12. Discontinued operations
A discontinued operation is a component of the Group that has been disposed or is classified as held for sale and represents a separate major line of business or geographical area of operations or is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. The results of discontinued operations are excluded from the results of continued operations and are presented separately as a single amount in the income statement. When applicable, the results of prior periods are represented.
In December 2020, the Group sold 50% of the shares of BAM PPP (currently known as Invesis) to PGGM Infrastructure Fund (“PGGM”). Consequently, the 2020 consolidated results of BAM PPP were reported as results from discontinued operations. As part of the sale, the Group and PGGM agreed on a contingent consideration of up to €25 million, becoming payable when secured equity commitments in the period 2021-2025 exceeded a certain threshold. At the time of the sale, the fair value of the contingent consideration was estimated at €2 million.
In December 2024, the Group agreed to sell its remaining 50% interest in Invesis to PGGM and classified the investment as held for sale. Upon this transfer to held for sale in 2024, the Group reassessed the fair value of the contingent consideration. The reassessment was based on the performance in 2024, taking into account the significant increase in secured equity commitments achieved by Invesis that year, and the business plan for 2025. The fair value was estimated at €22.1 million, representing a gain of €20.1 million. The gain, not subject to tax, directly related to the partial divestment to PGGM in 2020 and was therefore recognised within discontinued operations in 2024.
