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Other tax information

Payroll tax is a tax that NS, as the employer, withholds from the salaries of its employees and then pays to the Dutch Tax and Customs Administration. NS’s costs are largely subject to the high VAT rate.

Profit for the period and profit appropriation

A profit attributable to the shareholder of €208 million was recorded in 2019. A proposal will be made to pay a dividend of €73 million, equalling 35% of the profit for 2019, and to add the remaining €135 million to the reserves.

Equity and total assets

At the end of the year under review, equity was €3,781 million (2018: €3,627 million). The profit attributable to the shareholder of €208 million was allocated to the equity. The return on equity was 5.6 % in 2019 (2018: 3.0%).

Investments

NS invested €769 million in 2019 (2018: €898 million), for example in New Generation Sprinter trains including a follow-up order, New Generation Intercity trains, the overhaul and modernisation of VIRM1 trains and changes to maintenance centres to

Financing

The net cash flow from operating activities was €1,146 million (2018: €937 million). This increase can be explained mainly by the higher result and by the rise in operating capital by €87 million (2018: €479 million).

Financial position

The robustness of NS’s financial position is reflected in the structure and the composition of its capital, and the available cash and cash equivalents including committed credit facilities and off-balance sheet liabilities (mainly operating lease