Interim Results 2010 Schiphol Group
Key points
l Net revenue of EUR 545 million and net result of EUR 69.2 million.
l The Aviation business area suffers an operational loss
o due to previous lowering and subsequent freezing of charges
o due to high security costs and rates that do not cover costs.
l The volcanic ash cloud resulted in approx. 690,000 fewer passengers (approx. 1.5% of the annual volume), approx. 6,500 fewer air transport movements, and a negative effect of approx. EUR 12 million in revenues and approx. EUR 15 million on the operating result.
l One-off result related to the JFK IAT transaction had a positive effect of EUR 17.2 million (after tax).
l First positive effects of organisational change.
A word from President & CEO Jos Nijhuis
"We are reasonably satisfied with the results achieved. The organisational change programme is going according to plan. Despite the negative effects of the ash cloud, there is net growth in the number of passengers and in cargo volumes. Our consumer revenue growth has outpaced growth in number of passengers. Spend per passenger is increasing as well. The quality of the rental income from our first class real estate portfolio is stable and the unrealised fair value losses appear to be bottoming out.
We are not happy with the losses in Aviation. We are currently in discussion with our customers to seek a solution that gets us to a reasonable positive return whereby the tariff structure of our airport charges should support the continued development of the Main Port."
For the complete Press release Interim Results 2010 and Interim Results report 2010, see the pdf's attached.
