Schiphol Nederland B.V. 2011 Corporate Financial Statements
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Schiphol Nederland B.V. 2011 Corporate Financial Statements Schiphol Nederland B.V. 2011 Annual Report Schiphol Nederland B.V. is part of Schiphol Group (N.V. Luchthaven Schiphol trades under the name of Schiphol Group)and uses the group exemption facility provided under Section 2:403 of the Netherlands Civil Code. The corporate financial statements of Schiphol Nederland B.V. for 2011 comprise the company financial statements, and a statement by the Management Board of Schiphol Nederland B.V. The financial figures of Schiphol Nederland B.V. for 2011 have also been incorporated into the consolidated report of its parent company, N.V. Luchthaven Schiphol for 2011. The consolidated financial statements of N.V. Luchthaven Schiphol for 2011 have been drawn up in accordance with the International Financial Reporting Standards as accepted within the European Union. The consolidated financial statements of N.V. Luchthaven Schiphol for 2011 are available on the following website: www.jaarverslagschiphol.nl . The corporate financial statements of Schiphol Nederland B.V. for 2011 have not been subjected to an audit or limited review by an external auditor. Statements by the Management Board The Management Board members specified below hereby declare that, to the best of their knowledge, the company financial statements of 2011 prepared in accordance with article 2:403 part 1 of the Netherlands Civil Code give a true and fair view of the assets and liabilities, the financial position and the profits of Schiphol Nederland B.V. Schiphol, 16 February 2012, The Management Board of Schiphol Nederland B.V. For N.V. Luchthaven Schiphol J.A. Nijhuis RA, President / Chief Executive Officer M.M. de Groof, Board Member / Chief Commercial Officer A.P.J.M. Rutten, Board Member / Chief Operations Officer P.M. Verboom, Board Member / Chief Financial Officer 2/7 Schiphol Nederland B.V. Company balance sheet as at 31 December 2011 Act iv a 31 december 2011 31 december 2010 (in EUR 1.000) Vaste activa 4,241,302 4,128,985 Vlottende activa 570,993 394,058 4,812,296 4,523,042 Passiv a 31 december 2011 31 december 2010 (in EUR 1.000) Eigen v ermogen 2,367,780 2,347,381 V oorzieningen 48,458 61,764 Sc hulden 2,396,058 2,113,898 4,812,296 4,523,042 3/7 Schiphol Nederland B.V. Company profit and loss account 2011 2 0 11 2 0 10 (in EUR 1.000) Net to-omzet 1,004,217 932,117 Overige resultaten uit vastgoed 1, 0 75 - Totaal bedrijfslasten 830,523 778,890 Exploitatieresultaat 174,769 153,227 Financiële baten en las t en − 8 2 , 2 6 7 − 108,4 65 Resultaat deelnemingen 8 2, 8 53 112,275 Resultaat voor belastingen 175,355 157,037 W ins tbelas t ing − 2 3, 2 2 1 − 35,910 Resultaat (uit gewone bedrijfsuitoefening) 152,133 12 1, 12 7 Toekomend aan: Minderheidsaandeelhouders - - Aandeelhouders (netto resultaat) 152,133 121,127 4/7 Schiphol Nederland B.V. Notes to the company balance sheet as at 31 December 2011 and the company profit and loss account for 2011 Accounting policies General Schiphol Nederland B.V. uses the group exemption facility provided under Section 2:403 of the Netherlands Civil Code. Pursuant to this scheme, Schiphol Nederland B.V. is exempted from the obligation to prepare its financial statements in accordance with the International Financial Reporting Standards as accepted within the European Union or under Title 9, Book 2 of the Netherlands Civil Code. Instead, it is sufficient for Schiphol Nederland B.V. to publish a balance sheet and profit and loss account that disclose at least the information referred to in Section 2:403, paragraph 1(a) of the Netherlands Civil Code. Section 2:403 does not lay down any requirements with respect to the accounting principles and policies to be used by Schiphol Nederland B.V. for the classification and valuation of its financial statements, nor requires the publication of notes to those financial statements. This means that, in principle, Schiphol Nederland B.V. is free to decide which accounting principles and policies to use and which notes to provide. Assets Assets, used for operating activities are stated at historical cost, net of received investment facilities, straight-line depreciation and impairments. Investment property is stated at fair value. This also applies while this property is still part of the assets under construction or development, provided that the fair value can already be measured reliably at that time. While this is not yet possible, the property is stated at historical cost. Associates are valued on the basis of the equity method, which means that they are initially stated at cost, which cost is then adjusted for our share in the movements in the equity of the associate. The valuation of associates includes the goodwill that arose upon their acquisition. The share of the company in the results is recognised in the profit and loss account (under ‘share in results of associates’). Group companies of Schiphol Nederland B.V. are, among others, Schiphol Real Estate B.V., Rotterdam Airport Holding B.V., Eindhoven Airport N.V., N.V. Luchthaven Lelystad, Schiphol Telematics B.V., Schiphol Consumer Services Holding B.V. and their associates. Current assets are stated at fair value, which is in principal the face value. Transactions (investments, revenue and costs) in foreign currency are recognised at the settlement rate. Monetary assets and liabilities (receivables, debts and liquid assets) in foreign currency are converted at the rate on the balance sheet date. 5/7 Schiphol Nederland B.V. Equity Equity comprises the issued capital at nominal value and other reserves. Debts Debts are stated at fair value, which is normally the nominal value. Provisions Provisions are created for legally enforceable or actual liabilities that exist on the balance sheet date, are likely to necessitate an outflow of resources and can be reliably estimated. Other provisions are stated at the present value of the associated liability if the effect of the time value of money is material and can be reliably calculated. Revenue Many activities generate turnover that qualifies as turnover from the provision of services (mainly airport charges, concession fees, rents and leases and parking fees). This turnover is recognised in proportion to the performance delivered by the time of the balance sheet date, provided that the result can be reliably estimated. The turnover from retail sales is generated by the sale of goods and is recognised at the moment when these sales transactions, effected exclusively in cash, take place. Revenue is understood to refer to the income from services provided, net of discounts and turnover taxes (VAT and excise duties). Costs are recognised in the profit and loss account in the year in which the related turnover is recognised. Financial income and expenses Interest income and expense are recognised on a time-weighted basis, with due regard for the effective yield of the asset. Dividends are recognised at the moment the company acquires the right to receive them. 6/7 Schiphol Nederland B.V. Enclosure: Schiphol Group 2011 Annual Report 7/7 Schiphol Group Annual Report 2011 Schiphol Group Schiphol Group Annual Report 2011 Schiphol Group Annual Report 2011 Annual Report 2011 1 p. 18 Doing business in a complex environment Contents p. 32 SWOT Facts and figures 4 p. 2011 Highlights 7 34 Strategic objectives p. Foreword 8 Report of the Supervisory Board 10 38 Our performance in 2011 p. p. Report of the Management Board 16 38 Financial performance 65 Environment Doing business in a complex environment 18 p. p. 44 Competitive position 71 Accessibility SWOT 32 p. p. Operating capacity Safety and security Strategic objectives 34 49 71 p. p. Our performance in 2011 38 56 Socio-economic capacity 74 Human Resources p. Outlook 79 57 Commercial development Corporate Governance & Compliance 88 p. Corporate Governance 90 80 Aviation The Board and Management 92 p. Remuneration report 96 82 Consumer Products & Services Risk management 100 p. Shareholder information 106 84 Real Estate Organisation of Corporate Responsibility 107 p. Operational and socio-economic statements 108 86 Alliances & Participations Financial Statements 134 2 Schiphol Group Annual Report 2011 3 Facts and figures Financial figures Revenue Operating result EUR million EUR million 2011 1,278 2011 304 Traffic volume 2010 1,180 2010 297 Amsterdam Airport Schiphol, Rotterdam The Hague Airport and Eindhoven Airport combined EBITDA RONA after tax EUR million (in %) 2011 53,522 2011 1,523,806 2011 453,613 2011 512 2011 5.7 Passengers Cargo volume Air transport movements 2010 483 2010 5.9 x 1,000 2010 48,324 in tonnes 2010 1,512,256 2010 415,883 2009 46,246 2009 1,286,372 2009 418,742 2008 50,074 2008 1,567,727 2008 457,074 Earnings per share Dividend per share 2007 50,432 2007 1,610,282 2007 465,686 in EUR in EUR 2011 1,045 2011 524 Key figures 2010 908 2010 409 2009 710 2009 347 EUR million unless stated otherwise 2010 % 2011 2008 1,083 2008 371 2007 1,844 2007 543 Results Revenue 1,278 1,180 8.3 Result on sale of investment property 1 - Fair value gains on investment property – 1 22 Operating expenses – 974 – 906 7.5 Operating result 304 297 2.5 Business area information Result before tax 249 239 4.3 Results attributable to shareholders (net result) 194 169 15.1 Revenue Operating result Investments EUR million (in %) EUR million (in %) EUR million (in %) Depreciation, amortisation and impairment 208 186 11.4 1) EBITDA 512 483 6.0 8 7 11 16 Capital expenditure (investments in property, plant and equipment) 263 248 6.2 11 13 Cash flow from operating