RNS Number:4982Y
N.V. Luchthaven Schiphol
16 February 2006
Schiphol Group: 2005 net result up 19.9% at EUR 193 million -
all business areas contribute
Persbericht / Press Release
Schiphol, 16 February 2006
* Net result, including capital gains on property, up 19.9% at EUR 193
million (2004: EUR 161 million).
* Excluding capital gains on property, net result up 17.1% at EUR 184
million (2004: EUR 157 million).
* Operating result up 17.4% at EUR 311 million (2004: EUR 265 million).
* EBITDA up 12.5% at EUR 478 million (2004: EUR 424 million).
* Earnings per share up 19.9% at EUR 1,126 (2004: EUR 939).
* Proposed dividend of EUR 323 (2004: EUR 271) per share.
Main business results
* 4.0% increase in passenger numbers at Amsterdam Airport Schiphol,
Rotterdam Airport and Eindhoven Airport to 46.2 million, with
Amsterdam Airport Schiphol handling 44.2 million passengers (+ 3.8%).
* Strong increase in the costs of security measures imposed by the
government. These costs will be incorporated in future charges.
* See Buy Fly concession revenues up fractionally at EUR 3.72 (2004:
EUR 3.71) per passenger.
* EUR 12 million capital gains on investment property (2004: EUR 5
million).
* International activities contribute EUR 9.2 million to net result
(2004: 7.8 million).
Gerlach Cerfontaine, President & CEO of Schiphol Group commented:
'We can look back on a successful year for Schiphol Group. Operationally,
commercially and financially we performed better than in 2004. In 2006 we shall
be building on these good results and it is likely that we shall see revenues of
over EUR 1 billion for the first time. We expect passenger numbers at Amsterdam
Airport Schiphol, our main business, to increase to 46 million. We are preparing
ourselves for the sale by the Dutch government of a minority interest in
Schiphol Group, partially by means of a stock market flotation, partially with
other shares being placed privately with institutional investors'.
Key financial results*
in millions of euros unless otherwise stated 2005 2004 +/-
Net revenue 948 876 8.1%
Capital gains on investment property 12 5 144.1%
Operating result 311 265 17.4%
Result before tax 277 239 15.7%
Net result excluding investment property gains 184 157 17.1%
Net result (attributable to shareholders) 193 161 19.9%
Depreciation. amortisation and impairment 167 160 4.4%
Cash flow from operating activities 300 327 -8.3%
Ratios
RONA after tax including investment property gains 6.7% 5.6%
RONA after tax excluding investment property gains 6.4% 5.5%
Interest coverage ratio 9.1x 10.3x
ROE 8.9% 7.9%
Interest-bearing debt / total assets 25% 28%
* All figures for both 2004 and 2005 are based on IFRS
Schiphol Group's net result (attributable to shareholders) in 2005 was up by EUR
32 million, or 19.9%, from EUR 161 million to EUR 193 million. An important
factor behind this increase was higher capital gains on the property portfolio,
which were up from EUR 5 million in 2004 to EUR 12 million. Excluding these
gains, the net result in 2005 rose by 17.1%.
Profitability was also higher in 2005. The return on net assets (RONA) after tax
was 6.7% compared with 5.6% in 2004. Excluding the capital gains on the
investment property, the RONA in 2005 was 6.4% compared with 5.5% in 2004.
Net Revenue
Net revenue increased by 8.1% in 2005, from EUR 876 million to EUR 948 million.
The main source of income, namely airport charges, rose by 9.9%, from EUR 523
million to EUR 574 million, the increase being attributable to the growth in
passenger numbers, in the number of air transport movements and the increased
average maximum takeoff weight of aircraft as well as an increase in airport
charges. Concession income rose from EUR 120 million to EUR 128 million and real
estate letting income increased by 7.7%, from EUR 104 million to EUR 112
million.
Parking fee revenues increased by 9.5%, from EUR 69 million to EUR 76 million.
Income from other activities, however, was down by 4.1%, from EUR 61 million to
EUR 58 million, owing to lower income from services and from activities on
behalf of third parties.
Real estate results
The net capital gain on our real estate portfolio in 2005 amounted to EUR 12
million, compared with EUR 5 million gained in 2004. The increase was mainly due
to the signing of new long-lease contracts in 2005 and the attributing of
residual values to long-lease contracts expiring within a period of 20 years. A
profit of EUR 10 million was posted on the sale of property in 2005 (EUR 17
million in 2004).
Operating expenses
Operating expenses rose by 3.9%, from EUR 634 million to EUR 659 million.
The main factor here was that outsourcing costs and other external charges were
up by EUR 47 million, or 15.3%, from EUR 305 million to EUR 352 million, chiefly
explained by a strong increase in security costs largely emanating from security
measures imposed by the European Union and the Dutch government.
Employee benefits fell by 11.9%, from EUR 152 million to EUR 133 million. A
large part of the reduction (EUR 15 million) was due to the release of an
addition to various employee benefit provisions relating to the new Dutch health
care system and a change in tax legislation relating to early retirement. The
number of full-time equivalent employees also declined from 2,216 to 2,179,
accounting for a reduction of EUR 2.4 million in employee benefits. Set against
this was an increase in employee benefits of EUR 1.4 million as a result of the
new Collective Labour Agreement which came into effect on 1 April 2005.
Depreciation and amortisation charges were up by 12.2%, from EUR 144 million to
EUR 162 million. Impairment losses in 2005 amounted to EUR 5 million (2004: EUR
15 million). The other operating expenses in 2005 amounted to EUR 7 million
(2004: EUR 18 million).
Operating result and net result
The operating result rose by 17.4% in 2005, from EUR 265 million to EUR 311
million. All the Schiphol Group business areas contributed to this performance.
Earnings before interest, tax and depreciation/amortisation (EBITDA) were up by
12.5%, from EUR 424 million to EUR 478 million.
Aviation
The Aviation business area, which is responsible for planning, control and
capacity management at Amsterdam Airport Schiphol, generated 60% of Schiphol
Group revenues in 2005 and accounted for 32% of the operating result. The
activities of this business area are regulated, which means that the government
stipulates a maximum permitted return.
EUR millions 2005 2004 +/-
Net revenue 573 525 9.0%
EBITDA 214 197 8.8%
Operating result 99 97 2.5%
Average non-current assets 1,675 1,583 5.8%
RONA before tax 5.9% 6.1%
RONA after tax 4.1% 4.0%
Investments in intangible assets and property, plant and 187 205 -8.7%
equipment
Amsterdam Airport Schiphol retained to its position as Europe's fourth-largest
passenger airport and third-largest cargo airport in 2005, achieving passenger
growth of 3.8% and cargo growth of 2.0%. The average size of aircraft was larger
and they also operated nearer to full capacity, so that the number of air
transport movements actually increased by 0.5%. The average maximum takeoff
weight was up by 2.9% from 97.7 tonnes to 100.5 tonnes.
These volume factors had a significant impact on Aviation revenues. A 3.2%
increase in takeoff and landing charges and passenger service charges that took
effect on 1 April 2005 as well as an increase in the airport security charge
also lifted income. The security charge was increased on 1 April and again on 1
November 2005 by 4.2% and 8.3%, respectively, reflecting the strong increase in
security costs. The income from the security charge in 2005 was in fact less
than the sum of the security costs. The difference will be incorporated in
future security charges. Security costs now account for 35% of total Aviation
costs.
Costs per workload unit (WLU), the measure of efficiency used, rose 5.4% in 2005
compared with 2004, to EUR 8.04. One WLU is the equivalent of one passenger or
100 kg of cargo. The increase was entirely attributable to higher security costs
and higher depreciation and amortisation charges. Without these two effects,
Aviation costs would have been 8.1% lower than in 2004 and, at EUR 3.61, even
slightly below the lowest level of recent years (EUR 3.62 in 2003).
Investment on the part of the Aviation business area at Amsterdam Airport
Schiphol in 2005 totalled EUR 187 million, including the construction of Pier H
and the associated apron (EUR 31.8 million) and the northern taxiway (EUR 18.8
million). Further investments were again made in baggage systems, security and
fire safety.
Consumers
The Consumers business area, which is responsible for operating concessions
(airport shops plus bars and food outlets), car parks and advertising plus
e-business at Amsterdam Airport Schiphol, generated 21% of the Schiphol Group
revenues in 2005 and accounted for 40% of the operating result. The business
area is also active outside the Netherlands.
EUR millions 2005 2004 +/-
Net revenue 195 182 7.1%
EBITDA 140 120 15.7%
Operating result 125 106 17.9%
Average non-current assets 209 205 2.0%
RONA before tax 59.6% 51.6%
RONA after tax 40.8% 33.8%
Investments in intangible assets and property, plant and 16 23 -28.3%
equipment
The operating result of the Consumers business area was up by EUR 19 million in
2005. Concession income from the See Buy Fly shops at Amsterdam Airport Schiphol
rose by EUR 3.4 million (+4.4%) to EUR 81.4 million, this improvement being
largely produced by the newly opened outlets (including several specialty shops)
in Departure Lounge 1, more competitive product pricing and the 'Buy Bye'
marketing campaign.
As a result, See Buy Fly concession income per passenger showed a fractional
increase over the year, from EUR 3.71 to EUR 3.72. Spending began to pick up in
the closing months of the year in particular. Income from the other concessions
rose by EUR 2.3 million, partly as a result of the introduction of new catering
concepts and new concessions, including a car lottery, and an increase in the
number of banking outlets at the airport.
Car parking revenue increased as a result of a longer average stay and increases
of 3.3% in long-stay parking charges and 2.5% in short-stay charges. As a
result, parking revenues per passenger, excluding transfer passengers, rose by
4.2%, from EUR 2.61 in 2004 to EUR 2.72 in 2005.
Advertising income rose by 14.6% to EUR 10.6 million. The increase was largely
attributable to making available new advertising space, for example on passenger
bridges, making outdoor advertising more attractive. The take-up of both
existing and new advertising space in the Amsterdam Airport Schiphol terminal
also improved.
Investment on the part of the Consumers business area in 2005 totalled EUR 16
million, mainly in new shops in Departure Lounge 1, the renovation of which was
completed in 2005.
Real Estate
The Real Estate business area, which is responsible for developing, managing and
letting and investing in property at and in the vicinity of Amsterdam Airport
Schiphol and other airports in the Netherlands and around the world, generated
12% of the Schiphol Group revenues and accounted for 25% of the operating
result.
EUR millions 2005 2004 +/-
Net revenue 116 107 8.5%
Result on the sale of investment property 10 18 -42.1%
Capital gains on investment property 11 5 110.3%
EBITDA 102 92 11.2%
Operating result 78 65 20.6%
Average non-current assets 1,157 1,151 0.6%
RONA before tax 6.8% 5.7%
RONA after tax 4.6% 3.7%
RONA after tax, excluding capital gains but including share 3.7% 3.2%
in results of associates/ interest income
RONA after tax, including capital gains and including share 4.3% 3.5%
in results of associates/ interest income
Investments in intangible assets and property, plant and 50 38 30.4%
equipment
The operating result of the Real Estate business area increased by EUR 13
million in 2005, owing to better results on the letting of space in the
Amsterdam Airport Schiphol terminal, high occupancy levels with good tenants,
indexation of rents and additional income from the provision of services. The
increase was achieved despite the sale of investment property to ACRE Fund at
the end of 2004 and in 2005. As Schiphol Group has a 50% interest in ACRE Fund,
the transfers meant a halving of the related rental income.
The net capital gain on the real estate portfolio in 2005 amounted to EUR 11
million, compared with EUR 5 million gained in 2004.
A profit of EUR 10 million (EUR 17 million in 2004) was posted on the sale of
property to ACRE Fund. The remaining 50% of the Schiphol Group head office
(Schiphol Building) and several other properties were transferred to ACRE Fund.
The average occupancy level of the property at Amsterdam Airport Schiphol fell
from 88.4% in 2004 to 86.1% in 2005. More than half of this drop was due to the
sale of properties with better letting prospects to ACRE fund. Added to this,
several dated buildings in the portfolio, for which a new use is being sought,
had the effect of depressing the overall occupancy figure.
Investment on the part of the Real Estate business area in 2005 totalled EUR 50
million, of which EUR 36 million concerned the purchase of land.
Alliances & Participations
The Alliances & Participations business area is responsible for the management
of Rotterdam Airport, Eindhoven Airport and Lelystad Airport as well as the
investments in JFK IAT, which manages Terminal 4 at John F. Kennedy Airport in
New York, in Brisbane Airport and in Dartagnan Biometric Solutions. The business
area generated 7% of Schiphol Group's net revenues in 2005 and accounted for 3%
of the operating result.
EUR millions 2005 2004 +/-
Net revenue 64 62 2.6%
Capital gains on investment property 1 0
EBITDA 22 15 45.7%
Operating result 9 -3
Average non-current assets 162 148 9.4%
RONA before tax 5.3% -1.9%
RONA after tax 3.6% -1.2%
RONA after tax, excluding capital gains but including share in 8.0% 3.5%
results of associates/ interest income
RONA after tax, including capital gains and including share in 8.4% 3.3%
results of associates/ interest income
Investments in intangible assets and property, plant and 24 32 -26.3%
equipment
The operating result for Alliances & Participations increased by EUR 12 million
in 2005.
The investments in New York and Brisbane are showing increasingly good results.
Financial restructuring together with a new shareholders' agreement in Brisbane
meant that this associate generated a contribution to Schiphol Group's net
result amounting to EUR 7 million, which is presented in various balance sheet
items. Traffic at Brisbane Airport also grew strongly. The same applies to
Terminal 4 at JFK Airport, resulting in the payment of EUR 1.3 million in
dividend from JFK IAT.
Income from airport charges at the regional airports was down, mainly on account
of the effect of noise restrictions at Rotterdam Airport, which caused a drop in
passenger numbers and air transport movements at this airport. The increase in
passenger numbers and flights at Eindhoven Airport was not sufficient to make up
for the decline.
Investment on the part of the Alliances & Participations business area totalled
EUR 24 million in 2005. The most important project was the new terminal at
Eindhoven Airport (EUR 18 million).
Schiphol Group investments and financing
The cash flow from operating activities amounted to EUR 300 million in 2005
(2004: EUR 327 million). The reason for the decline was that provisional
corporate income tax assessments for the years 2004 and 2005, together totalling
EUR 114 million, were received and paid in 2005.
The free cash flow of EUR 85 million plus the existing cash balances were
sufficient to fund loan repayments and lease liabilities of EUR 84 million and
dividend payments of EUR 46 million. The net amount of cash balances and bank
overdrafts rose by EUR 26 million, from EUR 236 million to EUR 262 million.
Investments in property, plant and equipment during the year amounted to EUR 268
million compared with EUR 294 million in 2004. Offsetting these investments were
proceeds from sales resulting from disposals totalling EUR 85 million, mainly
associated with the sale of property to ACRE Fund.
The total amount of loans outstanding and lease liabilities as at year-end 2005
was EUR 993 million. In 2005, new loans totalling EUR 71.3 million were drawn
down and repayments totalling EUR 84.3 million were made. The amount borrowed
under the Euro Medium Term Note (EMTN) programme as at year-end 2005 was EUR
520.8 million. The average interest rate payable in 2005 fell from 4.87% to
4.85%.
Opening balance sheet for tax purposes
Schiphol Group has been subject to corporate income tax since 2002. However the
opening balance sheet for tax purposes has not yet been finalised by the tax
authorities. This is expected to take place in the course of 2006. This will
result in a non-recurring item in the profit and loss account, which will be
positive and may be material.
Dividend proposal
The Board of Management has proposed that a dividend of EUR 323 per share be
paid to shareholders (2004: EUR 271).
Prospects
The Board of Management expects passenger numbers at Amsterdam Airport Schiphol
to rise by 4.2% in 2006, or almost 2 million, to a total of around 46 million.
Costs are expected to rise in 2006, partly because of new security measures
imposed by the government at the end of 2005 at Amsterdam Airport Schiphol and
an increase in depreciation charges.
The Board of Management nevertheless expects that the net result for 2006,
excluding capital gains on property and the sale of property, to be on par with
the 2005 net result.
Schiphol Group expects capital expenditure in 2006 to be around EUR 360 million,
more than half of which will concern aviation facilities at Amsterdam Airport
Schiphol. Financing expenses will consequently increase. Available cash
resources, the forecast cash flow from operating activities and existing
financing facilities will provide ample funding.
Annual Report 2005
An electronic version of the Dutch 2005 Annual Report can be viewed as from the
afternoon of 17 February 2006 on the corporate website www.schipholgroup.com.
Printed versions of the Dutch Annual Report will be available by the end of
March and can be obtained from investor_relations@schiphol.nl. The English
version is expected to be posted on the corporate website by mid-March.
Information for the press:
Press conference 10:00 CET.
An analysts' call will be held at 13:30 CET. Interested financial analysts
should contact Investor Relations by e-mailing investor_relations@schiphol.nl
014-2006/rw
This is an English translation of the Dutch press release. In the event of any
disparity between the Dutch original and this translation, the Dutch text will
prevail.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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