Inadequate operating result


The risk that, due to costs rising faster than revenue, NS fails to generate a satisfactory operating profit or operating cash flow and as a result is unable to realise its strategy in the future.


Over the next few years, NS will have to invest substantially to facilitate the growth in passenger numbers and fulfil the franchise obligations and undertakings to our stakeholders. Because of the capital-intensive nature of NS, the company’s cost structure is relatively fixed and costs will only increase further as a result of investments in new rolling stock and staff to expand the business.


Portfolio management is an important instrument in checking that investments make a sufficient contribution to the realisation of our strategy. Portfolio management at the NS Group level still needs further improvement. There is a tighter focus on the costs of corporate staff, indirect and temporary staff and commercial expenses, which should lead to cost savings, operational improvements and consequently an improvement in the financial performance and room for essential investments in rolling stock and improvements to the passenger service.

Risk control trend

NS has taken measures to reduce costs, as well as to increase productivity and revenues. Many of the measures are still being implemented, which means that the effect is as yet uncertain. The overall level of control is therefore unchanged.

Residual risk

High. The current risk profile does not yet match the desired risk profile.