. Net realizable value is the average market price available at closing of the period less the estimated costs necessary to make the sale, considering the existing sales contracts. The sale of CO2 Tickets is recognized based on the agreements between the Group and the buyers. The Group recognizes the income from sale of CO2 Tickets when the control is transferred to the buyer because at this point in time the performance obligation is satisfied. 2.7.17 Financial instruments The Group recognizes a financial asset or financial liability in its consolidated statement of financial position when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets Classification The Group classifies its financial assets in the following measurement categories: •those to be measured subsequently at fair value through other comprehensive income with recycling of cumulative gains and losses – debt instruments (“FVOCI – debt instruments”); •those to be measured subsequently at fair value through other comprehensive income with no recycling of cumulative gains and losses upon derecognition – equity instruments (“FVOCI – equity instruments”); •those to be measured subsequently at fair value through profit or loss (“FVPL”); and •those to be measured at amortized cost. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. In order for a financial asset to be classified and measured at amortized cost or FVOCI, it needs to give rise to cash flows that are “solely payments of principal and interest (“SPPI”)” on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at FVOCI are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. The Group reclassifies debt investments when and only when its business model for managing those assets changes. Initial measurement With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at FVPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in the consolidated statement of profit or loss. Trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognized initially at the transaction price, unless they contain significant financing components, when they are recognized at fair value. Subsequent measurement Financial assets at amortized cost Financial assets at amortized cost are subsequently measured using the effective interest (“EIR”) method and are subject to impairment. Gains and losses are recognized in the consolidated statement of profit or loss when the asset is derecognized, modified or impaired. The Group’s financial assets at amortized cost include cash and cash equivalents, trade receivables, other receivables and pledged bank balances included under current and non-current other financial assets. Financial assets at FVOCI — debt instruments For debt instruments at FVOCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the consolidated statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in the consolidated statement of comprehensive income (“OCI”). Upon derecognition, the cumulative fair value change recognized in OCI is recycled to the consolidated statement of profit or loss. The Group does not have debt instruments at FVOCI. Financial assets at FVOCI – equity instruments The Group measures all equity investments at fair value. Where the Group has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to the consolidated statement of profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in the consolidated statement of profit or loss as other income/(expenses) when the Group’s right to receive payments is established. The Group’s investments in equity securities at FVOCI relate to an investment in a private company that provides distributed demand response products, which enable households to achieve energy savings. The Group has elected to present fair value gains and losses related to this equity investment in OCI, as investing in (equity) securities is not the main activity of the Group and the objective of the investment is not to hold it for trading purposes. Financial assets at FVPL Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognized in the consolidated statement of profit or loss. This category includes interest cap derivatives which are included under non-current other financial assets. In 2022, the Group also had purchase options derivatives which were included under current other financial assets and preference shares derivatives which were included under non-current other financial assets. Impairment The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. Trade receivables and contract assets The Group applies the IFRS 9 simplified approach to measuring ECLs which uses a lifetime expected loss allowance for all trade receivables and contract assets (if present). To measure the ECLs, trade receivables and contract assets are grouped based on shared credit risk characteristics and the days past due. If present, the contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The Group considers a financial asset in default when contractual payments are 60 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Derecognition of financial assets Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Financial liabilities Classification The Group classifies its financial liabilities in the following measurement categories: •financial liabilities at FVPL; and •financial liabilities at amortized cost. The Group’s financial liabilities include trade and other payables, borrowings including bank overdrafts, and derivative financial instruments. Initial measurement All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: •financial liabilities at FVPL; and •financial liabilities at amortized cost. Financial liabilities at FVPL Financial liabilities at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognized in the consolidated statement of profit or loss. This category includes derivative liabilities relating to Power Purchase Agreements (PPAs) and warrant liabilities which are presented under non-current or current liabilities, depending on their respective maturity. Financial liabilities at amortized cost This is the category most relevant to the Group and consists of borrowings and trade and other payables. Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are subsequently measured at amortized cost using the EIR method. Borrowings After initial recognition, borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included within finance income/(costs) in the consolidated statement of profit or loss. Fees paid on the establishment of borrowings and commitment fees paid on the unused part of the facility are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statement of profit or loss. Derivatives The Group uses derivative financial instruments, interest rate caps to hedge its interest rate risks, derivative liabilities relating to PPAs to hedge its price risk, and warrant liabilities. Derivatives are initially recognized at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The Group does not apply hedge accounting. Therefore, changes in the fair value of the Group’s derivative financial instruments are recognized immediately in the consolidated statement of profit or loss and are included in finance income/(costs) for interest rate caps and warrant liabilities, and in other income/(expenses) for derivative liabilities relating to PPAs. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Warrant liabilities According to management’s assessment, both the Public Warrants and Private Placement Warrants were within the scope of IAS 32 and have been classified as a current derivative financial liability (based on the warrants being exercisable 30 days after the Closing Date of the BCA). In accordance with IFRS 9 Financial Instruments, the warrant derivatives that have been classified as financial liabilities shall be measured at fair value with subsequent changes in fair value to be recognized in the consolidated statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. 2.7.18 Fair value measurement The Group measures financial instruments such as derivatives, debt and FVOCI equity instruments at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: •Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. •Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. •Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognized in the consolidated financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. 2.7.19 Cash and cash equivalents Cash and cash equivalents include cash in hand, cash at banks, and deposits held at call with financial institutions. Bank overdrafts are shown within borrowings in current liabilities in the consolidated statement of financial position. 2.7.20 Equity Share capital The Company’s share capital consists of ordinary shares, which are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Reserves Reserves include the following: (i)Legal reserve for capitalized development costs A legal reserve has been recognized within equity with regard to the capitalized development costs of the Group’s internally developed EV Cloud platform in accordance with article 2:365.2 of the Dutch Civil Code. The legal reserve is reduced as the capitalized development costs are amortized. Additions and releases from the legal reserve are recorded through accumulated deficit. (ii)Foreign currency translation reserve The foreign currency translation reserve includes the cumulative exchange differences that result from the translation of the financial statements of the Group’s foreign operations. (iii)Reserve for financial assets at FVOCI The reserve for financial assets at FVOCI includes changes in the fair value of certain investments in equity securities in OCI. The group transfers amounts from this reserve to accumulated deficit when the relevant equity securities are derecognized. 2.7.21 Profit/(loss) per share Basic profit/(loss) per share is calculated by dividing the profit/(loss) attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year. Diluted profit/(loss) per share adjusts the figures used in the determination of basic profit/(loss) per share to take into account the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. Potentially dilutive securities are excluded from the computation of diluted profit/(loss) per share if their inclusion is anti-dilutive (for example, if it would result in a lower profit/(loss) per share). 2.7.22 Provisions and contingencies Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount can be reliably measured. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can be measured reliably. The expense relating to a provision is presented in the consolidated statement of profit or loss net of any reimbursement. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense, presented within finance income/(costs) in the consolidated statement of profit or loss. Jubilee provisions The accounting policy for jubilee provisions is described in the employee benefits section. Restructuring provisions Restructuring provisions are recognized only when the Group has a constructive obligation, which is when: •there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs, and the timeline; and •the employees affected have been notified of the plan’s main features. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the business or part of the business concerned. Contingent liabilities Contingent liabilities arise when there is a: •possible obligation that might, but will probably not require an outflow of resources embodying economic benefits; or •present obligation that probably requires an outflow of resources embodying economic benefits, but where the obligation cannot be measured reliably; or •present obligation that might, but will probably not, require an outflow of resources embodying economic benefits. Contingent liabilities are not recognized in the consolidated statement of financial position, but rather are disclosed, unless the possibility of an outflow is considered remote. Warranty provisions A provision for estimated warranty claims is made by the Group in respect of products sold that are under warranty at the end of the reporting period. The provision is based on historical warranty data and the claims are expected to be settled in the next 2 years. 2.7.23 Income tax The income tax expense or credit for the period is the tax payable on the current period’s taxable income or tax receivable on the current period's deductible losses, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current tax The current income tax charge/credit is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are carried on the basis of the tax consequences of the realization or settlement of assets, provisions, liabilities or accruals and deferred income as planned by the Group at the reporting date. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. In this assessment, the Group includes the availability of deferred tax liabilities, the possibility of planning of fiscal results and the level of future taxable profits in combination with the time and/or period in which the deferred tax assets are realized. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred income tax assets and liabilities are measured at nominal value. As at December 31, 2023, the Group recorded a deferred tax asset, which relates to the partial recognition of the carried-forward tax losses of the Group’s operations in Germany and Belgium (December 31, 2022: Germany and Belgium). The Group expects that future taxable profits will be available against which these unused tax losses can be utilized. These losses can be carried forward indefinitely and have no expiry date. At each reporting date presented, the Group also had unused tax losses available for carryforward in other jurisdictions where the Group incurred losses in the past for which no deferred tax assets have been recognized. The Group expects that future taxable profits will be available against which these unused tax losses can be utilized before the expiry date. However, the Group has determined that, for those jurisdictions, the threshold for recognizing deferred tax assets in excess of the level of deferred tax liabilities has not been met due to history of losses and uncertainties such as the planned fiscal restructuring of the Group (e.g. the integration of the Mega-E group into the Allego group). Therefore, for those jurisdictions, deferred tax assets have been recognized to the extent that the Group has deferred tax liabilities and no additional deferred tax assets have been recognized for unused tax losses at each reporting date presented. Management determined the (deferred) tax position of the Group using estimates and assumptions that could result in a different outcome in the tax return filed with the tax authorities and could result in adjustments in subsequent periods. Current and deferred tax for the year Current and deferred tax is recognized in the consolidated statement of profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. 2.7.24 Reclassification of prior year presentation Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the consolidated statement of financial position and consolidated statements of cash flows for the fiscal year ended December 31, 2022, to reclassify non-current portion of prepaid extended warranties.
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Significant accounting estimates, assumptions and judgments |
12 Months Ended |
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Dec. 31, 2023 | |
Significant Accounting Estimates, Assumption, and Adjustments [Abstract] | |
Significant accounting estimates, assumptions and judgments | Significant accounting estimates, assumptions and judgments The preparation of the Group’s consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent assets and liabilities. The reported amounts that result from making estimates and assumptions, by definition, will seldom equal the actual results. Management also needs to exercise judgment in applying the Group’s accounting policies. The significant accounting estimates, assumptions and judgments applied in preparing the Group’s consolidated annual financial statements for the year ended December 31, 2023 are consistent with those followed in the preparation of the Group’s consolidated annual financial statements for the year ended December 31, 2022, as well as the Group's interim condensed consolidated financial statements for the nine months ended September 30, 2023, except for those estimates, assumptions and judgments which were not considered significant as of December 31, 2023 and the new estimates, assumptions and judgments identified during the year 3.1. Judgments In the process of applying the Group’s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements. 3.1.1 Revenue recognition Significant judgment and estimates are necessary for the allocation of the proceeds received from an arrangement to the multiple performance obligations in a contract and the appropriate timing of revenue recognition. The Group enters into development contracts with customers that include promises to transfer multiple products and services, such as charging equipment and installation services. For arrangements with multiple products or services, the Group evaluates whether each of the individual products or services qualify as distinct performance obligations. In its assessment of whether products or services are a distinct performance obligation, the Group determines whether the customer can benefit from the product or service on its own or with other readily available resources and whether the service is separately identifiable from other products or services in the contract. This evaluation requires the Group to assess the nature of the charging equipment, as well as the grid connection and installation services and how each is provided in the context of the contract. The Group enters into development contracts for the delivery and installation of charging equipment as a bundled package related to sales and services contracts. The Group has determined that there are two separate performance obligations in these contracts. These distinct promises are (1) to deliver the charging equipment and, (2) to install the charging equipment (including the connection to the grid). The main reasons for separating these performance obligations are that these promises can be fulfilled separately with other readily available resources, and that the Group does not provide significant integration, modification or customization services related to the charging equipment. In addition, the Group enters into development contracts related to engineering, procurement and construction ("EPC") contracts. Management concluded that these contracts contain three separate performance obligations, (1) development activities, (2) delivery of charging equipment and, (3) installation of charging equipment (including the connection to the grid). The rationale for the identification of these distinct performance obligations is similar to the reasons described for sales and services contracts. The Group also provides operation and maintenance services to its customers which include operation of the EV charging infrastructure, maintenance of the charging points, access to the Group’s EV Cloud solution, EV Cloud software updates and interface management. The Group has determined that operation and maintenance services represent two distinct performance obligations. 3.1.2 Accounting for the second Special Fees Agreement On February 25, 2022 (‘the Second Special Fees Agreement grant date’), the Company’s then immediate parent entity — Madeleine — entered into the Second Special Fees Agreement, with the same external consulting firm as for the First Special Fees Agreement described above. The purpose of this Second Special Fees Agreement is to compensate the external consulting firm for their continuous strategic and operational advice, as well as support with regards to the Group’s capital raising efforts in the near future. The agreement expires on the earlier of June 30, 2025, and the date on which Madeleine no longer holds any equity security in the Company. As consideration for the Second Special Fees Agreement, the external consulting firm is entitled to receive cash compensation based on the value of the Group in connection with any new injection of equity, whether in cash or in kind, in any entity of the Group subsequent to the completion of the SPAC Transaction (the “Equity Injection(s)”). Management assessed whether the Group has received services under the Second Special Fees Agreement that requires the Second Special Fees Agreement to be accounted for in the Group’s consolidated financial statements. The Second Special Fees Agreement was entered into by Madeleine and the consulting firm reports to the board of directors of Madeleine. The consulting services provided related to the Equity Injections, but also to strategic and operational advice. The Group has benefited from these services and might also benefit from Equity Injections. Although the Group does not have the obligation to settle the obligation under the Second Special Fees Agreement, management believes that the services provided under the Second Special Fees Agreement benefit the Group. Therefore, the Second Special Fees Agreement is in scope of IFRS 2 Share-based Payment from the perspective of the Group and accounted for in the Group’s consolidated financial statements. The Group has also assessed that the total fair value of the grant should be recognized between the grant date and the estimated dates of the Equity Injections as the Second Special Fees Agreement compensates the external consulting firm for future services and creates a significant incentive for the external consulting firm to continue to provide services until the Equity Injections takes place. The Second Special Fees Agreement therefore includes an implicit future service period over which the share-based payment expenses should be recognized. On March 10, 2022, the Second Special Fees Agreement was amended to modify the formula of the relevant percentage used in the determination of the fees payable for equity injections subsequent to the first Equity Injection. Management assessed and concluded these changes had no impact to the fair value of the grant. On April 20, 2022, the Second Special Fees Agreement was novated from Madeleine to Allego (the “Novation”), all the other terms of the Second Special Fees Agreement remaining the same. As a result of the Novation, the Group has now the obligation, instead of Madeleine, to settle the share-based payment arrangement with the consulting firm. The Second Special Fees Agreement’s classification therefore changed to a cash-settled share-based payment arrangement from the Novation date. Refer to Note 11.2 for further details on the accounting for the Second Special Fees Agreement. 3.1.3 Accounting for Power Purchase Agreements (PPAs) The Group signed multiple Power Purchase Agreements (PPAs) during the years ended December 31, 2023 and December 31, 2022 for the purchase of electricity from renewable sources in the Netherlands and Germany. Significant judgment was required to assess the accounting for these PPAs, depending on the specific characteristics of the underlying agreements. The following was considered in this assessment: • whether the agreements contain a lease (IFRS 16); or if not • whether the agreements meet the “own use” criteria (IFRS 9). The Group concluded that the PPAs do not contain a lease, as while the Group has the right to obtain substantially all of the economic benefits from the use of the renewable energy assets in the PPAs, the design of the underlying renewable assets was predetermined, the operational control over the renewable assets is maintained by the suppliers, and the Group has no option to choose the timing and volumes of power production. Therefore, the Group is unable to direct the use of respective assets. The Group further concluded that all German PPAs and some PPAs in the Netherlands entered into in the year ended December 31, 2023 and December 31, 2022 meet the “own use” criteria in IFRS 9, as these are physical PPAs for the purchase of renewable electricity in accordance with the expected usage requirements of the Group in these countries. As such, these agreements are accounted for as executory contracts. The renewable electricity supplied by the remaining PPAs in the Netherlands will be sold occasionally on the spot electricity market, when the supply at particular moments in time is excessive, as such the renewable electricity supplied under these agreements does not meet the “own use” exemption in IFRS 9. As such the Group concluded that these PPAs contain an embedded derivative, being the renewable electricity supply, which is accounted for at fair value, and the host contract is treated as an executory contract. 3.2. Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within future periods, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared and are based on historical experience and other factors that are considered to be relevant. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. 3.2.1 Valuation of investment in equity securities The fair value of investment in equity securities that are not traded in an active market is determined using valuation techniques. The Group used its judgment in selecting the discounted cash flow analysis as the relevant method for the investment in equity securities and makes assumptions that are mainly based on market conditions existing at the end of each reporting period. The details of the key assumptions used and the impact of changes to these assumptions over the valuation are disclosed in Note 32. 3.2.2 Valuation of share-based payments under the second Special Fees Agreement Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model and making assumptions about them. For the measurement of the fair value of equity-settled transactions with an external consulting firm under the Second Special Fees Agreement at the grant date (and subsequent measurement dates until the novation of the Second Special Fees Agreement to determine the fair value of consulting services received, for the portion of share-payment expenses that relates to compensation for external consulting services) and at the novation date, the Group uses a valuation model which takes into account how the fees payable in cash will depend on the equity value following future Equity Injection events. The same valuation model is used for the measurement of the fair value of cash-settled transactions with an external consulting firm under the Second Special Fees Agreement for measurement dates subsequent to the novation of the Second Special Fees Agreement. The assumptions and model used for estimating the fair value for share-based payment transactions under the First and Second Special Fees Agreements are disclosed in Note 11. 3.2.3 Valuation of derivative liabilities relating to Power Purchase Agreements (PPAs) Estimating fair value for derivative liabilities relating to PPAs requires the most appropriate valuation methodology and involves a determination of the most appropriate inputs, and assumptions about them. For the measurement of the fair value of these derivative liabilities at inception of the agreements (and subsequent measurement dates until the expiration of the agreements), the Group uses a discounted cash-flow model using contractual, company specific and market inputs. The electricity forward prices are among the key inputs and cannot be forecasted using observable market data for the whole duration of the contract. Other key inputs include the renewable electricity production volumes and discount rate (including the credit spread). The assumptions and model used for estimating the fair value for derivative liabilities relating to PPAs are disclosed in Note 32.
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Business combinations and capital reorganization |
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Business Combination [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Business combinations and capital reorganization | Business combinations and capital reorganization Merger between Allego Holding B.V. and Spartan Acquisition Corp. III (the "SPAC Transaction”) On July 28, 2021, Allego Holding and Spartan signed a Business Combination Agreement ("BCA"). Prior to the SPAC Transaction, Spartan was listed on the NYSE in the United States (NYSE: SPAQ). In connection with the merger, Athena Pubco B.V. — a private limited liability parent company (besloten vennootschap met beperkte aansprakelijkheid) under Dutch law — was incorporated by Madeleine (the Company’s then immediate parent entity) on June 3, 2021. This newly incorporated entity acquired 100% of the outstanding equity of Allego Holding and Spartan. As a result of the merger, Spartan ceased to exist. The Group received €146,035 thousand ($161,080 thousand1) of gross proceeds2 from a combination of a PIPE offering of €136,048 thousand ($150,000 thousand1) at €9.07 ($10.001) per share, along with €9,987 thousand ($11,080 thousand1) of cash held in trust by Spartan after redemptions. Meridiam — the existing shareholder of the Company — rolled 100% of its equity and, together with management and former advisors, retained 82% of the combined entity. On March 9, 2022, Spartan convened a special meeting of stockholders (“the Special Meeting”). At the Special Meeting, Spartan’s stockholders approved the business combination proposal. On March 16, 2022 (“the Closing Date”), the following transactions occurred pursuant to the terms of the BCA: •Athena Pubco B.V. changed its legal form from a private limited liability company to a public limited liability company (naamloze vennootschap), changed its name to Allego N.V. and entered into the Deed of Conversion containing the Articles of Association of Allego N.V. •The Group’s shareholder loans of €101,931 thousand were converted into equity. •The Company consummated the previously announced business combination pursuant to the terms of the BCA and became a publicly traded company on the NYSE. On March 17, 2022, trading in the new public company commenced on the NYSE. The new public company — Allego N.V. — trades under the Allego name under the ticker symbol “ALLG”. The fair value of Spartan’s net assets at the Closing Date amounted to negative €71,117 thousand, consisting of cash and cash equivalents of €10,079 thousand, receivable balances of €5,185 thousand, warrant liabilities of €42,253 thousand and transaction costs liabilities of €44,128 thousand. The fair value of the Company’s shares exchanged in the transaction to Spartan amounted to €87,597 thousand. This resulted in a difference with the net assets of Spartan of €158,714 thousand. The difference is considered as an expense and was recognized in general and administrative expenses in the consolidated statement of profit and loss of the Group at the Closing Date, which represented the costs of service in respect of the stock exchange listing for Spartan’s shares. Treatment of transaction costs The total costs incurred in relation to the SPAC Transaction were analyzed to determine which were directly attributed to the issuance of new shares and therefore are to be deducted from equity directly instead of being recognized in the consolidated statement of profit or loss. For the year ended December 31, 2022, transaction costs incurred of € nil (December 31, 2021: €1,059 thousands) were directly attributable to the issuance of new shares and have been deducted from share premium. For the year ended December 31, 2022, transaction costs incurred of €7,190 thousand (December 31, 2021: €6,145 thousand) were not directly attributable to the issuance of new shares. These transaction costs were recorded in the consolidated statement of profit or loss, within general and administrative expenses. No transaction costs were incurred in relation to the SPAC Transaction during the year ended December 31, 2023. Impact of the SPAC Transaction on loss per share Upon the completion of the SPAC Transaction the already existing 124 shares in Allego Holding were exchanged for 235,935,061 shares with no cash contribution being made. As such, the exchange ratio used at March 16, 2022, has been deemed to be 1,902,702. The contribution in kind of Spartan shares modified the number of ordinary shares with a change in resources (the net assets of Spartan are new in the Allego Group and are considered a change in resources). Therefore, such new shares would impact the weighted average number of ordinary shares outstanding from March 16, 2022. Consequently, the weighted average number of ordinary shares outstanding for basic and diluted earnings per share (“EPS”) for the period prior to March 16, 2022 is as follows:
Acquisition of Mega-E (asset acquisition) Following the execution of the SPAC Transaction on March 16, 2022, the Group exercised its call option right to acquire Mega-E, pursuant to the terms of the Mega-E Option. The Group paid a total purchase consideration of €10,594 thousand, comprising of €9,456 thousand for the shares and €1,138 thousand for the accrued interest on the deferred purchase price. The fair value of the net assets recognized as a result of the acquisition was €67,034 thousand. The main asset acquired was property, plant and equipment, which was initially measured at cost by allocating the purchase price based on the relative fair values of the assets. Mega-E has 100% interest in its subsidiaries, except for GreenToWheel SAS (“GreenToWheel”) in which it holds an interest of 80%, resulting in a 20% Non-controlling Interest (“NCI”) which amounted to €1,259 thousand. As described in Note 3, the transaction has been accounted for as an acquisition of assets due to Mega-E not meeting the definition of a business under IFRS 3 Business Combinations. Acquisition of MOMA (business combination) On March 26, 2021, the Group entered into two option agreements, pursuant to which the Group was entitled to purchase shares representing 8.50% of the share capital (on a fully diluted basis) of MOMA (the "Direct MOMA Shares") and 100% of Oury-Heintz Energie Applications SA ("OHEA"), which held 42.0% of the share capital of MOMA (the "Indirect MOMA Shares"). The shareholder's agreement of MOMA includes drag-along rights, which required the Group to acquire the remaining 49.50% of MOMA's share capital upon exercising its option rights. The Group extended the option agreements on September 28, 2021, under similar terms and conditions as the original agreements. On April 26, 2022, the Group exercised its second purchase option and drag-along rights to purchase the Direct MOMA Shares, simultaneously signing and closing the acquisition of the Indirect MOMA Shares pursuant to the exercise of the first purchase option. Consequently, on June 7, 2022, the Group closed two separate share and sale purchase agreements (the “Agreements”) to acquire shares representing 100% of the share capital of MOMA in a business combination agreement (the “MOMA Business Combination”). The Group paid a total purchase consideration of €59,986 thousand. The fair value of the net identifiable assets acquired was €49,262 thousand, resulting in the recognition of goodwill of €10,724 thousand.
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Segmentation |
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Segmentation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segmentation | Segmentation The Executive Board of the Group is the chief operating decision maker (“CODM”) which monitors the operating results of the business for the purpose of making decisions about resource allocation and performance assessment. The management information provided to the CODM includes financial information related to revenue, cost of sales and gross result disaggregated by charging revenue and combined service revenue streams and by region. These performance measures are measured consistently with the same measures as disclosed in the consolidated financial statements. Further financial information, including net income (loss), employee expenses and operating expenses are only provided on a consolidated basis. The CODM assesses the financial information of the business on a consolidated level. As the operating results of the business for the purpose of making decisions about resource allocation and performance assessment are monitored on a consolidated level, the Group has one operating segment which is also its only reporting segment. As the Group only has one reporting segment, all relevant financial information is disclosed in the consolidated financial statements. Revenue from major customers For the year ended December 31, 2023, there was one customer that had a revenue contribution of 10% or more of the Group's total revenue for the year (2022: one customers, 2021: two customers). The amount of revenue from the major customers can be broken down as follows:
Revenue from external customers The Company is domiciled in the Netherlands. The amount of revenue from external customers, based on the locations of the customers, can be broken down by country as follows:
Non-current assets by country The amount of total non-current assets, based on the locations of the assets, can be broken down by country as follows:
Non-current assets for this purpose consist of total non-current assets as recorded in the consolidated statement of financial position, excluding non-current financial assets and deferred tax assets.
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Revenue from contracts with customers |
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Revenue [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from contracts with customers | Revenue from contracts with customers Disaggregation and timing of revenue from contracts with customers Set out below is the disaggregation of the Group’s revenue from contracts with customers.
Liabilities related to contracts with customers The Group has recognized the following liabilities related to contracts with customers:
Refer to Note 20 for details on trade receivables and the loss allowance on trade receivables and contract assets. Significant changes in contract liabilities The change in contract liabilities is the result of the Group’s development contract activities which started in 2019 and which have increased since then. For certain development contracts, the Group provides services exceeding the payments received from customers which result in contract assets. Conversely, the Group receives prepayments for certain development contracts which result in contract liabilities. Contract liabilities increased mainly as a result of prepayments received for development contracts with EV Cars in current and previous years for which the performance obligations have not been satisfied before the current year-end. This increase has been offset by a decrease in contract liabilities of €452 thousand for charging services provided to one of the PIPE Investors during the current year. For more information on balances with related parties, reference is made to Note 36.2. During the year ended December 31, 2022, the Group entered into a strategic partnership with a PIPE Investor for future charging sessions. A portion of the cash received for the PIPE Investment was therefore accounted for as a contract liability in recognition of future services to be transferred to the customer. During the current year, the Group satisfied a portion of the performance obligation related to this contract liability and the amount recognized as charging revenue was €452 thousand. As of December 31, 2023, €2,906 thousand (December 31, 2022: €3,358 thousand) of the contract liability balance relates to this arrangement, of which €2,726 thousand is recognized as current and €180 thousand is recognized as non-current. Revenue recognized in relation to contract liabilities The following table shows how much revenue the Group recognized that relates to carried-forward contract liabilities.
Performance obligations The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at each reporting date is, as follows:
As at December 31, 2023, the Group expects that 76% of the transaction price allocated to unsatisfied performance obligations will be recognized as revenue during the next financial reporting year. The remaining 24% will be recognized in the 2025 and 2026 financial reporting years. Of the total unsatisfied performance obligations, 84% relates to service revenue from the sale of charging equipment and service revenue from installation services. The remaining portion of 16% relates to revenue from charging sessions.
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Other income/(expenses) |
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Disclosure of Other Income expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income/(expenses) | Other income/(expenses)
Government grants Government grants that relate to an expense item, are recognized as income on a systematic basis over the periods that the related costs, which the grants are intended to compensate, are expensed. Income from sale of CO2 tickets The Group sells CO2 tickets issued by government (for example, HBE certificates in the Netherlands and similar schemes in Germany and France) to companies that are required to compensate their use of non-green energy through a brokerage. These certificates are issued by the government and therefore IAS 20 Accounting for government grants and disclosure of government assistance is applicable. For the year ended December 31, 2023, income from the sale of CO2 tickets includes a fair value gain on initial recognition of €6,636 thousand (2022: €9,423 thousand, 2021: €5,483 thousand) and a loss on the subsequent sale of €406 thousand (2022: gain of €104 thousand, 2021: loss of €80 thousand). Net gain/(loss) on disposal of property, plant and equipment During the year ended December 31, 2023, the Group recorded a loss on disposal of property, plant and equipment of €7,970 thousand (2022: €12,528 thousand, 2021: €210 thousand). This primarily consists of the costs of upgrading HPC charger locations where old chargers were replaced with new chargers. Sublease rental income Refer to Note 17.2 for details on the Group’s subleases. Fair value gains/(losses) on derivatives (PPAs) Refer to Note 29 for details on the Group's PPA derivative liabilities. Fair value gains/(losses) on derivatives (purchase options) Refer to Note 4 for details on the Group’s purchase options. Fair value gains/(losses) on preference shares derivatives and net gain/(loss) on sale of preference shares derivatives In 2022, the Group has waived certain potential economic rights associated with a portion of the shares held by the Group in Voltalis for a consideration of €187 thousand. The transaction resulted in an immaterial loss, which has been recognized in the consolidated statement of profit or loss, within other income/(expenses). This transaction does not affect the Group's interest held in the ordinary share capital of Voltalis. Other items Other items primarily consists of reimbursements that the Group has received from one of its suppliers for chargers. During the year ended December 31, 2023, the Group purchased a number of chargers that malfunctioned and the Group has disposed of these chargers. During the year ended December 31, 2023, the Group has recognized a gain of €1,400 thousand (2022: €2,250 thousand, 2021: € nil) for reimbursement received from suppliers.
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Selling and distribution expenses |
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Selling And Distribution Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling and distribution expenses | Selling and distribution expenses
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General and administrative expenses |
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General and Administrative Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | General and administrative expenses
Employee benefits expenses include share-based payment expenses relating to the First and Second Special Fees Agreements, the management incentive plan and the long term incentive plan. For the year ended December 31, 2023, share-based payment expenses relating to the First Special Fees and Second Special Fees Agreements amount to € nil (2022: €21,188 thousand, 2021: €89,636 thousand) and €3,480 thousand (2022: €5,681 thousand, 2021: € nil), respectively, as certain directors of the Company are entitled to a percentage of the total benefits received by the external consulting firm as part of these agreements. Refer to Note 11.1 and Note 11.2 for details. Share-based payment expenses relating to the management incentive plan for the year ended December 31, 2023 amount to €6,242 thousand (2022: €14,361 thousand, 2021: € nil) as the Group has granted the options to acquire a percentage of the Company's issued share capital to key management personnel. Refer to Note 11.3 for details. Furthermore, employee benefit expenses for the year ended December 31, 2023 include share-based payment expenses relating to the long term incentive plan of €4,790 thousand (2022: € nil, 2021: € nil). Refer to Note 11.4 for details. Legal, accounting and consulting fees for the year ended December 31, 2023 include share-based payment expenses relating to the First Special Fees Agreement of € nil (2022: €46,433 thousand, 2021: €202,201 thousand) and Second Special Fees Agreement of €6,607 thousand (2022: €11,712 thousand, 2021: € nil) as the Group has provided share-based payment awards to an external consulting firm. Refer to Note 11.1 and Note 11.2 for details. Share-based payment expenses related to the SPAC Transaction for the year ended December 31, 2022 represent the difference between Spartan’s net assets at the Closing Date and the fair value of the Company’s shares exchanged in the transaction to Spartan. This difference is considered as an expense representing the costs of service in respect of the stock exchange listing for Spartan’s shares. Refer to Note 10 for a breakdown of expenses by nature.
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Breakdown of expenses by nature |
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Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Breakdown of expenses by nature | Breakdown of expenses by nature 10.1. Depreciation, amortization and impairments
10.2. Employee benefits expenses
Average number of employees During 2023, 218 employees were employed on a full-time basis (2022: 163, 2021: 127). Of these employees, 94 were employed outside the Netherlands (2022: 59, 2021: 40). Pension plans The Netherlands In the Netherlands, the Group voluntarily participates in the industry-wide pension fund for civil servants “ABP”. All Dutch employees are covered by this plan, which is financed by both employees and the employer. The pension benefits are related to the employee’s average salary and the total employment period covered by the plan. The Group has no further payment obligations once the contributions have been paid. As the ABP pension plan contains actuarial risks, i.e. a recovery contribution is charged as part of the annual contribution, it does not qualify as a defined contribution plan under IAS 19 and thus qualifies as a defined benefit plan. Under IAS 19, the ABP pension plan qualifies as a multi-employer plan. The Group’s proportionate share in the total multi-employer plan is insignificant. The Group should account for its proportionate share of this multi-employer plan, which is executed by ABP. However, ABP is unwilling to provide the information to perform such an actuarial valuation to the Group. As such, the ABP plan is treated as a defined contribution pension plan for accounting purposes. The contributions are treated as an employee benefit expense in the consolidated statement of profit or loss when they are due. The expense recognized in relation to the ABP pension plan in 2023 was €1,142 thousand (2022: €1,290 thousand, 2021: €1,034 thousand). The contributions to the ABP pension plan for the year ending December 31, 2024 are expected to be in line with the contributions paid for the year ended December 31, 2023. The pension plan of the Group in the Netherlands is administered by Stichting Pensioenfonds ABP (“the fund”). The most important characteristics of this pension plan are: •The plan provides a retirement and survivor’s pension. •The pension plan is an average pay plan. •The retirement age depends on the AOW retirement age. •The board of the fund sets an annual contribution for the retirement pension, partner’s pension and orphan’s pension which is based on the actual funding ratio of the fund. •If the fund holds sufficient assets, the board of the fund can increase the accrued benefits of (former) employees and retirees in line with the consumer price index for all households. This indexation is therefore conditional. There is no right to indexation and it is not certain for the longer term whether and to what extent indexations will be granted. The board of the fund decides annually to what extent pension benefits and pension benefits are adjusted. •The board of the fund can decide to reduce the accrued benefits of (former) employees and retirees in case the funding level is below the legally required level. The main features of the implementation agreement are: •Participation in the ABP pension fund is mandatory for the employees of the Group. •The Group is only obliged to pay the fixed contributions. The Group, under no circumstances, has an obligation to make an additional payment and does not have the right to a refund. Therefore, the Group has not recorded a pension liability. The funding ratio of the fund as at December 31, 2023 was 110.5% (December 31, 2022: 110.9%, December 31, 2021: 110.2%). The policy funding ratio as at December 31, 2023 was 113.9% (December 31, 2022: 118.6%, December 31, 2021: 102.8%), which is above the required minimum of 104.0% as prescribed by De Nederlandsche Bank (DNB). Belgium The Group operates a defined benefit pension plan in Belgium. Statutory minimum interest rates apply to the contributions paid by employees. If in any year the pension contribution is insufficient to cover the minimum yield and if the means in the premium reserve / depot are not sufficient to finance the deficit, the employer should finance the deficit by paying an additional contribution into the depot. Therefore, the plan qualifies as a defined benefit plan under IAS 19 due to the employer’s obligation to finance the plan’s minimum guaranteed returns. These should be quantified and recognized as a liability in the Group’s consolidated statement of financial position. However, given the limited number of participants, limited annual contributions of €1 thousand in 2023 (2022: € nil , 2021: €10 thousand) and as the plan started as of 2016, the current underfunding and the resulting pension liability under IAS 19 is expected to be limited. The Group estimates that the resulting pension liability is immaterial to the consolidated financial statements and therefore the Group has not recorded a pension liability for this plan in the consolidated statement of financial position. The contributions to the defined contribution pension plan in Belgium for the year ending December 31, 2024 are expected to be in line with the contributions paid for the year ended December 31, 2023. France: Description of plans A retirement indemnity plan (‘Indemnités de fin de carrière’) applies to the Group’s employees in France, which qualifies as another post-employment benefit under IAS 19. The retirement benefit depends on the number of service years within the industry and the Group. The benefit equals 1/4th of the average monthly salary for the first ten years of seniority and 1/3rd of the average monthly salary for the service years thereafter. Contributions for the retirement indemnity plan are obligations from past events with a probable outflow for which reliable estimates can be made. The Group should therefore record a provision for these obligations on its consolidated statement of financial position. The plans are not funded, as there is no mandatory minimum funding requirement for this scheme. The Company does not have plan assets, therefore there is no allocation of plan assets disclosed. The next table provides a summary of the changes in the defined benefit obligations in France.
Actuarial assumptions The principal actuarial assumptions at the reporting dates are:
The discount rate is based on yields on AA-rated high-quality bonds, with durations comparable to the duration of the pension plan’s liabilities. Based on the assumptions described in this note. Sensitivity analysis The calculation of the defined benefit obligation is sensitive to, amongst others, the discount rate, rate of inflation and changes in life expectancy. In 2023, the sensitivity analysis was as follows:
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognized in the balance sheet. Other countries The Group solely operates defined contribution plans in Germany, United Kingdom, Sweden, Norway and Denmark. The Group’s legal or constructive obligation for these plans is limited to the Group’s contributions. The expense recognized in relation to these defined contribution pension plans was €79 thousand in 2023 (2022: €67 thousand, 2021: €75 thousand). The contributions to these defined contribution pension plans for the year ending December 31, 2024 are expected to be in line with the contributions paid for the year ended December 31, 2023. Other long-term employee benefits: The Netherlands Jubilee plan The Group operates a jubilee plan for all active employees under the Dutch collective labor agreement (CLA) for energy networking companies (CAO NWb). The most recent actuarial valuations of the present value of the long-term employee benefits were carried out as at December 31, 2023. The valuation is carried out with a discount rate of 3.3% (December 31, 2022: 3.6%), an expected rate of salary increase of 2.5% (December 31, 2022: an increase of 2.5%) and a retirement age of 68 years (December 31, 2022: 68 years). The provision recorded in the Group’s consolidated statement of financial position amounts to €35 thousand as at December 31, 2023 (December 31, 2022: €26 thousand). The amounts recorded in the consolidated statement of financial position and the movements in the jubilee provision over all reporting periods presented, are as follows:
Senior leave plan Additionally, the Group operates a senior leave plan for its employees in the Netherlands. As the amount of benefits (i.e. additional leave) provided under the plan is limited, the Group does not contract any additional hours to replace the respective employees. In addition, only a limited number of employees is entitled to seniority leave as of December 31, 2023. The Group estimates that the resulting liability is immaterial to the consolidated financial statements and therefore the Group has not recorded a pension liability for this plan in the consolidated statement of financial position.
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Share-based payments |
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Share-Based Payment Arrangements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payments | Share-based payments 11.1. First Special Fees Agreement The First Special Fees Agreement was terminated in connection with the Business Combination in 2022. During the year ended December 31, 2023, the Group recognized share-based payment expenses of € nil (2022: €67,621 thousand, 2021: €291,837 thousand) for this equity-settled arrangement, with a corresponding increase in accumulated deficit. As the share-based payment expenses reflect both compensation for external consulting services and key management remuneration, during the year ended December 31, 2023 the Group has recognized share-based payment expenses for an amount of € nil (2022: €46,433 thousand, 2021: €202,201) as legal, accounting and consulting fees, and share-based payment expenses for an amount of € nil (2022: €21,188 thousand, 2021: €89,636 thousand) has been recognized as employee benefits expenses, both within general and administrative expenses. 11.2. Second Special Fees Agreement On February 25, 2022, the Allego Holdings' then immediate parent entity — Madeleine — entered into the Second Special Fees Agreement with the same external consulting firm as for the First Special Fees Agreement. The purpose of this Second Special Fees Agreement is to compensate the external consulting firm for their continuous strategic and operational advice, as well as support with regards to Allego’s fundraising efforts in the near future. The agreement ultimately expires on the earlier of June 30, 2025, and the date on which Madeleine would no longer hold any equity security in Allego. As consideration for the Second Special Fees Agreement, the external consulting firm is entitled to receive cash compensation based on the value of the Group in connection with any new injection of equity, whether in cash or in kind, in any entity of the Group subsequent to the Business Combination (each, an “Equity Injection”). On March 10, 2022, the Second Special Fees Agreement was amended to modify the formula of the relevant percentage used in the determination of the fees payable (the “Relevant Percentage”) for equity injections subsequent to the first Equity Injection. The Group accounts for the Second Special Fees Agreement as a share-based payment since the Group obtained services from the consulting firm in exchange for cash amounts based on the equity value of the Company. Madeleine, instead of the Group, had the obligation to settle the share-based payment arrangement with the consulting firm. The Second Special Fees Agreement was therefore classified as an equity-settled share-based payment arrangement. On April 20, 2022, the Second Special Fees Agreement was novated from Madeleine to Allego (the “Novation”), with all the other terms of the Second Special Fees Agreement remaining the same. As a result of the Novation, Allego now has the obligation, instead of Madeleine, to settle the share-based payment arrangement with the consulting firm. The Second Special Fees Agreement’s classification therefore changed to a cash-settled share-based payment arrangement from the Novation date. Certain directors and officers of the Company are entitled to compensation from the external consulting firm in the form of a fixed percentage of the total benefits that the external consulting firm will generate under the Second Special Fees Agreement, including any amendments. The share-based payment expenses for the Second Special Fees Agreement therefore reflect both compensation for external consulting services and key management remuneration. Measurement of fair value as an equity-settled plan In accordance with IFRS 2 Share-based Payment, the fair value of key management remuneration under an equity-settled share-based payment arrangement is measured by reference to the fair value of the equity instruments granted, measured at the grant date. The fair value determined at the grant date is not subsequently adjusted. As the value of the services provided by the consulting firm is not directly related to the time incurred by the consultants, management considers that the fair value of the services cannot be measured reliably. Therefore, the fair value of the services received under the Second Special Fees Agreement are measured by reference to the fair value of the share-based payment arrangement offered as consideration, as the Group obtains these services. The Group applies an approach where the average fair value over the reporting period is used to determine the fair value of the services received. Since the Second Special Fees Agreement includes an implicit service condition, the services received under the Second Special Fees Agreement are recognized as expenses over the period in which the Company expects to have the Equity Injections, therefore between February 25, 2022 (the "grant date”) and the dates of the Equity Injections by reference to the fair value of the share-based payment arrangement measured at the grant date (for key management remuneration) or the average fair value over the reporting period (for external consulting services). Measurement of fair value as a cash-settled plan Following the Novation, the Second Special Fees Agreement was classified as a cash-settled plan as opposed to an equity-settled plan. Therefore, in accordance with IFRS 2 Share-based Payment, the fair value of both the key management remuneration and the services provided by the consulting firm under a cash-settled share-based payment arrangement is measured by reference to the fair value of the share-based payment arrangement offered as consideration, as the Group obtains these services. The fair value of the liability is recognized over the service period. In effect, IFRS 2 Share-based Payment provides that the cumulative amount recognized as the expense over the life of the Second Special Fees Agreement is the grant-date fair value plus or minus any subsequent changes in fair value after the change in classification. Therefore, the cumulative amount may be less than the original grant-date fair value. Fair value of equity instruments granted The fees payable under the Second Special Fees Agreement will depend on the future value of the Allego Group following each future Equity Injection. Since there is no market price for the services, to measure the fair value of this instrument under IFRS 2 Share-based Payment, the future value of the Allego Group for the Equity Injection has been derived from a weighted average valuation model in which that value can be simulated based on various amounts and expected dates of Equity Injection events, and taking into account the likelihood of Equity Injections to happen, as well as the expected price per share upon Equity Injection. The total fair value of the share-based payment arrangement as at December 31, 2023 is estimated at €38,583 thousand (2022: €33,481 thousand). The increase in fair value of the share-based payment arrangement is mainly driven by an increase in the probability and expected amount of the Equity Injection events. The Group recognized a share-based payment provision related to the Second Special Fees Agreement of €26,894 thousand as of December 31, 2023 (December 31, 2022: €16,806 thousand), of which an amount of €16,677 thousand (December 31, 2022: €16,806 thousand) is recognized as a current liability, and an amount of €10,217 thousand (December 31, 2022: € nil) is recognized as a non-current liability in the consolidated statement of financial position. Share-based payment expenses During the year ended December 31, 2023, the Group recognized total share-based payment expenses with respect to the Second Special Fees Agreement of €10,088 thousand (2022: €17,393 thousand, 2021: € nil). As share-based payment expenses for the Second Special Fees Agreement reflect both compensation for external consulting services and key management remuneration, the Group has recognized share-based payment expenses for an amount of €6,607 thousand (2022: €11,712 thousand , 2021: € nil ) as legal, accounting and consulting fees and share-based payment expenses for an amount of €3,480 thousand (2022: €5,681 thousand , 2021: € nil ) has been recognized as employee benefit expenses, both within general and administrative expenses. These share-based payment expenses were recognized with a corresponding increase in liability for the year ended December 31, 2023, and for the period after the novation during the year ended December 31, 2022. For the period before the novation during the year ended December 31, 2022, these share-based payment expenses were recognized with a corresponding increase in accumulated deficit. 11.3. Management Incentive Plan The establishment of the company’s management incentive plan ("MIP") was approved by the board of directors on April 20, 2022. The MIP is designed to provide long-term incentives for key management employees to deliver long-term shareholder returns, and includes two types of granted options: the right to acquire a percentage of the Company's issued share capital immediately following the listing, subject to the expiry of a blocking period of 18 months (the “MIP Grant Options”), and the right to acquire a percentage of the Company's issued share capital immediately following the listing, subject to predefined performance conditions and the expiry of the blocking period (the “MIP Performance Options”). The granted options carry no dividend or voting rights. The options do not include any market conditions or non-vesting conditions that should be included in the fair value at recognition. Under the plan, the MIP Grant Options vest immediately, and the MIP Performance Options only vest if certain performance standards are met. Participation in the plan is at the board of directors’ discretion, and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits. The amount of MIP Performance Options that will vest depends on the group’s performance, including operational EBITDA, financing targets, compliance and reporting, engagement with investors, and the minimum service period of the employees. Once vested, the granted options remain exercisable for a period of ten years following the end of the blocking period, which ends on September 18, 2023, for the MIP Grant Options and ten years from the grant date (May 14, 2022) for the MIP Performance Options. In April 2023, one non-market performance condition included in the original MIP agreement was modified, together with its respective service period, to be applied to the group's performance over financial year 2023 instead of 2022. For the MIP performance options the blocking period was extended to April 30, 2024. The exercise period is ten years following the end of the blocking period. The exercise period and blocking period end date remain unchanged for the other MIP Performance Options. These changes result in an increased number of awards being expected to vest but do not have an impact on the fair value of the options. On December 29, 2023, all MIP Options were modified to expire on June 30, 2024. Furthermore, the MIP Performance Options based on the modified MIP agreement were further modified to vest immediately. These modifications occurred as part of an approach towards retention of employees. These modifications do not result in a change in the number of awards expected to vest, but results in an earlier vesting date and an accelerated expense recognition for the MIP Performance Options based on the modified MIP agreement. As a result, these modifications do not have an impact on the fair value of the options. The exercise price of the granted options under the plan is €0.12 per option. When exercisable, each option is convertible into one ordinary share of the Company. Set out below are summaries of MIP Grant Options and MIP Performance Options granted under the plan:
As of December 31, 2023, 1,329,213 MIP Grant Options and 996,910 MIP Performance Options vested and became exercisable after the end of the blocking period, which ended on September 18, 2023, and 332,303 MIP Performance Options vested and became exercisable as a result of the modification from December 2023. No options expired and no options were exercised during the year ended December 31, 2023. Share options outstanding at the end of the reporting period have the following expiry dates and exercise prices:
The weighted average remaining contractual life of options outstanding at the end of period is 0.50 years. For the year ended December 31, 2023 the total expenses arising from the MIP transactions recognized during the period as part of employee benefit expense was €6,242 thousand (2022: €14,361 thousand, 2021: € nil ). This includes an amount of €2,575 thousand (2022: € nil , 2021: € nil ) related to the additional expense recognized as a result of the modification of the MIP agreement. Fair value of options granted There were no options granted during the year ended December 31, 2023 in relation to the MIP. The assessed fair value of options granted during the year ended December 31, 2022, was €7.75 per option (December 31, 2021: no options granted) for both the MIP Grant Options and MIP Performance Options. The fair value was determined as the share price of the Company’s ordinary shares on grant date of $8.17 (€7.873), determined as the closing price on May 13, 2022 (the last working day preceding the grant date), less the exercise price of €0.12. No specific option-pricing model (e.g., Black-Scholes) was applied for the valuation, as in the situation when the exercise price applicable to the options is negligible, the calculated fair value of an option is close (or equal) to the value of an ordinary share less the exercise price, regardless of the other input parameters applied in the option valuation. As the options do not include any market conditions or non-vesting conditions that has an impact on the fair value and there is no adjustment for dividends, the grant date fair value of both MIP Grant Options and MIP Performance Options was determined using the same approach. 11.4. Long-Term Incentive Plan The Allego Board and the Compensation Committee approved the general framework for the Long-Term Incentive Plan ("LTIP") on the Closing Date. The purpose of the LTIP is to provide eligible directors and employees the opportunity to receive stock-based incentive awards for employee motivation and retention and to align the economic interests of such persons with those of Allego’s shareholders. The delivery of certain shares or other instruments under the LTIP to directors and key management are agreed and approved in certain Allego Board meetings. On December 20, 2022, the Allego Board approved a detailed plan for the LTIP for future years. Performance Based Share Options As it relates to the LTIP for Allego executive officers, performance based share options may be granted annually and would be exercisable after a contractual vesting period of to three years. The number of LTIP Performance Options issued under the LTIP is based on four equally-weighted performance criteria: revenue, operational EBITDA, renewable GWh delivered, and appreciation at the discretion of the board of directors. The targets for the performance criteria are set annually by the Compensation Committee. During the year ended December 31, 2023, LTIP Performance Options were granted to executive officers based on company performance in financial years 2022 and 2023. The LTIP Performance Options based on company performance in financial year 2022 have a contractual vesting period of two years, and the target number of options awarded was determined and set at grant date in line with the known level of completion of the performance criteria for that financial year. In addition, Allego granted LTIP Performance Options based on company performance in financial year 2023 with a contractual vesting period of three years, and the target number of options awarded was determined based on a target level of completion of 100% of the performance criteria for that financial year (to be adjusted according to actual level of completion of performance criteria). On December 29, 2023, the LTIP Performance Options based on company performance in financial year 2022 were modified for one of the executive officers to vest immediately, with the expiry date being June 30, 2024. This modification does not result in a change in the number of awards expected to vest, but results in an earlier vesting date and an accelerated expense recognition. As a result, this modification does not have an impact on the fair value of the options. On December 29, 2023, LTIP Performance Options based on company performance in financial year 2023 for one of the executive officers were cancelled as part of a package of an approach towards retention of employees. The exercise price of the LTIP Performance Options granted under the LTIP is €0.12 per option. When exercised, each LTIP Performance Option is convertible into one ordinary share of the Company. Set out below is a summary of the target number of LTIP Performance Options granted under the plan:
During the year ended December 31, 2023, the Company granted two types of LTIP Performance Options: 1,039,222 options based on financial year 2022 company performance and 1,758,841 options based on financial year 2023 company performance. The target number of options granted based on financial year 2022 company performance is final, subject to meeting the service condition of two years. The target number of options granted based on financial year 2023 company performance is based on a target level of completion of 100% of the performance criteria for that financial year (actual level of completion not known at the time of grant date). During the year ended December 31, 2023, 577,722 LTIP Performance Options based on financial year 2023 company performance were cancelled. As of December 31, 2023, 341,377 LTIP Performance Options based on performance in financial year 2022 vested and became exercisable as a result of the modification for one of the executive officers. The number of LTIP Performance Options based on financial year 2023 company performance expected to vest is estimated to be 723,384 options in accordance with the expected level of completion of performance criteria as at December 31, 2023. LTIP Performance Options outstanding at the end of the reporting period have the following expiry dates and exercise prices:
The weighted average remaining contractual life of LTIP Performance Options outstanding at the end of period is 7.62 years. For the year ended December 31, 2023, the total expense arising from the LTIP Performance Options recognized as part of employee benefit expense was €2,070 thousand (2022: € nil , 2021: € nil ). Fair value of LTIP Performance Options granted The assessed fair value of LTIP Performance Options 2022 was €1.83 per option (December 31, 2022: no options granted). This fair value was determined as the share price of the Company’s ordinary shares on grant date of $2.13 (€1.954), determined as the closing price on April 12, 2023 (the grant date), less the exercise price of €0.12. The assessed fair value of LTIP Performance Options 2023 was €2.82 per option (December 31, 2022: no options granted). This fair value was determined as the share price of the Company’s ordinary shares on grant date of $3.14 (€2.945), determined as the closing price on December 30, 2022 (the last working day preceding the grant date), less the exercise price of €0.12. As the LTIP Performance Options do not include any market conditions or non-vesting conditions that have an impact on the fair value and there is no adjustment for dividends, the grant date fair value of LTIP Performance Options was determined using the same approach as used for the options granted under the MIP. Restricted Stock Units As it relates to the LTIP for other Allego employees, individuals may elect to receive up to 50% of their annual performance bonus to be paid in RSUs, which would vest on an annual basis. Additionally, certain Allego employees are eligible to receive additional RSUs based on the Company's existing internal performance evaluation framework. These RSUs would be granted annually and vest after three years. In May 2023, the Group awarded RSUs to eligible and selected employees based on the Company's internal performance evaluation framework. The RSUs have a vesting period of three years and are subject to the participant's continued employment until the vesting date. Under the terms of the same plan, RSUs were awarded to eligible members of the board of directors in May 2023. 666,968 RSUs were not subject to any vesting conditions and vested fully on the grant date. The related Company's ordinary shares were issued to the eligible members of the board of directors on August 10, 2023. 285,844 RSUs have a vesting period of one year and will vest on May 23, 2024, subject to the members continuous involvement within the board of directors until the vesting date. Set out below are summaries of the number of RSUs granted under the plan:
The grant date fair value of the RSUs granted to the employees in 2023 is recognized as an expense on a straight-line basis over the three-year vesting period, with a corresponding entry in equity. Since the RSUs granted to certain members of the board of directors are not subject to any vesting conditions, the grant date fair value of these awards is recognized immediately, on the grant date, as an expense with a corresponding entry in equity. The assessed fair value of RSUs granted during the period ended 2023, was €1.97 per RSU (December 31, 2022: no RSUs granted). The fair value of the RSUs has been determined with reference to the share price of the Company’s ordinary shares at the grant date. Since the Company does not expect to pay dividends during the vesting period, the weighted average fair value of the RSUs granted in the year ended December 31, 2023 of $2.13 (€1.976) is equal to share price at the grant date, May 24, 2023. The share-based payment expense recognized for the year ended December 31, 2023 for the equity-settled RSUs amounted to €1,729 thousand (2022: € nil, 2021: € nil), consisting of €1,316 thousand related to the fully vested board of directors' RSUs recognized on grant date, €342 thousand representing the expense for the current period related to the board of directors' RSUs with a one year vesting period, and €70 thousand representing the expense for the current period in relation to the RSUs issued to employees. IPO Grant Shares In May 2023, the Group awarded 100 ordinary shares per employee to a select group of individuals who were instrumental in the success of the IPO. The Company granted this one-off share award as of the IPO date to employees of the Company, who were still employed by the Company a year later. This award granted in 2023 was not subject to any vesting conditions. The Company awarded a total number of 9,600 ordinary shares in May 2023. The ordinary shares were issued to the employees on June 9, 2023. The fair value of the share awards of $2.13 (€1.977) is equal to the share price of the Company's ordinary shares at the date of grant. The share-based payment expenses for the year ended December 31, 2023 is €19 thousand (2022: € nil, 2021: € nil). LTIP Special Options On December 29, 2023, the Group awarded 1,000,197 LTIP Special Options to one of the executive officers as replacement for the cancelled Performance Based Share Options. The vesting date of the LTIP Special Options is December 29, 2023 and the expiry date is June 30, 2024. No performance or service conditions are attached to the vesting date, and the options were granted immediately. The fair value of the LTIP Special Options was €1.10 per option (December 31, 2022: no options granted). This fair value was determined as the share price of the Company’s ordinary shares on grant date of $1.35 (€1.228), determined as the closing price on December 29, 2023, less the exercise price of €0.12. The incremental fair value granted from these options as a result of the cancellation and replacement amounts to €972 thousand and was recognized as part of shared-based payment expenses for the year ended December 31, 2023. The incremental fair value was measured as the difference between the fair value of the LTIP Special Options at grant date and the fair value of the cancelled Performance Based Share Options at the time of cancellation.
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Costs Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance income/(costs) | Finance income/(costs)
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Loss per share |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss per share | Loss per share Basic loss per share is calculated by dividing the loss for the year attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year (see explanations regarding the impact of the SPAC Transaction over the weighted average number of ordinary shares in Note 4). The following table reflects the loss and share data used in the basic and diluted loss per share calculations for the years ended December 31, 2023, 2022, and 2021:
The Company only has ordinary shares. Refer to Note 23 for details about the Company’s share capital. There is no difference between basic and diluted loss per share as the effect of the potential ordinary shares that would be issued by the Company under the First Special Fees Agreement, the Management Incentive Plan or the Long Term Incentive Plan are anti-dilutive for all periods presented. Refer to Note 11.1, Note 11.3 and Note 11.4 for details on the First Special Fees Agreement, the Management Incentive Plan and the Long Term Incentive Plan, respectively. There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorization of these consolidated financial statements.
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Cash generated from operations |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of cash flows [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash generated from operations | Cash generated from operations
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Property, plant and equipment |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 and 2022 have been as follows:
Impairments and reversals of impairments of chargers In the consolidated statement of profit or loss for the year ended December 31, 2023, the Group recorded an impairment loss of €510 thousand (2022: €701 thousand, 2021: €354 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, 2023, the Group recorded a reversal of impairment of €635 thousand (2022: €679 thousand, 2021: €381 thousand) for chargers for which an impairment loss was previously recognized that demonstrated an improvement in their utilization rate as at December 31, 2023. The impairment loss, reversal of impairment and the loss on disposal have been recorded within cost of sales. Additions of property, plant and equipment for which payment is still pending At December 31, 2023, additions of property, plant and equipment for which payment was still pending totaled €5,100 thousand (December 31, 2022: €3,953 thousand). 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, 2023 and 2022 have been as follows:
Purchase commitments The Group’s purchase commitments for chargers and charging infrastructure are disclosed in Note 35. At the end of each reporting period presented, the Group did not have purchase commitments for other asset classes of property, plant and equipment.
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Intangible assets |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about intangible assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | Intangible assets The movements in intangible assets for the years ended December 31, 2023 and 2022 have been as follows:
Internally developed software Internally developed software comprises the Group’s internally developed EV Cloud platform. As at December 31, 2023, the remaining amortization period was to three years (December 31, 2022: to three years, December 31, 2021: to three years). Goodwill Goodwill originated from the acquisition of MOMA as described in Note 4. Impairment test for goodwill For annual impairment testing, the Group allocated goodwill to groups of Cash-Generating Units ("CGUs"). The group of CGUs is the lowest level within the Group at which goodwill is monitored for internal management purposes. Goodwill is allocated and monitored by management at the level of the operating segment, which is the Company as a whole. The Group tests whether goodwill has suffered any impairment on an annual basis or more frequently if indicators of potential impairment exist. The fair value of the business as of December 31, 2023, which is based on the market capitalization of the business, was compared to the carrying value of the Group as a whole (i.e., the group of CGUs making up the operating segment) and indicated sufficient headroom of approximately €400,000 thousand at this level (December 31, 2022: €700,000 thousand). As a result, it was concluded that there is no goodwill impairment as of December 31, 2023.
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Leases |
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Disclosure of quantitative information about right-of-use assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases 17.1. Group as a lessee Amounts recognized in the consolidated statement of financial position The consolidated statement of financial position shows the following amounts relating to leases:
Additions to the right-of-use assets for office buildings during 2023 were €1,624 thousand (2022: €2,912 thousand), there were no additions as a result of business combinations (2022: €1,594 thousand). Additions to the right-of-use assets for cars during 2023 were €1,053 thousand (2022: €179 thousand). Additions to the right-of-use assets for software during 2023 were € nil (2022: € nil ). Additions to the right-of-use assets for land permits during 2023 were €35,255 thousand (2022: €21,166 thousand). This includes no additions from business combinations (2022: €11,055 thousand) and all additions of €35,255 thousand during 2023 emerged from the ordinary course of business (2022: €10,110 thousand). Additions to the right-of-use assets for other during 2023 were € nil (2022: € nil ).
Lease liabilities are effectively secured as the rights to the leased assets recorded in the consolidated financial statements revert to the lessor in the event of default. Amounts recognized in the consolidated statement of profit or loss The consolidated statement of profit or loss shows the following amounts relating to leases:
During 2023 the expenses relating to variable lease payment recognized were €58 thousand (2022: €323 thousand and 2021: € nil). Total cash outflows for leases The total cash outflows for leases were as follows:
Decommissioning of charging sites The Group, in its ordinary course of business, has entered into various land permit contracts with site owners throughout Europe. These contracts are classified as lease agreements under IFRS 16 Leases. As per the terms of these agreements, the Group has an obligation to restore the leased sites to their original condition upon the expiration or termination of the lease. In accordance with IFRS 16 and IAS 37, the Group assesses the obligation for decommissioning costs and, if material, recognizes a provision for the present value of the estimated costs of dismantling and removing the charging equipment and restoring the site. Concurrently, an equivalent 'right-of-use' asset is capitalized and depreciated over the lease term. As of December 31, 2023, the Group has evaluated the potential decommissioning costs associated with the dismantling and removal of charging equipment installed at these leased sites. Based on the assessment, the estimated costs are deemed to be immaterial. Consequently, the Group has determined that the recognition of a decommissioning provision and the corresponding capitalization of these costs as part of the 'right-of-use' assets are not required. The immaterial costs are anticipated to be incurred in the future as expenses related to the recovery of charging equipment, and will be recognized in the income statement when incurred. 17.2. Group as a lessor During the year ended December 31, 2021, the Group entered into a sublease rental agreement with a third party for one of its office buildings. In the consolidated statement of profit or loss for the year ended December 31, 2023, the Group recognized sublease rental income of €200 thousand (2022: €200 thousand, 2021: €200 thousand). Future minimum rentals receivable under non-cancellable sublease rental agreements classified as operating leases as at each reporting date, are as follows:
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Inventories |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories
Amounts recognized in the consolidated statement of profit or loss Inventories recognized as an expense in 2023 amounted to €8,842 thousand (2022: €28,065 thousand, 2021: €21,243 thousand). These were included in cost of sales. Write-downs of inventories to net realizable value in 2023 amounted to €70 thousand (2022: €627 thousand, 2021: €651 thousand). These were recognized as an expense and included in cost of sales.
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Other financial assets |
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Disclosure of Other financial assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other financial assets | Other financial assets
Pledged bank balances As at December 31, 2023, the Group has pledged bank balances to secure the payment of interest and commitment fees to the Group's external lender. These pledged bank balances have an original maturity of twelve months or more. Therefore, the Group has presented its pledged bank balances as other financial assets - non-current in the consolidated statement of financial position, as opposed to cash and cash equivalents. As at December 31, 2023, pledged bank balances for an amount of €15,512 thousand (December 31, 2022: €12,190 thousand). There were no pledged bank balances that have an original maturity between three and twelve months. As at December 31, 2023, the non-current portion relates to bank balances pledged to secure the payment of interest and commitment fees to the Group’s external lender for an amount of €10,500 thousand (December 31, 2022: €10,500 thousand) and bank balances pledged to secure payments to suppliers of the Group for an amount of €3,612 thousand (December 31, 2022: €430 thousand). During previous reporting periods, the Group received subsidies in advance from the Innovation and Networks Executive Agency (“INEA”), an agency established by the European Commission. The Group pledged bank balances as a security, in the event the Group is required to repay the subsidy. As at December 31, 2023, the Group pledged bank balances in relation to these subsidies for an amount of €1,400 thousand (December 31, 2022: €1,200 thousand). Security deposits During the year ended December 31, 2023, the Group entered into contracts related to the purchase of electricity. This resulted in an increase of the Group's security deposits with third parties. Derivatives Other derivatives Included in the Group’s derivatives balance as at December 31, 2023, are two interest rate cap(s) (December 31, 2022: two) which the Group entered into to hedge its interest rate risk exposure. The Group entered into the previous interest rate cap in September 2019, which was terminated on December 19, 2022, upon signing the refinancing agreement (refer to Note 25), and the two new interest rate caps. During the year ended December 31, 2022 the Group entered into a new interest rate cap with the same counterparty as the previous interest rate cap and received a payment of €1,071 thousand representing the net balance of the premium payable for the new interest rate cap of €4,067 thousand and the amount due with respect to the termination of the old interest cap of €5,138 thousand. Additionally, the Group paid a premium of €4,068 thousand for the second interest rate cap, entered into with a different counterparty. The derivatives are only used for economic hedging purposes and not as a speculative investment. The Group does not apply hedge accounting. Therefore, the Group accounts for the derivatives at fair value through profit or loss. During the year ended December 31, 2023, the Group recognized a fair value loss of €5,497 thousand (2022: gain of €5,507 thousand, 2021: gain of €593 thousand) on its interest rate caps. As at December 31, 2023, the fair value of the interest rate caps amount to €3,700 thousand (December 31, 2022: €9,198 thousand). Fair value changes of the Group’s interest rate cap derivatives are recognized in the consolidated statement of profit or loss, within finance income/(costs) which are disclosed in Note 12. Additionally, in the fourth quarter of 2022, the Group purchased two forward contracts to sell, and buy, an equal amount of CO2 tickets for a fixed price during April and June, 2023. The Group agreed to sell CO2 tickets that were set to expire during 2022, and purchase an equal amount of CO2 tickets for calendar year 2023. The market for these forward contracts is highly illiquid, with limited market activity and no price fluctuations expected before the delivery date of the CO2 tickets. These contracts qualified as derivatives and were accounted at fair value through profit and loss. The Group sold these contracts in 2023, and recognized no gain or loss during the year ended December 31, 2023 (2022: € nil) and the balance of the derivative on the consolidated statement of financial position as of December 31, 2023 is € nil (2022: € nil). Refer to Note 32 for information about the methods and assumptions used in determining the fair value of derivatives. Investment in equity securities The Group’s investments in equity securities relate to an investment in Voltalis S.A. (“Voltalis”), a private company that provides distributed demand response products which enable households to achieve energy savings. The Group acquired the investment through the acquisition of MOMA. As of December 31, 2023, the Group holds 12.38% (December 31, 2022: 12.38%) of the total share capital of Voltalis, which has a fair value of €16,557 thousand (December 31, 2022: €31,389 thousand). The Group recognized a fair value loss of €14,832 thousand with respect to this investment during the year ended December 31, 2023. The loss is due to the decrease in the overall performance of this private company. Fair value changes of the Group’s investment in equity securities are recognized in the consolidated statement of other comprehensive income. Refer to Note 32 for information about the methods and assumptions used in determining the fair value of the investment. Prepaid warranties non-current The Group purchases extended warranties for its fast and ultra-fast chargers for a period between 1 and 3 years depending on the charging pole's supplier. The extended warranty period starts after the standard warranty period of 2 years expires. The extended warranty is paid in advance at the moment when the charger is delivered. As of December 31, 2023, the Group's prepaid extended warranties for charging equipment in amount of €5,657 thousand (December 31, 2022: €2,206 thousand). This amount of prepaid extended warranties is classified as non-current. The prepaid extended warranties classified as current as of December 31, 2023 amount to €311 thousand (December 31, 2022: € nil) and are presented as part of prepayments and other assets in Note 21. Other receivables As of December 31, 2023, the other receivables mainly represent the non-current portion of an outstanding receivable with one of the Group's customers of €1,651 thousand (December 31, 2022: €2,321 thousand), net of an allowance of €143 thousand (December 31, 2022: €301 thousand). The Group has agreed on payments terms with its customer. The receivable will be settled in equal payment installments during approximately three years from the balance sheet date. The Group accrues interest on the balance at an annual rate of 8.4%.
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Trade and other receivables |
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Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other receivables | Trade and other receivables
The aging of the Group’s trade receivables and contract assets at the reporting date for all periods presented is disclosed in Note 33. The movements in the loss allowance for the years ended December 31, 2023 and 2022 have been as follows:
Impairment losses on trade receivables and contract assets are recorded in other costs, within general and administrative expenses in the consolidated statement of profit or loss. Subsequent recoveries of amounts previously written off are credited against the same line item. Details about the Group’s exposure to credit risk is included in Note 33.
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Prepayments and other assets |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepayments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayments and other assets | Prepayments and other assets
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Cash and cash equivalents |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and cash equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents
The above figures reconcile to the amount of cash and cash equivalents shown in the consolidated statement of cash flows at the end of each reporting period. The renewed credit facility is secured in part by pledges on the bank accounts. Refer to Note 25 for additional details and amounts. As of December 31, 2023 an amount of approximately €39,000 thousand included in the cash and cash equivalents originated from the drawdown of the renewed facility and will be used for capital expenditures in early 2024. The remaining cash and cash equivalents balance is at the free disposal of the Group for all periods presented.
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Share capital, share premium and transaction costs on new equity instruments |
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Share Capital and Share Premium [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share capital, share premium and transaction costs on new equity instruments | Share capital, share premium and transaction costs on new equity instruments Share capital As at December 31, 2023, the issued share capital of the Company amounts to €32,521 thousand (December 31, 2022: €32,061 thousand), divided into 271,010,790 ordinary shares of €0.12 (December 31, 2022: 267,177,592 ordinary shares of €0.12 per share). They entitle the holder to participate in dividends, and to share in the proceeds of winding up the Company in proportion to the number of shares held. The authorized share capital of the Company as at December 31, 2023 amounted to €108,000 thousand (December 31, 2022: €108,000 thousand), divided into 900,000,000 ordinary shares of €0.12 per share (December 31, 2022: 900,000,000 ordinary shares of €0.12 per share). On March 17, 2022, trading in the public company commenced on the NYSE. The Company trades under the Allego name under the ticker symbol “ALLG”. Share capital and share premium transactions as part of the SPAC Transaction In 2018 and 2019, the Group entered into shareholder loans with Madeleine (the Company’s immediate parent) to finance its operations (refer to Note 25). On March 16, 2022, before the closing of the SPAC Transaction, the shareholder loan equity conversion resulted in a share issuance of 2 Allego Holding ordinary shares at a par value of €1 per share, increasing share capital by €2, with the remaining difference in the shareholder loan equity conversion being recorded as an increase to share premium of €101,931 thousand and accordingly no gain or loss has been recognized in the consolidated statement of profit or loss. On the same date, in accordance with the First Special Fees Agreement, Allego Holding issued 22 ordinary shares at a par value of €1 per share to the external consulting firm, increasing share capital by €22. Please refer to Note 11.1 for more details on the First Special Fees Agreement. As indicated in Note 4, on March 16, 2022, each holder of Allego N.V. ordinary shares exchanged by means of a contribution in kind its Allego Holding ordinary shares to Allego N.V. in exchange for the issuance of shares in accordance with the Exchange Ratio. Therefore, Allego Holding became a wholly owned subsidiary of Allego N.V. Consequently, 124 Allego Holding ordinary shares at a par value of €1 each were exchanged for 235,935,061 ordinary shares of Allego N.V. at a par value of €0.12 each. Consequently, share capital increased by €28,311 thousand and the share premium decreased by the same amount. Furthermore, each share of Spartan’s common stock was exchanged by means of a contribution in kind in exchange for the issuance of ordinary shares of Allego N.V., whereby Allego N.V. issued one ordinary share for each share of Spartan’s common stock exchanged. This resulted in the issuance of 14,907,582 Allego N.V. ordinary shares of €0.12 par value, and increased share capital by €1,789 thousand and share premium by €85,808 thousand, which includes the impact of applying IFRS 2 for €158,714 thousand (see Note 4). Concurrently with the execution of the BCA, Spartan and Allego entered into Subscription Agreements (the “Subscription Agreements”), dated July 28, 2021, with a number of investors (collectively the “PIPE Investors”), pursuant to which the PIPE Investors agreed to subscribe to and purchase, and Allego N.V. agreed to issue and sell to such PIPE Investors, an aggregate of 15,000,000 Ordinary Shares (the “PIPE Shares”) at a price of $10.00 per share (€9.079 per share) for an aggregate purchase price of $150,000 thousand (€136,048 thousand) in proceeds (the “PIPE Financing”) on the Closing Date. This resulted in a share capital increase of €1,500 thousand (12,500,000 ordinary shares at a price of €0.12 per share) and a rise in share premium of €108,515 thousand. Additionally, an increase in contract liability of €3,358 thousand was recognized for future charging services to be provided to one of the PIPE Investors (see Note 6). On March 22, a second PIPE share issue was executed. 2,500,000 ordinary shares were issued at price of €0.12 per share, increasing share capital by €300 thousand, and raising share premium by €22,375 thousand. During the year ended December 31, 2021, the Group incurred transaction costs of €1,059 thousand that are directly attributable to the issuance of new equity instruments in relation to the SPAC Transaction. These transaction costs have been recorded as a deduction to share premium. For further details regarding these transaction costs refer to Note 4. Issuance of ordinary shares upon exercise of the Private Placement Warrants As indicated in Note 27, on April 15, 2022, all the Private Placement Warrants were exercised on a cashless basis. As a result of the exercise, 9,360,000 Private Placement Warrants were converted into 1,334,949 Allego N.V. ordinary shares, with a nominal value of €0.12 per share, increasing share capital by €160 thousand, and raising share premium by €13,694 thousand. Issuance of ordinary shares related to the IPO Grant Shares award under the LTIP On June 9, 2023, 9,600 ordinary shares, with a nominal value of 0.12 per share, were issued for no consideration to employees of the Company. These shares relate to the IPO Grant Shares award under LTIP as described in note 11.4. Issuance of ordinary shares related to the RSUs award under the LTIP On August 10, 2023, 666,968 ordinary shares, with a nominal value of 0.12 per share, were issued for no consideration to eligible members of the board of directors. These shares relate to the RSUs award under the LTIP as described in note 11.4. Issuance of ordinary shares upon exchange of Public Warrants On October 3, 2023 and October 18, 2023, all the Public Warrants were exchanged. As a result of the exchange, 13,799,948 Public Warrants were converted into 3,156,630 Allego N.V. ordinary shares, with a nominal value of €0.12 per share, increasing share capital by €379 thousand, and raising share premium by €7,190 thousand. No consideration was received from the Company as part of the exchange. As a result of these transactions, no public warrants remain outstanding. For further details on the exchange of Public Warrants, refer to Note 27. Transaction costs for the issuance of ordinary shares in exchange of Public Warrants During the year ended December 31, 2023, the Group incurred transaction costs of €955 thousand (December 31, 2022: € nil ) that are directly attributable to the issuance of ordinary shares in relation to the exchange of Public Warrants. These transaction costs have been recorded as a deduction to share premium. For further details on the exchange of Public Warrants, refer to Note 27. Share capital and share premium movements Movement of share capital and share premium are as follows:
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Reserves |
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Disclosure of reserves within equity [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves | Reserves
Legal reserve for capitalized development costs The Company’s legal reserve relates to the capitalized development costs of the Group’s internally developed EV Cloud software platform. The Company recorded the net change in the legal reserve of negative €1,845 thousand in 2023 (2022: negative €886 thousand, 2021: positive €386 thousand) through accumulated deficit. Reserve for financial assets at FVOCI The Group has elected to recognize changes in the fair value of its investment in Voltalis in the consolidated statement of other comprehensive income. These changes are accumulated within the FVOCI reserve within equity. Foreign currency translation reserve Exchange differences arising on translation of the foreign controlled entity are recognized in other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of. The legal reserve for capitalized development costs, the foreign currency translation reserve, and the reserve for financial assets at FVOCI are not freely distributable.
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Borrowings |
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Disclosure of detailed information about borrowings [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings This note provides a breakdown of borrowings in place as at December 31, 2023 and 2022.
*The Euribor rate (6M) is floored at 0%. This floor is closely related to the contract of the loan and is therefore not presented separately in the consolidated statement of financial position. **The margin of 3.9% will increase by 0.2% for the first time in December 2025. ***During the year ended December 31, 2022, the Group had an old facility, which was settled with the proceeds from the renewed facility. In addition, the Group had two shareholder loans, which were either settled or converted to equity during the year ended December 31, 2022. Refer to the paragraphs below for details. Old facility (senior debt) In May 2019, the Group entered into the old facility agreement with a group of lenders to finance its operations. The principal terms and conditions of the old facility were as follows: •a facility of €120,000 thousand; •drawdown stop when conditions precedent (covenant ratios) are not met; •repayment in full at maturity date; •commitment fee per year equals to 35% of the applicable margin. For the year ended December 31, 2022, the commitment fee was 1.75% per year (equal to 35% of the contractual margin of 5%). The Group has utilized the maximum amount of credit as allowed under the old facility as of December 2, 2021, as such no additional commitment fees were incurred after this date. Exercise of old facility accordion feature On July 28, 2022, the Group has expanded its old €120,000 thousand facility by an additional €50,000 thousand through an accordion feature with the group of lenders within the original old facility agreement. The main terms and conditions of the old facility remained effective upon exercising the accordion feature. Under the original terms, the old facility was due to expire in May 2026. The exercise of the accordion feature was made in the context of the anticipated refinancing of the old facility in December 2022 and was accounted for as modification of the former financial liability. The loss on modification amounted to €1,730 thousand for the year ended December 31, 2022 and was recognized in the consolidated statement of profit and loss, within finance income/(costs). Refer to Note 12 for details. Refinancing of the old facility with the renewed facility On December 19, 2022, the Group has entered into the renewed facility agreement with a group of lenders led by Société Générale and Banco Santander, increasing the total available facility by €230,000 thousand to €400,000 thousand, to further support its growth. The renewed facility consists of: i.€170,000 thousand used to settle the old facility; ii.up to €200,000 thousand to be used for financing and refinancing certain capital expenditures and permitted acquisitions (and for other permitted debt servicing uses); and iii.up to €30,000 thousand to be used for issuance of guarantees and letters of credit (and when utilized by way of letters of credit, for general corporate purposes). The renewed facility expires in December 2027 and bears interest at EURIBOR plus a margin. The principal terms and conditions of the renewed facility are as follows: •drawdown stop when conditions precedent are not met; •repayment in full at maturity date; •commitment fee per year equals to 35% of the applicable margin and is payable for each undrawn facility in the period from the agreement signing date to the date being 42 months following the signing date. For the year ended December 31, 2023, the commitment fee was 1.365% per year (equal to 35% of the margin of 3.9%). In December 2022, the Group completed two drawdowns on part (i) and part (ii) of the renewed facility for a total amount of €279,210 thousand, of which €170,000 thousand (part (i)) was used to repay the Group’s old facility by a way of netting with the drawdown on the renewed facility. In June and December 2023, the Group completed two drawdowns on part (ii) of €43,400 thousand and €39,000 thousand, respectively. As of December 31, 2023, the Group has not drawn on €8,390 thousand of this facility. In addition, part (iii) was partially utilized in October 2023, by issuance of letters of credit to a renewable energy supplier for an amount of €12,500 thousand. As of December 31, 2023 the unutilized amount from the guarantee facility is €17,500 thousand. Refer to Note 35 for details. In parallel to the renewed facility, the Group entered into two interest rate caps to hedge the interest rate risk on 67% of the outstanding loan amounts under the renewed facility. Details about the Group’s interest rate caps are included in Note 19 and Note 33. The refinancing of the old facility was accounted for as extinguishment of the former financial liability and recognition of the new debt instrument. The loss on extinguishment amounted to €2,832 thousand for the year ended December 31, 2022 and was recognized in the consolidated statement of profit and loss, within finance income/(costs). Refer to Note 12 for details. Interest expenses on the Group’s old and renewed facilities are recognized as part of finance income/(costs) in the consolidated statement of profit or loss. Refer to Note 12 for details. Loan covenants Under the terms of the renewed facility, the Company and its subsidiaries (other than specific unrestricted subsidiaries) are required to comply with financial covenants. The renewed facility also contains customary negative covenants, including, but not limited to, certain restrictions on the ability of the Company to merge and consolidate with other companies, incur indebtedness, grant liens or security interests on assets, pay dividends or make other restricted payments, sell or otherwise transfer assets or enter into transactions with affiliates. The renewed facility further provides that upon the occurrence of certain events of default, the obligations thereunder may be accelerated. Such events of default include non-payment, drawdown stop events, breach of financial and other covenants, cross default, insolvency, unlawfulness, material adverse change and other customary events of default. Details about the covenants and compliance with covenants are included in Note 34. Assets pledged as security The renewed facility is secured by pledges on the bank accounts (presented as part of cash and cash equivalents in Note 22 and non-current other financial assets in Note 19), pledges on trade and other receivables presented in Note 20 and pledges on the shares in the capital of Allego Holding B.V., Allego B.V., Allego GmbH and Allego France SAS held by the Group, which combined represent more than 85% of the Group's total assets. The carrying amount of assets pledged as security for the renewed facility are as follows:
Transaction costs During the year ended December 31, 2023, the Group incurred €624 thousand (2022: €11,657 thousand, 2021: €517 thousand) of transaction costs, which are directly attributable to the old and renewed facilities. These costs are included in the measurement of the respective drawdowns and are amortized over the term of these drawdowns using the effective interest method. The Group expects that it will draw on the funds available under the parts (i) and (ii) of the renewed facility. Therefore, commitment fees paid on the unused portion of these parts of the renewed facility are deferred and treated as an adjustment to the loan’s effective interest rate and recognized as interest expense over the term of the respective facility parts. Part (iii) of the renewed facility is utilized by the issuance of guarantees and letters of credit to the Group's counterparties, thus no actual drawdowns are made by the Group. The issued guarantees or letters of credit represent off-balance sheet commitments, refer to Note 35 for further details. As such, the commitment fee is capitalized as a prepayment for liquidity services, amortized over the period of that part of the facility and recognized in the consolidated statement of profit or loss, within finance income/(costs). During the years ended December 31, 2023 and December 31, 2022, the Group did not incur material commitment fees for part (iii) of the renewed facility. Shareholder loans (1) In 2018 and 2019, the Group entered into six shareholder loans with Madeleine (the Company’s immediate parent) to finance its operations. All shareholder loans had similar terms and conditions. The principal terms and conditions were as follows: •repayment in full at maturity date; •interest can be paid or accrued at the discretion of the Group. Any accrued interest is due at the maturity date of the loan. On March 16, 2022, immediately prior to the closing of the previously announced business combination and pursuant to the terms of the BCA, the outstanding principal of the shareholder loans together with the accrued interest on these loans have been converted into equity. For further details regarding the equity conversion of the shareholder loans refer to Note 23. Interest expenses on the Group’s shareholder loans with Madeleine were recognized as part of finance income/(costs) in the consolidated statement of profit or loss, refer to Note 12 for details, and were accrued to the carrying value of the shareholder loans. During the year ended December 31, 2022, the Group recognized an interest expense of €1,738 thousand (2021: €8,162 thousand) on these shareholder loans before the conversion into equity. Shareholder loans (2) With the acquisition of Mega-E on March 16, 2022, the Group assumed a shareholder loan with Meridiam EM SAS to finance its operations. The terms and conditions of the loan have been amended subsequent to the initial loan agreement being signed. The principal terms and conditions were as follows: •repayment in full at maturity date; •interest is paid half yearly in arrears; •the loan becomes due in the event of a share capital increase. During the year ended December 31, 2022, the loan was fully settled. Interest expense on the shareholder loan with Meridiam EM SAS was recognized as part of finance income/(costs) in the consolidated statement of profit or loss. During the year ended December 31, 2022, the Group recognized interest expenses of €5 thousand on the shareholder loan. Maturity profile of borrowings The maturity profile of the borrowings is included in Note 33. Changes in liabilities arising from financing activities The movements in liabilities from financing activities in 2023 and 2022 have been as follows:
*The transaction costs on borrowings as displayed in the consolidated statement of cash flows of €1,576 thousand do not reconcile to the transaction fees disclosed above for the year ended December 31, 2023 as they also include the cash payment of transaction costs incurred in the previous period on the refinancing of the facility and shown as payables in the prior period of €952 thousand. Other changes for the year ended December 31, 2023 reflect a decrease of €84 thousand (2022: an increase of €4,820 thousand) which primarily include the effect of accrued interest on the Group’s borrowings of €23,364 thousand (2022: €13,871 thousand), offset by interest payments on the Group’s borrowings of €9,407 thousand (2022: €7,242 thousand), interest payable reclassified to trade and other payables of €13,019 thousand (2022: €564 thousand), fees paid of €1,080 thousand (2022: €205 thousand) and fees payable reclassified to trade and other payables of €56 thousand (2022: €1,037 thousand). The Group presents interest paid as cash flows from operating activities.
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Provisions and other liabilities |
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Provisions and other liabilities | Provisions and other liabilities
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.
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:
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Warrant liabilities |
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Warrant liabilities | Warrant liabilities As mentioned in Note 4, as part of the SPAC Transaction, 13,799,948 Public Warrants and 9,360,000 Private Placement Warrants issued by Spartan, which had a fair value of €42,253 thousand at the time of the transaction and they have been assumed by the Group. At December 31, 2023, the Group had no Public Warrants and no Private Placement Warrants outstanding after the Public Warrant holders exchanged all their warrants on October 3, 2023 and October 18, 2023 respectively. Private Placement Warrants holders exercised all their warrants on April 15, 2022. Public Warrants entitled the holder to convert each warrant into one ordinary share of the Company of €0.12 par value at an exercise price of $11.50 (€10.80)10, and could be exercised starting 30 days after the SPAC Transaction. The Private Placement Warrants had terms and provisions that are identical to those of the Public Warrants, with the exception that as long as the Private Placement Warrants are held by Spartan, they may be exercised for cash or on a cashless basis, and they could not be transferred, assigned, or sold until 30 days after the Business Combination. The cashless basis exercise entitled the Private Placement Warrants holders to convert the warrants into a number of Allego ordinary shares of €0.12 par value equal to the quotient obtained by dividing the product of the number of ordinary shares of Allego underlying the warrants and the excess of the fair market value over the exercise price of the warrants by the fair market value. For the purpose of the calculation above, the fair market value shall mean the average last reported sale price of the ordinary shares of Allego for the trading days ending on the third trading day prior to the date on which notice of exercise of the warrant is given. Exchange of warrants On April 15, 2022, all the Private Placement Warrants were exercised on a cashless basis, and the Private Placement Warrants holders received 1,334,949 ordinary shares of the Company. The Private Placement Warrants had a fair value of €13,854 thousand on the exercise date. For further details regarding the Private Placement Warrants exercise refer to Note 23. In August 25, 2023, the Company announced the commencement of an exchange offer which provided Public Warrant holders the opportunity to receive 0.23 Ordinary Shares of the Company in exchange for each warrant tendered by such holders. This offer coincided with a solicitation of consents from holders of the Public Warrants to amend the Warrant Agreement, and require that each Public Warrant that is outstanding upon the closing of the exchange offer be converted into 0.207 Ordinary Shares of the Company. On October 3, 2023, the Company exchanged 13,029,838 Public Warrants for Ordinary Shares of the Company at an exchange ratio of 0.23 shares for each Public Warrant exchanged. As a result, the Company issued 2,996,918 Ordinary Shares which includes fractional shares7. In connection with the exchange, the Company entered into the related amendment to the warrant agreement after receiving approval of approximately 94.3% by outstanding Public Warrant holders in relation to the consent solicitation, and exercised its right to exchange all remaining untendered Public Warrants at an exchange ratio of 0.207 Ordinary Shares of the Company for each warrant. The fair value of the Public Warrants that were exchanged on October 3, 2023 amounted to €7,298 thousand. On October 18, 2023, in connection with the amendment of the Warrant Agreement, the Company exercised its right to exchange the remaining 770,110 Public Warrants for Ordinary Shares of the Company at an exchange ratio of 0.207 shares for each Public Warrant exchanged. As a result, the Company issued 159,413 Ordinary Shares. An additional 299 shares were issued in relation to the Public Warrants exchanged on October 18, 2023 to account for fractional shares11. The fair value of the Public Warrants that were exchanged on October 18, 2023 amounted to €271 thousand. Movements in warrant liabilities The financial liabilities for the warrants are accounted for at fair value through profit or loss. For further details on the assumptions and models used for estimating the fair value of the derivative warrants refer to Note 32. During the year ended December 31, 2023 the Group recognized a total net fair value loss of €6,273 thousand (2022: gain of €27,103 thousand, 2021: € nil ) in relation to the Public Warrants, in the consolidated statement of profit or loss, within finance income/(costs). Movements in the warrant liabilities for the year ended December 31, 2023 are summarized as follows:
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Trade and other payables |
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Disclosure detailed information about of trade payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables | Trade and other payables
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Derivative liabilities |
12 Months Ended |
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Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Derivative liabilities | Derivative liabilities The Group signed multiple Power Purchase Agreements (PPAs) during the years ended December 31, 2023 and December 31, 2022 for the purchase of electricity from renewable sources in the Netherlands and Germany, to secure a long-term supply of green electricity to its charging equipment. These agreements are "buy-as-produced" contracts, have duration of 5 to 11 years and set a fixed price of the renewable electricity for the whole duration of agreements. The expected contractual volumes of renewable electricity were determined based on the historical production profiles of the local comparable facilities. During the year ended December 31, 2023 two renewable facilities were commissioned, the remaining facilities are in construction with the expected commissioning dates in 2024-2025. The actual coverage of the total electricity consumption with the supply from PPAs during the year ended December 31, 2023 and the expected coverage over the duration of the PPAs are disclosed in Note 33. As discussed in Note 3.1.3 the German PPAs and some PPAs in the Netherlands entered into in the year ended December 31, 2023 meet the “own use” criteria in IFRS 9 and accounted for as executory contracts. However, the renewable electricity supplied by the remaining PPAs in the Netherlands do not meet the “own use” exemption in IFRS 9 and recognized as such as derivative liabilities. The derivative liabilities relating to PPAs had a nil fair value at inception. The methodology and main inputs to the fair value model at inception and as at December 31, 2023 are further described in Note 32.
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Taxation |
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Major components of tax expense (income) [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxation | Taxation 30.1. Income taxes Income tax expense recognized in the consolidated statement of profit or loss The major components of income tax expense recognized in the consolidated statement of profit or loss for the years ended December 31, 2023, 2022 and 2021 are as follows:
Reconciliation of effective tax rate The following table provides a reconciliation of the statutory income tax rate with the average effective income tax rate in the consolidated statement of profit or loss for the years ended December 31, 2023, 2022 and 2021:
Uncertain tax positions Liabilities for uncertain tax positions are recognized if and to the extent it is probable that additional taxes will become due. Our assessments are based on our best estimate of how the tax authorities concerned are likely to evaluate and respond to the cases in question, taking into account expert advice. Uncertain tax positions for which liabilities have been recorded, mainly relate to international transfer pricing and tax deductibility of expenses. 30.2. Deferred taxes Deferred tax assets and liabilities
Origination of deferred tax assets and liabilities The following table provides the origination of deferred tax assets and liabilities during the years ended December 31, 2023 and 2022 and where those movements have been recorded: the consolidated statement of profit or loss (“profit or loss”) or directly in equity or other comprehensive income (OCI).
* The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction if permitted. The overall deferred tax position in a particular tax jurisdiction determines if a deferred tax balance related to that jurisdiction is presented within deferred tax assets or deferred tax liabilities. Unrecognized deferred tax assets
Interest carry forwards do not expire. Estimates and assumptions Refer to Note 2.7.23 for details on estimates and assumptions made with respect to the recognition of deferred tax assets. Changes to the Dutch corporate income tax law As per January 1, 2022 changes to the Dutch corporate income tax law have been enacted and become effective. These changes have resulted in the following: •The carry back period remains one year. •Unused tax losses available for carry forward do not longer have an expiry date. •The amount of unused tax losses available for carry forward without an expiry date has been maximized to 50% of taxable profits for the year in excess of € 1 million. •The revised carry forward period applies to all tax losses arising as of January 1, 2022 and to unused tax losses available for carry forward as of that date to the extent that these tax losses have arisen in fiscal years that commenced on or after January 1, 2013. The corporate income tax rate from 2024, remains 25.8% (2022: increase from 25.0% to 25.8%), for taxable income in excess of €200 thousand (2023: €395 thousand; 2022: €395 thousand). The corporate income tax rate for taxable income up to €200 thousand (2023: €395 thousand, 2022: €395 thousand) increased from 15.0% to 19.0%. Consequently, the relevant deferred tax balances have been remeasured in 2022. Expiration year of loss carryforwards As at December 31, 2023, the Group had unused tax losses available for carryforward for an amount of €234,538 thousand (December 31, 2022: €197,171 thousand) as unrecognized losses and for an amount of €2,616 thousand (December 31, 2022: €1,941 thousand) as recognized losses, in total €237,155 thousand (December 31, 2022: €199,112 thousand). These unused tax losses do not have an expiry date for all periods presented. 30.3. Fiscal unity for Dutch corporate income tax purposes Exclusion from the fiscal unity for Dutch corporate income tax purposes As of June 1, 2018, Allego Holding and its Dutch wholly-owned subsidiaries formed a fiscal unity with Madeleine — Allego Holding’s then immediate parent entity — and Opera Charging B.V. (“Opera”—parent entity of Madeleine) for Dutch corporate income tax purposes. The completion of the SPAC Transaction has resulted in the exclusion of Allego Holding B.V. and the Dutch wholly-owned subsidiaries from the fiscal unity headed by Opera. During the year ended December 31, 2022, the Group has prepared and filed a request with the Dutch Tax Authorities (“DTA”) for upfront certainty regarding the consequences of the exclusion from the fiscal unity. The Group submitted the request to the DTA on July 28, 2021. The Group has reached an agreement with the DTA on January 18, 2022 on this request. The agreement with the Dutch Tax Authorities mitigates potential discussions on the various tax topics that have been agreed upon. Additionally, the agreement provides the Group with tax certainty regarding the dissolution of the fiscal unity for Dutch corporate income tax purposes headed by Opera and the related Dutch corporate income tax considerations for the year ended December 31, 2018 up to and including the year ended December 31, 2022 and fiscal year 2023 until the moment of exclusion from the fiscal unity. Following the Business Combination consummated on March 16, 2022, Allego N.V. (being the parent company) formed a new fiscal unity with Allego Holding BV, Allego BV, Allego Employment and Allego Innovations BV for Dutch corporate income tax purposes.
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Financial instruments |
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Disclosure of detailed information about financial instruments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments | Financial instruments This note provides information about the Group’s financial instruments, including: •an overview of all financial instruments held by the Group; •the classification of the financial instruments; •the line item on the consolidated statement of financial position in which the financial instrument is included; •the financial instrument’s book and fair value. The Group holds the following financial instruments: Financial assets
Due to the highly liquid nature of cash and cash equivalents and the pledged bank balances classified within non-current other financial assets, their carrying amount is considered to be the same as their fair value. Due to the short-term nature of trade and other receivables, their carrying amount is considered to be the same as their fair value. Financial liabilities
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Fair value measurement |
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Fair Value Measurement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurement | Fair value measurement This note explains the judgments and estimates made in determining the fair values of the financial instruments that are recognized and measured at fair value and the financial instruments for which the fair value is disclosed in the consolidated financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level is included in Note 2.7.18 of these consolidated financial statements for the year ended December 31, 2023. Assets and liabilities measured at fair value As at December 31, 2023 and December 31, 2022, the Group has recorded the following financial instruments at fair value in the consolidated statement of financial position: •interest rate cap derivatives; •investment in equity securities; •derivative liabilities; •warrant liabilities. The Group has two interest rate caps related to the renewed facility, presented within non-current other financial assets. The interest rate caps qualify for the level 2 category in the fair value hierarchy due to the fact that they are not traded in an active market and the fair value is determined using valuation techniques which maximize the use of observable market data. Since all significant inputs required to fair value the instruments are observable, the instruments are included in level 2. The investment in equity securities is also presented within non-current other financial assets. The investment qualified for the level 2 category in the fair value hierarchy at the time of acquisition due to the fact that the investee is not a public company traded in an active market and the fair value was determined using valuation techniques which maximize the usage of observable market data. During the year ended December 31, 2022 the instrument was transferred to the level 3 category in the fair value hierarchy, as the securities are not traded in an active market and there is no observable market data. During the year ended December 31, 2023, the investment in equity securities remained in level 3 category. Therefore, the fair value of these securities is determined using valuation techniques which use unobservable inputs that are significant to fair value. The derivative liabilities include the PPAs derivatives. The fair value of PPAs derivatives is estimated by discounting the difference between the cash flows based on contractual price and the cash flows based on the forward prices for the remaining maturity of the agreements, using amongst others significant unobservable inputs related to future renewable electricity prices. Since significant inputs required to fair value the instruments are unobservable, the instruments are classified in level 3 category. As at December 31, 2022, the Group had warrant liabilities related to Public Warrants, recorded at fair value in the consolidated financial statement of financial position, presented as a separate line item. As a result of the Private Placement Warrants exercise in 2022, and the Public Warrants exchange in 2023, no warrant liabilities remain outstanding as at December 31, 2023 (refer to Note 27). The Public Warrants and Private Placement Warrants qualified for the level 3 category in the fair value hierarchy at the time of their issuance due to the fact that they were not traded in an active market at the time and their fair value was determined using valuation techniques which use unobservable inputs that were significant to the fair value. The Private Placement Warrants and Public Warrants qualified for the level 1 category in the fair value hierarchy before being derecognized in 2022 and 2023 respectively, due to the fact that their fair value is determined based on quoted market prices. In addition, during the year ended December 31, 2022, preference shares and purchase options were derecognized. Both instruments qualified for the level 3 category in the fair value hierarchy before being derecognized, due to the fact that they were not traded in an active market and the fair value was determined using valuation techniques which use unobservable inputs that were significant to the fair value. Preference share derivatives and purchase options were both presented within non-current other financial assets. For assets and liabilities that are recognized in the consolidated financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. During the year ended December 31, 2023 no transfers occurred between level of fair value hierarchy. During the year ended December 31, 2022 a transfer of €20,568 thousand from level 3 to level 1 with respect to the warrants and a transfer of €41,984 thousand from level 2 to level 3 with respect to the investment in equity securities occurred. The fair values of the Group’s assets and liabilities measured at fair value are disclosed in the table in Note 31. Fair value of assets and liabilities not measured at fair value The Group has determined the fair value of assets and liabilities not measured at fair value, but for which the fair value is required to be disclosed. Borrowings: For the renewed facility, the fair value differs from its carrying amount because the interest payable on the loans is (partially) fixed. The borrowings qualify for the level 3 category in the fair value category due to the use of unobservable inputs, including own credit risk. The fair values of the Group’s assets and liabilities not measured at fair value are disclosed in the table in Note 31. Specific valuation techniques to determine fair values Specific valuation techniques used to value financial instruments include: •preference share derivatives: option pricing model; •interest rate cap derivatives: option pricing model; •investment in equity securities: discounted cash flow analysis; •purchase options: option pricing model, i.e. Black-Scholes pricing model; •borrowings: discounted cash flow analysis using a market interest rate; •derivative liabilities: discounted cash flow analysis; •warrants valuation as of issuance: binomial tree framework. Financial instruments measured at fair value (level 3) The changes in level 3 items for the year ended December 31, 2023 and December 31, 2022 have been as follows:
The Group’s engages with third party valuation specialists to perform its fair value measurements for financial reporting purposes on a periodic basis. Involvement of external valuers is determined annually by the Group’s finance team after discussion with and approval by the Group’s Executive Board. Selection criteria for valuation specialist include market knowledge, reputation, independence and whether professional standards are maintained. The Group works closely with the qualified external valuers to establish the appropriate valuation techniques and inputs to the model. At each reporting date, the Group analyses the movements in the values of assets and liabilities which are required to be remeasured or re-assessed as per the Group’s accounting policies. Valuation inputs to the fair value of purchase options Inputs to the fair value of the purchase options are the spot price per share, the exercise price, the risk-free rate, volatility, time to expiration and dividend yield. The following table summarizes the quantitative information about the significant unobservable input parameters used in the level 3 fair value measurement of the purchase options at the time of their derecognition or exercise in 2022, using a Black-Scholes pricing model.
Given that all purchase options have either been exercised or have become substantive during the year ended December 31, 2022, changes to significant unobservable input parameters and the result of these changes on the fair value of the options have not been disclosed. Valuation inputs to the fair value of warrant liabilities The fair value of the Public Warrants and the Private Placement Warrants have been estimated using level 3 inputs to a binomial tree framework at the time of their issuance (March 16, 2022) as there was no observable trade price available. Inputs to the binomial framework tree are the spot price per share, risk-free interest rate, the warrants key contractual terms and assumptions related to the Groups expected stock-price volatility and dividend yield. Subsequent to their listing on an active market in 2022, the Public Warrants qualified for the level 1 category in the fair value hierarchy, due to the fact that their fair value is determined based on quoted market prices. For Private Placement Warrants, which were exercised on April 15, 2022 the fair value on that date was determined based on the spot price per underlying ordinary share of Allego, which is a quoted market price. For Public Warrants, which were exchanged for shares on October 3, 2023 and October 18, 2023 respectively, the fair value on the relevant dates was determined based on the observable listed quoted price (level 1). Valuation inputs to the fair value of investments in equity securities The Group updated the valuation model to determine the fair value of investments in equity securities. Inputs to the fair value of the investments in equity securities include historical financial information of the underlying company, EBITDA margin, capital expenditure, the earnings growth factor and risk-adjusted discount rate. The following table summarizes the quantitative information about the significant unobservable input parameters that are considered sensitive and are used in the level 3 fair value measurement of the investments in equity securities, using the DCF (“Discounted Cash Flows”) methodology.
An increase or decrease of 100 basis point in the growth factor would change the fair value of the investment in equity by an increase of €5,221 thousand or a decrease of €3,963 thousand respectively. An increase or decrease of 100 basis point in the discount rate would change the fair value of the investment in equity by a decrease of €5,148 thousand or an increase of €6,808 thousand respectively. Valuation inputs to the fair value of preference shares derivatives Preference share derivatives were derecognized on December 15, 2022 and therefore have a fair value of € nil for the year ended December 31, 2022 and December 31, 2023. The fair value of the preference shares derivatives depended on the future value of shares in Voltalis at the time of a future Triggering Event. A Triggering Event is a majority disposal, public listing or a joint decision of an extraordinary general meeting of the shareholders to convert the shares of Voltalis. To measure the fair value of the instruments, valuation techniques that are based on discounting expected future cash flows, also referred to as the income approach, have been taken into account. Given that these rights would be derived from the outcomes of a specific Triggering Event scenario, a probability-weighted equity return method was historically applied in order to value the payouts under the economic rights. Under this approach, the payouts were estimated based upon an analysis of future values for Voltalis, assuming various probable Triggering Event scenarios, each with their own probability attached. The following table summarizes the quantitative information about the significant unobservable input parameters used in the level 3 fair value measurement of the preference shares derivatives at the time the Group obtained the rights to the derivative, and at the time of derecognition in 2022.
Given that the Group has waived certain potential economic rights associated with a portion of the ordinary shares held by the Group in Voltalis on December 15, 2022, changes to significant unobservable input parameters and the result of these changes on the fair value of the preference shares derivatives have not been disclosed. Further details and background on the preference shares derivatives are disclosed in Note 7. Valuation inputs to the fair value of derivative liabilities relating to PPAs The fair value of the derivative liabilities relating to PPAs has been estimated using level 3 inputs to a discounted cash-flow model using contractual, company specific and market inputs. These include as key inputs the electricity forward prices, the renewable electricity production volumes and the discount rate (including the credit spread). The electricity forward prices cannot be forecasted using observable market data for the whole duration of the contract and needs to be estimated. The following table summarizes the quantitative information about the significant unobservable input parameters that are considered sensitive and are used in the level 3 fair value measurement of the derivatives liabilities relating to PPAs, using the DCF (“Discounted Cash Flows”) methodology:
* the electricity forward price used in the model depends on the contract date and duration of the contract. An increase or decrease of an average 1,100 basis point in the electricity forward price would change the fair value of the derivative liabilities by a decrease of approximately €4,213 thousand or an increase of approximately €4,213 thousand respectively.
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Financial risk management |
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Disclosure of nature and extent of risks arising from financial instruments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial risk management | Financial risk management This note explains the Group’s exposure to financial risks and how these risks could affect the Group’s future financial performance.
The Group’s management oversees the management of these risks. The Group’s management is supported by the Finance department that advises on financial risks and the appropriate financial risk governance framework for the Group. The Group’s risk management is predominantly controlled by the Finance department under policies approved by the Executive Board. The Executive Board provides principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments. Since the largest part of the Group’s assets, liabilities, and transactions are denominated in euro, the market risk of foreign exchange is considered not to be significant. There are no changes compared to the previous period. Market risk Cash flow and fair value interest rate risk The Group’s main interest rate risk arises from a long-term borrowing with a variable rate, which exposes the Group to cash flow interest rate risk. The cash flow risk is mitigated through the usage of interest rate caps. During the years ended December 31, 2023 and 2022, the Group’s borrowings at a variable rate were denominated in euro. The Group’s borrowings are carried at amortized cost. As at December 31, 2023, approximately 0% of the Group’s borrowings are at a fixed rate of interest (December 31, 2022: 0%). An analysis by maturities is provided below in section "Maturities of financial liabilities" of this note. Instruments used by the Group The Group has two interest rate caps in place with a notional of €240,500 thousand (December 31, 2022: two interest rate cap with a notional of €181,486.5 thousand) which mature in December 2027 (December 31, 2022: in December 2027). As at December 31, 2023, the interest rate caps cover approximately 67% (December 31, 2022: 65%) of the variable loan principal outstanding. The notional of the derivative instruments is based on the principal of the debt and changes over time in order for the interest rate caps to mitigate at least 65% (2022: 65%) of the variable debt outstanding. According to the contract and as the loan is almost fully drawn, the notional of the interest rate cap will remain €240,500 thousand until the maturity of the agreement. Specifically, the strike price is linked to Euribor and was 3.43% at the end of 2023 (2022: 1.50%). The strike price will be 2.97% at the end of 2024, 2.64% at the end of 2025, 2.63% at the end of 2026 and 2.62% at the end of 2027. The remaining cash flow risk is accepted. The interest rate caps require settlement of any interest receivable, if applicable, semiannually. The settlement dates coincide with the dates on which interest is payable on the renewed facility. Sensitivity The consolidated statement of profit or loss is sensitive to higher/lower interest expenses from borrowings as a result of changes in interest rates as the Group’s bank facilities have a variable interest rate. Equity is not impacted as no hedge accounting is applied. Additionally, an increase or decrease of the Euribor has an impact on the fair value of the Group’s interest rate caps. 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:
*Keeping all other variables constant. Global regulators and central banks have been driving international efforts to reform key benchmark interest rates. The market is therefore in transition to alternative risk-free reference rates. Although limited impact is expected on the Euribor, the Group monitors the implications of such a phase out and the market developments. The Group has no interest rate hedging relationships which are affected by the reform and does not expect any significant impact on existing contracts due to a change in the interest rates. Investments price risk Exposure The Group’s exposure to equity securities price risk arises from investments held by the group and classified in the consolidated statement of financial position as at fair value through other comprehensive income (FVOCI) as detailed in Note 19. The price risk is mitigated by monitoring quarterly valuation updates and forecasts of future cash flows and aligning the business strategy accordingly. Sensitivity 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.
Amounts recognized in other comprehensive income The amounts recognized in other comprehensive income in relation to the investment in equity securities held by the group are disclosed in Note 19. Commodities price risk Exposure The Group’s exposure to commodities price risk arises from fluctuations in the energy market prices. The Group concluded long-term fixed price PPAs for wind and solar energy, with the aim to cover at least 80% of the Group's electricity supply with these agreements, in order to hedge against fluctuations in energy prices and secure a long-term and sustainable supply of renewable electricity. These agreements cover the period until the end of 2035. During the year ended December 31, 2023 the Group has covered 52% of the total electricity consumption in the Netherlands and Germany with the supply from PPAs. The average market prices of renewable electricity were €96 and €95 per MWh in the Netherlands and Germany respectively. Analysis 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:
The Group is also exposed to the risk of the market prices being lower than the contractual prices, resulting in high electricity costs for the Group. In this case cost of electricity purchased under the PPAs could be passed on to EV customers. Credit risk The Group is exposed to credit risk from its operating activities (primarily trade receivables and contract assets) and from its financing activities, including deposits with banks. Risk management Credit risk is managed on a Group basis. The Group is doing business with creditworthy companies and has a strict policy of cash collection. Customer credit risk is managed by the Finance department subject to the Group’s established policy, procedures and control relating to customer credit risk management. The credit quality of customers is assessed, taking into account its financial position, past experience and other factors. Outstanding customer receivables and contract assets are regularly monitored, and any major orders are generally covered by prepayments or other forms of credit insurance obtained from reputable banks and other financial institutions. At December 31, 2023, the Group had 25 customers (December 31, 2022: 14) that owed the Group more than €470 thousand (December 31, 2022: €450 thousand) each and accounted for approximately 78% (December 31, 2022: 86%) of the total amount of trade receivables and contract assets. There were 2 customers (December 31, 2022: 3) with a balance greater than €4,700 thousand (December 31, 2022: €4,500 thousand) accounting for just over 32% (December 31, 2022: 49%) of the total amount of trade receivables and contract assets. Impairment of financial assets The Group has five types of financial assets that are subject to the expected credit loss (“ECL”) model: •trade receivables; •contract assets; •pledged bank balances; •security deposits; •cash and cash equivalents. While cash and cash equivalents, security deposits and pledged bank balances (refer to Note 22 and Note 19, respectively) are also subject to the impairment requirements of IFRS 9, no impairments were required to be recognized on these financial assets due to their definition of being subject to an insignificant risk of changes in value. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets disclosed in Note 31. The Group applies the IFRS 9 simplified approach to measuring ECLs which uses a lifetime expected loss allowance for all trade receivables and contract assets. The expected loss rates are based on the payment profiles of sales over a period of 36 months before December 31, 2023 and the corresponding historical credit losses experienced within this period. The Group has considered but not identified any forward-looking factors which require an adjustment of the historical loss rates based on expected changes in these factors. 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:
Trade receivables and contract assets are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period of over 60 days past due. For the loss allowances for trade receivables and contract assets for each period presented, refer to Note 20. Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, the Group maintains flexibility in funding by maintaining availability under committed credit lines. The Group has been predominantly contracting customers of sound commercial standing and their payment behavior was generally good. Refer to Note 2.2 for details about the Group’s financial position and the going concern assumption applied in preparing the consolidated financial statements. As disclosed in Note 19, the Group has pledged bank balances to secure the payment of interest and commitment fees to the Group’s external lenders and pledged bank balances in relation to bank guarantees issued to suppliers of the Group. The main risk for the Group is not meeting the debt covenants or drawdown requirements described in Note 34. In this case, funding via the renewed facility would not be available. The Group monitors the liquidity risk on a weekly basis. Management monitors rolling forecasts of the Group’s cash and cash equivalents (Note 22) on the basis of expected cash flows. This is generally carried out at Group level, in accordance with practice and limits set by the Group. In addition, the Group’s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans. The Group assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. Financing arrangements The Group had access to the following undrawn borrowing facilities for each reporting period presented:
As indicated in Note 25, the Group has refinanced its old facility in December 2022. The renewed facility is available to be drawn if the drawdown covenants are met, in euros and has an average maturity of approximately 5 years (December 31, 2022: 5 years). As at December 31, 2023, €8,390 thousand of the undrawn facilities relate to undrawn capital expenditures facility. Maturities of financial liabilities The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on their contractual maturities. The table includes both non-derivative and 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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Capital management |
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Capital Management [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital management | Capital management For the purpose of the Group’s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. Refer to Note 23 and Note 24 for the quantitative disclosures of the Company’s share capital, share premium and other reserves. The objective of capital management is to secure financial flexibility to maintain long-term business operations. The Group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may amongst others issue new shares or other financial instruments. The Group has not paid any dividends since its incorporation. The Group expects to retain all earnings, if any, generated by operations for the development and growth of its business and does not anticipate paying any dividends to shareholders in the foreseeable future. In December 2022, the Group has secured financing for its operations through a renewed facility, which is disclosed in Note 25. No changes were made in the objectives for managing capital during the years ended December 31, 2023 and 2022. Loan covenants Under the terms of the renewed facility, the Group is required to comply with the following financial covenants related to interest and earnings before interest, taxes, depreciation and amortization (“EBITDA”) at the consolidated level of the Group: 1.Leverage ratio: calculated on a consolidated level as (total net debt 12 / Group EBITDA). 2.Interest cover ratio: calculated on a consolidated basis as (Group EBITDA / interest paid). The covenants shall be determined based on the IFRS financial statements of the Group, as required by the terms and conditions of the renewed facility. The compliance with these covenants shall be tested every six months, with the testing period being twelve months ending December 31 and June 30. The first testing date of the interest cover ratio was June 30, 2023. The first testing date of the leverage ratio is June 30, 2024. The target covenant ratios are determined based on a twelve-month running basis and are as follows:
The Group may within business days from the occurrence of a breach or the anticipated breach of the loan covenants remedy such default by providing evidence of receipt of new funding, sufficient to cure such breach (“equity cure right”). Such remediation is available for not more than two consecutive testing dates and four times over the duration of the renewed facility. In case if the covenants breach is not cured, such a breach is considered a default and could lead to the cancellation of the total undrawn commitments and the loan to become immediately due and payable. Additionally, the following ratios are set as drawstop event conditions for the part of the renewed facility aimed at financing and refinancing certain capital expenditures and permitted acquisitions, which if breached prior to the anticipated utilization of the capex portion of the renewed facility – will result in the drawdown stop: •Group EBITDA margin ratio: calculated on a consolidated level as (Group EBITDA / Group Revenue). •Group EBITDA amount: calculated on a consolidated level •Fast/ultra-fast charging equipment utilization rate: calculated on a consolidated level as (average number of sessions over the relevant Group charger base, divided by 50). The target drawdown stop conditions are determined based on a twelve-month running basis and are as follows:
Breaching the requirements would cause a drawdown stop. Continuing breaches in the drawstop conditions would permit the bank to cancel the total undrawn commitments. The Group may within twenty business days from the occurrence of a drawstop event provide a remedial plan setting out the actions, steps and/or measures (which may include a proposal for adjustments of the financial covenants' or utilization rate's levels) which are proposed to be implemented in order to remedy such drawstop event. In the preparation of its consolidated financial statements, the Group assessed whether information about the existence of the covenant and its terms is material information, considering both the consequences and the likelihood of a breach occurring. The consequences of a covenant breach have been described in this note. A covenant breach would affect the Group’s financial position and cash flows in a way that could reasonably be expected to influence the decisions of the primary users of these consolidated financial statements. Refer to Note 2.2 for additional information. The Group has complied with these covenants in the reporting period ended December 31, 2023. The actual interest cover ratio for the twelve months ended December 31, 2023 was 0.6.
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Commitments and contingencies |
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Commitments and Contingencies [Abstract] | |
Commitments and contingencies | Commitments and contingencies Purchase commitments for chargers and charging infrastructure Significant expenditures for chargers and charging infrastructure contracted for, but not recognized as liabilities, as at December 31, 2023 were €4,890 thousand (December 31, 2022: €2,452 thousand). The Group uses these assets either as own chargers (property, plant and equipment) or as charging equipment to fulfill its obligations under development contracts entered into with its customers (inventory). Purchase commitments for electricity As disclosed in Note 29, Allego has entered into medium and long-term power purchase agreements for electricity. Significant expenditures for renewable electricity contracted for period between 2024 and 2035, but not recognized as liabilities, as at December 31, 2023 were €256,554 thousand (December 31, 2022: €69,701 thousand). Other purchase commitments for electricity contracted for, but not recognized as liabilities, as at December 31, 2023 were €27,960 thousand (December 31, 2022: €35,990 thousand). These commitments refer to periods between 2024 and 2027. The expected contractual electricity production till the end of 2035 is further detailed in Note 33. Guarantees On December 19, 2022, the Group has entered into a renewed facility agreement with a group of lenders led by Société Générale and Banco Santander, which included up to €30,000 thousand to be used for issuance of guarantees and letters of credit, refer to Note 25. The first letters of credit were issued on October 19, 2023 to Solarpark Lindenhof GmbH, as follows: one letter of credit from Banco Santander for the maximum original amount of €6,250 thousand and one letter of credit from Société Générale for the maximum original amount of €6,250 thousand. These letters of credit are not payable by the Group as of December 31, 2023, and the liability will be triggered only in case of non-delivery of physical settlement under the power purchase agreement. The commencement date of the operations of the Solarpark plant is planned to be in September 2024.
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Related-party transactions |
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Related-party transactions | Related-party transactions Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below. Relationship with the Mega-E Group After the sale of Mega-E Charging B.V. (“Mega-E”) to Meridiam EM SAS, Mega-E established subsidiaries and formed the Mega-E Group. As a result of the sale, Mega-E and its subsidiaries (the “Mega-E Group”) became related parties under common control until the Group resumed the control over Mega-E Group on March 16, 2022 upon the SPAC Transaction (please also refer to Note 4, Note 36.1 and Note 36.2 for more information). Prior to the acquisition of Mega-E by the Group on March 16, 2022, the relationship between the Group and the Mega-E Group was that of a customer and service provider. Subsequent to the sale to Meridiam EM SAS, the Group entered into several development and O&M contracts with the Mega-E Group to construct and operate charging stations across Europe. The development agreements related to the engineering, design, procurement, delivery, construction, installation, testing and commissioning of electric vehicle charging infrastructure at designated areas. The Group received a fixed contract price for these services. The O&M agreements related to the operation and maintenance of the delivered electric vehicle charging infrastructure by the Group to the Mega-E Group. The services consisted of the technical operation of the charging stations, revenue management, maintenance, providing pricing recommendations and providing access to the Group’s EV Cloud platform. The Group received a service fee that contains both fixed and variable fees per charging session. During the year ended December 31, 2021, one of the directors of the Group was also an executive director of Mega-E. As at December 31, 2021, the director resigned from the Group. Additionally, one of the non-executive directors of the Group was also a non-executive director of Mega-E. Relationship with EV Cars EV Cars is a related party under common control of Meridiam EM SAS. On June 28, 2021, the Group entered into a contract with EV Cars for the design, construction, installation and operation and maintenance of charging stations. Voltalis Upon completion of the MOMA acquisition, Voltalis became a related party of the Group in accordance with the criteria outlined in IAS 24 Related Party Disclosures through its relationship with Meridiam SAS. Madeleine — the majority shareholder of the Company — is indirectly owned by Meridiam. Voltalis is considered to be a controlled investment of Meridiam. Consequently, the Group and Voltalis are related parties and the related-party transactions have been disclosed in the table in this note. 36.1. Transactions with related parties
The transactions with Mega-E until March 16, 2022, are considered related-party transactions. The Group obtained control of Mega-E as of that date. All subsequent transactions are therefore considered to be intra-group transactions and have been eliminated in these consolidated financial statements. Share-based payment expenses On December 16, 2020, the Company’s then immediate parent entity — Madeleine — entered into an agreement, under which share-based payment awards are provided to an external consulting firm. Madeleine has the obligation to settle the agreement, but the Group accounts for the agreement as a share-based payment arrangement as the Group receives services from the consulting firm under the agreement. The Group does not have an obligation to settle the share-based payment awards with the consulting firm in cash or equity instruments and therefore the total arrangement is classified as an equity-settled share-based payment arrangement. On July 28, 2021, Spartan and the Company signed a BCA. Madeleine and the external consulting firm were also parties to the BCA. On February 28, 2022, the BCA was amended whereby the parties modified the thresholds of the First Special Fees Agreement that determine whether the fees payable in cash (“Part A”) to the external consulting firm will be paid in cash, shares or a combination of cash and shares, contingent upon the number of redemptions that will result from the SPAC Transaction. The amendment did not change the accounting treatment of the First Special Fees Agreement, as the total First Special Fees Agreement is classified as an equity-settled share-based payment arrangement, and the amendment did not give rise to an incremental fair value of the share-based payment arrangement. Refer to Note 11.1 for details on the First Special Fees Agreement. On February 25, 2022, the Company’s then immediate parent entity — Madeleine — entered into a Second Special Fees Agreement, under which share-based payment awards are provided to an external consulting firm. On April 20, 2022, the Second Special Fees Agreement was novated from Madeleine to Allego. Before the novation, Madeleine had the obligation to settle the agreement, and the Group accounted for the Second Special Fees Agreement as a share-based payment arrangement as the Group receives services from the consulting firm under the agreement. The Group did not have an obligation to settle the share-based payment awards with the consulting firm and therefore the total arrangement was classified as an equity-settled share-based payment arrangement. Following the novation, the Group has the obligation to settle the share-based payment awards with the consulting firm in cash and therefore the total arrangement was classified as a cash-settled share-based payment arrangement. Refer to Note 11.2 for details on the Second Special Fees Agreement. Other payments to key management This amount represents a one-time payment made by the Company to a member of management for their outstanding shares in an acquired subsidiary during 2022. 36.2. Balances with related parties At December 31, 2023 and 2022, the Group held the following balances with related parties:
36.3. Remuneration of key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group. The Group considers all executive and non-executive members of the Board of Directors and the Executive Board to be key management personnel as defined in IAS 24 Related party disclosures. The Executive Board consists of the chief executive officer (CEO), the chief financial officer (CFO) and the chief technology officer (CTO). The following remuneration of key management personnel was recognized as an expense in the consolidated statement of profit or loss for the years ended December 31, 2023, 2022 and 2021:
Share-based payments - Special Fee Agreements On December 16, 2020, the Company’s then immediate parent entity — Madeleine — entered into a First Special Fees Agreement, under which share-based payment awards are provided to an external consulting firm (refer to Note 11.1 for details). On February 25, 2022, the Company’s then immediate parent entity — Madeleine — entered into a Second Special Fees Agreement with the same external consulting firm as for the First Special Fees Agreement (refer to Note 11.2 for details). Prior to joining the Company as members of the Executive Board, two directors were contractors of the external consulting firm, in which capacity they provided management services related to the Company to Madeleine, the Company’s immediate shareholder. The directors are entitled to compensation from the external consulting firm in the form of a fixed percentage of the total benefits (including the proceeds from a future sale of shares in the Company) that the external consulting firm will generate under the agreement. Therefore, the Group has considered that a portion of the share-based payment expenses related to the Special Fees Agreements represents key management compensation and accordingly recognized that portion as employee benefits expenses within general and administrative expenses. For the year ended December 31, 2023, that portion of the share-based payment expenses related to Special Fees Agreements amounted to €3,480 thousand (2022: €26,869 thousand, 2021: €89,636 thousand). For the year ended December 31, 2023, the remaining amount of the total share-based payment expenses related to the Special Fees Agreement of €6,607 thousand (2022: €58,145 thousand, 2021: €202,201 thousand) is compensation for external consulting services. Therefore, the Group has recognized this amount as legal, accounting and consulting fees, within general and administrative expenses (refer to Note 9 and Note 11 for details). Share-based payments - Management Incentive Plan In March 2022, the Company established the management incentive plan and during the year ended December 31, 2023, issued the grant options and the performance options to the key management. These options are classified as equity-settled share-based payment transactions as the settlements with the participants shall be done using the Company’s shares. The vested options were recognized at fair value at the issuance date as an employee benefits expense in the general and administrative expenses, with a corresponding increase in equity. Refer to Note 11.3 for details on the Management Incentive Plan. Share-based payments - Long Term Incentive Plan The Allego Board and the Compensation Committee approved the general framework for the Long Term Incentive Plan ("LTIP") on the Closing Date. The purpose of the LTIP is to provide eligible directors and employees the opportunity to receive stock-based incentive awards for employee motivation and retention and to align the economic interests of such persons with those of Allego’s shareholders. The delivery of certain shares or other instruments under the LTIP to directors and key management are agreed and approved in certain Allego Board meetings. On December 20, 2022, the Allego Board approved a detailed plan for the LTIP for future years. These options are classified as equity-settled share-based payment transactions as the settlements with the participants shall be done using the Company’s shares. The vested options were recognized at fair value at the issuance date as an employee benefits expense in the general and administrative expenses, with a corresponding increase in equity. Refer to Note 11.4 for details on the Long Term Incentive Plan.
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Disclosure of subsidiaries [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group information | Group information 37.1. List of principal subsidiaries, associates and joint ventures The Group’s principal subsidiaries, associates and joint ventures as at December 31, 2023, 2022 and 2021 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business. Subsidiaries
Associates and Joint Ventures
37.2. Changes to the composition of the Group On March 16, 2022, the Group obtained control over Mega-E. The Group held a Mega-E Option that provided the Group with potential voting rights which were considered substantive as of March 16, 2022. On March 16, 2022, the Group consummated the previously announced business combination pursuant to the terms of the BCA. As a result of the completion of the SPAC Transaction, the Group acquired 100% of the shares of Spartan (subsequently renamed Allego USA Inc.). On June 7, 2022, the Group acquired 100% share capital of MOMA, a service provider for the Group’s EV Cloud platform. The acquisition brings the critical support for the EV Cloud platform into the Group and the access to new markets as well as services within the Group, to better meet the needs of its customers. The Group consolidates MOMA as of the acquisition date. FOROIL SAS is an associate of MOMA, but was written off as part of the accounting for the acquisition of MOMA due to it being a loss-making entity.
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Subsequent events |
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Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | Subsequent events The following events occurred after December 31, 2023: Changes to the composition of the Group In February 2024, several of the Group's Dutch subsidiaries merged as part of a larger rationalization of the Group's structure. On February 22, 2024, Mega-E Charging B.V. was merged with and into Allego Holding B.V., with Allego Holding B.V. being the surviving entity. In addition, on February 23, 2024, both Mega-E Eastern Europe Holding B.V. and Mega-E Netherlands Asset Co No 1 B.V. were merged with and into Allego B.V., with Allego B.V. being the surviving entity. Guarantee facility On April 3, 2024, a letter of credit was issued to one of the renewable electricity suppliers Solar-EP III B.V. as part of the Guarantee Facility, in relation to one of the existing power purchase agreements for a maximum original amount of €2,059 thousand.
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Material accounting policies (Policies) |
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Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Statement of compliance | 2.1.1 Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and interpretations issued by the IFRS Interpretations Committee (“IFRS IC”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were prepared by the Executive Board and were approved and authorized for issuance in accordance with a resolution of the Board of Directors on May 15, 2024.
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Basis of preparation | 2.1.2 Basis of measurement The consolidated financial statements have been prepared on a historical cost basis, unless otherwise stated. All amounts disclosed in the consolidated financial statements are presented in thousands of euros (€), unless otherwise indicated. The Company cannot be considered a separate entity acting in its own right for the period prior to the completion of the BCA, and the economic substance of its incorporation and the holding of the shares of Allego Holding constitutes a capital reorganization of the Group subsequent to the completion of the BCA and to aid with integrating new investors. Consequently, management has concluded that Allego should recognize in its consolidated financial statements the net assets of Allego Holding and subsidiaries as per their preceding carrying amounts, and that comparative information should be represented, as the consolidated financial statements of the Company and its subsidiaries are a continuation of those of Allego Holding and its subsidiaries. Therefore, the comparable consolidated financial statements as of and for the year ended December 31, 2021 and the prior period from January 1, 2022, until March 16, 2022 represent the consolidated financial statements of Allego Holding and its subsidiaries.
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Going concern assumption and financial position, Impact of increasing energy prices, Liquidity forecasts | 2.2. Going concern assumption and financial position Going concern The accompanying consolidated financial statements of the Group have been prepared assuming the Group will continue as a going concern. The going concern basis of presentation assumes that the Group will continue in operation for a period of at least one year after the date these financial statements are issued and contemplates the realization of assets and the settlement of liabilities in the normal course of business. See further discussion below. The Group’s scale of operations Liquidity forecasts
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Basis of consolidation | 2.3. Basis of consolidation Subsidiaries are all entities over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: •power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee); •exposure, or rights, to variable returns from its involvement with the investee; •the ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: •the contractual arrangement(s) with the other vote holders of the investee; •rights arising from other contractual arrangements; •the Group’s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of financial position respectively. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in equity and attributed to the equity holders of the Company. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities and non-controlling interest, while any resultant gain or loss is recognized in profit or loss. Amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. Any retained interest in the entity is remeasured to its fair value, with the change in the carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequent accounting for the retained interest as an associate, joint venture or financial asset. Associates are all entities over which the Group has significant influence but not control or joint control. Investments in associates are accounted for using the equity method and are initially recognized at cost, including any potential transaction costs, as of the date the significant influence was obtained. Subsequently, the Group’s share of the profit or loss and other comprehensive income/(loss) of the associates is included in the consolidated financial statements until the date on which the significant influence ceases. As at December 31, 2023, the Group has one associate (December 31, 2022: one, December 31, 2021: nil). The Group discontinues applying the equity method when the investment in associates is reduced to zero. Accordingly, additional losses are not recognized unless the Group has guaranteed certain obligations of the associates. When the associates subsequently report net income, the Group resumes applying the equity method but only after its share of that net income equals the share of net losses not recognized during the period the equity method was suspended.
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Principles for the consolidated statement of cash flows | 2.4. Principles for the consolidated statement of cash flows The consolidated statement of cash flows is prepared based on the indirect method. The consolidated statement of cash flows distinguishes between cash flows from operating, investing and financing activities. The cash items disclosed in the statement of cash flows comprise cash at bank, cash in hand, deposits held at call with financial institutions, and bank overdrafts when they are considered an integral part of the Group’s cash management. Cash flows denominated in foreign currencies have been translated at average exchange rates. Exchange differences on cash and cash equivalents are shown separately in the consolidated statement of cash flows. The Group has chosen to present interest paid as cash flows from operating activities and interest received as cash flows from investing activities. The Group has classified the principal portion of lease payments within cash flows from financing activities and the interest portion within cash flows from operating activities. The Group has classified cash flows received from operating leases as cash flows from operating activities.
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Foreign currency translation | 2.5. Foreign currency translation 2.5.1 Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in euros (€), which is the Company’s functional and presentation currency. 2.5.2 Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates, are recognized in the consolidated statement of profit or loss. All foreign exchange gains and losses are presented in the consolidated statement of profit or loss, within finance income/(costs). Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. 2.5.3 Translation of foreign operations The results and financial position of foreign operations that have a functional currency different from the presentation currency of the Group are translated into the presentation currency as follows. Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position. Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used. All resulting exchange differences are recognized in the consolidated statement of comprehensive income and accumulated in a foreign currency translation reserve, as a separate component in equity (attributed to non-controlling interests as appropriate). When a foreign operation is sold, the associated exchange differences are reclassified to the consolidated statement of profit or loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. Exchange differences arising are recognized in the consolidated statement of comprehensive income.
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New and amended standards | 2.6. New and amended standards 2.6.1 New and amended standards adopted by the group A number of amended standards have been published by the IASB and are effective as of January 1, 2023, The Group did not have to change its accounting policies or make retrospective adjustments as a result of applying these standards and amendments because these amended standards do not have a material effect on the Group's consolidated financial statements for the year ended December 31, 2023: •IFRS 17 – Insurance Contracts. This standard does not have an impact on the Group's consolidated financial statements because the Group does not have any contracts qualifying as insurance contracts. •Amendments to IAS 12 - International Tax Reform — Pillar Two Model Rules. This amendment will only become relevant if the Group reaches an annual turnover of at least Euro 750 million per year. The Group does not yet reach this revenue threshold and no assessment was yet performed to determine if it would be in scope via its majority shareholders. Should any of these conditions change, then the application of Pillar Two could have a material adverse effect on the Group's business, financial position and results of operations. •Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction. This amendment does not have an impact on the Group's consolidated financial statements •Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Material Accounting Policies. The Group assessed the impact of this amendment and updated its consolidated financial statements accordingly. •Amendments to IAS 8 - Definition of Accounting Estimates. This amendment does not have an impact on the Group's consolidated financial statements 2.6.2 New standards and interpretations not yet adopted The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. Amendments to IAS 1 – Classification of Liabilities as Current or Non-current The narrow-scope amendments to IAS 1 Presentation of Financial Statements clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g., the receipt of a waiver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the “settlement” of a liability. In October 2022 further amendments were issued to clarify that covenants of loan agreements which an entity must comply with only after the reporting date would not affect classification of a liability of current or non-current at the reporting date. These amendments introduce additional disclosure requirements. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. The amendments are effective for annual reporting periods beginning on or after January 1, 2024 and must be applied retrospectively in accordance with the normal requirements of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The Group does not expect the standard to have an impact on the classification of the Group's liabilities within the consolidated financial statements, but will evaluate any additional disclosure requirements, as applicable. Other new and amended standards and interpretations The following new and amended standards have been published by the IASB and will become effective on or after January 1, 2024: •Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements •Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback •Amendments to IAS 1 - Non- Current Liabilities with Covenants •Amendments to IAS 21 - Lack of Exchangeability The adoption of the amendments listed above is not expected to have an impact on the Group’s consolidated financial statements
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Segment reporting | 2.7.1 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker ("CODM"), who is responsible for assessing the performance of the operating segments and allocating resources, has been identified as the Executive Board of the Group. The Executive Board consists of the chief executive officer (CEO), the chief financial officer (CFO) and the chief technology officer (CTO).
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Business combinations | 2.7.2 Business combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business as per IFRS 3 and control is transferred to the Group. To determine whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and a substantive process and whether outputs can be produced. The cost of an acquisition is measured at the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred. Any contingent or deferred consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent or deferred consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent or deferred consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the consideration are recognized in the consolidated statement of profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the Group’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in the consolidated statement of profit or loss. In the event of an asset acquisition, the Group applies the guidance prescribed by IFRS 3 and allocates the cost of the transaction to the assets acquired and liabilities assumed based on their relative fair values at the date of purchase with no goodwill recognized. For any identifiable asset or liability initially measured at an amount other than cost, the Group initially measures that asset or liability at the amount specified in the applicable IFRS Standard. The Group then allocates the residual transaction price to the remaining identifiable assets and liabilities based on their relative fair values at the date of the acquisition.
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Goodwill | 2.7.3 Goodwill In a business combination, goodwill is initially measured at cost (being the excess of the aggregate of the: consideration transferred, amount of non-controlling interests and the fair value of any previously interest held, over the fair value of the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is not amortized but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Refer to the accounting policies on impairment of non-financial assets (including goodwill) in Note 2.7.15. On disposal of an entity, the associated goodwill is included in the carrying amount of the entity when determining the gains or losses on disposal.
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Revenue recognition | 2.7.4 Revenue recognition The Group recognizes revenue from the following activities: •revenue from charging sessions; •revenue from the sale of charging equipment to customers; •revenue from installation services; •revenue from the operation and maintenance of charging equipment owned by customers; and •revenue from consulting services. Charging sessions Charging sessions reflect the revenues related to charging sessions at charging equipment owned by the Group. The Group acts as a charge point operator in public spaces, at consumers' homes and at companies' locations. The Group supplies electricity to owners and drivers of electric vehicles which use a charge card issued by a mobility service provider (“MSP”), credit card or a charging app to pay for these services. Charging revenue is recognized at the moment of charging, when the control of electricity is transferred to the customer. The Group is acting as a principal in charging transactions for charging equipment that is owned by the Group as it has the primary responsibility for these services and discretion in establishing the price of electricity. The Group is considered an agent in charging transactions for charging equipment owned by third parties as the Group does not have control over electricity, the Group has to reimburse the electricity costs to EV drivers, and because the charging services to homeowners and company locations are administrative in nature. Sale of charging equipment The Group enters into agreements with customers for the sale of charging equipment. These contracts are development contracts with customers under which the Group purchases and installs charging equipment at the relevant locations. The Group has determined that the sale and installation of the equipment constitute two distinct performance obligations since the integration of both performance obligations is limited, the installation is relatively straight-forward and these installation services can be provided by other suppliers as well. These separate performance obligations are both sold on a stand-alone basis and are distinct within the context of the contract. When the contract includes multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where such stand-alone selling prices are not directly observable, these are estimated based on expected cost-plus margin. Revenue from the sale of charging equipment is recognized at a point in time when control of the charging equipment is transferred to the customer. Depending on the terms and conditions of the contract, this can be: •the moment when the customer has the legal title and the physical possession of the charging equipment once the delivery on premise takes place; or •the moment when the customer has not taken physical possession of the charging equipment and the delivery on premise has not taken place, but the customer has requested the Group to hold onto the charging equipment, and has the ability to direct the use of, and obtain substantially all of the remaining benefits from the charging equipment. Installation services Revenue from installation of charging equipment is recognized over time. The Group uses an input method in measuring progress of the installation services. The input method is based on the proportion of contract costs incurred for work performed to date in proportion to the total estimated costs for the services to be provided. Management considers that this input method is an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15. In case the Group cannot reliably measure progress of the installation services, the Group only recognizes revenue to the level of costs incurred. The Group also sells charging equipment and installation services separately. In that event the same revenue recognition principles are applied as those applied for a combined sale of charging equipment and installation services. Operation and maintenance of charging equipment Service revenue from operation and maintenance (“O&M”) services of charging equipment owned by customers is recognized over time. Services include the deployment of the Group’s cloud-based platform to collect, share and analyze charging data as well as the maintenance of the site. Customers are invoiced on a monthly basis and consideration is payable when invoiced. The Group recognizes revenue from O&M services over time using an output method in measuring progress towards complete satisfaction of its performance obligations (straight lining the recognition of revenue over the period of the contract) as the Group believes this method faithfully depicts their performance. Any upfront billing and payments are accounted for as an advance payment. Part of the O&M fees are variable and based on certain performance indicators related to the charging equipment, such as utilization. The Group recognizes variable consideration when the O&M fees occur. The Group and a customer may enter into a development contract and an O&M contract at the same time. These contracts are not negotiated as a package and there are distinct commercial objectives and terms, the amount of consideration to be paid in one contract does not depend on the price or performance of the other contract and the goods or services promised in the contracts represent multiple performance obligations. Therefore, development and O&M contracts are treated as separate arrangements. No significant element of financing is deemed present as the sales are made with a credit term of 30 days, which is consistent with market practice. Except for assurance type warranty provisions, the Group did not recognize an obligation to repair or warrant products or services as the Group does not provide any guarantee extension services. Consulting services The Group recognizes revenue from providing consulting services on research strategy and development of proprietary integrated tools taking the form of both software and/or hardware. Revenue from providing consulting services is recognized in the accounting period in which the services are rendered. Revenue is recognized over time using the input variable method as a measure of progress. In the case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered by the Group exceed the payments, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized. Contract assets Fees associated with the development contracts are fixed and payable upon the achievement of milestones. If the services rendered by the Group exceed the payment, a contract asset is recognized. Contract assets are subject to an impairment assessment. Refer to the accounting policies on impairment of financial assets in Note 2.7.17. Contract liabilities A contract liability is recognized if a payment from the customer is received, and it precedes the satisfaction of a performance obligation by the Group. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).
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Cost of sales | 2.7.5 Cost of sales Cost of sales represents the electricity cost for the charging revenues, which is billed to the Group by utility companies, including the electricity purchased under all PPA contracts, maintenance costs, depreciation expense related to charging equipment and charging infrastructure, and amortization expense related to the EV Cloud platform. Cost of sales related to development contracts consists of the cost of charging equipment and the third-party service cost for the installation services including the establishment of the grid connection. Cost of sales related to the O&M contracts mainly consists of the third-party service cost (such as costs incurred for monitoring the state of charging poles, cleaning of charging poles, data-related costs). These expenses are recognized in the period in which they are incurred.
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Other income | 2.7.6 Other income/(expenses) The Group recognizes other income/(expenses) from the following sources: •sale of CO2 tickets issued by government (for example, “HBE certificates” or hernieuwbare brandstofeenheden in the Netherlands and similar schemes in Germany and France); •government grants; •disposal of property, plant and equipment; •sublease rental income; •fair value gains/(losses) on derivatives (power purchase agreements, purchase options); •fair value gains/(losses) on preference shares derivatives and net gain/(loss) on sale of preference shares derivatives; and •other items. For CO2 tickets issued by governments IAS 20 Accounting for government grants and disclosure of government assistance is applicable. CO2 tickets are initially recognized at fair value as inventory (refer to the accounting policies on inventories in Note 2.7.16). Other income from the sale of CO2 tickets (for example, HBE certificates in the Netherlands and similar schemes in Germany and France) includes both the fair value gain on initial recognition and the gain or loss on the subsequent sale. The accounting policy for government grants is disclosed in Note 2.7.7. The accounting policy for the disposal of property, plant and equipment is disclosed in Note 2.7.12. The accounting policy for sublease rental income is disclosed in Note 2.7.14, section “Group as a lessor”. The accounting policy for the fair value gains and losses on the purchase options derivatives is disclosed in Note 2.7.17. Other items mainly relate to reimbursements that the Group has received from one of its suppliers for chargers.
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Government grants | 2.7.7 Government grants Government grants are recognized where there is reasonable assurance that the grant will be received and that the Group will comply with all attached conditions. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, which it is intended to compensate, are expensed. Income from government grants is recorded in the consolidated statement of profit or loss as other income/(expenses). When the grant relates to an asset, the carrying amount of the related asset is reduced with the amount of the grant. The grant is recognized in the consolidated statement of profit or loss over the useful life of the depreciable asset by way of a reduced depreciation charge. Grants relating to assets relate to the Group’s chargers and charging infrastructure.
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General and administrative expenses | 2.7.8 General and administrative expenses General and administrative expenses relate to the Group’s support function and mainly comprise employee benefits, depreciation of right-of-use assets, IT costs, housing and facility costs, travelling costs, fees incurred from third parties and other general and administrative expenses. General and administrative expenses are recognized in the consolidated statement of profit or loss when incurred.
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Selling and distribution expenses | 2.7.9 Selling and distribution expenses Selling and distribution expenses relate to the Group’s sales function and mainly comprise employee benefits, amortization costs, marketing and communication costs, housing and facility costs, travelling costs and other selling and distribution expenses. Selling and distribution expenses are recognized in the consolidated statement of profit or loss when incurred.
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Employee benefits | 2.7.10 Employee benefits Short-term employee benefits Short-term employee benefits include wages, salaries, social security contributions, annual leave, including paid time-off, accumulating sick leave and non-monetary benefits and are recognized as an expense as the related services are provided by the employee to the Group. Liabilities for short-term employee benefits that are expected to be settled within twelve months after the reporting period are recorded for the amounts expected to be paid when the liabilities are settled. Pensions and other post-employment obligations Pension plans The Group operates various pension plans, including both defined benefit and defined contribution plans, for its employees in the Netherlands, Belgium, Germany, Denmark, Norway and Sweden. To the employees in France, both pension plan and a statutory end-of-service benefit applies. The plans are generally funded through payments to insurance companies or trustee-administered funds as determined by periodic actuarial calculations. Defined benefit plans The liability or asset recognized in the consolidated statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expenses in the consolidated statement of profit or loss. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive income. They are included in accumulated deficit in the consolidated statement of changes in equity and in the consolidated statement of financial position. Defined contribution plans For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. Other long-term employee benefits The Group operates a jubilee plan for certain employees in the Netherlands, for which the Group records a provision. The provision is measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period, using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Interest cost is calculated by applying the discount rate to the expected future payments. This cost is recognized in the consolidated statement of profit or loss, within finance income/(costs). Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in the consolidated statement of profit or loss.
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Termination benefits | Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the Group recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.
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Share-based payments | 2.7.11 Share-based payment 2.7.11.1 Second special fees agreement A second share-based payment arrangement is provided to an external consulting firm via a second special fees agreement (the "Second Special Fees Agreement") (compared to the First Special Fees Agreement entered into in December 2020). Information relating to this agreement which was originally between the Company’s immediate parent entity — Madeleine — and the consulting firm is set out in Note 11.2. The fair value of the share-based payment arrangement granted under the Second Special Fees Agreement is recognized as an expense, with a corresponding increase in accumulated deficit as long as the agreement remained in place between Madeleine and the consulting firm. The Second Special Fees Agreement was novated from Madeleine to the Company during the reporting period and as a result, the fair value of the share-based payment arrangement granted under the Second Special Fees Agreement is recognized as an expense, with corresponding movements in the provision recognized as part of the novation. The total amount to be expensed is determined by reference to the fair value of the share-based payment arrangement, including market performance conditions. The fair value excludes the impact of any service and non-market performance vesting conditions. IFRS 2 requires the total expense to be recognized over the vesting periods, which are the periods over which all of the specified service and non-market vesting conditions are to be satisfied. For the Second Special Fees Agreement the expenses are recognized over the service periods (from the grant date until each forecasted equity injection, refer to Note 3.1.2). The Group shall revise its estimate of the length of the vesting periods, if necessary, if subsequent information indicates that the length of the vesting period differs from previous estimates. This may result in the reversal of expenses if the estimated vesting periods are extended. 2.7.11.2 Management Incentive Plan The share-based payment arrangement in place related to the Management Incentive Plan (“MIP”) includes two types of options that can be issued to the key management personnel: the grant options and the performance options. The options issued under the plan are classified as equity-settled share-based payment transactions, as the settlement with the participants shall be made using the company’s shares, as such they fall in scope of IFRS 2 Share-based Payment from the perspective of the Group and accounted for in the Group’s consolidated financial statements. The grant date fair value of grant options (options subject to the expiry of a blocking period of 18 months) is recognized as an operating expense with a corresponding increase in accumulated deficit. The fair value is determined at the grant date and the total expense is recognized immediately since the participants are not required to complete a specified period of service period before becoming unconditionally entitled to these equity instruments. The grant date fair value of the performance options (options subject to predefined performance conditions and the expiry of the blocking period) is recognized as an operating expense with a corresponding increase in accumulated deficit. The fair value is determined at the grant date and the total expense is recognized over the relevant service period, which is concluded to start on March 17, 2022 (the date at which the Group became a listed entity) as at that date there was a valid expectation of an award and a corresponding obligation by the Group, and end on September 18, 2023 (the end of vesting period). At the end of each reporting period, the Group revises the expense for the services received based on the non-market vesting and service conditions. The impact is recognized in the consolidated statement of profit or loss with the corresponding increase in accumulated deficit. The grant options and performance options do not include any market conditions or non-vesting conditions that should be included in their fair value. The grant date fair value remains the same over time. The number of shares expected to vest is estimated based on the non-market vesting conditions. When the options are exercised, the Group transfers the appropriate number of shares to the employee. The proceeds received, net of any directly attributable transaction costs, are credited directly to equity. Where options are forfeited due to a failure by the employee to satisfy the service conditions, any expenses previously recognized in relation to such shares are reversed effective from the date of the forfeiture. It is possible for the Group to net settle the options for (i) withholding taxes and (ii) the exercise price. This will result in classification of all the options as equity-settled since IFRS 2 includes an exception to the general principles for classification as cash-settled when an employer withholds awards due to a mandatory requirement to settle a tax exposure on behalf of an employee which is applicable to the Group. Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model and making assumptions about them. As the exercise price applicable to the options under the Company's Management Incentive Plan is negligible, no specific option-pricing models are used by the Company and the fair value of options granted is determined by reference to the fair value of the Company’s share at the grant date, excluding the impact of any service and non-market performance vesting conditions. At the end of each period, the Group revised its estimates of the number of options that are expected to vest based on the service conditions and non-market conditions, with the final revision made in December 2023, when all options vested. 2.7.11.3 Other share-based payment plans The share-based payment arrangement in place related to the Long-Term Incentive Plan ("LTIP") qualifies as equity settled share-based payments in accordance with IFRS 2. As mentioned in Note 11.4, as part of Allego´s incentive plans, certain eligible members of the Board of Directors, Executive Committee and employees were granted Restricted Stock Units ("RSUs"), performance based share options ("LTIP Performance Options"), Company ordinary shares ("IPO Grant Shares") and special options ("LTIP Special Options"), based on the Company's internal performance evaluation framework. The grant date fair value is recognized as an operating expense with a corresponding increase in accumulated deficit. The fair value is determined at the grant date and the total expense is recognized over the vesting period, being the period over which all of the specified vesting conditions are satisfied. For all awards the service period is concluded to start on the date when there was a valid expectation of an award and a corresponding obligation by the Group. The RSUs awarded to employees and the LTIP Performance Options awarded to executive officers are recognized over the relevant service period (three years for RSUs to employees and to three years for LTIP Performance Options starting from grant date). For the LTIP Special Options, IPO Grant Shares and the RSUs awarded to eligible members of the board of directors, there are no vesting conditions, the vesting date being the grant date and the expenses are recognized immediately. At the end of each reporting period, the Group revises the expense for the services received based on the vesting conditions. The impact is recognized in the consolidated statement of profit or loss with the corresponding increase in accumulated deficit. The RSUs, LTIP Performance Options, IPO Grant Shares, and LTIP Special Options do not include any market conditions or non-vesting conditions that should be included in their fair value. The grant date fair value remains the same over time. When the awards are vested, the Group transfers the appropriate number of shares to employees. Where awards are forfeited due to a failure by the employee to satisfy the service conditions, any expenses previously recognized in relation to such shares are reversed effective from the date of the forfeiture. In case of awards to a good leaver for which vesting conditions are not satisfied during the vesting period, failure to satisfy the conditions is treated as a cancellation with immediate recognition of any expense that were not previously recognized. Where an award is designated as a replacement award, any incremental fair value must be recognized over the vesting period of the replacement award. The incremental fair value is the difference between the fair value of the original award and that of the modified award, both measured at the date of modification. Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model and making assumptions about them. As the exercise price applicable to the LTIP Performance Options, RSUs, IPO Grant Shares and LTIP Special Options under the LTIP is negligible, no specific option-pricing models are used by the Company for these awards. The fair value of the awards granted under these plans is determined by reference to the fair value of the Company’s share at the grant date. At the end of each period, the Group revises its estimates of the number of LTIP Performance Options that are expected to vest based on the service conditions and non-market conditions. It recognizes the impact of the revision to original estimates, if any, in operating expenses, with a corresponding adjustment to accumulated deficit.
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Property, plant and equipment | 2.7.12 Property, plant and equipment Property, plant and equipment are initially recorded in the consolidated statement of financial position at their cost. For property, plant and equipment acquired from third parties this is the acquisition cost, including costs that are directly attributable to the acquisition of the asset. For internally constructed assets, cost comprises direct costs of materials, labor and other direct production costs attributable to the construction of the asset. Each item of property, plant and equipment is subsequently stated at historical cost less accumulated depreciation and accumulated impairment, if any. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to the consolidated statement of profit or loss during the reporting period in which they are incurred. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the asset’s use or disposal. Any gain or loss arising on the disposal or retirement of the asset (determined as the difference between the net disposal proceeds and the carrying amount of the asset) is recorded in the consolidated statement of profit or loss when the asset is derecognized, within other income/(expenses). Occasionally, the Group sells its own chargers and/or charging equipment to a customer. In that case, the carrying value of the disposed assets are recorded within cost of sales. The proceeds of such transactions are recorded within revenue from the sale of charging equipment. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Depreciation methods and periods The Group depreciates its property, plant and equipment using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives. Leasehold improvements are depreciated over the shorter of their lease term and their estimated useful lives. The estimated useful lives used are as follows:
Other fixed assets mainly comprise leasehold improvements, office equipment, IT assets and other fixed assets. The residual values, useful lives and depreciation methods are reviewed at the end of each reporting period and adjusted prospectively, if appropriate.
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Intangible assets | 2.7.13 Intangible assets The Group’s intangible assets consist of software, customer relationships and goodwill. Software primarily comprises the Group’s internally developed EV Cloud platform and software purchased from third parties. Customer relationships, software and goodwill resulted from the acquisition of MOMA business combination as detailed in Note 4. Internally developed software Internally developed software comprises the Group’s internally developed EV Cloud platform. Its cost consists of the development cost that are directly attributable to the design and testing of the EV Cloud platform, which is controlled by the Group. Development costs are capitalized as software if the following criteria are met: •It is technically feasible to complete the software so that it will be available for use. •Management intends to complete the software and use or sell it. •There is an ability to use or sell the software. •It can be demonstrated how the software will generate probable future economic benefits. •Adequate technical, financial and other resources to complete the development and to use or sell the software are available. •The expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalized as part of the software include direct costs of labor and other direct production costs attributable to the development of the software. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use over its estimated useful life of three years. Following initial recognition, internally developed software is carried at cost less any accumulated amortization and accumulated impairment losses. In determining the development costs to be capitalized, the Group estimates the expected future economic benefits of the software (component) that is the result of the development project. Furthermore, management estimates the useful life of such software (component). The Group estimates the useful life of the development costs to be at three years based on the expected lifetime of the software (component). However, the actual useful life may be shorter or longer than three years, depending on innovations, market developments and competitor actions. Research expenditure and development expenditure related to software that do not meet the criteria above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Software and licenses purchased from third parties Software and licenses purchased from third parties comprises software and licenses for the use of platforms from third parties. Software and licenses purchased from third parties are measured on initial recognition at cost. Cost comprises the purchase price and directly attributable costs of preparing (i.e., tailoring) the software or platform for its intended use by the Group. Following initial recognition, software and licenses purchased from third parties are carried at cost less any accumulated amortization and accumulated impairment losses. Software and licenses purchased from third parties are amortized over its useful life or the duration of the license, as applicable. Goodwill The goodwill arisen from the acquisition of subsidiaries is included in the Group’s intangible assets. Please refer to Note 2.7.3 and Note 2.7.15 for details over the accounting policies applied in accounting for goodwill. Customer relationships The customer relationships were acquired as part of the acquisition of MOMA business combination (see Note 4 for details). They are recognized at their fair value at the date of acquisition and are subsequently carried at cost less accumulated amortization and accumulated impairment losses. Customer relationships are amortized on a straight-line basis over its useful life, which is based on the timing of projected cash flows of the contracts. Derecognition An intangible asset is derecognized upon disposal or when no future economic benefits are expected to arise from the asset’s use or disposal. Any gain or loss arising on derecognition of the asset (determined as the difference between the net disposal proceeds and the carrying amount of the asset) is recorded in the consolidated statement of profit or loss when the asset is derecognized. Amortization methods and periods The Group amortizes intangible assets with a finite useful life using the straight-line method to allocate their cost over their estimated useful lives. The estimated useful lives used are as follows:
The useful lives and amortization methods are reviewed at the end of each reporting period and adjusted prospectively, if appropriate.
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Leases | 2.7.14 Leases Group as a lessee The Group leases office buildings, cars, software, land permits and other assets. Other assets comprise office furniture. Rental contracts are typically agreed for fixed periods of several years. The contractual lease term of office buildings is typically set at five years but may have extension options as described below. The contractual lease term of cars is set at four years, where extensions are unusual. Software relates to the right of use of a third-party supplier’s application software. The contractual lease term of software is set at five years with a two-year extension option. The contractual lease term of land permits is set between 10 years and 15 years, where extension is depended on future performance of the sites. Contracts may contain both lease and non-lease components. The Group has elected not to separate lease and non-lease components for all identified asset classes and instead accounts for these as a single lease component. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Determining the right-of-use asset and lease liability Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: •fixed payments (including in-substance payments), less any lease incentives receivable; •variable lease payments that are based on an index or rate, initially measured using the index or rate as at the commencement date; •amounts expected to be payable by the Group under residual value guarantees; •the exercise price of a purchase option if it is reasonably certain that the Group will exercise that option; and •payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the lease liability. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to the consolidated statement of profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the lease liability for each period. Right-of-use assets are measured at cost comprising the following: •the amount of the initial measurement of the lease liability; •any lease payments made at or before the commencement date less any lease incentives received; •any initial direct costs, and •restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. If the Group is reasonably certain that it will exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. The right-of-use assets are also subject to impairment and are allocated to the cash-generating unit to which these assets relate. Refer to the accounting policy for impairment of non-financial assets, which is disclosed in Note 2.7.15. Discount rate The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the Group uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group and makes adjustments specific to the lease (e.g., term, country, currency and security). Leases of low-value assets and short-term leases Low-value assets comprise small items of office furniture. The Group has not applied the practical expedient to recognize leases of low-value assets on a straight-line basis as an expense in the consolidated statement of profit or loss. Short-term leases are leases with a lease term of twelve months or less without a purchase option. The Group has short-term building and car leases. The Group has applied the practical expedient to recognize short-term building leases, but not for short-term car leases, on a straight-line basis as an expense in the consolidated statement of profit or loss. Lease term Extension and termination options are included in a number of office buildings, software, car leases and land permits across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if it is reasonably certain that the lease will be extended (or not terminated). For leases of offices and land permits, the following factors are normally the most relevant: •If there are significant penalty payments to terminate (or not to extend), it is typically reasonably certain that the Group will extend (or not terminate). •If any leasehold improvements are expected to have a significant remaining value, it is typically reasonably certain that the Group will extend (or not terminate). •Otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or to not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. Management applied its best estimate on the execution of renewal options and termination options, taking into account business practices within the Group in order to estimate the lease term. The Group took contractual provisions and legal frameworks into account. In doing so, it applied legal and contractual renewal terms for leases and took into account break options (provided by contractual provisions and/or legal frameworks) in determining estimated lease terms. Lease terms at the end of their term are reviewed 18 - 24 months in advance to assess if a new term should be added. For all seven office leases the extension options have not been included in the lease liability, because the leases either have a significant remaining non-cancellable lease term or the Group is contemplating whether that office will be suitable for the Group’s operations. For all land permit leases, the extension options have not been included in the lease liability, because the leases either have a significant remaining non-cancellable lease term or it is not reasonably certain that the Group will extend these leases. The extension is dependent on future performance of the sites. The determined remaining lease terms per December 31, 2023 vary in ranges of 1 up to 15 years for land permits, 1 up to 12 years for offices and other assets, and 1 up to 4 years for cars and software. Group as a lessor When the Group acts as a lessor, it determines at lease commencement whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, the lease is classified as a finance lease. If this is not the case, the lease is classified as an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset and whether, at the inception date, the present value of the lease payments amounts to at least substantially all of the fair value of the underlying asset. If an arrangement contains lease and non-lease components, the Group applies IFRS 15 Revenue from Contracts with Customers to allocate the consideration in the contract. When the Group is an intermediate lessor, it accounts for its interests in the head-lease and the sublease separately. It assesses the lease classification of a sublease with reference to the right-of-use asset arising from the head-lease, not with reference to the underlying asset. Operating subleases The Group subleases some of its leased office buildings to third parties. The contractual term of subleases of office buildings is typically set at three years but is in no event longer than the lease term of the head-lease. Subleases may have extension and/or termination options that are typically exercisable only by the lessee and not by the Group. All subleases of the Group’s leased office buildings are classified as operating subleases. The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of other income/(expenses).
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Impairment of non-financial assets (including goodwill) | 2.7.15 Impairment of non-financial assets (including goodwill) The Group assesses at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, the Group estimates the asset’s recoverable amount. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets (“cash-generating units”). An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses are recognized in the consolidated statement of profit or loss in expense categories consistent with the function of the impaired asset. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year. An assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation or amortization, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated statement of profit or loss. Impairment of goodwill Goodwill impairment testing is performed annually or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment. These indicators include changes in the business climate, changes in management, legal factors, operating performance indicators or sale of disposal of the acquired business. The Group allocates goodwill to a group of CGU’s for the purpose of impairment testing based on such CGU's being expected to benefit from the business combination in which the goodwill arose. This group of CGU's is the lowest level at which goodwill is monitored for internal management purposes. Goodwill is allocated and monitored by Allego at the level of the operating segment, which is the Company as a whole. The carrying amount of goodwill is compared with the recoverable amount of the group of CGU’s it was allocated to, which is the higher of the group of CGU’s value in use and its fair value less cost to sell. In case indication of impairment exists and when the Group uses a discounted cash flow (“DCF”) model to determine the value-in-use, the cash flow projections contain assumptions and estimates of future expectations. This value in use is determined using cash flow projections from financial budgets approved by senior management covering a five-year period, cash flows beyond the five-year period are extrapolated using a growth rate and the future cash flows are discounted. The value in use amount is sensitive to the discount rate used in the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The impairment assessment was performed for the year ended December 31, 2023, resulting in a sufficient headroom (refer to Note 16 for details), as such no impairment was identified. Impairment of other intangible assets During the year ended December 31, 2023 no impairment indicators were identified for other intangible assets.
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Inventories | 2.7.16 Inventories Finished products and goods for resale Inventories of finished products and goods for resale are stated at the lower of cost and net realizable value. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. CO2 Tickets (for example, HBE certificates in the Netherlands and similar schemes in Germany and France) The Group distinguishes the CO2 Tickets issues by government (for example, HBE certificates in the Netherlands and similar schemes in Germany and France). The Group's policy is to sell the CO2 Tickets received from the government in the ordinary course of business. These CO2 Tickets are initially recognized when the underlying electricity volumes are sold to charging customers, because at this point in time would be reasonably certain that these certificates will be received. These CO2 Tickets are initially measured at fair value, which is the initial cost of the certificates. Upon initial recognition of the certificates, the Group records a corresponding gain in other income/(expenses). They are subsequently stated at the lower of cost and net realizable value. Costs are assigned on an individual basis. Net realizable value is the average market price available at closing of the period less the estimated costs necessary to make the sale, considering the existing sales contracts. The sale of CO2 Tickets is recognized based on the agreements between the Group and the buyers. The Group recognizes the income from sale of CO2 Tickets when the control is transferred to the buyer because at this point in time the performance obligation is satisfied.
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Financial instruments | 2.7.17 Financial instruments The Group recognizes a financial asset or financial liability in its consolidated statement of financial position when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets Classification The Group classifies its financial assets in the following measurement categories: •those to be measured subsequently at fair value through other comprehensive income with recycling of cumulative gains and losses – debt instruments (“FVOCI – debt instruments”); •those to be measured subsequently at fair value through other comprehensive income with no recycling of cumulative gains and losses upon derecognition – equity instruments (“FVOCI – equity instruments”); •those to be measured subsequently at fair value through profit or loss (“FVPL”); and •those to be measured at amortized cost. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. In order for a financial asset to be classified and measured at amortized cost or FVOCI, it needs to give rise to cash flows that are “solely payments of principal and interest (“SPPI”)” on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at FVOCI are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. The Group reclassifies debt investments when and only when its business model for managing those assets changes. Initial measurement With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at FVPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in the consolidated statement of profit or loss. Trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognized initially at the transaction price, unless they contain significant financing components, when they are recognized at fair value. Subsequent measurement Financial assets at amortized cost Financial assets at amortized cost are subsequently measured using the effective interest (“EIR”) method and are subject to impairment. Gains and losses are recognized in the consolidated statement of profit or loss when the asset is derecognized, modified or impaired. The Group’s financial assets at amortized cost include cash and cash equivalents, trade receivables, other receivables and pledged bank balances included under current and non-current other financial assets. Financial assets at FVOCI — debt instruments For debt instruments at FVOCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the consolidated statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in the consolidated statement of comprehensive income (“OCI”). Upon derecognition, the cumulative fair value change recognized in OCI is recycled to the consolidated statement of profit or loss. The Group does not have debt instruments at FVOCI. Financial assets at FVOCI – equity instruments The Group measures all equity investments at fair value. Where the Group has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to the consolidated statement of profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in the consolidated statement of profit or loss as other income/(expenses) when the Group’s right to receive payments is established. The Group’s investments in equity securities at FVOCI relate to an investment in a private company that provides distributed demand response products, which enable households to achieve energy savings. The Group has elected to present fair value gains and losses related to this equity investment in OCI, as investing in (equity) securities is not the main activity of the Group and the objective of the investment is not to hold it for trading purposes. Financial assets at FVPL Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognized in the consolidated statement of profit or loss. This category includes interest cap derivatives which are included under non-current other financial assets. In 2022, the Group also had purchase options derivatives which were included under current other financial assets and preference shares derivatives which were included under non-current other financial assets. Impairment The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. Trade receivables and contract assets The Group applies the IFRS 9 simplified approach to measuring ECLs which uses a lifetime expected loss allowance for all trade receivables and contract assets (if present). To measure the ECLs, trade receivables and contract assets are grouped based on shared credit risk characteristics and the days past due. If present, the contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The Group considers a financial asset in default when contractual payments are 60 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Derecognition of financial assets Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Financial liabilities Classification The Group classifies its financial liabilities in the following measurement categories: •financial liabilities at FVPL; and •financial liabilities at amortized cost. The Group’s financial liabilities include trade and other payables, borrowings including bank overdrafts, and derivative financial instruments. Initial measurement All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: •financial liabilities at FVPL; and •financial liabilities at amortized cost. Financial liabilities at FVPL Financial liabilities at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognized in the consolidated statement of profit or loss. This category includes derivative liabilities relating to Power Purchase Agreements (PPAs) and warrant liabilities which are presented under non-current or current liabilities, depending on their respective maturity. Financial liabilities at amortized cost This is the category most relevant to the Group and consists of borrowings and trade and other payables. Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are subsequently measured at amortized cost using the EIR method. Borrowings After initial recognition, borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included within finance income/(costs) in the consolidated statement of profit or loss. Fees paid on the establishment of borrowings and commitment fees paid on the unused part of the facility are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statement of profit or loss. Derivatives The Group uses derivative financial instruments, interest rate caps to hedge its interest rate risks, derivative liabilities relating to PPAs to hedge its price risk, and warrant liabilities. Derivatives are initially recognized at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The Group does not apply hedge accounting. Therefore, changes in the fair value of the Group’s derivative financial instruments are recognized immediately in the consolidated statement of profit or loss and are included in finance income/(costs) for interest rate caps and warrant liabilities, and in other income/(expenses) for derivative liabilities relating to PPAs. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Warrant liabilities According to management’s assessment, both the Public Warrants and Private Placement Warrants were within the scope of IAS 32 and have been classified as a current derivative financial liability (based on the warrants being exercisable 30 days after the Closing Date of the BCA). In accordance with IFRS 9 Financial Instruments, the warrant derivatives that have been classified as financial liabilities shall be measured at fair value with subsequent changes in fair value to be recognized in the consolidated statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.
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Fair value measurement | 2.7.18 Fair value measurement The Group measures financial instruments such as derivatives, debt and FVOCI equity instruments at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: •Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. •Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. •Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognized in the consolidated financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
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Cash and cash equivalents | 2.7.19 Cash and cash equivalents Cash and cash equivalents include cash in hand, cash at banks, and deposits held at call with financial institutions. Bank overdrafts are shown within borrowings in current liabilities in the consolidated statement of financial position.
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Equity | 2.7.20 Equity Share capital The Company’s share capital consists of ordinary shares, which are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Reserves Reserves include the following: (i)Legal reserve for capitalized development costs A legal reserve has been recognized within equity with regard to the capitalized development costs of the Group’s internally developed EV Cloud platform in accordance with article 2:365.2 of the Dutch Civil Code. The legal reserve is reduced as the capitalized development costs are amortized. Additions and releases from the legal reserve are recorded through accumulated deficit. (ii)Foreign currency translation reserve The foreign currency translation reserve includes the cumulative exchange differences that result from the translation of the financial statements of the Group’s foreign operations. (iii)Reserve for financial assets at FVOCI The reserve for financial assets at FVOCI includes changes in the fair value of certain investments in equity securities in OCI. The group transfers amounts from this reserve to accumulated deficit when the relevant equity securities are derecognized.
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Profit (loss) per share | 2.7.21 Profit/(loss) per share Basic profit/(loss) per share is calculated by dividing the profit/(loss) attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year. Diluted profit/(loss) per share adjusts the figures used in the determination of basic profit/(loss) per share to take into account the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. Potentially dilutive securities are excluded from the computation of diluted profit/(loss) per share if their inclusion is anti-dilutive (for example, if it would result in a lower profit/(loss) per share).
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Provisions and contingencies | 2.7.22 Provisions and contingencies Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount can be reliably measured. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can be measured reliably. The expense relating to a provision is presented in the consolidated statement of profit or loss net of any reimbursement. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense, presented within finance income/(costs) in the consolidated statement of profit or loss. Jubilee provisions The accounting policy for jubilee provisions is described in the employee benefits section. Restructuring provisions Restructuring provisions are recognized only when the Group has a constructive obligation, which is when: •there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs, and the timeline; and •the employees affected have been notified of the plan’s main features. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the business or part of the business concerned. Contingent liabilities Contingent liabilities arise when there is a: •possible obligation that might, but will probably not require an outflow of resources embodying economic benefits; or •present obligation that probably requires an outflow of resources embodying economic benefits, but where the obligation cannot be measured reliably; or •present obligation that might, but will probably not, require an outflow of resources embodying economic benefits. Contingent liabilities are not recognized in the consolidated statement of financial position, but rather are disclosed, unless the possibility of an outflow is considered remote. Warranty provisions A provision for estimated warranty claims is made by the Group in respect of products sold that are under warranty at the end of the reporting period. The provision is based on historical warranty data and the claims are expected to be settled in the next 2 years.
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Income tax | 2.7.23 Income tax The income tax expense or credit for the period is the tax payable on the current period’s taxable income or tax receivable on the current period's deductible losses, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current tax The current income tax charge/credit is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are carried on the basis of the tax consequences of the realization or settlement of assets, provisions, liabilities or accruals and deferred income as planned by the Group at the reporting date. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. In this assessment, the Group includes the availability of deferred tax liabilities, the possibility of planning of fiscal results and the level of future taxable profits in combination with the time and/or period in which the deferred tax assets are realized. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred income tax assets and liabilities are measured at nominal value. As at December 31, 2023, the Group recorded a deferred tax asset, which relates to the partial recognition of the carried-forward tax losses of the Group’s operations in Germany and Belgium (December 31, 2022: Germany and Belgium). The Group expects that future taxable profits will be available against which these unused tax losses can be utilized. These losses can be carried forward indefinitely and have no expiry date. At each reporting date presented, the Group also had unused tax losses available for carryforward in other jurisdictions where the Group incurred losses in the past for which no deferred tax assets have been recognized. The Group expects that future taxable profits will be available against which these unused tax losses can be utilized before the expiry date. However, the Group has determined that, for those jurisdictions, the threshold for recognizing deferred tax assets in excess of the level of deferred tax liabilities has not been met due to history of losses and uncertainties such as the planned fiscal restructuring of the Group (e.g. the integration of the Mega-E group into the Allego group). Therefore, for those jurisdictions, deferred tax assets have been recognized to the extent that the Group has deferred tax liabilities and no additional deferred tax assets have been recognized for unused tax losses at each reporting date presented. Management determined the (deferred) tax position of the Group using estimates and assumptions that could result in a different outcome in the tax return filed with the tax authorities and could result in adjustments in subsequent periods. Current and deferred tax for the year Current and deferred tax is recognized in the consolidated statement of profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
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Reclassification of prior year presentation | 2.7.24 Reclassification of prior year presentation Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the consolidated statement of financial position and consolidated statements of cash flows for the fiscal year ended December 31, 2022, to reclassify non-current portion of prepaid extended warranties.
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Material accounting policies (Tables) |
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Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Estimated Useful Lives Of Property Plant And Equipment | The Group depreciates its property, plant and equipment using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives. Leasehold improvements are depreciated over the shorter of their lease term and their estimated useful lives. The estimated useful lives used are as follows:
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Summary Of Estimated Useful Lives Of Intangible Assets | Amortization methods and periods The Group amortizes intangible assets with a finite useful life using the straight-line method to allocate their cost over their estimated useful lives. The estimated useful lives used are as follows:
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Business combinations and capital reorganization (Tables) |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Business Combination [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Reverse Recapitalization | Consequently, the weighted average number of ordinary shares outstanding for basic and diluted earnings per share (“EPS”) for the period prior to March 16, 2022 is as follows:
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Segmentation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segmentation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of The Amount Of Revenue From These Customers | The amount of revenue from the major customers can be broken down as follows:
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Summary Of The Amount Of Revenue From External Customers | The Company is domiciled in the Netherlands. The amount of revenue from external customers, based on the locations of the customers, can be broken down by country as follows:
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Summary Of The Amount Of Total Non-current Assets | The amount of total non-current assets, based on the locations of the assets, can be broken down by country as follows:
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Revenue from contracts with customers (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of The Disaggregation Of The Group's Revenue From Contracts With Customers | Set out below is the disaggregation of the Group’s revenue from contracts with customers.
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Summary Of The Assets And Liabilities Related To Contracts With Customers | The Group has recognized the following liabilities related to contracts with customers:
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Summary Of The Revenue Recognized That Relates To Carried-forward Contract Liabilities | The following table shows how much revenue the Group recognized that relates to carried-forward contract liabilities.
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Summary Of The Transaction Price Allocated To The Remaining Performance Obligations | The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at each reporting date is, as follows:
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Other income/(expenses) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Other Income expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Income | Other income/(expenses)
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Selling and distribution expenses (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling And Distribution Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Selling And Distribution Expenses | Selling and distribution expenses
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General and administrative expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Detailed Information About General And Administrative Expenses | General and administrative expenses
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Breakdown of expenses by nature (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Depreciation, Amortization And Impairments |
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Summary Of Employee Benefits |
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Summary Of Financial Position And The Movements In The Jubilee Provision | The next table provides a summary of the changes in the defined benefit obligations in France.
The amounts recorded in the consolidated statement of financial position and the movements in the jubilee provision over all reporting periods presented, are as follows:
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Summary Of Sensitivity Analysis | The principal actuarial assumptions at the reporting dates are:
The calculation of the defined benefit obligation is sensitive to, amongst others, the discount rate, rate of inflation and changes in life expectancy. In 2023, the sensitivity analysis was as follows:
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Share-based payments (Tables) |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Number And Weighted Average Exercise Prices Of Share Options | Set out below are summaries of MIP Grant Options and MIP Performance Options granted under the plan:
Set out below is a summary of the target number of LTIP Performance Options granted under the plan:
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Summary Of Range Of Exercise Prices Of Outstanding Share Options | Share options outstanding at the end of the reporting period have the following expiry dates and exercise prices:
LTIP Performance Options outstanding at the end of the reporting period have the following expiry dates and exercise prices:
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments | Set out below are summaries of the number of RSUs granted under the plan:
|
Finance income/(costs) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Costs Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Finance Income/(Costs) |
|
Loss per share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Loss Per Share | The following table reflects the loss and share data used in the basic and diluted loss per share calculations for the years ended December 31, 2023, 2022, and 2021:
|
Cash generated from operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of cash flows [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Cash Generated From Operations | Cash generated from operations
|
Property, plant and equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of movements in property, plant and equipment | The movements in property, plant and equipment for the years ended December 31, 2023 and 2022 have been as follows:
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Summary of movements in government grants related to chargers and charging infrastructure | The movements in government grants related to chargers and charging infrastructure for the years ended December 31, 2023 and 2022 have been as follows:
|
Intangible assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about intangible assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of movements in intangible assets | The movements in intangible assets for the years ended December 31, 2023 and 2022 have been as follows:
|
Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of of quantitative information about right-of-use assets | The consolidated statement of financial position shows the following amounts relating to leases:
The consolidated statement of profit or loss shows the following amounts relating to leases:
The total cash outflows for leases were as follows:
|
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Summary of future minimum rentals receivable under non-cancellable sublease | Future minimum rentals receivable under non-cancellable sublease rental agreements classified as operating leases as at each reporting date, are as follows:
|
Inventories (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventory | Inventories
|
Other financial assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Other financial assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of other financial assets | Other financial assets
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Trade and other receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of trade and other receivables | Trade and other receivables
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Schedule of movements in loss allowance | The movements in the loss allowance for the years ended December 31, 2023 and 2022 have been as follows:
|
Prepayments and other assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepayments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of prepayments and other assets | Prepayments and other assets
|
Cash and cash equivalents (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and cash equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of cash and cash equivalents | Cash and cash equivalents
|
Share capital, share premium and transaction costs on new equity instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Capital and Share Premium [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of movement of share capital and share premium | Movement of share capital and share premium are as follows:
|
Reserves (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reserves within equity [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Reserves | Reserves
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Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Breakdown of Borrowings | This note provides a breakdown of borrowings in place as at December 31, 2023 and 2022.
*The Euribor rate (6M) is floored at 0%. This floor is closely related to the contract of the loan and is therefore not presented separately in the consolidated statement of financial position. **The margin of 3.9% will increase by 0.2% for the first time in December 2025. ***During the year ended December 31, 2022, the Group had an old facility, which was settled with the proceeds from the renewed facility. In addition, the Group had two shareholder loans, which were either settled or converted to equity during the year ended December 31, 2022. Refer to the paragraphs below for details.
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Summary of Carrying Amount of Assets Pledged | The carrying amount of assets pledged as security for the renewed facility are as follows:
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Summary of Movements in Liabilities from Financing Activities | The movements in liabilities from financing activities in 2023 and 2022 have been as follows:
*The transaction costs on borrowings as displayed in the consolidated statement of cash flows of €1,576 thousand do not reconcile to the transaction fees disclosed above for the year ended December 31, 2023 as they also include the cash payment of transaction costs incurred in the previous period on the refinancing of the facility and shown as payables in the prior period of €952 thousand.
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Provisions and other liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of other provisions [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Provisions And Other Liabilities | Provisions and other liabilities
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Summary Of Restructuring Provision | 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.
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Summary Of Maturities Of Total Provisions | Maturities of total provisions as at December 31, 2023 are as follows:
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Warrant liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Movements In Warrant Liabilities | Movements in the warrant liabilities for the year ended December 31, 2023 are summarized as follows:
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Trade and other payables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure detailed information about of trade payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of trade and other payables | Trade and other payables
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Taxation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major components of tax expense (income) [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of income tax expense recognized in the consolidated statement of profit or loss | The major components of income tax expense recognized in the consolidated statement of profit or loss for the years ended December 31, 2023, 2022 and 2021 are as follows:
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Summary of reconciliation of effective tax rate | The following table provides a reconciliation of the statutory income tax rate with the average effective income tax rate in the consolidated statement of profit or loss for the years ended December 31, 2023, 2022 and 2021:
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Summary of deferred tax assets and liabilities | Deferred tax assets and liabilities
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Summary of movements of temporary differences | The following table provides the origination of deferred tax assets and liabilities during the years ended December 31, 2023 and 2022 and where those movements have been recorded: the consolidated statement of profit or loss (“profit or loss”) or directly in equity or other comprehensive income (OCI).
* The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction if permitted. The overall deferred tax position in a particular tax jurisdiction determines if a deferred tax balance related to that jurisdiction is presented within deferred tax assets or deferred tax liabilities.
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Summary of unrecognized deferred tax assets | Unrecognized deferred tax assets
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Financial instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of financial assets | Financial assets
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Summary of financial liabilities | Financial liabilities
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Fair value measurement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of financial instruments measured at fair value (level 3) | The changes in level 3 items for the year ended December 31, 2023 and December 31, 2022 have been as follows:
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Summary of valuation inputs to the fair value of purchase options | The following table summarizes the quantitative information about the significant unobservable input parameters used in the level 3 fair value measurement of the purchase options at the time of their derecognition or exercise in 2022, using a Black-Scholes pricing model.
The following table summarizes the quantitative information about the significant unobservable input parameters used in the level 3 fair value measurement of the preference shares derivatives at the time the Group obtained the rights to the derivative, and at the time of derecognition in 2022.
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Disclosure of significant unobservable inputs used in fair value measurement of liabilities | The following table summarizes the quantitative information about the significant unobservable input parameters that are considered sensitive and are used in the level 3 fair value measurement of the derivatives liabilities relating to PPAs, using the DCF (“Discounted Cash Flows”) methodology:
* the electricity forward price used in the model depends on the contract date and duration of the contract.
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Financial risk management (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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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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:
*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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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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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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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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Capital management (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Management [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Covenant Rations And Target Drawdown Stop Conditions | The target covenant ratios are determined based on a twelve-month running basis and are as follows:
The target drawdown stop conditions are determined based on a twelve-month running basis and are as follows:
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Related-party transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of transactions between related parties [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Transactions Between Related Parties | 36.1. Transactions with related parties
36.2. Balances with related parties At December 31, 2023 and 2022, the Group held the following balances with related parties:
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Summary Of Information About Key Management Personnel | The following remuneration of key management personnel was recognized as an expense in the consolidated statement of profit or loss for the years ended December 31, 2023, 2022 and 2021:
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Group information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of subsidiaries [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Subsidiaries | Subsidiaries
Associates and Joint Ventures
|
Material accounting policies - Intangible Assets (Details) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Capitalized Development Costs | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Computer software | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Material accounting policies - Impairment of financial assets (Details) - Cash Flow Period, Measurement Input - Discounted cash flow |
Dec. 31, 2023 |
---|---|
Cash-generating units | |
Disclosure of detailed information about intangible assets [line items] | |
Unobservable input, assets | 5 |
Goodwill | |
Disclosure of detailed information about intangible assets [line items] | |
Unobservable input, assets | 5 |
Material accounting policies - Summary of Estimated Useful Lives of Property Plant and Equipment (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Chargers and charging infrastructure | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 7 years |
Chargers and charging infrastructure | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 10 years |
Other fixed assets | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 3 years |
Other fixed assets | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 10 years |
Material accounting policies - Summary of Estimated Useful Lives of Intangible Assets (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Software – Internally developed software | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 3 years |
Software and licenses – Purchased from third parties | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 1 year |
Software and licenses – Purchased from third parties | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 25 years |
Customer relationships | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 16 years |
Customer relationships | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life | 17 years |
Business combinations and capital reorganization - Schedule of Business Acquisition Ordinary Shares Outstanding (Details) - shares |
Dec. 31, 2023 |
Dec. 31, 2022 |
Mar. 16, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Disclosure of detailed information about business combination [line items] | ||||
Number of shares issued (in shares) | 271,010,790 | 267,177,592 | 190,270,211 | |
Exchange ratio (in shares) | 1,902,702 | 1,902,702 | ||
Allego Holding | ||||
Disclosure of detailed information about business combination [line items] | ||||
Number of shares issued (in shares) | 100 | 124 | 100 |
Segmentation - Additional Information (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2023
segment
| |
Segmentation [Abstract] | |
Number of operating segment | 1 |
Number of reporting segment | 1 |
Segmentation - Summary of the Amount of Revenue from these Customers (Detail) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure of major customers [line items] | |||
Revenue from contracts with customers | € 145,453 | € 133,900 | € 86,291 |
Total | |||
Disclosure of major customers [line items] | |||
Revenue from contracts with customers | 15,585 | 51,424 | 48,540 |
Customer A | |||
Disclosure of major customers [line items] | |||
Revenue from contracts with customers | 23,974 | ||
Customer D | |||
Disclosure of major customers [line items] | |||
Revenue from contracts with customers | € 15,585 | € 51,424 | € 24,566 |
Segmentation - Summary of the Amount of Revenue from External Customers (Detail) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure of Revenue From External Customers [Line Items] | |||
Revenue from contracts with customers | € 145,453 | € 133,900 | € 86,291 |
The Netherlands | |||
Disclosure of Revenue From External Customers [Line Items] | |||
Revenue from contracts with customers | 73,737 | 46,302 | 29,689 |
Belgium | |||
Disclosure of Revenue From External Customers [Line Items] | |||
Revenue from contracts with customers | 21,364 | 10,692 | 4,358 |
Germany | |||
Disclosure of Revenue From External Customers [Line Items] | |||
Revenue from contracts with customers | 22,553 | 15,045 | 14,477 |
France | |||
Disclosure of Revenue From External Customers [Line Items] | |||
Revenue from contracts with customers | 23,289 | 55,815 | 32,098 |
Other | |||
Disclosure of Revenue From External Customers [Line Items] | |||
Revenue from contracts with customers | € 4,510 | € 6,046 | € 5,669 |
Segmentation - Summary of the Amount of Total Non-Current Assets (Detail) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of Non Current Assets By Country [Line Items] | ||
Non-current assets | € 274,428 | € 207,183 |
The Netherlands | ||
Disclosure of Non Current Assets By Country [Line Items] | ||
Non-current assets | 101,934 | 109,851 |
Belgium | ||
Disclosure of Non Current Assets By Country [Line Items] | ||
Non-current assets | 14,609 | 8,778 |
Germany | ||
Disclosure of Non Current Assets By Country [Line Items] | ||
Non-current assets | 85,179 | 43,510 |
France | ||
Disclosure of Non Current Assets By Country [Line Items] | ||
Non-current assets | 41,136 | 32,675 |
Other | ||
Disclosure of Non Current Assets By Country [Line Items] | ||
Non-current assets | € 31,570 | € 12,369 |
Revenue from contracts with customers - Summary of the Assets and Liabilities Related to Contracts with Customers (Detail) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets | ||
Current contract assets | € 0 | € 1,512 |
Loss allowance | 0 | 0 |
Total contract assets | 0 | 1,512 |
Liabilities | ||
Current contract liabilities | 9,823 | 7,917 |
Non-current contract liabilities | 180 | 2,442 |
Total contract liabilities | € 10,003 | € 10,359 |
Revenue from contracts with customers - Narrative (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
May 16, 2022 |
|
Revenue [abstract] | |||
Decrease in contract liabilities | € 452 | ||
Contract liabilities | 10,003 | € 10,359 | |
Non-current contract liabilities | 180 | 2,442 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Current contract liabilities | 9,823 | 7,917 | |
PIPE financing | |||
Revenue [abstract] | |||
Contract liabilities | 2,906 | € 3,358 | € 3,358 |
Non-current contract liabilities | 180 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Current contract liabilities | € 2,726 |
Revenue from contracts with customers - Summary of the Revenue recognized that Relates to Carried-Forward Contract Liabilities (Detail) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Revenue [abstract] | |||
Revenue recognized that was included in the contract liability balance at the beginning of the period | € 7,453 | € 21,192 | € 7,280 |
Other income/(expenses) - Summary of Other Income (Detail) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure of Other Income (Expenses) [Line Items] | |||
Government grants | € 602 | € 213 | € 2,037 |
Income from CO2 tickets | 6,230 | 9,527 | 5,403 |
Net gain/(loss) on disposal of property, plant and equipment | (7,970) | (12,528) | (210) |
Sublease rental income | 200 | 200 | 200 |
Other items | 1,777 | 2,525 | 523 |
Total | (6,603) | 3,724 | 10,853 |
Power purchase agreements | |||
Disclosure of Other Income (Expenses) [Line Items] | |||
Fair value gains/(losses) on derivatives | (7,442) | 0 | 0 |
Purchased call options | |||
Disclosure of Other Income (Expenses) [Line Items] | |||
Fair value gains/(losses) on derivatives | 0 | 3,856 | 2,900 |
Preferred shares derivatives | |||
Disclosure of Other Income (Expenses) [Line Items] | |||
Fair value gains/(losses) on derivatives | € 0 | € (69) | € 0 |
Other income/(expenses) - Additional Information (Detail) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure of Other Income (Expenses) [Line Items] | |||
Fair value gain on initial recognition | € 6,636 | € 9,423 | € 5,483 |
(Loss) gain on the subsequent sale | (406) | 104 | (80) |
Losses on disposals of property, plant and equipment | 7,970 | 12,528 | 210 |
Gain (loss) on reimbursement from suppliers | 1,400 | 2,250 | € 0 |
Voltalis | |||
Disclosure of Other Income (Expenses) [Line Items] | |||
Trade receivables from related party | € 0 | € 187 |
Selling and distribution expenses - Summary of Selling and Distribution Expenses (Detail) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure of detailed information about selling and distribution expenses [Line Items] | |||
Amortization of customer relationships | € 3,635 | € 3,691 | |
Depreciation of right-of-use assets | 8,537 | 6,710 | € 3,408 |
Selling and distribution Expenses | |||
Disclosure of detailed information about selling and distribution expenses [Line Items] | |||
Employee benefits expenses | 1,236 | 1,650 | 1,898 |
Amortization of customer relationships | 395 | 231 | 0 |
Depreciation of right-of-use assets | 114 | 148 | 92 |
Marketing and communication costs | 765 | 478 | 421 |
Housing and facility costs | 39 | 48 | 60 |
Travelling costs | 54 | 32 | 1 |
Total | € 2,603 | € 2,587 | € 2,472 |
Breakdown of expenses by nature - Actuarial Assumptions (Details) - France - Foreign countries |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of defined benefit plans [line items] | ||
Wage inflation | 3.00% | 2.50% |
Minimum | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.10% | 2.50% |
Turnover | 5.30% | 5.60% |
Maximum | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.20% | 3.70% |
Turnover | 20.10% | 16.80% |
Breakdown of expenses by nature - Sensitivity Analysis (Details) |
Dec. 31, 2023 |
---|---|
Analysis of income and expense [abstract] | |
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Discount rate | |
Disclosure of defined benefit plans [line items] | |
Decrease in assumption | 5.50% |
Increase in assumption | (5.00%) |
Salary increases | |
Disclosure of defined benefit plans [line items] | |
Decrease in assumption | (5.00%) |
Increase in assumption | 5.40% |
Turnover rates | |
Disclosure of defined benefit plans [line items] | |
Decrease in assumption | 1.10% |
Increase in assumption | (1.10%) |
Share-based payments - First Special Fees Agreement (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity settled share based payment arrangement expenses | € 0 | € 67,621 | € 291,837 |
Legal fees | 640 | ||
Second Special Fees Agreement | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Legal fees | 6,607 | 11,712 | 0 |
First Special Fee Agreement | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Legal fees | 0 | 46,433 | 202,201 |
First Special Fee Agreement | Employee Benefits | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Legal fees | € 0 | € 21,188 | € 89,636 |
Share-based payments - Second Special Fees Agreement (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Recognized as a current liability | € 16,677 | € 16,806 | |
Legal fees | € 640 | ||
Second Special Fees Agreement | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based compensation by share based award equity instruments other than options aggregate fair value | 38,583 | 33,481 | |
Recognized as a current liability | 26,894 | 16,806 | |
Recognized as a current liability | 10,217 | 0 | |
Share-based payment expenses - SPAC Transaction | 10,088 | 17,393 | 0 |
Legal fees | 6,607 | 11,712 | 0 |
Employee benefits expenses | € 3,480 | € 5,681 | € 0 |
Share-based payments - Summary of RSUs Granted (Details) - Long-term Incentive Plan - RSU - shares |
1 Months Ended | 12 Months Ended |
---|---|---|
May 31, 2023 |
Dec. 31, 2023 |
|
Employees | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Beginning of year (in shares) | 0 | |
Granted during the period (in shares) | 176,952 | |
Forfeited during the period (in shares) | 0 | |
Vested and issued during the period (in shares) | 0 | |
End of year (in shares) | 176,952 | |
Vested and exercisable (in shares) | 0 | |
Eligible directors | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Beginning of year (in shares) | 0 | |
Granted during the period (in shares) | 952,812 | |
Forfeited during the period (in shares) | 0 | |
Vested and issued during the period (in shares) | (666,968) | |
End of year (in shares) | 285,844 | |
Vested and exercisable (in shares) | 0 |
Share-based payments - IPO Grant Shares (Details) - Equity Settled Awards € / shares in Units, € in Thousands |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
May 31, 2023
shares
$ / shares
|
May 31, 2023
shares
€ / shares
|
Dec. 31, 2023
EUR (€)
|
Dec. 31, 2022
EUR (€)
|
Dec. 31, 2021
EUR (€)
|
|
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average fair value price (in USD or Euro per share) | (per share) | $ 2.13 | € 1.97 | |||
Share-based payment expenses - SPAC Transaction | € | € 19 | € 0 | € 0 | ||
Employees Instrumental In IPO | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Granted during the period (in shares) | 100 | 100 | |||
Employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Granted during the period (in shares) | 9,600 | 9,600 |
Share-based payments - LTIP Special Options (Details) - Long-term Incentive Plan € / shares in Units, € in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 29, 2023
shares
executive
€ / shares
|
Dec. 29, 2023
shares
executive
$ / shares
|
Dec. 31, 2023
EUR (€)
€ / shares
|
Dec. 31, 2022
EUR (€)
shares
€ / shares
|
Dec. 31, 2021
EUR (€)
|
|
LTIP Special Options | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Granted during the period (in shares) | shares | 1,000,197 | 1,000,197 | |||
Fair value of options granted (in EUR per share) | (per share) | € 1.22 | $ 1.35 | € 1.10 | € 0 | |
Exercise price, share options granted (in EUR per share) | € / shares | € 0.12 | ||||
Share-based payment expenses | € | € 972 | ||||
Performance Options | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Granted during the period (in shares) | shares | 2,798,063 | ||||
Share-based payment expenses | € | € 2,070 | € 0 | € 0 | ||
Number of executives | executive | 1 | 1 |
Finance income/(costs) - Schedule of Finance Cost (Details) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Finance Costs Disclosure [Abstract] | |||
Interest expenses on shareholder loans | € 0 | € (1,743) | € (8,162) |
Interest expenses on old facility (senior debt) and renewed facility | (23,364) | (12,139) | (6,446) |
Loss on modification of old facility | 0 | (1,730) | 0 |
Loss on the old facility extinguishment | 0 | (2,832) | 0 |
Finance costs on borrowings | (23,364) | (18,444) | (14,608) |
Interest expenses on lease liabilities | (3,678) | (1,777) | (527) |
Fair value gains/(losses) on derivatives | (5,497) | 5,507 | 593 |
Fair value gains/(losses) on public warrant liabilities | (6,273) | 19,964 | 0 |
Fair value gains/(losses) on private placement warrant liabilities | 0 | 7,139 | 0 |
Other finance income/(costs) | 480 | 0 | 0 |
Exchange differences – net | 523 | (2,069) | (877) |
Finance income/(costs) | € (37,809) | € 10,320 | € (15,419) |
Loss per share - Summary of Loss Per Share (Detail) - EUR (€) € / shares in Units, € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Earnings per share [abstract] | |||
Loss attributable to ordinary equity holders of the Company | € (109,898) | € (304,778) | € (319,672) |
Weighted average number of ordinary shares for basic loss per share (in shares) | 268,217,951 | 251,434,593 | 190,270,210 |
Weighted average number of ordinary shares for diluted loss per share (in shares) | 268,217,951 | 251,434,593 | 190,270,210 |
Basic loss per share (in EUR per share) | € (0.41) | € (1.21) | € (1.68) |
Diluted loss per share (in EUR per share) | € (0.41) | € (1.21) | € (1.68) |
Property, plant and equipment - Additional Information (Detail) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Impairments | € 510 | € 701 | € 354 |
Reversal of impairments loss | 635 | 679 | € 381 |
Capital commitments | € 5,100 | € 3,953 |
Property, plant and equipment - Summary of Movements in Government Grants Related to Chargers and Charging Infrastructure (Detail) - EUR (€) € in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Opening balance at the beginning of the year | € 6,986 | € 9,628 |
Received during the year | 137 | 512 |
Released to the consolidated statement of profit or loss | (1,229) | (1,601) |
Reclassifications | 0 | (1,554) |
Closing balance at the end of the year | € 5,894 | € 6,985 |
Intangible assets - Additional Information (Detail) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure of detailed information about intangible assets [line items] | |||
Amount by which unit's recoverable amount exceeds its carrying amount | € 400,000 | € 700,000 | |
Internally developed software | Bottom of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 1 year | 1 year | 1 year |
Internally developed software | Top of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 3 years | 3 years | 3 years |
Leases - Summary of Future Minimum Rentals Receivable Under Non-cancellable Sublease (Detail) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Future minimum rentals receivable | € 0 | € 200 |
Within one year | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Future minimum rentals receivable | 0 | 200 |
After one year but not more than five years | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Future minimum rentals receivable | 0 | 0 |
More than five years | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Future minimum rentals receivable | € 0 | € 0 |
Inventories - Schedule of Inventory (Details) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory [Abstract] | ||
Finished products and goods for resale | € 27,249 | € 21,440 |
CO2 tickets | 6,855 | 4,577 |
Total | € 34,104 | € 26,017 |
Inventories - Additional Information (Details) - Cost of Sales - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Inventory [Line Items] | |||
Cost of inventories recognised as expense during period | € 8,842 | € 28,065 | € 21,243 |
Inventory write-down | € 70 | € 627 | € 651 |
Other financial assets - Summary of Other financial assets (Detail) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of Other financial assets [Line Items] | ||
Other financial assets | € 54,417 | € 65,294 |
Other non-current financial assets | 52,641 | 64,693 |
Other current financial assets | 1,776 | 601 |
Other receivables | ||
Disclosure of Other financial assets [Line Items] | ||
Other financial assets | 1,821 | 2,321 |
Pledged bank balances | ||
Disclosure of Other financial assets [Line Items] | ||
Other financial assets | 15,512 | 12,190 |
Security deposits | ||
Disclosure of Other financial assets [Line Items] | ||
Other financial assets | 11,170 | 7,990 |
Derivatives | ||
Disclosure of Other financial assets [Line Items] | ||
Other financial assets | 3,700 | 9,198 |
Investments in equity securities | ||
Disclosure of Other financial assets [Line Items] | ||
Other financial assets | 16,557 | 31,389 |
Prepaid warranties non-current | ||
Disclosure of Other financial assets [Line Items] | ||
Other financial assets | € 5,657 | € 2,206 |
Other financial assets - Pledged bank balances (Details) - Pledged bank balances - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of Other financial assets [Line Items] | ||
Non current payables of interest and commitment fee | € 10,500 | € 10,500 |
Non-current trade payables | 3,612 | 430 |
Pledged Bank balance for security | 1,400 | 1,200 |
More than one year | ||
Disclosure of Other financial assets [Line Items] | ||
Non current pledged bank balance | 15,512 | € 12,190 |
Within one year | ||
Disclosure of Other financial assets [Line Items] | ||
Non current pledged bank balance | € 0 |
Other financial assets - Derivatives (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023
EUR (€)
agreement
|
Dec. 31, 2022
EUR (€)
agreement
|
Dec. 31, 2021
EUR (€)
|
|
Disclosure of Other financial assets [Line Items] | |||
Income taxes received/(paid) | € 0 | € 1,071,000 | € 0 |
Payment of interest cap derivative premiums | € 0 | € 4,068,000 | 0 |
Other Derivatives | |||
Disclosure of Other financial assets [Line Items] | |||
Number of option agreements entered into | agreement | 2 | 2 | |
Income taxes received/(paid) | € 1,071,000 | ||
Interest expense | 4,067,000 | ||
Due for termination of derivative | 5,138,000 | ||
Payment of interest cap derivative premiums | 4,068,000 | ||
Losses on change in fair value of derivatives | € 5,497,000 | ||
Fair value gain | 5,507,000 | € 593,000 | |
Credit derivative, fair value | 3,700,000 | € 9,198,000 | |
Forward Contract | |||
Disclosure of Other financial assets [Line Items] | |||
Number of option agreements entered into | agreement | 2 | ||
Credit derivative, fair value | € 0 | € 0 |
Other financial assets - Investment in equity securities (Details) - Voltalis - EUR (€) € in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Disclosure of Other financial assets [Line Items] | ||
Percentage of acquired | 12.38% | 12.38% |
Total share capital | € 16,557 | € 31,389 |
Fair value gain recognized | € (14,832) |
Trade and other receivables - Schedule of Trade And Other Receivables (Detail) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Trade and other receivables [Line Items] | ||
Trade receivables – gross | € 47,228 | € 42,670 |
Loss allowance | 0 | 0 |
Trade receivables – net | 47,228 | 42,670 |
VAT receivables | 6,166 | 2,459 |
Other receivables | 2,285 | 1,517 |
Receivables from related parties | 9 | 194 |
Government grants receivables | 355 | 395 |
Total | 56,043 | 47,235 |
Trade receivables | ||
Schedule of Trade and other receivables [Line Items] | ||
Loss allowance | € 0 | € 0 |
Trade and other receivables - Schedule of Movements in Loss Allowance (Detail) - EUR (€) € in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Schedule of The Movements In The Loss Allowance [Line Items] | ||
Opening balance loss allowance at the beginning of the year | € 0 | |
Closing balance loss allowance at the end of the year | 0 | € 0 |
Trade receivables | ||
Schedule of The Movements In The Loss Allowance [Line Items] | ||
Opening balance loss allowance at the beginning of the year | 0 | |
Opening balance loss allowance at the beginning of the year | 0 | 1 |
Additions to loss allowance | 0 | |
Additions to loss allowance | 0 | |
Receivables written off during the year as uncollectible | 0 | |
Receivables written off during the year as uncollectible | 0 | |
Unused amount reversed during the year | 0 | |
Unused amount reversed during the year | (1) | |
Closing balance loss allowance at the end of the year | 0 | |
Closing balance loss allowance at the end of the year | € 0 | € 0 |
Prepayments and other assets - Schedule of Prepayments (Detail) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Prepayments [Abstract] | ||
Current prepayments and other assets | € 17,934 | € 6,873 |
Total | € 17,934 | € 6,873 |
Cash and cash equivalents - Schedule of Cash And Cash Equivalents (Detail) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Schedule of Cash and cash equivalents [Abstract] | ||||
Cash at banks | € 44,585 | € 83,022 | ||
Total | € 44,585 | € 83,022 | € 24,652 | € 8,274 |
Cash and cash equivalents - Additional Information (Detail) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Disclosure of detailed information about borrowings [line items] | ||||
Cash and cash equivalents | € 44,585 | € 83,022 | € 24,652 | € 8,274 |
Renewed facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Cash and cash equivalents | € 39,000 |
Reserves - Additional Information (Detail) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure of reserves within equity [abstract] | |||
Net changes In legal reserve | € (1,845) | € (886) | € 386 |
Borrowings - Summary of Breakdown of Borrowings (Detail) € in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023
EUR (€)
|
Dec. 31, 2025 |
Dec. 31, 2022
EUR (€)
loan
|
Dec. 31, 2019
loan
|
|
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | € 350,722 | € 269,033 | ||
Euribor floored rate | 0.00% | |||
Renewed facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | € 350,722 | € 269,033 | ||
Interest rate | 3.90% | |||
Borrowings, adjustment to interest rate basis | 3.90% | |||
Renewed facility | Top of range | Forecast | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, adjustment to interest rate basis | 0.20% | |||
Renewed facility | Borrowings | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate | 3.90% | |||
Shareholder loans | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Number of loans | loan | 2 | 6 |
Borrowings - Summary of Carrying Amount of Assets Pledged (Detail) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Current assets | ||
Cash and cash equivalents | € 40,628 | € 56,317 |
Trade receivables | 7,178 | 0 |
Other receivables | 0 | 0 |
Total current assets pledged as security | 47,806 | 56,317 |
Non-current assets | ||
Non-current other financial assets | 10,500 | 10,500 |
Total current assets pledged as security | 10,500 | 10,500 |
Total assets pledged as security | € 58,306 | € 66,817 |
Provisions and other liabilities - Additional Information (Detail) € in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023
EUR (€)
|
Dec. 31, 2022
EUR (€)
|
Dec. 31, 2021
EUR (€)
|
Feb. 29, 2020
employee
|
|
Disclosure of other provisions [line items] | ||||
Legal fees | € 640 | |||
Total | € 30,436 | € 17,743 | ||
Warranty provision, term | 24 months | |||
Warranty provision | € 290 | 273 | ||
Restructuring provision | ||||
Disclosure of other provisions [line items] | ||||
Total | 62 | 144 | 248 | |
General and administrative expenses | ||||
Disclosure of other provisions [line items] | ||||
Termination benefits | 2,674 | |||
Legal fees | € 32,908 | € 73,867 | 208,945 | |
Selling and distribution Expenses | ||||
Disclosure of other provisions [line items] | ||||
Termination benefits | 360 | |||
Other employee costs | 15 | |||
Top of range | ||||
Disclosure of other provisions [line items] | ||||
Restructuring costs | 3,804 | |||
Other employee costs | € 115 | |||
Internal and external staff members | ||||
Disclosure of other provisions [line items] | ||||
Number of employees | employee | 167 |
Provisions and other liabilities - Summary of Restructuring Provision (Detail) - EUR (€) € in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Disclosure Of Additional Provisions Other Provisions [Line Items] | ||
Beginning Balance | € 17,743 | |
Ending balance | 30,436 | € 17,743 |
Restructuring provision | ||
Disclosure Of Additional Provisions Other Provisions [Line Items] | ||
Current portion Beginning Balance | 144 | 248 |
Non-current portion Beginning Balance | 0 | 0 |
Beginning Balance | 144 | 248 |
Additions | 60 | 0 |
Releases | 0 | |
Used during the year | (142) | (104) |
Interest accretion | 0 | 0 |
Current portion Ending Balance | 62 | 144 |
Non-current portion Ending Balance | 0 | 0 |
Ending balance | € 62 | € 144 |
Trade and other payables - Summary of Trade and Other Payables (Detail) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure detailed information about of trade payable [Abstract] | ||
Trade payables | € 37,751 | € 31,868 |
Accrued expenses | 32,076 | 15,876 |
Employee related liabilities | 3,566 | 2,941 |
Payroll taxes, social security and VAT payables | 2,735 | 5,127 |
Other payables | 820 | 578 |
Total | € 76,948 | € 56,390 |
Derivative liabilities (Details) € in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023
EUR (€)
facility
|
Dec. 31, 2022
EUR (€)
|
|
Disclosure of detailed information about hedging instruments [line items] | ||
Number of renewable facility | facility | 2 | |
Liabilities | € 561,640 | € 409,901 |
Derivatives | Level 3 of fair value hierarchy | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Liabilities | 7,442 | € 0 |
Derivative Power Purchase Agreement | Level 3 of fair value hierarchy | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Liabilities | € 0 | |
Minimum | Derivative Power Purchase Agreement | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Duration of agreement term | 5 years | |
Maximum | Derivative Power Purchase Agreement | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Duration of agreement term | 11 years |
Taxation - Summary of Income Tax Expense Recognized in The Consolidated Statement of Profit or Loss (Detail) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Current income tax expense | |||
Current income tax expense for the year | € (927) | € (1,058) | € (200) |
Adjustments in respect of current income tax of previous years | (34) | (64) | 0 |
Total current tax expense | (961) | (1,122) | (200) |
Deferred tax expense | |||
Origination and reversal of temporary differences and tax losses | 11,609 | 16,950 | 0 |
(De)recognition of deferred tax assets | (11,152) | (16,464) | (152) |
Total deferred tax expense | 457 | 486 | (152) |
Effective tax (rate), Amount | € (504) | € (636) | € (352) |
Taxation - Summary of Deferred Tax Assets And Liabilities (Detail) - EUR (€) € in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Changes in deferred tax liability (asset) [abstract] | ||
Beginning balance, Deferred tax assets | € 523 | € 570 |
Beginning balance, Deferred tax liabilities | (2,184) | 0 |
Beginning balance, Net deferred tax assets | (1,661) | 570 |
Recognition of losses | 257 | (87) |
Acquisitions / divestments | 0 | (3,043) |
Movements of temporary differences | 662 | 899 |
Recognition of tax credits | 0 | 0 |
Ending Balance, Deferred tax assets | 807 | 523 |
Ending Balance, Deferred tax liabilities | (1,549) | (2,184) |
Ending Balance, Net deferred tax assets | € (742) | € (1,661) |
Taxation - Summary of Unrecognized Deferred Tax Assets (Detail) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Major components of tax expense (income) [abstract] | ||
Tax losses | € 234,538 | € 197,171 |
Deductible temporary differences | 30,121 | 17,679 |
Tax credits | 0 | 0 |
Interest carry forward | 60,249 | 36,612 |
Total | 324,908 | 251,462 |
Potential tax benefit | € 84,793 | € 65,832 |
Taxation - Additional Information (Detail) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Major components of tax expense (income) [abstract] | ||
Tax losses | € 234,538 | € 197,171 |
Unused tax losses for which deferred tax asset was recognized | 2,616 | 1,941 |
Unused tax losses | € 237,155 | € 199,112 |
Financial risk management - Summary of Sensitivity Analysis of Fair Value Measurement to Changes in Unobservable Inputs, Liabilities (Detail) - Interest rate, measurement input - EUR (€) € in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Percentage of reasonably possible increase in unobservable input, entity's own equity instruments | 0.10% | |
Percentage of reasonably possible decrease in unobservable input, entity's own equity instruments | 0.10% | |
Interest rate risk | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Interest rates – increase by 10 basis points | € 309 | € 586 |
Interest rates – decrease by 10 basis points | € (346) | € (629) |
Financial risk management - Increases/Decreases of the Price of Equity Securities (Details) - Fair value measurement input - EUR (€) € in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities [line items] | ||
Fair Value – increase by 4,000 basis points | € 6,623 | € 12,556 |
Fair Value – decrease by 4,000 basis points | € (6,623) | € (12,556) |
Percentage of reasonably possible increase in unobservable input, entity's own equity instruments | 40.00% | |
Percentage of reasonably possible decrease in unobservable input, entity's own equity instruments | 40.00% |
Financial risk management - Summary of Undrawn Borrowing Facilities (Detail) - EUR (€) € in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Later than one year | Renewed facility | ||
Disclosure of Detailed Information About Undrawn Borrowing Facilities [Line Items] | ||
Expiring beyond one year—renewed facility | € 8,390 | € 120,790 |
Capital management - Additional Information (Detail) - Renewed facility |
12 Months Ended | |
---|---|---|
Dec. 19, 2022
remedy
d
|
Dec. 31, 2023 |
|
Capital Management [Line Items] | ||
Covenant compliance testing period | 6 months | |
Covenant break remedy period | 10 days | |
Covenant repair consecutive opportunities | d | 2 | |
Covenant break total opportunities | remedy | 4 | |
Issuance Of Guarantees And Letters Of Credit | ||
Capital Management [Line Items] | ||
Interest cover ratio | 0.6 |
Related-party transactions - Additional Information (Detail) € in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023
EUR (€)
|
Dec. 31, 2022
EUR (€)
|
Dec. 31, 2021
EUR (€)
director
|
Feb. 24, 2022
director
|
|
Disclosure of transactions between related parties [line items] | ||||
Number of directors who were contractors of the external consulting firm | director | 2 | |||
Share-based payments | € | € 14,422 | € 41,230 | € 89,636 | |
General and administrative expenses | ||||
Disclosure of transactions between related parties [line items] | ||||
Share-based payments | € | 3,480 | 26,869 | 89,636 | |
External Consulting Services | ||||
Disclosure of transactions between related parties [line items] | ||||
Share-based payments | € | € 6,607 | € 58,145 | € 202,201 | |
Mega-E Group | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of executive directors codirecting acquired entity | director | 1 | |||
Number of nonexecutive directors codirecting acquired entity | director | 1 |
Related-party transactions - Summary of Information About Key Management Personnel (Detail) - EUR (€) € in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure of transactions between related parties [abstract] | |||
Short-term employee benefits | € 3,210 | € 5,262 | € 1,086 |
Share-based payments | 14,422 | 41,230 | 89,636 |
Total | € 17,632 | € 46,492 | € 90,722 |
Group information - Additional Information (Detail) |
Jun. 07, 2022 |
Mar. 16, 2022 |
Mar. 26, 2021 |
---|---|---|---|
Allego US Inc. | |||
Disclosure of subsidiaries [line items] | |||
Percentage of acquired | 100.00% | ||
MOMA | |||
Disclosure of subsidiaries [line items] | |||
Percentage of acquired | 100.00% | 8.50% |
Subsequent events - Additional Information (Detail) - Issuance Of Guarantees And Letters Of Credit - Renewed facility - EUR (€) |
Apr. 03, 2024 |
Dec. 19, 2022 |
---|---|---|
Disclosure of non-adjusting events after reporting period [line items] | ||
Notional amount | € 30,000,000 | |
Solar-EP III B.V | Entering into significant commitments or contingent liabilities | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Notional amount | € 2,059,000 |
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