Accounting policies

General

These company financial statements and the consolidated financial statements together form the statutory financial statements of NV Nederlandse Spoorwegen (hereinafter: 'the company'). The company's financial information is included in the Group's consolidated financial statements.

NV Nederlandse Spoorwegen uses the option offered in Section 2:362(8) of the Dutch Civil Code to determine the principles for the valuation of assets and liabilities and the determination of results in its separate financial statements. This means that the principles for the valuation of assets and liabilities and the determination of results (hereinafter referred to as 'valuation principles') in the separate financial statements of NV Nederlandse Spoorwegen are the same as those applied to the consolidated financial statements. In this context, participating interests over which significant influence is exercised are valued using the equity method. The principles are in accordance with IFRS, as adopted by the EU, and are applied consistently to all information presented. These financial statements have been prepared in accordance with the publication requirements for a 'Large legal entity'.

Pursuant to Section 2:402(1) of the Dutch Civil Code, the separate financial statements of NV Nederlandse Spoorwegen need only include a concise profit and loss account.

Participating interests in group companies

Participating interests over which NV Nederlandse Spoorwegen exercises control are valued at net asset value. The net asset value is determined by valuing the assets, provisions, liabilities, and results in accordance with the principles used in preparing the consolidated financial statements. If the share of losses attributable to NV Nederlandse Spoorwegen exceeds the carrying amount of the participating interest, losses in excess of that amount are not recognised unless NV Nederlandse Spoorwegen has issued guarantees for them. In that case, a provision is made for the resulting obligations.

Result of group companies

The result of group companies consists of the result after income tax.