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Financial performance

Operating revenue

Revenue from passengers in the Netherlands decreased by €1,122 million as a result of the drop in passenger numbers. The number of passenger-kilometres fell by 55% compared with 2019.

Finance in brief

The COVID-19 crisis has a significant impact on NS's financial performance. NS posted revenues of €6,601 million in 2020 (2019: €6,661 million).

Operating expenses

Costs in the Netherlands decreased by €72 million. Despite the inflow of new trains and investments in IT solutions, resulting in higher depreciation costs, NS has managed to reduce the costs it can influence directly, by taking a series of measures.

Underlying result from operating activities

Our financial position and results need to be sound if we are to achieve our ambitions and keep train fares affordable. We should be able to achieve healthy returns by ensuring good operational performance and high levels of customer satisfaction.


We have calculated our corporate (income) tax liability on the basis of the applicable tax rates, taking account of the tax rules and the valuation of temporary differences.


The net cash flow from operating activities was €914 million (2019: €1,146 million).

Financial position

NS's solid financial position deteriorated sharply over the past year. This is reflected in the structure and composition of the available capital, and in the available cash resources including any committed credit facilities.

Equity and balance sheet total

At the end of the year under review, equity was €1,179 million (2019: €3,781 million). The net loss of €2,581 million has been recognised in the general reserves and explains the drop in equity, in particular.

2021 and beyond

While in previous years we had to make every conceivable effort to facilitate the growth in passenger volumes, the challenge has now shifted to winning passengers back, recovering passenger volumes and rebuilding our results and our financial