Assets and liabilities held for sale and share in result of associates

Assets and liabilities held for sale

On 12 March 2019, Stedin Group and 3i Infrastructure signed a purchase agreement in the amount of € 310 million for the acquisition of Joulz Infradiensten B.V. (Joulz Infra) and Joulz Meetbedrijf B.V. (Joulz Meet). The shares were transferred on 30 April 2019. On 1 January 2019, prior to the sale, Stedin Groep Personeels B.V. legally split off the employees working for the benefit of the activities of the respective companies into Joulz Infradiensten B.V.

The companies meet the criteria under IFRS 5 to be classified as 'held for sale' as at 31 October 2018. The assets and liabilities to be sold were therefore presented in the balance sheet as current assets and current liabilities at year-end 2018. The effect on the income statement is that depreciation and amortisation is € 0.6 million lower than if Joulz Meet and Joulz Infra had not been accounted for as held for sale.

On 30 April 2019, the assets and liabilities held for sale were sold for € 310 million. The result from this transaction was € 251 million, which is accounted for under 'Share in result after income tax of associates' and the incoming cash flow under investment activities.

Discontinued operations

There were no transactions in 2019 and 2018 that qualify as discontinued operations.