3. Financial information by operating segment
We break down our financial information according to our operations, with the operating segments reflecting our management structure. We differentiate between the following segments:
- Gasunie Transport Services
- This segment covers regulated network operations in the Netherlands and is responsible for managing natural gas transmission, developing the natural gas network and related installations, and helping to facilitate a well-functioning market.
- Gasunie Deutschland
This segment covers regulated network operations in Germany and is responsible for managing natural gas transmission, developing the natural gas network and related installations, and helping to facilitate a well-functioning market. - Participations
This segment focuses on developing energy transition infrastructure and facilitating infrastructure for non-regulated gas transmission and storage in north-western Europe.
The accounting policies for measurement of assets and liabilities and the determination of the results used for the operating segments are the same as the accounting policies used when drawing up these consolidated financial statements. The assets, revenue and results of a segment comprise items directly related to the segments and items that we can reasonably attribute to them. Because our financing mainly takes place at group level, we do not segment liabilities and, therefore, do not report on these separately. We carry out transactions between companies that belong to the segments at arm’s length. As regards intersegment eliminations, we have removed transactions between the segments in the financial information by operating segment.
Revenues and results for each operating segment
The information about revenues and the result for each operating segment is as follows:
| In millions of euros | Net revenues | Result | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Operating segments | ||||
| - Gasunie Transport Services | 824.0 | 1,213.5 | 61.2 | 295.0 |
| - Gasunie Deutschland | 241.0 | 386.9 | 20.9 | 181.7 |
| - Participations | 295.1 | 489.0 | 25.1 | 139.6 |
| Inter-segment adjustments | -107.1 | -134.4 | - | -1.7 |
| Operating segments total | 1,253.0 | 1,955.0 | 107.2 | 614.6 |
| Unallocated financial income and expenses | -24.9 | -18.9 | ||
| Result before taxation | 82.3 | 595.7 | ||
| Income taxes | -12.1 | -112.4 | ||
| Result after taxation | 70.2 | 483.3 | ||
| Allocation of the result after taxation | ||||
| - Result attributable to the N.V. Nederlandse Gasunie | 67.8 | 482.3 | ||
| - Result attributable to holder non-controlling interest | 2.4 | 1.0 | ||
| Result after taxation | 70.2 | 483.3 |
During 2024, the Gasunie Transport Services operating segment provided inter-segment services worth € 21.7 million (2023: € 54.3 million), the Gasunie Deutschland operating segment provided such services to the value of € 0.9 million (2023: € 0.8 million) and the Participations operating segment provided such services to the value of € 84.5 million (2023: € 79.3 million).
For a more detailed explanation of the development of the result and net revenue see notes 1 ‘Significant matters and events’ and 30 ‘Net revenue’.
Key customers
We generated more than 10% (but less than 15%) of our external revenue from gas transmission and related services from a single customer in 2024 (2023: the same). We did not record an allowance for credit losses for this customer at year-end 2024 (2023: the same). For a more detailed explanation of our credit risk see note 28 ‘Financial instruments’.
Assets by operating segment
The information about assets by operating segment is as follows:
| In millions of euros | Assets | |
|---|---|---|
| 31 Dec. 2024 | 31 Dec. 2023 | |
| Operating segments | ||
| - Gasunie Transport Services | 6,482.5 | 6,540.1 |
| - Gasunie Deutschland | 1,949.5 | 1,846.4 |
| - Participations | 1,834.7 | 1,436.7 |
| Operating segments total | 10,266.7 | 9,823.2 |
| Unallocated assets | 781.8 | 1,195.3 |
| Total assets | 11,048.5 | 11,018.5 |
Allocated assets per segment include tangible and intangible fixed assets, joint ventures and associates, and other equity interests. Unallocated assets comprise deferred tax assets, derivative financial instruments and current assets.
Investments in and depreciation and amortisation of tangible and intangible fixed assets (including right-of-use assets) and other material non-cash items were as follows:
| In millions of euros | Gasunie Transport Services | Gasunie Deutschland | Participations | Operating segments total | |
|---|---|---|---|---|---|
| Investments in tangible and intangible fixed assets | 2024 | 182.6 | 161.9 | 256.1 | 600.6 |
| 2023 | 187.7 | 342.0 | 220.2 | 749.9 | |
| Depreciation of tangible and intangible fixed assets | 2024 | -225.1 | -56.4 | -59.8 | -341.3 |
| 2023 | -216.6 | -48.7 | -137.7 | -403.0 | |
| Material non-cash items | 2024 | 32.8 | -5.5 | -1.3 | 26.0 |
| 2023 | -19.2 | -9.1 | 41.4 | 13.1 |
In 2024, other material non-cash items consisted of, among other things, movements in personnel-related and other provisions, results of disposals, and actuarial expenses for the defined benefit pension plan. In 2023, the other material non-cash items of the Participations segment also comprised the one-off result on the transactions relating to EemsEnergyTerminal and GUFU BBL B.V., as explained in note 2 ‘Business combinations and disposals of group companies’.
The decrease in the depreciation of the tangible and intangible fixed assets of the Participations segment is due to the change in the way EemsEnergyTerminal is recognised in the financial statements, as explained in note 1 ‘Significant matters and events’.
Assets by geographical area
Fixed assets by geographical area are determined primarily on the basis of the area where the activities take place. We differentiate between two geographical areas: the Netherlands and outside the Netherlands.
The geographical distribution of the assets is as follows:
| In millions of euros | Fixed assets | |
|---|---|---|
| 31 Dec. 2024 | 31 Dec. 2023 | |
| The Netherlands | 7,990.9 | 7,664.0 |
| Outside the Netherlands | 2,275.8 | 2,159.3 |
| Total fixed assets | 10,266.7 | 9,823.3 |
Fixed assets comprise tangible and intangible fixed assets and our share in the joint ventures, associates and other equity interests.
Information about joint ventures and associates
Operating segment information about joint ventures and associates is as follows:
| In millions of euros | Investments in joint ventures and associates | Share in equity of joint ventures and associates | ||
|---|---|---|---|---|
| 2024 | 2023 | 31 Dec. 2024 | 31 Dec. 2023 | |
| Operating segments | ||||
| - Gasunie Transport Services | - | - | - | - |
| - Gasunie Deutschland | - | - | 89.7 | 91.0 |
| - Participations | 174.3 | 101.5 | 567.3 | 397.9 |
| Operating segments total | 174.3 | 101.5 | 657.0 | 488.9 |
Investments in joint ventures and associates in 2024 mainly concern our interest in Porthos, Gate terminal and German LNG. The table shown above does not include the loans given to joint ventures and associates.
| In millions of euros | Acquisition of joint ventures and associates | Share in result of joint ventures and associates | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Operating segments | ||||
| - Gasunie Transport Services | - | - | - | - |
| - Gasunie Deutschland | - | - | 5.3 | 5.7 |
| - Participations | - | - | 27.8 | 32.3 |
| Operating segments total | - | - | 33.1 | 38.0 |
We provide a further explanation of the changes in joint ventures and associates in notes 8 ‘Investments in joint ventures’ and 9 ‘Investments in associates’.