1. Assets and liabilities held for sale/Discontinued operations
In line with its strategy, which dictates that international activities should be in the interest of passengers in the Netherlands, NS has been preparing its departure from the German market. On 31 March 2024, ATH Rail Transport Beteiligungsgesellschaft Deutschland GmbH (ATH GmbH) and its subsidiaries were recognised as held for sale.
On 15 October 2024, the Group transferred its shares in ATH GmbH to BeNEX GmbH for a selling price of €13 million. A compensation mechanism has been agreed for deviations in actual energy costs from projected energy costs for the years 2024 to 2028. If energy costs are lower than expected, NS will receive compensation. If energy costs are higher than expected, NS will pay compensation to BeNEX. NS has identified and recognised as a financial instrument under other financial liabilities an amount of €31 million in expected compensation for energy costs as at 31 December 2024 (see note 25 for an explanation). The maximum subsequent payment is set at €49 million.
As of the shares transfer date, ATH GmbH is no longer consolidated. As at 15 October 2024, the assets and liabilities of the entities held for sale can be broken down as follows:
|
(in millions of euros) |
15 October 2024 |
|
Assets |
|
|
Property, plant and equipment |
12 |
|
Intangible assets |
1 |
|
Right-of-use assets |
107 |
|
Other financial assets, including investments |
47 |
|
Total non-current assets |
167 |
|
Inventories |
17 |
|
Trade and other receivables |
157 |
|
Cash and cash equivalents |
33 |
|
Total current assets |
207 |
|
Total assets |
374 |
|
Liabilities |
|
|
Lease liabilities |
201 |
|
Provisions |
20 |
|
Total non-current liabilities |
221 |
|
Lease liabilities |
38 |
|
Income tax payable |
3 |
|
Trade and other liabilities |
87 |
|
Provisions |
27 |
|
Total current liabilities |
155 |
|
Total liabilities |
376 |
As at 31 March 2024, the Group ceased to depreciate all the property, plant and equipment of ATH GmbH. Until 15 October 2024, this had resulted in a €15 million fall in costs in 2024. Because the expected net realisable value is lower than the carrying amount, an asset impairment of €30 million occurred in 2024.
The Group had outstanding intercompany loans to ATH GmbH of €18 million, which are not presented in the above overview because they were eliminated in the consolidation until the moment of sale.
The result from discontinued operations can be broken down as follows:
|
(in millions of euros) |
Germany |
United Kingdom |
Total 2024 |
Germany |
United Kingdom |
Total 2023 |
|
|
Revenue |
340 |
- |
340 |
403 |
368 |
771 |
|
|
Operating expenses |
-335 |
- |
-335 |
-516 |
-331 |
-847 |
|
|
Share in result of investments accounted for using the equity method |
- |
- |
- |
- |
1 |
1 |
|
|
Result from operating activities |
5 |
- |
5 |
-113 |
38 |
-75 |
|
|
Result from sale of participating interest |
-22 |
- |
-22 |
- |
-38 |
-38 |
|
|
Net financing result |
-3 |
5 |
2 |
-5 |
10 |
5 |
|
|
Result before income tax |
-20 |
5 |
-15 |
-118 |
10 |
-108 |
|
|
Income tax |
-2 |
- |
-2 |
-4 |
- |
-4 |
|
|
Net result from discontinued operations |
-22 |
5 |
-17 |
-122 |
10 |
-112 |
The positive net financing result of €5 million in the UK was due to a revaluation of and interest income from financial assets arising from the settlement of further agreements with the buying party.
In summary, the result from discontinued operations can be presented as follows:
|
(in millions of euros) |
Germany |
UK |
Total |
|
Result before termination of depreciation |
17 |
- |
17 |
|
Effect of termination of depreciation |
15 |
- |
15 |
|
Impairment to fair value |
-30 |
- |
-30 |
|
Intercompany interest |
- |
- |
- |
|
Result from sale of participating interest |
15 |
- |
15 |
|
Result up to date of sale |
17 |
- |
17 |
|
Changes in value of non-current financial assets of Transport UK Group Ltd (including interest) |
- |
5 |
5 |
|
Addition to obligation of energy mechanism |
-37 |
- |
-37 |
|
Result after date of sale |
-37 |
5 |
-32 |
|
Income tax |
-2 |
- |
-2 |
|
-22 |
5 |
-17 |