Contingent assets and liabilities

44 Contingent assets and liabilities

Fiscal unity

Stedin Holding N.V. forms a fiscal unity for corporate income tax purposes with all its consolidated subsidiaries and associates as listed in note 36 Overview of subsidiaries and associates. The companies, including Stedin Holding N.V., that are part of a fiscal unity are jointly and severally liable for the tax obligations of that fiscal unity. There is also a fiscal unity for VAT purposes that includes Stedin Holding N.V. and all its consolidated subsidiaries and associates as listed in note 36 Overview of subsidiaries and associates in the notes to the consolidated financial statements. Only companies, including Stedin Holding N.V., that are part of a fiscal unity are jointly and severally liable for the tax obligations of that fiscal unity. Settlement of the positions with the fiscal unity takes place by means of recharging between Stedin Holding N.V. and its subsidiaries.

Cash pool

Under its participation in the Stedin Group cash pool, Stedin Holding N.V., like the other participants, is jointly and severally liable for deficits in Stedin Group’s cash pool.

Guarantees

Stedin Holding N.V. has taken out directors’ and officers’ liability insurance for the members of the Supervisory Board, the members of the Board of Management, directors and other executives within Stedin Group. To the extent possible, the directors are indemnified by Stedin Holding N.V., subject to specific conditions, against costs in connection with civil-law, criminal-law or administrative-law proceedings in which they could be involved because of their position.

For an overview of the contingent assets and liabilities for Stedin Holding N.V., see note 29 Off-balance sheet assets and liabilities in the notes to the consolidated financial statements.

Liabilities statements of group companies

On behalf of the group companies included in the consolidation, liability statements have been issued by the legal entity as referred to in Section 2:403 of the Dutch Civil Code. This declaration is included in note 36 Overview of subsidiaries and associates. Pursuant to these liability statements, Stedin Holding N.V. is jointly and severally liable for all debts arising from legal acts performed by these group companies.