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) | 2019 | 2018 |
Balance as at 1 January | 3,616 | 3,476 |
Changes due to application of IFRS 9 | - | 45 |
Changes due to application of IFRS 16 | -34 | - |
Revised balance as at 1 January 2017 | 3,582 | 3,521 |
Share in result | 208 | 106 |
Dividend distributed for the previous reporting period | -37 | -8 |
Other changes | 10 | -3 |
Balance as at 31 December | 3,763 | 3,616 |
Equity
Other reserves
(in millions of euros) | Hedging reserve | Fair value reserve | Actuarial reserve | General reserve | Total other reserves | Legal reserve for development costs | Revaluation reserve for associates | Legal reserve for translation differences | |||
Balance as at 31 December 2017 | -4 | - | - | 2,153 | 2,149 | 222 | 61 | -14 | |||
Adjustments due to application of IFRS 9 | 45 | 45 | |||||||||
Balance as at 1 January 2018 | -4 | 45 | - | 2,153 | 2,194 | 222 | 61 | -14 | |||
Changes in revaluation reserves | -3 | - | - | -3 | - | ||||||
Dividend paid | -8 | -8 | |||||||||
Result for previous reporting period | 46 | 46 | |||||||||
Other changes | - | -59 | -59 | 59 | |||||||
-3 | - | - | 39 | 36 | 59 | - | - | ||||
Balance as at 31 December 2018 | -7 | 45 | - | 2,132 | 2,170 | 281 | 61 | -14 | |||
Adjustments due to application of IFRS 16 | -33 | -33 | -2 | ||||||||
Balance as at 1 January 2019 | -7 | 45 | - | 2,099 | 2,137 | 281 | 59 | -14 | |||
Changes in revaluation reserves | 2 | 7 | 9 | - | 2 | ||||||
Dividend paid | - | -37 | -37 | ||||||||
Result for previous reporting period | 106 | 106 | |||||||||
Other changes | -69 | -69 | 69 | ||||||||
2 | 7 | - | - | 9 | 69 | - | 2 | ||||
Balance as at 31 December 2019 | -5 | 52 | - | 2,099 | 2,146 | 350 | 59 | -12 |
The legal reserve was formed for software development costs. The 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 hedging reserve is a legal reserve consisting 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 fair value reserve is a legal reserve consisting of the cumulative change in the fair value of investments recognised at fair value in other comprehensive income until such time as the investment is no longer recognised 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 32, 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 tax entity. Consequently, NV Nederlandse Spoorwegen is jointly and severally liable for the tax liabilities of the subsidiaries included in the tax entity.
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 33 for an overview of the participating interests
Utrecht, 26 February 2020
Supervisory Board | Executive Board |
Mr G.J.A. van de Aast | Mr R.H.L.M. van Boxtel |
Ms M.E. van Lier Lels | Mr H.L.L. Groenewegen |
Mr H.H.J. Dijkhuizen | Ms A.M.E. de Vries |
Ms N. Albayrak | Ms M.E.F. Rintel |
Ms. J.L. Stuijt | Mr T.B. Smit |
Mr W.J. van der Feltz |