The 2022 interim results of Royal Schiphol Group show a step by step improvement after operational issues

Traffic

The total number of passengers at Royal Schiphol Group airports in the Netherlands increased by 359% to 27.3 million (HY 2021: 6.0 million).

Passengers (in millions) 

Amsterdam Airport Schiphol Eindhoven Airport Rotterdam The Hague Airport Total
HY 2022 23,8 2,7 0,8 27,3
HY 2021 5,6 0,3 0,1 6,0
HY 2020 13,1 1,1 0,3 14,5
HY 2019 34,5 3,2 1,0 38,7

There were 189,506 air traffc movements at Amsterdam Airport Schiphol. That’s a 120% increase relative to HY 2021 (86,037 air traffic movements) but still 22% below 2019 (242.107 air traffic movements). Cargo volumes at Amsterdam Airport Schiphol decreased by 14% to 0.7 million tonnes.

Air traffic movements

Amsterdam Airport Schiphol Eindhoven Airport Rotterdam The Hague Airport Total
HY 2022 189.506 18.314 6.413 214.233
HY 2021 86.037 3.745 690 90.472
HY 2020 115.952 8.338 2.514 126.804
HY 2019 242.107 19.864 7.902 269.873

Financials

The underlying net result for the first half of 2022 resulted in a loss of 33 million euros compared to a loss of 257 million euros for the first half of 2021. By including the fair value gains on investment property, the fair value gain on the asset held for sale (investment in Groupe ADP), remeasurement of the financial liability – share buyback obligation and the NOW government grants received, the net result increased to a positive result of 65 million euros in the first half year of 2022 compared to a loss of 140 million euros in the first six months of 2021.

Underlying results

EUR Million HY 2022 HY 2021
Revenue 665 257
Underlying EBITDA 163 -131
Underlying Operating Result 2 -276
Underlying Net Result -33 -257
Net result 65 -140

Outlook for 2022

In the first half of 2022, Schiphol Group has seen a strong recovery in passenger numbers from the COVID-19 pandemic and we expect this trend to continue for the rest of 2022. Full traffic recovery towards pre-pandemic levels remains uncertain and is subject to the development of COVID-19 and corresponding travel restrictions, operational constraints to cope with the strong pick-up in demand, and – in the medium term – the announcement by the Dutch Government to cap the number of flight movements at Amsterdam Airport Schiphol to 440,000 as of November 2023. For the full year 2022, we expect total passenger numbers at Amsterdam Airport Schiphol to reach between 51 and 55 million. The expected number of flights for the full year is between 392.000 and 413.000. Economic uncertainty and the impact thereof with regard to inflation and a potential recession remain for the rest of 2022.

Other key developments in the first half of 2022

  • Jaap Winter joined the Supervisory Board of Royal Schiphol Group in January. He succeeded Louise Gunning as chair on 12 April.
  • Birgit Otto left the organisation on 1 June. Schiphol Group decided to reduce the number of Management Board members from four to three. As a result, Hanne Buis has been COO since 1 June (instead of CPAO).
  • Noise measurements in the area around Schiphol improved. 41 measuring posts around Schiphol are using a smarter algorithm to link noise to ights more accurately. Schiphol and Air Traffic Control the Netherlands (LVNL) have a multiannual programme for reducing noise nuisance and improving the living environment around Schiphol.
  • Schiphol’s Notifly app predicts air traffic at more and more locations due to the addition of a new forecasting method. People living in the area between The Hague, Utrecht and Alkmaar can now also make use of Notifly.
  • Schiphol received ACI’s ‘Voice of the Customer’ recognition. ACI awarded the recognition because of Schiphol’s efforts in 2021 to look after the interests of passengers in the best possible way.
  • Schiphol announced the intention to buy two TaxiBots, special towing vehicles that enable aircraft to taxi sustainably. Schiphol is Europe’s first airport to start using TaxiBots. The investment is part of Schiphol’s plan to speed up the process of making aviation more sustainable and is an addition to the investments the airport previously decided to make.
  • From 1 April, the airport charges increased by 9%. The new airport charges encourage a more sustainable aviation sector in various ways.
  • Schiphol, together with KLM Equipment Services, is conducting a trial with new electric ground equipment for handling large types of aircraft, also known as widebody planes. This trial will develop the version that currently exists for smaller aircraft. Introducing more electric ground equipment is part of Schiphol’s sustainability programme.
  • The aviation sector, FNV (on behalf of the unions), the Dutch government and research institutes started a cooperation to reduce the number of ultrafine particles and improve local air quality at Schiphol.
  • KLM Royal Dutch Airlines, Royal Schiphol Group, Airbus, Royal NLR and TU Delft are entering into close cooperation to develop the technology needed for climate-neutral flights in 2050. To mark the start of the Flying Vision joint initiative, the five parties signed a partnership agreement on Monday, 11 April.
  • Schiphol took multiple measures towards the effective management of the high volume of travellers expected over the summer. The airport drew up new slot regulations for take-off and landing rights to ensure that fewer flights would depart from Amsterdam Airport Schiphol, it presented the Summer 2022 Action Plan with four lines of actions (recruiting staff, appealing work at Schiphol, optimising passenger flow and making operations feasible) and it set a maximum number of travellers per day with effect from 7 July.
  • Schiphol and labour unions FNV and CNV reached a unique and ambitious social agreement on better terms and conditions of employment. The agreement ensures that Schiphol is an attractive place to work in a tight labour market. The agreement includes two allowances for employees.
  • In collaboration with the Schiphol Aviation Community, Amsterdam Airport Schiphol held two job fairs for recruiting new staff.
  • The Dutch cabinet announced it wants to reduce the number of flights to and from Schiphol from 500,000 to 440,000. The cabinet also indicated that it doesn’t expect to take a decision on the opening of Lelystad Airport before 2024.
  • On 20 July S&P lowered Royal Schiphol Group’s ratings to ‘A-/A-2’, with a stable outlook. S&P believe that the Dutch government’s intention to reduce annual aircraft movements to 440,000 from 500,000 at Amsterdam Airport Schiphol may hinder the airport’s growth prospects and its competitive position as a hub airport from 2023.
26 August 2022

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