Annual Report 2023

Capital Expenditure (CapEx)

 

 

2023

 

Substantial Contribution Criteria

 

DNSH criteria (‘Does Not Significantly
Harm’) (h)

 

 

 

 

 

 

 

 

Economic Activities

 

Code (2)

 

CapEx

 

Propor­tion of
CapEx

 

Climate Change Mitiga­tion

 

Climate Change Adapta­tion

 

Water

 

Pollu­tion

 

Cir­cular Eco­nomy

 

Biodi­versity

 

Climate Change Mitiga­tion

 

Climate Change Adapta­tion

 

Water

 

Pollu­tion

 

Cir­cular Eco­nomy

 

Biodi­versity

 

Mini­mum Safe­guards

 

Propor­tion of Taxo­nomy-aligned (A.1.) or -eligible (A.2.) CapEx, 2022

 

Cate­gory –
ena­bling
acti­vity

 

Cate­gory –
transi­tional
acti­vity

 

 

 

 

€ Million

 

%

 

Y; N;
N/EL (b) and (c)

 

Y; N;
N/EL (b) and (c)

 

Y; N;
N/EL (b) and (c)

 

Y; N;
N/EL (b) and (c)

 

Y; N;
N/EL (b) and (c)

 

Y; N;
N/EL (b) and (c)

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

%

 

E

 

T

A. TAXONOMY-ELIGIBLE ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A.1. Environmentally sustainable activities (Taxonomy-aligned)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Installation, maintenance and repair of energy efficiency equipment

 

CCM 7.3

 

0

 

0%

 

Y

 

N

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

0%

 

E

 

 

Installation, maintenance and repair of renewable energy technologies

 

CCM 7.6

 

28

 

2%

 

Y

 

N

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

0%

 

E

 

 

Acquisition and ownership of buildings

 

CCM 7.7

 

45

 

3%

 

Y

 

N

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

9%

 

 

 

 

CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

 

 

 

73

 

5%

 

5%

 

0%

 

0%

 

0%

 

0%

 

0%

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

9%

 

 

 

 

Of which Enabling

 

 

 

28

 

2%

 

2%

 

0%

 

0%

 

0%

 

0%

 

0%

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

0%

 

E

 

 

Of which Transitional

 

 

 

0

 

0%

 

0%

 

 

 

 

 

 

 

 

 

 

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

0%

 

 

 

T

A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transport by motorbikes, passenger cars and light commercial vehicles

 

CCM 6.5/ CCA 6.5

 

11

 

1%

 

EL

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0%

 

 

 

 

Renovation of existing buildings

 

CCM 7.2/ CCA 7.2/ EC 3.2

 

218

 

15%

 

EL

 

EL

 

N/EL

 

N/EL

 

EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14%

 

 

 

 

Installation, maintenance and repair of energy efficiency equipment

 

CCM 7.3/ CCA 7.3

 

1

 

0%

 

EL

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0%

 

 

 

 

Acquisition and ownership of buildings

 

CCM 7.7/ CCA 7.7

 

529

 

37%

 

EL

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31%

 

 

 

 

CapEx of Taxonomy eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2)

 

 

 

759

 

53%

 

53%

 

0%

 

0%

 

0%

 

0%

 

0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46%

 

 

 

 

A. CapEx of Taxonomy eligible activities (A.1 + A.2)

 

 

 

832

 

58%

 

58%

 

0%

 

0%

 

0%

 

0%

 

0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55%

 

 

 

 

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CapEx of Taxonomy non-eligible activities (B)

 

 

 

592

 

42%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total (A + B)

 

 

 

1,424

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Only activities whose substantial contribution criteria are already published in Delegated

According to Article 8 Delegated Act, the CapEx KPI is defined as eligible CapEx (numerator) divided by total CapEx (denominator). Total CapEx was calculated in accordance with the rules and principles applicable to the preparation of the consolidated financial statements, taking into account the increases in the gross value of tangible fixed assets, intangible assets, investment property (where applicable), biological assets (where applicable), and right-of-use, as presented in notes 8, 9 and 10 to the Consolidated Financial Statements. The denominator corresponds to the sum of the “Increases” headings referred to in the notes indicated.

(million €)

 

2023

 

2022

Increases in Tangible Fixed Assets (note 8.1)

 

1,111

 

887

Increases in Intangible Assets (note 9.1)

 

22

 

18

Increases in Right-of-Use (note 10.1)

 

291

 

333

Total 2023 CapEx for EU Taxonomy purposes

 

1,424

 

1,238

With regard to right-of-use assets, we believe that the Delegated Act fails to deal with increases in the gross value of right-of-use assets as a result of contractual amendments or other adjustments to lease liabilities, in particular extension of the lease term.

Accordingly, new measurements of right-of-use assets resulting from contractual amendments or other adjustments to liabilities were not included in the denominator, as presented under the heading “Amendments to Right-of-Use Contracts” in the respective note (10.1).

Regarding the identification of eligible CapEx, our approach to the classification of economic activities was as follows:

  • CapEx of assets or processes associated with eligible activities was not included, since our core activity is not provided for under the current Taxonomy, and no investments in internal activities were identified that qualify as such;
  • CapEx related to CapEx plans, as currently defined in the Taxonomy, to expand aligned activities or that enable eligible activities to become Taxonomy-aligned were not included;
  • includes CapEx of the purchase of goods and services from eligible economic activities that support our core business.

As a result of this approach, the activities indicated under “Eligibility analysis” of this subchapter were classified as eligible. As regards these activities, we analysed the investments for which we were provided with the necessary information by suppliers to identify whether their economic activity is taxonomy-aligned, including compliance with the DNSH criteria and minimum safeguards, as well as what we were able to assess directly.

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