Schiphol Groupâs result after taxation in 2004 was down by 17.2%, from â¬191 million to â¬158 million. The main factor behind this was the much lower level of unrealised capital gains on investment property of â¬5 million in 2004, compared with â¬83 million in 2003.
Excluding the unrealised capital gains, the result after taxation in 2004 in fact rose by 13.1%, primarily accounted for by an increase in revenues from airport fees (â¬41 million), concessions (â¬5 million) and parking fees (â¬6 million).
The aviation industry appears to have recovered in the year under review from the twin blows dealt by the Iraq war and the SARS epidemic in 2003, as reflected in the increase in traffic volumes at Schiphol Groupâs airports and the revenues which this generated.
The return on net assets (RONA) after taxation but including unrealised capital gains on investment property turned out at 5.4% compared with 7.7% in 2003. Excluding unrealised capital gains, but including the results of the non-consolidated participating interests, the RONA last year was 5.5%, compared with 5.8% in 2003.
The return on shareholdersâ equity including unrealised capital gains on investment property turned out at 7.6% compared with 9.8% in 2003 and, excluding unrealised capital gains, the figures were 7.4% in 2004 and 7.0% in 2003.
Revenues
Net turnover in 2004 rose by 3.2%, from â¬860 million to â¬888 million.
Income from airport fees rose by 8.7% from â¬466 million to â¬507 million.
Other turnover categories
- After falling in 2003, income from concessions rose in the year under review from â¬115 million to â¬120 million, an increase of 4.2%. The main factor here was the increase in the number of passengers. The average spend per departing passenger on international flights was in fact down in 2004 from â¬17.86 to â¬16.82, partly because of the poor dollar and sterling exchange rates and the economic situation.
- Real estate letting income increased by 1.4%, from â¬105 million to â¬106 million. This fractional increase was due to an increase in the area of land leased out and indexation of rents. Income from rents and leases was reduced by the sale of investment property to ACRE Fund at the end of 2003, halving the associated income.
- Parking fee income increased by 10.4% in 2004, from â¬63 million to â¬69 million, the increase being accounted for by a larger number of users for both the short-term and long-term car parks and an increase in parking charges introduced on 1 January 2004. The growing volume of activities at Rotterdam Airport and Eindhoven Airport also produced additional parking fee income of â¬1.6 million.
- Net turnover on utility services was down by 64.5%, from â¬18 million to â¬6 million, owing to the disposal of Schiphol Groupâs activities relating to the supply of gas and electricity to other airport users at the end of 2003. The remaining turnover was generated by transport services and network management.
- The â¬24 million income from the sale of investment property concerns the sale of 50% of the Schiphol Group head office (Schiphol Building) to ACRE Fund.
- The income from other activities was down by 12.9%, from â¬63 million to â¬55 million. This is partly explained by the fact that the 2003 figure included non-recurring income of approximately â¬8 million from the disposal of waste collection and waste water treatment activities as well as the supply of gas and electricity.
Unrealised capital gains
The unrealised capital gains on investment property in 2004 amounted to â¬5 million. The amount of growth was sharply lower than the â¬83 million in 2003, when unrealised capital gains were, however, exceptional, as described in our 2003 Annual Report. The net amount of the unrealised capital gains in 2004 is made up of two components, viz. unrealised capital gains on offices and other buildings, totalling â¬8 million, and unrealised capital losses on land, totalling â¬3 million.
Forecast
Schiphol Groupâs Board of Management e
