TIDMAR77
RNS Number : 5571N
Schiphol Nederland B.V.
19 February 2009
Schiphol Group: Net result down 40.8% to EUR 187 million
Expected significant decline in traffic and worsening competitive position
necessitate sharpened strategic focus in 2009
Amsterdam Airport Schiphol, 19 February 2009
* Net result attributable to shareholders (including fair value gains on property)
down 40.8% to EUR 187 million (2007: EUR 316 million)
* Net result, excluding fair value gains on property, down 25.8% to EUR 173
million (2007: EUR 233 million)
* Revenue up 0.7% at EUR 1,154 million (2007: EUR 1,146 million)
* Operating result down 29.9% to EUR 294 million (2007: EUR 420 million)
* EBITDA down 21.5% to EUR 466 million (2007: EUR 594 million)
* Proposed dividend of EUR 371 per share (2007: EUR 543)
Main activities:
* Capital expenditure declined to EUR 350 million (2007: EUR 375 million)
* Agreement on the expansion of Amsterdam Airport Schiphol up to 2020
* Link-up with A�roports de Paris to form important airport alliance
* Passenger numbers at Amsterdam Airport Schiphol, Rotterdam Airport and Eindhoven
Airport dropped by 0.7% to 50.1 million, of which Amsterdam Airport Schiphol
accounted for 47.4 million (-0.8%)
* Operating result of Aviation business area was 46.4% lower, mainly due to higher
costs and settlement of airport charges for the financial years 2005 and 2006
* Operating result of Consumers business area dropped by 4.0% due to higher costs
and a fall in revenues from retail sales and concession fees
* Operating result of Real Estate business area fell by 45.8% owing to declining
value of existing property portfolio and despite higher rental incomes
A word from CEO Jos Nijhuis:
"We are moderately pleased with the results achieved in 2008. The outlook for
2009, however, is bleak. We expect passenger numbers and air transport movements
to decline by 6% to 10% respectively and cargo transport to drop by 15%. These
developments, combined with a number of other factors, such as the introduction
of the Air Passenger Tax, have led us to adapt our strategy in order to place
more emphasis on our public function: managing, maintaining and expanding an
unique and essential infrastructure. A financially sound and entreprising
business is a prerequisit for this undertaking."
This press release may contain certain forward-looking statements with respect
to the financial condition, results of operations and business of Schiphol Group
and certain of its plans and objectives with respect to these items. By their
nature, forward-looking statements involve risk and uncertainty because they
relate to or depend on future events and/or circumstances and there are many
factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking
statements. Forward-looking statements and forecasts are based on current data
and historical experience which are not necessarily indicative of future
outcomes or the financial performance of Schiphol Group and should therefore not
be considered in isolation.
This press release is based on the financial statements prepared by the Board of
Management and concerns part of the financial statements. The complete financial
statements will be put before the General Meeting of Shareholders for adoption
on 16 April 2009. It follows that the publication of the company's accounts
required by law has not yet occurred. The auditors have issued an unqualified
report on the financial statements as prepared.
Key figures
+--------------------------------------+---------+---------+--------+
| EUR million unless stated otherwise | 2008 | 2007 | +/- |
+--------------------------------------+---------+---------+--------+
| Results | | | |
+--------------------------------------+---------+---------+--------+
| Revenue | 1,154 | 1,146 | 0.7% |
+--------------------------------------+---------+---------+--------+
| Result on sale of investment | 2 | 3 | -11.7% |
| property | | | |
+--------------------------------------+---------+---------+--------+
| Fair value gains and losses on | 19 | 112 | -82.9% |
| property | | | |
+--------------------------------------+---------+---------+--------+
| Operating expenses | 881 | 841 | 4.8% |
+--------------------------------------+---------+---------+--------+
| Operating result | 294 | 420 | -29.9% |
+--------------------------------------+---------+---------+--------+
| Result before tax | 251 | 395 | -36.6% |
+--------------------------------------+---------+---------+--------+
| Net result excluding fair value | 173 | 233 | -25.8% |
| gains on investment property | | | |
+--------------------------------------+---------+---------+--------+
| Result attributable to shareholders | 187 | 316 | -40.8% |
| (net result) | | | |
+--------------------------------------+---------+---------+--------+
| Depreciation, amortisation and | 172 | 175 | -1.4% |
| impairment | | | |
+--------------------------------------+---------+---------+--------+
| EBITDA 1) | 466 | 594 | -21.5% |
+--------------------------------------+---------+---------+--------+
| Investments in fixed assets | 350 | 375 | -6.7% |
+--------------------------------------+---------+---------+--------+
| Cash flow from operating activities | 421 | 313 | 34.2% |
+--------------------------------------+---------+---------+--------+
| | | | |
+--------------------------------------+---------+---------+--------+
| Ratios | | | |
+--------------------------------------+---------+---------+--------+
| RONA after tax 2) | 5.60% | 9.20% | |
+--------------------------------------+---------+---------+--------+
| Return on equity (ROE) 3) | 6.40% | 11.10% | |
+--------------------------------------+---------+---------+--------+
| Leverage 4) | 38.60% | 23.50% | |
+--------------------------------------+---------+---------+--------+
| FFO / total debt 5) | 19.30% | 34.30% | |
+--------------------------------------+---------+---------+--------+
| FFO interest coverage ratio 6) | 6,5x | 7,7 x | |
+--------------------------------------+---------+---------+--------+
| Earnings per share 7) | 1,083 | 1,844 | -41.2% |
+--------------------------------------+---------+---------+--------+
| | | | |
+--------------------------------------+---------+---------+--------+
| Business volume (in numbers) | | | |
+--------------------------------------+---------+---------+--------+
| Air transport movements 8) | 457,074 | 465,686 | -1.8% |
+--------------------------------------+---------+---------+--------+
| Passenger movements (x 1,000) 8) | 50,073 | 50,432 | -0.7% |
+--------------------------------------+---------+---------+--------+
| Cargo (x 1,000 tonnes) 8) | 1,568 | 1,610 | -2.6% |
+--------------------------------------+---------+---------+--------+
| Average effective workforce in | 2,506 | 2,459 | 1.9% |
| full-time equivalents | | | |
+--------------------------------------+---------+---------+--------+
1) EBITDA: operating result plus depreciation, amortisation and impairment
2) RONA after tax: operating result after tax plus share in results of
associates and interest income / (average non-current assets minus deferred tax
assets)
3) ROE: net result attributable to shareholders / average total equity
4) Leverage: interest-bearing debt / (total equity + interest-bearing debt)
5) Funds from operations (cash flow from operating activities before changes in
working capital) / interest-bearing debt
6) Funds from operations plus gross interest expense / gross interest expense
7) Based on net result attributable to shareholders. The net result is adjusted
to establish the dividend per share
8) Schiphol Group: Amsterdam Airport Schiphol, Rotterdam Airport and
Eindhoven Airport
Revenue
Revenue reported by Schiphol Group in 2008 amounted to EUR 1,154 million,
representing an increase of 0.7% compared with the 2007 figure of EUR 1,146
million.
Aviation, with EUR 640 million (2007: EUR 650 million), represented the largest
contribution to revenue. However, with a decrease of 1.6% (compared with a 3.1%
growth in 2007) Aviation lagged behind the non-aviation business areas, which
saw revenue growth. In addition to a 0.8% decline in numbers of passengers
travelling via Amsterdam Airport Schiphol and a fall in air transport movements
of 1.8%, this drop in Aviation is mainly due to the obligation to settle airport
charges for the financial years 2005 and 2006. On the positive side there were
extra revenues from the increase in Aviation charges on 1 November 2008 and from
the introduction of the PRM (People with Reduced Mobility) charge.
At EUR 302 million, Consumers revenue barely changed compared with 2007 (EUR 301
million). A slight fall in revenues from concession fees and retail sales was
compensated by a small rise in parking revenues. Revenues of the Real Estate
business area increased by 8.7% (14% in 2007) to EUR 135 million, due in part to
additional rental revenues generated by buildings purchased or completed in 2007
and 2008. Revenues of Alliances & Participations increased by 8.7% to EUR 77
million (2007: EUR 71 million).
Operating expenses
Operating expenses rose by 4.8% (EUR 40 million), from EUR 841 million in 2007
to EUR 881 million in 2008. The increase is largely attributable to:
* EUR 17 million rise in security costs at Amsterdam Airport Schiphol million
owing to additional security measures and increased rates for hiring external
security personnel.
* A rise in maintenance costs (EUR 8 million), hiring external personnel (EUR 5
million), energy and water (EUR 3 million) and other expenses (EUR 5 million),
which were partially compensated by lower external consultancy costs (EUR 7
million);
* A rise in personnel costs of EUR 14 million, in part due to an increase in the
number of FTEs (EUR 3.2 million), an overall salary increase of 2.75% effective
1 April 2008 (EUR 3.5 million) and the release in 2007 of the healthcare costs
provision for retired members for an amount of EUR 6.5 million;
* A drop of EUR 4 million in the costs of impairments due to the fact that EUR 3.9
million was written down on the investment in Villa Carmen at Malpensa Airport,
Italy in 2007.
Operating result and net result
The operating result for 2008 amounted to EUR 294 million (EUR 420 million in
2007); a drop of 29.9% compared with the previous year. EUR 93 million of this
fall was the result of lower fair value gains on investment property, which
amounted to EUR 19 million in 2008 compared with EUR 112 million in 2007.
The net result dropped by 25.8% to EUR 173 million (EUR 233 million in 2007) if
the effect of fair value gains on our investment property is not included. If
this effect is taken into account, our net result fell by 40.8% to EUR 187
million (EUR 316 million in 2007).
The return on equity (ROE) amounted to 6.4% (11.1% in 2007). If the changes in
the value of investment property are not included, the ROE for 2008 amounts to
5.9% (8.2% in 2007).
Aviation business area
The Aviation business area operates at Amsterdam Airport Schiphol. Aviation
provides services and facilities to airlines, passengers and handling
agents. The Netherlands Competition Authority (NMa) regulates the charges
levied.
Sources of revenue include airport charges (aircraft, passenger and security
charges) and concession fees (paid by oil companies for the right to provide
aircraft refuelling services). In 2008, the business area accounted for 55% of
Schiphol Group's revenues and 17% of the operating result.
+--------------------------------------+--------+--------+--------+
| EUR million | 2008 | 2007 | +/- |
+--------------------------------------+--------+--------+--------+
| Revenue | 640 | 650 | -1.6% |
+--------------------------------------+--------+--------+--------+
| Operating expenses | 589 | 555 | 6.0% |
+--------------------------------------+--------+--------+--------+
| EBITDA | 170 | 216 | -21.4% |
+--------------------------------------+--------+--------+--------+
| Operating result | 51 | 95 | -46.4% |
+--------------------------------------+--------+--------+--------+
| Investments in fixed assets | 216 | 208 | 3.8% |
+--------------------------------------+--------+--------+--------+
| RONA after tax | 2.0% | 3.9% | |
+--------------------------------------+--------+--------+--------+
Amsterdam Airport Schiphol was able to maintain its position as Europe's
fifth-largest passenger airport in 2008, despite a decrease in passenger numbers
of 0.8%. Likewise, Amsterdam Airport Schiphol was able to maintain its position
as Europe's third-largest cargo airport, despite a decrease of 2.6% in cargo
volumes. The number of air transport movements decreased by 1.8%. The average
takeoff weight per air transport movement increased by 1.2%, from 98.7 to 99.9
tonnes.
Revenues generated by the business area were down 1.6% at EUR 640 million. The
most important reasons for this drop were the 8.7% reduction in airport charges
imposed by the NMa on 1 November 2007 and the volume changes mentioned
above. Security costs increased by EUR 17 million and now account for 25.1% of
Schiphol Group's overall cost base (2007: 24.2%). This increase is the result of
higher costs for additional security measures and increased rates for hiring
external security personnel. Total operating expenses rose by 6%, leading to a
fall in the operating result of 46.4% and a drop in the return generated (RONA
after tax) to 2%.
The business area saw costs per Work Load Unit (WLU), an efficiency measure,
increase by 7.4% to EUR 9.33 in 2008 (2007: EUR 8.69). WLU-related security and
other costs increased while depreciation decreased slightly. One WLU is equal to
1 passenger or 100 kilograms of cargo.
In 2008, the Aviation business area invested EUR 216 million at the Schiphol
location, in the 70 MB baggage programme (EUR 91 million), security (EUR 39
million) and baggage screening (EUR 22 million), among others.
An agreement was reached in the Alders Platform, the consultative body for the
aviation sector and regional partners chaired by Hans Alders, on the selective
growth of Amsterdam Airport Schiphol to 580,000 air transport movements in 2020,
of which 70,000 are to be routed via Eindhoven Airport and Lelystad Airport.
Consumers business area
The activities of the Consumers business area encompass operation of shops and
car parks, the granting and management of concessions for shops and food service
outlets, and the marketing of advertising opportunities at Amsterdam Airport
Schiphol. The Consumers business area also has activities outside the
Netherlands, including the operation of retail outlets via management
contracts.
Sources of revenue include retail sales, car parking charges,
concession fees, advertising and management fees. In 2008, the business area
accounted for 26% of Schiphol Group's revenues and 47% of the operating result.
+--------------------------------------+--------+--------+--------+
| EUR million | 2008 | 2007 | +/- |
+--------------------------------------+--------+--------+--------+
| Revenue | 302 | 301 | 0.1% |
+--------------------------------------+--------+--------+--------+
| Operating expenses | 164 | 157 | 4.5% |
+--------------------------------------+--------+--------+--------+
| EBITDA | 163 | 166 | -1.8% |
+--------------------------------------+--------+--------+--------+
| Operating result | 138 | 144 | -4.0% |
+--------------------------------------+--------+--------+--------+
| Investments in fixed assets | 22 | 48 | -54.5% |
+--------------------------------------+--------+--------+--------+
| RONA after tax | 41.7% | 45.9% | |
+--------------------------------------+--------+--------+--------+
The Consumers business area revenue rose by 0.1% in 2008 to EUR 302
million. Concession fee revenues formed the largest element of this revenue,
followed by car parking charges and liquor and tobacco retail sales in the See
Buy Fly area. Revenues from concession fees and retail sales decreased by 0.5%
to EUR 112.3 million and by 0.4% to EUR 64.2 million respectively. Revenues from
parking charges rose by 2.2% to EUR 81.6 million. Advertising and media revenues
increased by 12.7% to EUR 17.4 million, while revenues from other activities
fell by 3.4% to EUR 12.8 million.
The drop in revenue from concession fees is
due, on the one hand, to the 0.8% decline in passenger numbers and, on the
other, to the unfavourable rate of the US dollar and the British pound relative
to the euro.
The rise in revenues from parking charges was mainly due to increased
rates. However, 2008 also saw more business travellers using the Schiphol Valet
Parking service and more long-term parkers using the Schiphol Smart Parking
service. Schiphol Smart Parking allows customers to pre-book parking spaces in
P3 via the Internet at reduced rates. In 2008, 155,000 travellers
(2007: 125,000) used this service, accounting for nearly 50% of all users of
this (long-stay) car park.
Total concession-fee revenues per departing international passenger fell from
EUR 5.41 to EUR 5.32. Parking revenues per departing Dutch passenger decreased
by 0.8% to EUR 8.57 (2007: EUR 8.63).
Capital expenditure by the Consumers business area in 2008 totalled EUR 22
million. A portion of this amount (EUR 4.2 million) was used to complete
renovation work on Schiphol Plaza, the landside shopping centre. There was
additional capital expenditure in the Privium ClubLounge, a special lounge for
Privium members. Schiphol's Privium loyalty scheme had 46,464 members at the end
of 2008, representing a rise of 10.4% compared with the previous year.
Real Estate business area
The Real Estate business area develops, manages, operates and invests in
property at and around airports at home and abroad. The greater part of the
portfolio, comprising both airport buildings and commercial properties, is
located at and around Amsterdam Airport Schiphol.
Sources of revenue
include income from the development and lease of land and buildings. The
business area also makes a significant contribution to Schiphol Group results
via other property results (result on sales, fair value gains or losses on
property and the lease of land). In 2008, the business area accounted for 12% of
Schiphol Group's revenues and 32% of its operating result.
+--------------------------------------+--------+--------+----------+
| EUR million | 2008 | 2007 | +/- |
+--------------------------------------+--------+--------+----------+
| Revenue | 135 | 124 | 8.7% |
+--------------------------------------+--------+--------+----------+
| Result on sale of investment | 2 | 3 | -11.7% |
| property | | | |
+--------------------------------------+--------+--------+----------+
| Fair value gains on property | 19 | 112 | -82.8% |
+--------------------------------------+--------+--------+----------+
| Operating expenses | 64 | 68 | -5.8% |
+--------------------------------------+--------+--------+----------+
| EBITDA | 111 | 192 | -42.4% |
+--------------------------------------+--------+--------+----------+
| Operating result | 93 | 171 | -45.8% |
+--------------------------------------+--------+--------+----------+
| Investments in fixed assets | 93 | 109 | -14.7% |
+--------------------------------------+--------+--------+----------+
| RONA after tax | 4.9% | 10.0% | |
+--------------------------------------+--------+--------+----------+
As a consequence of the worldwide financial and economic crisis, the value of
our existing property portfolio fell by 3.8% in 2008. Through higher rental
incomes, the completion of the second phase of The Outlook office building and
the lease of land to the Government Buildings Department (Rijksgebouwendienst),
the fair value of all our property investments still rose by EUR 19 million in
2008 (EUR 112 million in 2007). Operating result of the business area,
however,dropped EUR 78 million. Not including the fair value gains or losses on
property and the yields of property sales, the operating result in 2008 amounted
to EUR 72 million (EUR 56 million in 2007). This was mainly due to higher rental
income from newly completed buildings and buildings purchased , a higher overall
occupancy level and an increased stake in the ACRE Fund from 50% to 60.25%.
The sale of an office building in MXP Business Park, Malpensa, Italy in 2008
generated a result of EUR 2 million.
In 2008, the size of the property portfolio increased by 6.2% to 526,166 m2. The
occupancy level of the portfolio rose from 88.1% to 91.4%.
In 2008, the Real Estate business area invested EUR 93 million as follows: EUR
13 million in the second phase of the multi-tenant office building The Outlook
at Schiphol-Centre, EUR 18 million in the development of cargo building 18 for
Panalpina at Schiphol-Southeast, EUR 12 million in property projects at Malpensa
airport in Italy and EUR 15 million in land purchases.
Alliances & Participations business area
One of the tasks of the Alliances & Participations business area is to roll out
the AirportCity formula internationally. This business area includes Schiphol
Group's interests in the domestic airports, interests in airports abroad, other
investments and Utilities.
Sources of revenue mainly include airport charges
and parking fees. The foreign airports contribute to the group result through
performance fees and dividends recognised as income from investments, interest
income on loans and through intellectual property fees. The Utility activities
generate revenue from the transport of electricity and gas and from the supply
of water. In 2008, the business area accounted for 7% of Schiphol Group's
revenues and 4% of the operating result. The Equity method accounting means that
changes in the current value of the investments are not reflected in the
results.
+--------------------------------------+--------+--------+--------+
| EUR million | 2008 | 2007 | +/- |
+--------------------------------------+--------+--------+--------+
| Revenu | 77 | 71 | 8.7% |
+--------------------------------------+--------+--------+--------+
| Fair value gains on property | -0.2 | -0.4 | -48.7% |
+--------------------------------------+--------+--------+--------+
| Operating expenses | 65 | 61 | 6.2% |
+--------------------------------------+--------+--------+--------+
| EBITDA | 23 | 20 | 13.6% |
+--------------------------------------+--------+--------+--------+
| Operating result | 12 | 10 | 28.0% |
+--------------------------------------+--------+--------+--------+
| Investments in fixed assets | 19 | 10 | 84.0% |
+--------------------------------------+--------+--------+--------+
| RONA after tax | 4.1% | 9.8% | |
+--------------------------------------+--------+--------+--------+
The operating result reported by the Alliances & Participations business area
rose by EUR 2 million in 2008. The share in results, interest income and results
on other financial interests dropped from EUR 13.8 million in 2007 to EUR 11.4
million in 2008. These results are not included in the operating result. The
largest portion is generated by the Brisbane and JFK New York airports.
Domestic airports
The operating result of Rotterdam Airport fell by 45.6% to EUR 2.2 million,
caused by a decrease in net revenue of EUR 0.2 million and a rise in operating
expenses of EUR 1.6. The number of passengers using Rotterdam Airport fell by
7.3% to 1,013,671.
The operating result of Eindhoven Airport rose by 32.8% to EUR 4.5 million due
to a 45.6% increase in income from airport charges. Passenger numbers increased
by 5.6% to 1.63 million.
Airports in other countries
In 2008 Schiphol Group entered into a strategic partnership with A�roports de
Paris that will deliver important benefits for all our business areas and
customers and will boost the competitive position of Amsterdam Airport
Schiphol. As part of this partnership, both parties have taken an 8% stake in
each other.
In 2008 we received EUR 7.8 million as our share in the results and as interest
income from our associate Brisbane Airport Corporation Holdings, in which
Schiphol Australia expanded its interest from 15.6% to 18.7%. A further EUR 1.8
million was received in respect of intellectual property. The total of EUR 9.6
million excludes the increase in the fair value of our interest in Brisbane. The
number of passengers using Brisbane Airport rose by 4.2% in 2008, from 18.0
million to 18.8 million.
JFK IAT, in which Schiphol USA has an interest of 40%, saw the number of
passengers using Terminal 4 at New York's JFK Airport rise from 8.9 million to
9.3 million, an increase of 4%. The base fee and the performance fee together
amounted to EUR 2.4 million (EUR 2.0 million in 2007) for our share in the
result of this associate.
Taking cost allocations into account, the foreign airports contributed a net
amount of EUR 10.9 million to the pre-tax result (2007: EUR 13.5 million).
Other investments
The operating result for Utilities rose to EUR 4.5 million (2007: EUR 3.2
million) in 2008. The operating result for Schiphol Telematics rose to EUR 6.2
million (2007: EUR 4.4 million), while Dartagnan booked a negative operating
result of EUR -0.5 million (2007: EUR -0.4 million).
Cash flow development, investments and finance
The cash flow from operating activities rose from EUR 313 million in 2007 to EUR
421 million in 2008. The main reason for this was the payment of additional
corporate income tax of EUR 74 million in 2007 (of a total of EUR 125 million in
2007 compared with EUR 51 million in 2008).
With investments in fixed assets of EUR 350 million, the acquisition of an 8%
stake in A�roport de Paris S.A. valued at EUR 538 million and an increased stake
in both Airport Real Estate Basisfonds CV (ACRE Fund) and Brisbane Airport
Corporation Holdings Ltd, together EUR 46 million, the cash flow from investment
activities reached EUR 935 million (EUR 364 million in 2007).
The net cash flow from operating and investment activities - the so-called free
cash flow - amounted to EUR 514 million negative in 2008 compared to EUR 50
million negative in 2007.
The 2008 cash flow from financing activities included long-term loans of EUR 938
million and income from share capital issued in connection with the 8% stake by
A�roport de Paris SA in NV Luchthaven Schiphol of EUR 370 million. In 2008 a
regular dividend of EUR 93 million and a super dividend of EUR 500 million were
paid. Loan repayments and lease liabilities totalled EUR 105 million. Total cash
flows from financing activities amounted to EUR 610 million positive compared
with EUR 107 million negative in 2007. The net amount of cash balances and
current bank overdrafts rose by EUR 95 million, from EUR 142 million in 2007 to
EUR 237 million in 2008.
Investments in fixed assets during the year under review amounted to EUR 350
million, compared with EUR 375 million in 2007.
The total amount of outstanding loans and lease liabilities as at year-end 2008
was EUR 1,817 million, which is double the EUR 907 million as at year-end 2007.
In 2008, new loans totalling EUR 938 million (after deduction of costs) were
contracted. Of this amount, EUR 917 million was attracted under the Euro Medium
Term Note (EMTN) programme. The remaining amount was contracted by Airport Real
Estate Basisfonds CV (ACRE Fund), Avioport SpA and Villa Carmen BV. EUR 48
million of the increase in outstanding loans and lease liabilities is the result
of translation differences, while EUR 18 million of the increase is due to our
expanded interest in the Airport Real Estate Basisfonds CV (ACRE Fund), which
rose from 50% to 60.25%. In 2008, loans were repaid either partly or in full to
an amount of EUR 91 million and lease liabilities were reduced by EUR 3 million.
In accordance with our financing policy we aim to reduce the refinancing
risk. The remaining terms to maturity of the loans issued under the EMTN
programme range from 0 to 30 years.
The average interest expense fell from 5.5% in 2007 to 5.3% in 2008.
Dividend proposal
In 2006, it was agreed with the shareholders that the dividend should be 40%
(this had been 30% since 2003) of the net result (attributable to shareholders),
excluding the fair value gains on investment property after tax. The result of
EUR 187 million yields per-share earnings of EUR 1,083 (2007: EUR 1,844). The
adjusted net result for the purposes of the dividend calculation is EUR 173
million and the proposal is to declare a total dividend of EUR 69,072,000
(2007: EUR 93,036,000), which represents EUR 371 (2007: EUR 543) per share.
In 2008, a super dividend of EUR 500 million was paid to shareholders. The
Management Board will not propose the payment of a second super dividend, as the
prerequisite conditions agreed upon with the shareholders for a second super
dividend have not been met.
Prospects
The Management Board expects a drop in passenger numbers and air transport
movements at Amsterdam Airport Schiphol of between 6% and 10% in 2009, as a
result of the worldwide financial and economic crisis and the introduction of
the Air Passenger Tax in 2008. Likewise, it expects cargo transport to fall by
approximately 15%
Schiphol Group's capital expenditure in 2009 will be around EUR 285 million,
approximately half of which will concern aviation facilities at Amsterdam
Airport Schiphol. As a result of these additional investments, Schiphol Group
will require additional financing in 2009, most of which has already been
realised by debt financing in the capital market. The sharp increase in the
group's debt position in 2008 and the further increase in 2009 will contribute
to the increase in financing charges in 2009.
Staff numbers are expected to decline as at year-end 2009 relative to year-end
2008 as a result of the reorganisation announced in January 2009. The
reorganisation is expected to result in a decrease in the number of staff of
Schiphol Nederland BV by 10% to 25% by year-end 2010.
The Management Board expects that the net result for 2009 will be at least 50%
lower than the 2008 net result, due to the lower demand for air transport and
decreasing income from the non-aviation activities.
016-2009
Annual Report 2008
From mid-March, the Annual Report 2008 can be viewed and downloaded from the
corporate website www.schipholgroup.nl
Press information:
Press conference at 09:30:00 CET
To view the full announcement and additional information please copy and paste
the link below into your web browser:
http://www.rns-pdf.londonstockexchange.com/rns/5571N_-2009-2-18.pdf
This information is provided by RNS
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END
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