13. Property, plant and equipment
x € 1 million | Land and buildings | Networks | Other operating assets | Assets under construction | Total |
|---|---|---|---|---|---|
Position as at 1 January 2022 | |||||
Historical cost | 468 | 10,318 | 58 | 561 | 11,405 |
Accumulated depreciation and impairment | 198 | 4,594 | 43 | - | 4,835 |
Net book value | 270 | 5,724 | 15 | 561 | 6,570 |
Movements | |||||
Investments | 13 | 348 | 2 | 339 | 702 |
Disposals | -1 | -15 | - | - | -16 |
Depreciation | -11 | -248 | -4 | - | -263 |
Reclassification | 12 | 278 | 9 | -299 | - |
Net movements | 13 | 363 | 7 | 40 | 423 |
Position as per 31 December 2022 | |||||
Historical cost | 488 | 10,912 | 69 | 601 | 12,070 |
Accumulated depreciation and impairment | 205 | 4,825 | 47 | - | 5,077 |
Net book value | 283 | 6,087 | 22 | 601 | 6,993 |
Movements | |||||
Investments | 34 | 384 | 4 | 401 | 823 |
Disposals | -1 | -18 | - | - | -19 |
Depreciation | -10 | -260 | -4 | - | -274 |
Reclassification | 10 | 350 | - | -360 | - |
Net movements | 33 | 456 | - | 41 | 530 |
Position as per 31 December 2023 | |||||
Historical cost | 531 | 11,566 | 73 | 642 | 12,812 |
Accumulated depreciation and impairment | 215 | 5,024 | 51 | - | 5,290 |
Net book value | 316 | 6,542 | 22 | 642 | 7,522 |
Change in accounting policy
In 2023, Stedin implemented a change in accounting policy for the valuation of regulated networks with retroactive effect from 1 January 2022. As a result, all property, plant and equipment are now valued based on the cost model. See 2.2.10 Property, plant and equipment for more information. In line with this change in accounting policy, the classification into categories and the statement of movements in property, plant and equipment have been adjusted in line with the sector in order to improve Stedin’s comparability with the other regional grid managers.
Investments
Investments in property, plant and equipment during the financial year totalled € 823 million (2022: € 702 million) and mainly related to grids. An amount of € 7 million concerned capitalised interest expenses in respect of qualifying assets (2022: € 6 million). The interest rate applied was 1.75% (2022: 1.75%).
Disposals
The disposals in 2023 and 2022 relate to the decommissioning of buildings, network assets and other fixed assets, as well as the sale of non-regulated transformers and related assets. See 5 Other income for more information.
Impairments
There were no impairments in 2023 and 2022.
