Following the expansion period, Vattenfall started to divest parts of its business in Denmark and Poland during the years following 2009 in a strategy to focus on three core markets: Sweden, Netherlands, and Germany. Write-downs on coal-fired and nuclear power plant assets in Germany and gas power plants in the Netherlands were necessary for a difficult market environment with increasing renewable energy market share and due to the German Nuclear power phase-out decision of 2011. In summer 2013 Vattenfall announced a write-down of the value of its assets by 29.7 billion SEK (US$4.6 billion). A major part of these write-offs were attributed to Nuon Energy NV, a Netherlands-based utility that Vattenfall purchased at an 89 billion SEK (ca. US$15 billion) price in 2009, but whose values were depreciating by 15 billion SEK (ca. US$2 billion) since. The gloomy market outlook of decreasing power prices in combination with increasing risks notably on the continental market prompted the board to revise the group strategy by splitting its organizational structure into a Nordic part and a part with operations in continental Europe and the United Kingdom as of 2014. Some analysts have perceived this strategic review as a precursor to a partial retreat from continental European activities with a shift of focus towards activities in the Scandinavian market. In this context and in response to a local referendum on re-municipilization of distribution grids, Vattenfall agreed on the sale of company-owned electricity and district-heat grids in Hamburg to the City of Hamburg in early 2014. In each of the second quarters of 2015 and 2016, Vattenfall filed impairments of SEK 28 billion, mostly due to lignite power stations in Germany. Operational financials were satisfactory. In 2020, Vattenfall reported a profit of SEK 7,716 billion with an operating profit (EBIT) of SEK 15,276 billion.