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Schiphol Group's revenue falls by 1.5%; European airport operator shares a mixed bag

The Netherlands unlisted Schiphol Group announced its revenue for the six months ended 30-Jun-2010 fell by 1.5%:

  • Revenue: EUR545.0 million, -1.5% year-on-year;
    • Aviation: EUR318.1 million, -3.6%;
    • Consumers: EUR137.6 million, +2.8%;
    • Real Estate: EUR86.4 million, +0.2%;
    • Alliances and participation: EUR69.0 million, -0.5%;
  • Operating costs: EUR436.6 million, -6.1%;
  • EBITDA: EUR192.3 million, +25.2%;
  • Aviation: EUR65.9 million, -6.3%;
  • Net profit: EUR69.2 million, +209.2%;
  • Operating cash flow: EUR76.7 million, -47.9%;
  • Passenger numbers*: 21.9 million, +2.0%;
  • Cargo volume*: 719,000 tons, +21.7%;
  • Aircraft movements*: 198,437, -3.7%;
  • Total assets: EUR5,480 million, -0.9% when compared with period ended 31-Dec-2009;
  • Total liabilities: EUR2,492 million, -2.4% when compared with period ended 31-Dec-2009;
  • *Includes Amsterdam Schiphol, Rotterdam The Hague Airport and Eindhoven Airport

Schiphol Group: “Taking into account the one-off share in results of associates related to the JFK IAT transaction, Schiphol Group is increasing its profit projection to a net result for 2010 of approximately EUR 160 million (this was EUR 132 million). This is in spite of the negative impact of the airspace closures as a result of the volcanic ash cloud. This projection is based on effective cost control, in line with that of the past six months, and 1.5% to 2.0% growth in passenger numbers at Amsterdam Airport Schiphol for the whole of 2010,” Company statement. Source: Schiphol Group, 30-Aug-2010.

See related CAPA profile: Financial results

Other European airport operators that lost ground yesterday included Autogrill (-1.7%) and Fraport (-0.3%). Meanwhile, Dufry (+2.1%) and Copenhagen (+0.2%) shares gained.

Selected airports daily share price movements (% change): 30-Aug-2010