16. Shareholders’ equity
Policy regarding capital and financial position
Our policy regarding Gasunie’s capital and financial position is geared towards:
- guaranteeing our continuity;
- financing investments in the transport and transmission network and enabling the energy transition, while taking sustainability goals into account;
- maintaining a capital and financing structure with a view to optimising borrowing costs and keeping good access to financial markets.
We aim to have a financial profile that will enable us to implement our strategy and, at the same time, lead to a satisfactory credit rating that aligns with our profile and the shareholder’s policy.
We have included further information about the company’s financial position, the financial and other instruments used, and the size of these instruments in note 18 ‘Interest-bearing loans’ and note 28 ‘Financial instruments’.
For a further explanation of our equity, we refer to the notes to equity in the company financial statements (notes: 45 ‘Issued share capital’; 46 ‘Remeasurement reserve’; 47 ‘Legal reserve for participating interests’; 48 ‘Other reserves’; and 49 ‘Unappropriated result’).
Issued share capital
The authorised share capital amounts to € 756,000 and is divided into 7,560 ordinary shares, each having a nominal value of € 100, of which 1,513 have been issued and paid up in full. No movements took place in the issued and paid-up shares during the financial year (2023: the same).
As at the balance sheet date all our shares issued were held by the Dutch State (2023: the same).
Fair value reserve
The fair value reserve concerns our investments in other equity interests that we measure at fair value. We form a fair value reserve for the difference between the original acquisition price and the fair value. The negative fair value reserve at the end of 2024 concerns our interest in Nord Stream (2023: the same). For a more detailed explanation of the fair value of Nord Stream see note 10 ‘Other equity interests’.
Cash flow hedge reserve
The cash flow hedge reserve concerned the changes in the fair value of the effective part of a cash flow hedge of the non-consolidated joint venture Gate terminal. The hedge related to the hedging part of the floating rate risk of Gate terminal. Gate terminal recognises this change in equity in other comprehensive income. In our consolidated financial statements, we also recognise this change in equity in other comprehensive income, as part of the cash flow hedge reserve. For more information see note 8 ‘Investments in joint ventures’.
Other reserves
Amounts included under ‘other reserves’ can be classified as accumulated profits.