Gasunie announces write-downGroningen
Gas infrastructure company Gasunie is writing down a total of € 1.3 billion over 2011. This includes the € 900 million already written down at the occasion of changes in the regulatory framework in the Netherlands and that was accounted for in the interim report in mid-2011. On top of that and despite recent improvements, long-term assessments of developments in the regulatory regime in Germany have led to a write-down of € 400 million. The company is announcing this today, pending the formal adoption of the 2011 annual report, which is scheduled for the end of April.
The € 1.3 billion write-down is below the level of € 1.7 billion which was mentioned as a maximum in the interim report. The write-down has resulted in a loss of approximately € 600 million over 2011, that will be charged to the shareholder's equity. Consequently, no dividend will be paid out to the shareholder, the Dutch state, for 2011. It is expected that it will be possible to pay dividends again in 2012 and subsequent years.
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