Schiphol privatisation scheduled for April as profits rise

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Amsterdam Schiphol airport authority said yesterday that it hoped for a positive decision from the Dutch parliament next month on whether 49% of its shares would be floated on the stock exchange. Europe's fourth largest airport, Schiphol has been positioning itself to go public for several years. Its chairman Gerlach Cerfontaine said several foreign airport alliances had been undermined in the past by uncertainties over the airport's likely listing status.

The Dutch government holds 75.8% of shares in Schiphol. The remainder are held by the cities of Amsterdam (with 21.8%) and Rotterdam (with 2.4%).

Meanwhile Schiphol yesterday reported turnover increased by 9% in 2001 to Eur695m ($610m) and concession revenues were almost at the same level as the previous year, up 1.3%. Income from other property leases continued to rise, thanks to an increase in lettable surface area, exceptionally high occupancy rates and increases in lease prices. Net profit rose to Eur183m ($161m) last year, up 27% from Eur144m ($126m) in 2000. Profit in 2000 was reduced by Eur18m ($16m) as a result of costs related to the proposed initial public offering (IPO).

Schiphol said 2001 profits were reduced by about Eur23m ($20m) by the September 11 terrorist attacks on the US. Schiphol said air traffic would not fully recover this year from the effects of the attacks which had dealt a heavy blow to an aviation industry already reeling from global economic slowdown. Passenger numbers fell 0.2% to 39.5m.

Looking forward, the Group's board of management does not expect 2002 to see air traffic through Schiphol fully recover from the tragedy in the US. The board said it cautiously estimates the number of aircraft movements to fall to 412,000 this year and the number of passengers to 37m, down 6.3%.