Underlying result from operating activities

Our financial position and results need to be sound if we are to achieve our ambitions and keep train fares affordable. We should be able to achieve healthy returns by ensuring good operational performance and high levels of customer satisfaction. This will also enable us to keep investing in new rolling stock and broad-based sustainable mobility, thus serving the public interest. The development in the underlying result from operating activities is a good yardstick for assessing whether NS is able to achieve healthy returns on its business operations. The underlying result reflects the result from operating activities after eliminating exceptional items, such as the impairment and the availability payment received. Due to the fall in passenger revenues during the COVID-19 pandemic, the underlying result from operating activities amounted to -€925 million (2020: -€890 million). Needless to add, this is not sufficient for us to achieve our ambitions. Our primary focus, therefore, is on getting passengers back into our trains and at our stations as soon as the situation allows, and on scaling down to regain our financial health, so that we can keep train fares affordable.

Due to the new types of contract in the United Kingdom, the additional contributions (EMA/ERMA) in connection with COVID-19 no longer apply and are no longer adjusted in the underlying result. To allow comparison, the figures for 2020 have been adjusted accordingly.,