Notes to the company statement of financial position and income statement

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