Schiphol Group: Net result for first half of 2009 declined by 76.6 %
to EUR 22.4 million
(Thomson Reuters ONE) - Causes: Drop in traffic and transport, restructuring provision,declining fair value property portfolio, impairment ofcontract-related assets and increase in financial expensesAmsterdam Airport Schiphol, 27 August 2009 * The net result reported by Schiphol Group for the first half of 2009 decreased by 76.6% compared with the corresponding period in 2008, from EUR 95.8 million to EUR 22.4 million. * Main causes: * the drop in traffic and transport volumes. The first half of 2009 saw 11.0% fewer passengers, 26.5% less cargo and 9.2% fewer air transport movements; * the inclusion of a provision of EUR 33.5 million for the organisational restructuring that was decided upon in early 2009, which measure should result in a 25% reduction in staff numbers at the Schiphol location by the end of 2010; * a decrease in the fair value of the property portfolio amounting to EUR 26,1 million (3.6% of its value). In the first half of 2008 there was a fair value gain of EUR 9.9 million; * an impairment of contract-related assets in the amount of EUR 6.3 million in connection with lower sales forecasts for alcohol and tobacco; * a EUR 31.0 million increase in net financial expenses due to a rise in interest-bearing debts in the second half of 2008, partly attributable to the distribution of a super dividend and the 8% cross participation in Aéroports de Paris (ADP). * Excluding the restructuring provision and the fair value loss on property, the net result reported by Schiphol Group decreased by 24.6%, from EUR 88.4 million to EUR 66.7 million. * Schiphol Group's revenue for the first half of 2009 of EUR 553.5 million was in line with the revenue for the same period last year of EUR 549.5 million. * The operating result declined by 54.2%, from EUR 137.2 million to EUR 62.9 million. * EBITDA declined by 30.8%, from EUR 221.9 million to EUR 153.6 million. * Earnings per share decreased by 78.5%, from EUR 559 to EUR 120.Summary of main business results * The operating result of the Aviation business area declined by 33.5% to EUR 12.9 million. Operating expenses increased more shapply than revenues partly as a result of the restructuring provision being largely attributable to the aviation business area; * The Consumers business area saw its operating result decline by 42.4% to EUR 38.8 million, due to lower revenues from the See Buy Fly shops, concessions and parking, and the aforementioned impairment of contract-related assets; * Despite an increase in revenues from rents, the operating results of the Real Estate business area decreased by 78.2% to EUR 9.7 million due to the aformentioned decrease in the fair value of the property portfolio; * The international activities of the Alliances & Participations business area contributed EUR 12.1 million to the result before tax for Schiphol Group in the form of interest income and dividends (first half of 2008: EUR 9.7 million).Jos Nijhuis, President & CEO of Schiphol Group, commented:"The first half of 2009 was hard hit by the economic crisis. AtAmsterdam Airport Schiphol this has resulted in an unprecedented dropin passenger and cargo transport volumes.Schiphol started the year by streamlining corporate strategy with aneye to securing its main-port function on into the future.Specifically, this strategy centres on shaping the airport's vitalsocietal role based on competitive, innovative and financially soundbusiness operations. Of key importance in this respect is that wecontinue to pursue our current AirportCity concept.In line with its reformulated strategy, the past several months haveseen the launch of sector-wide marketing campaigns and a far-reachingreorganisation, as well as the introduction of additionalcost-control measures. Together, these initiatives form a first steptowards optimising our position as 'Europe's preferred airport'.Ultimately, Amsterdam Airport Schiphol is determined to carry on itsrole as a driving force in the Dutch economy. "This release may contain certain forward-looking statements withrespect to the financial condition, results of operations andbusiness of Schiphol Group and certain of the plans and objectives ofSchiphol Group with respect to these items. By their nature,forward-looking statements involve risk and uncertainty because theyrelate to events and depend on circumstances that will occur in thefuture and there are many factors that could cause actual results anddevelopments to differ materially from those expressed or implied bythese forward-looking statements. Forward-looking statements andforecasts are based upon current data and historical experience whichare not necessarily indicative of future outcomes or the financialperformance of Schiphol Group and should not be considered inisolation.This is an English translation of the Dutch version of SchipholGroup's 2009 interim results. In the event of any disparity betweenthe Dutch original and this translation, the Dutch text will prevail.Click the link below to view the full press release:http://hugin.info/132864/R/1337447/318682.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.08.2009 - 08:00 Uhr
Sprache: Deutsch
News-ID 5147
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to EUR 22.4 million"
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