The remeasurement reserve relates to the remeasurement of GTS’ assets to the deemed cost. The remeasurement originally related to the transition to IFRS in 2005, following the split of N.V. Nederlandse Gasunie into a trading company and a transport company. The remeasurement was calculated based on the situation as per 1 January 2004. At the time of this remeasurement, GTS was not yet the owner of the assets. When the assets were transferred to GTS on 1 January 2014, the remeasurement reserve linked to the assets was also transferred to GTS. The remeasurement reserve was formed after deduction of a liability for deferred tax, as explained in note ‎10 ‘Deferred tax assets’. In the company financial statements, we may recognise a remeasurement reserve for a participating interest as a remeasurement reserve or as a legal reserve for the participating interest. We have opted for recognition as a remeasurement reserve. 

This remeasurement reserve was formed following the sale of 50% of the shares in EemsEnergyTerminal to Vopak in 2023. After the sale, we remeasured the retained interest at fair value as the initial carrying amount. Because we apply ‘combination 3’ in our company financial statements, we have created a remeasurement reserve for the fair value adjustment. 

Direct movements in equity related to a change in fair value of the effective part of one of Gate terminal’s cash flow hedges. We have recognised this change in equity under other comprehensive income in the consolidated financial statements. In the company financial statements, the change in fair value can be characterised as a remeasurement, for which a (negative) remeasurement reserve has been formed. For more information on this matter, see note ‎7 ‘Investments in joint ventures’ to the consolidated financial statements.