2001 Schiphol Group Results Positive Despite Economic Slowdown

Profit Higher, Investments Remain High

Schiphol Group posted a net profit of €183 million in 2001 against €144 million in 2000. It should be noted that profit in 2000 was reduced by approximately €18 million in extraordinary expenses, which were incurred primarily for the proposed initial public offering. For the third consecutive year however the company showed a negative cash flow of -/- €123 million on account of high investments.

Return on net assets (RONA) was 8.6% in 2001 (8.7% in 2000). RONA, including the result of the revaluation of the Schiphol Real Estate property portfolio, was 12.7% in 2001, compared to 11.8% in 2000. Return on equity was 11.0%, up from 9.9% in 2000.

Despite the September 11, 2001 tragedy, which reduced profits by approximately €23 million, net profits were higher than expected. This is partly due to the fact that Schiphol Group was not yet liable for corporate income tax in 2001. This has changed with Schiphol Group becoming liable for corporate income tax from January 1, 2002.

It is intended to distribute a dividend for the amount of €45 million (around 25% of the net result) to Schiphol Group’s shareholders, the Dutch state (75.8%), the City of Amsterdam (21.8%) and the City of Rotterdam (2.4%).

Net turnover
Net turnover increased by 9.0% in 2001 to €695 million. 1.3% of the increase is attributable to the consolidation of Schiphol Telematics into Schiphol GroupÂ's figures after Schiphol Group increased its share in Schiphol Telematics from 33 1/3% to 50% in early 2001.

For further details please visit www.schiphol.nl.

(source: Schiphol Groep)

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