15. Investments recognised using the equity method

The investments that are recognised according to the equity method have a carrying amount of €17 million (2017: €26 million). The financial data for these investments is as follows.

Name entity (in millions of euros)	Merseyrail Ltd	Other joint ventures	Total joint ventures	Other associates	Total
Share percentage	50.00%
2017

Current assets	51	29		17
of which cash and cash equivalents	40	25		10
Non-current assets	6	2		6
Current liabilities	43	7		11
of which current financial liabilities	-	-	-	1
Non-current liabilities	-	-		-
of which non-current financial liabilities	-	-		-

Net equity (based on 100%)	13	22		12
Carrying value investments in investees recognised using the equity method	7	12	19	7	26


Revenue	174	29		34
Depreciation, amortisation and impairment	2	-		4
Result from operating activities	21	10		-
Finance income	-	-		-
Finance expense	-	-		-
Income tax expense	5	1		-
Result for the period	21	10		-
Total comprehensive income over the period	21	8		1

Share in result of investees recognises using the equity method	12	4	16	4	20
Share in other comprehensive income	-	-	-	-	-
Share in total comprehensive income of investees recognised using the equity method	12	4	16	4	20

Dividend received	10	10	20	2	22


Name entity (in millions of euros)	Merseyrail Ltd	Other joint ventures	Total joint ventures	Other associates	Total
Share percentage	50.00%
2018

Current assets	50	8		17
of which cash and cash equivalents	38	7		7
Non-current assets	5	-		6
Current liabilities	42	4		9
of which current financial liabilities	-	-		-
Non-current liabilities	-	-		-
of which non-current financial liabilities	-	-		-
		-
Net equity (based on 100%)	13	3		12
Carrying value investments in investees recognised using the equity method	8	2	10	7	17


Revenue	183	7		34
Depreciation, amortisation and impairment	2	-		3
Result from operating activities	25	2		-
Finance income	-	-		-
Finance expense	-	-		-
Income tax expense	4	-		-
Result for the period	20	2		-
Total comprehensive income over the period	20	1		1

Share in result of investees recognises using the equity method	11	3	14	-	14
Share in other comprehensive income	-	-	-	-	-
Share in total comprehensive income of investees recognised using the equity method	11	3	14	-	14

Dividend received	11	3	14	-	14

Interests in joint ventures

Merseyrail Services Holding Company Ltd and Northern Rail Holdings Ltd

The Merseyrail franchise and Northern Rail franchise (2017) are operated under 50/50 joint arrangements with Serco, a listed British company. NS and Serco have joint control, each with a 50% financial interest in the holding entities. The franchises are held by independent entities in which the holding company in question has a 100% interest. The profits from the holding companies are distributed to NS and Serco in equal shares.

As regards the investments that have been recognised according to the equity method, there are no material contingent assets and/or liabilities. As regards the valuation of the interests in the joint ventures, there are no significant estimates or assessments.

Pursuant to Sections 379 and 414, Book 2 of the Dutch Civil Code, a complete list of the Group's subsidiaries, associates and joint ventures has been filed with the office of the Trade Register in Utrecht.

Accounting policies
The Group’s interests in investments accounted for using the equity method consist of interests in associates and joint ventures.
Associates are entities in which the Group has significant influence on the financial and operational policy, but which it does not control. A joint venture is an agreement whereby the Group shares in the control and in which the Group has rights with respect to the net assets of the venture rather than rights with respect to the (gross) assets and obligations with respect to the liabilities.
Associates and joint ventures over which control is exercised jointly are accounted for using the equity method and valued at cost upon initial recognition. The cost of the investment includes the transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share in the realised and unrealised results of the investments accounted for according to the equity method, up to the date on which it ceases to exercise significant influence.