The amounts included in the explanatory notes are in millions of euros, unless stated otherwise.
Non-current financial assets
Participating interests in group companies
(in millions of euros) | 2018 | 2017* |
Balance as at 1 January | 3,476 | 3,509 |
Effect change of accounting policy pensions | - | 2 |
Changes due to application of IFRS 9 | 45 | - |
Revised balance as at 1 January 2017 | 3,521 | 3,511 |
Share in result | 106 | 46 |
Dividend distributed for the previous reporting year | -8 | -79 |
Other changes | -3 | -2 |
Balance as at 31 December | 3,616 | 3,476 |
- *
adjusted for change in accounting principle regarding the United Kingdom railway pension schemes, as explained in Section 1
Equity
Other reserves
(in millions of euros) | Hedging reserve | Fair value reserve | Actuarial reserve | General reserve | Total other reserves | | Legal reserve developement costs | | Revaluation reserve for associates | | Legal reserve translation differences |
Balance as at 1 January 2017 | -7 | - | 29 | 2,079 | 2,101 | | 167 | | 30 | | -11 |
Effect change of accounting policy | | | -30 | 37 | 7 | | | | -9 | | |
Revised balance as at 1 January 2017 | -7 | - | -1 | 2,116 | 2,108 | | 167 | | 21 | | -11 |
| | | | | | | | | | | |
Changes revaluation reserves | 3 | - | 1 | | 4 | | | | - | | -3 |
Dividend paid | | | | -79 | -79 | | | | | | |
Result previous period | | | | 212 | 212 | | | | | | |
Other changes | | | | -96 | -96 | | 55 | | 40 | | |
| 3 | - | 1 | 37 | 41 | | 55 | | 40 | | -3 |
| | | | | | | | | | | |
Balance as at 31 December 2017 | -4 | - | - | 2,153 | 2,149 | | 222 | | 61 | | -14 |
Changes due to application of IFRS 9 | | 45 | | | 45 | | | | | | |
Balance as at 1 January 2018 | -4 | 45 | - | 2,153 | 2,194 | | 222 | | 61 | | -14 |
| | | | | | | | | | | |
Changes revaluation reserves | -3 | - | - | | -3 | | | | - | | |
Dividend paid | | | | -8 | -8 | | | | | | |
Result previous period | | | | 46 | 46 | | | | | | |
Other changes | | | - | -59 | -59 | | 59 | | | | |
| -3 | - | - | -21 | -24 | | 59 | | - | | - |
| | | | | | | | | | | |
Balance as at 31 December 2018 | -7 | 45 | - | 2,132 | 2,170 | | 281 | | 61 | | -14 |
The legal reserve was formed for software development costs. A revaluation reserve was formed for direct changes to the equity in joint ventures and for the undistributable portion of the equity of NS Insurance. The reserve for translation differences comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations, as well as from the translation of liabilities that hedge the company's net investment in a foreign group company.
Off-balance-sheet commitments
No claims have been brought against NV Nederlandse Spoorwegen and the consolidated participating interests, other than as indicated in note 31, that have not been recognised appropriately in the balance sheet.
For the purpose of income tax, both NV Nederlandse Spoorwegen and its Dutch subsidiaries are part of the NV Nederlandse Spoorwegen tax group. Consequently NV Nederlandse Spoorwegen is jointly and severally liable for the tax liabilities of the subsidiaries included in the tax group.
Key participating interests
NV Nederlandse Spoorwegen is the holding company of NS Groep NV. NS Groep NV is the sole subsidiary of NV Nederlandse Spoorwegen. Please refer to note 32 for an overview of the participating interests.
Utrecht, 21 February 2019
Supervisory Board | Board of Directors |
Mr. G.J.A. van de Aast Chairman | Mr. R.H.L.M. van Boxtel CEO |
Mrs. M.E. van Lier Lels | Mr. H.L.L. Groenewegen Finance Director |
Mr. J.J.M. Kremers | Mrs. S.M. Zijderveld Chief Governance, Risk & Compliance Officer |
Mr. P. Rosenmöller | Mrs. M.E.F. Rintel Director of Operations |
Mrs. J.L. Stuijt | Mr. T.B. Smit Commerce and Developement Director |
Mr. W.J. van der Feltz | |