After a disastrous 2022, Schiphol Group publishes poor financial results

After a disastrous 2022, Schiphol Group publishes poor financial results

Time Stamp: February 17, 2023 2:19 AM
Source Node: 1963791

Royal Schiphol Group today published poor financial results for 2022. “The underlying financial result of Schiphol Group amounted to a loss of 28 million euros despite a strong recovery in traffic,” the company wrote in a press release:

Upscaling issues have overshadowed the operational performance of Schiphol. To support recovery from the operational issues, Schiphol incurred extra costs of approximately 120 million euros.

Amsterdam Airport Schiphol connected the Netherlands to 313 direct destinations (2021: 296), 129 of which were intercontinental. Schiphol held Europe’s top spot for direct connectivity, as shown by the ACI connectivity report 2022. Globally, Schiphol was the third best connected hub airport in the world.

Ruud Sondag, CEO of Royal Schiphol Group: “Never before in Schiphol’s history have we disappointed so many travellers and airlines as in 2022. Our efforts and hard work did not lead to the necessary improvements in the system and, as a result, we were not able to provide the service we wanted. 2022 will therefore go down as a bad chapter in our own history books. But it is also a chapter we will not forget, so that all new chapters we write will be better. We are working hard on this, and in 2022 we started to implement structural improvements. Because we have to do better. And I am convinced that we can.”

Traffic
There were 397,646 air transport movements at Amsterdam Airport Schiphol. That’s a 49% increase relative to 2021. Cargo volumes at Amsterdam Airport Schiphol declined by 14% to 1.44 million tonnes. There were 18,340 cargo-only flights. That represents a 24% decline compared to 2021.

Air transport movements

Amsterdam Airport Schiphol Eindhoven Airport Rotterdam The Hague Airport Total
2022 397,646 40,252 15,772 454,002
2021 266,967 21,704 6,355 295,026
2020 227,304 18,882 5,314 251,500
2019 496,826 41,438 16,683 554,947

The total number of passengers at Royal Schiphol Group airports in the Netherlands increased by 110% to 60.8 million (2021: 28.9 million).

Passengers (in millions)

Amsterdam Airport Schiphol Eindhoven Airport Rotterdam The Hague Airport Total
2022 52.5 6.3 2.1 60.8
2021 25.5 2.7 0.8 28.9
2020 20.9 2.1 0.5 23.5
2019 71.7 6.7 2.1 80.5

Financials The underlying net result for 2022 is a 28 million euros loss (2021: a loss of 287 million euros). Revenue increased by 82.7% to 1,491 million euros (2021: 816 million euros).

Underlying results

EUR million 2022 2021 2020
Revenue 1,491 816 688
Underlying EBITDA 361 – -206
Underlying Operating Result 30 -299 -506
Underlying result attributable to shareholders -28 -287 -521
Underlying result -19 -288 -526
Result attributable to shareholders -86 105 -419
Result for the year -77 104 -424

Outlook for 2023
During 2022, Schiphol Group has seen a strong recovery in passenger numbers from the COVID-19 pandemic. Full traffic recovery towards prepandemic levels remains uncertain and is subject to development of COVID-19 and corresponding travel restrictions, potential 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 2024.

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