Schiphol Group’s total revenue from concessions increased by 23.6%, from €136m ($150m) in 2014 to €168m ($186m) in 2015, boosted by the sale of a 60% stake in SAR, and an increase in passenger numbers.

Following the sale of SAR, this entity was recognised as ‘an associate’ with effect from 1 May. “As a result, the revenue from retail sales was replaced by a concession fee and a share in the results of associates, with a positive effect on concession fees of €21m,” says Schiphol Group.

Excluding the effects of the sale of SAR, revenue from concessions increased by €11m, driven by an increase in passenger traffic.

Click to enlarge table.

 

 

In June 2015 the company made the transition to central security in the non-Schengen area. The extensive renovations began in 2013 and will be completed in 2016.

The large-scale renovation of Lounge 2 will also be completed in the coming months. “Due in part to these renovation projects and congestion at peak times, the average retail spend per departing passenger in the shops beyond security control at Amsterdam Airport Schiphol dropped slightly, from €14.48 to €14.45,” says Schiphol. However, revenue from food & beverage and parking revenues grew.

 

 

The number of passengers at Amsterdam Airport Schiphol rose in 2015 by 6.0% to 58.2m, while the number of air transport movements rose by 2.8% to 450,697. The total number of passengers served by Schiphol Group, including the regional airports, amounted to 64.3m (+6.1% relative to 2014) and the total number of air transport movements amounted to 498,580 (+3.0% relative to 2014).

 

Total revenue from rents and leases declined by 1.0% to €155m, which can be partly explained by the delayed completion of Departure Lounge 2. As a result rents and leases in the terminal fell relative to the previous year. The occupancy rate of commercial real estate rose from an average of 87.1% in 2014 to an average of 88.3% in 2015.

Schiphol Group’s overall revenue fell by 1.0% (€15m) to €1,423m, with the effect of the 6.8% decrease in airport charges as of 1 April 2015 ‘being fully compensated by the increase in traffic and transport volumes’, says the company.

“The net result was €374m (€272m in 2014),” says Schiphol Group. “The result for 2015 includes three positive special items. The result includes an amount of €67m from the revaluation of real estate and a result of €50m on the sale of an interest in Schiphol Airport Retail.

In addition, the result includes an amount of approximately €55m that will be settled in the airport charges per 1 April 2017 (€35m in 2014). In 2015 Schiphol invested €439m in fixed assets (€396m in 2014).

Jos Nijhuis, President and CEO of Schiphol Group (below right): “Its network and the destinations served by the airlines make Schiphol one of Europe’s key hubs. Passenger numbers are growing fast and we want to continue accommodating and facilitating that growth.

“As we are rapidly approaching the limits of our peak capacity, it is absolutely essential for us to invest in strengthening, improving and enhancing our infrastructure, quality and accessibility. Thanks to our solid financial position we are able to respond effectively to international competition while continuing to offer competitive airport charges.”

Barring unforeseen circumstances, Schiphol Group expect to see passenger numbers grow by 2-3% and to record a significantly lower net result than in 2015. A substantial decrease of airport charges with effect from 1 April 2016, combined with the assumption of stable real estate values, has been factored into this forecast.