Growth and limited cost increase lead to higher net result

  • The net result is EUR 97.3 million (2010: EUR 69.2 million);
  • The value of property rose by EUR 9.8 million (2010: EUR -8.3 million) and the net result excluding fair value gains on property amounted to EUR 89.9 million (2010: EUR 75.4 million);
  • This net result benefited in particular from a 13.4% growth in passenger numbers, which resulted in higher revenues from airport charges and higher retail turnover, while operating expenses, excluding the cost price of the higher retail sales, rose by 3.2%;
  • Revenue was up 10.8% to EUR 604.1 million (2010: EUR 545.0 million);
  • EBITDA increased by 34.1% to EUR 258.0 million (2010: EUR 192.3 million) and the operating result rose by 58.5% to EUR 158.5 million (2010: EUR 100.1 million);
  • Earnings per share amount to EUR 523 (2010: EUR 372).

Key developments:

  • The external survey by international strategy consultants commissioned by KLM and Schiphol has been concluded and has led to a better mutual understanding of the positions and interests of Amsterdam Airport Schiphol and its most important customers. It offers a good basis for both the development of pricing policies and the long-term development of the Mainport, that will involve an ambitious multi-year investment plan;
  • Average increase in airport charges of 0.6% per 1 April 2011 and no charge increase per 1 November 2011;
  • Growth at Amsterdam Airport Schiphol (a 12.7% rise in passenger numbers and a 10.4% rise in air transport movements) is mainly driven by European destinations and passengers boarding in the Netherlands (up 15.6% versus 8.4% more transfer passengers) and reflects an improved competitive position in the O&D–market;
  • Cargo volumes were up 5.2%, but the growth trend has diminished over the last several months with a 1.6% decline reported for June. This was mainly due to a decrease in cargo from and to Asia and in particular China. Volume trends in cargo often lead passenger growth trends by approximately six months;
  • The outsourcing of business activities as part of the final phase of the organisation change initiated in 2009 has resulted in a reduction of the average workforce by 221 FTE to 2,129 FTE;
  • Debt refinancing involving nominal EUR 403 million in outstanding bonds significantly improved the debt maturity profile.

Response by Schiphol Group’s President & CEO, Jos Nijhuis:

“Growth figures for traffic and transport are higher than expected, which translates into good results and the expectation that results for the year as a whole will be better than in 2010. For instance, this year Amsterdam Airport Schiphol looks set to welcome a record 49 million passengers. We should remain cautious, however, given the current geopolitical tensions, turbulence on the financial markets and the economic slowdown. We are also witnessing a negative trend in cargo volumes, in particular to China. In the past this proved to be an early sign of an overall growth contraction. At the same time we are planning some major steps forward in the long-term development of the Mainport, which involves an ambitious investment programme.”