Note 22 Other income
Amortisation of subsidies
Operating contributions and other income1
- 1 The implementation of IFRS 15 with effect from 1 January 2018 means that the connection contribution amortisation amounts have been reclassified as revenue rather than other income. The comparative figures for 2017 have been restated.
Other income in 2018 came in at €148 million (2017: €43 million). The increase in the other income is mainly due to the book profit on the sale of Allego (€105 million) in 2018. Other income is also made up of rents, compensation payments received and miscellaneous income.
Sale of Allego
Effective 1 June 2018, the entire share capital of Allego was sold to Meridiam, a French investment company specialised in the development, financing and management of long-term and sustainable infrastructure projects. Meridiam also obtained full control of Allego and its subsidiaries with effect from this date.
Allego has around 200 employees. Revenue in 2017 amounted to €7 million. In establishing Allego back in 2013, Alliander was one of the first players to introduce electric vehicle charging solutions. Alliander wanted to explore what the impact of electric vehicle charging would be on the grid and to develop solutions for avoiding unnecessary grid investments that would be a burden on society at large. In the past five years, Allego has made an appreciable contribution to the creation of the charging infrastructure both in the Netherlands and beyond, and established an important position in this market. Electric driving is starting to take off. With its new partner, Allego will be in an even better position to embark on the next stage of rapid international growth.
The purchase price is made up of a lump sum and a deferred payment (due 31 December 2023). The fair value of the deferred amount has been calculated at €26 million. The finalised book profit on the transaction is €105 million and this has been accounted for in other income.