14. Investments recognised using the equity method

The financial data for the investments that are recognised according to the equity method, which have a book value of €39 million (2015: €183 million), are as follows:

Name entity (in millions of euros)

Merseyrail Ltd

Northern Rail Ltd

Vastgoed fondsen

Trans Link Systems BV

Other joint ventures

Total joint ventures

Other associates

Total

Share percentage

50.00%

50.00%

53.00%

68.75%

    

2015

        
         

Current assets

54

124

65

-

3

 

38

 

of which cash and cash equivalents

39

61

51

-

-

 

18

 

Non-current assets

12

13

245

-

2

 

17

 

Current liabilities

56

123

15

-

2

 

16

 

of which current financial liabilities

-

2

-

-

-

 

2

 

Non-current liabilities

1

3

-

-

-

 

15

 

of which non-current financial liabilities

1

-

-

-

-

 

-

 
         

Net equity (based on 100%)

8

12

296

 

3

 

22

 

Carrying value investments in investees recognised using the equity method

4

6

157

-

1

168

15

183

         
         

Revenue

212

777

41

61

29

 

87

 

Depreciation, amortisation and impairment

2

6

-

4

1

 

5

 

Result from operating activities

26

24

20

14

4

 

2

 

Finance income

-

-

-

-

-

 

-

 

Finance expense

-

1

-

-

-

 

-

 

Income tax expense

5

5

-

-

-

 

1

 

Result for the period

21

19

20

14

4

 

1

 

Total comprehensive income over the period

29

33

20

14

4

 

1

 
         

Share in result of investees recognises using the equity method

10

10

10

36

3

69

1

70

Share in other comprehensive income

4

7

-

-

-

11

-

11

Share in total comprehensive income of investees recognised using the equity method

14

17

10

36

3

80

1

81

         

Dividend received

10

8

8

18

3

47

-

47

Name entity (in millions of euros)

Merseyrail Ltd

Northern Rail Ltd

Vastgoed fondsen

Trans Link Systems BV

Other joint ventures

Total joint ventures

Other associates

Total

Share percentage

50.00%

50.00%

53.00%

0.00%

    

2016

        
         

Current assets

38

20

38

-

2

 

42

 

of which cash and cash equivalents

24

17

34

-

-

 

24

 

Non-current assets

11

-

-

-

2

 

21

 

Current liabilities

38

15

9

-

1

 

17

 

of which current financial liabilities

-

-

-

-

-

-

1

 

Non-current liabilities

1

-

-

-

-

 

23

 

of which non-current financial liabilities

1

-

-

-

-

 

-

 
         

Net equity (based on 100%)

10

4

28

 

3

 

20

 

Carrying value investments in investees recognised using the equity method

5

2

15

-

2

24

15

39

         
         

Revenue

182

165

483

-

27

 

89

 

Depreciation, amortisation and impairment

2

2

17

-

1

 

4

 

Result from operating activities

23

19

228

-

4

 

-

 

Finance income

-

-

-

-

-

 

-

 

Finance expense

-

-

-

-

-

 

-

 

Income tax expense

5

4

-

-

-

 

-

 

Result for the period

18

15

228

-

4

 

-

 

Total comprehensive income over the period

29

33

-

-

4

 

1

 
         

Share in result of investees recognises using the equity method

9

7

121

-

3

140

2

142

Share in other comprehensive income

1

2

   

3

-

3

Share in total comprehensive income of investees recognised using the equity method

10

9

121

-

3

143

2

145

         

Dividend received

8

12

49

 

3

72

-

72

Interests in joint ventures

Merseyrail Services Holding Company Ltd and Northern Rail Holdings Ltd

The Merseyrail concession and the Northern Rail concession are carried out under 50/50 joint arrangements with Serco, a listed British company. NS and Serco have joint control, each with a 50% financial interest in the holding entities. The concessions are held by independent entities in which the holding company has a 100% interest. The results of the holding companies are distributed 50-50 to NS and Serco.

Property funds

The Group has direct and indirect interests in the following limited partnerships:

 

Percentage holding

Registered office

Stationslocaties OG CV

55.8

Utrecht

Basisfonds Stationslocaties CV

50.9

Utrecht

The parties with a participating interest in the limited partnerships have raised a joint equity stake that is invested in property at shared costs and risks. The Group is also the controlling partner, investing and managing the equity at the shared costs and risks of the partners, with the managing partner being jointly and severally liable for the debts of the limited partners. The interests in the property funds are classified as joint ventures.

In 2016, the Basisfonds Stationslocaties C.V. sold the office portfolio for an amount of € 455 million (100%). This has led to a result of € 117 million for NS. Furthermore, € 212 million of capital was refunded from the property fund.

As regards the investments that have been recognised according to the equity method, there are no material contingent assets and/or liabilities. As regards the valuation of the interests in the joint ventures, there are no significant estimates or assessments.

Pursuant to Sections 379 and 414 of Book 2 of the Dutch Civil Code, a complete list of the Group's subsidiaries, associates and joint ventures has been filed with the office of the Trade Register in Utrecht.