Solvency (equity/total assets)
Liquidity (current assets/current liabilities)
Total assets (in millions of euros)
Solvency has risen due to the decrease of the balance sheet total in connection with the deconsolidation of operations in Germany and to the increase in equity to €1,689 million (2020: €1,179 million) primarily as a result of the addition of the net profit of €339 million to the general reserve.
The financial position of NS has remained stable thanks to the support measures. Since October 2020, Standard & Poor’s (S&P), a leading credit rating agency that investigates the financial position of companies, has kept the credit rating of NS Groep NV at A with a negative outlook. This rating is based on an underlying credit profile of bbb, raised by three notches given that the Dutch State is our sole shareholder. The estimated long-term impact of COVID-19 on the business has been factored into the financial forecasts for the coming twelve months. At year-end 2021, available cash resources amounted to €680 million and an additional €448 million from investments in money market funds is withdrawable on demand. Multiple credit facilities are available totalling €895 million as at the end of December 2021. The cash position includes security received under an energy contract. The amount concerned is volatile and was €313 million at year-end 2021. For further details, see the going concern section in the financial statements.