Events after balance sheet date
As previously mentioned in this section, the transaction involving the sale by Enexis Holding of its network areas in Friesland and Noordoostpolder (Aktivabedrijf Enexis Friesland B.V. – AEF B.V.) to Alliander and the reciprocal sale by Alliander of Endinet Groep to Enexis came into effect on 1 January 2016. As part of the transaction, Enexis made an additional payment to Alliander of €365 million, reflecting the extent to which the size of Endinet exceeds that of AEF B.V.
Under IFRS, this is treated by Alliander as two separate transactions, namely:
- The sale of Endinet and
- The purchase of AEF B.V.
In order to arrive at the book profit on the sale, it is necessary to measure the fair value of Endinet. The same applies to AEF B.V., since it is an IFRS requirement that there should be specific allocation of the fair value to the separately acquired assets and equity and liabilities.
It will be a few months before the process of establishing the fair value is completed, partly because the 2015 financial statements of both Endinet and AEF B.V. still have to be formally adopted. The figures disclosed below are accordingly provisional in nature. The fact that the two transactions were completed on 1 January 2016 means that they will actually be recognised in the 2016 figures, although IFRS rules also require their disclosure in the 2015 financial statements as events after the balance sheet date.
The provisional fair value of Endinet has been measured at €705 million. Deducting the assets and equity and liabilities to be disposed of under the terms of the sale agreement leaves a provisional book profit of €173 million. As already mentioned, this income will be recognised in 2016.
The provisional fair value of AEF B.V. amounts to €340 million. Provisional allocation of this figure to the assets and equity and liabilities of the acquired business leaves a provisional amount of €11 million to be carried on Alliander's books in respect of goodwill.
Full details of this transaction can be found in note [36] of the financial statements.