DOCSLIB.ORG

German Rail Attracts Institutions the Dieselnetz Ulm Transaction Paved the Way for Institutional Investors in the German Regional Passenger Rail Transport Sector

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
German Rail Attracts Institutions the Dieselnetz Ulm Transaction Paved the Way for Institutional Investors in the German Regional Passenger Rail Transport Sector GLOBAL INFRASTRUCTURE DIESELNETZ GERMAN RAIL ATTRACTS INSTITUTIONS THE DIESELNETZ ULM TRANSACTION PAVED THE WAY FOR INSTITUTIONAL INVESTORS IN THE GERMAN REGIONAL PASSENGER RAIL TRANSPORT SECTOR. IN APRIL 2019 INSTITUTIONAL INVESTORS CLOSED WITH DIESELNETZ SACHSEN-ANHALT THE SECOND TRANSACTION IN THE SECTOR. BY DERK OPITZ, PARTNER AT ASHURST. The German regional passenger rail transport As there is no fully functioning secondary sector, or Schienenpersonennahverkehr SPNV, market for used passenger rolling stock in is a fully liberalised sector and has been opened Germany, a bidder for a concession faces the so for privately owned train operating companies called residual value risk, ie, if the bidder does (TOCs) competing with the incumbent state- not win the following concession period, it is owned operators. left with a fleet of rail vehicles it cannot use Given that regional public passenger any more, even though the rolling stock can transport in general is not organised as a self- technically still be used for another 10 to 20 sustaining transport sector in the sense of full years. funding through fare box revenues, the federal Against this background most of the 26 government through the local public transport German PTAs support the financing of new authorities (PTAs) of the federal states financially rolling stock in a way that deals with the residual supports regional public passenger transport, value risk and provides comfort for the financiers. regionalisation funding. There is no uniform approach in Germany In order to create a level playing field for the as regards the support of the financing of new competing TOCs the PTAs in particular support rolling stock for the regional public transport. the financing of the acquisition of the rolling In fact, each of the 26 PTAs has its own stock needed for the respective operation, in approach. particular when the PTA requires the TOCs to use new rolling stock. Before Dieselnetz Ulm The reason for that support is that the PTAs European and German policy has been trying for aim to promote competition and want the TOCs years to support the financing of infrastructure to compete with better services for passengers by institutional investors. For example, Solvency and not with better financing conditions. II, the regulatory regime applying to insurance Therefore, the financing is supported in companies in Europe since 2016, introduced the one way or the other to take the financing concept of “qualified infrastructure”, privileging conditions out of the equation in a tender the investments of insurance companies in public process. infrastructure. If that was not the case, the state-owned At first glance financing of German regional TOCs would have a considerable competitive passenger rail transport looks like the perfect edge over the privately owned companies. investment for long-term and risk-averse For example, Deutsche Bahn AG, Germany’s investors such as life or health insurers given its leading train operating company, is 100% long term and low risk profile. Notwithstanding owned by the German federal government and that fact, until Dieselnetz Ulm, as further therefore benefits from the AAA rating of the described below, there was no financing by federal government. Deutsche Bahn AG could institutional investors in this area. This had theoretically finance its operations on the capital mainly three reasons: market at German public bond conditions, ie, at a l First, the financing of German regional coupon close to zero. passenger rail transport was a domain of A peculiarity of the German SPNV is driven by the German semi state-owned banks, or European regulation and specifics of the German Landesbanken. They purchased the remuneration market for rolling stock. claim against the PTA under a receivable Pursuant to European procurement laws a purchase agreement to issue covered bonds concession period for regional passenger rail backed by the claim against a public body. Even transport services in Germany is in principle though there are no public bonds covering the limited to a maximum period of 15 years. full length of rolling stock financings, the banks The average life time of rolling stock used for offered to the TOCs public bond conditions for public transport is 25 to 35 years depending, in the entire term and thereby outpriced other particular, on the type of traction. financing sources. Project Finance International Global Infrastructure Report June 2019 37 Book 1.indb 37 14/06/2019 13:44:07 DIESELNETZ GLOBAL INFRASTRUCTURE l Second, the Solvency II definition of qualified to assign the portion of the fixed remuneration infrastructure does not explicitly include claim against the PTA relating to the costs of rolling stock. Hence, at least as per today, the rolling stock financing to the financiers and it is the prevailing view among insurance (ii) the PTA waives any counter-claims it would companies that rolling stock does not qualify as have against the TOC vis-à-vis the financiers in infrastructure within the meaning of Solvency relation to such portion being assigned. II. The waiver of counter-claims has the effect l Third and most important, until Dieselnetz that even in case of a default of the TOC Ulm there was no market precedent for a with its obligations towards the PTA under financing with insurance companies. Usually the concession, the financiers would still be the bid is awarded two to three years before the remunerated. If the performance of the TOC commencement of operations. The supply of a deteriorates so much that the PTA is required mid-sized fleet of vehicles can take two years. to terminate the concession, the PTA would On average, the TOC has a maximum of six replace the TOC and oblige a new operator to months to have its financing in place in order to assume the financing. Thus the project risk be able to start the construction process in time. is taken away from the financiers and the Against this background, in particular the financiers can rely on the solvency of the PTA smaller, privately owned TOCs were hesitating instead of the TOC when assessing the likeliness to take the transactional risk and rely as of defaulting payments. counterparties on insurance companies, which The BEG, however, is organised as a private have, at least in Germany, limited experience at limited company owned by the Free State of the most with rolling stock financings. Bavaria. The remuneration claim is therefore not a direct claim against a public body. The second institutional deal For Diesel Network Ulm the time had come Bayerische Eisenbahngesellschaft mbH (BEG), for a new financing structure. Given that BEG the PTA of the Free State of Bavaria, in 2018 is a private company the remuneration claim selected DB Regio AG in a competitive bidding against the PTA is not a direct claim against a process to operate regional passenger transport public body and thus not eligible for a public services on the diesel rail network around the bond issue. Hence, the semi state-owned banks Bavarian city of Ulm (DNU) for a concession were not able to offer covered bond financing period from December 2020 until December for DNU. 2032 with approximately 1.5m train kilometres As stated, the regional passenger rail per year. transport in Germany is typically financed with The tender documents required from the a purchase of the remuneration claim against TOC to operate the passenger services with the PTA by the financiers under a receivable newly purchased diesel multiple-units (DMUs). purchase agreement (RPA). One of the reasons DB Regio AG will be operating the DNU with for choosing an RPA, in particular over a loan, Coradia LINT diesel railcars with a purchase is that a loan governed by German law can be price of more than €90m. repaid without premium or penalty after 10 BEG decided to support the financing of the years no matter if the contractual term is longer acquisition of the new DMUs in Ulm with a than 10 years. redeployment guarantee in combination with a Under Solvency II, however, insurance waiver of counter-claims. companies are limited in their type of l Redeployment guarantee – Under a redeployment investments. As a direct investment insurance guarantee the PTA guarantees the financiers companies can only invest in loans, bonds or that it will oblige the TOC being awarded the equity stakes. A financing by way of an RPA is subsequent concession period to use the DMUs not possible with insurance companies. under the same terms as for the first concession Therefore, DB Regio had to implement a period. In other words, the PTA guarantees the structure that has never been used before use of the DMUs for approximately 25 years. for SPNV transactions. The investor category This allows financiers to put in place a financing of institutional investors offered new with a term matching the lifetime of the rolling opportunities but on the other side, the stock. transaction had to meet further investment l Waiver of counter-claims – A waiver of counter- criteria such as in particular, the security claims means that (i) the PTA allows the TOC principle laid down in § 124 (1) No. 2 of the German Act on the Supervision of Insurance Undertakings, Versicherungsaufsichtsgesetz – Until Dieselnetz Ulm there was no VAG. DB Regio instructed Joh Berenberg, Gossler & market precedent for a financing with Co KG to arrange a financing by way of a project bond with insurance companies. Berenberg insurance companies. The smaller TOCs selected Ashurst LLP as legal adviser to the investors. The group of investors arranged were hesitating to take transactional risk by Berenberg was made up of the German pensions funds, life and health insurers 38 Project Finance International Global Infrastructure Report June 2019 Book 1.indb 38 14/06/2019 13:44:07 GLOBAL INFRASTRUCTURE DIESELNETZ represented by their asset managers MEAG, with its obligations towards the PTA, can acting for DKV Deutsche Krankenversicherung theoretically prejudice the TOCs ability to pay AG and ERGO Lebensversicherung AG, and the finance costs.
Load more

Recommended publications
  • NS Annual Report 2018
    See www.nsannualreport.nl for the online version NS Annual Report 2018 Table of contents 2 In brief 4 2018 in a nutshell 8 Foreword by the CEO 12 The profile of NS 16 Our strategy Activities in the Netherlands 23 Results for 2018 27 The train journey experience 35 Operational performance 47 World-class stations Operations abroad 54 Abellio 56 Strategy 58 Abellio United Kingdom (UK) 68 Abellio Germany 74 Looking ahead NS Group 81 Report by the Supervisory Board 94 Corporate governance 100 Organisation of risk management 114 Finances in brief 126 Our impact on the environment and on society 134 NS as an employer in the Netherlands 139 Organisational improvements 145 Dialogue with our stakeholders 164 Scope and reporting criteria Financial statements 168 Financial statements 238 Company financial statements Other information 245 Combined independent auditor’s report on the financial statements and sustainability information 256 NS ten-year summary This annual report is published both Dutch and English. In the event of any discrepancies between the Dutch and English version, the Dutch version will prevail. 1 NS annual report 2018 In brief More satisfied 4.2 million trips by NS app gets seat passengers in the OV-fiets searcher Netherlands (2017: 3.1 million) On some routes, 86% gave travelling by passengers can see which train a score of 7 out of carriages have free seats 10 or higher Customer 95.1% chance of Clean trains: 68% of satisfaction with HSL getting a seat passengers gave a South score of 7 out of 10 (2017: 95.0%) or higher 83% of
    [Show full text]
  • Eighth Annual Market Monitoring Working Document March 2020
    Eighth Annual Market Monitoring Working Document March 2020 List of contents List of country abbreviations and regulatory bodies .................................................. 6 List of figures ............................................................................................................ 7 1. Introduction .............................................................................................. 9 2. Network characteristics of the railway market ........................................ 11 2.1. Total route length ..................................................................................................... 12 2.2. Electrified route length ............................................................................................. 12 2.3. High-speed route length ........................................................................................... 13 2.4. Main infrastructure manager’s share of route length .............................................. 14 2.5. Network usage intensity ........................................................................................... 15 3. Track access charges paid by railway undertakings for the Minimum Access Package .................................................................................................. 17 4. Railway undertakings and global rail traffic ............................................. 23 4.1. Railway undertakings ................................................................................................ 24 4.2. Total rail traffic .........................................................................................................
    [Show full text]
  • NS) a New Systematic Analysis Method for the Causes of Timetable Punctuality Deviations
    Timetable Analysis of the Netherlands Railways (NS) A new systematic analysis method for the causes of timetable punctuality deviations 1F. Makkinga, 2B.W.V. Stam-Van den Berg, 2C. van de Geijn Movares, Utrecht, the Netherlands1; Nederlandse Spoorwegen (NS), Utrecht, the Netherlands2 Abstract This article covers the development of a new method for analysing and assessing a rail transport operator's timetable performance. Reliable and predictable timetable performance is a major factor in the service provided by a transport operator. An important measure of this performance is punctuality. Punctuality expresses the performance delivered by the transport operator in terms of trains arriving on time at their destination. The Dutch rail network is used by several passenger and freight carriers, with more than five thousand passenger trains and over five hundred freight trains running every day. The widely varying train characteristics and the sheer intensity of train transport make the Dutch rail network one of the busiest in the world. Many different things may cause a train to arrive or depart late at or from a station. The reason for investigating the situation is to shed light on what might detract from punctual operation. The output will enable analysts to determine the underlying causes with greater accuracy and speed, and find ways of improving train transport performance. The transport operator's customers will then be more likely to arrive on time at their destinations. Introduction The rail transport operators' customers want to arrive on time at their destinations. Reliable and predictable timetable performance is a major factor in the service provided by a transport operator.
    [Show full text]
  • Rail Annexes to the Fifth Annual Market Monitoring Report
    IRG-Rail (17) 1a Independent Regulators’ Group – Rail Annexes to the fifth Annual Market Monitoring Report March 2017 Index Annex 1 – Definitions .............................................................................................................................. 3 Annex 2 – Main developments in 2015 ................................................................................................... 5 Annex 3 – Competition rules ................................................................................................................. 12 Annex 4 – List of regulatory decisions in 2015 ...................................................................................... 15 Annex 5 – Revenue of railway undertakings ......................................................................................... 23 IRG-Rail Market Monitoring Report - Annexes 2 Annex 1 – Definitions Undertakings providing services for the transport of goods and / or passengers and /or others on rail networks as defined in Directive 2012/34/EU. Exclude from Active railway perimeter undertakings having provided no service during the year.1 undertaking The nationality of railway undertakings refers to the country that delivered the railway undertaking license. Commercial service or All passenger services that do not fall within the scope of services provided under non-PSO service public service obligations (2015/1100/EC). Consecutive lines and nodes as a whole between a defined source and target Electrified route that allows railway vehicles to use electricity
    [Show full text]
  • ELECTRIC LOW-FLOOR MULTIPLE-UNIT FLIRT Nederlandse Spoorwegen NS, the Netherlands
    ELECTRIC LOW-FLOOR MULTIPLE-UNIT FLIRT Nederlandse Spoorwegen NS, The Netherlands In April 2015, Dutch rail company NS ordered 58 three- and four-car low-floor multiple-unit FLIRTs from Stadler. The trains are operated by NS Reizigers, serve regional routes and are designed for a speed of 160 km/h. The new-generation FLIRT ful- fils the Technical Specifications for Interoperability (TSI), including the standards regarding crash requirements in accordance with EN 15227. The trains have pneumatic suspension and offer high levels of comfort and attractive seating for up to 158 or 214 passengers (depending on the train length) in air-conditioned, colourful interiors. There is plenty of space for bicycles, prams and wheelchairs. The highlight was the roll-in of the first trains on 13 April 2016 in Maastricht – just a year after the order – which underlines Stadler’s excellent performance. www.stadlerrail.com Stadler Rail Group Stadler Polska Sp. z o.o. Ernst-Stadler-Strasse 1 Targowa 50 CH-9565 Bussnang 08-110 Siedlce Phone +41 (0)71 626 21 20 Phone +48 (0)25 746 45 00 [email protected] [email protected] Amsterdam Amsterdam Amsterdam Amsterdam Amsterdam Amsterdam Amsterdam Technical features Vehicle data Technology 3-car 4-car – Lightweight aluminim carbody design according to the Customer NS NS newest crashworthiness (EN 15227) and structural strength Lines operated The Netherlands The Netherlands (EN 12663) standards Gauge 1435 mm 1435 mm – Air-suspended motor and trailer bogies Supply voltage 1.5 kV DC 1.5 kV DC – Multiple-unit control for up to three vehicles Axle arrangement Bo’2’2’Bo’ Bo’2’2’2’Bo’ Number of units 33 25 Comfort Service start-up 2016 2016 Seating capacity 2nd Class 114 170 – Bright, friendly interior with large window areas Seating capacity 1st Class 32 32 – Interior and exterior design in acc.
    [Show full text]
  • Dutch Railways Modernise Double-Deckers with Marmoleum from Forbo Flooring
    Dutch Railways modernise double-deckers with Marmoleum from Forbo Flooring Dutch Railways (Nederlandse Spoorwegen), the principal passenger railway operator in the Netherlands, is currently undertaking a major fleet modernisation project. 250 intercity double decker trains are being stripped right back to their shells and all interior furnishings, fixtures and fittings are being replaced. Each one of the trains is being fitted with Artoleum Striato FR linoleum flooring, a recent addition to Forbo’s extensive linoleum collection, featuring a ‘modern yet retro’ linear design and natural colourways. Product safety, quality and durability were critical to the flooring specification, as Dutch Railways train formula manager Brigitte Matheussen explains: “Following Maslow’s hierarchy of needs we started out with safety; an absolute must, and other basic customer and staff needs that had to be fulfilled. In relation to the flooring, this meant that it had to meet high legal safety requirements, be easy to clean and maintain and be very durable. On average, the lifespan of a train is approximately 30 years and half way through its life we will carry out this kind of full scale modernisation and refurbishment. We were therefore looking for flooring with a 15 year lifespan”. “We then looked to create the ‘satisfiers’ that make travelling with Dutch railways enjoyable for customers and staff alike. Appearance and ambience in a train are very important to us. As in any other type of interior the floor is a critical area and the choice of floor coverings forms the basis for your entire design scheme. The new Artoleum Striato FR collection arrived at just the right time for us.
    [Show full text]
  • Wiskunde Achter Het Spoorboekje Lex Schrijver
    Wiskunde achter het Spoorboekje Lex Schrijver Centrum voor Wiskunde en Informatica (CWI) en Universiteit van Amsterdam 1 Spoorboekje 2007 In december 2006 werd bij de Nederlandse Spoorwegen het Spoorboekje 2007 ingevoerd. Hiermee kreeg de dienstregeling van NS een geheel nieuwe struc- tuur, met veel nieuwe verbindingen en overstapmogelijkheden, maar ook met wat ruimere rij- en stoptijden en enkele verbroken rechtstreekse verbindingen. Tot 2006 werden nieuwe dienstregelingen bij NS gemaakt door het ‘met de hand’ aanpassen van de dienstregeling die in 1970 was ingevoerd (‘Spoorslag 70’). Nieuwe treinen werden tussenge- voegd door de tijden van bestaande treinen wat op te schuiven. De dienstregelingplanners bij de NS beseften echter dat zij computeralgoritmen nodig hadden om de capaciteit van het spoorwegnetwerk beter te benutten. Hiervoor riep NS de hulp in van het Centrum voor Wiskunde en Informatica (CWI) in Amsterdam. Hoewel Nederland geen groot land is, heeft het wel een aantal kenmerken die het uitzonderlijk ma- ken voor spoorwegplanning. Nederland is heel dicht bevolkt, en daardoor is ook het spoorwegnet- werk tamelijk dicht, met veel korte verbindingen, waarop veel treinen rijden die verschillende aansluitingen hebben, onderweg en aan de eindpunten. Ook is er slechts zeer beperkte ruimte voor uitbreiding van de capaciteit van het spoorwegnetwerk, waardoor het nog veel knelpunten kent. Door deze uitzonderlijke positie was er in andere landen geen algoritmiek beschikbaar die in Nederland gebruikt kon worden, en moesten nieuwe algo- ritmen worden ontwikkeld. Deze maken gebruik van methoden uit de discrete wiskunde, en in dit artikel zullen wij daar iets van uitleggen. 1 2 Het Basis Uur Patroon De basis van de Nederlandse spoorwegdienstregeling is het Basis Uur Patroon (BUP): de dienstregeling herhaalt zich elke 60 minuten.
    [Show full text]
  • Brussels Rail Transport Brief: March 2021
    BRUSSELS RAIL TRANSPORT BRIEF: MARCH 2021 Date: 21 April 2021 European Regulatory Newsletter By: Miguel A. Caramello Alvarez, Philip Torbøl, Alessandro Di Mario, Inês Mendes ANTITRUST AND COMPETITION German Court asks ECJ About Review of Rail Station Fees The Berlin Higher Regional Court has lodged a request for a preliminary ruling with the European Court of Justice (ECJ) concerning railway station fees charged by Deutsche Bahn's DB Station & Service. DB Station & Service was sued by a rail transport company for reimbursement of excessive fees between November 2006 and December 2010. The regional court backed the claim, concluding that the DB subsidiary is obliged to reimburse these amounts. On 30 December, the Berlin Higher Regional Court referred two questions to the ECJ, asking whether it is compatible with Directive 2001/14/EC concerning railway infrastructure charges for national courts to review fees based on antitrust rules independently of the monitoring carried out by the regulatory body and, if so, whether civil courts are allowed to conduct an antitrust review even when railway undertakings can ask the regulatory body to review the fairness of the price. Lastly, the court asked whether civil courts must wait for the decision of the regulatory body, or if it is contested before court, for that decision to become final. Czech Agency Fines Firm for High-speed Railway Tender Manipulation The Czech Office for Protection of Competition has fined Sudop Praha €360,000 for entering into an illegal bid- rigging agreement. It was found that between November 2014 and May 2015, Sudop and Výzkumný Ústav Železniční (VUZ) coordinated their bids for a tender for a technical operational study for high speed railway lines.
    [Show full text]
  • 1St Edition, Dezember 2010
    EUROPEAN RAILWAY AGENCY INTEROPERABILITY UNIT DIRECTORY OF PASSENGER CODE LISTS FOR THE ERA TECHNICAL DOCUMENTS USED IN TAP TSI REFERENCE: ERA/TD/2009-14/INT DOCUMENT REFERENCE FILE TYPE: VERSION: 1.1.1 FINAL TAP TSI DATE: 08.03.2012 PAGE 1 OF 77 European Railway Agency ERA/TD/2009-14/INT: PASSENGER CODE LIST TO TAP TSI AMENDMENT RECORD Version Date Section Modification/description number 1.1 05.05.2011 All sections First release 1.1.1 27.09.2011 Code list New values added B.4.7009, code list B.5.308 ERA_TAP_Passenger_Code_List.doc Version 1.1.1 FINAL Page 2/77 European Railway Agency ERA/TD/2009-14/INT: PASSENGER CODE LIST TO TAP TSI Introduction The present document belongs to the set of Technical Documents described in Annex III „List of Technical Documents referenced in this TSI‟ of the COMMISSION REGULATION (EU) No 454/2011. ERA_TAP_Passenger_Code_List.doc Version 1.1.1 FINAL Page 3/77 European Railway Agency ERA/TD/2009-14/INT: PASSENGER CODE LIST TO TAP TSI Code List ERA_TAP_Passenger_Code_List.doc Version 1.1.1 FINAL Page 4/77 European Railway Agency ERA/TD/2009-14/INT: PASSENGER CODE LIST TO TAP TSI Application : With effect from 08 March 2012. All actors of the European Union falling under the provisions of the TAP TSI. ERA_TAP_Passenger_Code_List.doc Version 1.1.1 FINAL Page 5/77 European Railway Agency ERA/TD/2009-14/INT: PASSENGER CODE LIST TO TAP TSI Contents AMENDMENT RECORD .......................................................................................................................................................
    [Show full text]
  • Media Release Stadler and Nederlandse Spoorwegen Present
    Media release HOLD-BACK None PERIOD 3 pages PAGES ATTACHMENTS 2 images Berlin, 20 September 2016 Stadler and Nederlandse Spoorwegen present the FLIRT in its most colorful shape and form Stadler, together with Nederlandse Spoorwegen (NS), is presenting the electric, low-floor multiple- unit FLIRT train today in its most colorful shape and form to date as NS Sprinter. The 58 3- and 4- carriage trains ordered by NS will be operated by NS Reizigers in regional service on routes in the Netherlands from 2017. The completion of the order for the new NS Sprinters is further confirmation of Stadler’s agility and unbeatable order compliance. NS ordered 58 electric, low-floor multiple-unit (EMU) FLIRT trains from Stadler in April 2015 in order to quickly fill an unexpected gap in its rolling stock. Within 12 months, and in close cooperation with NS, Stadler designed and built a train that is tailored specifically to meet the needs of passengers on regional routes in the Netherlands. Thanks to the exceptional teamwork of NS and Stadler, the first completed train was presented to NS on 13 April 2016 – one year after the order was issued – during a roll-in in Maastricht. The electric, low-floor trains from the latest FLIRT generation are extremely comfortable thanks to the air suspension on the bogies, attractive seating, air conditioning for passengers and drivers, and a closed toilet system. Furthermore, the regional trains meet TSI PRM requirements for people with restricted mobility as well as the EN15227 requirements regarding collision safety and can reach a maximum speed of 160 km/h.
    [Show full text]
  • NS Annual Report 2020
    NS Annual report 2020 See www.nsannualreport.nl for the online version The NS Annual Report 2020 is published in Dutch and English. In the event of discrepancies between the versions, the Dutch version prevails. Table of contents 3 In Brief 4 Foreword by the CEO 7 2020: A year dominated by COVID-19 15 Our strategy 19 Expected developments in the long term 21 How NS adds value to society 25 Our impact on the Netherlands 31 The profile of NS 36 Compensation for victims of WWII transports Our activities and achievements in the Netherlands 38 Our performance on the main rail network and the high-speed line 40 Customer satisfaction with the main rail network and the high-speed line 44 Performance on the main rail network and the high-speed line 49 Door-to-door journey 53 Stations and their environment 59 Travelling and working in safety 63 Performance on sustainability 71 Attractive and inclusive employer Our activities and achievements abroad 78 Abellio 84 Abellio UK 99 Abellio Germany Financial performance 108 Finance in brief NS Group 116 Report of the Supervisory Board 129 Corporate governance 134 Risk management 141 Organisational improvements 145 Dialogue with our stakeholders in the Netherlands 160 Notes to the material themes 162 About the scope of this report 164 Scope and reporting criteria Financial statements 167 Consolidated financial statements 244 Company financial statements Other information 248 Other information 248 Combined independent auditor’s report and assurance report 263 NS ten-year summary 265 Disclaimer 2 | In Brief 3 | Foreword by the CEO Over the past year, NS has proved to be a healthy company that is able to keep the Netherlands moving despite huge setbacks.
    [Show full text]
  • Specification for Toilets of Railway Vehicles
    EuroSpec Specification for toilets of railway vehicles EuroSpec Page 1 Specification for Toilets Date: April 2012 of Railway Vehicles EuroSpec Specification for toilets of railway vehicles 2nd edition Original language: English © Société Nationale des Chemins de fer Français (SNCF), Association of Train Operating Companies (ATOC), Deutsche Bahn (DB), Nederlandse Spoorwegen (NS), Danske Statsbaner (DSB), Österreichische Bundesbahnen (ÖBB), Schweizerische Bundesbahnen Paris, London, Munich (München), Utrecht, Kopenhagen (København), Vienna (Wien), Bern August 2014 EuroSpec Page 2 Specification for Toilets Date: August 2014 of Railway Vehicles EuroSpec Table of Contents 1 Scope ........................................................................................................................ 6 2 Normative References.............................................................................................. 6 3 Terms, definitions and Abbreviations ..................................................................... 7 4 Specifications ........................................................................................................... 8 5 Bibliography ............................................................................................................. 9 Issue Record Issue Date Comments Source 1 April 2012 void EuroSpec “ Specification for Toilets of Railway Vehicles” 1.1 September Updated after consultation with UNIFE and additional improvements by 2012 specialists 2.0 August 2014 New requirements added. Verification
    [Show full text]