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8. Investments in joint ventures

We have interests in the following joint ventures:

Company name Registered office   Interest
    31 Dec. 2024 31 Dec. 2023
       
Biogas Netwerk Twente B.V.1 Almelo - 50.0%
Demonstratie Faciliteit Super Kritische Water Vergassing (SKW) Alkmaar B.V.2 Alkmaar 32.3% 35.0%
DEUDAN - Deutsch/Dänische Erdgastransport GmbH Handewitt, Germany 75.0% 75.0%
DEUDAN - Deutsch/Dänische Erdgastransport GmbH & Co. KG Handewitt, Germany 33.4% 33.4%
EemsEnergyTerminal B.V. Groningen 50.0% 50.0%
EemsGas Asset Company B.V. Amsterdam 50.0% 50.0%
Gate terminal C.V. Rotterdam 50.0% 50.0%
Gate terminal Management B.V. Rotterdam 50.0% 50.0%
German LNG Terminal GmbH Hamburg, Germany 40.0% 40.0%
National Energy Information Services B.V. Groningen 50.0% 50.0%
NETRA GmbH Norddeutsche Erdgas Transversale Emstek/Schneiderkrug, Germany 50.0% 50.0%
NETRA GmbH Norddeutsche Erdgas Transversale & Co. KG Emstek/Schneiderkrug, Germany 44.1% 44.1%
Porthos System Operator B.V. Rotterdam 50.0% 50.0%
Porthos Offshore Transport and Storage GP B.V. Rotterdam 50.0% 50.0%
Porthos CO2 Transport and Storage GP B.V. Rotterdam 33.3% 33.3%
Porthos Onshore Transport GP B.V. Rotterdam 50.0% 50.0%
Porthos Offshore Transport and Storage C.V. Rotterdam 50.0% 50.0%
Porthos CO2 Transport and Storage C.V. Rotterdam 33.3% 33.3%
Porthos Onshore Transport C.V. Rotterdam 50.0% 50.0%
VertiCer B.V. Arnhem 50.0% 50.0%

Biogas Netwerk Twente

Biogas Netwerk Twente was a joint venture with Cogas aimed at providing installations to enable feed-in of biomethane to the gas transmission network. Gasunie’s share was 50%, and based on contractual arrangements between the shareholders, both companies had joint control. In mid-2023 it was decided that Biogas Netwerk Twente would be dissolved, with Cogas being appointed liquidator and custodian of Biogas Netwerk Twente’s books and records. The liquidation was completed in January 2024. The financial settlement had been processed already in the 2023 financial year and had no material effect on Gasunie’s assets, results or cash flows in 2024 or 2023.

DEUDAN

DEUDAN (Deutsch/Dänische Erdgastransport) operates a gas pipeline in Germany between the Itzehoe region and the German/Danish border in the Flensburg region. The other shareholder is Open Grid Europe. Our financial share in this joint venture differs from our voting right: though Gasunie only has a 33.4% interest in DEUDAN, based on contractual arrangements between the shareholders, the two companies have joint control.

EemsGas

EemsGas Asset Company (EemsGas) is a joint venture between Gasunie and Perpetual Next. With the EemsGas project, we are exploring possibilities for building a gasification plant in Delfzijl for the gasification of woody biomass originating from recycled wood waste. EemsGas uses a two-stage gasification process to sustainably produce biomethane from syngas, which can then be distributed, further reducing dependence on fossil feedstock. Gasunie jointly owns the installation together with Perpetual Next; Perpetual Next will be solely responsible for operating the plant if and when it comes into operation. Based on the contractual arrangements between the shareholders, the two shareholders have joint control. Gasunie has a 50% financial interest.

EemsEnergyTerminal

EemsEnergyTerminal is a joint venture with Vopak for the operation of an LNG terminal at the port of Eemshaven up to the middle of 2027. Gasunie developed this FSRU-based terminal in 2022 primarily to increase the security of gas supply in Europe and reduce dependence on Russian gas. Vopak joined as a co-shareholder in 2023. We are looking into the possibility of extending the existing activities of the terminal, as well as into options for using the terminal in the longer term in service of the energy transition, like for importing green hydrogen, for example, or to play a role in our CCS activities. Both Gasunie and Vopak have a 50% financial interest in EemsEnergyTerminal. Based on the contractual arrangements between the shareholders, the two shareholders have joint control.

Gate terminal

Gate terminal is a joint venture with Vopak for the operation of an LNG terminal at Rotterdam's Maasvlakte industrial park. Gasunie and Vopak each have a 50% financial interest in both Gate terminal Management B.V. and Gate terminal C.V. Gate terminal B.V. is the actual operator of the LNG terminal and is wholly-owned by Gate terminal C.V. Based on the contractual arrangements between the shareholders, the two shareholders have joint control.

German LNG Terminal

German LNG Terminal is developing an LNG terminal in Brunsbüttel in northern Germany called German LNG. Gasunie has a 40% share in the joint venture, with the rest of the shares held by Kreditanstalt für Wiederaufbau (KfW) on behalf of the German government (50%) and RWE (10%). RWE is the envisioned operator of the terminal. Based on contractual arrangements, there is joint control.

NETRA

NETRA (Norddeutsche Erdgas Transversale) manages a gas grid in the north of Germany comprising around 350 kilometres of pipeline and two compressor stations. The other shareholder in NETRA is Open Grid Europe. Gasunie has a 44.1% financial interest in NETRA and Open Grid Europe has the remaining financial interest of 55.9%. Our financial share in this joint venture differs from our voting right: Based on the contractual arrangements between the shareholders, the two shareholders have joint control.

National Energy Information Services

National Energy Information Services (NEIS) was founded in 2023 by Gasunie and TenneT. The purpose of NEIS is to develop and provide information services in the area of energy and energy systems and to provide access to and an understanding of energy/energy system data, including information to be used to advance the energy transition and a sustainable energy supply. Gasunie and TenneT each hold 50% of the shares in NEIS and, based on the contractual arrangements between the shareholders, the two shareholders have joint control.

Porthos

Porthos is a joint venture between Gasunie, Energie Beheer Nederland (EBN) and Port of Rotterdam Authority. Porthos focuses on building infrastructure for the capture and transport of CO2 and its storage in depleted gas fields deep under the bed of the North Sea. Porthos customers can connect to this infrastructure. Gasunie is contributing its expertise particularly in terms of transport and storage. Based on the contractual arrangements between the shareholders, all shareholders have joint control. From a legal standpoint, Porthos comprises multiple companies. Gasunie’s interest in the individual participating companies varies between 33.3% and 50%.

VertiCer

Set up towards the end of 2022, VertiCer has become the central point for the provision of Guarantees of Origin (GOs) and Certificates of Origin (COs) for electricity, sustainable thermal energy, biomethane and hydrogen. The VertiCer certification system provides assurance on the origin, method of generation/production and the quality of sustainable energy. Gasunie and TenneT each hold 50% of the shares in VertiCer and, based on the contractual arrangements between the shareholders, the two shareholders have joint control.

The movements in joint ventures have been aggregated as follows:

In millions of euros 2024 2023
     
Balance as at 1 January 483.9 371.9
     
Reclassification EemsEnergyTerminal from group company to joint venture - 27.8
Reclassification Demonstratiefaciliteit SKW from joint venture to associate -17.3 -
Investments 173.5 101.5
Disposals - -14.9
Changes in equity -1.7 -1.1
Share in result 33.2 38.0
Dividend received -33.3 -39.3
     
     
Balance as at 31 December 638.3 483.9
     
Loans to joint ventures 28.4 4.4
     
Total investments in joint ventures 666.7 488.3

Investments in joint ventures in 2024 mainly concerned our interest in Porthos, Gate terminal and German LNG. The direct movements in equity referred to the remeasurement of our interest in Gate terminal as a consequence of the change in fair value of the effective part of one of Gate terminal’s cash flow hedges. We have recognised this direct change in equity in other comprehensive income.

The change in 2023 regarding the reclassification of EemsEnergyTerminal ensued from the sale of 50% of Gasunie’s shares in EemsEnergyTerminal on 1 October 2023. For more information see note ‎1 ‘Significant matters and events’. The disposals in 2023 mainly related to the sale of a part of our interest in German LNG. The incoming cash flows from these disposals are included in the 2024 consolidated cash flow statement.

The loans to joint ventures relate to making loan facilities available to EemsEnergyTerminal and VertiCer. For more information on this matter see note ‎43 ‘Financial fixed assets’. In the course of 2024, € 68.7 million (2023: € 46.0 million) was drawn on these facilities and € 44.7 million (2023: € 42.0 million) was repaid. These amounts are included in the consolidated cash flow statement.

Of the joint ventures, Gate terminal and EemsEnergyTerminal have a material effect (quantitative and/or qualitative) on our equity and our result. Information about the carrying amount, the share in other comprehensive income, the result for the financial year and the dividend received on investments broken down into Gate terminal, EemsEnergyTerminal and other joint ventures is as follows:

In millions of euros   Gate terminal EemsEnergy-Terminal Other joint ventures Total joint ventures
           
Carrying amount as at 31 December 2024 247.6 26.4 364.4 638.3
  2023 216.0 29.5 238.5 483.9
           
Share in result after taxation for the financial year 2024 37.8 -2.9 -1.7 33.2
  2023 39.9 1.5 -3.4 38.0
           
Gasunie's share in comprehensive income 2024 36.1 -2.9 -1.7 31.5
  2023 38.8 1.5 -3.4 36.9
           
Dividend received in the financial year 2024 26.8 - 6.6 33.3
  2023 26.0 - 13.3 39.3

Information about Gate terminal and EemsEnergyTerminal

The full financial information concerning Gate terminal and EemsEnergyTerminal is as follows:

In millions of euros Gate terminal EemsEnergy-Terminal
  31 Dec. 2024 31 Dec. 2023 31 Dec. 2024 31 Dec. 2023
         
Fixed assets 937.4 855.4 483.2 583.2
of which derivative financial instruments - - 2.5 -
of which deferred tax assets 5.1 3.7 - -
Current assets 131.0 113.1 59.6 139.7
of which current tax assets 4.7 5.8 5.3 -
of which cash and cash equivalents 100.7 80.0 28.6 21.3
         
Non-current liabilities -486.9 -412.4 -321.5 -446.8
of which interest-bearing loans -359.5 -286.8 -56.0 -8.0
of which derivative financial instruments -22.6 -18.0 - -6.1
of which deferred tax liabilities - - -1.6 -3.1
Current liabilities -86.4 -124.1 -168.5 -217.2
of which current financing liabilities -54.4 -86.0 - -
of which current tax liabilities -3.0 -10.0 -0.3 -3.8
         
Net investment 495.1 432.0 52.8 58.9
         
Gasunie's share 50% 50% 50% 50%
         
Carrying amount 247.6 216.0 26.4 29.5
In millions of euros Gate terminal EemsEnergyTerminal
  2024 2023 2024 2023*
         
Revenue 205.0 207.8 197.6 337.2
Total expenses -83.9 -77.2 -188.3 -319.5
of which depreciation -44.8 40.6 -138.2 112.3
Financial income 5.3 0.9 14.3 11.7
Financial expenses -24.3 -23.6 -26.2 -23.6
Taxes -26.5 -28.2 -3.2 -1.1
         
Result after taxation 75.6 79.7 -5.8 4.7
Other comprehensive income -3.4 -2.2 - -
         
Total comprehensive income 72.2 77.5 -5.8 4.7
         
Gasunie's share 50% 50% 50% 50%
         
Gasunie's share in comprehensive income 36.1 38.8 -2.9 2.4

Note ‎4 ‘Impairment tests’ to the consolidated financial statements provides more information on the valuation of our interest in EemsEnergyTerminal. For further details on the guarantees provided for Gate terminal and EemsEnergyTerminal see note ‎29 ‘Off-balance sheet assets and obligations’.