12. Property, plant and equipment

Property, plant and equipment (tangible fixed assets) are valued at acquisition price or (internal) production cost, less depreciation calculated on this value and any impairments. Investment subsidies are deducted from the acquisition costs of the asset concerned and credited to the result based on the asset's useful life. Costs are only capitalised if it is likely that future economic benefits will result from the use of a specific asset, and the costs can be determined reliably. Assets ordered but not yet received are not recognised in the balance sheet. To carry out its activities as a regional grid operator, Enexis uses assets that have been fully depreciated.

Changes in property, plant and equipment in 2024 were as follows:

The comparative overview for 2023 is as follows:

Impairments of property, plant and equipment

The recoverable value of property, plant and equipment is calculated if events or changes in circumstances give cause to do so (‘triggering event’ analysis). The results of this calculation are used to determine if any impairment exists. An assessment is performed annually and in the event of interim publications to ascertain whether such events or changes have occurred. 

In these triggering event analyses, Enexis Groep also took into account the developments in connection with the energy transition. These developments do not form a trigger to calculate the recoverable value for the assets of the gas grid. For more information about this topic, see the ‘Future outlook for the gas grid’ section in note 13 ‘Intangible fixed assets’.

An impairment loss of €19 million was recognised on the cash-generating unit Mijnwater Warmte Infra B.V. in 2024. The activities of the heating company Mijnwater Warmte Infra B.V. are included in the operating segment ‘Enexis other’. The impairment is mainly due to delays in the heat transition, primarily caused by external factors such as the postponement of the entry into force of the Collective Heat Supply Act, the Municipal Instruments for Heat Transition Act and the Energy Act, as well as negative media coverage of the heat networks.