Financial position

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.