Property and equipment

The movement in the property for own use is as follows:

The Executive Board of Triodos Bank decided in December 2020 to sell the buildings located at the Nieuweroordweg 1 and Utrechtseweg 60 in Zeist and related to Triodos Head Office. The decision to sell the buildings was made in December 2020 as a consequence of the new way of working within Triodos Bank during 2020 resulting from the COVID-19 pandemic. This way of working entails a combination of working from home and working from the office. Triodos Bank believes that this is a more efficient way of working. Furthermore, it is in line with the Triodos Bank values of lowering the carbon footprint which will be continued after the COVID-19 pandemic.

This decision triggered an impairment in 2020 because the carrying value of the buildings will no longer be recovered through its continuing use, but through the sale of the property. An impairment loss of EUR 5.1 million for property and equipment related to Triodos Head Offices combined is recorded in 2020 in the profit and loss account. The impairment is recognised to adjust the carrying value to the fair value less cost of disposal.

At the end of 2021 an agreement to sell has been signed with a buyer. The book value represents the sales price less cost to sell and continues to be classified as held for sale, refer to note 12 Non-current Assets Held for Sale . The transaction is expected to be finalised in the first half year of 2022.

The movement in equipment is as follows:

Fully depreciated equipment with a total purchase value of EUR 1.4 million (2020: EUR 4.1 million) has been disposed of.