22. Assets held for sale
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale rather than through continuing use. For this to be the case the asset (or disposal group) must be available for immediate sale in its present condition and its sale must be highly probable. Non-current assets (or disposal groups) classified as held for sale are measured at the lower of the asset’s carrying amount and the fair value less costs to sell. Depreciation or amortisation of an asset and equity accounting for joint ventures and associates ceases when it is classified as held for sale.
The breakdown of assets held for sale is as follows:
|
2024 |
||
|
Investment in joint venture Invesis |
80,389 |
|
|
Other |
10,155 |
|
|
90,544 |
In December 2024, the Group reached an agreement to sell its remaining 50% interest in the joint venture Invesis (formerly BAM PPP) to PGGM Infrastructure Fund (“PGGM”). The carrying amount of €187.4 million was transferred to assets held for sale in December 2024 and measured at fair value less costs to sell. Upon this transfer, the Group accounted for the following effects in 2024:
-
reassessed the fair value of the contingent consideration that was agreed in the partial sale of Invesis to PGGM in 2020, resulting in a gain of €20 million recognised as a result from discontinued operations (Note 12).
-
recognised an impairment of €107.0 million on the carrying amount of the joint venture; and
-
discontinued hedge accounting and therefore reclassified Invesis’ reserves of €31.3 million to the income statement.
The 2024 impairment of the carrying amount of the joint venture is specified as follows:
|
2024 |
|
|
Fair value of consideration |
104,389 |
|
Settlement contingent consideration related to sale in 2020 and other items |
(23,000) |
|
81,389 |
|
|
Cost to sell |
(1,000) |
|
Carrying amount of joint venture |
(187,383) |
|
Impairment |
(106,994) |
Invesis’ result for 2024 can be summarised as follows:
|
2024 |
|
|
Share in result joint venture before transfer to held for sale |
(1,484) |
|
Reclassification of reserves |
31,290 |
|
Impairment |
(106,994) |
|
Share in result of joint ventures |
(77,188) |
The sale was completed in March 2025. The total consideration received of €107.5 million included the settlement of the contingent consideration agreed in the partial sale to PGGM in 2020. On a discounted basis, the fair value of the consideration at the date of disposal was €104.4 million
Other assets classified as held for sale in 2024 include equipment of BAM Infra Funderingstechnieken. The Group reached a sale agreement with a third party and the assets transferred in February 2025.
As at 31 December 2025, no assets are classified as held for sale.
