32. Related parties

The transactions with related parties are done on an arm’s-length basis.

All issued shares are held by the State of the Netherlands. One significant transaction with an enterprise that has a relationship with the State (DUO, the Dutch Education Executive Agency) is the remuneration received for student railcards (2016: €466 million, 2015: €459 million).

Furthermore, the Group received a sum of €30 million in grants from the State in 2016 through various schemes (2015: €30 million). Of these grants, €29 million (€29 million in 2015) was recognised as ‘Other revenue’ and €1 million (€1 million in 2015) was deducted from the related costs.

The following transactions took place with ProRail BV, a company with links to the State:

The payment of the access charges for the rail infrastructure in the Netherlands. This is explained under note 7;
For the financial of commercial facilities in New Key Projects (Nieuwe Sleutel Projecten) at stations, €8 million was agreed to be paid to ProRail BV as at 31 December 2016 (€11 million as at 31 December 2015). In 2016, €10 million (2015: €19 million) was paid to ProRail BV.

The transactions with the Executive Board and the Supervisory Board members are explained under note 2.

There were no significant transactions in 2016 and 2015 with joint ventures and other participating interests.

The Group has a 5.8% participating interest in Eurofima. Eurofima is a European company that was set up for financing railway rolling stock. It is a supranational organisation that is headquartered in Basel, Switzerland. The following transactions and balance sheet positions apply for this party:

(in millions of euros)	2016	2015
Interest expenses	-	1

(in millions of euros)	December 31, 2016	December 31, 2015
Private loans	59	449

Group companies

The main companies included in the consolidated financial statements are:

	Percentage interest		Statutory Seat
	2016	2015
Operating companies
NS Reizigers BV*	100.0	100.0	Utrecht
Abellio Transport Holding BV	100.0	100.0	Utrecht
NedTrain BV*	100.0	100.0	Utrecht
NS Financial Services (Holdings) Ltd	100.0	100.0	Dublin
NS Stations BV*	100.0	100.0	Utrecht
NS Vastgoed BV*	100.0	100.0	Utrecht
NS Insurance NV	100.0	100.0	Utrecht
NS Opleidingen BV*	100.0	100.0	Utrecht
NS Lease BV*	100.0	100.0	Utrecht

Subsidiaries of operating companies
Thalys Nederland NV*	100.0	100.0	Utrecht
NS Internationaal BV*	100.0	100.0	Utrecht
NedTrain Ematech BV	100.0	100.0	Utrecht
NS Stations Retailbedrijf BV*	100.0	100.0	Utrecht
NS Fiets BV	100.0	100.0	Utrecht
NS-OV Fiets BV	100.0	100.0	Utrecht
Qbuzz BV	100.0	100.0	Amersfoort
Stationsfoodstore BV*	100.0	100.0	Utrecht
NS Poort Ontwikkeling BV	100.0	100.0	Utrecht
NS Financial Services Company	100.0	100.0	Dublin
DISA Assets Ltd	100.0	100.0	Dublin
Abellio Nederland BV	100.0	100.0	Utrecht
Abellio Transport Group Ltd	100.0	100.0	Glasgow
Abellio Transport Holdings Ltd	100.0	100.0	London
Abellio Greater Anglia Ltd	100.0	100.0	London
Abellio Rail Baden-Württemberg GmbH	100.0	100.0	Stuttgart
Abellio Rail Mitteldeutschland GmbH	100.0	100.0	Halle
Abellio Rail NRW GmbH	100.0	100.0	Essen
Abellio GmbH	100.0	100.0	Essen
Abellio ScotRail Ltd	100.0	100.0	Glasgow
Abellio West London Ltd	100.0	100.0	London
Abellio London Ltd	100.0	100.0	London

Joint ventures
Stationslocaties OG CV	55.8	55.8	Utrecht
Basisfonds Stationslocaties CV	50.9	50.9	Utrecht
Merseyrail Services Holding Company Ltd	50.0	50.0	Hampshire
Northern Rail Holdings Ltd	50.0	50.0	Hampshire

Joint operations
Stationsdrogisterijen CV	50.0	50.0	Zaandam

Other interests
WestfalenBahn GmbH	25.0	25.0	Bielefeld
Eurofima	5.8	5.8	Basel

*Pursuant to the provisions of Section 403, Book 2 of the Dutch Civil Code, NS Groep NV has assumed liability in respect of the debts arising from legal acts.

Pursuant to Sections 379 and 414, 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.