Notes to the company balance sheet and income statement 2023

The amounts included in the notes are in millions of euros, unless stated otherwise.

Non-current financial assets

Participating interests in group companies

(in millions of euros)

2023

2022

Balance as at 1 January

2,303

1,695

Share in result

-380

574

Dividend distributed for the previous reporting period

-

-

Other movements

-9

34

Balance as at 31 December

1,914

2,303

The other movements concern direct movements in the equity of participating interests in group companies.

Equity

(in millions of euros)

Shareholders’ equity

Legal hedging reserve

Legal fair value reserve

Actuarial reserve

Legal reserve for development costs

Legal revaluation reserve for participating interests

Legal reserve for translation differences

General reserve

Unappropriated result

Total equity

Balance as at 1 January 2022

1,012

6

53

-1

302

64

-35

-45

339

1,695

Changes in revaluation reserves

-

36

1

-4

-15

-3

1

18

-

34

Dividend paid to shareholder

-

-

-

-

-

-

-

-

-

-

Result for the financial year

-

-

-

-

-

-

-

-

574

574

Other movements

-

-

-

-2

-

2

339

-339

-

-

36

1

-6

-15

-3

4

357

235

608

Balance as at 31 December 2022

1,012

42

54

-7

287

61

-32

312

574

2,303

Changes in revaluation reserves

-

-42

36

-1

-113

2

32

76

-

-10

Dividend paid to shareholder

-

-

-

-

-

-

-

-

-

-

Result for the financial year

-

-

-

-

-

-

-

-

-380

-380

Other movements

-

-

-3

-13

-

591

-574

1

-

-42

36

-4

-113

-11

32

667

-954

-389

Balance as at 31 December 2023

1,012

-

90

-11

174

50

-

979

-380

1,914

The legal reserve was formed for software development costs. The legal revaluation reserve was formed for direct changes to the equity in joint ventures and for the non-distributable portion of the equity of NS Insurance. The legal 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.

The legal hedging reserve consists of the cumulative change in the fair value of hedging instruments (derivatives) where the hedged transaction has not yet taken place or the hedged position has not yet been settled.

The legal fair value reserve comprises the cumulative change in the fair value of investments measured at fair value – total comprehensive income, the cumulative change in the fair value of investments measured at fair value – debt investment and the cumulative change in the fair value of financial instruments measured at fair value through the income statement, until these investments are no longer recognized in the balance sheet.

Off-balance sheet commitments

No claims have been brought against NV Nederlandse Spoorwegen and the consolidated participating interests, other than as indicated in note 33, that have not been recognised appropriately in the balance sheet.

For the purpose of corporation tax, both NV Nederlandse Spoorwegen and its Dutch subsidiaries are part of the NV Nederlandse Spoorwegen fiscal unity. Consequently, NV Nederlandse Spoorwegen is jointly and severally liable for the tax liabilities of the subsidiaries included in the fiscal unity.

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 34 for an overview of the participating interests.

Utrecht, 20 February 2024

Raad van commissarissen

Raad van bestuur

Mr. H.H.J. Dijkhuizen
Chair

Mr. W. Koolmees
CEO

Ms. J.L. Stuijt

Mr. H.L.L. Groenewegen
Finance Director

Mr. W.J. van der Feltz

Mr. E.F.W. van Asch
Director of Operations

Mr. R. Teerlink

Mr. T.B. Smit
Commerce & Development Director

Ms. P. Boumeester
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