The revenue in 2017 from Qbuzz, which was sold in 2017, was €129 million (€214 million in 2016). The revenue in 2017 in the United Kingdom when converted using the average exchange rate in 2017 was €1,865 million.

The revenue in the Netherlands includes a sum of €23 million (€22 million) for development activities. A change in the estimates concerning the allocation of grant income in the United Kingdom led to the recognition of an additional €19 million. The change does not affect the timing of the actual cash flows or the total amount of the grant that will be received throughout the franchise period.

Accounting policies

Revenue

Revenue covers revenue from passenger services and from other activities, less discounts and VAT.

Services rendered and goods sold

Revenue from services rendered is accounted for in the income statement in the period in which the services are rendered. For delivery contracts that extend beyond the balance-sheet date, the revenue is attributed to the individual years in proportion to the stage of completion of the transaction on the balance-sheet date. The stage of completion is determined using assessments of work performed.

Revenue from the sale of goods is recognised in the income statement when the significant risks and rewards of ownership have been transferred to the buyer, collection of the amount payable is likely, the associated costs or return of goods, where applicable, can be estimated reliably and when the management has no ongoing involvement in the goods and the scale of the revenue can be estimated reliably.

Payments from the government under passenger transport agreements or transport franchises are recognised in the income statement in the period to which the payment relates.

Rental income

Rental income from investment property is credited to the income statement on a straight-line basis over the duration of the rental agreement. The costs of undertakings given to encourage tenants to sign leases are accounted for as an integral component of the total rental income and allocated evenly over the contractual period.

Other revenue

This item comprises incidental revenue and coverage by third parties of the costs of sideline activities and other activities that are not part of the company's business operations. The difference between the revenue from sales and the carrying amount of items of property, plant and equipment that have been sold is also recognised under ‘Other revenue’.