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Sensitivity analysis

Schiphol Group has carried out a sensitivity analysis for a number of important value drivers and the main risks that impact these drivers.

Risk

Value

Starting value 2012

Change

Effect

Impact on

Assumptions

A, B

Number of passengers Schiphol

 51.0 million

 +/- 1%

 10.4 million euros

Total revenue

Impact on income from airport charges and shop and catering revenues: OD/transfer passengers ratio, spending per passenger and costs remain constant

A, B, H

Number of flights

 423,407

 No flights for 1 day

 2.9 million euros

Total revenue

Based on average airport charges and spending at the terminal

A, B, D

Airport charges revenues

 788 million euros

  +/- 1%

 7.9 million euros

Total revenue

 

A, B

Average spending per departing passenger

 16.69 euros

  +/- 1%

 1.0 million euros

Total revenue

Unchanged passenger numbers

E, H

Operating costs

 1,013 million euros

  +/- 1%

 10.1 million euros

Operating result

Starting value relates to total operating costs, excluding impairments 

C

Net initial return (NIR) on offices and buildings excluding land

 %

 - 10%

+ 10%

83 million euros

69 million euros 

Property value

A 10% increase or decrease of the NIR (end of 2012) relating to property, applied to the value of the current real property portfolio of 758 million euros