Finance in brief
The disclosed capital position and the net result of NS show a positive development. Even so, the operating profit without government support and underlying developments remain negative. This is due to the impact of COVID-19 on passenger behaviour and, on top of that, to negotiated wages and an inflation rate that are both substantially in excess of the increase in train fares. The result from operating activities for 2022, net of the public transport availability payment (BVOV) and other non-recurring and exceptional items, amounted to a loss of €-304 million (2021: €-952 million). Despite the government support in the form of the BVOV, the total cash flow from operating activities has been insufficient since 2020 to cover our operating activities and the capital expense incurred in recent years to keep the Netherlands accessible in a sustainable manner. The deficit has resulted in a sharp increase in borrowed capital (up €1,185 million since 2020) that we needed to finance our operating activities and investments. A financially healthy NS is essential if we are to continue serving the public interest and achieve our ambitions for mobility in the Netherlands.