The investments that are recognised according to the equity method have a carrying amount of €26 million (2016: €39 million). The financial data for these investments is as follows.

Interests in joint ventures

Merseyrail Services Holding Company Ltd and Northern Rail Holdings Ltd

The Merseyrail franchise and Northern Rail franchise (2016) are operated 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 franchises are held by independent entities in which the holding company in question has a 100% interest. The profits from the holding companies are distributed to NS and Serco in equal shares.

Property funds

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

The parties with a participating interest in the limited partnerships have raised a joint equity stake that is invested in property with the participants sharing costs and risks. The Group is also the controlling partner, investing and managing the equity at the costs and risks of the partners, with the managing partner being jointly and severally liable for the liabilities of the limited partners. The interests in the property funds are classified as joint ventures. The shareholders in the funds have taken a formal decision to break up the structure.

In 2016, the Basisfonds Stationslocaties CV sold the office portfolio for the sum of €455 million (100%). This led to a profit of €117 million for NS.

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, 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.

Accounting policies

The Group’s interests in investments accounted for using the equity method consist of interests in associates and joint ventures.

Associates are entities in which the Group has significant influence on the financial and operational policy, but which it does not control. A joint venture is an agreement whereby the Group shares in the control and in which the Group has rights with respect to the net assets of the venture rather than rights with respect to the (gross) assets and obligations with respect to the liabilities.

Associates and joint ventures over which control is exercised jointly are accounted for using the equity method and valued at cost upon initial recognition. The cost of the investment includes the transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share in the realised and unrealised results of the investments accounted for according to the equity method, up to the date on which it ceases to exercise significant influence.